Document:

EX-10.11

 Exhibit 10.11 

SANTANDER CONSUMER USA INC. 

OMNIBUS INCENTIVE PLAN 

(Effective as of December 28, 2013) 
  

	1.	Purpose 

 The purpose of the Plan is to give the Company a competitive advantage in
attracting, retaining and motivating officers, employees, directors and/or consultants and to provide a means whereby officers, employees, directors and/or consultants of the Company and its Affiliates can acquire and maintain Common Stock
ownership, or be paid incentive compensation measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates and promoting an identity of interest between stockholders and
these persons. 
 So that the appropriate incentive can be provided, the Plan provides for granting Nonqualified Stock Options, Incentive
Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Unit Awards, Stock Awards and Stock Bonus Awards, or any combination of the foregoing. 
  

	2.	Definitions 

 For purposes of this Plan, the following terms are defined as set forth
below: 
 (a) “162(m) Effective Date” means the first date on which Awards granted under the Plan do not qualify for an exemption
from the deduction limitations of Section 162(m) of the Code on account of an exemption, or a transition or grandfather rule. 
 (b)
“Affiliate” means, with respect to any specified entity, any other entity that directly or indirectly is controlled by, controls, or is under common control with such specified entity. 

(c) “Applicable Exchange” means the New York Stock Exchange or such other nationally recognized securities exchange as may at the
applicable time be the principal market for the Common Stock. 
 (d) “Award” means, individually or collectively, any Incentive
Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Stock Award or Stock Bonus Award granted pursuant to the terms of this Plan. 

 (e) “Award Agreement” means a written or electronic document or agreement setting forth
the terms and conditions of a specific Award. 
 (f) “Beneficial Ownership” shall have the meaning given in Rule 13d-3 promulgated
under the Exchange Act. 
 (g) “Board” means the Board of Directors of the Company. 

(h) “Cause” has the meaning set forth in any employment agreement of Participant with the Company that is in effect as of the date
of Participant’s Termination of Service, to the extent such term is defined therein, and if no such employment agreement exists at the time of Participant’s Termination of Service, “Cause” means, unless otherwise provided in an
Award Agreement, (i) the Participant’s breach of any written agreement entered into with the Company or any of its affiliates, in any material respect; (ii) the Participant’s gross negligence or willful, material malfeasance,
misconduct or insubordination in connection with the performance of his or her duties; (iii) the Participant’s willful refusal or recurring failure to carry out written directives or instructions of the Board that are consistent with the
scope and nature of Participant’s duties and responsibilities; (iv) the Participant’s willful repeated failure to adhere in any material respect to any material written Company policy or code of conduct; (e) the
Participant’s willful misappropriation of a material business opportunity of the Company, including attempting to secure or securing, any personal profit in connection with any transaction entered into on behalf of the Company; (v) the
Participant’s willful misappropriation of any of the Company’s funds or material property; (vi) the Participant’s conviction of, or the entering of a guilty plea or plea of no contest with respect to, a felony or the equivalent
thereof, any other crime involving fraud or theft or any other crime with respect to which imprisonment is a possible punishment or the indictment (or its procedural equivalent) for a felony involving fraud or theft; or (vii) prior to a Change
in Control, such other events as shall be determined by the Committee. 
 (i) “Change in Control” shall, unless in the case of a
particular Award where the applicable Award Agreement states otherwise or contains a different definition of “Change in Control,” for the purpose of this Plan and the Award Agreements hereunder, be the first to occur following the
Effective Date of: 
 (i) the acquisition by any individual, entity or Group (a “Person”) of Beneficial Ownership of 30% or more
(on a fully diluted basis) of either (A) the then-outstanding Shares of common stock of the Company (the “Outstanding Company Common Stock”), or (B) the combined voting power of the then-outstanding voting securities of the
Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a
Change in Control: (I) any acquisition by the Company or any Affiliate, (II) any acquisition directly from the Company, (III) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any
Affiliate or (IV) any acquisition by any Person that complies with clauses (A), (B) and (C) of subsection (iv) of this Section 2(i); 

  
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 (ii) individuals who, on the date hereof, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board, provided, however, that any person becoming a director subsequent to the date hereof, whose election or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Directors shall be considered as though such individual was a member of the Incumbent Directors; provided, however, that, for
this purpose, no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or
consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 
 (iii) approval by the
stockholders of the Company of a complete dissolution or liquidation of the Company; or 
 (iv) the consummation of a merger,
consolidation, statutory share exchange or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company or the acquisition of assets or securities of
another entity by the Company or any of its subsidiaries (a “Business Combination”), in each case, unless immediately following such Business Combination: (A) all or substantially all of the individuals and entities that were the
beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common
stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing
body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either
directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case
may be, (B) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) beneficially owns, directly or
indirectly, 30% or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then-outstanding
voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination and (C) at least two-thirds of the members of the board of directors (or, for a non-corporate entity, equivalent governing
body) of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or
more subsidiaries) following the consummation of the Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination. 

  
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 For the avoidance of doubt, in no event shall (y) the Company’s (or a successor’s)
public offering of Common Stock pursuant to a registration statement declared effective under the Securities Act, or (z) any transactions in connection with the Company’s (or its successor’s) public offering of Common Stock pursuant
to a registration statement declared effective under the Securities Act, including, but not limited to, any reorganization transaction or similar corporate transaction whereby the Company merges with and into an Affiliate, in the case of each of
clause (i), (ii), (iii) or (iv), constitute or be deemed to constitute a Change in Control, nor shall it be taken into account in determining whether a Change in Control occurred for purposes of this Plan or any Award Agreement. 

(j) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury
Regulations thereunder and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference in the Plan to any specific section of the Code shall be deemed to include any amendments or successor
provisions to such section and any regulations and guidance under such section. 
 (k) “Committee” means a committee of at least
two people as the Board may appoint to administer the Plan or, if no such committee has been appointed by the Board, the Board. On and after the time that the Company becomes subject to the Exchange Act, unless the Board is acting as the Committee
or the Board specifically determines otherwise, each member of the Committee shall, at the time the Committee takes any action with respect to an Award under the Plan, be an Eligible Director; provided that the mere fact that a Committee
member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee which Award is otherwise validly granted under the Plan. 

(l) “Common Stock” means the common stock, par value $0.01 per share, of the Company, and any stock into which such common stock may
be converted or into which it may be exchanged. 
 (m) “Company” means Santander Consumer USA Inc., or its successor. 

(n) “Date of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified in such
authorization or, if there is no such date, the date indicated on the applicable Award Agreement. 
 (o) “Disability” has the
meaning set forth in any employment agreement of Participant with the Company that is in effect as of the date of Participant’s Termination of Service, to the extent such term is defined therein, and if no such employment agreement exists at
the time of Participant’s Termination of Service, “Disability” means, unless otherwise provided in an Award Agreement, and shall be deemed to have occurred if the Participant has been determined under the Company’s long-term
disability plan as in effect from time to time to be eligible for long-term disability benefits. In the absence of the Participant’s participation in such a plan, “Disability” means that, in the Board’s sole judgment, the
Participant is unable to perform any of the material duties of 

  
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his or her regular position because of an illness or injury for (i) 80% or more of the normal working days during six consecutive calendar months or (ii) 50% or more of the normal
working days during twelve consecutive calendar months. 
 (p) “Disaffiliation” means a Subsidiary’s or Affiliate’s
ceasing to be a Subsidiary or Affiliate for any reason (including, without limitation, as a result of a public offering, or a spin-off or sale by the Company, of the stock of the Subsidiary or Affiliate or a sale of a division of the Company and its
Affiliates). 
 (q) “Effective Date” means December 28, 2013. 

(r) “Eligible Director” means a person who is (i) a “non-employee director” within the meaning of Rule 16b-3 under
the Exchange Act, or a person meeting any similar requirement under any successor rule or regulation, and (ii) an “outside director” within the meaning of Section 162(m) of the Code, and the Treasury Regulations promulgated
thereunder; provided, however, that clause (ii) shall apply only on and after the 162(m) Effective Date and only with respect to grants of Awards with respect to which the Company’s tax deduction could be limited by
Section 162(m) of the Code if such clause did not apply. 
 (s) “Eligible Person” means any director, officer, employee or
consultant of the Company or any of its Subsidiaries or Affiliates, or any prospective director, officer, employee or consultant who has accepted an offer of service, employment or consultancy from the Company or its Subsidiaries or Affiliates. 

(t) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(u) “Fair Market Value” means, except as otherwise determined by the Committee, the closing price of a Share on the Applicable
Exchange on the date of measurement or, if Shares were not traded on the Applicable Exchange on such measurement date, then on the next preceding date on which Shares were traded on the Applicable Exchange, as reported by such source as the
Committee may select. If there is no regular public trading market for such Common Stock, the Fair Market Value of the Common Stock shall be determined by the Committee in good faith and, to the extent applicable, such determination shall be made in
a manner that satisfies Sections 409A and Sections 422(c)(1) of the Code. 
 (v) “Group” shall have the meaning given in Sections
13(d)(3) and 14(d)(2) of the Exchange Act. 
 (w) “Incentive Stock Option” means an Option granted to a Participant under the Plan
that is designated in the applicable Award Agreement as an incentive stock option as described in Section 422 of the Code and that in fact so qualifies. 

(x) “Nonqualified Stock Option” means an Option granted to a Participant under the Plan that is not designated as an Incentive Stock
Option. 
 (y) “Option” means an Award granted under Section 7. 

  
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 (z) “Option Period” means the period described in Section 7(c). 

(aa) “Option Price” means the exercise price for an Option as described in Section 7(a). 

(bb) “Parent” means any parent of the Company, as defined in Section 424(e) of the Code. 

(cc) “Participant” means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an
Award pursuant to Section 6. 
 (dd) “Performance-Based Restricted Awards” means Awards of Restricted Stock or Restricted
Stock Units awarded to a Participant pursuant to Section 9, the grant of which is contingent upon the attainment of specified Performance Goals, or the vesting of which is subject to a risk of forfeiture if the specified Performance Goals are
not met within the Performance Period. 
 (ee) “Performance Goals” means the performance objectives of the Company or an Affiliate
during a Performance Period or Restricted Period established for the purpose of determining whether, and to what extent, Awards will be earned for a Performance Period or a Restricted Period. To the extent an Award is intended to qualify as
“performance-based compensation” under Section 162(m)(4)(C) of the Code, (i) the Performance Goals shall be established with reference to one or more of the following, either on a Company-wide basis or, as relevant, in respect of
one or more Affiliates, Subsidiaries, divisions, departments or operations of the Company: earnings (gross, net, pre-tax, post-tax or per share), net profit after tax, EBITDA, gross profit, cash generation, unit volume, market share, sales, asset
quality, earnings per share, operating income, revenues, return on assets, return on operating assets, book value per share, return on equity, profits, total shareholder return (measured in terms of stock price appreciation or dividend growth), cost
saving levels, premiums, losses, expenses, marketing spending efficiency, core non-interest income, change in working capital, return on capital, strategic development or stock price, with respect to the Company or any Subsidiary, Affiliate,
division or department of the Company and (ii) such Performance Goals shall be set by the Committee within the time period prescribed by Section 162(m) of the Code and related regulations. Such Performance Goals also may be based upon the
attaining of specified levels of Company, Subsidiary, Affiliate, divisional, departmental or operations performance under one or more of the measures described above relative to the performance of other entities, divisions or subsidiaries (including
an index covering multiple entities). 
 (ff) “Performance Period” means that period of time determined by the Committee at the
time of any grant over which performance is measured for the purpose of determining a Participant’s right to, and the payment value of, any Performance-Based Restricted Award. 

(gg) “Person” shall mean an individual or a corporation, association, partnership, limited liability company, joint venture,
organization, business, trust, or any other entity or organization, including a government or any subdivision or agency thereof. 

  
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 (hh) “Plan” means this Santander Consumer USA Inc. Omnibus Incentive Plan. 

(ii) “Restricted Period” means, with respect to any Share of Restricted Stock or any Restricted Stock Unit, the period of time
determined by the Committee during which such Award is subject to the restrictions set forth in Section 9. 
 (jj) “Restricted
Stock” means Shares issued or transferred to a Participant subject to forfeiture and the other restrictions set forth in Section 9. 

(kk) “Restricted Stock Award” means an Award of Restricted Stock granted under Section 9. 

(ll) “Restricted Stock Unit” means a hypothetical investment equivalent to one Share granted in connection with an Award made under
Section 9. 
 (mm) “Securities Act” means the Securities Act of 1933, as amended. 

(nn) “Share” means a share of Common Stock. 

(oo) “Stock” means the Common Stock or such other authorized shares of stock of the Company as the Committee may from time to time
authorize for use under the Plan. 
 (pp) “Stock Appreciation Right” or “SAR” means an Award granted under
Section 8 of the Plan. 
 (qq) “Stock Award” means an Award of the right to purchase Stock under Section 11 of the Plan.

 (rr) “Stock Bonus” means an Award granted under Section 10 of the Plan. 

(ss) “Stock Option Agreement” means the Award Agreement between the Company and a Participant who has been granted an Option
pursuant to Section 7 that defines the rights and obligations of the parties as required in Section 7(d). 
 (tt) “Strike
Price” means, in respect of an SAR, (i) in the case of a Tandem SAR, the Option Price of the related Option, or (ii) in the case of a Free-Standing SAR, the Fair Market Value on the Date of Grant. 

(uu) “Subsidiary” means any corporation, partnership, joint venture, limited liability company or other entity during any period in
which at least a 50% voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company. 
 (vv)
“Termination of Service” means the termination of the applicable Participant’s employment with, or performance of services for, the Company and any of its Subsidiaries or Affiliates. Unless otherwise determined by the Committee, if a
Participant’s 

  
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employment with, or membership on a Board terminates but such Participant continues to provide services to the Company and its Affiliates in a nonemployee director capacity or as an employee, as
applicable, such change in status shall not be deemed a Termination of Service. A Participant employed by, or performing services for, a Subsidiary or an Affiliate or a division of the Company and its Affiliates shall not be deemed to incur a
Termination of Service if, as a result of a Disaffiliation, such Subsidiary, Affiliate, or division ceases to be a Subsidiary, Affiliate or division, as the case may be, and the Participant immediately thereafter becomes an employee of (or service
provider for), or member of the Board of, the Company or another Subsidiary or Affiliate. Approved temporary absences from employment because of illness, vacation or leave of absence and transfers among the Company and its Subsidiaries and
Affiliates shall not be considered Terminations of Employment. Notwithstanding the foregoing, with respect to any Award that constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code,
“Termination of Service” shall mean a “separation from service” as defined under Section 409A of the Code. 
 (ww)
“Vested Unit” shall have the meaning ascribed thereto in Section 9(d)(ii). 
  

	3.	Effective Date, Duration and Stockholder Approval 

 The Plan is effective as of the
Effective Date. The validity and exercisability of any and all Awards granted pursuant to the Plan on and after the 162(m) Effective Date is contingent upon approval of the Plan by the stockholders of the Company in a manner intended to comply with
the stockholder approval requirements of Section 162(m) of the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of the Company in a manner intended to comply with the
stockholder approval requirements of Section 422(b)(i) of the Code; provided that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such
Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. 
 The expiration date of the Plan, on
and after which no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date (the “Expiration Date”); provided, however, that the administration of the Plan shall continue in effect until all
matters relating to Awards previously granted have been settled. Awards outstanding as of the Expiration Date shall not be affected or impaired by the termination of the Plan. 

 

	4.	Administration 

 (a) The Plan shall be administered by the Board directly, or if the
Board elects, by the Committee, which committee shall be composed of not less than two directors, and shall be appointed by and serve at the pleasure of the Board. All references in this Plan to the “Committee” refer to the Board as a
whole, unless a separate committee has been designated or authorized consistent with the foregoing. 

  
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 Subject to the terms and conditions of the Plan, the Committee shall have absolute authority:

 (i) To select the Eligible Person to whom Awards may from time to time be granted; 

(ii) To determine whether and to what extent Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units, Stock Awards and Stock Bonus Awards or any combination thereof are to be granted hereunder; 

(iii) To determine the number of Shares to be covered by each Award granted hereunder; 

(iv) To approve the form of any Award Agreement and determine the terms and conditions of any Award granted hereunder,
including, but not limited to, the exercise price, any vesting condition, restriction or limitation (which may be related to the performance of the Participant, the Company or any Subsidiary or Affiliate) and any vesting acceleration or forfeiture
waiver regarding any Award and the Shares relating thereto, based on such factors as the Committee shall determine; 
 (v) To
modify, amend or adjust the terms and conditions of any Award at any time or from time to time, including, but not limited to, Performance Goals; provided, however, that the Committee may not adjust upwards the amount payable with
respect to any award intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code; 

(vi) To determine to what extent and under what circumstances Common Stock and other amounts payable with respect to an Award
shall be deferred; 
 (vii) To determine under what circumstances an Award may be settled in cash, Shares, other property or
a combination of the foregoing; 
 (viii) To determine whether, to what extent and under what circumstances cash, Shares and
other property and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant; 

(ix) To adopt, alter and repeal such administrative rules, guidelines and practices governing this Plan as it shall from time
to time deem advisable; 
 (x) To establish any “blackout” period that the Committee in its sole discretion deems necessary or
advisable; 
 (xi) To interpret the terms and provisions of this Plan and any Award issued under this Plan (and any Award
Agreement relating thereto); 

  
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 (xii) To decide all other matters that must be determined in connection with an Award; and 

(xiii) To otherwise administer this Plan. 

(f) Procedures. 

(i) The Committee may act only by a majority of its members then in office, except that the Committee may, except to the extent
prohibited by applicable law or the listing standards of the Applicable Exchange, allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to
any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. 
 (ii)
Any authority granted to the Committee may be exercised by the full Board. To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control. 

(g) Any determination made by the Committee or pursuant to delegated authority under the provisions of this Plan with respect to any Award
shall be made in the sole discretion of the Committee or such delegate at the time of the grant of the Award or, unless in contravention of any express term of this Plan, at any time thereafter. All decisions made by the Committee or any
appropriately delegated officer pursuant to the provisions of this Plan shall be final, binding and conclusive on all persons, including the Company, Participants and Person. No member of the Committee shall be liable for any action or determination
made in good faith with respect to the Plan or any Award hereunder. Notwithstanding the foregoing or the terms of any Award Agreement, following a Change in Control, any determination by the Committee or its delegate as to whether “Cause”
or “good reason” (or any terms of similar meaning applicable to an Award) exists shall be subject to de novo review. 
 (h)
The Committee shall have full power and authority to determine whether, to what extent and under what circumstances any Award shall be canceled or suspended. 

(i) The terms and conditions of each Award, as determined by the Committee, shall be set forth in a written (or electronic) Award Agreement,
which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. Award Agreements may be amended only in accordance with Section 16(b) hereof or as otherwise
permitted by the Award Agreement. 
  

	5.	Grant of Awards; Shares Subject to the Plan 

 The Committee may, from time to time, grant
Awards under the Plan to one or more Eligible Persons; provided, however, that: 
 (a) Subject to Section 13, the
aggregate number of Shares in respect of which Awards may be granted under the Plan is 1,947,362 Shares. The maximum number of Shares that may be granted pursuant to Options intended to be Incentive Stock Options shall be 1,947,362 Shares; 

  
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 (b) To the extent that any Award is forfeited, or any Option and the related Tandem SAR (if any)
or Free-Standing SAR terminates, expires or lapses without being exercised, or any Award is settled for cash, the Shares subject to such Award not delivered as a result thereof shall again be available for Awards under the Plan; 

(c) If the Option Price of any Option and/or the tax withholding obligations relating to any Award are satisfied by delivering Shares to the
Company (by either actual delivery or by attestation), only the number of Shares issued net of the Shares delivered or attested to shall be deemed delivered for purposes of determining the maximum numbers of Shares available for grant under the
Plan. To the extent any Shares subject to an Award are not delivered because such Shares are withheld to satisfy the Option Price (in the case of an Option) and/or the tax withholding obligations relating to such Award, such Shares shall not be
deemed to have been delivered for purposes of determining the maximum number of Shares available for grant under the Plan; 
 (d) Stock
delivered by the Company in settlement of Awards may be authorized and unissued Stock, Stock held in the treasury of the Company, Stock purchased on the open market or by private purchase or a combination of the foregoing; 

(e) On and after the 162(m) Effective Date, no person may be granted Options or SARs under the Plan during any calendar year with respect to
more than 300,000 Shares; provided that such number shall be adjusted pursuant to Section 13, and Shares otherwise counted against such number, only in a manner that will not cause the Awards granted under the Plan to fail to qualify as
“performance-based compensation” for purposes of Section 162(m) of the Code; and 
 (f) On and after the 162(m) Effective
Date, no Eligible Person may be granted Performance-Based Restricted Awards that are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, under the Plan during any calendar year with respect to
more than 300,000 Shares; provided that such number shall be adjusted pursuant to Section 13, and Shares otherwise counted against such number, only in a manner that will not cause such Performance-Based Restricted Awards, Restricted
Stock or Restricted Stock Units granted under the Plan to fail to qualify as “performance-based compensation” under Section 162(m) of the Code. 
  

	6.	Eligibility 

 Participation shall be limited to Eligible Persons who have entered into an
Award Agreement or who have received written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan. 

 

	7.	Options 

 The Committee is authorized to grant one or more Incentive Stock Options or
Nonqualified Stock Options to any Eligible Person; provided, however, that no Incentive Stock Option shall be granted to any Eligible Person who is not an employee of the 

  
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Company or a Parent or Subsidiary (within the meaning of Section 424(f) of the Code). Each Option so granted shall be subject to the following conditions, or to such other conditions as may
be reflected in the applicable Stock Option Agreement. 
 (a) Option Price. The Option Price per Share for each Option shall be set
by the Committee at the time of grant but shall not be less than the Fair Market Value of a Share at the Date of Grant. In no event may any Option granted under this Plan be amended, other than pursuant to Section 13, to decrease the Option
Price thereof, be cancelled in exchange for cash or other Awards or in conjunction with the grant of any new Option with a lower Option Price, or otherwise be subject to any action that would be treated, under the Applicable Exchange listing
standards or for accounting purposes, as a “repricing” of such Option, unless such amendment, cancellation, or action is approved by the Company’s stockholders. 

(b) Manner of Exercise and Form of Payment. No Shares shall be delivered pursuant to any exercise of an Option until payment in full of
the Option Price therefor is received by the Company. Options that have become exercisable shall be exercised by delivery of written notice of exercise to the Company accompanied by payment of the Option Price. The Option Price shall be payable in
cash and/or Shares valued at the Fair Market Value at the time the Option is exercised (including by means of attestation of ownership of a sufficient number of Shares in lieu of actual delivery of such Shares to the Company); provided that
such Shares are not subject to any pledge or other security interest, and have such other characteristics as may be determined in the sole discretion of the Committee. In addition, the Option Price may be payable by such other method as the
Committee may allow, including by way of a “net exercise” pursuant to which a Participant, without tendering the Option Price, is paid Shares representing the excess of (i) the Fair Market Value on the date of exercise of the Shares
as to which the Option is being exercised over (ii) the aggregate Option Price. 
 (c) Vesting, Option Period and Expiration.
Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option Period”);
provided, however, that notwithstanding any vesting dates set by the Committee, the Committee may in its sole discretion accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of any
such Option other than with respect to exercisability. If an Option is exercisable in installments, such installments or portions thereof which become exercisable shall remain exercisable until the Option expires. 

(d) Stock Option Agreement — Other Terms and Conditions. Each Option granted under the Plan shall be evidenced by a Stock Option
Agreement. Except as specifically provided otherwise in such Stock Option Agreement, each Option granted under the Plan shall be subject to the following terms and conditions: 

(i) Each Option or portion thereof that is exercisable shall be exercisable for the full amount or for any part thereof. 

  
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 (ii) The Option Price for each Option exercised shall be paid for in full at the time of the
exercise. Each Option shall cease to be exercisable, as to any Share, when the Participant purchases the Share or exercises a related SAR or when the Option expires. 

(iii) Subject to Section 12(l), Options shall not be transferable by the Participant except by will or the laws of descent and
distribution and shall be exercisable during the Participant’s lifetime only by him. 
 (iv) Each Option shall vest and become
exercisable by the Participant in accordance with the vesting schedule established by the Committee and set forth in the Stock Option Agreement. 

(v) At the time of any exercise of an Option, the Committee may, in its sole discretion, require a Participant to deliver to the Committee a
written representation that the Shares to be acquired upon such exercise are to be acquired for investment and not for resale or with a view to the distribution thereof and any other representation deemed necessary by the Committee to ensure
compliance with all applicable federal and state securities laws. Upon such a request by the Committee, delivery of such representation(s) prior to the delivery of any Shares issued upon exercise of an Option shall be a condition precedent to the
right of the Participant or such other person to purchase any Shares. In the event certificates for Stock are delivered under the Plan with respect to which such investment representation has been obtained, the Committee may cause a legend or
legends to be placed on such certificates to make appropriate reference to such representation and to restrict transfer in the absence of compliance with applicable federal or state securities laws. 

(vi) Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he
makes a disqualifying disposition of any Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including any sale) of such Stock before the later of (A) two years after the Date
of Grant of the Incentive Stock Option or (B) one year after the date the Participant acquired the Stock by exercising the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by
it, retain possession of any Stock acquired pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the preceding sentence subject to complying with any instructions from
such Participant as to the sale of such Stock. 
 (e) Incentive Stock Option Grants to 10% Shareholders. Notwithstanding anything to
the contrary in this Section 7, if an Incentive Stock Option is granted to a Participant who owns stock representing more than ten percent of the voting power of all classes of stock of the Company or of a Parent or Subsidiary, the Option
Period shall not exceed five years from the Date of Grant of such Option and the Option Price shall be at least 110 percent of the Fair Market Value (on the Date of Grant) of the Stock subject to the Option. 

(f) $100,000 Per Year Limitation for Incentive Stock Options. To the extent the aggregate Fair Market Value (determined as of the Date
of Grant) of Stock for which Incentive Stock Options are exercisable for the first time by any Participant 

  
 13 

 
during any calendar year (under all plans of the Company) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified Stock Options. 

 

	8.	Stock Appreciation Rights 

 Any Option granted under the Plan may include SARs, either at
the Date of Grant or, except in the case of an Incentive Stock Option, by subsequent amendment (SARS that are granted in conjunction with an Option are referred to in this Plan as “Tandem SARs”). The Committee also may award SARs to
Eligible Persons independent of any Option (SARS that are granted independent of any Option are referred to in this Plan as “Free-Standing SARs”). An SAR shall be subject to such terms and conditions not inconsistent with the Plan as the
Committee shall impose as set forth in an Award Agreement, including, but not limited to, the following: 
 (a) Vesting, Transferability
and Expiration. Tandem SARs shall become exercisable, be transferable and shall expire according to the same vesting schedule, transferability rules and expiration provisions as the corresponding Option. Free-Standing SARs shall become
exercisable, be transferable and shall expire in accordance with a vesting schedule, transferability rules and expiration provisions as established by the Committee and reflected in an Award Agreement. 

(b) Payment. Upon the exercise of an SAR, the Company shall pay to the Participant an amount equal to the number of Shares subject to
the SAR multiplied by the excess, if any, of the Fair Market Value of one Share on the exercise date over the Strike Price. The Company shall pay such excess in cash, in Shares valued at Fair Market Value, or any combination thereof, as determined
by the Committee. Fractional Shares shall be settled in cash. 
 (c) Method of Exercise. A Participant may exercise an SAR at such
time or times as may be determined by the Committee at the time of grant by filing an irrevocable written notice with the Company, specifying the number of SARs to be exercised and the date on which such SARs were awarded. 

(d) Expiration. Except as otherwise provided in the case of Tandem SARs, a SAR shall expire on a date designated by the Committee that
is not later than ten years after the Date of Grant of the SAR. 
  

	9.	Restricted Stock Awards and Restricted Stock Units 

 (a) Award of Restricted Stock and
Restricted Stock Units. 
 (i) The Committee shall have the authority (A) to grant Restricted Stock and Restricted Stock Units to
Eligible Persons, (B) to issue or transfer Restricted Stock to Participants and (C) to establish terms, conditions and restrictions applicable to such Restricted Stock and Restricted Stock Units, including (i) the Restricted Period,
(ii) the time or times at which Restricted Stock or Restricted Stock Units shall be granted or become vested, including upon the attainment of performance conditions (whether or not such conditions are Performance Goals) or upon both the
attainment of performance conditions (whether or not such conditions are 

  
 14 

 
Performance Goals) and the continued service of the applicable Participant and (iii) the number of Shares to be covered by or subject to each such Award. 

(ii) Subject to the restrictions set forth in Section 9(b) and any restrictions provided in an Award Agreement, the Participant
generally shall have the rights and privileges of a stockholder as to Restricted Stock, including the right to vote such Restricted Stock. The Award Agreement for Restricted Stock shall specify whether, to what extent and on what terms and
conditions the applicable Participant shall be entitled to receive current or deferred payments of cash and/or Stock dividends on the class or series of Stock that is subject to the Restricted Stock, including whether any such dividends will be held
subject to the vesting of the underlying Restricted Stock or held subject to meeting Performance Goals, subject to Section 12(e) below in the case of dividends settled in Stock. 

(iii) Awards of Restricted Stock shall be evidenced in such manner as the Committee may deem appropriate, including book-entry registration
or issuance of one or more stock certificates. Any certificate issued in respect of Shares of Restricted Stock shall be registered in the name of the applicable Participant and shall bear an appropriate legend referring to the terms, conditions, and
restrictions applicable to such Award, substantially in the following form: 
 Transfer of this certificate and the Shares represented
hereby is restricted pursuant to the terms of the Santander Consumer USA Inc. Omnibus Incentive Plan and a Restricted Stock Award Agreement, dated as of
                    , between Santander Consumer USA Inc. and
                    . A copy of such Restricted Stock Award Agreement is on file at the offices of Santander Consumer USA Inc. 

The Committee may require that the 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 Award of Restricted Stock, the applicable Participant shall have delivered a stock power, endorsed in blank, relating to the Common Stock covered by such Award. 

(iv) No Shares shall be issued at the time a Restricted Stock Unit is granted and the Company will not be required to set aside a fund for
the payment of any such Award. The Award Agreement for Restricted Stock Units shall specify whether, to what extent and on what terms and conditions the applicable Participant shall be entitled to receive current or deferred payments of cash, Stock
or other property corresponding to the dividends payable on the Stock, including whether any such dividends will be held subject to the vesting of the underlying Restricted Stock Units or held subject to meeting Performance Goals, subject to
Section 12(e) below in the case of dividends settled in Stock. 

  
 15 

 (b) Restrictions. 

(i) Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period,
and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) the Shares shall be subject to the restrictions on transferability set forth in the Award Agreement and (B) the Shares shall be subject to
forfeiture to the extent provided in the applicable Award Agreement, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement and, to the extent such Shares are forfeited, the
stock certificates shall be returned to the Company and all rights of the Participant to such Shares and as a stockholder shall terminate without further obligation on the part of the Company. 

(ii) Restricted Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted Period,
and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement, and to the extent such Restricted Stock Units are forfeited, all rights of the Participant to such Restricted Stock
Units shall terminate without further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award Agreement. 

(iii) The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock and Restricted Stock Units
whenever it may determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date that the Restricted Stock or Restricted Stock Units are granted, such action is appropriate. 

(c) Restricted Period. The Restricted Period of Restricted Stock and Restricted Stock Units shall commence on the Date of Grant and
shall expire from time to time as to that part of the Restricted Stock and Restricted Stock Units indicated in a schedule established by the Committee in the applicable Award Agreement. 

(d) Delivery of Restricted Stock and Settlement of Restricted Stock Units. 

(i) Restricted Stock. Upon the expiration of the Restricted Period with respect to any Shares of Restricted Stock and/or the
satisfaction of any applicable Performance Goals without prior forfeiture, the restrictions set forth in Section 9(b) and the applicable Award Agreement shall be of no further force or effect with respect to such Shares, except as set forth in
the applicable Award Agreement and unlengended certificates (to the extent certificates are delivered) for such Shares shall be delivered to the Participant upon surrender of the legended certificates, if any. 

(ii) Restricted Stock Units. Upon the expiration of the Restricted Period and/or the satisfaction of any applicable Performance Goals
without prior forfeiture with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one Share for each such outstanding Restricted Stock Unit (“Vested
Unit”); provided, however, that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to 

  
 16 

 
(A) pay cash or part cash and part Stock in lieu of delivering only Shares for Vested Units or (B) delay the delivery of Stock (or cash or part Stock and part cash, as the case may be)
beyond the expiration of the Restricted Period. If a cash payment is made in lieu of delivering Shares, the amount of such payment shall be equal to the Fair Market Value of the Stock as of the date on which the Restricted Period lapsed with respect
to such Vested Unit. 
 (e) Applicability of Section 162(m). With respect to Performance-Based Restricted Awards that are
granted on and after the 162(m) Effective Date and are intended to qualify as “performance-based compensation” under Section 162(m) of the Code, this Section 9 (including the substance of the Performance Goals, the timing of
establishment of the Performance Goals, the adjustment of the Performance Goals and determination of the Award) shall be implemented by the Committee in a manner designed to qualify such Awards as “performance-based compensation” under
Section 162(m) of the Code. 
  

	10.	Stock Bonus Awards 

 The Committee may issue unrestricted Stock, or other Awards
denominated in Stock, whether paid in cash or Shares (valued at Fair Market Value as of the date of payment), under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and subject to such terms and conditions as the
Committee shall from time to time in its sole discretion determine. Stock Bonus Awards under the Plan shall be granted as, or in payment of, a bonus, or to provide incentives or recognize special achievements or contributions. With respect to Stock
Bonus Awards made on and after the 162(m) Effective Date and intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall establish and administer Performance Goals in the manner
described in Section 9 as an additional condition to the vesting and/or payment of such Stock Bonus Awards. The Stock Bonus Award for any Performance Period to any Participant may be reduced or eliminated by the Committee in its discretion.

  

	11.	Stock Awards 

 (a) General. Stock Awards may be granted under the Plan at any time
and from time to time on or prior to the Expiration Date. Each Stock Award shall be evidenced by an Award Agreement that shall be executed by the Company and the Participant. The Award Agreement shall specify the terms and conditions of the Stock
Award, including, without limitation, the number of Shares covered by the Stock Award, the purchase price for such Shares and the deadline for the purchase of such Shares. 

(b) Purchase Price; Payment. The price (the “Purchase Price”) at which each Share covered by the Stock Award may be purchased
upon exercise of a Stock Award shall be determined by the Committee and set forth in the applicable Award Agreement. The Company will not be obligated to issue certificates evidencing Stock purchased under this Section 11 unless and until it
receives full payment of the aggregate Purchase Price therefor and all other conditions to the purchase, as determined by the Committee, have been satisfied. The Purchase Price of any Shares subject to a Stock Award must be paid in full at the time
of the purchase. 

  
 17 

	12.	General 

 (a) Additional Provisions of an Award. Awards to a Participant under the
Plan also may be subject to such other provisions (whether or not applicable to Awards granted to any other Participant) as the Committee determines appropriate including, without limitation, (i) provisions for the forfeiture of or restrictions
on resale or other disposition of Shares acquired under any Award, (ii) provisions giving the Company the right to repurchase Shares acquired under any Award in the event the Participant elects to dispose of such shares, (iii) provisions
allowing the Participant to elect to defer the receipt of payment in respect of Awards for a specified period or until a specified event, provided such provisions comply with Section 409A of the Code and (iv) provisions to comply
with federal and state securities laws and federal and state tax withholding requirements. Any such provisions shall be reflected in the applicable Award Agreement. 

(b) Privileges of Stock Ownership. Except as otherwise specifically provided in the Plan, no person shall be entitled to the privileges
of ownership in respect of Shares that are subject to Awards hereunder until such Shares have been issued to that person. 
 (c)
Conditions for Issuance. The obligation of the Company to settle Awards in Stock or otherwise shall be subject to all applicable laws, rules and regulations and to such approvals by governmental agencies as may be required. Notwithstanding
any other provision of the Plan or agreements made pursuant thereto, the Company shall not be required to issue or deliver any certificate or certificates for Stock under the Plan prior to fulfillment of all of the following conditions:
(i) listing or approval for listing upon notice of issuance, of such Stock on the Applicable Exchange; (ii) any registration or other qualification of such Stock of the Company under any state or federal law or regulation, or the
maintaining in effect of any such registration or other qualification that the Committee shall, in its absolute discretion upon the advice of counsel, deem necessary or advisable; and (iii) obtaining any other consent, approval or permit from
any state or federal governmental agency that the Committee shall, in its absolute discretion after receiving the advice of counsel, determine to be necessary or advisable. The Company shall be under no obligation to register for sale under the
Securities Act any of the Shares to be offered or sold under the Plan. If the Shares offered for sale or sold under the Plan are offered or sold pursuant to an exemption from registration under the Securities Act, the Company may restrict the
transfer of such shares and may legend the Stock certificates representing such Shares in such manner as it deems advisable to ensure the availability of any such exemption. 

(d) Tax Withholding. 
 No
later than the date as of which an amount first becomes includible in the gross income of a Participant for federal, state, local or foreign income or employment or other tax purposes with respect to any Award under this Plan, such Participant

  
 18 

 
shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with
respect to such amount. The Company or any Affiliate shall have the right and is hereby authorized to withhold from any Shares or other property deliverable under any Award (but no more than the minimum required withholding liability) or from any
compensation or other amounts owing to a Participant the amount (in cash, Stock or other property) of any required income tax withholding and payroll taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under the
Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such withholding and taxes. The obligations of the Company under this Plan shall be conditional on such payment or
arrangements, and the Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to such Participant. The Committee may establish such procedures as it deems appropriate,
including making irrevocable elections, for the settlement of withholding obligations with Common Stock. 
 Without limiting the generality
of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding liability (but no more than the minimum required withholding liability) by (A) delivery of
Shares owned by the Participant, provided that such Shares are not subject to any pledge or other security interest and have such other characteristics as may be determined in the sole discretion of the Committee) with a Fair Market Value
equal to such withholding liability or (B) having the Company withhold from the number of Shares otherwise issuable pursuant to the exercise or settlement of the Award, a number of Shares with a Fair Market Value equal to such withholding
liability. 
 (e) Limitation on Dividend Reinvestment and Dividend Equivalents. Reinvestment of dividends in additional Restricted
Stock at the time of any dividend payment, and the payment of Stock with respect to dividends to Participants holding Awards of Restricted Stock Units, shall only be permissible if sufficient Shares are available under Section 5 for such
reinvestment or payment (taking into account then-outstanding Awards). In the event that sufficient Shares are not available for such reinvestment or payment, such reinvestment or payment shall be made in the form of a grant of Restricted Stock
Units equal in number to the Shares that would have been obtained by such payment or reinvestment, the terms of which Restricted Stock Units shall provide for settlement in cash and for dividend equivalent reinvestment in further Restricted Stock
Units on the terms contemplated by this Section 12(e). 
 (f) Claim to Awards and Employment Rights. No employee of the Company,
Subsidiary or Affiliate, or other person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. Neither the Plan nor any action taken
hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Company or an Affiliate, constitute a contract of employment or limit the right of the Company or any Subsidiary or Affiliate to
terminate the employment of any employee at any time. 

  
 19 

 (g) Designation and Change of Beneficiary. Each Participant may file with the Company a
written designation of one or more persons as the beneficiary who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his or her death. A Participant may, from time to time, revoke or change his
or her beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Company. The last such designation received by the Company shall be controlling; provided, however, that no designation,
or change or revocation thereof, shall be effective unless received by the Company prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a
Participant, the beneficiary shall be determined by the laws of descent and distribution. 
 (h) Payments to Persons Other Than
Participants. If the Committee shall find that any person to whom any amount is payable under the Plan is unable to care for his or her affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or
his or her estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to his or her guardian or legal representative or any other person deemed by the Committee
to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 

(i) No Liability of Committee Members. No member of the Committee shall be personally liable by reason of any contract or other
instrument executed by such member or on his or her behalf in his or her capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each member of the Committee and
each other employee, officer or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated against any cost or expense (including counsel fees) or liability (including
any sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or willful bad faith; provided, however, that approval of the Board shall
be required for the payment of any amount in settlement of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the
Company’s Certificate of Incorporation or By-Laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

(j) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware without
regard to the principles of conflicts of law thereof or principles of conflicts of laws of any other jurisdiction that could cause the application of the laws of any jurisdiction other than the State of Delaware. 

  
 20 

 (k) Funding. No provision of the Plan shall require the Company, for the purpose of
satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity or otherwise to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the
existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become
entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees under general law. Notwithstanding any other provision of this Plan to the contrary, with respect to any Award that
constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, no trust shall be funded with respect to any such Award if such funding would result in taxable income to the Participant by
reason of Section 409A(b) of the Code and in no event shall any such trust assets at any time be located or transferred outside of the United States, within the meaning of Section 409A(b) of the Code. 

(l) Nontransferability. 

(i) Each Award shall be exercisable only by the Participant during the Participant’s lifetime, or, if permissible under applicable law,
by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any
such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company, Subsidiary or Affiliate; provided that the designation of a beneficiary shall not constitute an
assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 (ii) Notwithstanding the foregoing, the Committee may, in its
sole discretion, permit Awards other than Incentive Stock Options to be transferred by a Participant without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of
the Plan, to: 
  

	 	(A)	any person who is a “family member” of the Participant, as such term is used in the instructions to Form S-8 (collectively, the “Immediate Family Members”); 

 

	 	(B)	a trust solely for the benefit of the Participant and his or her Immediate Family Members; 

  

	 	(C)	a partnership or limited liability company whose only partners or stockholders are the Participant and his or her Immediate Family Members; or 

 

	 	(D)	any other transferee as may be approved either (1) by the Board or the Committee in its sole discretion or (2) as provided in the applicable Award Agreement; 

  
 21 

 (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter
referred to as a “Permitted Transferee”); provided that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing
that such a transfer would comply with the requirements of this Plan and any applicable Award Agreement. 
 The terms of any Award transferred in accordance
with the immediately preceding sentence shall apply to the Permitted Transferee and any reference in this Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that
(A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in
effect a registration statement on an appropriate form covering the Shares to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is
necessary or appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan
or otherwise; and (D) the consequences of the termination of the Participant’s employment by, or services to, the Company, or an Affiliate under the terms of the Plan and the applicable Award Agreement shall continue to be applied with
respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement. 

(m) Section 409A of the Code. It is the intention of the Company that no Award shall be “deferred compensation” subject
to Section 409A of the Code, unless and to the extent that the Committee specifically determines otherwise as provided in this Section 12(m), and the Plan and the terms and conditions of all Awards shall be interpreted accordingly. The
terms and conditions governing any Awards that the Committee determines will be subject to Section 409A of the Code, including any rules for elective or mandatory deferral of the delivery of cash or Shares pursuant thereto and any rules
regarding treatment of such Awards in the event of a Change in Control, shall be set forth in the applicable Award Agreement and shall comply in all respects with Section 409A of the Code. Notwithstanding any other provision of the Plan to the
contrary, with respect to any Award that constitutes a “nonqualified deferred compensation plan” subject to Section 409A of the Code that has been granted to a Participant who is a “specified employee” (within the meaning of
Section 409A) on the date of the Participant’s Termination of Service, any payments (whether in cash, Shares or other property) to be made with respect to such Award upon the Participant’s Termination of Service shall be delayed until
the earlier of (i) the first day of the seventh month following the Participant’s Termination of Service and (ii) the Participant’s death. 

(n) Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any
pension, retirement, profit sharing, group insurance or other benefit plan of the Company or any Subsidiary except as otherwise specifically provided in such other plan. 

  
 22 

 (o) Additional Compensation Arrangements. Nothing contained in the Plan shall prevent the
company or any Subsidiary or Affiliate from adopting other or additional compensation arrangements for its employees. 
 (p) Subsidiary
Employee. In the case of a grant of an Award to any employee of a Subsidiary of the Company, the Company may, if the Committee so directs, issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful
consideration as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the Shares to the employee in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan.
All Shares underlying Awards that are forfeited or canceled shall revert to the Company. 
 (q) Foreign Employees and Foreign Law
Considerations. The Committee may grant Awards to Eligible Persons who are foreign nationals, who are located outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to
(or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee,
be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures or subplans as may be necessary or advisable to comply
with such legal or regulatory. 
 (r) Expenses. The expenses of administering the Plan shall be borne by the Company and its
Affiliates. 
 (s) Pronouns. Masculine or neuter pronouns and other words of masculine gender shall refer to both men and women. 

(t) Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of
any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 (u) Severability. If any provision of the
Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision
shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
  

	13.	Changes in Capital Structure 

 (a) In the event of a merger, consolidation, acquisition
of property or shares, stock rights offering, liquidation, disposition for consideration of the Company’s direct or indirect ownership of a Subsidiary or Affiliate (including by reason of a Disaffiliation), or similar event affecting the
Company or any of its Subsidiaries (each, a “Corporate 

  
 23 

 
Transaction”), the Committee or the Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to (i) the aggregate number and kind of
Shares or other securities reserved for issuance and delivery under this Plan, (ii) the various maximum limitations set forth in Section 5 upon certain types of Awards and upon the grants to individuals of certain types of Awards,
(iii) the number and kind of Shares or other securities subject to outstanding Awards; and (iv) the Option Price, Strike Price, Purchase Price (or term of similar meaning) of outstanding Awards. 

(b) In the event of a stock dividend, stock split, reverse stock split, separation, spinoff, reorganization, extraordinary dividend of cash or
other property, share combination, or recapitalization or similar event affecting the capital structure of the Company (each, a “Stock Change”), the Committee or the Board shall make such substitutions or adjustments as it deems
appropriate and equitable to (i) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan, (ii) the various maximum limitations set forth in Section 5 upon certain types of Awards
and upon the grants to individuals of certain types of Awards, (iii) the number and kind of Shares or other securities subject to outstanding Awards and (iv) the Option Price, Strike Price, Purchase Price (or term of similar meaning) of
outstanding Awards. 
 (c) In the case of Corporate Transactions, such adjustments may include, without limitation, (i) the
cancellation of outstanding Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such Awards, as determined by the Committee or the Board in its sole discretion (it being
understood that in the case of a Corporate Transaction with respect to which stockholders of Common Stock receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Committee
that the value of an Option or Stock Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such
Option or Stock Appreciation Right shall conclusively be deemed valid); (ii) the substitution of other property (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for the
Shares subject to outstanding Awards; and (iii) in connection with any Disaffiliation, arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including, without limitation,
other securities of the Company and securities of entities other than the Company), by the affected Subsidiary, Affiliate, or division or by the entity that controls such Subsidiary, Affiliate, or division following such Disaffiliation (as well as
any corresponding adjustments to Awards that remain based upon Company securities). 
 (d) The Committee may adjust the Performance Goals
applicable to any Awards to reflect any Stock Change and any Corporate Transaction and any unusual or nonrecurring events and other extraordinary items, impact of charges for restructurings, discontinued operations and the cumulative effects of
accounting or tax changes, each as defined by generally accepted accounting principles or as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and analysis or the Company’s
other SEC filings; provided that with respect to Awards granted on and after the 162(m) Effective Date that are intended to qualify as “performance-based 

  
 24 

 
compensation” under Section 162(m) of the Code, such adjustments or substitutions shall be made only to the extent that the Committee determines that such adjustments or substitutions
may be made without causing the Company to be denied a tax deduction on account of Section 162(m) of the Code. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and
binding for all purposes. 
 (e) Notwithstanding the foregoing: (i) any adjustments made pursuant to this Section 13 to Awards
that are considered “nonqualified deferred compensation” within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code; and (ii) any adjustments made pursuant to
this Section 13 to Awards that are not considered “nonqualified deferred compensation” subject to Section 409A of the Code shall be made in such a manner as to ensure that, after such adjustment, the Awards either
(A) continue not to be subject to Section 409A of the Code or (B) comply with the requirements of Section 409A of the Code. 

(f) Any adjustment under this Section 13 need not be the same for all Participants. 

 

	14.	Effect of Change in Control 

 (a) Impact of Event/Single Trigger. Unless otherwise
provided in the applicable Award Agreement and subject to Sections 12(m) and 13, notwithstanding any other provision of the Plan to the contrary, immediately upon the occurrence of a Change in Control: 

(i) any Options and Stock Appreciation Rights outstanding that are not then exercisable and vested shall become fully exercisable and vested;

 (ii) the restrictions, including the Restricted Period, which may differ with respect to each grantee, and deferral limitations
applicable to any Restricted Stock shall lapse and such Restricted Stock shall become free of all restrictions and become fully vested and transferable; 

(iii) all Awards (other than Options, Stock Appreciation Rights and Restricted Stock) shall be considered to be earned and payable in full,
and any restrictions shall lapse and any Restricted Stock Units shall be settled as promptly as is practicable in the form set forth in the applicable Award Agreement; provided, however, that with respect to any such Award that
constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code, the settlement of each such Award pursuant to this Section 14(a)(iii) shall not occur until the earliest of (A) the Change in
Control if such Change in Control constitutes a “change in the ownership of the corporation,” a “change in effective control of the corporation” or a “change in the ownership of a substantial portion of the assets of the
corporation,” within the meaning of Section 409A(a)(2)(A)(v) of the Code (each, a “409A Change in Control”) and (B) the date such Award would otherwise be settled pursuant to the terms of the Award Agreement; 

  
 25 

 (iv) with respect to Performance-Based Restricted Awards, the Committee shall (A) determine
the extent to which Performance Goals with respect to each Performance Period have been met based upon such audited or unaudited financial information or other inputs deemed relevant or appropriate in the discretion of the Committee then available
as it deems relevant and (B) cause to be paid to each Participant in accordance with paragraphs (i) through (iii) of this Section 14(a) partial or full Awards based upon the Committee’s determination of the degree of
attainment of Performance Goals; provided, however, that with respect to any Performance-Based Restricted Award that constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code, the
payment of each such Award pursuant to this Section 14(a)(iv) shall not occur until the earliest of (1) the Change in Control if such Change in Control constitutes a 409A Change in Control and (2) the date such Award would otherwise
be settled pursuant to the terms of the Award Agreement; 
 (v) the Committee may in its discretion, and upon at least 10 days’ advance
notice to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash, Stock or other property, or any combination thereof, the value of such Awards based upon the price per Share received or to be received by other
stockholders of the Company in the event; provided, however, that with respect to any Award that constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code, payment shall only be made
to the extent such payment is permitted under Section 409A of the Code, including as a result of the application of Regulation 1.409A-3(j)(4)(ix)(B); and 

(vi) the Committee may also make additional adjustments and/or settlements of outstanding Awards as it deems appropriate and consistent with
the Plan’s purposes. 
 (b) The obligations of the Company under the Plan shall be binding upon any successor corporation or
organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company. 

 

	15.	Amendments and Termination 

 (a) Amendment and Termination of the Plan. The Board
or the Committee may amend, alter, or discontinue this Plan, but no amendment, alteration or discontinuation shall be made which would materially impair the rights of the Participant with respect to a previously granted Award without such
Participant’s consent, except such an amendment made to comply with applicable law, including without limitation Section 409A of the Code, Applicable Exchange listing standards or accounting rules. In addition, no amendment to the Plan
shall be made without the approval of the Company’s stockholders to the extent such approval is required by applicable law or the listing standards of the Applicable Exchange. The Plan will terminate on the tenth anniversary of the Effective
Date, but Awards outstanding as of such date shall not be affected or impaired by the termination of the Plan. 

  
 26 

 (b) Amendment of Award Agreements. Subject to Section 7(a), the Committee may
unilaterally amend the terms of any Award theretofore granted, but no such amendment shall without the Participant’s consent materially impair the rights of any Participant with respect to an Award, except such an amendment made to cause this
Plan or Award to comply with applicable law, Applicable Exchange listing standards or accounting rules. 

*        *        * 

As adopted by the Board of Directors of Santander Consumer USA Inc. as of December 28, 2013 and approved by stockholders of Santander Consumer USA Inc.
on December 28, 2013. 

  
 27EX-10.12

 Exhibit 10.12 

SANTANDER CONSUMER USA INC. 

OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK AWARD AGREEMENT 

(FOR MANAGEMENT) 
 THIS
RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), dated as of December 31, 2013 (the “Date of Grant”), is made by and between Santander Consumer USA Inc., an Illinois corporation (the
“Company”), and                                 
(“Participant”). 
 WHEREAS, the Company has adopted the Santander Consumer USA Inc. Omnibus Incentive Plan (the
“Plan”); and 
 WHEREAS, the Committee has determined that it would be in the best interests of the Company and its
stockholders to grant Participant a number of shares of the Company’s Common Stock (the “Shares”) on the terms and subject to the conditions set forth in this Agreement and the Plan. 

NOW THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for other
good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows: 

1. Grant of Restricted Stock Award. 

(a) Grant. The Company hereby grants to Participant an award of Restricted Stock with respect to an aggregate of
             restricted Shares (the “Restricted Stock”) on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. 

(b) Incorporation by Reference, Etc. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise
expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan. Participant is a party to
the Management Shareholders Agreement dated as of December 31, 2011 (as amended from time to time) (the “Shareholders Agreement”), and hereby acknowledges and agrees that the Restricted Stock (and after vesting the Shares) shall be
subject to the terms of the Management Shareholders Agreement; provided that, except with respect to the restrictive covenants contained in Section 5 of the Shareholders Agreement which will remain in effect as applied to Participant,
the provisions of the Shareholders Agreement shall cease to apply to the Restricted Stock (and, after vesting, Shares) from and after the consummation of the proposed initial public offering of the common stock, par value $0.01 per share of
Santander Consumer USA Holdings Inc. (“Holdings”), pursuant to a Registration Statement on Form S-1 of Holdings; provided, further, that, in the event of any material breach of the restrictive covenants contained in
Section 5 of the Shareholders Agreement, unless otherwise determined by the Committee, in its sole discretion, all outstanding Restricted Stock held by the Participant shall be immediately forfeited; provided, further, that,
solely in the case of the Participant’s first material breach of the 

 
applicable restrictive covenants, in order for the Committee to provide for forfeiture of such Restricted Stock, the Company must first provide the Participant with written notice of the
violation and a period of 10 days to cure such violation (to the extent that such violation may be cured). 
 2. Vesting. Except as
may otherwise be provided herein, including pursuant to Section 3, the Restricted Stock Award shall become vested and nonforfeitable with respect to 20% of the Restricted Stock on each of the first five anniversaries of the Date of Grant
subject to Participant’s continued service on each such date, such that the Restricted Stock shall be fully vested on the fifth anniversary of the Date of Grant. 

3. Termination of Service. In the event that Participant incurs a Termination of Service, unvested Restricted Stock shall be forfeited
without consideration by Participant. Notwithstanding the foregoing, in the event that Participant incurs a Termination of Service without Cause, or due to Participant’s death or Disability, any unvested Restricted Stock shall accelerate and
vest in full as of the date of Termination of Service. 
 4. Tax Withholding. No later than the date as of which an amount first
becomes includible in the gross income of Participant for federal income tax purposes with respect to any Shares of Restricted Stock, Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of,
all federal, state and local income and employment taxes that are required by applicable laws and regulations to be withheld with respect to such amount. Participant may direct the Company, to the extent permitted by law, to deduct any such taxes
from any payment otherwise due to Participant, including the delivery of the Shares of Restricted Stock that gives rise to the withholding requirement. The Company’s obligation to deliver the Restricted Stock or any certificates evidencing the
Restricted Stock (or to make a book entry or other electronic notation indicating ownership of the Shares), or otherwise remove the restrictive notations or legends on such Shares or certificates that refer to nontransferability, is subject to the
condition precedent that Participant either pay or provide for the amount of any such withholding obligations in such manner as may be authorized by the Committee or as may otherwise be permitted under Section 12(d) of the Plan. 

5. Certificates. Shares of Restricted Stock shall be evidenced through book-entry registration registered in Participant’s name on
the stock transfer books of the Company promptly after the date hereof, but shall remain in the physical custody of the Company or its designee at all times prior to, in the case of any particular Share of the Restricted Stock, the date on which
such Share vests. All certificates representing Restricted Stock shall have affixed thereto a legend in substantially the following form, in addition to any other legends that may be required under federal or state securities laws: 

Transfer of this certificate and the Shares represented hereby is restricted pursuant to the terms of the Santander Consumer USA Inc. Omnibus
Incentive Plan and a Restricted Stock Award Agreement, dated as of December 30, 2013, between Santander Consumer USA Inc. and
                            
                            . A copy of such Restricted Stock Award Agreement is on file at the offices of
Santander Consumer USA Inc. 

  
 -2- 

 As soon as administratively practicable following vesting of the Restricted Stock, the Company
shall deliver to Participant or his legal representative, in book-entry or certificate form, the formerly restricted Shares that do not bear any restrictive legend making reference to this Agreement. Such Shares shall be free of restrictions, except
for any restrictions required under federal securities laws. 
 6. Dividend and Voting Rights. After the Grant Date, Participant shall
be the record owner of the Restricted Stock unless and until the applicable Shares are forfeited pursuant to Participant’s Termination of Service or sold or otherwise disposed of, and as record owner shall be entitled to all rights of a common
stockholder of the Company, including, without limitation, voting rights, if any, with respect to the Restricted Stock and rights to any cash or in-kind dividends paid with respect to Restricted Stock; provided that, the Restricted Stock
shall be subject to the limitations on transfer and encumbrance set forth in this Agreement, the Plan and, to the extent applicable, the Shareholders Agreement. 

7. Transferability. The Restricted Stock may not, at any time prior to becoming vested, be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable
against the Company, its Subsidiary or Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. The Restricted Stock shall be subject to the
restrictions set forth in the Plan, this Agreement and, to the extent applicable, the Shareholders Agreement. Prior to the Shares becoming listed on an Applicable Exchange, any Shares received by Participant in respect of the Restricted Stock may
not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Participant without the prior written approval of the Board, such approval not to be unreasonably withheld. 

8. Securities Law Representations. Participant acknowledges that the Restricted Stock is not being registered under the Securities Act,
based, in part, on reliance upon an exemption from registration under Rule 701 or Regulation D promulgated under the Securities Act and a comparable exemption from qualification under applicable state securities laws, as each may be amended from
time to time. Participant, by executing this Agreement, hereby makes the following representations to the Company and acknowledges that the Company’s reliance on federal and state securities law exemptions from registration and qualification is
predicated, in substantial part, upon the accuracy of these representations: 
  

	 	•	 	Participant is acquiring the Restricted Stock solely for Participant’s own account, for investment purposes only, and not with a view or an intent to sell, or to offer for resale in connection with any unregistered
distribution, all or any portion of the Shares within the meaning of the Securities Act and/or any applicable state securities laws. 

  

	 	•	 	Participant is an “accredited investor,” as that term is defined in Rule 501(a)(4), (5) or (6) of Regulation D promulgated under the Securities Act. 

  
 -3- 

	 	•	 	Participant has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Restricted Stock. Participant has been furnished with, and/or has access to, such
information as Participant considers necessary or appropriate for deciding whether to purchase the Shares underlying the Restricted Stock. However, in evaluating the merits and risks of an investment in the Shares underlying the Restricted Stock,
Participant has and will rely only upon the advice of Participant’s own legal counsel, tax advisors and/or investment advisors. 

  

	 	•	 	Participant is aware that any value the Restricted Stock may have depends on vesting and certain other factors, and that any investment in common shares of a closely held corporation such as the Company is
non-marketable, nontransferable and could require capital to be invested for an indefinite period of time, possibly without return, and at substantial risk of loss. 

 

	 	•	 	Participant understands that the Restricted Stock will be characterized as “restricted securities,” and may be “control securities” under the federal securities laws and that, under such laws and
applicable regulations, such securities may be resold without registration under the Securities Act only in certain limited circumstances, including in accordance with the conditions of Rule 144 promulgated under the Securities Act, as presently in
effect. Participant acknowledges receiving a copy of Rule 144 promulgated under the Securities Act, as presently in effect, and represents that Participant is familiar with such rule and understands the resale limitations imposed thereby and by the
Securities Act and the applicable state securities law. 

  

	 	•	 	Participant has read and understands the restrictions, limitations and the Company’s rights set forth in the Plan, the Shareholders Agreement (to the extent applicable) and this Agreement that will be imposed on
the Restricted Stock (including those restrictions and limitations that will continue after the Restricted Stock has vested). 

  

	 	•	 	Participant has not relied upon any oral representation made to Participant relating to the Shares or upon information presented in any promotional meeting or material relating to the Restricted Stock.

  

	 	•	 	Participant understands and acknowledges that (a) any certificate evidencing the Restricted Stock (or evidencing any other securities issued with respect thereto pursuant to any stock split, stock dividend, merger
or other form of reorganization or recapitalization) when issued shall bear any legends that may be required by applicable federal and state securities laws, this Agreement, the Shareholders Agreement (to the extent applicable) or the Plan and
(b) the Company has no obligation to register the Shares or file any registration statement under federal or state securities laws. The Committee reserves the right to account for Shares through book entry or other electronic means rather than
the issuance of stock certificates. 

  
 -4- 

 9. Adjustment. In the event of any event described in Section 13 of the Plan
occurring after the Date of Grant, the adjustment provisions as provided for under Section 13 of the Plan shall apply to the Restricted Stock. 

10. Change in Control. In the event of a Change in Control of the Company occurring after the Date of Grant while some or all of the
Restricted Stock remains unvested, the provisions set forth in Section 14 of the Plan shall apply to the Restricted Stock. 
 11.
Miscellaneous. 
 (a) Confidentiality of this Agreement. Participant agrees to keep confidential the terms of this Agreement,
unless and until such terms have been disclosed publicly other than through a breach by Participant of this covenant. This provision does not prohibit Participant from providing this information on a confidential and privileged basis to
Participant’s attorneys or accountants for purposes of obtaining legal or tax advice or as otherwise required by law. 
 (b) Waiver
and Amendment. The Committee may waive any conditions or rights under, or amend any terms of, this Agreement and the Restricted Stock granted thereunder; provided that any such waiver or amendment that would impair the rights of
Participant shall not to that extent be effective without the consent of Participant. No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent
occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach. 

(c) Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by
registered or certified first-class mail, return receipt requested, facsimile, courier service or personal delivery: 
 if to the Company:

 Santander Consumer USA Inc. 

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

Facsimile: (972) 755-8382 

Attention: Eldridge Burns, Esq. 

if to Participant: at the address last on the records of the Company. 

All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by
courier, if delivered by commercial courier service; five business days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if by facsimile. 

(d) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 

  
 -5- 

 (e) No Rights to Service. Nothing contained in this Agreement shall be construed as
giving Participant any right to be retained, in any position, as an employee, consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the right of the Company or its Affiliates, which is hereby
expressly reserved, to remove, terminate or discharge Participant at any time for any reason whatsoever. 
 (f) Beneficiary.
Participant may file with the Company a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, change or revoke such designation by filing a new designation with the Company. The last such
designation received by the Company shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Company prior to Participant’s death, and in no event
shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by Participant, the beneficiary shall be deemed to be his spouse or, if Participant is unmarried at the time of death, his estate. 

(g) Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns,
and of Participant and the beneficiaries, executors, administrators, heirs and successors of Participant. 
 (h) Entire Agreement.
This Agreement, the Shareholders Agreement (to the extent applicable) and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications,
representations and negotiations with respect thereto. Participant and the Company shall have all the rights and obligations of parties to contract under this Agreement pursuant to applicable law. 

(i) Bound by the Plan. By signing this Agreement, Participant acknowledges that he has received a copy of the Plan and has had an
opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan. 
 (j) Governing Law. This
Agreement shall be construed and interpreted in accordance with the internal laws of the State of Delaware without regard to principles of conflicts of law thereof, or principles of conflicts of laws of any other jurisdiction that could cause the
application of the laws of any jurisdiction other than the State of Delaware. 
 (k) Headings. The headings of the Sections hereof
are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement. 

(l) Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. 

  
 -6- 

 12. Compliance with Legal Requirements. The grant of the Restricted Stock and any other
obligations of the Company under this Agreement shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any regulatory or governmental agency as may be required. The Committee, in its sole
discretion, may postpone the issuance or delivery of Shares as the Committee may consider appropriate and may require Participant to make such representations and furnish such information as it may consider appropriate in connection with the
issuance or delivery of the Shares in compliance with applicable laws, rules and regulations. 
 [Remainder of page intentionally left
blank; signature page to follow] 
  

  
 -7- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement. 

 

	
	SANTANDER CONSUMER USA INC.
	
	  

	By:
	Title:
	
	[PARTICIPANT]
	
	  

 Number of Shares: 

[Signature Page to Restricted Stock Award Agreement]

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