Document:

EX-10.2

 Exhibit 10.2 

FORM OF 

AMENDED AND RESTATED TAX RECEIVABLE AGREEMENT 

between 

CLARIOS INTERNATIONAL, INC. 

AND 
 THE
PERSONS NAMED HEREIN 
 Dated as of June 21, 2022 

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 ARTICLE I
	  

	 DEFINITIONS
	  

			
	 Section 1.1.
	 	Definitions	  	 	1	 
	 Section 1.2.
	 	Terms Generally	  	 	9	 
	
	 ARTICLE II
	  

	 DETERMINATION OF REALIZED TAX BENEFIT
	  

			
	 Section 2.1.
	 	Basis Schedule	  	 	10	 
	 Section 2.2.
	 	Tax Benefit Schedule	  	 	10	 
	 Section 2.3.
	 	Procedures, Amendments	  	 	11	 
	
	 ARTICLE III
	  

	 TAX BENEFIT PAYMENTS
	  

			
	 Section 3.1.
	 	Payments	  	 	12	 
	 Section 3.2.
	 	No Duplicative Payments	  	 	13	 
	 Section 3.3.
	 	Partial Payment	  	 	13	 
	
	 ARTICLE IV
	  

	 LATE PAYMENTS, ETC.
	  

			
	 Section 4.1.
	 	Late Payments by the Corporation	  	 	13	 
	 Section 4.2.
	 	Subordination	  	 	13	 
	 Section 4.3.
	 	Compliance with Indebtedness	  	 	13	 
	
	 ARTICLE V
	  

	 TAX MATTERS
	  

			
	 Section 5.1.
	 	Corporation Tax Matters	  	 	14	 
	 Section 5.2.
	 	Cooperation	  	 	15	 
	
	 ARTICLE VI
	  

	 MISCELLANEOUS
	  

			
	 Section 6.1.
	 	Notices	  	 	15	 
	 Section 6.2.
	 	Counterparts	  	 	16	 
	 Section 6.3.
	 	Entire Agreement; Third Party Beneficiaries	  	 	16	 
	 Section 6.4.
	 	Governing Law	  	 	16	 
	 Section 6.5.
	 	Severability	  	 	16	 
	 Section 6.6.
	 	Successors; Assignment; Amendments; Waivers	  	 	17	 

  
 i 

							
	 Section 6.7.
	 	Resolution of Disputes	  	 	17	 
	 Section 6.8.
	 	Reconciliation	  	 	18	 
	 Section 6.9.
	 	Waiver of Jury Trial	  	 	19	 
	 Section 6.10.
	 	Withholding	  	 	19	 
	 Section 6.11.
	 	Affiliated Corporations; Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets	  	 	20	 
	 Section 6.12.
	 	Confidentiality	  	 	20	 
	 Section 6.13.
	 	Headings	  	 	21	 
	 Section 6.14.
	 	Appointment of TRA Representative	  	 	21	 
			
	 Exhibit A
	 	Form of Joinder	  	 	Exh-A-1	 

  
 ii 

 This AMENDED AND RESTATED TAX RECEIVABLE AGREEMENT (as amended from time to time, this
“Agreement”), dated as of June 21, 2022, is hereby entered into by and among Clarios International, Inc., a Delaware corporation (including any successor corporation, the “Corporation”), each of
the undersigned parties, and each of the other Persons from time to time that become a party hereto (each, excluding the Corporation, a “TRA Party” and together the “TRA Parties”). 

RECITALS 
 WHEREAS,
the initial tax receivable agreement was entered into by the Corporation and the TRA Parties as of September 30, 2021 (the “Initial Tax Receivable Agreement”). 

WHEREAS, the Corporation and the TRA Representative (as defined below) entered into that certain Amendment No. 1 to the Initial Tax
Receivable Agreement as of April 5, 2022 (the “Amendment”) to remove and amend certain provisions therein. 

WHEREAS, as of the date hereof and to the extent not utilized by the Corporate Taxpayer since the Applicable Date (as defined below), the
Corporate Taxpayer has the Covered Tax Attributes (as defined below); 
 WHEREAS, the liability for Taxes (as defined below) of the
Corporate Taxpayer may be impacted by the Covered Tax Attributes and the Imputed Interest (as defined below), if any; 
 WHEREAS, the
parties to this Agreement desire to amend and restate the Initial Tax Receivable Agreement in accordance with the Amendment; 
 NOW,
THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1. Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 
 “Additional
Interest Amount” is defined in Section 3.1(d) of this Agreement. 
 “Affiliate” means, with
respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

  
 Exh-A-1 

 Agreed Principles: For each Taxable Year: (i) Section 250 of the Code does not
apply to the Corporate Taxpayer, (ii) the Corporate Taxpayer is subject to U.S. state and local taxes at a rate equal to the Assumed State Tax Rate, (iii) there does not occur an “ownership change” within the
meaning of Section 382 of the Code with respect to any Corporate Taxpayer after the Applicable Date, (iv) the “section 382 limitation” with respect to any ownership change arising as a result of the
Restructuring Transactions is increased for any taxable year (and not solely the recognition period) by the recognized built-in gains for such taxable year (all within the meaning of Section 382(h) of the
Code), (v) each Corporate Taxpayer will be assumed to utilize the “338 approach” set forth in IRS Notice 2003-65, 2003-2 C.B. 747 (in connection with any “ownership
change”), (vi) there are no Disregarded Tax Attributes, (vii) the Corporate Taxpayer does not recognize any gains or losses arising from the sale or exchange of non-amortizable and non-depreciable capital assets for U.S. federal income tax purposes (other than assets that have Covered Tax Basis), (viii) the Corporate Taxpayer does not have any Code Section 163(j) interest expense
carryforwards as of the close of the Applicable Date (other than, for the avoidance of doubt, the Covered Tax Basis in a Reference Asset attributable to any basis adjustment to such asset resulting from the application of Section 732 of the
Code that (A) is attributable to excess business interest expense described in Section 163(j)(4)(B) of the Code and (B) arises as a result of the Restructuring Transactions) and (ix) no income or gain was recognized by the
Corporate Taxpayer in the Restructuring Transactions or in any assets transferred to the Corporate Taxpayer in the Restructuring Transactions. 

“Agreed Rate” means LIBOR plus 100 basis points. 

“Agreement” is defined in the preamble of this Agreement. 

“Alternative Basis” means, with respect to any Reference Asset, zero. 

“Amended Schedule” is defined in Section 2.3(b) of this Agreement. 

“Applicable Date” means July 27, 2021. 

“Assumed Actual Tax Liability” means, with respect to any Taxable Year, the sum of (i) the liability for U.S.
federal income taxes of the Corporate Taxpayer (determined in accordance with the Agreed Principles) and (ii) the product of the amount of the U.S. federal taxable income of the Corporate Taxpayer for such Taxable Year (determined in accordance
with the Agreed Principles (but calculated assuming that state and local income and franchise Taxes are not deductible)) and the Assumed State Tax Rate. 

“Assumed State Tax Rate” means 4.32% (prior to taking any federal benefit). 

“Basis Schedule” is defined in Section 2.1 of this Agreement. 

“Board” means the board of directors of the Corporation. 

“Brookfield” means Brookfield Business Partners, L.P and its affiliates (including the funds, partnerships or other co-investment vehicles managed, advised or controlled by Brookfield Business Partners, L.P. or its affiliates). 

  
 2 

 “Business Day” means Monday through Friday of each week, except that
a legal holiday recognized as such by the government of the United States of America or the State of New York shall not be regarded as a Business Day. 

“CDPQ” means Caisse de dépôt et placement du Québec and its affiliates (including the funds,
partnerships or other co-investment vehicles managed, advised or controlled by Caisse de dépôt et placement du Québec or its affiliates). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporate
Taxpayer” means the Corporation and any domestic corporation (as defined for U.S. federal income tax purposes) that is a member of any group filing a federal consolidated tax return of which the Corporation is a member. 

“Corporation” is defined in the preamble of this Agreement, along with any other domestic corporation that acquires
the assets of the Corporation pursuant to an acquisition described in Section 381(a) of the Code. 
 “Covered Tax
Attributes” means the Covered NOLs and the Covered Tax Basis. 
 “Covered NOLs” means collectively and
without duplication (i) the net operating loss carryovers for U.S. federal income tax purposes to which the Corporation succeeds under Section 381 of the Code as a result of the Restructuring Transactions, and (ii) the net operating
loss carryovers for U.S. federal income tax purposes of any Corporate Taxpayer (other than the Corporation) that the Corporation directly or indirectly acquires as a result of the Restructuring Transactions. Schedule A sets forth the balance of the
amounts described in clauses (i) and (ii) hereof both as of January 1, 2021 and an estimate of the balance of such amounts as of the Applicable Date. 

“Covered Tax Basis” means the tax basis for U.S. federal income tax purposes of any Corporate Taxpayer in a Reference
Asset at the time such Reference Asset is directly or indirectly acquired by the Corporation in the Restructuring Transactions as reflected on the Basis Schedule. For the avoidance of doubt, the Covered Tax Basis in a Reference Asset shall include
any basis adjustment to such asset resulting from the application of Section 732 of the Code that (i) is attributable to excess business interest expense described in Section 163(j)(4)(B) of the Code and (ii) arises as a result
of the Restructuring Transactions. Schedule B sets forth the estimated balance of the amounts described in this definition as of the Applicable Date. For the purposes of this Agreement (and without duplication), a Corporate Taxpayer shall be deemed
to own its proportionate share of any assets owned by any entity classified as a partnership for U.S. federal income tax purposes the equity of which such Corporate Taxpayer owns directly or indirectly through any pass-through entity (and, for the
avoidance of doubt, the calculations in this Agreement will take into account the Corporate Taxpayer’s allocable share of all Tax items of any such entity treated as a partnership for U.S. federal income tax purposes). 

  
 3 

 “Cumulative Net Realized Tax Benefit” for a Taxable Year means the
cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporate Taxpayer up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriment for the same period (excluding, for the avoidance of doubt, the
Taxable Years of any corporation for U.S. federal income tax purposes that ends on or before the date such corporation becomes a Corporate Taxpayer as a result of the Restructuring Transactions). The Realized Tax Benefit and Realized Tax Detriment
for each Taxable Year shall be determined based on the most recent Tax Benefit Schedules or Amended Schedules, if any, in existence at the time of such calculation; provided, that, for the avoidance of doubt, the computation of the Cumulative Net
Realized Tax Benefit shall be adjusted to reflect any applicable Determination with respect to any Realized Tax Benefits and/or Realized Tax Detriments. 

“Default Rate” means LIBOR plus 700 basis points. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code, or any other event
(including the execution of a Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

“Disregarded Tax Attributes” means (i) any net operating losses or other tax attributes to which any Corporate
Taxpayer or any entity in which it holds a direct or indirect equity interest become entitled as a result of a transaction after the Applicable Date to the extent such net operating losses and other tax attributes are subject to a tax receivable
agreement (or comparable agreement) entered into by a Corporate Taxpayer or any of its Affiliates pursuant to which any Corporate Taxpayer is obligated to pay over amounts with respect to tax benefits resulting from such net operating losses or
other tax attributes; (ii) any net operating losses (including carryovers and carrybacks), capital losses, charitable deductions, alternative minimum tax credit carryforwards, Section 163(j) interest expense carryforwards, federal and
state tax credits, and any other attributes (including any tax basis and amortization or depreciation deductions arising therefrom) attributable to acquisitions (and the associated operations of such acquired assets and businesses) by a Corporate
Taxpayer or any of its Affiliates following the Applicable Date (other than transactions described in clause (iii) below); provided (X) that the Corporate Taxpayer may acquire up to $50,000,000 of such attributes on an annual basis without
such attributes constituting Disregarded Tax Attributes (and for purposes of the calculation of the threshold amounts the acquisition of an amount of tax credits will equal the acquisition of an amount of tax attributes equal to the quotient
obtained by dividing the amount of the tax credit by the maximum U.S. federal corporate income tax rate in effect for the applicable Taxable Year), (Y) the amount included in any given year in the calculation of Disregarded Tax Attributes pursuant
to this clause (ii) will be reduced (not below zero) by the amount of additional U.S. taxable income that the Corporate Taxpayer demonstrates that it recognizes in such year as a direct result of such associated acquisition, and (Z) an
attribute that is a Disregarded Tax Attribute as a result of the application of this clause (ii) will cease to be a Disregarded Tax Attribute in a subsequent 

  
 4 

 
Taxable Year to the extent the amount of attributes acquired by the Corporate Taxpayer as a result of acquisitions in such subsequent Taxable Year is less than $50,000,000 (e.g., if Corporate
Taxpayer acquires 100% of the equity of a domestic corporation with $75,000,000 of net operating losses in Year 1 and 100% of the equity of a separate domestic corporation with $45,000,000 of net operating losses in Year 2, none of such losses in
either year is described in clause (i) of this definition, Corporate Taxpayer engages in no other transactions for each such year and Corporate Taxpayer has no additional U.S. taxable income described in clause (ii)(Y) of this definition, only
$25,000,000 of such net operating losses in Year 1 will be included in the calculation of Disregarded Tax Attributes, and, at the end of Year 2, the aggregate amount of Disregarded Tax Attributes is reduced to $20,000,000); and (iii), without
duplication of amounts described in clause (ii), amortization and depreciation deductions attributable to capex or real estate expenditures after the date hereof (that are not attributable to Covered Tax Attributes or the acquisitions of a type
described in clause (ii) herein) in excess of $150,000,000 in each Taxable Year. 
 “Estimated Tax Benefit
Payment” is defined in Section 3.1(a) of this Agreement. 
 “Estimated Tax Benefit Schedule” is
defined in Section 2.2(a) of this Agreement. 
 “Expert” is defined in Section 6.8 of this Agreement. 

“Final Tax Benefit Schedule” is defined in Section 2.2(b) of this Agreement. 

“Final Tax Benefit Payment” is defined in Section 3.1(b) of this Agreement. 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the sum of (i) the liability for U.S.
federal income taxes of the Corporate Taxpayer (determined in accordance with the Agreed Principles) and (ii) the product of the amount of the U.S. federal taxable income of the Corporate Taxpayer for such Taxable Year (determined in accordance
with the Agreed Principles but calculated assuming that state and local income and franchise Taxes are not deductible) and the Assumed State Tax Rate, except that, in determining the amount in clause (i) or (ii), above, (a) Covered NOLs
shall not be taken into account, (b) the Alternative Basis shall be used and (c) any deduction attributable to Imputed Interest shall be excluded. For the avoidance of doubt: Hypothetical Tax Liability shall be determined without taking
into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to a Covered Tax Attribute as applicable. For the avoidance of doubt, the basis of the Reference Assets in the aggregate for purposes of determining
the Hypothetical Tax Liability can never be less than zero. 
 “Imputed Interest” shall mean any interest imputed,
using the applicable federal rate, under Section 1272, 1274 or 483 of the Code with respect to the Corporation’s payment obligations under this Agreement. 

“Interest Amount” is defined in Section 3.1(d) of this Agreement. 

  
 5 

 “LIBOR” means for each month (or portion thereof) during any period,
an interest rate per annum equal to the rate per annum reported, on the date two days prior to the first day of such month, on the Reuters Screen which displays the London interbank offered rate administered by the ICE Benchmark Administration
Limited (such page currently being the LIBOR01 page) or by any other publicly available source of such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof); provided that the Corporation shall
make in good faith a determination (such determination to be conclusive absent manifest error) when (i) LIBOR is no longer a widely recognized benchmark rate for newly originated syndicated loans in U.S. dollars in the U.S. syndicated loan
market or (ii) adequate and reasonable means do not exist for ascertaining LIBOR, in which case LIBOR shall be replaced for all purposes under this Agreement by the rate that replaces the LIBOR with respect to U.S. dollar borrowings under one
of the Corporation and its Subsidiaries’ principal third party credit agreements as in effect as of the date of such determination as the Corporation may elect, as it may be amended from time to time; provided, further, that if no such
replacement has been agreed or determined for purposes of such credit agreement, the Corporation and the TRA Representative shall, within one month of any such determination by the Corporation, mutually agree, acting in good faith, on a replacement
interest rate (any replacement rate pursuant to this definition, the “Replacement Rate”), in which case, the Replacement Rate shall replace LIBOR for all purposes under this Agreement; provided, further, that in either case,
the Corporation and the TRA Representation may effect conforming changes to this Agreement to the extent reasonably necessary to implement any such Replacement Rate. If the Corporation and the TRA Representative are unable to mutually agree on
the Replacement Rate in the circumstances contemplated by this definition, the Corporation and the TRA Representative shall employ the reconciliation procedures described in Section 6.8 of this Agreement. 

“Net Tax Benefit” has the meaning set forth in Section 3.1(a). 

“Objection Notice” has the meaning set forth in Section 2.3(a). 

“Ownership Percentage” means, in the case of any TRA Party, the percentage adjacent to the name of such TRA Party on
Schedule C, provided that (for the avoidance of doubt) the aggregate Ownership Percentages for all of the TRA Parties shall not exceed 100%. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate,
trust, business association, organization, governmental entity or other entity. 
 “Realized Tax Benefit” means, for
a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Assumed Actual Tax Liability. If all or a portion of the Assumed Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority of any
Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 

  
 6 

 “Realized Tax Detriment” means, for a Taxable Year, the excess, if
any, of the Assumed Actual Tax Liability over the Hypothetical Tax Liability. If all or a portion of the Assumed Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall
not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 
 “Reconciliation
Dispute” has the meaning set forth in Section 6.8 of this Agreement. 
 “Reconciliation
Procedures” shall mean those procedures set forth in Section 6.8 of this Agreement. 
 “Reference
Asset” means an asset (x) that (A) is amortizable under Section 197 of the Code or (B) is depreciable real property and (y) acquired directly by the Corporation in the Restructuring Transactions or indirectly through
the acquisition of a Corporate Taxpayer in the Restructuring Transactions (including by way of the Corporation acquiring, directly or indirectly, the equity interests of any entity that is a partnership for U.S. federal income tax purposes and any
applicable asset of any such entity that a Corporate Taxpayer is treated as receiving for U.S. federal income tax purposes in connection with a liquidation (for U.S. federal income tax purposes) of such entity). For the avoidance of doubt, Covered
Tax Basis does not include any tax basis in an asset held by a foreign corporation the stock of which is acquired by the Corporation in the Restructuring Transactions. A Reference Asset also includes any asset that is “substituted basis
property” under Section 7701(a)(42) of the Code with respect to a Reference Asset. 
 “Restructuring
Transactions” means the transactions set forth on Schedule D, including the transactions pursuant to which the Corporation acquired one or more domestic corporations for U.S. federal income tax purposes owning 100% of the equity
interests in Clarios International LP and issued this Agreement. 
 “Schedule” means any Tax Benefit Schedule. 

“Subject Taxable Year” means, with respect to any Estimated Tax Benefit Schedule or Final Tax Benefit Schedule, the
federal Taxable Year ending on December 31 of the year preceding the Schedule Delivery Date, together with the state or foreign Taxable Years ending in the same calendar year as such federal Taxable Year. 

“Subsidiaries” means, with respect to any Person, as of any date of determination, any other Person as to which such
first Person, owns, directly or indirectly, or otherwise controls (i) more than 50% of the voting power or other similar interests, (ii) the right to appoint, designate or elect a majority of the board of directors, board of managers or
equivalent or (iii) a general partner interest or managing member or similar interest (excluding, for purposes of this sub-clause (iii), any other Person the general partner interests or managing member
or similar interests of which held directly or indirectly by such first Person do not have majority general partner, managing member or similar control over such other Person). 

  
 7 

 “Tax Benefit Payment” is defined in Section 3.1(a) of this
Agreement. 
 “Tax Benefit Schedule” means the Estimated Tax Benefit Schedule or Final Tax Benefit Schedule, as
applicable. 
 “Tax Return” means any return, declaration, report or similar statement filed or required to be filed
with respect to Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year as defined in Section 441(b) of the Code (and, therefore, for the avoidance
of doubt, may include a period of less than 12 months for which a Tax Return is made) ending on or after the date of the Restructuring Transactions; provided that each applicable Taxable Year of each Corporate Taxpayer will be deemed to end on
December 31 unless (a) the Corporation notifies the TRA Representative that a Corporate Taxpayer intends to elect to change its taxable year (as defined in Section 441(b) of the Code) and (b) the TRA Representative and the
Corporation agree to amend this Agreement as necessary to reflect such change in taxable year in a manner that does not materially delay any Tax Benefit Payment otherwise payable pursuant to this Agreement. 

“Taxes” means any and all U.S. federal, state, local and foreign taxes, assessments or similar charges measured with
respect to net income, gross receipts or profits and any interest related to such Tax. 
 “Taxing Authority” shall
mean any domestic, foreign, federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority
exercising tax regulatory authority. 
 “TRA Model” means that certain excel spreadsheet that is on file with the
Corporation and the TRA Representative, and which the Corporation and the TRA Representative reasonably agree in writing is the TRA Model. 

“TRA Party” has the meaning set forth in the recitals. 

“TRA Payment” means any Tax Benefit Payment required to be made by the Corporation to the TRA Parties under this
Agreement. 
 “TRA Representative” means, initially, Current Aggregator 1 LP, a Delaware limited partnership, and
thereafter such other party designated by the TRA Parties; provided, however, that the TRA Parties may not designate any party listed on Schedule E as the TRA Representative without the prior written consent of the Corporation. 

  
 8 

 “Treasury Regulations” means the final, temporary and proposed
regulations under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

Section 1.2. Terms Generally. In this Agreement, unless otherwise specified or where the context otherwise requires: 

(a) the headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a part of this
Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement; 
 (b) words importing any gender
shall include other genders; 
 (c) words importing the singular only shall include the plural and vice versa; 

(d) the words “include,” “includes” or “including” shall be deemed to be followed by the words “without
limitation”; 
 (e) the words “hereof,” “herein” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (f) references
to “Articles,” “Exhibits,” “Sections” or “Schedules” shall be to Articles, Exhibits, Sections or Schedules of or to this Agreement; 

(g) references to any Person include the successors and permitted assigns of such Person; 

(h) references to any agreement, contract or schedule, unless otherwise stated, are to such agreement, contract or schedule as amended,
modified or supplemented from time to time in accordance with the terms hereof and thereof; 
 (i) (i) references to any law (including the
Code and the Treasury Regulations) shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law; 

(j) for purposes of calculating any payments due hereunder (including with respect to the Additional Interest Amount), compounding will be done
on an annual basis; and 
 (k) the parties hereto have participated collectively in the negotiation and drafting of this Agreement;
accordingly, in the event an ambiguity or question of intent or interpretation arises, it is the intention of the parties that this Agreement shall be construed as if drafted collectively by the parties hereto, and that no presumption or burden of
proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provisions of this Agreement. 

  
 9 

 ARTICLE II 

DETERMINATION OF REALIZED TAX BENEFIT 

Section 2.1. Basis Schedule. Within one hundred twenty (120) calendar days after the filing of the U.S. federal income tax
return of the Corporate Taxpayer for any federal Taxable Year (or, if later, the due date for such tax return determined after taking into account all available extensions), the Corporation shall provide to the TRA Representative a schedule (the
“Basis Schedule”) that shows, in reasonable detail with respect to each Reference Asset as of the last day of such Taxable Year, (i) the Covered Tax Basis of such Reference Asset and (ii) the period (or periods)
over which such Reference Asset is amortizable and/or depreciable. In addition, the Corporate Taxpayer shall provide a good faith estimate of the Basis Schedule along with any Estimated Tax Benefit Schedule provided pursuant to Section 2.2(a).

 Section 2.2. Tax Benefit Schedule. 

(a) With respect to each Subject Taxable Year, the Corporation shall, on or before April 14 following the end of the Subject Taxable Year
(the “Schedule Delivery Date”), provide to the TRA Representative a schedule showing in reasonable detail, the Corporation’s good faith estimate of (i) the calculation of the Realized Tax Benefit (or the Realized
Tax Detriment) for the Subject Taxable Year, (ii) the calculation of any payment to be made to the TRA Parties pursuant to Article III with respect to the Subject Taxable Year, and (iii) for the Taxable Year including the Applicable Date,
a statement of the initial Covered Tax Attributes, and for each Taxable Year thereafter, a statement of the remaining Covered Tax Attributes as updated to the extent necessary to reflect utilization, depreciation and amortization, and any other
events subsequent to the Applicable Date that would impact the Covered Tax Attributes (collectively an “Estimated Tax Benefit Schedule”). Concurrently the Corporation shall also deliver to the TRA Representative all
supporting information (including work papers) reasonably necessary to support the calculation of such payment. 
 (b) Within one hundred
twenty (120) calendar days after the filing of the U.S. federal income tax return of the Corporate Taxpayer for any Subject Taxable Year, the Corporation shall provide to the TRA Representative an updated Tax Benefit Schedule containing the
information described in Section 2.2(a) (the “Final Tax Benefit Schedule”) along with all supporting information (including workpapers) reasonably necessary to support the calculation of any payment to be made to the TRA
Parties with respect to the Subject Taxable Year. 
 (c) Each of the Estimated Tax Benefit Schedule and Final Tax Benefit Schedule will
become final as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(a)). 

  
 10 

 (d) Subject to Article IV and the assumptions prescribed herein for making such calculation,
the Realized Tax Benefit (or the Realized Tax Detriment) for each Taxable Year is intended to measure the decrease (or increase) in the liability for Taxes of the Corporation for such Taxable Year attributable to the Covered Tax Attributes,
determined using a “with and without” methodology and the Agreed Principles. Carryovers or carrybacks of any Tax item attributable to any of the Covered Tax Attributes shall be considered to be subject to the rules of the Code and the
Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise Tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any
Tax item includes a portion that is attributable to any Covered Tax Attribute and another portion that is not, such portions shall be considered to be used in accordance with the “with and without” methodology. The parties also acknowledge
and agree that this Agreement shall be interpreted and applied in a manner consistent with the TRA Model. 
 Section 2.3.
Procedures, Amendments. 
 (a) Procedure. Whenever the Corporation delivers to the TRA Representative an applicable Schedule
under this Agreement, including any Amended Schedule delivered pursuant to Section 2.3(b), the Corporation shall also (x) deliver to the TRA Representative schedules and work papers providing reasonable detail regarding the preparation of
the Schedule related to such Schedule (the cost and expense of which shall be paid by the Corporation) and (y) allow the TRA Representative reasonable access at no cost to the representatives at the Corporation in connection with a review of
such Schedule. The applicable Schedule shall become final and binding on all parties unless the TRA Representative, within twenty-eight (28) calendar days after receiving any Schedule or amendment thereto, provides the Corporation with notice
of a material objection to such Schedule (“Objection Notice”) made in good faith. If the parties, for any reason, are unable to successfully resolve the issues raised in any notice within thirty calendar days of receipt by
the Corporation of such notice, the Corporation and the TRA Representative shall employ the reconciliation procedures described in Section 6.8 of this Agreement (the “Reconciliation Procedures”). 

(b) Amended Schedule. The applicable Schedule for any Taxable Year shall, except as otherwise approved by the TRA Representative, be
amended from time to time by the Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a
Taxable Year after the date the Schedule was provided to the TRA Representative, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, or (iv) to reflect a material change (relative to the amounts in the
original Schedule) in the Realized Tax Benefit for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, in each case with respect to any Corporate Taxpayer (such amended Schedule, an “Amended
Schedule”); provided, however, that such a change under clause (b) attributable to an audit of a Tax Return by an applicable Taxing Authority shall not be taken into account on an Amended Schedule unless and until there has been a
Determination with respect to such change. The Corporation shall provide any Amended Schedule to the TRA Representative within thirty calendar days of the occurrence of an event referred to in clauses (b) through (b) of the preceding sentence,
and any such Amended Schedule shall be subject to the approval procedures described in Section 2.3(a). 

  
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 ARTICLE III 

TAX BENEFIT PAYMENTS 

Section 3.1. Payments. 

(a) Estimated Tax Benefit Payment. Within three (3) calendar days after an Estimated Tax Benefit Schedule delivered to the TRA
Representative becomes final in accordance with Section 2.3(a) and Section 6.8, if applicable, the Corporation shall pay to each TRA Party for such Taxable Year its good faith estimate of the Tax Benefit Payment, as set forth on the
applicable Estimated Tax Benefit Schedule with respect to the applicable Taxable Year (the “Estimated Tax Benefit Payment”) in respect of each TRA Party determined pursuant to Section 3.1(a) in accordance with each
relevant TRA Party’s Ownership Percentage. Each such Estimated Tax Benefit Payment shall be made by wire transfer of immediately available funds to the bank account previously designated by such TRA Party to the Corporation or as otherwise
agreed by the Corporation and such TRA Party. The parties acknowledge and agree that, if no Objection Notice is delivered with respect to the relevant Estimated Tax Benefit Schedule, the Corporation shall pay the Estimated Tax Benefit Payment on
May 15 of the calendar year following the Subject Taxable Year (or, if May 15 is not a business day, the following business day). 

(b) Final Tax Benefit Payment. Within three (3) calendar days after a Final Tax Benefit Schedule for any Subject Tax Year delivered
to the TRA Representative becomes final in accordance with Section 2.3(a) and Section 6.8, if applicable, the Corporation shall pay to each TRA Party the amount, if any, by which the Tax Benefit Payment as reflected on the Final Tax
Benefit Schedule exceeds the Estimated Tax Benefit Payment with respect to such Subject Tax Year (the “Final Tax Benefit Payment”). 

(c) Carryforward of Tax Benefit Overpayments. The amount, if any, by which the Estimated Tax Benefit Payment exceeds the Tax Benefit
Payment as reflected on the Final Tax Benefit Schedule for any Subject Tax Year shall reduce the Estimated Tax Benefit Payment to be made by the Corporation in the following Subject Tax Year (and shall carry forward to future Subject Tax Years until
such excess amount has been reduced to zero). 
 (d) A “Tax Benefit Payment” in respect of a TRA Party for a Taxable
Year means an amount equal to the sum of (i) the product of the Net Tax Benefit for such Taxable Year and such TRA Party’s Ownership Percentage, (ii) the Interest Amount with respect thereto and (iii) the Additional Interest
Amount with respect thereto. Subject to Section 3.2, the “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such
Taxable Year, over the total amount of payments previously made under the first sentence of Section 3.1(a) and Section 3.1(b) (excluding payments attributable to any Additional Interest Amounts with respect to the calculation of the
applicable Estimate Tax Benefit Payment); provided, for the avoidance of doubt, that no such recipient shall be required to return any portion of any previously made Tax Benefit Payment. The 

  
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“Interest Amount” shall equal the interest on the Net Tax Benefit, calculated at the Agreed Rate from the due date (without extensions) for filing IRS Form 1120 (or any
successor form) of the Corporation with respect to Taxes for such Taxable Year until the May 15th following the close of the applicable Taxable Year. The “Additional Interest
Amount” shall equal the interest on the sum of the Net Tax Benefit and the Interest Amount, calculated at a 10% rate, from May 15th following the close of the applicable Taxable Year
through and including the date of payment of the Final Tax Benefit Payment for the applicable Taxable Year. 
 Section 3.2. No
Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement provide
that 85% of the Cumulative Net Realized Tax Benefit (in addition to the Interest Amounts) for all Subject Taxable Years be paid to the TRA Parties pursuant to this Agreement. The provisions of this Agreement shall be construed in the appropriate
manner so that such intentions are realized. 
 Section 3.3. Partial Payment. If for any reason the Corporation does not fully
satisfy its payment obligations to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then Tax Benefit Payments for such Taxable Year shall be made to all TRA Parties eligible to receive Tax Benefit
Payments under this Agreement in such Taxable Year in proportion to their Ownership Percentages. For the avoidance of doubt, the withholding of any amount pursuant to Section 6.10 shall not be considered a failure by the Corporation to fully
satisfy its payment obligations 
 ARTICLE IV 

LATE PAYMENTS, ETC. 

Section 4.1. Late Payments by the Corporation. Other than with respect to payments pursuant to Section 3.1, the amount of all
or any portion of any TRA Payment not made to the TRA Parties when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such TRA Payment was due
and payable. 
 Section 4.2. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax
Benefit Payment required to be made by the Corporation under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness
for borrowed money of the Corporation and its Subsidiaries (“Senior Obligations”) and shall rank pari passu in right of payment with all current or future unsecured obligations of the Corporation that
are not Senior Obligations. 
 Section 4.3. Compliance with Indebtedness. The parties acknowledge, and the Corporation
represents, that the Corporation has provided information to the TRA Representative as of the date of this Agreement regarding the capacity of the Corporate Taxpayer and its U.S. subsidiaries to fund dividends, and the Corporation represents that
such information is true, correct and complete in all material respects. Notwithstanding 

  
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anything to the contrary provided herein, if, at the time any amounts becomes due and payable hereunder, (a) the Corporation is not permitted, pursuant to the terms of its or its
Subsidiaries’ outstanding indebtedness, to pay such amounts, (b) in the good faith determination of the Corporation, the payment of such amounts would be reasonably likely to result in a breach of any covenant set forth in any agreement
governing indebtedness of the Corporation or its subsidiaries or (c) (i) the Corporation does not have the cash on hand to pay such amounts, and (ii) no Subsidiary of the Corporation is able and permitted, pursuant to the terms of its
outstanding indebtedness, to pay directly or through a series of dividends, sufficient amount to the Corporation to enable it to pay such amounts, then, in each case, the Corporation shall, by notice to the TRA Representative, be permitted to defer
the payment of such amounts until the condition described in clause (a), (b) or (c) is no longer applicable, in which case such amounts (together with accrued and unpaid interest thereon as described in the immediately following sentence) shall
become due and payable immediately; provided, however, and notwithstanding anything in this Agreement to the contrary, if the Corporation fails to make any Tax Benefit Payment when due, the Corporate Taxpayer shall use reasonable best efforts to
obtain funds to make such payment (including by causing its Subsidiaries to distribute or lend funds to facilitate such payment, and by accessing any revolving credit facilities or other sources of available credit to fund any such amounts). If the
Corporation defers the payment of any such amounts pursuant to the foregoing sentence, such amounts shall accrue interest at the Default Rate per annum, from the date that such amounts originally became due and owing pursuant to the terms hereof to
the date that such amounts were paid. To the extent the Corporation or its Subsidiaries incur, create, assume or permit to exist any indebtedness after the date hereof, the Corporation shall, and shall cause its Subsidiaries to, use commercially
reasonable efforts to ensure that such indebtedness permits any amounts payable hereunder to be paid. For the avoidance of doubt, nothing in the previous sentence shall prevent the Corporation from deferring payments or determining that the holders
are not entitled to payments pursuant to this Section 4.3. 
 ARTICLE V 

TAX MATTERS 

Section 5.1. Corporation Tax Matters. Except as otherwise provided herein, the Corporation shall have full responsibility for, and
sole discretion over, all Tax matters concerning any Corporate Taxpayer including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the
foregoing, the Corporation shall notify the TRA Representative of, and keep the TRA Representative reasonably informed with respect to, the portion of any audit of any Corporate Taxpayer by a Taxing Authority the outcome of which is reasonably
expected to affect any TRA Party’s rights and obligations under this Agreement. To the extent permitted by law, the Corporation shall file a consolidated federal income Tax Return for each Taxable Year with respect to any domestic corporation
(for U.S. federal income tax purposes) that is a member of the Corporation’s “affiliated group” within the meaning of Section 1504 of the Code. 

  
 14 

 Section 5.2. Cooperation. The Corporate Taxpayer shall not, and shall cause each
of its Subsidiaries to not, without the prior written consent of the TRA Representative, take any action that has the principal purpose of avoiding the use of or reducing utilization of Covered Tax Attributes available to it. The Corporation will
promptly provide the TRA Representative upon request reasonably detailed information regarding the Corporate Taxpayer’s good faith projections of the Corporate Taxpayer’s taxable income and payments to be made pursuant to this Agreement;
provided that (i) the TRA Representative shall not provide any such information to any third-party without such third-party first executing a customary non-disclosure agreement and (ii) the Corporate
Taxpayer shall have no separate obligation to retain external advisors in connection with providing such information. The Corporate Taxpayer will also disclose to the TRA Representative on an annual basis all material intercompany agreements entered
into (or amended) after the Applicable Date if such agreement results in a payment being made that results in a deduction to the Corporate Taxpayer where the payee is Affiliate of the Corporation and is not a Corporate Taxpayer. 

ARTICLE VI 

MISCELLANEOUS 

Section 6.1. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
deemed duly given and received (a) on the date of delivery if delivered personally, or email upon confirmation of transmission (via delivery receipt requested) if sent on a Business Day (or otherwise on the next Business Day) or (b) on the
first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as
may be designated in writing by the party to receive such notice: 
 If to the Corporation, to: 

Clarios International Inc. 
 5757
N. Green Bay Avenue 
 Florist Tower 

Milwaukee, WI, 53209 
 Attention:
Linda K. Gelhaus 
 Email: Linda.K.Gelhaus@clarios.com 

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

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
NY 10017 
 Attention: Ethan Goldman 

If to the TRA Representative, to: 

Brookfield Capital Partners V GP LLC 

  
 15 

 c/o Brookfield Asset Management Inc. 

Brookfield Place 
 250 Vesey
Street, County of New York, New York 10281 1023 
 Attention: Michael Layfield 

Email: Michael.layfield@brookfield.com 

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

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
NY 10017 
 Attention: Ethan Goldman 
 Any
party may change its address, fax number or email by giving the other party written notice of its new address, fax number or email in the manner set forth above. 

Section 6.2. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed
signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 6.3. Entire Agreement; Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and
permitted assigns. Other than as provided in the preceding sentence, nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement. 
 Section 6.4. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the
State of New York. 
 Section 6.5. Severability. If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

  
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 Section 6.6. Successors; Assignment; Amendments; Waivers. 

(a) Each TRA Party may assign, sell, pledge or otherwise alienate or transfer all or any portion of its rights under this Agreement without the
prior written consent of the Corporation, but such assignment, sale, pledge or other alienation or transfer shall require the prior written consent of the TRA Representative; provided however a TRA Party may not assign, sell, pledge or otherwise
alienate or transfer all or any portion of its rights under this Agreement to the parties listed on Schedule E without the prior written consent of the Corporation. In the case of any such assignment, sale, pledge or other alienation or transfer to
any Person, such person shall execute and deliver a Joinder, substantially in the form of Exhibit A, agreeing to succeed to the applicable portion of such TRA Party’s interest in this Agreement and to become a Party for all purposes of this
Agreement, except as otherwise provided in such Joinder. 
 (b) No provision of this Agreement or any schedule or exhibit with respect
thereto (other than to reflect any assignment, sale, pledge or otherwise alienation or transfer effected pursuant to Section 6.6(a)) may be amended unless such amendment is approved in writing by the Corporation and the TRA Representative. No
provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 

(c) All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the
parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no
such succession had taken place. 
 Section 6.7. Resolution of Disputes. 

(a) Except as provided in Section 6.8, any and all disputes which cannot be settled amicably, including any ancillary claims of any party,
arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of
this arbitration provision) shall be finally settled by arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chambers of Commerce. If the parties to the dispute fail
to agree on the selection of an arbitrator within thirty (30) calendar days of the receipt of the request for arbitration, the International Chambers of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the
proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 

  
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 (b) Notwithstanding the provisions of paragraph (a), the Corporation and any TRA Party
(through the TRA Representative) may bring an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or
enforcing an arbitration award and, for the purposes of this paragraph (b), the Corporation and each TRA Party (through the TRA Representative) (i) expressly consents to the application of paragraph (c) of this Section 6.7 to any such
action or proceeding, and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate. Each TRA Party irrevocably
appoints the TRA Representative as its agent for service of process in connection with any such action or proceeding and agrees that service of process upon such agent shall be deemed in every respect effective service of process upon such TRA Party
in any such action or proceeding. 
 (c) (i) THE CORPORATION AND EACH TRA PARTY (THROUGH THE TRA REPRESENTATIVE) HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (b) OF THIS SECTION 6.7, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR
CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of
arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may
have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in paragraph (c) of this Section 6.7 and such parties agree not to plead or claim the same. 

Section 6.8. Reconciliation. In the event that the Corporation and the TRA Representative are unable to resolve a disagreement
with respect to any tax matter or calculation required under this Agreement, including the matters governed by Section 2.32.3, within the relevant period designated in this Agreement (“Reconciliation Dispute”), the
Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner or
principal in a nationally recognized accounting firm or a law firm, and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporation or any of the TRA Parties or other actual or potential
conflict of interest. The Expert shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days, or as soon thereafter as is reasonably practicable, after the matter has been submitted to
the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement is due or any Tax Return reflecting the subject of a disagreement is due, (i)

  
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the undisputed amount shall be paid on the date prescribed by this Agreement and (ii) such Tax Return may be filed as prepared by the relevant Corporate Taxpayer, subject, in the cause of sub-clauses (i) and (ii), to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert shall be borne equally by the Corporation, on the one hand, and by the TRA
Representative, on the other hand, except as provided in the next sentence. Each of the Corporation and the TRA Representative shall bear their own costs and expenses relating to the determination of the Reconciliation Dispute, unless (i) the
Expert substantially adopts the TRA Representative’s position, in which case the Corporation shall reimburse the TRA Representative for any reasonable out-of-pocket
costs and expenses in such proceeding, or (ii) the Expert substantially adopts the Corporation’s position, in which case the TRA Representative shall reimburse the Corporation for any reasonable out-of-pocket costs and expenses in such proceeding; provided that, for the avoidance of doubt, the Corporation shall bear all costs and expenses related to the tax compliance costs of any Corporate Taxpayer,
including the costs of amending any Tax Return. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 6.8 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute
and the determinations of the Expert pursuant to this Section 6.8 shall be binding on the Corporation and the TRA Parties and may be entered and enforced in any court having jurisdiction. 

Section 6.9. Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER OR RELATE TO THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE BREACH OR VALIDITY OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ACTION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (iv) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.9. 

Section 6.10. Withholding. Notwithstanding any other provision of this Agreement, the Corporation shall be entitled to deduct and
withhold from any payment payable pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign tax law; provided
that the Corporation (i) gives 10 days advance written notice of its intention to make such withholding to the TRA Representative, (ii) identifies the legal basis requiring such withholding and (iii) gives the TRA Representative an
opportunity to establish that such withholding is not legally 

  
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required. Except upon an applicable change in law, no U.S. federal income Taxes will be required to be withheld in respect of any payment under this Agreement to any Person that is a
“United States Person” within the meaning of Section 7701(a)(30) of the Code that timely delivers to the Corporation a properly completed IRS Form W-9. To the extent that amounts
are properly so withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the TRA Party in respect of whom the withholding was
made. The Corporation shall provide evidence of such payment to the TRA Parties (through the TRA Representative) to the extent that such evidence is available. To the extent that any payment pursuant to this Agreement is not reduced by such
deductions or withholdings, the recipient shall indemnify the applicable withholding agent for any amounts imposed by any Taxing Authority together with any costs and expenses related thereto. Each TRA Party shall promptly provide the Corporation or
other applicable withholding agent with any applicable Tax forms and certifications (including IRS Form W-9) reasonably requested in connection with determining whether any such deductions and withholdings are
required under the Code or any provision of U.S. state, local or foreign Tax law. 
 Section 6.11. Affiliated Corporations;
Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets. If the Corporate Taxpayer is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated income tax return pursuant
to Sections 1501 et seq. of the Code, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments shall be computed with reference to the consolidated taxable income of
the group as a whole. If any Person the income of which is included in the income of the Corporation’s affiliated or consolidated group transfers one or more assets to a corporation with which such Person does not file a consolidated Tax Return
pursuant to Section 1501 of the Code, for purposes of calculating the amount of any Tax Benefit Payment (e.g., calculating the gross income of the Corporation’s affiliated or consolidated group and determining the Realized Tax Benefit) due
hereunder, such Person shall be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer. The consideration deemed to be received by such entity shall be equal to the greater of (1) tax basis of such
transferred asset and (2) the fair market value of such transferred asset, plus (i) the amount of debt to which such asset is subject, in the case of a transfer of an encumbered asset, or (ii) the amount of debt allocated to such
asset, in the case of a transfer of a partnership interest. 
 Section 6.12. Confidentiality. (a) Each TRA Party, through
the TRA Representative, and each of its assignees acknowledges and agrees that the information of the Corporation is confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by
law or legal process or to enforce the terms of this Agreement, shall keep and retain in the strictest confidence and not disclose to any Person all confidential matters of the Corporation or the TRA Parties acquired pursuant to this Agreement, in
each case other than the information provided pursuant to the second sentence of Section 6.2 herein (provided that the TRA Representative shall not provide any such information to any third-party without such third-party first executing a
customary non-disclosure agreement as described in Section 6.2). 

  
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This Section 6.12 shall not apply to (i) any information that has been made publicly available by the Corporation or any of its Affiliates, becomes public knowledge (except as a result
of an act of any TRA Party in violation of this Agreement) or is generally known to the business community; and (ii) the disclosure of information to the extent necessary for any TRA Party to prepare and file its Tax returns, to respond to any
inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any taxing authority with respect to such returns. Notwithstanding anything to the contrary herein, each TRA Party (and each
employee, representative or other agent of such TRA Party) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of (x) any Corporate Taxpayer, (y) any of its transactions and
(z) this Agreement, and all materials of any kind (including opinions or other tax analyses) that are provided to such TRA Party relating to such tax treatment and tax structure. 

(b) If the TRA Representative, any TRA Party or any of their respective assignees commits a breach, or threatens to commit a breach, of any of
the provisions of this Section 6.12, the Corporation shall have the right and remedy to have the provisions of this Section 6.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the
need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its Subsidiaries and the accounts and funds managed by the Corporation
and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 6.13. Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 Section 6.14. Appointment of TRA Representative. 

(a) Appointment. Without further action of any of the Corporation, the TRA Representative or any TRA Party, and as partial consideration
of the benefits conferred by this Agreement, the TRA Representative is hereby irrevocably constituted and appointed, with full power of substitution, to act in the name, place and stead of each TRA Party with respect to the taking by the TRA
Representative of any and all actions and the making of any decisions required or permitted to be taken by the TRA Representative under this Agreement, including but not limited to: (i) execution of the documents and certificates required
pursuant to this Agreement; (ii) except to the extent specifically provided in this Agreement receipt and forwarding of notices and communications pursuant to this Agreement; (iii) administration of the provisions of this Agreement;
(iv) any and all consents, waivers, amendments or modifications deemed by the TRA Representative, in its sole and absolute discretion, to be necessary or appropriate under this Agreement and the execution or delivery of any documents that may
be necessary or appropriate in connection therewith; (v) amending this Agreement or any of the instruments to be delivered to the Corporation pursuant to this Agreement; (vi) taking actions the TRA Representative is expressly authorized to
take pursuant to the other provisions of this Agreement; (vii) negotiating and compromising, on behalf of such 

  
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TRA Parties, any dispute that may arise under, and exercising or refraining from exercising any remedies available under, this Agreement or any other agreement contemplated hereby and executing,
on behalf of such TRA Parties, any settlement agreement, release or other document with respect to such dispute or remedy; and (viii) engaging attorneys, accountants, agents or consultants on behalf of such TRA Parties in connection with this
Agreement or any other agreement contemplated hereby and paying any fees related thereto. The power of attorney granted herein is coupled with an interest and is irrevocable and may be delegated by the TRA Representative. No bond shall be required
of the TRA Representative, and the TRA Representative shall receive no compensation for its services. 
 (b) Expenses. The Corporation
shall reimburse the TRA Representative for up to $100,000 annually of all reasonable, documented out-of-pocket costs and expenses incurred by the TRA
Representative in its capacity as such upon invoice and reasonable support therefor by the TRA Representative; provided that the Corporation shall reduce any future payments due to the TRA Parties hereunder pro rata (based on their respective
ownership percentage in the Corporation) by the amount of any amounts it pays to the TRA Representative pursuant to this Section 6.14(b); provided further that the Corporation shall not be required to reimburse the TRA Representative for any
expenses incurred in connection with the prosecution or defense of a dispute brought by the TRA Party under Section 6.7 or Section 6.8 of this Agreement. In connection with the performance of its rights and obligations under this
Agreement and the taking of any and all actions in connection therewith, the TRA Representative shall not be required to expend any of its own funds (though, for the avoidance of doubt, it may do so at any time and from time to time in its sole
discretion). 
 (c) Limitation on Liability. The TRA Representative shall not be liable to any TRA Party for any act of the TRA
Representative arising out of or in connection with the acceptance or administration of its duties under this Agreement, except to the extent any liability, loss, damage, penalty, fine, cost or expense is actually incurred by such TRA Party as a
proximate result of the gross negligence, bad faith or willful misconduct of the TRA Representative (it being understood that any act done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of such good faith and
reasonable judgment). The TRA Representative shall not be liable for, and shall be indemnified by the TRA Parties (on a several but not joint basis) for, any liability, loss, damage, penalty or fine incurred by the TRA Representative (and any cost
or expense incurred by the TRA Representative in connection therewith and herewith and not previously reimbursed pursuant to subsection (b) above) arising out of or in connection with the acceptance or administration of its duties under this
Agreement, except to the extent that any such liability, loss, damage, penalty, fine, cost or expense is the proximate result of the gross negligence, bad faith or willful misconduct of the TRA Representative (it being understood that any act done
or omitted pursuant to the advice of legal counsel shall be conclusive evidence of such good faith and reasonable judgment); provided, however, in no event shall any TRA Party be obligated to indemnify the TRA Representative hereunder for any
liability, loss, damage, penalty, fine, cost or expense to the extent (and only to the extent) that the aggregate amount of all liabilities, losses, damages, penalties, fines, costs and expenses indemnified by such TRA Party hereunder

  
 22 

 
is or would be in excess of the aggregate payments under this Agreement actually remitted to such TRA Party. Each TRA Party’s receipt of any and all benefits to which such TRA Party is
entitled under this Agreement, if any, is conditioned upon and subject to such TRA Party’s acceptance of all obligations, including the obligations of this Section 6.14(c), applicable to such TRA Party under this Agreement. 

(d) Actions of the TRA Representative. Any decision, act, consent or instruction of the TRA Representative shall constitute a decision
of all TRA Parties and shall be final, binding and conclusive upon each TRA Party, and the Corporation may rely upon any decision, act, consent or instruction of the TRA Representative as being the decision, act, consent or instruction of each TRA
Party. The Corporation is hereby relieved from any liability to any person for any acts done by the Corporation in accordance with any such decision, act, consent or instruction of the TRA Representative. 

[Signatures pages follow] 

  
 23 

 IN WITNESS WHEREOF, the Corporation and TRA Representative, on behalf of the TRA Parties
listed below, have duly executed this Agreement as of the date first written above. 
  

			
	CLARIOS INTERNATIONAL, INC.
		
	By:	 	 /s/ Claudio Morfe

		 	Name: Claudio Morfe
		 	Title: General Counsel
	
	 CURRENT AGGREGATOR 1 LP (as TRA Representative and on behalf of the TRA Parties listed below)

 
 By Brookfield Capital Partners V GP LLC, by its sole member, Brookfield Capital
Partners V Officer GP LLC

		
	By:	 	 /s/ Luke Ricci

		 	 Name: Luke Ricci
 Title: Director,
Legal

	
	TRA PARTIES
	
	Current Aggregator 1 LP
	
	Current Aggregator 2 LP
	
	BCP V AIV I LLC
	
	Brookfield BBP Bermuda Holdings IX Limited
	
	Panther Sub-Holdings (Bermuda IX) Limited
	
	Panther Sub-Holdings (Bermuda XI) Limited

 Exhibit A 

Form of Joinder 
 This
JOINDER (this “Joinder”) to the Tax Receivable Agreement (as defined below), is by and among Clarios International, Inc., a Delaware corporation (including any successor corporation, the “Corporation”),
___________________ (“Transferor”) and ____________________ (“Permitted Transferee”). 
 WHEREAS, on
_____________________, Permitted Transferee shall acquire ______________________ percent of the Transferor’s right to receive payments that may become due and payable under the Tax Receivable Agreement (as defined below) (the “Acquired
Interests”) from Transferor (the “Acquisition”); and 
 WHEREAS, Transferor, in connection with the Acquisition,
has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 6.6(a) of the Amended and Restated Tax Receivable Agreement, dated as of [ ], 2022, between the Corporation and the TRA Parties (as defined therein) (the
“Tax Receivable Agreement”). 
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and
agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 Section 1.1
Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings set forth in the Tax Receivable Agreement. 

Section 1.2 Acquisition. For good and valuable consideration, the sufficiency of which is hereby acknowledged by the Transferor
and the Permitted Transferee, the Transferor hereby transfers and assigns absolutely to the Permitted Transferee all of the Acquired Interests. 

Section 1.3 Joinder. Permitted Transferee hereby acknowledges and agrees (i) that it has received and read the Tax Receivable
Agreement, (ii) that the Permitted Transferee is acquiring the Acquired Interests in accordance with and subject to the terms and conditions of the Tax Receivable Agreement and (iii) to become a “TRA Party” (as defined in the Tax
Receivable Agreement) for all purposes of the Tax Receivable Agreement. 
 Section 1.4 Notice. Any notice, request, consent,
claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 6.1 of the Tax
Receivable Agreement. 
 Section 1.5 Governing Law. This Joinder shall be governed by and construed in accordance with the law
of the State of New York. 

  
 Exh-A-1 

 IN WITNESS WHEREOF, this Joinder has been duly executed and delivered by Permitted
Transferee as of the date first above written. 
  

			
	CLARIOS INTERNATIONAL, INC.
		
	By:	 	             

		 	Name:
		 	Title:
	
	[TRANSFEROR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[PERMITTED TRANSFEREE]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for notices:EX-10.28

 Exhibit 10.28 

SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS 

This Separation Agreement and Release of All Claims (the “Agreement”) is made between Clarios International Inc. and its subsidiaries and affiliated
entities (collectively the “Company”) and Christopher J. Eperjesy (“Executive”). 
 WHEREAS, Executive is subject to the Clarios U.S.
Severance Policy in effect as of January 1, 2020 (the “Severance Policy”) which provides for certain benefits in the event that Executive’s employment is terminated on account of a reason set forth in the Severance Policy and
subject to the terms stated therein; 
 WHEREAS, the Company desires to terminate Executive’s employment on an amicable basis, such termination to be
effective June 30th, 2022 (“Date of Termination”) and provide termination benefits to Executive in addition to those provided for in the Severance Policy (collectively “Separation
Benefits”); and 
 WHEREAS, in connection with the termination of Executive’s employment, the parties have agreed to a separation package and the
resolution of any and all disputes between them. 
 NOW, THEREFORE, in consideration of the mutual covenants of the parties, it is agreed as follows: 

1. Unconditional Separation Benefits. Whether or not Executive chooses to sign this Agreement and accept the terms it contains or,
having done so, exercise Executive’s rights to revoke Executive’s acceptance of these terms (described more fully in Paragraph 20, below), the Company will provide Executive with the following: payment of Executive’s regular base
wages through the Date of Termination; reimbursement for any travel expenses incurred and submitted per Company policy; payment of any accrued and unused vacation per Company policy; retention of any of Executive’s vested rights, if any, as of
the Date of Termination in the Company’s 401(k) plan and all payments due Executive under the terms of that plan; and if Executive was a participant in the Company’s group health insurance plan on the Date of Termination, the Company will
provide Executive with the right to participate in such plan in accordance with the mandates of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). Any payments made to Executive pursuant to this Paragraph 1
will be subject to normal deductions for income and employment taxes and will be paid to Executive in compliance with Company policy and as required by applicable law. 

2. Conditional Separation Benefits. In consideration for the promises contained in this Agreement, and in full satisfaction of any
benefits due Executive under the Severance Policy, the Company will provide the following Separation Benefits, conditioned upon (i) Executive’s acceptance of the terms contained in this Agreement, and (ii) Executive’s decision
not to exercise Executive’s revocation rights (described in Paragraph 19, below): 

  
 Page 1 of 12 

 a. Severance Pay. The Company will pay Executive, as severance, a gross amount of
$1,084,590.00 which consists of (i) fifty-two (52) weeks of Executive’s annual base salary in effect on the Date of Termination, plus (ii) 80% of Executive’s annual base salary in effect in
2022, (collectively the “Severance Pay”). The Severance Pay will be paid to Executive within five (5) business days following expiration of the Revocation Period, but in no event later than the thirtieth (30th) calendar day following
the Date of Termination in accordance with the Company’s regular payroll practices. For unemployment compensation purposes (if Executive is determined eligible to receive said benefits as provided by law), Executive agrees that Executive will
immediately advise the Wisconsin Unemployment Insurance Division, or other applicable unemployment insurance program, of Executive’s receipt of such Severance Pay, and Executive agrees and acknowledges that payments under this Paragraph 2.a.
are allocated to the fifty-two (52) workweeks immediately following the Date of Termination. Executive expressly authorizes the Company to make any necessary deductions, withholdings, or other reductions
from the Separation Pay. 
 b. Medical, Dental and Vision Benefits. If Executive is covered by the Company’s health, dental and
vision insurance plan on the Date of Termination, and Executive elects COBRA coverage in a timely manner, the Company will, following expiration of the Revocation Period (defined below), pay the employer’s share and employee’s share of
health insurance premium costs at the employee contribution levels as of the Date of Termination for such COBRA coverage up to twelve (12) months for which Executive is eligible starting on the Date of Termination and ending on the earliest to
occur of: (i) the date Executive becomes eligible for group health insurance coverage through a new employer; or (ii) the date Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination
(“COBRA Premium Period”). In the event Executive becomes covered under another employer’s group health plan or otherwise cease to be eligible for COBRA during the COBRA Premium Period, Executive must immediately notify the Company in
writing of such event. Any questions regarding these plans should be directed to the COBRA administrator, Clarios Benefit Service Center, at
1-833-525-2746 or digital.alight.com/clarios. PLEASE NOTE, if Executive and/or Executive’s covered spouse is 65 or older,
entitled to Medicare coverage, and enrolled in the Clarios Health Plan through COBRA, Medicare provides the primary coverage for medical claims, and COBRA is secondary, whether or not Executive or Executive’s covered dependents actually enroll
in Medicare. 
 c. Outplacement Services. The Company will pay the outplacement services fee for Executive to participate in an
outplacement assistance program identified by the Company (which program will be selected by the Company in its sole discretion based upon Executive’s labor grade) for a period of twelve (12) months, provided Executive timely initiates
outplacement services. In order to initiate such outplacement services, Executive must contact the identified vendor within thirty (30) days following the effective date of this Agreement. 

d. Bonus. If Executive is a participant in the Company Annual Incentive Performance Plan (“AIPP”), Executive will be eligible
for an additional lump sum payment of the Executive’s annual target bonus (80%) for fiscal year 2022 to be paid out in accordance with the terms of the AIPP. Such annual bonus shall be calculated on the basis of the twelve (12) month
period encompassing the entire fiscal year 2022 and pro-rated for the number of full months during which Executive served as an active employee. 

  
 Page 2 of 12 

 e. Executive Long Term Incentive. The treatment of any outstanding long term
incentive awards that Executive was granted will be administered in accordance with the terms and conditions of the Executive Long Term Incentive Plan (“LTIP”). 

3. Release of All Claims. In consideration of the benefits described in Paragraph 2 above, Executive hereby REMISES, RELEASES and
FOREVER DISCHARGES the Released Parties (defined below) from any and all claims, contracts, judgments and expenses (including attorneys’ fees and costs of any kind), whether known or unknown, which Executive has or may have against the Released
Parties, or any of them, arising out of or based on any transaction, occurrence, matter, event, cause or thing whatsoever which has occurred prior to or on the date Executive executes this Agreement. “Released Parties” includes the
Company, and all of its affiliated entities (including but not limited to any subsidiary, division, business unit, parent, sister, partner and related companies or entities), predecessors and successors, and its and their past, present and future
officers, directors, agents, employees, shareholders, members, managers, partners, attorneys, executors, employee benefit plans, insurers, assigns and other representatives of any kind. This release includes, but is not limited to: (i) all
causes of action, suits, debts, claims and demands whatsoever in law or in equity, which Executive ever had, now has, or hereafter may have, whether known or unknown, or which Executive’s heirs, executors, or administrators may have, by reason
of any matter, cause or thing whatsoever, up to the date of Executive’s execution of this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Executive’s
employment relationship with the Company, the terms and conditions of that employment relationship, and the termination of that employment relationship, including, but not limited to, any claims arising under any applicable Company severance or
supplemental unemployment benefits pay plan(s); (ii) claims arising under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”), Title VII of the Civil Rights Act of 1964, as amended; the Americans With Disabilities Act of
1990, as amended; the Civil Rights Act of 1991, as amended; the Worker Adjustment and Retraining Notification Act; the National Labor Relations Act; the Occupational Safety and Health Act; the Fair Labor Standards Act; the Employee Retirement Income
Security Act of 1974, as amended; the Family and Medical Leave Act of 1993, as amended; state family and/or medical leave laws; state fair employment laws; state and federal wage and hour laws; state and/or local plant closing or mass layoff laws;
Wisconsin state employment laws, as amended; and/or any other federal, state or local law, statute or regulation; (iii) claims based on breach of contract (express or implied), tort, personal injury, misrepresentation, discrimination,
retaliation, harassment, defamation, invasion of privacy or wrongful discharge; (iv) claims for bonuses, payments or benefits under any of the Company’s bonus, severance or incentive plans or fringe benefit programs or policies; and
(v) any other claims arising out of or connected with Executive’s employment with or separation of employment from the Company. This release does not include a waiver of any claim that cannot legally be waived. Nothing in this Agreement
bars a claim by Executive for unemployment compensation benefits to which Executive is entitled under an unemployment compensation law. 

  
 Page 3 of 12 

 4. Separation Payment. Provided that Executive executes the Separation Certificate in
the form attached hereto as Appendix A not less than one day and not more than 10 days following the Date of Termination, and Executive does not revoke acceptance of the Separation Certificate, the Company will provide Executive with a lump
sum payment, less applicable withholdings, in the amount of $542,295 (the Separation Payment”) within 15 days following the end of the revocation period described in the Separation Certificate. 

5. Affirmations. To the fullest extent permitted by law and subject to the provisions of Paragraph 6 below, Executive represents and
affirms that: (i) Executive has not filed or caused to be filed on Executive’s behalf any claim for relief against the Company or any of the Released Parties and, to the best of Executive’s knowledge and belief, no outstanding claims
for relief have been filed or asserted against the Company or any of the Released Parties on Executive’s behalf; and (ii) Executive has no knowledge of any improper, unethical or illegal conduct or activities that Executive has not already
reported to any supervisor, manager, department head, human resources representative, agent or other representative of the Company, to any member of the Company’s legal or compliance departments, or to the ethics hotline. 

6. Challenge to Validity; Cooperation with Government Agencies. Nothing in this Agreement, including Paragraph 3, prohibits or limits
Executive’s right to (i) challenge the validity of this Agreement under the ADEA; (ii) make any disclosure of information required by law; (iii) provide information to, or testify or otherwise assist in any investigation or
proceeding brought by any federal regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company’s designated legal, compliance or human resources officers; or (iv) file, testify, participate in
or otherwise assist in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud, or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization. In addition,
nothing prohibits Executive from filing a charge or complaint with, making a report to, participating in any investigation, or proceeding conducted by, or otherwise cooperating with the U.S. Equal Employment Opportunity Commission
(“EEOC”). However, Executive agrees and hereby waives any and all rights to any monetary relief or other personal recovery from any such charge, including costs and attorneys’ fees. Additionally, this release of claims does not
preclude Executive from filing claims that arise after the date of execution of this Agreement. 
 7. Confidentiality. Subject to the
provisions of Paragraphs 5 and 6, Executive agrees not to disclose the terms of this Agreement to anyone, except his/her spouse, attorney and, as necessary, tax/financial advisor, provided they agree to be bound by this confidentiality obligation.
It is expressly understood that any violation of the confidentiality obligation imposed herein constitutes a material breach of this Agreement. 

8. Confidential Information. In accepting the benefits provided in this Agreement, and in consideration of those benefits, Executive
agrees that with respect to the Company’s Trade Secrets and Confidential Information (each defined below), to the following: 
 a.
Executive will not at any time directly or indirectly use or disclose any Trade Secret of the Company. The term “Trade Secret” has that meaning set forth under applicable law. 

  
 Page 4 of 12 

 b. For a period of twenty-four (24) months following the Separation Date, Executive
will not directly or indirectly use or disclose any Confidential Information of the Company. The term “Confidential Information” means all non-Trade Secret information of, about or related to the
Company or provided to the Company by their customers that is not known generally to the public or the Company’s competitors. Confidential Information includes, but is not limited to: (i) inventions; product formulations and
specifications; information about products under development; research, development or business plans; production processes; manufacturing techniques; equipment design; test results; financial information; customer lists; information about orders
from and transactions with customers; sales, acquisition and marketing strategies and plans; pricing strategies; information relating to sources of materials and production costs; personnel information; and business records; (ii) information
which is marked or otherwise designated or treated as confidential or proprietary by the Company; and (iii) information received by the Company from others which the Company is obligated to keep confidential. 

c. Notwithstanding the foregoing, the terms “Trade Secret” and “Confidential Information” do not include, and the
obligations set forth in this Agreement do not apply to, any information which: (i) can be demonstrated by Executive to have been known by Executive prior to Executive’s employment by the Company; (ii) is or becomes generally
available to the public through no act or omission by Executive; (iii) is obtained by Executive in good faith from a third party who discloses such information to Executive on a non-confidential basis
without violating any obligation of confidentiality or secrecy relating to the information disclosed; or (iv) is independently developed by Executive outside the scope of Executive’s employment with the Company without use of Confidential
Information or Trade Secrets. 
 d. Nothing in this Agreement shall prevent Executive, after the Separation Date, from using general skills
and knowledge gained while Executive was employed by the Company. 
 e. With respect to the disclosure of a Trade Secret and in accordance
with 18 U.S.C. § 1833, Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a Trade Secret that (i) is made in confidence to a federal, state, or local government
official, either directly or indirectly, or to an attorney, provided that, the information is disclosed solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in
a lawsuit or other proceeding filed under seal so that it is not disclosed to the public. Executive is hereby notified that if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may
disclose the Company’s Trade Secrets to Executive’s attorney and use the Trade Secret information in that court proceeding, provided that Executive files any document containing the Trade Secret under seal so that it is not disclosed to
the public and does not disclose the Trade Secret, except pursuant to court order. 
 9.
Non-competition. In accepting the benefits provided in this Agreement, and in consideration of those benefits, Executive agrees that for the twelve (12) month period following the Date of
Termination, or such longer period of non-competition as is included in any offer letter or any other agreement between Executive and the Company to the extent allowed by applicable law, Executive shall not,
directly or indirectly, provide Restricted Services to any Competitor in the Territory. 

  
 Page 5 of 12 

 a. The term “Restricted Services” means employment duties and functions of the
type provided by Executive to the Company during the twenty-four (24) month period immediately prior to the Date of Termination. 
 b.
The term “Competitor” means any individual or entity engaged in any business that (i) conducts or is planning to conduct a business in competition with any business conducted or planned by the Company including but not limited to any
business or Company engaged in the business of energy storage solutions, battery manufacturing, battery and energy storage solutions distribution and battery technologies; or (ii) designs, develops, produces, distributes, offers for sale or
sells a product or service that can be used as a substitute for, or is generally intended to satisfy the same customer needs for, any one or more products or services designed, developed, manufactured, produced, distributed or offered for sale or
sold by any of the Company’s businesses within the twenty-four (24) month period immediately prior to the Date of Termination. 

c. The term “Territory” means a region (1) where Executive had substantial responsibilities during the twenty-four
(24) month period preceding the Date of Termination, and (2) for which Executive (A) was materially involved in during the twenty-four (24) month period preceding the Date of Termination, or (B) had knowledge of operations
or substantial exposure to during the twenty-four (24) month period preceding the Date of Termination. 
 d. The Company reserves the
right, at its sole discretion, to waive the application of this provision in writing. 
 10.
Non-solicitation of Restricted Customers. In accepting the benefits provided in this Agreement, and in consideration of those benefits, Executive agrees that for the twenty-four (24) month period
following the Date of Termination, or such longer period of non-solicitation as is included in any offer letter or other agreement between Executive and the Company to the extent allowed by applicable law,
Executive will not directly or indirectly solicit any Restricted Customer for the sale of products or services of the type marketed, sold or provided by the Company to the Restricted Customer during the twenty-four (24) month period immediately
prior to the Date of Termination. 
 a. The term “Restricted Customer” means any individual or entity (i) for whom/which the
Company sold or provided products or services and (ii) with whom/which Executive had contact on behalf of the Company, or about whom/which Executive acquired nonpublic or proprietary information as a result of Executive’s employment by the
Company, in the case of both (i) and (ii), above, during the twenty-four (24) month period immediately prior to the Date of Termination. 

11. Non-Solicitation of Prospective Customers. In accepting the benefits provided in this
Agreement, and in consideration of those benefits, Executive agrees that for the twenty-four (24) month period following the Date of Termination, or such longer period of non-solicitation as is included
in any offer letter or other agreement between Executive and the Company to the extent allowed by applicable law, Executive shall not directly or indirectly market, sell or provide, or attempt to market, sell or provide, to any Prospective Customer
any products or services of the type marketed, sold or provided by the Company to the Prospective Customer during the twelve (12) month period immediately prior to the end of the Date of Termination. 

  
 Page 6 of 12 

 a. The term “Prospective Customer” means any individual or entity (i) for
whom/which the Company has made a proposal to provide goods or services and (ii) with whom/which Executive had contact on behalf of the Company, or about whom/which Executive acquired non-public or
proprietary information as a result of Executive’s employment with the Company, in the case of both (i) and (ii), above, during the twelve (12) month period immediately prior to the Date of Termination. 

12. Non-solicitation of Restricted Persons. In accepting the benefits provided in this
Agreement, and in consideration of those benefits, Executive agrees that for the twenty-four (24) month period following the Date of Termination, or such longer period of non-solicitation as is included
in any offer letter or other agreement between Executive and the Company to the extent allowed by applicable law, Executive shall not directly or indirectly solicit any Restricted Person to provide services to or on behalf of a person or entity in a
manner reasonably likely to pose a competitive threat to the Company. 
 a. The term “Restricted Person” means an individual who
(i) at the time of the solicitation, is (a) an employee of the Company and (b) an employee of the Company who has special skills or knowledge important to the Company, or has skills that are difficult for the Company to replace; and
(ii) is an employee with whom Executive had a working relationship or about whom Executive acquired or possessed specialized knowledge in connection with Executive’s employment with the Company, during the twenty-four (24) month
period immediately prior to the Date of Termination. 
 13. Non-Disparagement. Subject to the
provisions of Paragraphs 5 and 6, Executive further agrees that Executive will not disparage or subvert the Company, or make any statement reflecting negatively on the Company, its affiliated corporations, or entities, or any of their present or
former officers, directors, employees, agents or representatives, including, but not limited to, any matters relating to the operation or management of the Company, Executive’s employment and the termination of Executive’s employment. 

14. Continued Cooperation. Executive acknowledges that the Company may need to consult with Executive from time to time on a reasonable
basis after Executive’s Date of Termination on matters that Executive had worked on prior to the Date of Termination. Executive agrees to continue to cooperate with the Company and to provide any such information as is reasonably requested by
the Company. Executive acknowledges and agrees that the benefits described in Paragraph 2 shall be the sole compensation paid to Executive in exchange for such assistance. 

15. Reasonableness. This Agreement does not (i) supersede any confidentiality agreements, intellectual property rights agreements
or non-competition or non-solicitation agreements to which Executive was subject while an employee of the Company, or (ii) negate, limit or reduce Executive’s
obligations or the Company’s rights under any laws relating to trade secrets, confidential information or unfair competition. Executive acknowledges that the 

  
 Page 7 of 12 

 
restrictions contained in Paragraphs 8, 9, 10, 11 and 12 are reasonable and necessary to protect the legitimate interests of the Company, that the Company would not have executed this Agreement
in the absence of such restrictions, and that any violation of any provision of these Paragraphs will represent in irreparable injury to the Company. By executing this Agreement, Executive represents that Executive’s experience and capabilities
are such that the restrictions contained in Paragraphs 8, 9, 10, 11 and 12 will not prevent Executive from obtaining employment or otherwise earning a living at the same general level of economic benefit as is currently the case. Executive further
represents and acknowledges that (a) Executive has been advised by the Company to consult with legal counsel of Executive’s choosing with respect to this Agreement, and (b) that Executive has had full opportunity, prior to executing
this Agreement, to review thoroughly this Agreement with counsel. In the event the provisions of Paragraphs 8, 9, 10, 11 and 12 are deemed to exceed the time or scope or geographic limitations permitted by applicable laws, then such provisions shall
be reformed to the maximum time, scope or geographic limitations, as the case may be, permitted by applicable laws. Any Company affiliates are third-party beneficiaries with respect to Executive’s performance of Executive’s obligations
under Paragraphs 8, 9, 10, 11 and 12 and the undertakings and covenants contained therein, and the Company and any of its affiliates, enjoying the benefits thereof, may enforce such covenants directly against Executive. 

16. Representations. Executive represents, warrants and certifies that: (i) the Separation Benefits provided in this Agreement are
equivalent to or greater than those to which Executive is entitled by contract, employment policy or otherwise; (ii) except to the extent explicitly provided for in this Agreement, the Released Parties owe Executive no wages for work performed,
whether salary, overtime, or commissions, or for accrued but unused paid time off; (iii) Executive has returned to the Company all items of personal property (including, without limitation, automobiles, keys, credit cards, computers and
computer equipment, hardware and software, and cell phones) that are the property of the Company; (iv) Executive has returned all records, files, manuals, reports, notes or any other documents or materials, whether in written, electronic or
other form, and whether prepared by Executive or others (including any copies of the same), which contain confidential, proprietary or other information regarding the Company, its affiliates or the businesses of the Company or its affiliates;
(v) Executive has returned to the Company any and all passwords and/or encryption codes utilized by Executive with regard to computer, electronic or communication systems of the Company or its affiliated entities so that the Company has
immediate, full and complete access to all data and information stored, used or maintained by Executive on such systems; and (vi) apart from benefits provided by this Agreement, Executive has been paid all compensation and received all benefits
due to Executive as a result of Executive’s employment with the Company. 
 17. Non-Admission
of Wrongdoing. Neither this Agreement nor the furnishing of the consideration provided for in this Agreement shall be deemed or construed at any time or for any purpose as an admission of liability by the Released Parties. Liability for any and
all claims for relief is expressly denied by the Released Parties. 

  
 Page 8 of 12 

 18. Acknowledgments. Executive acknowledges as follows: 

a. Executive has read the terms of this Agreement, and that Executive understands its terms and effects, including the fact that Executive has
agreed to RELEASE AND FOREVER DISCHARGE the Company and each and every one of its affiliated entities from legal action arising out of Executive’s employment relationship with the Company and each and every one of its affiliated entities from
legal action arising out of Executive’s employment relationship with the Company and the termination of that relationship; 
 b.
Executive understands that in addition to the general release of claims, this Agreement includes a release of all claims under the ADEA; 

c. Executive has signed this Agreement voluntarily and knowingly in exchange for the consideration described herein, which Executive
acknowledges is adequate and satisfactory to Executive and which Executive acknowledges is in addition to any other benefits to which Executive is otherwise entitled; 

d. Executive has been and hereby is advised in writing by the Company to consult with an attorney prior to signing this Agreement; 

e. Executive has been and hereby is advised in writing by the Company that Executive had at least
twenty-one (21) days within which to consider this Agreement; and 
 f. Executive is fully aware
of the contents of this Agreement and its legal effect, that the preceding Paragraphs recite the sole consideration for this Agreement, that all agreements and understandings between the parties regarding the subject matter of this Agreement are
embodied and expressed herein, unless otherwise persevered herein, and that Executive has been afforded ample opportunity to consider this Agreement and enters into this Agreement freely, knowingly, and without coercion and not in reliance upon any
representations or promises made by the Company or its agents, other than those contained herein. 
 19. Signature and Return.
Executive shall return the signed Agreement within the twenty-one (21) day consideration period provided herein via hand-delivery or email to Claudio Morfe, Vice President, General Counsel &
Corporate Secretary, claudio.morfe@clarios.com, or if sent by mail, must be postmarked within the twenty-one (21) day consideration period, sent by certified mail, return receipt requested, and addressed
to Claudio Morfe, Vice President, General Counsel & Corporate Secretary, 5757 N. Green Bay Ave., Milwaukee, WI 53209. If not returned within this time period, the Agreement shall expire. 

20. Revocation Period. For a period of seven (7) days following the execution of this Agreement, Executive may revoke this
Agreement (the “Revocation Period”). To be effective, any notice of revocation must be provided in writing and sent via hand-delivery; certified mail, return receipt requested; or email and received by Claudio Morfe, Vice President,
General Counsel & Corporate Secretary, 5757 N. Green Bay Ave., Milwaukee, WI 53209, claudio.morfe@clarios.com, within the Revocation Period (or, if the seventh day of the Revocation Period is not a business day, on the first business day
following such date). The Agreement shall not become effective or enforceable until the Revocation Period has expired without revocation by Executive. 

  
 Page 9 of 12 

 21. Acceptance; Revocation. This Agreement will not be binding or enforceable unless
Executive has signed and delivered it as provided in Paragraph 19 and has chosen not to exercise Executive’s revocation rights, as described in Paragraph 20. If Executive gives timely notice of Executive’s intention to revoke
Executive’s acceptance of the terms set forth in this Agreement, it shall become null and void, and all other rights and claims of the parties which would have existed, but for the acceptance of this Agreement’s terms, shall be restored.

 22. Severability. The provisions of this Agreement are severable. If any portion of this Agreement is found to be invalid or
unenforceable, the parties desire that all other portions of the Agreement shall nonetheless remain in full force and effect. 
 23.
Counterparts and Facsimile Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Electronically scanned and
faxed copies of signatures may be relied upon as the true and correct signatures of the undersigned. 
 24.
Section 409A Internal Revenue Code. Notwithstanding any provision to the contrary, all provisions of this Agreement shall be construed and interpreted to comply with Section 409A of the Internal Revenue Code (the
“Code”) and applicable regulations thereunder, and, if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to comply with Section 409A of the Code or regulations thereunder. For
purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation to Executive under this Agreement shall be treated as a separate payment of compensation for purposes of applying the
deferral election rules and the exclusion of certain short-term deferral amounts under Section 409A of the Code. To the extent that deferred compensation subject to the requirements of Section 409A of the Code becomes payable to Executive
under this Agreement, any such payments shall be delayed by six (6) months to the extent necessary to comply with the requirements of Section 409A of the Code. 

25. Assignment. The Company shall have the unrestricted right to assign this Agreement and all of the Company’s rights and
obligations under this Agreement. Executive hereby agrees that, at the Company’s request and expense, Executive will consent to any such assignment by the Company and will promptly execute any assignments or other documents necessary to
effectuate any such assignment to the Company’s successors or assigns. Following such assignment, this Agreement shall be binding and inure to the benefit of any successor or assign of the Company. For clarification purposes, upon assignment of
this Agreement, all references to the Company shall also refer to the person or entity to whom/which this Agreement is assigned. 
 26.
Governing Law. This Agreement shall be governed by and construed in accordance with the substantive and procedural laws of Wisconsin. 

  
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 27. Remedies. In the event that Executive breaches any provision on this Agreement,
Executive agrees that the Company may suspend its further performance (including all additional payments) under this Agreement, recover any damages suffered as a result of such breach and recover from Executive any reasonable attorneys’ fees
and costs it incurs as a result of Executive’s breach. In addition, Executive agrees that the Company may seek injunctive or other equitable relief as a result of a breach by Executive of any provision of this Agreement. In no case, however,
shall the release provided in Paragraph 3 be revoked or terminated if Executive accepts this Agreement as provided in Paragraph 19 and does not exercise Executive’s revocation rights before the Revocation Period described in Paragraph 20
expires. 
 28. Jurisdiction and Venue. Executive and the Company agree that all disputes between them regarding this Agreement,
including, without limitation, all disputes involving claims for interpretation, breach or enforcement of this Agreement, shall be litigated exclusively in the Milwaukee Circuit Court or the United States District Court for the Eastern District of
Wisconsin, and both parties irrevocably consent to, and waive any challenge to, the jurisdiction of, and venue in, such courts. 
 The parties have executed
this Agreement as of the dates written below. 
  

							
	EXECUTIVE	 	    	 	    	 	CLARIOS INTERNATIONAL, INC.
				
	/s/ CHRISTOPHER EPERJESY	 		 		 	/s/ CLAUDIO MORFE
	By: CHRISTOPHER EPERJESY	 		 		 	By: CLAUDIO MORFE
				
	Date: March 10, 2022	 		 		 	Date: March 10, 2022

  
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 Appendix A 

SEPARATION CERTIFICATE 
 I hereby
acknowledge and agree that: 
 Clarios International Inc. and its subsidiaries and affiliated entities (collectively the “Company”) and I entered
into a Separation Agreement and Release of All Claims (the “Agreement”) is. A blank copy of this Separation Certificate (this “Certificate”) was attached to the Agreement when it was given to me for review. I have had more time
to consider signing this Certificate than the ample time I was given to consider signing the Agreement. I was encouraged in writing to discuss the Agreement, including this Certificate, with an attorney, before executing either document. The
Separation Payment described in paragraph 4 of the Agreement (the “Separation Payment”) is not payable to me or will not be acted upon unless I sign this Certificate. 

My employment duties with the Company have ended. In exchange for the Separation Payment, I hereby agree that this Certificate will be part of the Agreement,
and that the the Release of All set forth in paragraph 3 of the Agreement is to be construed and applied as if I signed it on the day I signed this Certificate. For the avoidance of doubt, this Certificate extends through my Date of
Termination: (i) the Release of All Claims set forth in paragraph 3 of the Agreement; and (ii) all other representations, acknowledgements, agreements and covenants I made in the Agreement. 

I hereby acknowledge and agree that: (i) I may revoke this Certificate within seven days of signing it (“Revocation Period”) by delivering
written notice of such revocation to Claudio Morfe, Vice President, General Counsel & Corporate Secretary; and (ii) if I revoke this Certificate, I will not receive the Separation Payment. 

I acknowledge that I have read this Certificate and that I understand and voluntarily agree to its terms. 

In order to be valid, this Certificate must be signed and returned to Claudio Morfe, Vice President, General Counsel & Corporate Secretary no earlier
than one day after the Date of Termination and no later than 10 days after the Date of Termination. 
 THIS IS A LEGALLY ENFORCEABLE DOCUMENT. 

 

	
	  
 Name

	
	  
 Date

  
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