Document:

EX-10.3

 Exhibit 10.3 
  

 
  

 
  

					
		  	  
  

Carvana Group, LLC
  
	  	

 FORM OF FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of [●], 2017 
 THE UNITS ISSUED
PURSUANT TO THIS FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR AN EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

CERTAIN UNITS MAY ALSO SUBJECT TO VESTING PROVISIONS, REPURCHASE OPTIONS, REDEMPTION RIGHTS, ADDITIONAL RESTRICTIONS ON TRANSFER, OFFSET RIGHTS AND FORFEITURE
PROVISIONS SET FORTH HEREIN AND/OR IN A SEPARATE AGREEMENT WITH THE INITIAL HOLDER OF SUCH UNITS. A COPY OF SUCH AGREEMENT MAY BE OBTAINED BY THE HOLDER OF SUCH UNITS UPON WRITTEN REQUEST TO THE COMPANY AND WITHOUT CHARGE. 

 
  
  

 

 TABLE OF CONTENTS 

 

							
		  		  	 	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
		
	 ARTICLE II ORGANIZATIONAL MATTERS
	  	 	10	 
	 Section 2.1
	  	 Formation of LLC
	  	 	10	 
	 Section 2.2
	  	 Limited Liability Company Agreement
	  	 	10	 
	 Section 2.3
	  	 Name
	  	 	11	 
	 Section 2.4
	  	 Purpose
	  	 	11	 
	 Section 2.5
	  	 Principal Office; Registered Office
	  	 	11	 
	 Section 2.6
	  	 Term
	  	 	11	 
	 Section 2.7
	  	 No State-Law Partnership
	  	 	11	 
		
	 ARTICLE III UNITS, CAPITAL CONTRIBUTIONS AND ACCOUNTS
	  	 	12	 
	 Section 3.1
	  	 Common Units; Capitalization
	  	 	12	 
	 Section 3.2
	  	 Authorization and Issuance of Additional Common Units
	  	 	13	 
	 Section 3.3
	  	 Repurchase or Redemption of Class A Common Stock
	  	 	16	 
	 Section 3.4
	  	 Changes in Common Stock
	  	 	16	 
	 Section 3.5
	  	 Class B Common Units
	  	 	16	 
	 Section 3.6
	  	 Capital Accounts
	  	 	18	 
	 Section 3.7
	  	 Negative Capital Accounts; No Interest Regarding Positive Capital Accounts
	  	 	19	 
	 Section 3.8
	  	 No Withdrawal
	  	 	19	 
	 Section 3.9
	  	 Loans From Unitholders
	  	 	19	 
	 Section 3.10
	  	 Adjustments to Capital Accounts for Distributions
In-Kind
	  	 	20	 
	 Section 3.11
	  	 Transfer of Capital Accounts
	  	 	20	 
	 Section 3.12
	  	 Adjustments to Book Value
	  	 	20	 
	 Section 3.13
	  	 Compliance With Section 1.704-1(b)
	  	 	20	 
		
	 ARTICLE IV DISTRIBUTIONS AND ALLOCATIONS
	  	 	21	 
	 Section 4.1
	  	 Distributions
	  	 	21	 
	 Section 4.2
	  	 Allocations
	  	 	22	 
	 Section 4.3
	  	 Special Allocations
	  	 	22	 
	 Section 4.4
	  	 Offsetting Allocations
	  	 	24	 
	 Section 4.5
	  	 Tax Allocations
	  	 	24	 
	 Section 4.6
	  	 Indemnification and Reimbursement for Payments on Behalf of a Unitholder
	  	 	25	 
		
	 ARTICLE V MANAGEMENT AND CONTROL OF BUSINESS
	  	 	25	 
	 Section 5.1
	  	 Management
	  	 	25	 
	 Section 5.2
	  	 Investment Company Act
	  	 	26	 
	 Section 5.3
	  	 Officers
	  	 	26	 
	 Section 5.4
	  	 Competition and Corporate Opportunities
	  	 	27	 
	 Section 5.5
	  	 Fiduciary Duties
	  	 	28	 
	 Section 5.6
	  	 Confidentiality
	  	 	29	 

  
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	 ARTICLE VI EXCULPATION AND INDEMNIFICATION
	  	 	31	 
	 Section 6.1
	  	 Exculpation
	  	 	31	 
	 Section 6.2
	  	 Indemnification
	  	 	32	 
	 Section 6.3
	  	 Expenses
	  	 	32	 
	 Section 6.4
	  	 Non-Exclusivity; Savings Clause
	  	 	32	 
	 Section 6.5
	  	 Insurance
	  	 	33	 
		
	 ARTICLE VII ACCOUNTING AND RECORDS; TAX MATTERS
	  	 	33	 
	 Section 7.1
	  	 Accounting and Records
	  	 	33	 
	 Section 7.2
	  	 Preparation of Tax Returns
	  	 	33	 
	 Section 7.3
	  	 Tax Elections
	  	 	33	 
	 Section 7.4
	  	 Tax Controversies
	  	 	33	 
	 Section 7.5
	  	 Code §83 Safe Harbor Election
	  	 	34	 
		
	 ARTICLE VIII TRANSFER OF UNITS; ADMISSION OF NEW MEMBERS
	  	 	36	 
	 Section 8.1
	  	 Transfer of Common Units
	  	 	36	 
	 Section 8.2
	  	 Transfer of Carvana Co. Sub’s Interest
	  	 	36	 
	 Section 8.3
	  	 Recognition of Transfer; Substituted and Additional Members
	  	 	36	 
	 Section 8.4
	  	 Expense of Transfer; Indemnification
	  	 	38	 
	 Section 8.5
	  	 Exchange Agreement
	  	 	38	 
	 Section 8.6
	  	 Change of Control Transactions
	  	 	38	 
	 Section 8.7
	  	 Divorce/Separation of Unitholder
	  	 	38	 
		
	 ARTICLE IX WITHDRAWAL AND RESIGNATION OF UNITHOLDERS
	  	 	39	 
	 Section 9.1
	  	 Withdrawal and Resignation of Unitholders
	  	 	39	 
		
	 ARTICLE X DISSOLUTION AND LIQUIDATION
	  	 	39	 
	 Section 10.1
	  	 Dissolution
	  	 	39	 
	 Section 10.2
	  	 Liquidation and Termination
	  	 	40	 
	 Section 10.3
	  	 Securityholders Agreement
	  	 	41	 
	 Section 10.4
	  	 Cancellation of Certificate
	  	 	41	 
	 Section 10.5
	  	 Reasonable Time for Winding Up
	  	 	41	 
	 Section 10.6
	  	 Return of Capital
	  	 	41	 
	 Section 10.7
	  	
Hart-Scott-Rodino
	  	 	41	 
		
	 ARTICLE XI GENERAL PROVISIONS
	  	 	42	 
	 Section 11.1
	  	 Power of Attorney
	  	 	42	 
	 Section 11.2
	  	 Amendments
	  	 	42	 
	 Section 11.3
	  	 Title to the Company Assets
	  	 	42	 
	 Section 11.4
	  	 Remedies
	  	 	43	 
	 Section 11.5
	  	 Successors and Assigns
	  	 	43	 
	 Section 11.6
	  	 Severability
	  	 	43	 
	 Section 11.7
	  	 Counterparts; Binding Agreement
	  	 	43	 
	 Section 11.8
	  	 Descriptive Headings; Interpretation
	  	 	43	 
	 Section 11.9
	  	 Applicable Law
	  	 	44	 
	 Section 11.10
	  	 Addresses and Notices
	  	 	44	 
	 Section 11.11
	  	 Creditors
	  	 	44	 

  
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	 Section 11.12
	  	 No Waiver
	  	 	44	 
	 Section 11.13
	  	 Further Action
	  	 	44	 
	 Section 11.14
	  	 Offset Against Amounts Payable
	  	 	44	 
	 Section 11.15
	  	 Entire Agreement
	  	 	45	 
	 Section 11.16
	  	 Delivery by Electronic Means
	  	 	45	 
	 Section 11.17
	  	 Certain Acknowledgments
	  	 	45	 
	 Section 11.18
	  	 Consent to Jurisdiction; WAIVER OF TRIAL BY JURY
	  	 	45	 
	 Section 11.19
	  	 Representations and Warranties
	  	 	46	 
	 Section 11.20
	  	 Tax Receivable Agreement
	  	 	46	 

  

  
 iii 

 CARVANA GROUP, LLC 

FOURTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

THIS FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of Carvana Group, LLC, a Delaware limited liability company (the
“Company”), is entered into as of [●], 2017, by and among the Company, [●, LLC], a Delaware limited liability company (“Carvana Co. Sub”), its Members and Unitholders, and, solely for purposes of
Section 3.1(d), Section 3.2 and Section 8.6 below and not as a Member, Unitholder or manager, Carvana Co., a Delaware corporation (“Carvana Co.”). Capitalized terms used but
not otherwise defined herein shall have the meanings ascribed to such terms in Article I. 
 WHEREAS, the Company was initially
formed as a limited liability company in accordance with the Arizona Limited Liability Company Act; 
 WHEREAS, pursuant to the Arizona
Limited Liability Company Act, the Company’s original operating agreement and the Delaware Act, the Company was re-domiciled in the state of Delaware; 

WHEREAS, in connection with the admission of GV Auto I, LLC, a Delaware limited liability company, as a Member, the Company’s board of
Managers and certain other Members, in accordance with Section 16.2 of the Company’s Second Amended and Restated Agreement, amended and restated the Company’s Second Amended and Restated Agreement in its entirety
pursuant to that certain Third Amended and Restated Limited Liability Company Agreement, dated as of July 12, 2016 (the “Third A&R Agreement”); 

WHEREAS, Carvana Co. Sub, which has elected to be taxed as a corporation for U.S. federal income tax purposes, is a wholly owned subsidiary of
Carvana Co.; 
 WHEREAS, in connection with the initial public offering (the “IPO”) of Class A Common Stock (as
defined below) of Carvana Co., which is a Qualified Public Offering as such term was defined in the Third A&R Agreement, (i) all of the issued and outstanding Class C Preferred Units automatically converted into Class A Common
Units pursuant to Section 5.1(b) of the Third A&R Agreement, (ii) each Investor Member will be issued [●]shares of Class B Common Stock (as defined below) for each Class A Common Unit held by such Investor Member,
(iii) Carvana Co. Sub will be admitted as a Member of the Company and will purchase Units in the Company with the proceeds of the IPO as contemplated by clause (v) of Section 11.1(b) of the Third A&R Agreement,
(iv) Carvana Co. Sub, the Company and the other parties thereto will enter into an Exchange Agreement (as defined below), pursuant to which Members (other than Carvana Co. Sub) will be permitted to exchange Common Units (together with the
corresponding number of shares of Class B Common Stock, to the extent such Member holds Class B Common Stock) for Class A Common Stock or the Cash Payment (as defined therein), (v) Carvana Co. will cause Carvana Co. Sub to contribute
a portion of the net proceeds of the IPO to the Company in exchange for newly-issued Class A Common Units and for other purposes and (vi) Carvana Co., the Company and certain other parties will enter into a Tax Receivable Agreement (as
defined below), pursuant to which Carvana Co. will be obligated to make payments to certain parties related to tax benefits realized (clauses (ii) through (vi), collectively, the “IPO Transactions”); and

 WHEREAS, as contemplated by Section 11.1(b) of the Third A&R Agreement, the parties
desire to amend and restate the Third A&R Agreement as set forth herein to give effect to the IPO Transactions and reflect the admission of Carvana Co. Sub as a Member and the sole manager of the Company. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Members, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Capitalized terms
used but not otherwise defined herein shall have the following meanings: 
 “Additional Member” means a Person admitted to
the Company as a Member pursuant to Section 8.3. 
 “Adjusted Capital Account Deficit” means,
with respect to any Capital Account as of the end of any Taxable Year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Person’s Capital Account balance shall be (i) reduced for any items
described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), and (6), and (ii) increased for any amount such Person is obligated to contribute or is treated as being obligated to
contribute to the Company pursuant to Treasury Regulation Sections 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i) (relating to Minimum Gain). 
 “Affiliate” of any Person means any other
Person controlled by, controlling or under common control with such Person, and in the case of any Unitholder that is a partnership, limited liability company, corporation or similar entity, any partner, member or stockholder of such Unitholder;
provided, that the Company and its Subsidiaries shall not be deemed to be Affiliates of any Unitholder. As used in this definition, “control” (including, with its correlative meanings, “controlling,” “controlled
by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise). With respect
to any Person who is an individual, “Affiliates” shall also include, without limitation, any member of such individual’s Family Group. 

“Agreement” means this Fourth Amended and Restated Limited Liability Company Agreement, as it may be amended, modified and/or
waived from time to time in accordance with the terms hereof. 

  
 2 

 “Amended and Restated Certificate of Incorporation” means the Amended and
Restated Certificate of Incorporation of the Company, dated on or about the date hereof, as the same may be amended, amended and restated or replaced from time to time. 

“Applicable Tax Rate” means, for any calendar year, a percentage determined by the Manager to be the sum of the highest
marginal federal, state, and local income tax rates that would be applicable to any Unitholder (or its partners or members, as applicable) assuming such Unitholder was residing in New York, New York (whether such Unitholder was a corporation or
individual taxpayer) based on the information available to it (taking into account the character of the Company’s income and the deductibility of state and local taxes for federal income tax purposes). 

“Base Rate” means, as of any date, a variable rate per annum equal to the rate of interest most recently published by The
Wall Street Journal as the “prime rate” at large U.S. money center banks. 
 “Book Value” means, with respect to
any the Company property, the Company’s adjusted basis for federal income Tax purposes, adjusted from time to time to reflect the adjustments required or permitted (in the case of permitted adjustments, to the extent the Company makes such
permitted adjustments) by Treasury Regulation Sections 1.704-1(b)(2)(iv)(d)-(g). 

“Business” means the business carried on by the Company and/or any of its Subsidiaries from time to time, and which shall
include the business of the online sale and delivery of automobiles and other products, services and all other activities conducted by the Company and/or any of its Subsidiaries which are ancillary to the online sale and delivery of automobiles.

 “Business Day” means any day other than a Saturday, Sunday or other day on which the banks in New York, New York or
Phoenix, Arizona are authorized by law to be closed. 
 “Capital Account” means the capital account maintained for a Member
pursuant to Section 3.6 and the other applicable provisions of this Agreement. 
 “Capital
Contributions” means any cash, cash equivalents, promissory obligations or the Fair Market Value of other property which a Unitholder contributes or is deemed by the Manager to have contributed to the Company with respect to any Unit
pursuant to Section 3.1 or Section 3.11. 
 “Carvana Co.” has the
meaning set forth in the Preamble. 
 “Carvana Co. Sub” has the meaning set forth in the Preamble. 

“Cash Payment” has the meaning set forth in the Exchange Agreement. 

“Certificate” means the Company’s Certificate of Formation as filed with the Secretary of State of Delaware, as the same
may be amended from time to time. 

  
 3 

 “Class A Common Stock” means the class A common stock, par
value $0.001 per share, of Carvana Co. 
 “Class A Common Unit” means a Unit having the rights and
obligations specified with respect to a Class A Common Unit in this Agreement; provided, that a Class A Common Unit shall not have any voting rights under this Agreement or the Delaware Act. 

“Class A Common Stock Value” has the meaning set forth in the Exchange Agreement. 

“Class B Common Stock” means the class B common stock, par value $0.001 per share, of Carvana Co. 

“Class B Common Unit” means a Unit having the rights and obligations specified with respect to a
Class B Common Unit in this Agreement; provided, that a Class B Common Unit shall not have any voting rights under this Agreement or the Delaware Act. 

“Class C Preferred Units” has the meaning set forth in the Third A&R Agreement. 

“Code” means the United States Internal Revenue Code of 1986, as amended. Such term, if elected by the Manager in its sole
discretion, shall be deemed to include any future amendments to the Code and any corresponding provisions of succeeding Code provisions (whether or not such amendments and corresponding provisions are mandatory or discretionary). 

“Common Units” means the Class A Common Units and the Class B Common Units. 

“Company” has the meaning set forth in the Preamble. 

“Confidential Information” has the meaning set forth in Section 5.6(a). 

“Delaware Act” means the Delaware Limited Liability Company Act, 6 Del. L.
§ 18-101, et seq., as it may be amended from time to time, and any successor thereto. 

“DGCL” has the meaning set forth in Section 5.5(a). 

“Dissolution Notice” has the meaning set forth in Section 8.7(a). 

“Distribution” means each distribution made by the Company to a Unitholder, with respect to such Person’s Units, whether
in cash, property or securities and whether by liquidating distribution, redemption, repurchase or otherwise; provided that notwithstanding anything in the foregoing, none of the following shall be deemed to be a Distribution hereunder:
(i) any redemption or repurchase by the Company of any securities of the Company in connection with the termination of employment of an employee of the Company or any of its Subsidiaries or any service provider of the Company or any of its
Subsidiaries, (ii) any recapitalization, exchange or conversion of securities of the Company, and any subdivision (by unit split or otherwise) or any combination (by reverse unit split or otherwise) of any outstanding Units and (iii) any
repurchase of Units pursuant to any right of first refusal or similar repurchase right in favor of the Company. 

  
 4 

 “Equity Agreement” has the meaning set forth in Section 3.2(a). 

“Equity Securities” means (i) any Units, capital stock, partnership, membership or limited liability company interests
or other equity interests (including other classes, groups or series thereof having such relative rights, powers and/or obligations as may from time to time be established by the Manager, including rights, powers and/or duties different from, senior
to or more favorable than existing classes, groups and series of Units, capital stock, partnership, membership or limited liability company interests or other equity interests, and including any profits interests), (ii) obligations, evidences
of indebtedness or other securities or interests convertible or exchangeable into Units, capital stock, partnership interests, membership or limited liability company interests or other equity interests, and (iii) warrants, options or other
rights to purchase or otherwise acquire Units, capital stock, partnership interests, membership or limited liability company interests or other equity interests. Unless the context otherwise indicates, the term “Equity Securities” refers
to Equity Securities of the Company. 
 “Event of Withdrawal” means the death, retirement, resignation, expulsion,
bankruptcy or dissolution of a Member or the occurrence of any other event that terminates the continued membership of a Member in the Company. 

“Exchange” has the meaning set forth in the Exchange Agreement. 

“Exchange Agreement” means the Exchange Agreement dated as of the date hereof among Carvana Co. Sub, the Company and the
other parties thereto, as the same may be amended, amended and restated or replaced from time to time. 
 “Exchange Rate”
has the meaning set forth in the Exchange Agreement. 
 “Exchangeable Unit” has the meaning set forth in the Exchange
Agreement. 
 “Fair Market Value” means, as of any date of determination, (i) with respect to a Unit, such Unit’s
Pro Rata Share as of such date, (ii) with respect to a share of Class A Common Stock, the Class A Common Stock Value as of such date, and (iii) with respect to any other non-cash assets,
the fair market value for such property as between a willing buyer under no compulsion to buy and a willing seller under no compulsion to sell in an arm’s-length transaction occurring on such date, taking
into account all relevant factors determinative of value (including in the case of securities, any restrictions on transfer applicable thereto or, if such securities are traded on a securities exchange or automated or electronic quotation system,
the quoted price for such securities as of the date of determination), as reasonably determined in good faith by the Manager. 

“Family Group” means, with respect to a Person who is an individual, (i) such individual’s spouse and descendants
(whether natural or adopted) (collectively, for purposes of this definition, “relatives”), (ii) such individual’s executor or personal representative, (iii) any trust, the trustee of which is such individual or such
individual’s executor or personal representative and which at all times is and remains solely for the benefit of such individual 

  
 5 

 
and/or such individual’s relatives, (iv) any corporation, limited partnership, limited liability company or other tax flow-through entity the
governing instruments of which provide that such individual or such individual’s executor or personal representative shall have the exclusive, nontransferable power to direct the management and policies of such entity and of which the sole
record and beneficial owners of stock, partnership interests, membership interests or any other equity interests are limited to such individual, such individual’s relatives and/or the trusts described in clause (iii) above, and
(v) any retirement plan for such individual. 
 “Fiscal Period” means any interim accounting period within a Taxable
Year established by the Manager and which is permitted or required by Code Section 706. 
 “Fiscal Quarter” means each
calendar quarter ending March 31, June 30, September 30 and December 31, or such other quarterly accounting period as may be established by the Manager or as required by the Code. 

“Fiscal Year” means the 12-month period ending on December 31, or such other
annual accounting period as may be established by the Manager or as may be required by the Code. 
 “Forfeiture
Allocations” has the meaning set forth in Section 4.2. 
 “Former Spouse” has the
meaning set forth in Section 8.7. 
 “Former Spouse’s Units” has the meaning set forth in
Section 8.7. 
 “Governmental Entity” means the United States of America or any other nation, any
state or other political subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government. 

“Grossed-Up Amount” means, with respect to any Distribution
pursuant to Section 4.1(b), the sum of (i) the amount of the Distribution pursuant to Section 4.1(b), and (ii) the sum of the Participation Thresholds of all Participating Class B Common Units. 

“HSR Act” has the meaning set forth in Section 10.7. 

“Indemnitee” has the meaning set forth in Section 6.1(b). 

“Investment Company Act” means the Investment Company Act of 1940, as amended from time to time. 

“Investor Member” means any Member holding Class A Common Units other than Carvana Co. Sub. 

“IRS Notice” has the meaning set forth in Section 7.5. 

“Liquidation Assets” has the meaning set forth in Section 10.2(b). 

“Liquidation FMV” has the meaning set forth in Section 10.2(b). 

  
 6 

 “Liquidation Statement” has the meaning set forth in Section 10.2(b).

 “Losses” means items of the Company loss and deduction determined according to Section 3.6.

 “Management Investors” means the holders of Class B Common Units and any other Member who acquires Equity
Securities after the date of this Agreement and/or enters into an Equity Agreement after the date of this Agreement pursuant to the terms of Section 3.2(a) and is designated as a “Management Investor” by the Manager. 

“Manager” means (i) Carvana Co. Sub so long as Carvana Co. Sub has not withdrawn as the Manager pursuant to Section
5.1(c) and (ii) any successor thereof appointed as Manager in accordance with Section 5.1(c). Unless the context otherwise requires, references herein to the Manager shall refer to the Manager acting in its capacity as such. 

“Member” means each Person listed on the Unit Ownership Ledger and any Person admitted to the Company as a Substituted Member
or Additional Member in accordance with the terms and conditions of this Agreement; but in each case only for so long as such Person is shown on the Company’s books and records as the owner of one or more Units. Carvana Co. shall not be deemed
to be a Member. 
 “Minimum Gain” means the partnership minimum gain determined pursuant to Treasury Regulation Section 1.704-2(d). 
 “Net Exchanged Unit Amount” has the meaning set forth in the
Exchange Agreement. 
 “Obligations” has the meaning set forth in Section 6.1(b). 

“Participating Class B Common Unit” means, with respect to any Distribution pursuant to Section
4.1(b), a Class B Common Unit that has a Participation Threshold that is less than the amount determined by dividing (i) the sum of (A) the amount of such Distribution pursuant to Section 4.1(b) and (B) the
Participation Thresholds of all outstanding Class B Common Units that have an equal or lesser Participation Threshold, by (ii) the sum of (A) the number of outstanding Class A Common Units and (B) the number of outstanding
Class B Common Units that have an equal or lesser Participation Threshold. 
 “Participating Unit” means, with respect
to any Distribution pursuant to Section 4.1(b), a Class A Common Unit and/or a Participating Class B Common Unit. 

“Participation Threshold” means, with respect to each outstanding Class B Common Unit, an amount determined, and
adjusted from time to time, in accordance with Section 3.5(b). 
 “Partnership Tax Audit Rules” means Code
Sections 6221 through 6241, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions and any similar provision of state or local Tax laws. 

  
 7 

 “Permitted Transferee” means (i) with respect to any Person who is an
individual, a member of such Person’s Family Group, (ii) with respect to any Person which is an entity (other than any Person that is a Management Investor), (x) any of such Person’s Affiliates and (y) any direct or indirect
partner, member, stockholder or other equityholder of such Person and (iii) solely with respect to Ernest C. Garcia II, in addition to the foregoing, the holder (and any subsequent holder) of the option to purchase certain of the Class C
Preferred Units held by Ernest C. Garcia II, as such option may be amended from time to time in accordance with its terms. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, association or other entity or a Governmental Entity. 

“PR” has the meaning set forth in Section 7.4(a). 

“Pro Rata Share” means with respect to each Unit, the proportionate amount such Unit would receive if an amount equal to the
Total Equity Value were distributed to all Units in accordance with Section 4.1, as determined in good faith by the Manager. 

“Profits” means items of the Company income and gain determined according to Section 3.6. 

“Regulatory Allocations” has the meaning set forth in Section 4.3(e). 

“Second Amended and Restated Registration Rights Agreement” means that certain Second Amended and Restated Registration
Rights Agreement, dated as of the date of this Agreement, by and among Carvana Co. and certain Members, as the same may be amended, amended and restated or replaced from time to time. 

“Securities Act” means the Securities Act of 1933, as amended, and applicable rules and regulations thereunder, and any
successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future law. 

“Securities Exchange Act” means the Securities Exchange Act of 1934, as amended, and applicable rules and regulations
thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Exchange Act shall be deemed to include any corresponding provisions of future law. 

“Separated Member” has the meaning set forth in Section 8.7. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or
business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity (other
than a corporation), a majority of 

  
 8 

 
partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination
thereof. For purposes hereof and without limitation, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such
Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the manager, managing member, managing director (or a board comprised of any of
the foregoing) or general partner of such limited liability company, partnership, association or other business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such
Person has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 

“Substituted Member” means a Person that is admitted as a Member to the Company pursuant to
Section 8.3. 
 “Tax” or “Taxes” means any federal, state, local or foreign
income, gross receipts, franchise, estimated, alternative minimum, add-on minimum, sales, use, transfer, registration, value added, excise, natural resources, severance, stamp, occupation, premium, windfall
profit, environmental, customs, duties, real property, personal property, capital stock, social security, unemployment, disability, payroll, license, employee or other withholding, or other tax, of any kind whatsoever, including any transferee
liability and any interest, penalties or additions to tax or additional amounts in respect of the foregoing. 
 “Tax
Distribution” has the meaning set forth in Section 4.1(a). 
 “Tax Matters Partner” has the meaning set
forth in Section 6231 of the Code. 
 “Tax Receivable Agreement” means the Tax Receivable Agreement dated as of the
date hereof, by and among Carvana Co., the Company and the other parties thereto, as the same may be amended, amended and restated or replaced from time to time. 

“Taxable Year” means the Company’s accounting period for federal income Tax purposes determined pursuant to
Section 7.3. 
 “Total Equity Value” means, as of any date of determination, the aggregate
proceeds which would be received by the Unitholders if: (i) the assets of the Company were sold at their fair market value to an independent third-party on arm’s-length terms, with neither the seller
nor the buyer being under compulsion to buy or sell such assets; (ii) the Company satisfied and paid in full all of its obligations and liabilities (including all Taxes, costs and expenses incurred in connection with such transaction and any
amounts reserved by the Manager with respect to any contingent or other liabilities); and (iii) such net sale proceeds were then distributed in accordance with Section 4.1, all as determined by the Manager in good
faith based upon the Class A Common Stock Value as of such date. 
 “Transaction Documents” means, collectively, this
Agreement, the Exchange Agreement, the Second Amended and Restated Registration Rights Agreement and the Tax Receivable Agreement. 

  
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 “Transfer” has the meaning set forth in Section 8.1.

 “Treasury Regulations” means the income Tax regulations promulgated under the Code and effective as of the date of this
Agreement. Such term, if elected by the Manager in its sole discretion, shall be deemed to include any future amendments to such regulations and any corresponding provisions of succeeding regulations (whether or not such amendments and corresponding
provisions are mandatory or discretionary). 
 “Unit” means a limited liability company interest in the Company of a Member
or representing a fractional part of the interests in Profits, Losses and Distributions of the Company held by all Members and shall include, without limitation, Class A Common Units and Class B Common Units; provided that any
class, group or series of Units issued shall have the relative rights, powers and obligations set forth in this Agreement. 
 “Unit
Ownership Ledger” has the meaning set forth in Section 3.1(a). 
 “Unitholder” means any owner of one or
more Units as reflected on the Company’s books and records. Carvana Co. shall not be deemed to be a Unitholder. 
 “Unvested
Class B Common Units” means, with respect to any Class B Common Units that are subject to vesting pursuant to the applicable Equity Agreement pursuant to which they were issued, any Class B Common Units other
than Vested Class B Common Units. 
 “Vested Class B Common Units” means any Class B Common
Units that are not subject to vesting or, with respect to Class B Common Units that are subject to vesting pursuant to the applicable Equity Agreement pursuant to which they were issued, any Class B Common Units that have vested in
accordance with the terms of the applicable Equity Agreement pursuant to which they were issued. 
 ARTICLE II 

ORGANIZATIONAL MATTERS 

Section 2.1    Formation of LLC. The Company was formed in the State of Arizona on September 20, 2012
pursuant to the provisions of the Arizona Limited Liability Company Act, and was re-domiciled in the State of Delaware on March 10, 2015, pursuant to the provisions of the Arizona Limited Liability
Company Act and the Delaware Act. 
 Section 2.2    Limited Liability Company Agreement. The Members hereby
execute this Agreement for the purpose of amending and restating the Third A&R Agreement and establishing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware Act. The Members hereby agree
that during the term of the Company set forth in Section 2.6 the rights, powers and obligations of the Unitholders with respect to the Company will be determined in accordance with the terms and conditions of this Agreement
and, except where the Delaware Act provides that such rights, powers and obligations specified in the Delaware Act shall apply “unless otherwise provided in a limited liability company agreement” or words of similar effect and such rights,
powers and obligations are set forth in this Agreement, the Delaware Act; provided that, notwithstanding the foregoing 

  
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and anything else to the contrary, Section 18-210 of the Delaware Act (entitled “Contractual Appraisal Rights”) and Section 18-305(a) of the Delaware Act (entitled “Access to and Confidentiality of Information; Records”) shall not apply to or be incorporated into this Agreement and each Unitholder hereby expressly waives
any and all rights under such Sections of the Delaware Act. 
 Section 2.3    Name. The name of the Company
shall be “Carvana Group, LLC”. The Manager may change the name of the Company at any time and from time to time. Notification of any such name change shall be given to all Unitholders. The Company’s business may be conducted under its
name and/or any other name or names deemed advisable by the Manager. 
 Section 2.4    Purpose. The purpose
and business of the Company shall be to manage and direct the business operations and affairs of the Company and its Subsidiaries and to engage in any other lawful acts or activities for which limited liability companies may be organized under
the Delaware Act. 
 Section 2.5    Principal Office; Registered Office. The principal office of the Company
shall be located at 4020 E. Indian School Road, Phoenix, Arizona 85018, or at such other place inside or outside the state of Delaware as the Manager may from time to time designate, and all business and activities of the Company shall be deemed to
have occurred at its principal office. The Company may maintain offices at such other place or places as the Manager deems advisable. The address of the registered office of the Company in the State of Delaware shall be the office of the initial
registered agent named in the Certificate or such other office (which need not be a place of business of the Company) as the Manager may designate from time to time in the manner provided by applicable law, and the registered agent for service of
process on the Company in the State of Delaware at such registered office shall be the registered agent named in the Certificate or such Person or Persons as the Manager may designate from time to time in the manner provided by applicable law. 

Section 2.6    Term. The term of the Company commenced upon the filing of the Articles of Organization for the
Company with the Arizona Corporation Commission Certificate in accordance with the Arizona Limited Liability Company Act and shall continue in existence until the Company shall be terminated and dissolved in accordance with the provisions of
Article X. 
 Section 2.7    No State-Law
Partnership. The Unitholders intend that the Company not be a partnership (including, without limitation, a limited partnership) or joint venture, and that no Unitholder be a partner or joint venturer of any other Unitholder by virtue of this
Agreement, for any purposes other than as set forth in the last sentence of this Section 2.7, and neither this Agreement nor any other document entered into by the Company or any Unitholder relating to the subject matter
hereof shall be construed to suggest otherwise. The Unitholders intend that the Company shall be treated as a partnership for federal and, if applicable, state or local income Tax purposes, and that each Unitholder and the Company shall file all Tax
returns and shall otherwise take all Tax and financial reporting positions in a manner consistent with such treatment. 

  
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 ARTICLE III 

UNITS, CAPITAL CONTRIBUTIONS AND ACCOUNTS 

Section 3.1    Common Units; Capitalization. 

(a)    Common Units; Capitalization. The total number of authorized Common Units consists of an unlimited number of
authorized Common Units. The ownership by a Unitholder of Common Units shall entitle such Member to allocations of Profits and Losses and other items and Distributions of cash and other property as set forth in Article IV hereof. 

(b)    Unit Ownership Ledger; Capital Contributions. The Manager shall create and maintain a ledger (the
“Unit Ownership Ledger”) setting forth the name and address of each Unitholder, the number of each class of Units held of record by each such Unitholder, and the amount of the Capital Contribution made with respect to each class of
Units and the date of such Capital Contribution. Upon any change in the number or ownership of outstanding Units (whether upon an issuance of Units, a Transfer of Units, a cancellation of Units or otherwise), the Manager shall amend and update the
Unit Ownership Ledger. Absent manifest error, the ownership interests recorded on the Unit Ownership Ledger shall be conclusive record of the Units that have been issued and are outstanding. Each Unitholder named in the Unit Ownership Ledger has
made (or shall be deemed to have made) Capital Contributions to the Company as set forth in the Unit Ownership Ledger in exchange for the Units specified in the Unit Ownership Ledger. Any reference in this Agreement to the Unit Ownership Ledger
shall be deemed a reference to the Unit Ownership Ledger as amended and in effect from time to time. 

(c)    Certificates; Legends. Common Units shall be issued in uncertificated form; provided that, at
the request of any Member, the Manager may cause the Company to issue one or more certificates to any such Member holding Common Units representing in the aggregate the Common Units held by such Member. If any certificate representing Common Units
is issued, then such certificate shall bear a legend substantially in the following form: 
 THIS CERTIFICATE EVIDENCES COMMON UNITS
REPRESENTING A MEMBERSHIP INTEREST IN CARVANA GROUP, LLC. THE MEMBERSHIP INTEREST IN CARVANA GROUP, LLC REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY
NON-U.S. OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THE MEMBERSHIP INTEREST IN CARVANA GROUP, LLC REPRESENTED BY THIS CERTIFICATE IS
SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF CARVANA GROUP, LLC, DATED AS OF [●], 2017, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH SHALL BE
FURNISHED BY THE COMPANY TO THE RECORD HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE. 

  
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 To the extent applicable, Unit certificates may also bear a legend in substantially the following form: 

THE MEMBERSHIP INTERESTS REPRESENTED BY THIS CERTIFICATE MAY ALSO BE SUBJECT TO CERTAIN VESTING PROVISIONS, REPURCHASE OPTIONS, REDEMPTION
RIGHTS, OFFSET RIGHTS AND FORFEITURE PROVISIONS SET FORTH IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF CARVANA GROUP, LLC, DATED AS OF [●], 2017, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, AND/OR A SEPARATE
AGREEMENT WITH THE INITIAL HOLDER, A COPY OF WHICH SHALL BE FURNISHED BY THE COMPANY TO THE RECORD HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE. 

(d)    Conversion of Class C Preferred Units; Contribution. Contemporaneous with the execution
and effectiveness of this Agreement, the Class C Preferred Units that were issued and outstanding and held by the Members immediately prior hereto are hereby converted into an equal number of Class A Common Units. The Class A Common
Units and Class B Common Units that were issued and outstanding and held by the Members prior to the date of this Agreement shall remain unchanged. In addition, (i) Carvana Co. shall contribute to Carvana Co. Sub all of the net proceeds
received by Carvana Co. with respect to the shares of Class A Common Stock issued and sold in the IPO, (ii) Carvana Co. Sub shall contribute promptly such net proceeds to the Company in exchange for [●] Class A Common Units and
be admitted as a Member of the Company; and (iii) Carvana Co. shall issue and deliver to Carvana Co. Sub, and Carvana Co. Sub shall deliver to each Investor Member, [●] share of Class B Common Stock in respect of each Class A
Common Unit held by such Member after giving effect to the conversion of Class C Preferred Units described above. 

Section 3.2    Authorization and Issuance of Additional Common Units. 

(a)    The Manager shall have the right to cause the Company to issue and/or create and issue at any time after the date
hereof, and for such amount and form of consideration as the Manager may determine, additional Common Units or other Equity Securities of the Company (including creating classes or series thereof having such powers, designations, preferences and
rights as may be determined by the Manager). The Manager shall have the power to make such amendments to this Agreement in order to provide for such powers, designations, preferences and rights as the Manager in its discretion deems necessary or
appropriate to give effect to such additional authorization or issuance in accordance with the provisions of this Section 3.2(a). In connection with any issuance of Units (whether on or after the date of this Agreement), the Person who
acquires such Units shall execute a counterpart to this Agreement accepting and agreeing to be bound by all terms and conditions hereof, and shall enter into such other documents, instruments and agreements to effect such purchase as are required by
the Manager (including such documents, instruments and agreements entered into on or prior to the date of this Agreement by the Members, each, an “Equity Agreement”). 

(b)    At any time Carvana Co. issues one or more shares of Class A Common Stock (other than an issuance of the type
covered by Section 3.2(d) or an issuance to a holder of 

  
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Exchangeable Units pursuant to the Exchange Agreement, as described in Section 3.2(c)), Carvana Co. shall contribute to Carvana Co. Sub, and shall cause Carvana Co. Sub to promptly
contribute to the Company all of the net proceeds (if any) received by Carvana Co. with respect to such share or shares of Class A Common Stock. Upon the contribution by Carvana Co. Sub to the Company of all of such net proceeds so received by
Carvana Co., the Manager shall cause the Company to issue a number of Class A Common Units determined based upon the Exchange Rate then in effect, registered in the name of Carvana Co. Sub; provided, however, that if Carvana Co. issues
one or more shares of Class A Common Stock, some or all of the net proceeds of which are to be used to fund expenses or other obligations of Carvana Co. Sub for which Carvana Co. Sub would be permitted a Distribution pursuant to Article
IV, then neither Carvana Co. nor Carvana Co. Sub shall be required to transfer such net proceeds to the Company which are used or will be used to fund such expenses or obligations; provided further, if Carvana Co. issues any shares of
Class A Common Stock in order to purchase or fund the purchase of Units from a Member (other than a Subsidiary of Carvana Co.), then the Company shall not issue any new Class A Common Units registered in the name of Carvana Co. Sub in
accordance with Section 3.2(c) and neither Carvana Co. nor Carvana Co. Sub shall be required to transfer such net proceeds to the Company (it being understood that such net proceeds shall instead be contributed by Carvana Co. to Carvana Co.
Sub and subsequently transferred by Carvana Co. Sub to such other Member as consideration for such purchase). Notwithstanding the foregoing, this Section 3.2(b) shall not apply to the issuance and distribution to holders of shares of
Class A Common Stock of rights to purchase Equity Securities of Carvana Co. under a “poison pill” or similar shareholder’s rights plan (it being understood that (i) upon exchange of Exchangeable Units for Class A Common
Stock pursuant to the Exchange Agreement, such Class A Common Stock would be issued together with any such corresponding right and (ii) in the event such rights to purchase Equity Securities of Carvana Co. are triggered, Carvana Co. will
ensure that the holders of Common Units that have not been Exchanged prior to such time will be treated equitably vis-à-vis the holders of Class A Common
Stock under such plan). 
 (c)    At any time a holder of Exchangeable Units exchanges such Units for shares of
Class A Common Stock or a Cash Payment, the Company shall cancel such Exchangeable Units. Upon the cancellation by the Company of the Exchangeable Units exchanged for shares of Class A Common Stock, the Manager shall cause the Company to
issue a number of Class A Common Units equal to the Net Exchanged Unit Amount, registered in the name of Carvana Co. Sub in accordance with Section 2.6 of the Exchange Agreement. 

(d)    At any time Carvana Co. issues one or more shares of Class A Common Stock in connection with an equity
incentive program, whether such share or shares are issued upon exercise (including cashless exercise) of an option, settlement of a restricted stock unit, as restricted stock or otherwise, the Manager shall cause the Company to issue a
corresponding number of Class A Common Units, registered in the name of Carvana Co. Sub (determined based upon the Exchange Rate then in effect); provided that Carvana Co. shall be required to, or shall be required to cause
Carvana Co. Sub to, contribute all (but not less than all) of the net proceeds (if any) received by Carvana Co. from or otherwise in connection with such issuance of one or more shares of Class A Common Stock, including the exercise price of
any option exercised, to the Company. If any such shares of Class A Common Stock so issued by Carvana Co. in connection with an equity incentive program are subject to vesting or forfeiture provisions, then the Class A Common Units that
are issued by the Company to Carvana Co. Sub 

  
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in connection therewith in accordance with the preceding provisions of this Section 3.2(d) shall be subject to vesting or forfeiture on the same basis; if any of such shares of
Class A Common Stock vest or are forfeited, then a corresponding number of the Class A Common Units (determined based upon the Exchange Rate then in effect) issued by the Company in accordance with the preceding provisions of
this Section 3.2(d) shall automatically vest or be forfeited. Any cash or property held by Carvana Co., Carvana Co. Sub or the Company or on any of such Person’s behalf in respect of dividends paid on restricted shares of
Class A Common Stock that fail to vest shall be returned to the Company upon the forfeiture of such restricted shares of Class A Common Stock. 

(e)    Carvana Co. shall at all times reserve and keep available out of its authorized but unissued Class A Common
Stock, solely for the purpose of issuance upon an Exchange, the maximum number of shares of Class A Common Stock as shall be issuable upon Exchange of all outstanding Common Units and shares of Class B Common Stock, and shall deliver such
shares of Class A Common Stock to Carvana Co. Sub as may be necessary to enable Carvana Co. Sub to satisfy its obligations under the Exchange Agreement; provided that nothing contained herein shall be construed to preclude Carvana Co.
from satisfying its obligations in respect of any such Exchange by delivery of purchased shares of Class A Common Stock (which may or may not be held in the treasury of Carvana Co.). If any shares of Class A Common Stock require
registration with or approval of any Governmental Entity under any federal or state law before such shares may be issued upon an Exchange, Carvana Co. shall use reasonable efforts to cause the exchange of such shares of Class A Common Stock to
be duly registered or approved, as the case may be. Carvana Co. shall list and use its reasonable efforts to maintain the listing of the Class A Common Stock required to be delivered upon any such Exchange prior to such delivery upon the
national securities exchange upon which the outstanding shares of Class A Common Stock are listed at the time of such Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable securities
laws). Carvana Co. covenants that all shares of Class A Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable. 

(f)    For purposes of this Section 3.2, “net proceeds” means gross proceeds to
Carvana Co. from the issuance of Class A Common Stock or other securities less all reasonable bona fide out-of-pocket fees and expenses of Carvana Co., the
Company and their respective Subsidiaries actually incurred in connection with such issuance. 

  
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 Section 3.3    Repurchase or Redemption of
Class A Common Stock. If, at any time, any shares of Class A Common Stock are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by Carvana Co. for
cash, then the Manager shall cause the Company, immediately prior to such repurchase or redemption of such shares, to redeem a corresponding number of Common Units held by Carvana Co. Sub (determined based upon the Exchange Rate then in effect), at
an aggregate redemption price equal to the aggregate purchase or redemption price of the share or shares of Class A Common Stock being repurchased or redeemed by Carvana Co. (plus any reasonable expenses related thereto) and upon such other
terms as are the same for the share or shares of Class A Common Stock being repurchased or redeemed by Carvana Co. 

Section 3.4    Changes in Common Stock. In addition to any other adjustments required hereby, any subdivision
(by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of Class A Common Stock, Class B Common Stock or other capital stock
of Carvana Co. shall be accompanied by an identical subdivision or combination, as applicable, of the Common Units or other Equity Securities, as applicable. 

Section 3.5    Class B Common Units. 

(a)    Grant of Units. The Company may (with the approval of the Manager) issue Class B Common Units to
existing or new employees, managers, officers, directors, consultants or other service providers of the Company or any of its Subsidiaries pursuant to Equity Agreements approved by the Manager, which Equity Agreements shall contain such provisions
as the Manager shall determine in its sole discretion, which may include (i) the forfeiture of, or the right of the Company and/or such other Persons as the Manager shall designate to repurchase from each holder thereof, all or any portion of
such Class B Common Units issued to such Person in the event such Person ceases to be an employee, officer, manager, director or consultant of, or to perform services for, the Company or its Subsidiaries or upon such other conditions as
determined by the Manager and (ii) provisions regarding vesting of such Class B Common Units, including upon the happening of certain events, upon the passage of a specified period of time, upon the fulfillment of certain conditions or
upon the achievement by the Company and/or its Subsidiaries of certain performance goals. This Section 3.5(a), together with the Equity Agreements pursuant to which the Class B Common Units are issued, are intended to qualify as a
compensatory benefit plan within the meaning of Rule 701 of the Securities Act and the issuance of Class B Common Units pursuant hereto is intended to qualify for the exemption from registration under the Securities Act provided by Rule 701;
provided that the foregoing shall not restrict or limit the Company’s ability to issue any Class B Common Units pursuant to any other exemption from registration under the Securities Act available to the Company. The Company may
make the Class B Common Units and any issuance thereof and any applicable Equity Agreement subject to the terms and conditions of any other equity incentive plan consistent with the terms of this Agreement, as may have been adopted by the
Company or any of its Subsidiaries. Notwithstanding anything herein or in any Equity Agreement to the contrary, in connection with any restructuring, merger, refinancing or other strategic transaction, the Company may terminate and cancel without
any payment or other consideration with respect thereto any Class B Common Unit that, immediately prior to the consummation of such transaction(s), has a Pro Rata Share equal to $0.00. 

  
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 (b)    Participation Threshold. As of the date of each grant of
Class B Common Units, the Manager shall establish an initial “Participation Threshold” amount with respect to each Class B Common Unit granted on such date. Unless otherwise determined by the Manager (who shall determine
the Participation Threshold in such a manner that newly granted Class B Common Units have a liquidation value of zero in accordance with IRS Revenue Procedure 93-27 and other authorities), the
Participation Threshold with respect to each such Class B Common Unit granted on such date shall be equal to or greater than the amount (as determined by the Manager in its sole discretion) that would be distributed with respect to a
Class A Common Unit pursuant to Section 4.1(b) if the Company distributed to the Unitholders an amount equal to the Total Equity Value as of such date in accordance with Section 4.1(b); provided that, for the avoidance of
doubt, in making such calculation prior Tax Distributions shall be treated as if made on such date as part of such hypothetical Distribution. The purchase price of each Class B Common Unit, if any, shall be as determined by the Manager. The
Manager may designate a series number for Class B Common Units that have the same Participation Threshold, which Participation Threshold may differ from the Participation Thresholds of other series of Class B Common Units not included in
such subset. Each Class B Common Unit’s Participation Threshold shall be adjusted (in the discretion and as determined by the Manager) after the grant of such Class B Common Unit in the following manner: 

(i)    In the event any Distribution with respect to Class A Common Units is made pursuant to Section 4.1(b),
the Participation Threshold of each Class B Common Unit outstanding at the time of such Distribution shall be reduced (but not below zero) by the amount that each Class A Common Unit receives in such Distribution (with such reduction
occurring immediately after the determination of the portion of such Distribution, if any, that such Class A Common Unit is entitled to receive); provided that, the Participation Threshold of such Class B Common Unit shall not be
reduced by (x) such Distribution to the extent that such Class B Common Unit is entitled to receive such Distribution or (y) any Tax Distribution made pursuant to Section 4.1(a). 

(ii)     If the Company at any time subdivides (by any Unit split or otherwise) the Common Units into a greater number of
Units, the Participation Threshold of each Class B Common Unit outstanding immediately prior to such subdivision shall be proportionately reduced, and if the Company at any time combines (by reverse Unit split or otherwise) the Common Units
into a smaller number of Units, the Participation Threshold of each Class B Common Unit outstanding immediately prior to such combination shall be proportionately increased. 

(iii)    Notwithstanding anything in the foregoing to the contrary, no adjustment shall be made in connection with
(A) any non pro rata redemption or repurchase by the Company or any Unitholder of any Units or (B) any non pro rata Capital Contribution by any Unitholder in exchange for newly issued Units. 

(iv)    In the event of any change in the Company’s capital structure not addressed in Section
3.5(b)(i) or Section 3.5(b)(iii) above, the Manager may (but shall not be obligated to) equitably adjust the Participation Thresholds of the outstanding Class B Common Units to the extent necessary (in the
Manager’s good faith judgment) to prevent such capital structure change from changing the economic rights represented by the Class B Common Units in a manner that is disproportionately favorable or unfavorable in relation to the economic
rights of other classes of outstanding Common Units. 

  
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 (c)    Adjustments to Unit Ownership Ledger For
Participation Thresholds. The Participation Thresholds of each Unitholder’s Class B Common Units shall be set forth on the Unit Ownership Ledger, and the Unit Ownership Ledger shall be amended by the Manager (without the requirement of
an approval from any Unitholder) from time to time by the Company as necessary to reflect any adjustments to the Participation Thresholds of outstanding Class B Common Units required pursuant to this Section 3.5. 

(d)    Amendments of this Section. Notwithstanding anything in this Section 3.5 to the
contrary, the Manager shall have the power to amend the provisions of this Section 3.5 to achieve the economic results intended by this Agreement, including, if applicable, that any Units that are granted to executives of,
or other service providers to, the Company in exchange for services provided or to be provided to the Company or any Subsidiary thereof are intended to be profits interests when issued for United States federal income tax purposes. 

Section 3.6    Capital Accounts. 

(a)    Maintenance of Capital Accounts. The Company shall maintain a separate Capital Account for each Unitholder
according to the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the sole discretion of the Manager), upon the occurrence of the events specified in Treasury
Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such regulation and Treasury Regulation
Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of the Company property; provided that unless otherwise determined by the Manager, the Company will not increase the Capital Accounts of the
Unitholders in connection with any issuance of Class B Common Units. Without limiting the foregoing, each Unitholder’s Capital Account shall be adjusted: 

(i)    by adding any additional Capital Contributions made by such Unitholder in consideration for the issuance of Units;

 (ii)    by deducting any amounts paid to such Unitholder in connection with the redemption or other repurchase by
the Company of Units; 
 (iii)    by adding any Profits allocated in favor of such Unitholder and subtracting any
Losses allocated in favor of such Unitholder; and 
 (iv)    by deducting any distributions paid in cash or other
assets to such Unitholder by the Company. 
 (b)    Computation of Income, Gain, Loss and Deduction Items. For
purposes of computing the amount of any item of the Company income, gain, loss or deduction to be allocated pursuant to Article IV and to be reflected in the Capital Accounts, the determination, recognition and classification of any such item
shall be the same as its determination, recognition and classification for federal income Tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose); provided that: 

  
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 (i)    the computation of all items of income, gain, loss and deduction
shall include those items described in Code Section 705(a)(1)(B), Code Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includable
in gross income or are not deductible for federal income Tax purposes; 
 (ii)    if the Book Value of any the Company
property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property; 

(iii)    items of income, gain, loss or deduction attributable to the disposition of the Company property having a Book
Value that differs from its adjusted basis for Tax purposes shall be computed by reference to the Book Value of such property; 

(iv)    items of depreciation, amortization and other cost recovery deductions with respect to the Company property
having a Book Value that differs from its adjusted basis for Tax purposes shall be computed by reference to the property’s Book Value in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g);

 (v)    to the extent an adjustment to the adjusted Tax basis of any the Company asset pursuant to Code Sections
732(d), 734(b) or 743(b) is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis); and 

(vi)    this Section 3.6 shall be applied in a manner consistent with the principles of Prop.
Reg. Sections 1.704-1(b)(2)(iv)(d), (f)(1), (h)(2) and (s). 

Section 3.7    Negative Capital Accounts; No Interest Regarding Positive Capital Accounts. No Unitholder shall
be required to pay to any other Unitholder or the Company any deficit or negative balance which may exist from time to time in such Unitholder’s Capital Account (including upon and after dissolution of the Company). Except as otherwise
expressly provided herein, no Unitholder shall be entitled to receive interest from the Company in respect of any positive balance in its Capital Account, and no Unitholder shall be liable to pay interest to the Company or any Unitholder in respect
of any negative balance in its Capital Account. 
 Section 3.8    No Withdrawal. No Person shall be entitled
to withdraw any part of such Person’s Capital Contributions or Capital Account or to receive any Distribution from the Company, except as expressly provided herein. 

Section 3.9    Loans From Unitholders. Loans by Unitholders to the Company shall not be
considered Capital Contributions. If any Unitholder shall loan funds to the Company in excess of the amounts required hereunder to be contributed by such Unitholder to the capital of the Company, the making of such loans shall not result in any
increase in the amount of the Capital Account of such Unitholder. The amount of any such loans shall be a debt of the Company to such Unitholder and shall be payable or collectible in accordance with the terms and conditions upon which such loans
are made. 

  
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 Section 3.10    Adjustments to Capital Accounts for Distributions
In-Kind. To the extent that the Company distributes property in-kind to the Members, the Company shall be treated as making a distribution equal to the
Fair Market Value of such property (as of the date of such distribution) for purposes of Section 4.1 and such property shall be treated as if it were sold for an amount equal to its Fair Market Value and any resulting gain
or loss shall be allocated to the Members’ Capital Accounts in accordance with Section 4.2 through Section 4.4. 

Section 3.11    Transfer of Capital Accounts. The original Capital Account established for each Substituted
Member shall be in the same amount as the Capital Account of the Member (or portion thereof) to which such Substituted Member succeeds at the time such Substituted Member is admitted to as a Member of the Company. The Capital Account of any Member
whose interest in the Company shall be increased or decreased by means of (a) the Transfer to it of all or part of the Units of another Member or (b) the repurchase or forfeiture of Units pursuant to any Equity Agreement shall be
appropriately adjusted to reflect such Transfer or repurchase. Any reference in this Agreement to a Capital Contribution of or Distribution to a Member that has succeeded any other Member shall include any Capital Contributions or Distributions
previously made by or to the former Member on account of the Units of such former Member Transferred to such Member. 

Section 3.12    Adjustments to Book Value. The Company shall adjust the Book Value of its assets to Fair
Market Value in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) as of the following times: (a) at the Manager’s discretion in connection with the issuance of Units in the Company or
a more than de minimis Capital Contribution to the Company; (b) at the Manager’s discretion in connection with the Distribution by the Company to a Member of more than a de minimis amount of the Company’s assets, including money; and
(c) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g). Any such increase or decrease in Book Value of an asset shall be allocated as a Profit or Loss
to the Capital Accounts of the Members under Section 4.2 (determined immediately prior to the event giving rise to the revaluation). 

Section 3.13    Compliance With Section
1.704-1(b). The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section
1.704-1(b), and shall be interpreted and applied in a manner consistent with such Treasury Regulations. In the event the Manager shall determine that it is prudent to modify the manner in which the Capital
Accounts are computed in order to comply with such Treasury Regulations, the Manager may make such modification, notwithstanding anything in Section 11.2 to the contrary. The Manager also shall (a) make any adjustments
that are necessary or appropriate to maintain equality between the Capital Accounts of the Members and the amount of the Company capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Treasury
Regulations Section 1.704-1(b)(iv)(g), and (b) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulations
Section 1.704-1(b). 

  
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 ARTICLE IV 

DISTRIBUTIONS AND ALLOCATIONS 

Section 4.1    Distributions. 

(a)    Tax Distributions. To the extent funds of the Company may be available for distribution by the Company (as
determined by the Manager in its sole discretion), with respect to each Fiscal Quarter, the Company shall distribute to each holder of Class A Common Units an amount of cash (a “Tax Distribution”) equal to the excess, if any,
of (i) (A) the aggregate taxable income of the Company for the Taxable Year to date allocated with respect to the Class A Common Units held (with taxable income reflecting, without limitation, adjustments under Sections 704(c), 734
and 743 of the Code and net of Taxable losses of the Company allocated in respect of prior Fiscal Quarters and not previously taken into account under this clause), multiplied by (B) the Applicable Tax Rate over (ii) the cumulative
amount of prior Tax Distributions made pursuant to this Section 4.1(a) with respect to such Class A Common Units for the Taxable Year in question; provided that the amount of Tax Distributions made with respect to the Class A
Common Units shall be the same for every Class A Common Unit and shall be equal to the highest amount that any holder of Class A Common Units would otherwise be entitled to receive on a per Unit basis under this
Section 4.1. If the Manager determines there are insufficient funds available to pay the Tax Distributions in full, then Tax Distributions shall be made to each holder of Class A Common Units on a pro rata basis, with
each Class A Common Unit receiving the same amount on a per Unit basis. Tax Distributions shall be made with respect to each holder of Class B Common Units under the same principles as set forth above for Class A Common Units, except
that the amount distributed with respect to each Class B Common Unit shall be based on the amount of taxable income allocated with respect to such Unit, with no requirement that the amounts distributed with respect to each Class B Common
Unit be equal to amounts distributed for other Class B Common Units. If the Manager determines there are insufficient funds available to pay Tax Distributions in full, Tax Distributions shall be made to each holder of Class B Common Units
on a pro rata basis in proportion to the amount otherwise distributable to such holder with respect to such Class B Common Units. Any cash available for Tax Distributions shall be initially apportioned between (i) the Class A Common
Units and (ii) the Class B Common Units in proportion to the aggregate amounts otherwise distributable to each class of Units as Tax Distributions. To the extent that any Unitholders have not received Tax Distributions in full under this
Section 4.1, such unpaid amounts shall carryforward and shall be distributed in future periods as Tax Distributions under this Section. Tax Distributions shall be treated as advances of any amounts Unitholders are entitled
to receive pursuant to Section 4.1(b). For the avoidance of doubt, unless the Manager specifies that a distribution is not a Tax Distribution pursuant to this Section 4.1(a), each Distribution with respect to a Unit shall be treated as
a Tax Distribution. 
 (b)    Other Distributions. Except as otherwise set forth in Section 4.1(a), the
Manager may (but shall not be obligated to) make Distributions at such time, in such amounts and in such form (including in-kind property) as determined by the Manager in its sole discretion, in each case to
the holders of Participating Units immediately prior to such Distribution as follows: (A) with respect to each Class A Common Unit, an amount equal to the amount determined by dividing the Grossed-Up
Amount by the number of Participating Units 

  
 21 

 
and (B) with respect to each Participating Class B Common Unit, an amount equal to the excess of (I) the amount determined by dividing the
Grossed-Up Amount by the number of Participating Units over (II) the Participation Threshold with respect to such Participating Class B Common Unit. 

Notwithstanding the foregoing, (A) the portion of any Distribution (other than a Tax Distribution) that would otherwise be made with respect to any
Unvested Class B Common Unit shall not be distributed with respect to such Unvested Class B Common Unit and shall instead be retained, (B) in the event that such Unvested Class B Common Unit subsequently vests, then all
Distributions pursuant to Section 4.1(b) made following the vesting of such Unit shall be made such that, on a cumulative basis, the Distributions with respect to such Unit under such clauses equal the Distributions that would have been made
with respect to such Unit under such clauses if it had been a Vested Class B Common Unit beginning on the date of its original issue, and (C) if such Unvested Class B Common Unit is repurchased or forfeited (or otherwise becomes
incapable of vesting) then such Unvested Class B Common Unit shall not be entitled to receive or retain any Distributions other than (I) any Tax Distributions that have been made with respect to such Unvested Class B Common Unit and
(II) the amount, if any, paid or payable to repurchase such Unvested Class B Common Unit. 

Section 4.2    Allocations. Profits or Losses for any Fiscal Year shall be allocated among the Unitholders in
such a manner as to reduce or eliminate, to the extent possible, any difference, as of the end of such Fiscal Year, between (a) the sum of (i) the Capital Account of each Unitholder, (ii) such Unitholder’s share of Minimum Gain
(as determined according to Treasury Regulation Section 1.704-2(g)) and (iii) such Unitholder’s partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(2)) and (b) the respective net amounts, positive or negative, which would be distributed to them or for which they would be liable to the Company under this Agreement and the Delaware Act, determined
as if the Company were to (i) liquidate the assets of the Company for an amount equal to their Book Value and (ii) distribute the proceeds of such liquidation pursuant to Section 10.2. For purposes of allocating
Profits and Losses pursuant to this Section 4.2, (and Section 4.3 and Section 4.4, to the extent applicable), all outstanding Class B Common Units shall be treated as
vested; provided that, in the event that a Unitholder’s Unvested Class B Common Units are forfeited or repurchased, Forfeiture Allocations as described in Section 4.3(f) may, in the discretion of the Manager, be made. 

Section 4.3    Special Allocations. 

(a)    Minimum Gain Chargeback. Losses attributable to partner nonrecourse debt (as defined in Treasury Regulation
Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in partner
nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(2)), Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) shall be allocated to the Unitholders in
the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4). 

(b)    Unitholder Nonrecourse Debt Minimum Chargeback. Nonrecourse deductions (as determined according to
Treasury Regulation Section 1.704-2(b)(1)) for any 

  
 22 

 
Taxable Year shall be allocated to each holder of Class A Common Units ratably among such Unitholders based upon their ownership of Class A Common Units. Except as otherwise provided in
Section 4.3(a), if there is a net decrease in the Minimum Gain during any Taxable Year, each Unitholder shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as
determined according to Treasury Regulation Section 1.704-2(f). This Section 4.3(b) is intended to be a Minimum Gain chargeback provision that complies with the requirements of Treasury Regulation
Section 1.704-2(f), and shall be interpreted in a manner consistent therewith. 

(c)    Qualified Income Offset. If any Unitholder that unexpectedly receives an adjustment, allocation or
distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of
Section 4.3(a) and Section 4.3(b), but before the application of any other provision of this Article IV, then Profits for such Taxable Year shall be allocated to such Unitholder in proportion to, and to the extent of, such
Adjusted Capital Account Deficit. This Section 4.3(c) is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a
manner consistent therewith. 
 (d)    Allocation of Certain Profits and Losses. Profits and Losses described in
Section 3.6(b)(v) shall be allocated in a manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section
1.704-1(b)(2)(iv)(j), (k) and (m). 
 (e)    Regulatory Allocations. The
allocations set forth in Sections 4.3(a)-(d) (the “Regulatory Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory Allocations may not be consistent with the manner in which the Unitholders intend to allocate Profit and
Loss of the Company or make the Company distributions. Accordingly, notwithstanding the other provisions of this Article IV, but subject to the Regulatory Allocations, income, gain, deduction, and loss shall be reallocated among the
Unitholders so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Unitholders to be in the amounts (or as close thereto as possible) they would have been if Profit and Loss (and such
other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Unitholders anticipate that this will be accomplished by specially allocating other Profit and Loss (and such other
items of income, gain, deduction and loss) among the Unitholders so that the net amount of the Regulatory Allocations and such special allocations to each such Unitholder is zero. In addition, if in any Fiscal Year or Fiscal Period there is a
decrease in partnership Minimum Gain, or in partner nonrecourse debt Minimum Gain, and application of the Minimum Gain chargeback requirements set forth in Section 4.3(a) or Section 4.3(b) would cause a distortion in the economic
arrangement among the Unitholders, the Unitholders may, if they do not expect that the Company will have sufficient other income to correct such distortion, request the Internal Revenue Service to waive either or both of such Minimum Gain chargeback
requirements. If such request is granted, this Agreement shall be applied in such instance as if it did not contain such Minimum Gain chargeback requirement. 

  
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 (f)    The Unitholders acknowledge that allocations like those described in
Proposed Treasury Regulations Section 1.704-1(b)(4)(xii)(c) (“Forfeiture Allocations”) may result from the allocations of Profits and Losses provided for in this Agreement. For the avoidance
of doubt, the Company is entitled to make Forfeiture Allocations and, once required by applicable final or temporary guidance, allocations of Profits and Losses will be made in accordance with Proposed Treasury Regulations Section 1.704-1(b)(4)(xii)(c) or any successor provision or guidance. 
 (g)    Any item of
deduction with respect to a Tax that is offset for a Unitholder under Section 4.6 shall be allocated to the Unitholder in which such payment is to be offset. 

Section 4.4    Offsetting Allocations. If, and to the extent that, any Member is deemed to recognize any item
of income, gain, deduction or loss as a result of any transaction between such Member and the Company pursuant to Sections 83, 482, or 7872 of the Code or any similar provision now or hereafter in effect, the Manager shall use its commercially
reasonable efforts to allocate any corresponding Profit or Loss to the Member who recognizes such item in order to reflect the Members’ economic interest in the Company. 

Section 4.5    Tax Allocations. 

(a)    Allocations Generally. Except as provided in Section 4.5(b) below, for federal, state and local income
Tax purposes, each item of income, gain, loss or deduction shall be allocated among the Unitholders in the same manner and in the same proportion that the corresponding book items have been allocated among the Unitholders’ respective Capital
Accounts; provided that, if any such allocation is not permitted by the Code or other applicable law, then each subsequent item of income, gains, losses, deductions and credits will be allocated among the Unitholders so as to reflect as
nearly as possible the allocation set forth herein in computing their Capital Accounts. 
 (b)    Code Section
704(c) Allocations. Items of the Company Taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall, solely for Tax purposes, be allocated among the Unitholders in accordance with
Code Section 704(c) so as to take account of any variation between the adjusted basis of such asset for federal income Tax purposes and its initial Book Value. Such allocations shall be made using a reasonable method specified in Treasury
Regulations Section 1.704-3. In addition, if the Book Value of any the Company asset is adjusted pursuant to the requirements of Treasury Regulation Section 1.704—1(b)(2)(iv)(e) or (f), then subsequent allocations of items of Taxable
income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income Tax purposes and its Book Value in the same manner as under Code Section 704(c).
Notwithstanding the foregoing, the Manager shall determine all allocations pursuant to this Section 4.5(b) using the “traditional method” as described under Treasury Regulation
Section 1.704-3. 
 (c)    Section 754 Election. The Company has
made an election under Section 754 of the Code for its Taxable Year beginning 2014, and the Manager may cause the Company to make a “protective” election under Section 754 of the Code for its Taxable Year beginning as of the date
of this Agreement, in each case, to adjust the basis of the Company 

  
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property as permitted and provided in Sections 734 and 743 of the Code. Such election shall be effective solely for federal (and, if applicable, state and local) income Tax purposes and shall not
result in any adjustment to the Book Value of any the Company asset or to the Member’s Capital Accounts (except as provided in Treasury Regulations Section 1.704- 1(b)(2)(iv)(m)). 

(d)    Allocation of Tax Credits, Tax Credit Recapture, Etc. Allocations of Tax credits, Tax credit recapture, and
any items related thereto shall be allocated to the Unitholders according to their interests in such items as determined by the Manager taking into account the principles of Treasury Regulation
Section 1.704-1(b)(4)(ii) and (viii). 
 (e)    Effect of
Allocations. Allocations pursuant to this Section 4.5 are solely for purposes of federal, state and local Taxes and shall not affect, or in any way be taken into account in computing, any Unitholder’s Capital
Account or share of Profits, Losses, Distributions (other than Tax Distributions) or other items pursuant to any provision of this Agreement. 

Section 4.6    Indemnification and Reimbursement for Payments on Behalf of a Unitholder. Except as
otherwise provided in Section 6.1, if the Company is required by law to make any payment to a Governmental Entity that is specifically attributable to a Unitholder or a Unitholder’s status as such (including federal
withholding Taxes, state personal property Taxes, and state unincorporated business Taxes), then such Unitholder shall indemnify and contribute to the Company in full for the entire amount paid (including interest, penalties and related expenses).
The Manager may offset Distributions to which a Person is otherwise entitled under this Agreement against such Person’s obligation to indemnify the Company under this Section 4.6 or with respect to any other amounts
owed by the Unitholder to the Company or any of its Subsidiaries. A Unitholder’s obligation to indemnify and make contributions to the Company under this Section 4.6 shall survive the termination, dissolution,
liquidation and winding up of the Company, and for purposes of this Section 4.6, the Company shall be treated as continuing in existence. The Company may pursue and enforce all rights and remedies it may have against each
Unitholder under this Section 4.6, including instituting a lawsuit to collect such indemnification and contribution, with interest calculated at a rate equal to the Base Rate plus three percentage points per annum (but not
in excess of the highest rate per annum permitted by law), compounded on the last day of each Fiscal Quarter. 
 ARTICLE V 

MANAGEMENT AND CONTROL OF BUSINESS 

Section 5.1    Management. 

(a)    Except as otherwise specifically provided in this Agreement or the Delaware Act, the business, property and affairs
of the Company shall be managed, operated and controlled at the sole, absolute and exclusive direction of the Manager in accordance with the terms of this Agreement. No Members shall have management authority or voting or other rights over, or any
other ability to take part in the conduct or control of the business of, the Company. The Manager is hereby designated as a “manager” within the meaning of Section 18-101(10) of the Delaware
Act. The Manager is, to the extent of its rights and powers set forth in this 

  
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Agreement, an agent of the Company for the purpose of the Company’s business, and the actions of the Manager taken in accordance with such rights and powers shall bind the Company (and no
Member shall have such right). The Manager shall have all necessary powers to carry out the purposes, business and objectives of the Company. The Manager may delegate in its discretion the authority to sign agreements and other documents and take
other actions on behalf of the Company to any Person (including any Member, officer or employee of the Company) to enter into and perform any document on behalf of the Company. 

(b)    Without limiting Section 5.1(a), the Manager shall have the sole power and authority to effect any of the
following by the Company or any of its Subsidiaries in one or a series of related transaction, in each case without the vote, consent or approval of any Unitholder: (i) any sale, lease, transfer, exchange or other disposition of any, all or
substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the Company); (ii) any merger,
consolidation, reorganization or other combination of the Company with or into another entity, (iii) any acquisition; (iv) any issuance of debt or equity securities; (v) any incurrence of indebtedness; or (vi) any dissolution.
Except for any vote, consent or approval of any Unitholder expressly required by this Agreement, if a vote, consent or approval of the Unitholders is required by the Delaware Act or other applicable law with respect to any action to be taken by the
Company or matter considered by the Manager, each Unitholder will be deemed to have consented to or approved such action or voted on such matter in accordance with the consent or approval of the Manager on such action or matter. 

(c)    Carvana Co. Sub may withdraw as the Manager and appoint as its successor at any time upon written notice to the
Company (a) any wholly-owned Subsidiary of Carvana Co., (b) any Person of which Carvana Co. is a wholly-owned Subsidiary, (c) any Person into which Carvana Co. is merged or consolidated or (d) any transferee of all or substantially
all of the assets of Carvana Co., which withdrawal and replacement shall be effective upon the delivery of such notice. No appointment of a Person other than Carvana Co. Sub (or its successor, as the case may be) as Manager shall be effective unless
Carvana Co. Sub (or its successor, as the case may be) and the new Manager provide all Members with contractual rights, directly enforceable by such Members against the new Manager, to cause the new Manager to comply with all of the Manager’s
obligations under this Agreement. 
 Section 5.2    Investment Company Act. The Manager shall use reasonable
best efforts to ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act. 

Section 5.3    Officers. 

(a)    Officers. Unless determined otherwise by the Manager, the officers of the Company shall be a Chief Executive
Officer, a Treasurer and a Secretary and each other officer of Carvana Co. shall also be an officer of the Company, with the same title. All officers shall be appointed by the Manager (or by the Chief Executive Officer to the extent the Manager
delegates such authority to the Chief Executive Officer) and shall hold office until their successors are appointed by the Manager (or by the Chief Executive Officer to the extent the Manager delegates such authority to the Chief Executive Officer).
Two or more offices may be held by the same 

  
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individual. The officers of the Company may be removed by the Manager (or by the Chief Executive Officer to the extent the Manager delegates such authority to the Chief Executive Officer) at any
time for any reason or no reason. 
 (b)    Other Officers and Agents. The Manager may appoint such other
officers and agents as it may deem necessary or advisable, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Manager. 

(c)    Chief Executive Officer. The Chief Executive Officer shall be the chief executive officer of the Company and
shall have the general powers and duties of supervision and management usually vested in the office of a chief executive officer of a company. He or she shall preside at all meetings of Members if present thereat. 

(d)    Treasurer. The Treasurer shall have the custody of Company funds and securities and shall keep full and
accurate account of receipts and disbursements. He or she shall deposit all moneys and other valuables in the name and to the credit of the Company in such depositaries as may be designated by the Manager or the Chief Executive Officer. The
Treasurer shall disburse the funds of the Company as may be ordered by the Manager or the Chief Executive Officer, taking proper vouchers for such disbursements. He or she shall render to the Manager and the Chief Executive Officer whenever either
of them may request it, an account of all his or her transactions as Treasurer and of the financial condition of the Company. If required by the Manager, the Treasurer shall give the Company a bond for the faithful discharge of his or her duties in
such amount and with such surety as the Manager shall prescribe. 
 (e)    Secretary. The Secretary shall give,
or cause to be given, notice of all meetings of Members and all other notices required by applicable law or by this Agreement, and in case of his or her absence or refusal or neglect so to do, any such notice may be given by any person thereunto
directed by the Chief Executive Officer, or by the Manager. He or she shall record all the proceedings of the meetings of the Company, and shall perform such other duties as may be assigned to him or her by the Manager or by the Chief Executive
Officer. 
 (f)    Other Officers. Other officers, if any, shall have such powers and shall perform such duties
as shall be assigned to them, respectively, by the Manager or by the Chief Executive Officer. 

Section 5.4    Competition and Corporate Opportunities. 

(a)    Management Investors. Unless the Manager otherwise agrees in writing (e.g., in an Equity Agreement), each
Management Investor, for so long as such Management Investor is employed by the Company or its Subsidiaries, shall, and shall cause each of such Person’s Affiliates to, bring all investment or business opportunities to the Company of which such
Management Investor becomes aware and which are, or may be, (y) within the scope and investment objectives related to the Business, or (z) otherwise competitive with the Business.  

(b)    Investor Members. To the fullest extent permitted by applicable law and notwithstanding any duty otherwise
existing at law or in equity, in furtherance (and not in limitation) of the elimination of fiduciary duties set forth in Section 5.5(a) below, no Investor 

  
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Member shall have any duty (including any fiduciary duty) to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as the Company or any of
its Affiliates, and no Investor Member shall be liable to the Company, its Unitholders or any other Person bound by this Agreement (for breach of any fiduciary duty or otherwise) solely by reason of any such activities of such Investor Member or its
Affiliates. To the fullest extent permitted by applicable law, the Company, on behalf of itself and its Affiliates, renounces any interest or expectancy of the Company and its Affiliates in, or in being offered an opportunity to participate in,
business opportunities that are from time to time presented to any Investor Member or its Affiliates, even if the opportunity is one that the Company or its Affiliates might reasonably be deemed to have pursued or had the ability or desire to pursue
if granted the opportunity to do so. Each Investor Member shall have no duty to communicate or offer such business opportunity to the Company or its Affiliates and, to the fullest extent permitted by applicable law, shall not be liable to the
Company, any of its Affiliates or its Unitholders or any other Person bound by this Agreement (for breach of any fiduciary or other duty or otherwise), solely by reason of the fact that an Investor Member or one of its Affiliates pursues or acquires
such business opportunity, sells, assigns, transfers or directs such business opportunity to another person or fails to present such business opportunity, or information regarding such business opportunity, to the Company or any of its Affiliates.
Notwithstanding anything to the contrary in this Section 5.4, the Company does not renounce any interest or expectancy it may have in any business opportunity that is expressly offered to any Investor Member solely in his
or her capacity as a manager or officer of the Company or any of its Affiliates. 
 (c)    Other Limitations. In
addition to and notwithstanding the foregoing provisions of this Section 5.4, a corporate opportunity shall not be deemed to belong to the Company if it is a business opportunity the Company is not financially able or
contractually permitted or legally able to undertake, or that is, from its nature, not in the line of the Company’s business or is of no practical advantage to it or that is one in which the Company has no interest or reasonable expectancy.

 (d)    Other Agreements. This Section 5.4 shall not in any way affect, limit or
modify any liabilities, obligations, duties or responsibilities of any Person under any employment agreement, consulting agreement, confidentiality agreement, non-compete agreement, non-solicit agreement or any similar agreement with the Company or any of its Subsidiaries. 

Section 5.5    Fiduciary Duties. 

(a)    Members and Unitholders. To the fullest extent permitted by law and notwithstanding any duty otherwise
existing at law or in equity, no Member or Unitholder, solely in its capacity as such, shall owe any fiduciary duty to the Company, the Manager, any Member, any Unitholder or any other Person bound by this Agreement, provided that the foregoing
shall not eliminate the implied contractual covenant of good faith and fair dealing. Nothing in this Section 5.5(a) shall limit the liabilities, duties or obligations of any Member, Management Investor or Unitholder acting in his or her
capacity as an officer or manager pursuant to any other provision of this Agreement. 
 (b)    Manager and
Officers. Notwithstanding Section 5.4 above or any other provision to the contrary in this Agreement, except as set forth in Section 5.5(c), (i) the Manager 

  
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shall, in its capacity as Manager, and not in any other capacity, have the same fiduciary duties to the Company and the Unitholders and Members as a member of the board of directors of a Delaware
corporation; and (ii) each officer of the Company shall, in his or her capacity as such, and not in any other capacity, have the same fiduciary duties to the Company and the Unitholders and Members as an officer of a Delaware corporation. For
the avoidance of doubt, the fiduciary duties described in clause (i) above shall not be limited by the fact that the Manager shall be permitted to take certain actions in its sole or reasonable discretion pursuant to the terms of this Agreement
or any agreement entered into in connection herewith. 
 (c)    Manager Conflicts. The parties hereto acknowledge
that the Manager will act through its managing member, Carvana Co., and that the members of Carvana Co.’s board of directors will owe fiduciary duties to Carvana Co. and its stockholders. The Manager will use commercially reasonable and
appropriate efforts and means, as determined in good faith by the Manager, to minimize any conflict of interest between the Members, on the one hand, and the stockholders of Carvana Co., on the other hand, and to effectuate any transaction that
involves or affects any of the Company, the Manager, the Members and/or the stockholders of Carvana Co. in a manner that does not (i) disadvantage the Members of their interests relative to the stockholders of Carvana Co. or (ii) advantage
the stockholders of Carvana Co. relative to the Members or (iii) treat the Members and the stockholders of Carvana Co. differently; provided that in the event of a conflict between the interests of the stockholders of Carvana Co. and the
interests of the Members, such Members agree that the Manager shall discharge its fiduciary duties to such Members by acting in the best interests of Carvana Co.’s stockholders. 

(d)    Waiver. Any duties and liabilities set forth in this Agreement shall replace those existing at law or in
equity and each of the Company, each Member and Unitholder and any other Person bound by this Agreement hereby, to the fullest extent permitted by applicable law, including Section 18-1101(e) of the Delaware
Act, waives the right to make any claim, bring any action or seek any recovery based on any duties or liabilities existing at law or in equity other than any such duties and liabilities set forth in this Agreement. 

(e)    Survival. The provisions of this Section 5.5 shall survive any amendment, repeal
or termination of this Agreement. 
 Section 5.6    Confidentiality. 

(a)    Each Unitholder recognizes and acknowledges that it has and may in the future receive certain confidential and
proprietary information and trade secrets of the Company and its Subsidiaries (including their predecessors), (collectively, the “Confidential Information”) including Confidential Information of the Company and its Subsidiaries (and
their predecessors, if any) regarding identifiable, specific and discrete business opportunities being pursued by the Company or its Subsidiaries. Except as otherwise consented to by the Manager in writing and subject to
Section 5.5 and Section 5.6(c), each Unitholder (on behalf of itself and, to the extent that such Unitholder would be responsible for the acts of the following Persons under principles of agency law, its managers,
directors, officers, shareholders, partners, employees, agents and members) agrees that it will not, during or after the term of this Agreement, whether directly or indirectly through an Affiliate or otherwise, take commercial or proprietary
advantage of or profit from any Confidential Information or disclose Confidential Information to any Person for 

  
 29 

 
any reason or purpose whatsoever, except (i) to authorized directors, officers, representatives, agents and employees of the Company or its Subsidiaries and as otherwise may be proper in the
course of performing such Unitholder’s obligations, or enforcing such Unitholder’s rights, under this Agreement and the agreements expressly contemplated hereby, or (ii) as is required to be disclosed by order of a court of competent
jurisdiction, administrative body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation, provided that the Unitholder required to make such disclosure pursuant to clause (ii) above shall provide to
the Company prompt written notice of such disclosure to enable the Company to seek an appropriate protective order or confidential treatment with respect to the Confidential Information required to be disclosed and such disclosed Person shall use
commercially reasonable efforts to obtain, at the request of the Company, an order or other assurance that confidential treatment shall be accorded to such portion of the Confidential Information required to be disclosed as the Company shall
designate. For purposes of this Section 5.6, the term “Confidential Information” shall not include any information of which (x) such Person learns from a source other than the Company or its
Subsidiaries, or any of their respective representatives, employees, agents or other service providers, and in each case who is not known by such Person to be bound by a confidentiality obligation to the Company or any of its Subsidiaries, or
(y) at the time of disclosure or thereafter becomes generally available to the public other than as a result of disclosure directly or indirectly by such Person or any of such Person’s Affiliates, employees or representatives. Nothing in
this Section 5.6 shall in any way limit or otherwise modify any confidentiality covenants entered into by the Management Investors pursuant to any other agreement entered into with the Company or any of its Subsidiaries.
Notwithstanding the foregoing, Carvana Co. may disclose any Confidential Information pursuant to any disclosure obligation under any applicable law or stock exchange rule with no obligation to provide written notice to the Company or any Member to
whom such Confidential Information relates. 
 (b)    18 U.S.C. § 1833(b) provides: “An individual shall
not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly,
or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.”
Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, Management Investors have the right
to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. Management Investors also have the right to disclose trade
secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. 

(c)    Each Management Investor acknowledges and agrees that the individual ownership of Units by each of the Management
Investors is sensitive and Confidential Information and that information regarding the individual ownership of the Company by Management Investors relates to such Person’s compensation as an employee of the Company or one or more of its
Subsidiaries. Therefore, notwithstanding anything in this Agreement to the contrary, in no event shall any Management Investor have the right, and each Management Investor hereby waives any right, whether by contract or under applicable law, to the
fullest 

  
 30 

 
extent of the law, to have access to or receive any information with respect to what Equity Securities are, or have been, issued to or held by any other Management Investor, including the Unit
Ownership Ledger. In no event shall any Management Investor request, or be entitled to receive, any such information (including the Unit Ownership Ledger and any other books and records with respect to ownership of the Equity Securities of the
Company); provided that nothing in this Section 5.6(c) shall prohibit any Management Investor from receiving a capitalization schedule showing (i) the aggregate number of each class and type of Equity Securities held by the
Management Investors and other advisors of the Company and its Subsidiaries collectively as a group, (ii) the aggregate number of Class B Common Units outstanding and the Participation Thresholds with respect to such outstanding
Class B Common Units, (iii) the aggregate number of each class and type of Equity Securities outstanding as of any particular date and (iv) the number and type of Equity Securities held by such Management Investor and such Management
Investor’s Permitted Transferees. Nothing in this Section 5.6(c) shall restrict any Person’s express right to receive information pursuant to any contract with the Company or any of its Subsidiaries, regardless of whether such
Person is also a Management Investor. 
 ARTICLE VI 

EXCULPATION AND INDEMNIFICATION 

Section 6.1    Exculpation. 

(a)    Actions in Capacity as a Member or Unitholder. To the fullest extent permitted by applicable law, and
except as otherwise expressly provided herein, no Member, Unitholder (other than (i) any Management Investor in his or her capacity as an officer, employee or service provider of Carvana Co., the Company or any of their Subsidiaries, or
(ii) the Manager, acting in its capacity as such) or its respective Indemnitees shall be liable to the Company, any Member, any Unitholder or any other Person bound by this Agreement as a result of or arising out any action of or omission by
such Member or Unitholder solely in its capacity as a Member or Unitholder, except to the extent such Obligations arise out of such Member’s (1) material breach of this Agreement or any other Transaction Document or (2) bad faith
violation of the implied contractual covenant of good faith and fair dealing, in each case as determined by a final judgment, order or decree of an arbitrator or a court of competent jurisdiction (which is not appealable or with respect to which the
time for appeal therefrom has expired and no appeal has been perfected). 
 (b)    Other Actions. To the fullest
extent permitted by applicable law, and except as otherwise expressly provided herein, including Section 6.1(a), no Indemnitee shall be liable to the Company, any Member, any Unitholder or any other Person bound by this Agreement as a result
of or arising out of the activities of the Indemnitee on behalf of the Company to the extent within the scope of the authority reasonably believed by such Indemnitee to be conferred on such Indemnitee, except to the extent such Indemnitee would not
be entitled to exculpation or indemnification pursuant to the articles of incorporation and bylaws of Carvana Co. (as the same may be amended from time to time). 

  
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 Section 6.2    Indemnification. To the fullest extent permitted
by applicable law, each of (a) the Manager and its managing member Carvana Co., (b) the Unitholders and Members and their respective Affiliates, (c) the stockholders, members, managers, directors, officers, partners, employees and agents
of the Unitholders, Members and their respective Affiliates, and (c) the officers and directors of Carvana Co., the Manager, the Company and each of their Subsidiaries (each, an “Indemnitee”) shall be indemnified and held
harmless by the Company from and against any and all losses, claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or
proceedings, civil, criminal, administrative or investigative (collectively, “Obligations”), which at any time may be imposed on, incurred by, or asserted against, the Indemnitee as a result of or arising out of this Agreement,
Carvana Co., the Company, their respective assets, businesses or affairs, or the activities of the Indemnitee on behalf of Carvana Co., the Company or any of their Subsidiaries to the extent within the scope of the authority reasonably believed to
be conferred on such Indemnitee; provided, however, that, to the extent such Indemnitee is not entitled to exculpation with respect to such Obligations pursuant to Section 6.1(a), the Indemnitee shall not be entitled to indemnification
for any such Obligations to the extent such Indemnitee would not be entitled to exculpation or indemnification pursuant to the articles of incorporation and bylaws of Carvana Co. (as the same may be amended from time to time); provided
further, that, to the extent such Indemnitee is entitled to exculpation with respect to such Obligations pursuant to Section 6.1(a), the Indemnitee shall not be entitled to indemnification for any such Obligations to the extent they arise
out of such Indemnitee’s (1) material breach of this Agreement or any other Transaction Document or (2) bad faith violation of the implied contractual covenant of good faith and fair dealing. The termination of any action, suit or
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that the Indemnitee was not entitled to indemnification hereunder. Any
indemnification pursuant to this Section 6.1(b) shall be made only out of the assets of the Company and no Member shall have any personal liability on account thereof. 

Section 6.3    Expenses. Expenses (including reasonable legal fees and expenses) incurred by an Indemnitee in
defending any claim, demand, action, suit or proceeding described in Section 6.1(b) shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding, upon receipt by the
Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as provided in Section 6.1(b); provided that such undertaking shall be
unsecured and interest free and shall be accepted without regard to an Indemnitee’s ability to repay amounts advanced and without regard to an Indemnitee’s entitlement to indemnification. 

Section 6.4    Non-Exclusivity; Savings Clause. The
indemnification and advancement of expenses set forth in Section 6.1(b) and Section 6.3 shall not be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled
under any other agreement, policy of insurance or otherwise. The indemnification and advancement of expenses set forth in Section 6.1(b) and Section 6.3 shall continue as to an Indemnitee who has ceased to be a named
Indemnitee and shall inure to the benefit of the heirs, executors, administrators, successors and permitted assigns of such a Person. If Section 6.1, Section 6.2 or
Section 6.3 or any portion hereof shall be invalidated on any ground by any court 

  
 32 

 
of competent jurisdiction, then the Company shall nevertheless exculpate, indemnify and advance expenses each Indemnitee to the fullest extent permitted by any applicable portion of such sections
not so invalidated and to the fullest extent permitted by applicable law. The exculpation, indemnification and advancement of expenses provisions set forth in Section 6.1, Section 6.2 and
Section 6.3 shall be deemed to be a contract between the Company and each of the persons constituting Indemnitees at any time while such provisions remain in effect, whether or not such Person continues to serve in such
capacity and whether or not such Person is a party hereto. In addition, neither Section 6.1, Section 6.2 nor Section 6.3 may be retroactively amended to adversely affect
the rights of any Indemnitee arising in connection with any acts, omissions, facts or circumstances occurring prior to such amendment. 

Section 6.5    Insurance. The Company may purchase and maintain insurance on behalf of the Indemnitees against
any liability asserted against them and incurred by them in such capacity, or arising out of their status as Indemnitees, whether or not the Company would have the power to indemnify them against such liability under this
Section 6.5. 
 ARTICLE VII 

ACCOUNTING AND RECORDS; TAX MATTERS 

Section 7.1    Accounting and Records. The books and records of the Company shall be made and maintained, and
the financial position and the results of its operations recorded, at the expense of the Company, in accordance with such method of accounting as is determined by the Manager. The books and records of the Company shall reflect all Company
transactions and shall be made and maintained in a manner that is appropriate and adequate for the Company’s business. 

Section 7.2    Preparation of Tax Returns. The Company shall arrange for the preparation and timely filing of
all Tax returns required to be filed by the Company, including making the elections described in Section 7.3. Each Unitholder shall furnish to the Company all pertinent information in its possession relating to the
Company’s operations that is necessary to enable the Company’s income Tax returns to be prepared and filed. 

Section 7.3    Tax Elections. The Taxable Year shall be the Fiscal Year unless the Manager shall determine
otherwise. The Manager shall determine whether to make or revoke any available election pursuant to the Code. Each Unitholder will upon request supply any information necessary to give proper effect to such election. 

Section 7.4    Tax Controversies. 

(a)    The Manager shall be the Tax Matters Partner (to the extent applicable for taxable years beginning before
January 1, 2018) and the “partnership representative” (or “PR”) of the Company for purposes of the Partnership Tax Audit Rules, and, as such, (i) shall be authorized to designate any other Person selected by the
Manager as the partnership representative and (ii) shall be authorized and required to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by Tax authorities, including
resulting administrative and judicial proceedings, and to expend the 

  
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Company’s funds for professional services and reasonably incurred in connection therewith. Each Unitholder agrees to reasonably cooperate with the Company and to do or refrain from doing any
or all things reasonably requested by the Company with respect to the conduct of such proceedings. 
 (b)    In the
event of an audit by the Internal Revenue Service, unless otherwise approved by all of the Members, the PR shall make on a timely basis, to the extent permissible under applicable Law, the election provided by Section 6226(a) of the Partnership Tax
Audit Rules to treat a “partnership adjustment” as an adjustment to be taken into account by each Member in accordance with Section 6226(b) of the Partnership Tax Audit Rules. If the election under Section 6226(a) of the of the Partnership
Tax Audit Rules is made, the PR shall furnish to each Member for the year under audit a statement reflecting the Member’s share of the adjusted items as determined in the notice of final partnership adjustment, and each such Member shall take
such adjustment into account as required under Section 6226(b) of the Partnership Tax Audit Rules and shall be liable for any related tax, interest, penalty, addition to tax, or additional amounts. 

(c)    In the event of an audit by the Internal Revenue Service, if the PR does not make the election provided by Section
6226(a) of the Partnership Tax Audit Rules as noted above, the PR shall allocate the burden of any taxes (including, for the avoidance of doubt, any “imputed underpayment” within the meaning of Section 6225 of the Partnership Tax
Audit Rules), penalties, interest and related expenses imposed on the Company pursuant to the Partnership Tax Audit Rules among the Members to whom such amounts are attributable (whether as a result of their status, actions, inactions or otherwise),
as reasonably determined by the PR and each Member shall promptly reimburse the Company in full for the entire amount the PR determines to be attributable to such Member; provided that the Company will also be allowed to recover any amount
due from such Member pursuant to this sentence from any distribution otherwise payable to such Member pursuant to this Agreement. Solely for purposes of determining the current Member(s) to which any taxes or other amounts are attributable under
this provision, references to any Member in this Section 7.4(c) shall include a reference to each Person that previously held the Units currently held by such Member (but only to the extent of such Person’s interest in such Units). 

(d)    The PR is authorized to, and shall follow principles (to the extent available) similar to those set forth in
Section 7.4(b) and Section 7.4(c) with respect to any audits by state, local, or foreign tax authorities and any tax liabilities that result therefrom. 

Section 7.5    Code §83 Safe Harbor Election. 

(a)    By executing this Agreement, each Unitholder authorizes and directs the Company to elect to have the “Safe
Harbor” described in the proposed Revenue Procedure set forth in the Internal Revenue Service Notice 2005-43 (the “IRS Notice”) or in any successor, guidance or provision apply to any
interest in the Company transferred to a service provider by the Company on or after the effective date of such Revenue Procedure in connection with services provided to the Company. For purposes of making such Safe Harbor election, the Tax Matters
Partner is hereby designated as the “partner who has responsibility for federal income Tax reporting” by the Company and, accordingly, that execution of such Safe Harbor election by 

  
 34 

 
the Tax Matters Partner constitutes execution of a “Safe Harbor Election” in accordance with Section 3.03(1) of the IRS Notice. Each Unitholder hereby agrees to comply with all
requirements of the Safe Harbor described in the IRS Notice, including, the requirement that each Unitholder shall prepare and file all federal income Tax returns reporting the income Tax effects of each Unit issued by the Company that qualifies for
the Safe Harbor in a manner consistent with the requirements of the IRS Notice. 
 (b)    Any Unitholder or former
Unitholder that fails to comply with requirements set forth in Section 7.5(a) shall indemnify and hold harmless the Company and each adversely affected Unitholder and former Unitholder from and against any and all losses, liabilities, Taxes,
damages, judgments, fines, costs, penalties, amounts paid in settlement and reasonable out-of-pocket costs and expenses incurred in connection therewith (including,
costs and expenses of suits and proceedings, and reasonable fees and disbursements of counsel), in each case resulting from such Unitholder’s or former Unitholder’s failure to comply with such requirements. The Manager may offset
Distributions to which a Person is otherwise entitled under this Agreement against such Person’s obligation to indemnify the Company and any other Person under this Section 7.5(b) (and any amount so offset with respect to such
Person’s obligation to indemnify a Person other than the Company shall be paid over to such other Person by the Company). A Unitholder’s obligations to comply with the requirements of Section 7.5(a) and to indemnify the Company and
any Unitholder or former Unitholder under this Section 7.5(b) shall survive such Unitholder’s ceasing to be a Unitholder of the Company and/or the termination, dissolution, liquidation and winding up of the Company, and, for purposes of
this Section 7.5, the Company shall be treated as continuing in existence. The Company and any Unitholder or former Unitholder may pursue and enforce all rights and remedies it may have against each Unitholder or former
Unitholder under this Section 7.5(b), including (i) instituting a lawsuit to collect such indemnification and contribution, with interest calculated at a rate equal to the Base Rate plus three percentage points per annum (but not in
excess of the highest rate per annum permitted by law), compounded on the last day of each Fiscal Quarter and (ii) specific performance and/or immediate injunctive or other equitable relief from any court of competent jurisdiction (without the
necessity of showing actual money damages, or posting any bond or other security) in order to enforce or prevent any violation of the provisions of Section 7.5(a). 

(c)    Each Unitholder authorizes the Manager to amend paragraphs (a) and (b) of this
Section 7.5 to the extent necessary to achieve substantially the same Tax treatment with respect to any interest in the Company Transferred to a service provider by the Company in connection with services provided to the
Company as set forth in Section 4 of the IRS Notice (e.g., to reflect changes from the rules set forth in the IRS Notice in subsequent Internal Revenue Service guidance); provided that such amendment is not materially adverse to any
Unitholder (as compared with the after-Tax consequences that would result if the provisions of the IRS Notice applied to all interests in the Company Transferred to a service provider by the Company in
connection with services provided to the Company). 

  
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ARTICLE VIII 
 TRANSFER OF UNITS; ADMISSION OF NEW MEMBERS 

Section 8.1    Transfer of Common Units. Other than as provided for below in this
Section 8.1 or in Section 8.2, no Member may sell, assign, transfer, grant a participation in, pledge, hypothecate, encumber or otherwise dispose of (such transaction being herein collectively
called a “Transfer”) all or any portion of its Common Units except with the approval of the Manager, which may be granted or withheld in its sole discretion. Without the approval of the Manager (but otherwise in compliance with
Section 8.1 and Section 8.2), a Member may, at any time, (a) Transfer any portion of such Member’s Common Units pursuant to the Exchange Agreement, and (b) Transfer any portion of
such Member’s Common Units to a Permitted Transferee of such Member. Any Transfer of Class A Common Units to a Permitted Transferee of such Member by a Member which also holds Class B Common Stock must be accompanied by the transfer
of a corresponding number of shares of Class B Common Stock (determined based upon the Exchange Rate then in effect) to such Permitted Transferee. Any purported Transfer of all or a portion of a Member’s Common Units not complying with
this Section 8.1 shall be void ab initio and shall not create any obligation on the part of the Company or the other Members to recognize that purported Transfer or to recognize the Person to which the
Transfer purportedly was made as a Member. A Person acquiring a Member’s Common Units pursuant to this Section 8.1 shall not be admitted as a substituted or Additional Member except in accordance with the requirements
of Section 8.3, but such Person shall, to the extent of the Common Units transferred to it, be entitled to such Member’s (i) share of Distributions, (ii) share of Profits and Losses and (iii) Capital
Account in accordance with Section 3.6. Notwithstanding anything in this Section 8.1 or elsewhere in this Agreement to the contrary, if a Member Transfers all or any portion of its Common Units
after the designation of a record date and declaration of a Distribution pursuant to Section 4.1 and before the payment date of such distribution, the transferring Member (and not the Person acquiring all or any portion of
its Common Units) shall be entitled to receive such Distribution in respect of such transferred Common Units. 

Section 8.2    Transfer of Carvana Co. Sub’s Interest. Carvana Co. Sub may
not Transfer all or any portion of its Class A Common Units at any time, except to (a) the Company, (c) any wholly-owned Subsidiary of Carvana Co. Sub or Carvana Co., (d) any Person of which Carvana Co. Sub or Carvana Co. is a
wholly-owned Subsidiary, (e) any Person into which Carvana Co. Sub or Carvana Co. is merged or consolidated or (f) any transferee of all or substantially all of the assets of Carvana Co. Sub or Carvana Co. 

Section 8.3    Recognition of Transfer; Substituted and Additional Members. 

(a)    No direct or indirect Transfer of all or any portion of a Member’s Common Units may be made, and no purchaser,
assignee, transferee or other recipient of all or any part of such Common Units shall be admitted to the Company as a substituted or Additional Member hereunder, unless: 

(i)    the provisions of Section 8.1 or in Section 8.2, as
applicable, shall have been complied with; 

  
 36 

 (ii)    in the case of a proposed substituted or Additional Member that is
(A) a competitor or potential competitor of Carvana Co. or the Company or their respective Subsidiaries, (B) a Person with whom Carvana Co. or the Company or their respective Subsidiaries has had or is expected to have a material
commercial or financial relationship or (C) likely to subject Carvana Co. or the Company or their respective Subsidiaries to any material legal or regulatory requirement or obligation, or materially increase the burden thereof, in each case as
determined by the Manager in its sole discretion, the admission of the purchaser, assignee, transferee or other recipient as a substituted or Additional Member shall have been approved by the Manager; 

(iii)    the Manager shall have been furnished with the documents effecting such Transfer, in form and substance
reasonably satisfactory to the Manager, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee, transferee or other recipient, and the Manager shall have executed (and the Manager hereby agrees to execute)
any other documents on behalf of itself and the Members required to effect the Transfer; 
 (iv)    the provisions of
Section 8.3(b) shall have been complied with; 
 (v)    the Manager shall be reasonably satisfied that such
Transfer will not (A) result in a violation of the Securities Act or any other applicable law; or (B) cause an assignment under the Investment Company Act; 

(vi)    such Transfer would not cause the Company to be treated as a “publicly traded partnership” within the
meaning of Section 7704 of the Code or any other association taxable as a corporation for federal income tax purposes and, without limiting the generality of the foregoing, such Transfer shall not be effected on or through an “established
securities market” or a “secondary market or the substantial equivalent thereof,” as such terms are used in Treas. Reg. § 1.7704-1; 

(vii)    the Manager shall have received the opinion of counsel, if any, required by Section 8.3(c) in connection
with such Transfer; and 
 (viii)    all necessary instruments reflecting such Transfer and/or admission shall have
been filed in each jurisdiction in which such filing is necessary in order to qualify the Company to conduct business or to preserve the limited liability of the Members. 

(b)    Each Substituted Member and Additional Member shall be bound by all of the provisions of this Agreement. Each
Substituted Member and Additional Member, as a condition to its admission as a Member, shall execute and acknowledge such instruments (including a counterpart of this Agreement and the Exchange Agreement or a joinder agreement in customary form), in
form and substance reasonably satisfactory to the Manager, as the Manager reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement of such substituted or Additional Member to be bound by all the terms and
provisions of this Agreement with respect to the Common Units acquired by such substituted or Additional Member. The admission of a substituted or Additional Member shall not require the consent of any Member (but shall require the consent of the
Manager, if and to the extent such 

  
 37 

 
consent of the Manager is expressly required by this Article VIII). As promptly as practicable after the admission of a substituted or Additional Member, the Unit Ownership Ledger and
other books and records of the Company and Exhibit A shall be changed to reflect such admission. 
 (c)    As a
further condition to any Transfer of all or any part of a Member’s Common Units, the Manager may, in its discretion, require a written opinion of counsel to the transferring Member reasonably satisfactory to the Manager, obtained at the sole
expense of the transferring Member, reasonably satisfactory in form and substance to the Manager, as to such matters as are customary and appropriate in transactions of this type, including, without limitation (or, in the case of any Transfer made
to a Permitted Transferee, limited to an opinion) to the effect that such Transfer will not result in a violation of the registration or other requirements of the Securities Act or any other federal or state securities laws. No such opinion,
however, shall be required in connection with a Transfer made pursuant to the Exchange Agreement. 

Section 8.4    Expense of Transfer; Indemnification. All reasonable costs and expenses incurred by the Manager
and the Company in connection with any Transfer of a Member’s Common Units, including any filing and recording costs and the reasonable fees and disbursements of counsel for the Company, shall be paid by the transferring Member. In addition,
the transferring Member hereby indemnifies the Manager and the Company against any losses, claims, damages or liabilities to which the Manager, the Company, or any of their Affiliates may become subject arising out of or based upon any false
representation or warranty made by, or breach or failure to comply with any covenant or agreement of, such transferring Member or such transferee in connection with such Transfer. 

Section 8.5    Exchange Agreement. In connection with any Transfer of any portion of a Member’s Common
Units pursuant to the Exchange Agreement, the Manager shall cause the Company to take any action as may be required under the Exchange Agreement or requested by any party thereto to effect such Transfer promptly. 

Section 8.6    Change of Control Transactions. In the event (i) Carvana Co. enters into an agreement to
consummate a Change of Control transaction (as defined in the Exchange Agreement) or (ii) any Person commences a tender offer or exchange offer for any of the outstanding shares of Carvana Co.’s stock, Carvana Co. will take all reasonable
actions in order to effect any Change of Control Exchange as defined in the Exchange Agreement. 

Section 8.7    Divorce/Separation of Unitholder. If required by the Manager, each Member or Unitholder
who is an individual shall, at the time of his or her execution of this Agreement or, if any such Person is currently unmarried, at such later time as such Person becomes married or is later required by Manager, cause his or her spouse to execute
and deliver to the Company a Consent and Agreement of Spouse in the form attached hereto. If any Member who is an individual (for purposes of this Section 8.7, a “Separated Member”) and his or her spouse
(for purposes of this Section 8.7, a “Former Spouse”) become legally separated or divorced and a court or any property settlement or other agreement awards any Units owned by such Separated Member to such
Former Spouse, then in such case, notwithstanding the provisions of, such Units (the “Former Spouse’s Units”) held by such Member shall be dealt with as follows: 

  
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 (a)    Each Separated Member shall promptly provide the Company with written
notice (the “Dissolution Notice”) of (i) the entry of any judicial decree or order resolving the property rights of the Separated Member and the Former Spouse in connection with their marital dissolution or legal separation, or
(ii) the execution of any contract or agreement relating to the distribution or division of such property rights. The Dissolution Notice shall be accompanied by a copy of the actual decree of dissolution, settlement agreement, or other
agreement between the Separated Member and the Former Spouse, which provides for the award to the Former Spouse of the Former Spouse’s Units in settlement of any community property or other marital property rights such Former Spouse may have in
such Units. 
 (b)    Notwithstanding the making of any such award or agreement with respect to the Former Spouse’s
Units, the Former Spouse shall not have any rights of a Member, except the right to receive distributions occurring at the times and equal in amounts to those distributions the Separated Member would otherwise have received in respect of the Former
Spouse’s Units. 
 (c)    In the event that there is an award of a Separated Member’s Unvested Class B
Common Units to a Former Spouse, such Unvested Class B Common Units shall be forfeited and terminated. In the event there is an award of a Separated Member’s Vested Class B Common Units to a Former Spouse, such Vested Class B
Common Units may, at the option of the Company or the Manager, be acquired for an amount equal to fifty percent (50%) of the Fair Market Value of such Vested Units. 

ARTICLE IX 
 WITHDRAWAL AND
RESIGNATION OF UNITHOLDERS 
 Section 9.1    Withdrawal and Resignation of Unitholders. No Unitholder
shall have the power or right to withdraw or otherwise resign from the Company prior to the dissolution and winding up of the Company pursuant to Article X, without the prior written consent of the Manager (which consent may be withheld by
the Manager in its sole discretion), except as otherwise expressly permitted by this Agreement. Upon a Transfer of all of a Unitholder’s Units in a Transfer permitted by this Agreement, and (if applicable) the Equity Agreements, such Unitholder
shall cease to be a Unitholder. Notwithstanding that payment on account of a withdrawal may be made after the effective time of such withdrawal, any completely withdrawing Unitholder will not be considered a Unitholder for any purpose after the
effective time of such complete withdrawal, and, in the case of a partial withdrawal, such Unitholder’s Capital Account (and corresponding voting and other rights) shall be reduced for all other purposes hereunder upon the effective time of
such partial withdrawal. 
 ARTICLE X 

DISSOLUTION AND LIQUIDATION 

Section 10.1    Dissolution. The Company shall not be dissolved by the admission of Additional Members or
Substituted Members. The Company shall dissolve, and its affairs shall be wound up upon the first of the following to occur: 

(a)    at the election of the Manager; and 

  
 39 

 (b)    the entry of a decree of judicial dissolution of the Company under
Section 33.5 of the Delaware Act or an administrative dissolution under Section 18-802 of the Delaware Act. 

Except as otherwise set forth in this Article X the Company is intended to have perpetual existence. An Event of Withdrawal shall not
cause a dissolution of the Company and the Company shall continue in existence subject to the terms and conditions of this Agreement. 

Section 10.2    Liquidation and Termination. On the dissolution of the Company, the Manager shall act as
liquidator or may appoint one or more representatives, Members or other Persons as liquidator(s). The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Delaware Act.
The costs of liquidation shall be borne as the Company’s expense. Until final distribution, the liquidators shall continue to operate the Company properties with all of the power and authority of the Manager. The steps to be accomplished by the
liquidators are as follows: 
 (a)    The liquidators shall pay, satisfy or discharge from the Company’s funds all
of the debts, liabilities and obligations of the Company (including all expenses incurred in liquidation) or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash fund for contingent liabilities
in such amount and for such term as the liquidators may reasonably determine). 
 (b)    As promptly as practicable
after dissolution, the liquidators shall (i) determine the Fair Market Value (the “Liquidation FMV”) of the Company’s remaining assets (the “Liquidation Assets”) in accordance with Article X hereof,
(ii) determine the amounts to be distributed to each Unitholder in accordance with Section 4.1, and (iii) deliver to each Unitholder a statement (the “Liquidation Statement”) setting forth the
Liquidation FMV and the amounts and recipients of such Distributions, which Liquidation Statement shall be final and binding on all Unitholders. 

(c)    As soon as the Liquidation FMV and the proper amounts of Distributions have been determined in accordance with
Section 10.2(b) above, the liquidators shall promptly distribute the Company’s Liquidation Assets to the holders of Units in accordance with Section 4.1(b) above. In making such distributions, the liquidators shall allocate each
type of Liquidation Assets (i.e., cash or cash equivalents, preferred or common equity securities, etc.) among the Unitholders ratably based upon the aggregate amounts to be distributed with respect to the Units held by each such holder;
provided that the liquidators may allocate each type of Liquidation Assets so as to give effect to and take into account the relative priorities of the different Units; provided further that, in the event that any securities are
part of the Liquidation Assets, each Unitholder that is not an “accredited investor” as such term is defined under the Securities Act may, in the sole discretion of the Manager, receive, and hereby agrees to accept, in lieu of such
securities, cash consideration with an equivalent value to such securities as determined by the Manager. Any non-cash Liquidation Assets will first be written up or down to their Fair Market Value, thus
creating Profit or Loss (if any), which shall be allocated in accordance with Section 4.2 and Section 4.3. If any Unitholder’s Capital Account is not equal to

  
 40 

 
the amount to be distributed to such Unitholder pursuant to Section 10.2(b), Profits and Losses for the Fiscal Year in which the Company is dissolved shall be allocated among the
Unitholders in such a manner as to cause, to the extent possible, each Unitholder’s Capital Account to be equal to the amount to be distributed to such Unitholder pursuant to Section 10.2(b). The distribution of cash and/or property to a
Unitholder in accordance with the provisions of this Section 10.2(b) constitutes a complete return to the Unitholder of its Capital Contributions and a complete distribution to the Unitholder of its interest in the Company and all the Company
property and constitutes a compromise to which all Unitholders have consented within the meaning of the Delaware Act. To the extent that a Unitholder returns funds to the Company, it has no claim against any other Unitholder for those funds. 

Section 10.3    Securityholders Agreement. To the extent that units or other equity securities of any
Subsidiary are distributed to any Unitholders and unless otherwise agreed to by the Manager, such Unitholders hereby agree to enter into a securityholders agreement with such Subsidiary and each other Unitholder which contains rights and
restrictions in form and substance similar to the provisions and restrictions set forth herein (including in Article VIII). 

Section 10.4    Cancellation of Certificate. On completion of the distribution of the Company’s assets as
provided herein, the Company shall be terminated (and the Company shall not be terminated prior to such time), and the Manager (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation with
the Secretary of State of Delaware, cancel any other filings made pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to terminate the Company. The Company shall be deemed to continue in
existence for all purposes of this Agreement until it is terminated pursuant to this Section 10.4. 

Section 10.5    Reasonable Time for Winding Up. A reasonable time shall be allowed for the orderly winding up
of the business and affairs of the Company and the liquidation of its assets pursuant to Section 10.2 in order to minimize any losses otherwise attendant upon such winding up. 

Section 10.6    Return of Capital. The liquidators shall not be personally liable for the return of Capital
Contributions or any portion thereof to the Unitholders (it being understood that any such return shall be made solely from the Company assets). 

Section 10.7    Hart-Scott-Rodino. In the event the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) is
applicable to any Unitholder, the dissolution of the Company shall not be consummated until such time as the applicable waiting period (and extensions thereof) under the HSR Act have expired or otherwise been terminated with respect to each such
Unitholder. 

  
 41 

 ARTICLE XI 

GENERAL PROVISIONS 

Section 11.1    Power of Attorney. Each Unitholder hereby constitutes and appoints the Manager and the
liquidators, if any and as applicable, and their respective designees, with full power of substitution, as his, her or its true and lawful agent and attorney-in-fact,
with full power and authority in his, her or its name, place and stead, to execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (to the same extent such Person could take such action): (a) this Agreement,
all certificates and other instruments and all amendments hereof or thereof in accordance with the terms hereof which the Manager deems appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited liability
company in the State of Delaware and in all other jurisdictions in which the Company may conduct business or own property or as otherwise permitted herein; (b) all instruments, agreements, amendments or other documents which the Manager deems
appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (c) all conveyances and other instruments or documents which the Manager and/or the liquidators deems
appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement, including a certificate of cancellation; and (d) all instruments relating to the admission, withdrawal or substitution
of any Unitholder pursuant to Article VIII or Article IX. The foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the death, disability, incapacity, dissolution, bankruptcy, insolvency or
termination of any Unitholder and the Transfer of all or any portion of his, her or its Units and shall extend to such Unitholder’s heirs, successors, permitted assigns and personal representatives. 

Section 11.2    Amendments. This Agreement may be amended (including, for purposes of this
Section 11.2, any amendment effected directly or indirectly by way of a merger or consolidation of the Company) or waived, in whole or in part, by the Manager; provided, however, that to the extent any
amendment or waiver, including any amendment or waiver of the Exhibits attached hereto, would disproportionately and adversely affect the rights of any Member of a class compared with the rights of any other Member of such class, such amendment or
waiver may only be made by the Manager upon the prior written consent of such disproportionately and adversely affected Member. Class A Common Units and Class B Common Units shall be treated as the same class of Units for the purposes of
this Section 11.2. 
 Section 11.3    Title to the Company Assets. The
Company’s assets shall be deemed to be owned by the Company as an entity, and no Unitholder, individually or collectively, shall have any ownership interest in such assets or any portion thereof. Legal title to any or all of such assets may be
held in the name of the Company or one or more nominees, as the Manager may determine. The Manager hereby declares and warrants that any the Company assets for which legal title is held in the name of any nominee shall be held in trust by such
nominee for the use and benefit of the Company in accordance with the provisions of this Agreement. All the Company assets shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to
such assets is held. 

  
 42 

 Section 11.4    Remedies. Each Unitholder and the Company shall
have all rights and remedies set forth in this Agreement and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any law. Any Person having
any rights under any provision of this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any
provision of this Agreement and to exercise all other rights granted by law. 
 Section 11.5    Successors and
Assigns. All covenants and agreements contained in this Agreement shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns, whether
so expressed or not. 
 Section 11.6    Severability. Whenever possible, each provision of this Agreement
will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein or if such term or provision could be drawn more narrowly so as not to be illegal, invalid, prohibited or unenforceable in such jurisdiction, it shall be so narrowly drawn,
as to such jurisdiction, without invalidating the remaining terms and provisions of this Agreement or affecting the legality, validity or enforceability of such term or provision in any other jurisdiction. 

Section 11.7    Counterparts; Binding Agreement. This Agreement may be executed simultaneously in two or more
separate counterparts, any one of which need not contain the signatures of more than one party, but each of which will be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. This
Agreement and all of the provisions hereof shall be binding upon and effective as to each Person who (a) executes this Agreement in the appropriate space provided in the signature pages hereto notwithstanding the fact that other Persons who
have not executed this Agreement may be listed on the signature pages hereto and (b) may from time to time become a party to this Agreement by executing a counterpart of or joinder to this Agreement. 

Section 11.8    Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted
for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of
nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means such
agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Whenever required by the context, references to a Fiscal Year shall refer to a portion thereof. The
use of the words “or,” “either” and “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an

  
 43 

 
ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring
or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict. 

Section 11.9    Applicable Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of Delaware. 
 Section 11.10    Addresses and Notices. All notices, demands or other
communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) telecopied to the
recipient, or delivered by means of electronic mail (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if telecopied/emailed before 5:00 p.m. Phoenix, Arizona time on a Business Day, and
otherwise on the next Business Day, or (c) one (1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent to the address for such
recipient set forth in the Company’s books and records, or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

Section 11.11    Creditors. None of the provisions of this Agreement shall be for the benefit of or
enforceable by any creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor
of such creditor) at any time as a result of making the loan any direct or indirect interest in the Company’s Profits, Losses, Distributions, capital or property other than as a secured creditor. Notwithstanding the foregoing, each of the
Indemnitees are intended third party beneficiaries of Section 6.1(b). and shall be entitled to enforce such provision (as it may be in effect from time to time). 

Section 11.12    No Waiver. No failure by any party to insist upon the strict performance of any covenant,
duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 11.13    Further Action. The parties agree to execute and deliver all documents, provide all
information and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 11.14    Offset Against Amounts Payable. Whenever the Company is to pay any sum to any Unitholder or
any Affiliate or related Person thereof, any amounts that such Unitholder or such Affiliate or related Person owes to the Company or any of its Subsidiaries may be offset or deducted from that sum before payment. 

  
 44 

 Section 11.15    Entire Agreement. This Agreement and the other
Transaction Documents embody the complete agreement and understanding among the parties with respect to the subject matter herein and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or
oral, which may have related to the subject matter hereof in any way. 
 Section 11.16    Delivery by Electronic
Means. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and
delivered by means of a facsimile machine or electronic transmission in portable document format (pdf) or comparable electronic transmission, shall be treated in all manner and respects as an original agreement or instrument and shall be considered
to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or pdf electronic transmission or comparable
electronic transmission to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine as a defense to the formation or enforceability of a contract and each
such party forever waives any such defense. 
 Section 11.17    Certain Acknowledgments. This Agreement
shall be considered for all purposes as having been prepared through the joint efforts of the parties. No presumption shall apply in favor of any party in the interpretation of this Agreement or in the resolution of any ambiguity of any provision
hereof based on the preparation, substitution, submission or other event of negotiation, drafting or execution hereof. Each Member and Unitholder acknowledges that it/he/she is entitled to and has been afforded the opportunity to consult legal
counsel of its choice regarding the terms, conditions and legal effects of this Agreement, as well as the advisability and propriety thereof. Each Member and Unitholder further acknowledges that having so consulted with legal counsel of its
choosing, such Member or Unitholder hereby waives any right to raise or rely upon the lack of representation or effective representation in any future proceedings or in connection with any future claim resulting from this Agreement or the formation
of the Company. THE COMPANY, THE MEMBERS AND THE UNITHOLDERS ACKNOWLEDGE THAT KIRKLAND & ELLIS LLP HAS ONLY REPRESENTED THE COMPANY WITH RESPECT TO THE NEGOTIATION AND PREPARATION OF THIS AGREEMENT, AND HAS NOT REPRESENTED THE MEMBERS OR
THE UNITHOLDERS WITH RESPECT TO SUCH MATTERS. 
 Section 11.18    Consent to Jurisdiction; WAIVER OF TRIAL BY
JURY. 
 (a)    Consent to Jurisdiction. Each Unitholder irrevocably submits to the exclusive jurisdiction of
the United States District Court for the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each Unitholder
further agrees that service of any process, summons, notice or document by United States certified or registered mail (in each such case, prepaid return receipt requested) to such Unitholder’s respective address set forth in the Company’s
books and records or such other address or to the attention of such 

  
 45 

 
other person as the recipient party has specified by prior written notice to the sending party shall be effective service of process in any action, suit or proceeding in Delaware with respect to
any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each Unitholder irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out
of this Agreement or the transactions contemplated hereby in the United States District Court for the State of Delaware or the state courts of the State of Delaware and hereby irrevocably and unconditionally waives and agrees not to plead or claim
in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum. 

(b)    WAIVER OF TRIAL BY JURY. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY
AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE
LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT (INCLUDING THE COMPANY) HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO
RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIPS
ESTABLISHED AMONG THE PARTIES HEREUNDER. 
 Section 11.19    Representations and Warranties. By execution of
this Agreement, each Member severally represents and warrants as follows: 
 (a)    Such Member has full legal right,
power, and authority to deliver this Agreement and the other Transaction Documents and to perform such Member’s obligations hereunder and thereunder; 

(b)    This Agreement and the other Transaction Documents constitute the legal, valid, and binding obligation of such
Member enforceable in accordance with its respective terms, except as the enforcement thereof may be limited by bankruptcy and other laws of general application relating to creditors’ rights or general principles of equity; 

(c)    Neither this Agreement nor the other Transaction Documents violate, conflict with, result in a breach of the terms,
conditions or provisions of, or constitute a default or an event of default under any other agreement of which such Member is a party; and 

(d)    Such Member’s investment in Units in the Company is made for such Member’s own account for investment
purposes only and not with a view to the resale or distribution of such Units. 
 Section 11.20    Tax
Receivable Agreement. The Tax Receivable Agreement and the Exchange Agreement shall each be treated as part of this Agreement as described in 

  
 46 

 
Section 761(c) of the Code, and Treas. Reg. § 1.704-1(b)(2)(ii)(h) and § 1.761-1(c) with
respect to payments to a Member with respect to an Exchange (as defined in the Tax Receivable Agreement) by such Member. 
 *  
*   *   *   * 

  
 47 

 IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this
Fourth Amended and Restated Limited Liability Company Agreement as of the date first written above. 
  

			
	CARVANA GROUP, LLC
		
	By:	 	  

	Name:	 	Ernest C. Garcia III
	Its:	 	Chief Executive Officer
	
	CARVANA CO.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CARVANA CO. SUB LLC, as a Member and the sole Manager
		
	By:	 	  

	Name:	 	
	Its:	 	
	
	ERNEST C. GARCIA II, a Member
		
	By:	 	  

	Name:	 	Ernest C. Garcia II

 [Signature Page to Carvana Group, LLC Fourth Amended and Restated Limited Liability Company Agreement]

			
	2014 FIDEL FAMILY TRUST DATED JUNE 16, 2014, A MEMBER
		
	By:	 	  

	Name:	 	Kathryn L. Fidel
	Its:	 	Trustee

 [Signature Page to Carvana Group, LLC Fourth Amended and Restated Limited Liability Company Agreement]

 
			
	ERNEST C. GARCIA III, a Member
		
	By:	 	  

		 	Ernest C. Garcia III

 [Signature Page to Carvana Group, LLC Fourth Amended and Restated Limited Liability Company Agreement]

 
					
	ERNEST GARCIA III MULTI-GENERATIONAL TRUST III, a Member
		
	By:	 	  

	Name:	 	Steven P. Johnson
	Its:	 	Administrative Trustee
		
	By:	 	  

	Name:	 	Ernest C. Garcia II
	Its:	 	Investment Trustee
	
	ERNEST IRREVOCABLE 2004 TRUST III, a Member
		
	By:	 	  

	Name:	 	Steven P. Johnson
	Its:	 	Administrative Trustee
		
	By:	 	  

	Name:	 	Ernest C. Garcia II
	Its:	 	Investment Trustee

 [Signature Page to Carvana Group, LLC Fourth Amended and Restated Limited Liability Company Agreement]

 
			
	CVAN HOLDINGS, LLC
		
	By:	 	  

	Name:	 	Kelly Van Meter
	Its:	 	Vice President

 [Signature Page to Carvana Group, LLC Fourth Amended and Restated Limited Liability Company Agreement]

 
			
	DRIVETIME CAR SALES AND FINANCE COMPANY, LLC
		
	By:	 	  

	Name:	 	Kurt Wood
	Its:	 	CFO

 Signature Page to Carvana Group, LLC Fourth Amended and Restated Limited Liability Company Agreement]

 
			
	GV AUTO I, LLC
		
	By:	 	Georgiana Ventures, LLC
	Its:	 	Manager
		
	By:	 	  

	Name:	 	Ira J. Platt
	Its:	 	Manager

 [Signature Page to Carvana Group, LLC Fourth Amended and Restated Limited Liability Company Agreement]

 FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

Joinder 
 The undersigned hereby
agrees to become a party to the Fourth Amended and Restated Limited Liability Company Agreement of Carvana Group, LLC, a Delaware limited liability company, dated as of [●], 2017 (the “Agreement”), and agrees to be bound
by the terms and conditions of the Agreement as a Member. 
  

			
	MEMBER:
		
	[●]	 	
		
	By:	 	  

	Its:	 	
	
	Address for Notices:
		
	[●]	 	
	[●]	 	
	[●]	 	
	[●]	 	

 [Signature Page to Carvana Group, LLC Fourth Amended and Restated Limited Liability Company Agreement]

 CONSENT AND AGREEMENT OF SPOUSE 

The undersigned (“Spouse”) is the spouse of the individual identified below (“Married Unitholder”) who owns
units in Carvana Group, LLC (the “Company”). Spouse acknowledges that he or she has read the Fourth Amended and Restated Limited Liability Company Agreement of Carvana Group, LLC, effective as of [●], 2017 (the
“Agreement”), and understands its provisions. Specifically, Spouse has read Section 8.7 (Divorce/Separation of Unitholder) and is aware that by the provisions of the Agreement both Spouse and Married
Unitholder have agreed to sell, transfer, and restrict all of Married Unitholder’s or Spouse’s units in the Company, including any community property interest or quasi-community property interest therein, in accordance with the terms and
provisions of the Agreement. Spouse hereby expressly approves of and agrees to be bound by the provisions of the Agreement in its entirety, including but not limited to those provisions relating to the sales and transfers of the units and the
restrictions thereon and not to make any transfer or other disposition of his or her community property or other interest in the units, whether by bequest or the application of the residuary clause of his or her will or otherwise, in any manner that
would have the effect of causing the units to be held by anyone other than Married Unitholder. If Spouse predeceases Married Unitholder when Married Unitholder owns any units in the Company, then Spouse agrees not to transfer, devise or bequeath
whatever community property interest or quasi-community property interest Spouse may have in the units of the Company in contravention of the Agreement. Spouse hereby appoints Married Unitholder as his or her attorney-in-fact to exercise all rights that Spouse may have with respect to the units, including, but not limited to, the encumbrance or disposition thereof. 

 

			
	 Date:
	 	  

	
	  

Married Unitholder

	
	  

Spouse

	
	  

Print Name of Spouse

 [Signature Page to Carvana Group, LLC Fourth Amended and Restated Limited Liability Company Agreement]EX-10.4

 Exhibit 10.4 

CARVANA CO. 
  

 
 2017 OMNIBUS
INCENTIVE PLAN 
  
  

ARTICLE I 
 PURPOSE

 The purpose of this Carvana Co. 2017 Omnibus Incentive Plan is to enhance the profitability and value of the Company for the benefit
of its stockholders by enabling the Company to offer Eligible Individuals cash and stock-based incentives in order to attract, retain and reward such individuals and strengthen the mutuality of interests
between such individuals and the Company’s stockholders. The Plan is effective as of the date set forth in Article XV. 
 ARTICLE II

 DEFINITIONS 
 For
purposes of the Plan, the following terms shall have the following meanings: 

2.1    “Affiliate” means each of the following: (a) any Subsidiary;
(b) any Parent; (c) any corporation, trade or business (including, without limitation, a partnership or limited liability company) which is directly or indirectly controlled 50% or more (whether by ownership of stock, assets or an
equivalent ownership interest or voting interest) by the Company or one of its Affiliates; (d) any trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly controls 50% or more
(whether by ownership of stock, assets or an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the Company or any of its Affiliates has a material equity interest and which is designated as an
“Affiliate” by resolution of the Committee; provided that, unless otherwise determined by the Committee, the Common Stock subject to any Award constitutes “service recipient stock” for purposes of Section 409A of the Code or
otherwise does not subject the Award to Section 409A of the Code. 

2.2    “Award” means any award under the Plan of any Stock Option, Stock
Appreciation Right, Restricted Stock Award, Performance Award, Other Stock-Based Award or Other Cash-Based Award. All Awards shall be granted by, confirmed by, and subject to the terms of, a written Award Agreement executed by the Company and the
Participant. 
 2.3    “Award Agreement” means the written or electronic
agreement setting forth the terms and conditions applicable to an Award. 

2.4    “Board” means the Board of Directors of the Company. 

2.5    “Cause” means, unless otherwise determined by the Committee in the
applicable Award Agreement, with respect to a Participant’s Termination of Employment or Termination of Consultancy, the following: (a) in the case where there is no employment agreement, consulting

 
agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an
agreement but it does not define “cause” (or words of like import)), termination due to a Participant’s insubordination, dishonesty, fraud, incompetence, moral turpitude, willful misconduct, refusal to perform the
Participant’s duties or responsibilities for any reason other than illness or incapacity, repeated or material violation of any employment policy, violation or breach of any confidentiality agreement, work product agreement or other agreement
between the Participant and the Company or materially unsatisfactory performance of the Participant’s duties for the Company or an Affiliate, as determined by the Committee in its good faith discretion; or (b) in the case where there is an
employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that defines “cause” (or words of like
import), “cause” as defined under such agreement; provided, however, that with regard to any agreement under which the definition of “cause” only applies on occurrence of a change in control, such definition of “cause”
shall not apply until a change in control actually takes place and then only with regard to a termination thereafter. With respect to a Participant’s Termination of Directorship, “cause” means an act or failure to act that constitutes
cause for removal of a director under applicable Delaware law. 
 2.6    “Change in
Control” has the meaning set forth in 11.2. 
 2.7    “Change in Control
Price” has the meaning set forth in Section 11.1. 

2.8    “Code” means the Internal Revenue Code of 1986, as amended. Any
reference to any section of the Code shall also be a reference to any successor provision and any treasury regulation and other official guidance or regulations promulgated thereunder. 

2.9    “Committee” means any committee of the Board duly authorized by the
Board to administer the Plan. If no committee is duly authorized by the Board to administer the Plan, the term “Committee” shall be deemed to refer to the Board for all purposes under the Plan. 

2.10    “Common Stock” means the shares of Class A common stock, $0.01
par value per share, of the Company. 
 2.11    “Company” means Carvana
Co., a Delaware corporation, and its successors by operation of law. 

2.12    “Consultant” means any natural person who is an advisor or consultant
to the Company or its Affiliates. 
 2.13    “Disability” means, unless
otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant’s Termination, a permanent and total disability as defined in Section 22(e)(3) of the Code. A Disability shall only be deemed to occur at the
time of the determination by the Committee of the Disability. Notwithstanding the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of
the Code. 
 2.14    “Effective Date” means the effective date of the Plan
as defined in Article XV. 

  
 2 

 2.15    “Eligible Employees”
means each employee of the Company or an Affiliate. 
 2.16    “Eligible
Individual” means an Eligible Employee, Non-Employee Director or Consultant who is designated by the Committee in its discretion as eligible to receive Awards subject to the conditions set
forth herein. 
 2.17    “Exchange Act” means the Securities Exchange Act
of 1934, as amended. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any
future legislation or regulation amending, supplementing or superseding such section or regulation. 

2.18    “Fair Market Value” means, for purposes of the Plan, unless otherwise
required by any applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the applicable date: (a) as reported on the principal
national securities exchange in the United States on which it is then traded or (b) if the Common Stock is not traded, listed or otherwise reported or quoted, the Committee shall determine in good faith the Fair Market Value in whatever manner
it considers appropriate taking into account the requirements of Section 409A of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted. For purposes
of any Award granted in connection with the Registration Date, the Fair Market Value shall be the public offering price in the initial public offering as set forth on the cover of the prospectus. For purposes of the exercise of any Award, the
applicable date shall be the date a notice of exercise is received by the Committee or, if not a day on which the applicable market is open, the next day that it is open. 

2.19    “Family Member” means the Participant’s child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the
Participant’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent (50%) of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets,
and any other entity in which these persons (or the Participant) own more than fifty percent (50%) of the voting interests. 

2.20    “Garcia Parties” means each of Ernest C. Garcia, II, Ernest C.
Garcia, III, and each of the entities controlled by one or both of them, including trusts over which one or both of them exercise investment control. 

2.21    “Incentive Stock Option” means any Stock Option awarded to an
Eligible Employee of the Company, its Subsidiaries and its Parents (if any) under the Plan intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code. 

2.22     “Lead Underwriter” has the meaning set forth in Section 14.20.

 2.23    “Lock-Up Period” has the
meaning set forth in Section 14.20. 

  
 3 

2.24    “Non-Employee Director” means
a director or a member of the Board of the Company or any Affiliate who is not an active employee of the Company or any Affiliate. 

2.25    “Non-Qualified Stock Option”
means any Stock Option awarded under the Plan that is not an Incentive Stock Option. 

2.26    “Non-Tandem Stock Appreciation
Right” means the right to receive an amount in cash and/or stock equal to the difference between (x) the Fair Market Value of a share of Common Stock on the date such right is exercised, and (y) the aggregate exercise
price of such right, otherwise than on surrender of a Stock Option. 
 2.27    “Other
Cash-Based Award” means an Award granted pursuant to Section 10.3 of the Plan and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion. 

2.28    “Other Stock-Based Award” means an Award under Article X of the Plan
that is valued in whole or in part by reference to, or is payable in or otherwise based on, Common Stock, including, without limitation, an Award valued by reference to an Affiliate. 

2.29    “Parent” means any parent corporation of the Company within the
meaning of Section 424(e) of the Code. 
 2.30    “Participant” means an
Eligible Individual to whom an Award has been granted pursuant to the Plan. 

2.31    “Performance Award” means an Award granted to a Participant pursuant
to Article IX hereof contingent upon achieving certain Performance Goals. 

2.32    “Performance Goals” means goals established by the Committee as
contingencies for Awards to vest and/or become exercisable or distributable based on one or more of the performance goals set forth in Exhibit A hereto. 

2.33    “Performance Period” means the designated period during which the
Performance Goals must be satisfied with respect to the Award to which the Performance Goals relate. 

2.34    “Person” means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a government or any branch, department, agency, political subdivision or official thereof. 

2.35    “Plan” means this Carvana Co. 2017 Omnibus Incentive Plan, as amended
from time to time. 
 2.36    “Proceeding” has the meaning set forth in
Section 14.9. 
 2.37    “Reference Stock Option” has the meaning set
forth in Section 7.1. 

  
 4 

 2.38    “Registration Date”
means the date on which the Company consummates the sale of its Common Stock in a bona fide, firm commitment underwriting pursuant to a registration statement under the Securities Act. 

2.39    “Reorganization” has the meaning set forth in Section 4.2(b)(ii).

 2.40    “Restricted Stock” means an Award of shares of Common Stock
under the Plan that is subject to restrictions under Article VIII. 
 2.41    “Restriction
Period” has the meaning set forth in Section 8.3(a) with respect to Restricted Stock. 

2.42    “Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision. 

2.43    “Section 162(m) of the Code” means the exception for
performance-based compensation under Section 162(m) of the Code and any applicable treasury regulations thereunder. 

2.44    “Section 409A of the Code” means the nonqualified deferred
compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder. 

2.45    “Securities Act” means the Securities Act of 1933, as amended and all
rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any
comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

2.46    “Stock Appreciation Right” means the right pursuant to an Award
granted under Article VII. 
 2.47    “Stock Option” or
“Option” means any option to purchase shares of Common Stock granted to Eligible Individuals granted pursuant to Article VI. 

2.48    “Subsidiary” means any subsidiary corporation of the Company within
the meaning of Section 424(f) of the Code. 
 2.49    “Tandem Stock Appreciation
Right” means the right to surrender to the Company all (or a portion) of a Stock Option in exchange for an amount in cash and/or stock equal to the difference between (i) the Fair Market Value on the date such Stock Option
(or such portion thereof) is surrendered, of the Common Stock covered by such Stock Option (or such portion thereof), and (ii) the aggregate exercise price of such Stock Option (or such portion thereof). 

2.50    “Ten Percent Stockholder” means a Person owning stock possessing more
than ten percent (10%) of the total combined voting power of all classes of stock of the Company, its Subsidiaries or its Parent. 

  
 5 

 2.51    “Termination” means a
Termination of Consultancy, Termination of Directorship or Termination of Employment, as applicable. 

2.52    “Termination of Consultancy” means: (a) that the Consultant is
no longer acting as a consultant to the Company or an Affiliate; or (b) when an entity which is retaining a Participant as a Consultant ceases to be an Affiliate unless the Participant otherwise is, or thereupon becomes, a Consultant to the
Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that a Consultant becomes an Eligible Employee or a Non-Employee Director upon the termination of such
Consultant’s consultancy, unless otherwise determined by the Committee, in its sole discretion, no Termination of Consultancy shall be deemed to occur until such time as such Consultant is no longer a Consultant, an Eligible Employee or a Non-Employee Director. Notwithstanding the foregoing, the Committee may otherwise define Termination of Consultancy in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define
Termination of Consultancy thereafter, provided that any such change to the definition of the term “Termination of Consultancy” does not subject the applicable Award to Section 409A of the Code. 

2.53    “Termination of Directorship” means that the Non-Employee Director has ceased to be a director of the Company; except that if a Non-Employee Director becomes an Eligible Employee or a Consultant upon the termination of
such Non-Employee Director’s directorship, such Non-Employee Director’s ceasing to be a director of the Company shall not be treated as a Termination of
Directorship unless and until the Participant has a Termination of Employment or Termination of Consultancy, as the case may be. 

2.54    “Termination of Employment” means: (a) a termination of
employment (for reasons other than a military or personal leave of absence granted by the Company) of a Participant from the Company and its Affiliates; or (b) when an entity which is employing a Participant ceases to be an Affiliate, unless
the Participant otherwise is, or thereupon becomes, employed by the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that an Eligible Employee becomes a Consultant or a
Non-Employee Director upon the termination of such Eligible Employee’s employment, unless otherwise determined by the Committee, in its sole discretion, no Termination of Employment shall be deemed to
occur until such time as such Eligible Employee is no longer an Eligible Employee, a Consultant or a Non-Employee Director. Notwithstanding the foregoing, the Committee may otherwise define Termination of
Employment in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define Termination of Employment thereafter, provided that any such change to the definition of the term “Termination of Employment” does not
subject the applicable Award to Section 409A of the Code. 

2.55    “Transfer” means: (a) when used as a noun, any direct or
indirect transfer, sale, assignment, pledge, hypothecation, encumbrance or other disposition (including the issuance of equity in any entity), whether for value or no value and whether voluntary or involuntary (including by operation of law), and
(b) when used as a verb, to directly or indirectly transfer, sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the issuance of equity in any entity) whether for value or for no value and whether voluntarily
or involuntarily (including by operation of law). “Transferred” and “Transferable” shall have a correlative meaning. 

  
 6 

 2.56    “Transition Period”
means the period beginning with the Registration Date and ending as of the earlier of: (i) the date of the first annual meeting of stockholders of the Company at which directors are to be elected that occurs after the close of the third
calendar year following the calendar year in which the Registration Date occurs; and (ii) the expiration of the “reliance period” under Treasury Regulation Section 1.162-27(f)(2). 

ARTICLE III 

ADMINISTRATION 

3.1    The Committee. The Plan shall be administered and interpreted by the Committee. To the
extent required by applicable law, rule or regulation, it is intended that each member of the Committee shall qualify as (a) a “non-employee director” under Rule
16b-3, (b) an “outside director” under Section 162(m) of the Code and (c) an “independent director” under the rules of any national securities exchange or national securities
association, as applicable. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee prior to such determination shall be valid despite such failure to qualify. 

3.2    Grants of Awards. The Committee shall have full authority to grant, pursuant to the terms of
the Plan, to Eligible Individuals: (i) Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock Awards, (iv) Performance Awards, (v) Other Stock-Based Awards and (vi) Other Cash-Based Awards. In particular,
the Committee shall have the authority: 
 (a)    to select the Eligible Individuals to whom Awards may from time to time
be granted hereunder; 
 (b)    to determine whether and to what extent Awards, or any combination thereof, are to be
granted hereunder to one or more Eligible Individuals; 
 (c)    to determine the number of shares of Common Stock to be
covered by each Award granted hereunder; 
 (d)    to determine the terms and conditions, not inconsistent with the
terms of the Plan, of any Award granted hereunder (including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof,
regarding any Award and the shares of Common Stock relating thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion); 

(e)    to determine the amount of cash to be covered by each Award granted hereunder; 

(f)    to determine whether, to what extent and under what circumstances grants of Stock Options and other Awards under
the Plan are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of the Plan; 

(g)    to determine whether and under what circumstances a Stock Option may be settled in cash, Common Stock and/or
Restricted Stock under Section 6.4(d); 

  
 7 

 (h)    to determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option; 
 (i)    to impose a “blackout” period during
which Stock Options may not be exercised; 
 (j)    to determine whether to require a Participant, as a condition of the
granting of any Award, to not sell or otherwise dispose of shares of Common Stock acquired pursuant to the exercise of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of
such Award; 
 (k)    to modify, extend or renew an Award, subject to Article XII and Section 6.4(l), provided, however,
that such action does not subject the Award to Section 409A of the Code without the consent of the Participant; and 

(l)    solely to the extent permitted by applicable law, to determine whether, to what extent and under what circumstances
to provide loans (which may be on a recourse basis and shall bear interest at the rate the Committee shall provide) to Participants in order to exercise Options under the Plan. 

3.3    Guidelines. Subject to Article XII hereof, the Committee shall have the authority to adopt,
alter and repeal such administrative rules, guidelines and practices governing the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by applicable law and applicable stock exchange rules), as it
shall, from time to time, deem advisable; to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration of the Plan. The
Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of the Plan. The
Committee may adopt special guidelines and provisions for Persons who are residing in or employed in, or subject to, the taxes of, any domestic or foreign jurisdictions to comply with applicable tax and securities laws of such domestic or foreign
jurisdictions. Notwithstanding the foregoing, no action of the Committee under this Section 3.3 shall impair the rights of any Participant without the Participant’s consent. To the extent applicable, the Plan is intended to comply with the
applicable requirements of Rule 16b-3, and with respect to Awards intended to be “performance-based,” the applicable provisions of Section 162(m) of the Code, and the Plan shall be limited, construed
and interpreted in a manner so as to comply therewith. 
 3.4    Decisions Final. Any decision,
interpretation or other action made or taken in good faith by or at the direction of the Company, the Board or the Committee (or any of its members) arising out of or in connection with the Plan shall be within the absolute discretion of all and
each of them, as the case may be, and shall be final, binding and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors and assigns. 

3.5    Procedures. If the Committee is appointed, the Board shall designate one of the members of the
Committee as chairman and the Committee shall hold meetings, subject to the By-Laws 

  
 8 

 
of the Company, at such times and places as it shall deem advisable, including, without limitation, by telephone conference or by written consent to the extent permitted by applicable law. A
majority of the Committee members shall constitute a quorum. All determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing and signed by all of the Committee members in accordance
with the By-Laws of the Company, shall be fully effective as if it had been made by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall make such rules and
regulations for the conduct of its business as it shall deem advisable. 
 3.6    Designation of
Consultants/Liability. 
 (a)    The Committee may designate employees of the Company and professional advisors
to assist the Committee in the administration of the Plan and (to the extent permitted by applicable law and applicable exchange rules) may grant authority to officers to grant Awards and/or execute agreements or other documents on behalf of the
Committee. In the event of any designation of authority hereunder, subject to applicable law, applicable stock exchange rules and any limitations imposed by the Committee in connection with such designation, such designee or designees shall have the
power and authority to take such actions, exercise such powers and make such determinations that are otherwise specifically designated to the Committee hereunder. 

(b)    The Committee may employ such legal counsel, consultants and agents as it may deem desirable for the administration
of the Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant
or agent shall be paid by the Company. The Committee, its members and any Person designated pursuant to Section 3.6(a) shall not be liable for any action or determination made in good faith with respect to the Plan. To the maximum extent permitted
by applicable law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Award granted under it. 

3.7    Indemnification. To the maximum extent permitted by applicable law and the Certificate of
Incorporation and By-Laws of the Company and to the extent not covered by insurance directly insuring such Person, each officer or employee of the Company or any Affiliate and member or former member of the
Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including reasonable fees of counsel reasonably acceptable to the Committee) or liability (including any sum paid in settlement of a claim with
the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration of the Plan, except to the
extent arising out of such officer’s, employee’s, member’s or former member’s own fraud or bad faith. Such indemnification shall be in addition to any right of indemnification the employees, officers, directors or members or
former officers, directors or members may have under applicable law or under the Certificate of Incorporation or By-Laws of the Company or any Affiliate. Notwithstanding anything else herein, this
indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to such individual under the Plan. 

  
 9 

 ARTICLE IV 

SHARE LIMITATION 

4.1    Shares. (a) The aggregate number of shares of Common Stock that may be issued or used for
reference purposes or with respect to which Awards may be granted under the Plan shall not exceed [                ] shares (subject to any increase or decrease pursuant
to Section 4.2), which may be either authorized and unissued Common Stock or Common Stock held in or acquired for the treasury of the Company or both. The maximum number of shares of Common Stock with respect to which Incentive Stock Options
may be granted under the Plan shall be [                ] shares. With respect to Stock Appreciation Rights settled in Common Stock, upon settlement, only the
number of shares of Common Stock delivered to a Participant (based on the difference between the Fair Market Value of the shares of Common Stock subject to such Stock Appreciation Right on the date such Stock Appreciation Right is exercised and the
exercise price of each Stock Appreciation Right on the date such Stock Appreciation Right was awarded) shall count against the aggregate and individual share limitations set forth under Sections 4.1(a) and 4.1(b). If any Option, Stock Appreciation
Right or Other Stock-Based Awards granted under the Plan expires, terminates or is canceled for any reason without having been exercised in full, the number of shares of Common Stock underlying any unexercised Award shall again be available for the
purpose of Awards under the Plan. If any shares of Restricted Stock, Performance Awards or Other Stock-Based Awards denominated in shares of Common Stock awarded under the Plan to a Participant are forfeited for any reason, the number of forfeited
shares of Restricted Stock, Performance Awards or Other Stock-Based Awards denominated in shares of Common Stock shall again be available for purposes of Awards under the Plan. If a Tandem Stock Appreciation Right or a Limited Stock Appreciation
Right is granted in tandem with an Option, such grant shall only apply once against the maximum number of shares of Common Stock which may be issued under the Plan. Any Award under the Plan settled in cash shall not be counted against the foregoing
maximum share limitations. The maximum number of shares of Common Stock subject to any Award of Stock Options which may be granted under the Plan during any fiscal year of the Company to any Participant shall be
[                ] shares (which shall be subject to any further increase or decrease pursuant to Section 4.2). 

(b)    Individual Participant Limitations. To the extent required by Section 162(m) of the Code for Awards under
the Plan to qualify as “performance-based compensation,” the following individual Participant limitations shall only apply after the expiration of the Transition Period: 

(i)    The maximum number of shares of Common Stock subject to any Award of (a) Stock Options, or (b) Stock Appreciation
Rights, or (c) Other Stock-Based Awards or (d) shares of Restricted Stock for which the grant of such Award or the lapse of the relevant Restriction Period is subject to the attainment of Performance Goals in accordance with Section 8.3(a)(ii), in
each case, which may be granted under the Plan during any fiscal year of the Company to any Participant shall be [                ] shares per type of Award (which shall
be subject to any further increase or decrease pursuant to Section 4.2), provided that the maximum number of shares of Common Stock for all types of Awards does not exceed
[                ] shares (which shall be subject to any further increase or decrease pursuant to Section 4.2) during any fiscal year of the Company. If a Tandem
Stock Appreciation Right is granted or a Limited Stock Appreciation Right is granted in tandem with a Stock Option, it shall apply against the Participant’s individual share limitations for both Stock Appreciation Rights and Stock Options. 

  
 10 

 (ii)    There are no annual individual share limitations applicable to
Participants on Restricted Stock or Other Stock-Based Awards for which the grant, vesting or payment (as applicable) of any such Award is not subject to the attainment of Performance Goals. 

(iii)    The maximum number of shares of Common Stock subject to any Performance Award which may be granted under the
Plan during any fiscal year of the Company to any Participant shall be [                ] shares (which shall be subject to any further increase or decrease
pursuant to Section 4.2) with respect to any fiscal year of the Company. 
 (iv)    The maximum value of a cash
payment made under a Performance Award which may be granted under the Plan with respect to any fiscal year of the Company to any Participant shall be $10,000,000. 

(v)    The individual Participant limitations set forth in this Section 4.1(b) (other than Section 4.1(b)(iii)) shall be
cumulative; that is, to the extent that shares of Common Stock for which Awards are permitted to be granted to a Participant during a fiscal year are not covered by an Award to such Participant in a fiscal year, the number of shares of Common Stock
available for Awards to such Participant shall automatically increase in the subsequent fiscal years during the term of the Plan until used. 

(c)    Annual Non-Employee Director Award Limitation. The aggregate grant
date fair value (computed as of the date of grant in accordance with applicable financial accounting rules) of all Awards granted under the Plan to any individual Non-Employee Director in any fiscal year of
the Company (excluding Awards made pursuant to deferred compensation arrangements in lieu of all or a portion of cash retainers and any stock dividends payable in respect of outstanding Awards) shall not exceed $500,000. 

4.2    Changes. 

(a)    The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the
Board, the Committee or the stockholders of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger or consolidation of
the Company or any Affiliate, (iii) any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or
transfer of all or part of the assets or business of the Company or any Affiliate or (vi) any other corporate act or proceeding. 

(b)    Subject to the provisions of Section 11.1: 

(i)    If the Company at any time subdivides (by any split, recapitalization or otherwise) the outstanding Common Stock
into a greater number of shares of Common Stock, or combines (by reverse split, combination or otherwise) its outstanding Common Stock into a lesser number of shares of Common Stock, then the respective exercise prices for outstanding Awards that
provide for a Participant elected exercise and the number of 

  
 11 

 
shares of Common Stock covered by outstanding Awards shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants
under the Plan. 
 (ii)    Excepting transactions covered by Section 4.2(b)(i), if the Company effects any merger,
consolidation, statutory exchange, spin-off, reorganization, sale or transfer of all or substantially all the Company’s assets or business, or other corporate transaction or event in such a manner that
the Company’s outstanding shares of Common Stock are converted into the right to receive (or the holders of Common Stock are entitled to receive in exchange therefor), either immediately or upon liquidation of the Company, securities or other
property of the Company or other entity (each, a “Reorganization”), then, subject to the provisions of Section 11.1, (A) the aggregate number or kind of securities that thereafter may be issued under the
Plan, (B) the number or kind of securities or other property (including cash) to be issued pursuant to Awards granted under the Plan (including as a result of the assumption of the Plan and the obligations hereunder by a successor entity, as
applicable), or (C) the purchase price thereof, shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under the Plan. 

(iii)    If there shall occur any change in the capital structure of the Company other than those covered by Section
4.2(b)(i) or 4.2(b)(ii), including by reason of any extraordinary dividend (whether cash or equity), any conversion, any adjustment, any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of equity
securities of the Company, then the Committee may adjust any Award and make such other adjustments to the Plan to prevent dilution or enlargement of the rights granted to, or available for, Participants under the Plan. 

(iv)    Any such adjustment determined by the Committee pursuant to this Section 4.2(b) shall be final, binding and
conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors and permitted assigns. Any adjustment to, or assumption or substitution of, an Award under this Section 4.2(b) shall be intended to
comply with the requirements of Section 409A of the Code and Treasury Regulation §1.424-1 (and any amendments thereto), to the extent applicable. Except as expressly provided in this Section 4.2 or
in the applicable Award Agreement, a Participant shall have no additional rights under the Plan by reason of any transaction or event described in this Section 4.2. 

(v)    Fractional shares of Common Stock resulting from any adjustment in Awards pursuant to Section 4.2(a) or this
Section 4.2(b) shall be aggregated until, and eliminated at, the time of exercise or payment by rounding-down for fractions less than one-half and rounding-up for
fractions equal to or greater than one-half. No cash settlements shall be required with respect to fractional shares eliminated by rounding. Notice of any adjustment shall be given by the Committee to each
Participant whose Award has been adjusted and such adjustment (whether or not such notice is given) shall be effective and binding for all purposes of the Plan. 

4.3    Minimum Purchase Price. Notwithstanding any provision of the Plan to the contrary, if
authorized but previously unissued shares of Common Stock are issued under the Plan, such shares shall not be issued for a consideration that is less than as permitted under applicable law. 

  
 12 

 ARTICLE V 

ELIGIBILITY 

5.1    General Eligibility. All current and prospective Eligible Individuals are eligible to be
granted Awards. Eligibility for the grant of Awards and actual participation in the Plan shall be determined by the Committee in its sole discretion. 

5.2    Incentive Stock Options. Notwithstanding the foregoing, only Eligible Employees of the
Company, its Subsidiaries and its Parent (if any) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in the Plan shall be determined by the Committee in
its sole discretion. 
 5.3    General Requirement. The vesting and exercise of Awards granted to a
prospective Eligible Individual are conditioned upon such individual actually becoming an Eligible Employee, Consultant or Non-Employee Director, respectively. 

ARTICLE VI 
 STOCK
OPTIONS 
 6.1    Options. Stock Options may be granted alone or in addition to other Awards
granted under the Plan. Each Stock Option granted under the Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option. 

6.2    Grants. The Committee shall have the authority to grant to any Eligible Employee one or more
Incentive Stock Options, Non-Qualified Stock Options, or both types of Stock Options. The Committee shall have the authority to grant any Consultant or Non-Employee
Director one or more Non-Qualified Stock Options. To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or
otherwise), such Stock Option or the portion thereof which does not so qualify shall constitute a separate Non-Qualified Stock Option. 

6.3    Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, no term of the
Plan relating to Incentive Stock Options shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan under Section 422 of the Code, or, without the consent
of the Participants affected, to disqualify any Incentive Stock Option under such Section 422. 

6.4    Terms of Options. Options granted under the Plan shall be subject to the following terms and
conditions and shall be in such form and contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable: 

(a)    Exercise Price. The exercise price per share of Common Stock subject to a Stock Option shall be determined
by the Committee at the time of grant, provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value of the
Common Stock at the date of grant. 

  
 13 

 (b)    Stock Option Term. The term of each Stock Option shall be fixed
by the Committee, provided that no Stock Option shall be exercisable more than 10 years after the date the Option is granted; and provided further that the term of an Incentive Stock Option granted to a Ten Percent Stockholder shall not exceed five
years. 
 (c)    Exercisability. Unless otherwise provided by the Committee in accordance with the provisions of
this Section 6.4, Stock Options granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time of grant. If the Committee provides, in its
discretion, that any Stock Option is exercisable subject to certain limitations (including, without limitation, that such Stock Option is exercisable only in installments or within certain time periods), the Committee may waive such limitations on
the exercisability at any time at or after the time of grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such Stock Option may be exercised), based on such
factors, if any, as the Committee shall determine, in its sole discretion. 
 (d)    Method of Exercise. Subject
to whatever installment exercise and waiting period provisions apply under Section 6.4(c), to the extent vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written notice of exercise to the
Company specifying the number of shares of Common Stock to be purchased. Such notice shall be accompanied by payment in full of the purchase price as follows: (i) in cash or by check, bank draft or money order payable to the order of the
Company; (ii) solely to the extent permitted by applicable law, if the Common Stock is traded on a national securities exchange, and the Committee authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a
broker reasonably acceptable to the Committee to deliver promptly to the Company an amount equal to the purchase price; (iii) having the Company withhold shares of Common Stock issuable upon exercise of the Stock Option, or by payment in full
or in part in the form of Common Stock owned by the Participant, based on the Fair Market Value of the Common Stock on the payment date as determined by the Committee; or (iv) on such other terms and conditions as may be acceptable to the
Committee. No shares of Common Stock shall be issued until payment therefor, as provided herein, has been made or provided for. 

(e)    Non-Transferability of Options. No Stock Option shall be
Transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the foregoing, the Committee
may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not Transferable pursuant to this Section is Transferable to a Family Member in
whole or in part and in such circumstances, and under such conditions, as specified by the Committee. A Non-Qualified Stock Option that is Transferred to a Family Member pursuant to the preceding sentence
(i) may not be subsequently Transferred other than by will or by the laws of descent and distribution and (ii) remains subject to the terms of the Plan and the applicable Award Agreement. Any shares of Common Stock acquired upon the
exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a Transfer after the
exercise of the Non-Qualified Stock Option shall be subject to the terms of the Plan and the applicable Award Agreement. 

  
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 (f)    Termination by Death or Disability. Unless otherwise determined
by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination is by reason of death or Disability, all Stock Options that are held by such Participant that are vested and
exercisable at the time of the Participant’s Termination may be exercised by the Participant (or in the case of the Participant’s death, by the legal representative of the Participant’s estate) at any time within a period of one
(1) year from the date of such Termination, but in no event beyond the expiration of the stated term of such Stock Options; provided, however, that, in the event of a Participant’s Termination by reason of Disability, if the Participant
dies within such exercise period, all unexercised Stock Options held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one (1) year from the date of such
death, but in no event beyond the expiration of the stated term of such Stock Options. 
 (g)    Involuntary
Termination Without Cause. Unless otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination is by involuntary termination by the Company without
Cause, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within a period of ninety (90) days from the date of
such Termination, but in no event beyond the expiration of the stated term of such Stock Options. 
 (h)    Voluntary
Resignation. Unless otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination is voluntary (other than a voluntary termination described in Section
6.4(i)(y) hereof), all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within a period of ninety (90) days from
the date of such Termination, but in no event beyond the expiration of the stated term of such Stock Options. 

(i)    Termination for Cause. Unless otherwise determined by the Committee at the time of grant, or if no rights of
the Participant are reduced, thereafter, if a Participant’s Termination (x) is for Cause or (y) is a voluntary Termination (as provided in Section 6.4(h)) after the occurrence of an event that would be grounds for a Termination for
Cause, all Stock Options, whether vested or not vested, that are held by such Participant shall thereupon terminate and expire as of the date of such Termination. 

(j)    Unvested Stock Options. Unless otherwise determined by the Committee at the time of grant, or if no rights
of the Participant are reduced, thereafter, Stock Options that are not vested as of the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination. 

(k)    Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the
time of grant) of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any 

  
 15 

 
calendar year under the Plan and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds $100,000, such Options shall be treated as
Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any Subsidiary or any Parent at all times from the time an Incentive Stock Option is granted until
three months prior to the date of exercise thereof (or such other period as required by applicable law), such Stock Option shall be treated as a Non-Qualified Stock Option. Should any provision of the Plan not
be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may amend the Plan accordingly, without the necessity of obtaining the approval of the stockholders of
the Company. 
 (l)    Form, Modification, Extension and Renewal of Stock Options. Subject to the terms and
conditions and within the limitations of the Plan, Stock Options shall be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may (i) modify, extend or renew outstanding Stock Options granted under
the Plan (provided that the rights of a Participant are not reduced without such Participant’s consent and provided further that such action does not subject the Stock Options to Section 409A of the Code without the consent of the Participant),
and (ii) accept the surrender of outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised). Notwithstanding the
foregoing except in connection with a corporate transaction involving the Company in accordance with Section 4.2 (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization,
merger, consolidation, split up, spin off, combination or exchanges of shares, an outstanding Option may not be modified to reduce the exercise price thereof nor may a new Option at a lower price be substituted for a surrendered Option (other than
adjustments or substitutions in accordance with Section 4.2), unless such action is approved by the stockholders of the Company. 

(m)    Deferred Delivery of Common Stock. The Committee may in its discretion permit Participants to defer delivery
of Common Stock acquired pursuant to a Participant’s exercise of an Option in accordance with the terms and conditions established by the Committee in the applicable Award Agreement, which shall be intended to comply with the requirements of
Section 409A of the Code. 
 (n)    Early Exercise. The Committee may provide that a Stock Option include a
provision whereby the Participant may elect at any time before the Participant’s Termination to exercise the Stock Option as to any part or all of the shares of Common Stock subject to the Stock Option prior to the full vesting of the Stock
Option and such shares shall be subject to the provisions of Article VIII and be treated as Restricted Stock. Unvested shares of Common Stock so purchased may be subject to a repurchase option in favor of the Company or to any other restriction the
Committee determines to be appropriate. 
 (o)    Other Terms and Conditions. The Committee may include a
provision in an Award Agreement providing for the automatic exercise of a Non-Qualified Stock Option on a cashless basis on the last day of the term of such Option if the Participant has failed to exercise the
Non-Qualified Stock Option as of such date, with respect to which the Fair Market Value of the shares of Common Stock underlying the Non-Qualified Stock Option exceeds
the exercise price of such Non-Qualified Stock Option on the date of expiration of such Option, subject to Section 14.4. Stock Options may contain such other provisions, which shall not be inconsistent
with any of the terms of the Plan, as the Committee shall deem appropriate. 

  
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 ARTICLE VII 

STOCK APPRECIATION RIGHTS 

7.1    Tandem Stock Appreciation Rights. Stock Appreciation Rights may be granted in conjunction with
all or part of any Stock Option (a “Reference Stock Option”) granted under the Plan (“Tandem Stock Appreciation Rights”). In the case of a Non-Qualified Stock Option, such
rights may be granted either at or after the time of the grant of such Reference Stock Option. In the case of an Incentive Stock Option, such rights may be granted only at the time of the grant of such Reference Stock Option. 

7.2    Terms and Conditions of Tandem Stock Appreciation Rights. Tandem Stock Appreciation Rights
granted hereunder shall be subject to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time by the Committee, and the following: 

(a)    Exercise Price. The exercise price per share of Common Stock subject to a Tandem Stock Appreciation Right
shall be determined by the Committee at the time of grant, provided that the per share exercise price of a Tandem Stock Appreciation Right shall not be less than 100% of the Fair Market Value of the Common Stock at the time of grant. 

(b)    Term. A Tandem Stock Appreciation Right or applicable portion thereof granted with respect to a Reference
Stock Option shall terminate and no longer be exercisable upon the termination or exercise of the Reference Stock Option, except that, unless otherwise determined by the Committee, in its sole discretion, at the time of grant, a Tandem Stock
Appreciation Right granted with respect to less than the full number of shares covered by the Reference Stock Option shall not be reduced until, and then only to the extent that the exercise or termination of the Reference Stock Option causes, the
number of shares covered by the Tandem Stock Appreciation Right to exceed the number of shares remaining available and unexercised under the Reference Stock Option. 

(c)    Exercisability. Tandem Stock Appreciation Rights shall be exercisable only at such time or times and to the
extent that the Reference Stock Options to which they relate shall be exercisable in accordance with the provisions of Article VI, and shall be subject to the provisions of Section 6.4(c). 

(d)    Method of Exercise. A Tandem Stock Appreciation Right may be exercised by the Participant by surrendering
the applicable portion of the Reference Stock Option. Upon such exercise and surrender, the Participant shall be entitled to receive an amount determined in the manner prescribed in this Section 7.2. Stock Options which have been so
surrendered, in whole or in part, shall no longer be exercisable to the extent that the related Tandem Stock Appreciation Rights have been exercised. 

(e)    Payment. Upon the exercise of a Tandem Stock Appreciation Right, a Participant shall be entitled to receive
up to, but no more than, an amount in cash and/or Common Stock (as chosen by the Committee in its sole discretion) equal in value to the excess of the Fair 

  
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Market Value of one share of Common Stock over the Option exercise price per share specified in the Reference Stock Option agreement multiplied by the number of shares of Common Stock in respect
of which the Tandem Stock Appreciation Right shall have been exercised, with the Committee having the right to determine the form of payment. 

(f)    Deemed Exercise of Reference Stock Option. Upon the exercise of a Tandem Stock Appreciation Right, the
Reference Stock Option or part thereof to which such Stock Appreciation Right is related shall be deemed to have been exercised for the purpose of the limitation set forth in Article IV of the Plan on the number of shares of Common Stock to be
issued under the Plan. 
 (g)    Non-Transferability. Tandem Stock
Appreciation Rights shall be Transferable only when and to the extent that the underlying Stock Option would be Transferable under Section 6.4(e) of the Plan. 

7.3    Non-Tandem Stock Appreciation Rights. Non-Tandem Stock Appreciation Rights may also be granted without reference to any Stock Options granted under the Plan. 

7.4    Terms and Conditions of Non-Tandem Stock Appreciation
Rights. Non-Tandem Stock Appreciation Rights granted hereunder shall be subject to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time
by the Committee, and the following: 
 (a)    Exercise Price. The exercise price per share of Common Stock
subject to a Non-Tandem Stock Appreciation Right shall be determined by the Committee at the time of grant, provided that the per share exercise price of a Non-Tandem
Stock Appreciation Right shall not be less than 100% of the Fair Market Value of the Common Stock at the time of grant. 

(b)    Term. The term of each Non-Tandem Stock Appreciation Right shall be
fixed by the Committee, but shall not be greater than 10 years after the date the right is granted. 

(c)    Exercisability. Unless otherwise provided by the Committee in accordance with the provisions of this
Section 7.4, Non-Tandem Stock Appreciation Rights granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the
time of grant. If the Committee provides, in its discretion, that any such right is exercisable subject to certain limitations (including, without limitation, that it is exercisable only in installments or within certain time periods), the Committee
may waive such limitations on the exercisability at any time at or after grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such right may be exercised), based
on such factors, if any, as the Committee shall determine, in its sole discretion. 
 (d)    Method of Exercise.
Subject to whatever installment exercise and waiting period provisions apply under Section 7.4(c), Non-Tandem Stock Appreciation Rights may be exercised in whole or in part at any time in accordance with the
applicable Award Agreement, by giving written notice of exercise to the Company specifying the number of Non-Tandem Stock Appreciation Rights to be exercised. 

  
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 (e)    Payment. Upon the exercise of a
Non-Tandem Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised, up to, but no more than, an amount in cash and/or Common Stock (as chosen by the Committee in its sole
discretion) equal in value to the excess of the Fair Market Value of one share of Common Stock on the date that the right is exercised over the Fair Market Value of one share of Common Stock on the date that the right was awarded to the Participant.

 (f)    Termination. Unless otherwise determined by the Committee at grant or, if no rights of the Participant
are reduced, thereafter, subject to the provisions of the applicable Award Agreement and the Plan, upon a Participant’s Termination for any reason, Non-Tandem Stock Appreciation Rights will remain
exercisable following a Participant’s Termination on the same basis as Stock Options would be exercisable following a Participant’s Termination in accordance with the provisions of Sections 6.4(f) through 6.4(j). 

(g)    Non-Transferability. No
Non-Tandem Stock Appreciation Rights shall be Transferable by the Participant other than by will or by the laws of descent and distribution, and all such rights shall be exercisable, during the
Participant’s lifetime, only by the Participant. 
 7.5    Limited Stock Appreciation Rights.
The Committee may, in its sole discretion, grant Tandem and Non-Tandem Stock Appreciation Rights either as a general Stock Appreciation Right or as a Limited Stock Appreciation Right. Limited Stock
Appreciation Rights may be exercised only upon the occurrence of a Change in Control or such other event as the Committee may, in its sole discretion, designate at the time of grant or thereafter. Upon the exercise of Limited Stock Appreciation
Rights, except as otherwise provided in an Award Agreement, the Participant shall receive in cash and/or Common Stock, as determined by the Committee, an amount equal to the amount (i) set forth in Section 7.2(e) with respect to Tandem Stock
Appreciation Rights, or (ii) set forth in Section 7.4(e) with respect to Non-Tandem Stock Appreciation Rights. 

7.6    Other Terms and Conditions. The Committee may include a provision in an Award Agreement
providing for the automatic exercise of a Stock Appreciation Right on a cashless basis on the last day of the term of such Stock Appreciation Right if the Participant has failed to exercise the Stock Appreciation Right as of such date, with respect
to which the Fair Market Value of the shares of Common Stock underlying the Stock Appreciation Right exceeds the exercise price of such Stock Appreciation Right on the date of expiration of such Stock Appreciation Right, subject to
Section 14.4. Stock Appreciation Rights may contain such other provisions, which shall not be inconsistent with any of the terms of the Plan, as the Committee shall deem appropriate. 

ARTICLE VIII 
 RESTRICTED
STOCK 
 8.1    Awards of Restricted Stock. Shares of Restricted Stock may be issued either
alone or in addition to other Awards granted under the Plan. The Committee shall determine the Eligible Individuals, to whom, and the time or times at which, grants of Restricted Stock shall be made, the number of shares to be awarded, the price (if
any) to be paid by the Participant (subject to Section 8.2), the time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards.

  
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 The Committee may condition the grant or vesting of Restricted Stock upon the attainment of
specified performance targets (including the Performance Goals) or such other factor as the Committee may determine in its sole discretion, including to comply with the requirements of Section 162(m) of the Code. 

8.2    Awards and Certificates. Eligible Individuals selected to receive Restricted Stock shall not
have any right with respect to such Award, unless and until such Participant has delivered a fully executed copy of the agreement evidencing the Award to the Company, to the extent required by the Committee, and has otherwise complied with the
applicable terms and conditions of such Award. Further, such Award shall be subject to the following conditions: 

(a)    Purchase Price. The purchase price of Restricted Stock shall be fixed by the Committee. Subject to
Section 4.3, the purchase price for shares of Restricted Stock may be zero to the extent permitted by applicable law, and, to the extent not so permitted, such purchase price may not be less than par value. 

(b)    Acceptance. Awards of Restricted Stock must be accepted within a period of 60 days (or such shorter period
as the Committee may specify at grant) after the grant date, by executing a Restricted Stock agreement and by paying whatever price (if any) the Committee has designated thereunder. 

(c)    Legend. Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such
shares of Restricted Stock, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares of Restricted Stock. Such certificate shall be registered in the name of such Participant,
and shall, in addition to such legends required by applicable securities laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 

“The anticipation, alienation, attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares of stock represented
hereby are subject to the terms and conditions (including forfeiture) of the Carvana Co. (the “Company”) 2017 Omnibus Incentive Plan (the “Plan”) and an Agreement entered into between the registered owner and the Company dated
                . Copies of such Plan and Agreement are on file at the principal office of the Company.” 

(d)    Custody. If stock certificates are issued in respect of shares of Restricted Stock, the Committee may
require that any stock certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall have delivered a duly
signed stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a
portion of the shares subject to the Restricted Stock Award in the event that such Award is forfeited in whole or part. 

  
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 8.3    Restrictions and Conditions. The shares of
Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions and conditions: 

(a)    Restriction Period. (i) The Participant shall not be permitted to Transfer shares of Restricted Stock
awarded under the Plan during the period or periods set by the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth in the Restricted Stock Award Agreement and such agreement
shall set forth a vesting schedule and any event that would accelerate vesting of the shares of Restricted Stock. Within these limits, based on service, attainment of Performance Goals pursuant to Section 8.3(a)(ii) and/or such other factors or
criteria as the Committee may determine in its sole discretion, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any
Restricted Stock Award and/or waive the deferral limitations for all or any part of any Restricted Stock Award. 

(ii)    If the grant of shares of Restricted Stock or the lapse of restrictions is based on the attainment of Performance
Goals, the Committee shall establish the objective Performance Goals and the applicable vesting percentage of the Restricted Stock applicable to each Participant or class of Participants in writing prior to the beginning of the applicable fiscal
year or at such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in
accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. With regard to a Restricted Stock Award that is intended to comply with Section 162(m) of the
Code, to the extent that any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect. 

(b)    Rights as a Stockholder. Except as provided in Section 8.3(a) and this Section 8.3(b) or as otherwise
determined by the Committee in an Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of shares of Common Stock of the Company, including, without limitation, the right to
receive dividends, the right to vote such shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares. The Committee may, in its sole discretion, determine at the time of grant that the
payment of dividends shall be deferred until, and conditioned upon, the expiration of the applicable Restriction Period. 

(c)    Termination. Unless otherwise determined by the Committee at grant or, if no rights of the Participant are
reduced, thereafter, subject to the applicable provisions of the Award Agreement and the Plan, upon a Participant’s Termination for any reason during the relevant Restriction Period, all Restricted Stock still subject to restriction will be
forfeited in accordance with the terms and conditions established by the Committee at grant or thereafter. 

(d)    Lapse of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the
Restricted Stock, the certificates for such shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery to the Participant, except as otherwise required by applicable law or other
limitations imposed by the Committee. 

  
 21 

 ARTICLE IX 

PERFORMANCE AWARDS 

9.1    Performance Awards. The Committee may grant a Performance Award to a Participant payable upon
the attainment of specific Performance Goals. The Committee may grant Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, as well as Performance Awards that are not intended
to qualify as “performance-based compensation” under Section 162(m) of the Code. If the Performance Award is payable in shares of Restricted Stock, such shares shall be transferable to the Participant only upon attainment of the relevant
Performance Goal in accordance with Article VIII. If the Performance Award is payable in cash, it may be paid upon the attainment of the relevant Performance Goals either in cash or in shares of Restricted Stock (based on the then current Fair
Market Value of such shares), as determined by the Committee, in its sole and absolute discretion. Each Performance Award shall be evidenced by an Award Agreement in such form that is not inconsistent with the Plan and that the Committee may from
time to time approve. With respect to Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall condition the right to payment of any Performance Award upon
the attainment of objective Performance Goals established pursuant to Section 9.2(c). 
 9.2    Terms
and Conditions. Performance Awards awarded pursuant to this Article IX shall be subject to the following terms and conditions: 

(a)    Earning of Performance Award. At the expiration of the applicable Performance Period, the Committee shall
determine the extent to which the Performance Goals established pursuant to Section 9.2(c) are achieved and the percentage of each Performance Award that has been earned. 

(b)    Non-Transferability. Subject to the applicable provisions of the
Award Agreement and the Plan, Performance Awards may not be Transferred during the Performance Period. 

(c)    Objective Performance Goals, Formulae or Standards. With respect to Performance Awards that are intended to
qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall establish the objective Performance Goals for the earning of Performance Awards based on a Performance Period applicable to each Participant
or class of Participants in writing prior to the beginning of the applicable Performance Period or at such later date as permitted under Section 162(m) of the Code and while the outcome of the Performance Goals are substantially uncertain. Such
Performance Goals may incorporate, if and only to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation,
dispositions and acquisitions) and other similar type events or circumstances. To the extent that any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such
provision shall be of no force or effect, with respect to Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code. 

  
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 (d)    Dividends. Unless otherwise determined by the Committee at the
time of grant, amounts equal to dividends declared during the Performance Period with respect to the number of shares of Common Stock covered by a Performance Award will not be paid to the Participant. 

(e)    Payment. Following the Committee’s determination in accordance with Section 9.2(a), the Company shall
settle Performance Awards, in such form (including, without limitation, in shares of Common Stock or in cash) as determined by the Committee, in an amount equal to such Participant’s earned Performance Awards. With respect to any Award that is
intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall be precluded from having discretion to increase the amount of compensation payable under the terms of such Award. Notwithstanding
the foregoing, the Committee may, in its sole discretion, award an amount less than the earned Performance Awards and/or subject the payment of all or part of any Performance Award to additional vesting, forfeiture and deferral conditions as it
deems appropriate. 
 (f)    Termination. Subject to the applicable provisions of the Award Agreement and the
Plan, upon a Participant’s Termination for any reason during the Performance Period for a given Performance Award, the Performance Award in question will vest or be forfeited in accordance with the terms and conditions established by the
Committee at grant. 
 (g)    Accelerated Vesting. Based on service, performance and/or such other factors or
criteria, if any, as the Committee may determine, the Committee may, at or after grant, accelerate the vesting of all or any part of any Performance Award. 

ARTICLE X 
 OTHER
STOCK-BASED AND CASH-BASED AWARDS 
 10.1    Other Stock-Based Awards. The Committee is
authorized to grant to Eligible Individuals Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to shares of Common Stock, including but
not limited to, shares of Common Stock awarded purely as a bonus and not subject to restrictions or conditions, shares of Common Stock in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company or an
Affiliate, stock equivalent units, restricted stock units, and Awards valued by reference to book value of shares of Common Stock. Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under
the Plan. 
 Subject to the provisions of the Plan, the Committee shall have authority to determine the Eligible Individuals, to whom, and
the time or times at which, such Awards shall be made, the number of shares of Common Stock to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the grant of Common Stock under such Awards
upon the completion of a specified Performance Period. 
 The Committee may condition the grant or vesting of Other Stock-Based Awards upon
the attainment of specified Performance Goals as the Committee may determine, in its sole discretion; provided that to the extent that such Other Stock-Based Awards are intended to comply with 

  
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Section 162(m) of the Code, the Committee shall establish the objective Performance Goals for the grant or vesting of such Other Stock-Based Awards based on a Performance Period applicable to
each Participant or class of Participants in writing prior to the beginning of the applicable Performance Period or at such later date as permitted under Section 162(m) of the Code and while the outcome of the Performance Goals are substantially
uncertain. Such Performance Goals may incorporate, if and only to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without
limitation, dispositions and acquisitions) and other similar type events or circumstances. To the extent that any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code,
such provision shall be of no force or effect, with respect to Performance Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code. 

10.2    Terms and Conditions. Other Stock-Based Awards made pursuant to this Article X shall be
subject to the following terms and conditions: 

(a)    Non-Transferability. Subject to the applicable provisions of the
Award Agreement and the Plan, shares of Common Stock subject to Awards made under this Article X may not be Transferred prior to the date on which the shares are issued, or, if later, the date on which any applicable restriction, performance or
deferral period lapses. 
 (b)    Dividends. Unless otherwise determined by the Committee at the time of Award,
subject to the provisions of the Award Agreement and the Plan, the recipient of an Award under this Article X shall not be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents in respect of the number of shares of
Common Stock covered by the Award. 
 (c)    Vesting. Any Award under this Article X and any Common Stock covered
by any such Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by the Committee, in its sole discretion. 

(d)    Price. Common Stock issued on a bonus basis under this Article X may be issued for no cash consideration.
Common Stock purchased pursuant to a purchase right awarded under this Article X shall be priced, as determined by the Committee in its sole discretion. 

10.3    Other Cash-Based Awards. The Committee may from time to time grant Other Cash-Based Awards to
Eligible Individuals in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by applicable law, as it shall determine in its sole discretion. Other
Cash-Based Awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of
such Awards at any time in its sole discretion. The grant of an Other Cash-Based Award shall not require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation thereunder. 

  
 24 

 ARTICLE XI 

CHANGE IN CONTROL PROVISIONS 

11.1    Benefits. In the event of a Change in Control of the Company (as defined below), and except
as otherwise provided by the Committee in an Award Agreement, a Participant’s unvested Award shall not vest automatically and a Participant’s Award shall be treated in accordance with one or more of the following methods as determined by
the Committee: 
 (a)    Awards, whether or not then vested, shall be continued, assumed, or have new rights substituted
therefor, as determined by the Committee in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not
lapse upon a Change in Control and the Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Common Stock on such terms as determined by the Committee; provided that
the Committee may decide to award additional Restricted Stock or other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall
comply with the requirements of Treasury Regulation Section 1.424-1 (and any amendment thereto). 

(b)    The Committee, in its sole discretion, may provide for the purchase of any Awards by the Company or an Affiliate
for an amount of cash equal to the excess (if any) of the Change in Control Price (as defined below) of the shares of Common Stock covered by such Awards, over the aggregate exercise price of such Awards. For purposes hereof,
“Change in Control Price” shall mean the highest price per share of Common Stock paid in any transaction related to a Change in Control of the Company. 

(c)    The Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock
Appreciation Rights, or any Other Stock-Based Award that provides for a Participant elected exercise, effective as of the date of the Change in Control, by delivering notice of termination to each Participant at least twenty (20) days prior to
the date of consummation of the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such Participant shall have the right to exercise in
full all of such Participant’s Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence of the Change in
Control, and, provided that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void. 

(d)    The Committee may, in its sole discretion, make any other determination as to the treatment of Awards in connection
with such Change in Control as the Committee may determine. The treatment of Awards need not be the same for all Participants. Any escrow, holdback, earnout or similar provisions in the definitive relating to such transaction may apply to any
payment to the holders of Awards to the same extent and in the same manner as such provisions apply to the holders of shares of Common Stock. 

  
 25 

 (e)    Notwithstanding any other provision herein to the contrary, the
Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an Award at any time. 

11.2    Change in Control. Unless otherwise determined by the Committee in the applicable Award
Agreement or other written agreement with a Participant approved by the Committee, a “Change in Control” shall be deemed to occur if: 

(a)    any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the
Company, the Garcia Parties, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as
their ownership of Common Stock of the Company), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more
of the combined voting power of the Company’s then outstanding securities; 
 (b)    during any period of 24
consecutive calendar months, individuals who were directors of the Company on the first day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board; provided, however, that
any individual becoming a director subsequent to the first day of such period whose election, or nomination for election, by the Company’s stockholders was approved by a vote of at two-thirds of the
Incumbent Directors will be considered as though such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption of office occurs as a result of an actual or threatened proxy
contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as used in Section 13(d) of the Exchange Act), in each case other than the Board;

 (c)    consummation of a reorganization, merger, consolidation or other business combination (any of the foregoing, a
“Business Combination”) of the Company or any direct or indirect subsidiary of the Company with any other corporation, in any case with respect to which the Company voting securities outstanding immediately prior to such Business
Combination do not, immediately following such Business Combination, continue to represent (either by remaining outstanding or being converted into voting securities of the Company or any ultimate parent thereof) more than 50% of the then
outstanding voting securities entitled to vote generally in the election of directors of the Company (or its successor) or any ultimate parent thereof after the Business Combination; or 

(d)    a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of
all or substantially all of the Company’s assets other than the sale or disposition of all or substantially all of the assets of the Company to a Person or Persons who beneficially own, directly or indirectly, 50% or more of the combined voting
power of the outstanding voting securities of the Company at the time of the sale. 
 Notwithstanding the foregoing, with respect to any Award that is
characterized as “nonqualified deferred compensation” within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award unless such event is also
a “change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

  
 26 

 11.3    Initial Public Offering not a Change in Control.
Notwithstanding the foregoing, for purposes of the Plan, the occurrence of the Registration Date or any change in the composition of the Board within one year following the Registration Date shall not be considered a Change in Control. 

ARTICLE XII 
 TERMINATION
OR AMENDMENT OF PLAN 
 Notwithstanding any other provision of the Plan, the Board may at any time, and from time to time, amend, in
whole or in part, any or all of the provisions of the Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory requirement referred to in Article XIV or Section 409A of the Code), or suspend or
terminate it entirely, retroactively or otherwise; provided, however, that, unless otherwise required by law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension or
termination, may not be impaired without the consent of such Participant and, provided further, that without the approval of the holders of the Company’s Common Stock entitled to vote in accordance with applicable law, no amendment may be made
that would (i) increase the aggregate number of shares of Common Stock that may be issued under the Plan (except by operation of Section 4.2); (ii) increase the maximum individual Participant limitations for a fiscal year under
Section 4.1(b) (except by operation of Section 4.2); (iii) change the classification of individuals eligible to receive Awards under the Plan; (iv) decrease the minimum option price of any Stock Option or Stock Appreciation Right;
(v) extend the maximum option period under Section 6.4; (vi) alter the Performance Goals for Restricted Stock, Performance Awards or Other Stock-Based Awards as set forth in Exhibit A hereto; (vii) award
any Stock Option or Stock Appreciation Right in replacement of a canceled Stock Option or Stock Appreciation Right with a higher exercise price than the replacement award; or (viii) require stockholder approval in order for the Plan to continue
to comply with the applicable provisions of Section 162(m) of the Code or, to the extent applicable to Incentive Stock Options, Section 422 of the Code. In no event may the Plan be amended without the approval of the stockholders of the Company
in accordance with the applicable laws of the State of Delaware to increase the aggregate number of shares of Common Stock that may be issued under the Plan, decrease the minimum exercise price of any Award, or to make any other amendment
that would require stockholder approval under Financial Industry Regulatory Authority (FINRA) rules and regulations or the rules of any exchange or system on which the Company’s securities are listed or traded at the request of the
Company. Notwithstanding anything herein to the contrary, the Board may amend the Plan or any Award Agreement at any time without a Participant’s consent to comply with applicable law including Section 409A of the Code. The Committee may
amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically provided herein, no such amendment or other action by the Committee shall impair the rights of any holder
without the holder’s consent. 

  
 27 

 ARTICLE XIII 

UNFUNDED STATUS OF PLAN 

The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payment as to
which a Participant has a fixed and vested interest but which are not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general unsecured creditor of the
Company. 
 ARTICLE XIV 

GENERAL PROVISIONS 

14.1    Legend. The Committee may require each person receiving shares of Common Stock pursuant to a
Stock Option or other Award under the Plan to represent to and agree with the Company in writing that the Participant is acquiring the shares of Common Stock without a view to distribution thereof. In addition to any legend required by the Plan, the
certificates for such shares may include any legend that the Committee deems appropriate to reflect any restrictions on Transfer. All certificates for shares of Common Stock delivered under the Plan shall be subject to such stop transfer orders and
other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed or any national securities exchange
system upon whose system the Common Stock is then quoted, any applicable federal or state securities law, and any applicable corporate law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. 
 14.2    Other Plans. Nothing contained in the Plan shall prevent
the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases. 

14.3    No Right to Employment/Directorship/Consultancy. Neither the Plan nor the grant of any Option
or other Award hereunder shall give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment, consultancy or directorship by the Company or any
Affiliate, nor shall there be a limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such
employment, consultancy or directorship at any time. 
 14.4    Withholding of Taxes. The Company
shall have the right to deduct from any payment to be made pursuant to the Plan, or to otherwise require, prior to the issuance or delivery of shares of Common Stock or the payment of any cash hereunder, payment by the Participant of, any federal,
state or local taxes required by law to be withheld. Upon the vesting of Restricted Stock (or other Award that is taxable upon vesting), or upon making an election under Section 83(b) of the Code, a Participant shall pay all required withholding to
the Company. Any minimum statutorily required withholding obligation with regard to any Participant may be satisfied, subject to the consent of the Committee, by reducing the number of shares of Common Stock otherwise deliverable or by delivering
shares of Common Stock already owned. Any fraction of a share of Common Stock required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead in cash by the Participant. 

  
 28 

 14.5    No Assignment of Benefits. No Award or other
benefit payable under the Plan shall, except as otherwise specifically provided by law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit shall be void, and any such benefit shall not in any
manner be liable for or subject to the debts, contracts, liabilities, engagements or torts of any Person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such Person. 

14.6    Listing and Other Conditions. 

(a)    Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national securities
exchange or system sponsored by a national securities association, the issuance of shares of Common Stock pursuant to an Award shall be conditioned upon such shares being listed on such exchange or system. The Company shall have no obligation to
issue such shares unless and until such shares are so listed, and the right to exercise any Option or other Award with respect to such shares shall be suspended until such listing has been effected. 

(b)    If at any time counsel to the Company shall be of the opinion that any sale or delivery of shares of Common Stock
pursuant to an Option or other Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under the statutes, rules or regulations of any applicable jurisdiction, the Company shall have no obligation
to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to shares of Common Stock or Awards, and the right to exercise any Option or
other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company. 

(c)    Upon termination of any period of suspension under this Section 14.6, any Award affected by such suspension
which shall not then have expired or terminated shall be reinstated as to all shares available before such suspension and as to shares which would otherwise have become available during the period of such suspension, but no such suspension shall
extend the term of any Award. 
 (d)    A Participant shall be required to supply the Company with certificates,
representations and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or approval the Company deems necessary or appropriate. 

14.7    Stockholders Agreement and Other Requirements. Notwithstanding anything herein to the
contrary, as a condition to the receipt of shares of Common Stock pursuant to an Award under the Plan, to the extent required by the Committee, the Participant shall execute and deliver a stockholder’s agreement or such other documentation that
shall set forth certain restrictions on transferability of the shares of Common Stock acquired upon exercise or purchase, and such other terms as the Board or Committee shall from time to time establish. Such stockholder’s agreement or other
documentation shall apply to the Common Stock acquired under 

  
 29 

 
the Plan and covered by such stockholder’s agreement or other documentation. The Company may require, as a condition of exercise, the Participant to become a party to any other existing
stockholder agreement (or other agreement). 
 14.8    Governing Law. The Plan and actions taken in
connection herewith shall be governed and construed in accordance with the laws of the State of Delaware (regardless of the law that might otherwise govern under applicable Delaware principles of conflict of laws). 

14.9    Jurisdiction; Waiver of Jury Trial. Any suit, action or proceeding with respect to the Plan
or any Award Agreement, or any judgment entered by any court of competent jurisdiction in respect of any thereof, shall be resolved only in the courts of the State of Delaware or the United States District Court for the District of
Delaware and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing, the Company and each Participant shall irrevocably and unconditionally (a) submit in
any proceeding relating to the Plan or any Award Agreement, or for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”), to the exclusive jurisdiction of the courts of the State of Delaware, the court
of the United States of America for the District of Delaware, and appellate courts having jurisdiction of appeals from any of the foregoing, and agree that all claims in respect of any such Proceeding shall be heard and determined in such
Delaware State court or, to the extent permitted by law, in such federal court, (b) consent that any such Proceeding may and shall be brought in such courts and waives any objection that the Company and each Participant may now or
thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agree not to plead or claim the same, (c) waive all right to trial by jury in any Proceeding
(whether based on contract, tort or otherwise) arising out of or relating to the Plan or any Award Agreement, (d) agree that service of process in any such Proceeding may be effected by mailing a copy of such process by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to such party, in the case of a Participant, at the Participant’s address shown in the books and records of the Company or, in the case of the Company, at the Company’s
principal offices, attention General Counsel, and (e) agree that nothing in the Plan shall affect the right to effect service of process in any other manner permitted by the laws of the State of Delaware. 

14.10    Construction. Wherever any words are used in the Plan in the masculine gender they shall be
construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases
where they would so apply. 
 14.11    Other Benefits. No Award granted or paid out under the Plan
shall be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates nor affect any benefit under any other benefit plan now or subsequently in effect under which the availability or amount of
benefits is related to the level of compensation. 
 14.12    Costs. The Company shall bear all
expenses associated with administering the Plan, including expenses of issuing Common Stock pursuant to Awards hereunder. 

  
 30 

 14.13    No Right to Same Benefits. The provisions of
Awards need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years. 

14.14    Death/Disability. The Committee may in its discretion require the transferee of a
Participant to supply it with written notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Committee deems necessary to establish
the validity of the transfer of an Award. The Committee may also require that the agreement of the transferee to be bound by all of the terms and conditions of the Plan. 

14.15    Section 16(b) of the Exchange Act. All elections and transactions under the Plan by Persons
subject to Section 16 of the Exchange Act involving shares of Common Stock are intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may establish and adopt
written administrative guidelines, designed to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and operation of the Plan and the transaction of business thereunder. 

14.16    Section 409A of the Code. The Plan is intended to comply with the applicable requirements of
Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the
Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the contrary, any provision in the Plan
that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such provision shall be null and void. The Company shall
have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee or the Company and, in the
event that any amount or benefit under the Plan becomes subject to penalties under Section 409A of the Code, responsibility for payment of such penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any
contrary provision in the Plan or Award Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Section 409A of the Code) that are otherwise required to be made under the Plan to a “specified
employee” (as defined under Section 409A of the Code) as a result of such employee’s separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months
following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period. 

14.17    Successor and Assigns. The Plan shall be binding on all successors and permitted assigns of
a Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee of such estate. 

  
 31 

 14.18    Severability of Provisions. If any provision of
the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included. 

14.19    Payments to Minors, Etc. Any benefit payable to or for the benefit of a minor, an
incompetent Person or other Person incapable of receipt thereof shall be deemed paid when paid to such Person’s guardian or to the party providing or reasonably appearing to provide for the care of such Person, and such payment shall fully
discharge the Committee, the Board, the Company, its Affiliates and their employees, agents and representatives with respect thereto. 

14.20    Lock-Up Agreement. As a condition to the grant of an
Award, if requested by the Company and the lead underwriter of any public offering of Common Stock (the “Lead Underwriter”), a Participant shall irrevocably agree not to sell, contract to sell, grant any
option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of, any interest in any Common Stock or any securities convertible into, derivative of, or exchangeable or exercisable
for, or any other rights to purchase or acquire Common Stock (except Common Stock included in such public offering or acquired on the public market after such offering) during such period of time following the effective date of a registration
statement of the Company filed under the Securities Act that the Lead Underwriter shall specify (the “Lock-Up Period”). The Participant shall further agree
to sign such documents as may be requested by the Lead Underwriter to effect the foregoing and agree that the Company may impose stop-transfer instructions with respect to Common Stock acquired pursuant to an Award until the end of such Lock-Up Period. 
 14.21    Headings and Captions. The headings
and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 

14.22    Section 162(m) of the Code. Notwithstanding any other provision of the Plan to the contrary,
(i) prior to the Registration Date and during the Transition Period, the provisions of the Plan requiring compliance with Section 162(m) of the Code for Awards intended to qualify as “performance-based compensation” shall only apply
to the extent required by Section 162(m) of the Code, and (ii) the provisions of the Plan requiring compliance with Section 162(m) of the Code shall not apply to Awards granted under the Plan that are not intended to qualify as
“performance-based compensation” under Section 162(m) of the Code. 
 14.23    Post-Transition
Period. Following the Transition Period, any Award granted under the Plan that is intended to be “performance-based compensation” under Section 162(m) of the Code, shall be subject to the approval of the material terms of the Plan
by a majority of the stockholders of the Company in accordance with Section 162(m) of the Code and the treasury regulations promulgated thereunder. 

14.24    Company Recoupment of Awards. A Participant’s rights with respect to any Award
hereunder shall in all events be subject to (i) any right that the Company may have under any Company recoupment policy or other agreement or arrangement with a Participant, or (ii) any right or obligation that the Company may have
regarding the clawback of “incentive-based compensation” under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission. 

  
 32 

 ARTICLE XV 

EFFECTIVE DATE OF PLAN 

The Plan shall become effective on [                ], 2017,
which is the date of its adoption by the Board, subject to the approval of the Plan by the stockholders of the Company in accordance with the requirements of the laws of the State of Delaware. 

ARTICLE XVI 
 TERM OF
PLAN 
 No Award shall be granted pursuant to the Plan on or after the tenth anniversary of the earlier of the date that the Plan is
adopted or the date of stockholder approval, but Awards granted prior to such tenth anniversary may extend beyond that date; provided that no Award (other than a Stock Option or Stock Appreciation Right) that is intended to be
“performance-based compensation” under Section 162(m) of the Code shall be granted on or after the fifth anniversary of the stockholder approval of the Plan unless the Performance Goals are
re-approved (or other designated Performance Goals are approved) by the stockholders no later than the first stockholder meeting that occurs in the fifth year following the year in which stockholders approve
the Performance Goals. 
 ARTICLE XVII 

NAME OF PLAN 
 The Plan
shall be known as the “Carvana Co. 2017 Omnibus Incentive Plan.” 

  
 33 

 EXHIBIT A 

PERFORMANCE GOALS 

To the extent permitted under Section 162(m) of the Code, performance goals established for purposes of Awards intended to be
“performance-based compensation” under Section 162(m) of the Code, shall be based on the attainment of certain target levels of, or a specified increase or decrease (as applicable) in one or more of the following performance goals: 

 

	 	•	 	earnings per share; 

  

	 	•	 	operating income; 

  

	 	•	 	gross income; 

  

	 	•	 	net income (before or after taxes); 

  

	 	•	 	cash flow; 

  

	 	•	 	gross profit; 

  

	 	•	 	gross profit return on investment; 

  

	 	•	 	gross margin return on investment; 

  

	 	•	 	gross margin; 

  

	 	•	 	operating margin; 

  

	 	•	 	working capital; 

  

	 	•	 	earnings before interest and taxes; 

  

	 	•	 	earnings before interest, tax, depreciation and amortization; 

  

	 	•	 	adjusted earnings before interest, tax, depreciation and amortization; 

  

	 	•	 	return on equity; 

  

	 	•	 	return on assets; 

  

	 	•	 	return on capital; 

  

	 	•	 	return on invested capital; 

  

	 	•	 	net revenues; 

  

	 	•	 	gross revenues; 

  

	 	•	 	net recurring revenues; 

  

	 	•	 	revenue growth; 

  

	 	•	 	annual recurring revenues; 

  

	 	•	 	recurring revenues; 

  

	 	•	 	license revenues; 

  

	 	•	 	sales or market share; 

  

	 	•	 	total shareholder return; 

  

	 	•	 	economic value added; 

  

	 	•	 	specified objectives with regard to limiting the level of increase in all or a portion of the Company’s bank debt or other long-term or short-term public or private debt or other similar financial obligations of
the Company, which may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Committee in its sole discretion; 

  

	 	•	 	the fair market value of a share of Common Stock; 

  

	 	•	 	the growth in the value of an investment in the Common Stock assuming the reinvestment of dividends; 

  
 A-1 

	 	•	 	reduction in operating expenses; 

  

	 	•	 	cash earnings per share; 

  

	 	•	 	adjusted net income; 

  

	 	•	 	adjusted net income per share; 

  

	 	•	 	volume/volume growth; 

  

	 	•	 	in year volume; 

  

	 	•	 	merchant account production; 

  

	 	•	 	distribution partner account production; 

  

	 	•	 	new merchant locations; 

  

	 	•	 	new merchant locations using a particular product; 

  

	 	•	 	calculated attrition; 

  

	 	•	 	product revenue; 

  

	 	•	 	goals based on product performance; 

  

	 	•	 	annual cash adjusted earnings per share growth; 

  

	 	•	 	annual stock price growth; 

  

	 	•	 	diluted earnings per share; 

  

	 	•	 	total shareholder return positioning within a comparator group; or 

  

	 	•	 	adjusted cash net income per share. 

 With respect to Awards that are intended to qualify as
“performance-based compensation” under Section 162(m) of the Code, to the extent permitted under Section 162(m) of the Code, the Committee may, in its sole discretion, also exclude, or adjust to reflect, the impact of an event or
occurrence that the Committee determines should be appropriately excluded or adjusted, including: 

(a)    restructurings, discontinued operations, extraordinary items or events, and other unusual or non-recurring charges as described in Accounting Standards Codification 225-20, “Extraordinary and Unusual Items,” and/or management’s discussion and analysis
of financial condition and results of operations appearing or incorporated by reference in the Company’s Form 10-K for the applicable year; 

(b)    an event either not directly related to the operations of the Company or not within the reasonable control of the
Company’s management; or 
 (c)    a change in tax law or accounting standards required by generally accepted
accounting principles. 
 Performance goals may also be based upon individual participant performance goals, as determined by the Committee,
in its sole discretion. In addition, Awards that are not intended to qualify as “performance-based compensation” under Section 162(m) of the Code may be based on the performance goals set forth herein or on such other performance goals as
determined by the Committee in its sole discretion. 
 In addition, such performance goals may be based upon the attainment of specified
levels of Company (or subsidiary, division, other operational unit, administrative department or product category of the Company) performance under one or more of the measures described above 

  
 A-2 

 
relative to the performance of other corporations. With respect to Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, to the
extent permitted under Section 162(m) of the Code, but only to the extent permitted under Section 162(m) of the Code (including, without limitation, compliance with any requirements for stockholder approval), the Committee may also: 

(a)    designate additional business criteria on which the performance goals may be based; or 

(b)    adjust, modify or amend the aforementioned business criteria. 

  
 A-3

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