Document:

EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 

AMENDED AND RESTATED PERFORMANCE GUARANTY 

This AMENDED AND RESTATED PERFORMANCE GUARANTY (as amended, restated, supplemented or otherwise modified from time to time, this
“Performance Guaranty”), dated as of September 29, 2020, is made by TRIUMPH GROUP, INC. (“Triumph”), a corporation organized under the laws of the State of Delaware, as performance guarantor (the
“Performance Guarantor”), in favor of PNC BANK, NATIONAL ASSOCIATION (“PNC”), as administrator (the “Administrator”) for the benefit of the Purchasers, the LC Bank, the Purchaser Agents, each
Indemnified Party and each Affected Person (and each of their respective successors and assigns) (collectively with the Administrator, the “Beneficiaries”) under and as defined in the Receivables Purchase Agreement (as defined
below). 
 PRELIMINARY STATEMENTS: 

(1)    Concurrently herewith, each Originator from time to time party to the below-described Sale Agreement (herein
collectively called the “Originators” and individually called an “Originator”), Triumph Receivables, LLC (the “SPV”), a Delaware limited liability company, and Triumph, as an Originator and as
servicer, are entering into that certain Amended and Restated Purchase and Sale Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Sale Agreement”), pursuant to
which the Originators will, from time to time, sell Receivables and related rights and security to the SPV. 

(2)    Concurrently herewith, the SPV, as seller (the “Seller”), Triumph, as initial servicer (in such
capacity, the “Servicer”), the various Purchasers and Purchaser Agents from time to time party thereto, the LC Bank and the Administrator are entering into that certain Amended and Restated Receivables Purchase Agreement, dated as
of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”), pursuant to which the Seller will, from time to time, sell undivided interests in Receivables and
Related Security to the Purchasers. Capitalized terms used, but not otherwise defined herein shall have the respective meanings assigned thereto in the Receivables Purchase Agreement. 

(3)    Triumph is the direct or indirect owner of 100% of the outstanding voting stock or membership interests of each
Originator and the SPV. 
 NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Performance Guarantor hereby agrees as follows: 
 SECTION 1.    Unconditional Undertaking; Enforcement. The
Performance Guarantor hereby unconditionally and irrevocably assures for the benefit of the Administrator and each of the other Beneficiaries the due and punctual performance and observance by each Originator (or any of their respective successors
and assigns) of the terms, covenants, conditions, agreements, undertakings and obligations on the part of each such Originator to be performed or observed by each such Person under each of the Transaction Documents to which it is a party, including,
without limitation, any agreement or obligation of any such Originator to pay any indemnity or make any payment in respect of any applicable dilution adjustment or repurchase obligation 

 
under any such Transaction Document (all such terms, covenants, conditions, agreements, undertakings and obligations on the part of each Originator to be paid, performed or observed being
collectively called the “Guaranteed Obligations”). Without limiting the generality of the foregoing, the Performance Guarantor agrees that if any Originator shall fail in any manner whatsoever to perform or observe any of the
Guaranteed Obligations when the same shall be required to be performed or observed under any applicable Transaction Document, then the Performance Guarantor will itself duly and punctually perform or observe or cause to be performed or observed the
Guaranteed Obligations. It shall not be a condition to the accrual of the obligation of the Performance Guarantor hereunder to perform or to observe any Guaranteed Obligation that the Administrator or any other Beneficiary shall have first made any
request of or demand upon or given any notice to the Performance Guarantor, any applicable Originator or any of their respective successors and assigns or have initiated any action or proceeding against the Performance Guarantor, any applicable
Originator or any of their respective successors and assigns in respect thereof. The Administrator (on behalf of each of the Beneficiaries) may proceed to enforce the obligations of the Performance Guarantor under this Performance Guaranty without
first pursuing or exhausting any right or remedy which the Administrator or any other Beneficiary may have against any applicable Originator, any other Person, the Receivables or any other property. The Performance Guarantor agrees that its
obligations under this Performance Guaranty shall be irrevocable. For the sake of clarity, it is expressly acknowledged that the Guaranteed Obligations do not include any recourse for non-payment or late
payment of the Receivables due solely to the bankruptcy, insolvency or lack of creditworthiness of the related Obligor or for which payment of any Guaranteed Obligations would otherwise constitute recourse to the Performance Guarantor or any
Originator for uncollectible Receivables. 
 SECTION 2.    Validity of Obligations. The Performance Guarantor
agrees that its obligations under this Performance Guaranty shall be absolute and unconditional, irrespective of (i) the validity, enforceability, avoidance, subordination, discharge, or disaffirmance by any Person (including a trustee in
bankruptcy) of the Guaranteed Obligations, (ii) the absence of any attempt by the Administrator or any Purchaser to collect any Receivables, or the absence of any attempt by the Administrator or any other Beneficiary to obtain performance or
observance of the Guaranteed Obligations from any applicable Originator or any other Person, (iii) the waiver, consent, extension, forbearance or granting of any indulgence by the Administrator with respect to any provision of any instrument
evidencing the Guaranteed Obligations, (iv) any change of the time, manner or place of performance of, or in any other term of any of the Guaranteed Obligations, including, without limitation, any amendment to or modification of any of the
Transaction Documents, (v) any law, regulation or order of any jurisdiction affecting any term of any of the Guaranteed Obligations, or rights of the Administrator or any other Beneficiary with respect thereto, (vi) the failure by the
Administrator or any Purchaser to take any steps to perfect and maintain perfected its interest in any Receivable or other property or in any security or collateral related to the Guaranteed Obligations, (vii) any failure to obtain any
authorization or approval from or other action by or to notify or file with, any governmental authority or regulatory body required in connection with the performance of the obligations hereunder by the Performance Guarantor or (viii) any
impossibility or impracticability of performance, illegality, force majeure, any act of government, or other circumstances which might constitute a default available to, or a discharge of any Originator or the Performance Guarantor, or any other
circumstance, event or happening whatsoever whether foreseen or unforeseen and whether 

  
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similar to or dissimilar to anything referred to above. The Performance Guarantor waives all set-offs and counterclaims and all presentments, demands of
performance, notices of nonperformance, protests, notices of protest, notices of dishonor and notices of acceptance of this Performance Guaranty. The Performance Guarantor’s obligations under this Performance Guaranty shall not be limited if
the Administrator or any other Beneficiary is precluded for any reason (including, without limitation, the application of the automatic stay under Section 362 of the Bankruptcy Code) from enforcing or exercising any right or remedy with respect
to the Guaranteed Obligations, and the Performance Guarantor shall perform or observe, upon demand, the Guaranteed Obligations that would otherwise have been due and performable or observable by the applicable Originator had such right and remedies
been permitted to be exercised. 
 SECTION 3.    Waiver. The Performance Guarantor hereby waives promptness,
diligence, notice of acceptance, notice of default by any Originator, notice of the incurrence of any Guaranteed Obligation and any other notice with respect to any of the Guaranteed Obligations and this Performance Guaranty, and any other document
related thereto or to any of the Transaction Documents and any requirement that the Administrator or any other Beneficiary exhaust any right or take any action against the applicable Originator, any other Person or any property. The Performance
Guarantor warrants to the Administrator (for the benefit of the Beneficiaries) that it has adequate means to obtain from each Originator on a continuing basis, all information concerning the financial condition of each Originator, and that it is not
relying on the Administrator or any other Beneficiary to provide such information either now or in the future. 
 SECTION
4.    Subrogation. The Performance Guarantor hereby waives all rights of subrogation (whether contractual or otherwise) to the claims, if any, of the Administrator, the LC Bank, the Purchasers, the Purchaser Agents and
each Indemnified Party and Affected Person against the Originators and all contractual, statutory or common law rights of reimbursement, contribution or indemnity from any Originator which may otherwise have arisen in connection with this
Performance Guaranty. 
 SECTION 5.    Consent to Jurisdiction. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO
THIS PERFORMANCE GUARANTY MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FEDERAL COURT SITTING IN THE SOUTHERN DISTRICT OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS PERFORMANCE GUARANTY, THE PERFORMANCE
GUARANTOR CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE PERFORMANCE GUARANTOR IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS PERFORMANCE
GUARANTY OR ANY DOCUMENT RELATED HERETO. THE PERFORMANCE GUARANTOR WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW. 

  
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 SECTION 6.    Representations and Warranties of the Performance
Guarantor. The Performance Guarantor hereby represents and warrants as follows: 

(a)    Incorporation. The Performance Guarantor is duly incorporated under the laws of the state of
Delaware. 
 (b)    Due Authorization. The execution, delivery and performance by the Performance
Guarantor of this Performance Guaranty and the transactions contemplated hereby are within its corporate powers, have been duly authorized by all necessary corporate action, do not contravene (i) its charter or
by-laws, (ii) any law, rule or regulation applicable to it, (iii) any contractual restriction contained in any indenture, loan or credit agreement, lease, mortgage, security agreement, bond, note or
other agreement or instrument binding on it or its property or (iv) any order, writ, judgment, award, injunction or decree binding on it or its property, and do not result in or require the creation of any lien, claim or encumbrance upon or
with respect to any of its properties. 
 (c)    Enforceability. This Performance Guaranty has
been duly executed and delivered on behalf of the Performance Guarantor and is the legal, valid and binding agreement of the Performance Guarantor enforceable against it in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting creditors’ rights generally and except as such enforceability may be limited by general principles of equity (whether considered in a suit at
law or in equity). 
 (d)    Consents. No authorization or approval or other action by, and no
notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the Performance Guarantor of this Performance Guaranty or any other document or instrument to be delivered
herewith. 
 (e)    No Proceedings. Except as set forth in Schedule I, there are no
actions, suits, or proceedings pending or, to the knowledge of the Performance Guarantor, threatened against or affecting the Performance Guarantor or any of its subsidiaries, or the property of the Performance Guarantor or any of its subsidiaries
in any court, or before any arbitrator of any kind, or before or by any governmental body, which individually, or taken as a whole, could reasonably be expected to have a Material Adverse Effect upon the ability of the Performance Guarantor to
perform any of its obligations hereunder. Neither the Performance Guarantor nor any of its subsidiaries is in default with respect to any order of any court, arbitrator or governmental body. 

(f)    Subsidiary. Each of the Originators and the SPV are 100% owned, directly or indirectly, by
the Performance Guarantor. 
 (g)    Compliance with Law. The Performance Guarantor is in
compliance with all requirements of law applicable to it, its business and properties, the Originators and SPV, unless failure to comply would not reasonably be expected to have a Material Adverse Effect with respect to the Performance Guarantor.

  
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 (h)    Taxes. The Performance Guarantor has filed
all tax returns and reports required by law to have been filed by it and has paid all taxes, assessments and governmental charges thereby shown to be owing, except any taxes, assessments and governmental charges that are being contested in good
faith by appropriate proceedings and for which the Performance Guarantor has set aside on its books adequate reserves. 
 SECTION
7.    Covenants. The Performance Guarantor covenants and agrees that, from the date hereof until the Final Payout Date, it will observe and perform all of the following covenants: 

(a)    Subsidiaries. The Performance Guarantor will continue to be the beneficial owner, whether
directly or indirectly, of a sufficient number of the issued and outstanding shares or membership interests or capital stock of each Originator to enable the Performance Guarantor, directly or indirectly, to elect a majority of the members of such
Originator’s board of directors. 
 (b)    Corporate Existence and Good Standing. The
Performance Guarantor will do all things as are necessary to maintain its corporate existence in good standing and to ensure that it has the right and is duly qualified to conduct its business as it is conducted in all applicable jurisdictions and
will obtain and maintain all franchises and rights necessary for the conduct of its business as a whole if, in each case, the failure to do so could be expected to have a Material Adverse Effect with respect to the Performance Guarantor. 

(c)    Sale of Assets. The Performance Guarantor will not, and will ensure that none of the
Originators will, complete the sale, transfer, lease or other disposal of all or any substantial part of its or their respective assets except on an arm’s length basis and for a fair market value or to any of its or their respective affiliates.

 (d)    Mergers. The Performance Guarantor will not, and will ensure that none of the
Originators will, (i) be a party to any merger, consolidation or other restructuring, except a merger, consolidation or other restructuring where the Company, the Administrator and each Purchaser Agent have each (A) received 30 days’
prior notice thereof, (B) consented in writing thereto if the resulting entity following such merger, consolidation or other restructuring is any Person other than an Originator, (C) received executed copies of all documents, certificates
and opinions (including, without limitation, opinions relating to bankruptcy and UCC matters) as the Administrator or any Purchaser Agent shall request and (D) been satisfied that all other action to perfect and protect the interests of the
Administrator, on behalf of the Purchasers, in and to any applicable Receivables to be sold or purported to be sold by it under the Transaction Documents and other Related Rights, as requested by the Administrator or any Purchaser Agent shall have
been taken by, and at the expense of the Performance Guarantor (including the filing of any UCC financing statements, the receipt of certificates and other requested documents from public officials) or (ii) directly or indirectly sell,
transfer, assign, convey or lease (A) whether in one or a series of transactions, all or substantially all of its assets (other than Receivables or interests therein which shall be governed by clause (B) below) or (B) any Receivables
or any interest therein (other than pursuant to this Performance Guaranty) unless such Receivables are created after the Purchase and Sale Termination Date and are not financed under the Transaction Documents. 

  
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 (e)    Substantive Consolidation. The Performance
Guarantor shall, and shall cause each Originator to, observe and comply with each of the separateness covenants described in Section 6.4 of the Sale Agreement. 

(f)    [RESERVED] 

(g)    The Performance Guarantor will maintain a system of accounting established and administered in
accordance with GAAP as in effect in the appropriate jurisdiction and the Performance Guarantor covenants and agrees that until all indebtedness and other obligations of SPV under the Receivables Purchase Agreement and each other Transaction
Document shall have been paid in full, it shall furnish or cause to be furnished to the Administrator and each Purchaser Agent: 

(i)    Quarterly Financial Statements. 

As soon as available and in any event within forty (40) calendar days after the end of each of the first three fiscal
quarters in each fiscal year, (1) Triumph’s financial statements, consisting of consolidated balance sheets as of the end of such fiscal quarter and related consolidated statements of income, stockholders’ equity and cash flows for
the fiscal quarter then ended and the fiscal year through that date, all in reasonable detail and certified (subject to normal year-end audit adjustments and the absence of footnotes) by the chief executive
officer, president or chief financial officer of Triumph as having been prepared in accordance with GAAP and setting forth in comparative form the respective financial statements for the corresponding date and period in the previous fiscal year, and
(2) Triumph’s Form 10-Q for such fiscal quarter. 
 (ii)    Annual
Financial Statement. 
 As soon as available and in any event within seventy-five (75) days after the end of each
fiscal year, (1) consolidated financial statements of Triumph and its subsidiaries consisting of consolidated balance sheets as of the end of such fiscal year, and related consolidated statements of income, stockholders’ equity and cash
flows for the fiscal year then ended, all in reasonable detail and setting forth in comparative form the financial statements as of the end of and for the preceding fiscal year, with the consolidated statements being certified by independent
certified public accountants of nationally recognized standing satisfactory to the Administrator, and (2) Triumph’s Form 10-K for such fiscal year. The certificate or report of accountants shall be
free of qualifications (other than any consistency qualification that may result from a change in the method used to prepare the financial statements as to which such accountants concur) and shall not indicate the occurrence or existence of any
event, condition or contingency which would materially impair the prospect of payment or performance of any covenant, agreement or duty of Triumph under this Performance Guaranty. 

  
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 SECTION 8.    Amendments, Etc. No amendment or waiver of any
provision of this Performance Guaranty, and no consent to any departure by the Performance Guarantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Administrator, the LC Bank and the Majority
Purchaser Agents, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

SECTION 9.    Expenses. The Performance Guarantor will upon demand pay to the Administrator and each other
Beneficiary the amount of any and all reasonable expenses, including reasonable attorneys’ fees, costs, expenses and disbursements, which it may incur in connection with the exercise or enforcement of any of its rights or interests hereunder.

 SECTION 10.    Addresses for Notices. All notices and other communications provided for hereunder shall,
unless otherwise stated herein be in writing (including email and facsimile communication) and shall be delivered or sent by email or facsimile, or by overnight mail, to the intended party at the mailing address or facsimile number of such party set
forth under its name on the signature pages hereof (or in any other document or agreement pursuant to which it is or became a party hereto) or at such other address, email address or facsimile number as shall be designated by such party in a written
notice to the other parties hereto. All such notices and communications shall be effective (i) if delivered by overnight mail, when received, and (ii) if transmitted by email or facsimile, when sent, receipt confirmed by telephone or
electronic means. 
 SECTION 11.    No Waiver; Remedies. No failure on the part of the Administrator or any other
Beneficiary to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other
right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION
12.    Continuing Agreement. This Performance Guaranty is a continuing agreement and shall (i) remain in full force and effect until the later of (x) the payment in full of the Guaranteed Obligations and all
other amounts payable under this Performance Guaranty and (y) one year and a day after the date following the Final Payout Date, (ii) be binding upon the Performance Guarantor, its successors and assigns, and (iii) inure to the
benefit of, and be enforceable by, the Administrator, the LC Bank, the Purchasers, the Purchaser Agents and each of the other Indemnified Parties or Affected Persons and their respective successors, transferees and assigns. Without limiting the
generality of the foregoing clause (iii) upon any assignment by a Purchaser permitted pursuant to the Receivables Purchase Agreement, the applicable assignee shall thereupon become vested with all the benefits in respect thereof granted
to the Purchasers herein or otherwise. Each of the parties hereto hereby agrees that each of the Purchasers, the LC Bank, the Purchaser Agents, the Indemnified Parties and the Affected Persons shall be a third-party beneficiary of this Performance
Guaranty. 
 SECTION 13.    GOVERNING LAW; JURISDICTION. THIS PERFORMANCE GUARANTY SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK
GENERAL OBLIGATIONS LAW). ANY LEGAL ACTION OR PROCEEDING WITH 

  
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RESPECT TO THIS PERFORMANCE GUARANTY MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK; AND, BY EXECUTION AND DELIVERY OF
THIS PERFORMANCE GUARANTY, EACH OF THE PERFORMANCE GUARANTOR AND THE ADMINISTRATOR HEREBY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. 

SECTION 14.    WAIVER OF JURY TRIAL. EACH OF THE PERFORMANCE GUARANTOR AND THE ADMINISTRATOR HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS PERFORMANCE GUARANTY OR THE ACTIONS OF THE ADMINISTRATOR OR THE OTHER BENEFICIARIES IN THE
NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 
 SECTION 15.    Effect of Performance
Guaranty. This Performance Guaranty amends and restates in its entirety, as of the date hereof, that certain Performance Guaranty, dated as of August 7, 2008 (as amended, supplemented or otherwise modified prior to the date hereof, the
“Prior Performance Guaranty”). Upon the effectiveness of this Performance Guaranty, the terms and provisions of the Prior Performance Guaranty shall, subject to this paragraph, be superseded hereby in their entirety. Notwithstanding
the amendment and restatement of the Prior Performance Guaranty by this Performance Guaranty, the Performance Guarantor shall continue to be liable to the Administrator for the Guaranteed Obligations (as defined in the Prior Performance Guaranty)
(collectively, the “Prior Performance Guaranty Outstanding Amounts”). To the extent that any rights, benefits or provisions in favor of the Administrator existed in the Prior Performance Guaranty and continue to exist in this
Performance Guaranty, then such rights, benefits or provisions are reaffirmed and acknowledged to be and to continue to be effective from and after the date of the Prior Performance Guaranty or any applicable portion thereof. The Performance
Guarantor agrees and acknowledges that any and all rights, remedies and payment provisions under the Prior Performance Guaranty shall continue and survive the execution and delivery of this Performance Guaranty. Upon the effectiveness of this
Performance Guaranty, each reference to the Prior Performance Guaranty in any other document, instrument or agreement shall mean and be a reference to this Performance Guaranty. Nothing contained herein, unless expressly herein stated to the
contrary, is intended to amend, modify or otherwise affect any other instrument, document or agreement executed and/or delivered in connection with the Prior Performance Guaranty. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the Performance Guarantor has caused this Performance Guaranty to be
duly executed and delivered by its officer thereunto duly authorized as of the date first above written. 
  

			
	 TRIUMPH GROUP, INC.,

as Performance Guarantor

 
			
		
	By:	 	/s/ James F. McCabe, Jr

 
			
	 Name:
	 	James F. McCabe, Jr.

 
			
	 Title:
	 	Senior Vice President and
		 	Chief Financial Officer

 
			
		
	 Address:        
	 	 1550 Liberty Ridge

		 	 Suite 100

		 	 Wayne, PA 19087

			
		
	 Attention:
	 	Adam M. Cohn & Jared T. Allen

 
			
	 Telephone:
	 	610 727-5295 & 610 727-6767
	 Facsimile:
	 	601 251-1555
	 Email:
	 	 amcohn@triumphgroup.com &

jaredallen@triumphgroup.com

  
 S-1 

 Accepted as of the 

date hereof: 
  

			
	 PNC BANK, NATIONAL ASSOCIATION,

as Administrator

			
		
	By:	 	/s/ Michael Brown

			
	 Name: Michael Brown

			
	 Title: Senior Vice
President

			
		
	 Address:
	 	PNC Bank, National Association
		 	The Tower at PNC Plaza
		 	300 Fifth Avenue, 11th Floor
		 	 Pittsburgh, Pennsylvania
15222-2707

			
		
	 Attention:
	 	Brian Stanley
	 Telephone:
	 	(412) 768-2001
	 Facsimile:
	 	(412) 803-7142
	 Email:
	 	brian.stanley@pnc.com

  
 S-2Exhibit 10.5 

 

CONVERTIBLE NOTES EXCHANGE AGREEMENT

 

CONVERTIBLE NOTES
EXCHANGE AGREEMENT, dated as of September 14, 2020 (this “Agreement”), by and among Opendoor Labs Inc.,
a Delaware corporation (the “Issuer”), and the entities listed on Schedule I hereto (collectively, the
 “Holders” and each, a “Holder” with respect to its Note (as defined below)).

 

WHEREAS, the
Issuer and the Holders are parties to those certain Convertible Notes, dated July 25, 2019 and November 21, 2019, copies of which
are attached hereto as Exhibits A-1 through A-10 (the “Notes” and each, a “Note”);

 

WHEREAS, the
Issuer is entering into that certain Agreement and Plan of Merger concurrently with the execution hereof (the “Merger
Agreement”), by and among the Issuer, Hestia Merger Sub Inc., a Delaware corporation (“Merger Sub”),
and Social Capital Hedosophia Holdings Corp. II, a Cayman Islands exempted company limited by shares (which shall migrate to and
domesticate as a Delaware corporation prior to the Closing (as defined below)) (“Purchaser”), pursuant to which
Merger Sub will, on the “Closing Date” (as defined in the Merger Agreement) upon the “Effective Time”
(as defined in the Merger Agreement), merge with and into the Issuer, the separate corporate existence of Merger Sub will cease
and Issuer will be the surviving corporation and a wholly owned subsidiary of Purchaser (the “Transaction”);
and

 

WHEREAS, the
parties hereto desire to exchange each of the Notes for the right to receive shares of common stock, $0.00001 par value per share,
of the Issuer (the “Issuer Stock”), at the earlier of (x) immediately prior to the Effective Time and the
 “Closing” (as defined in the Merger Agreement) and (y) 11:59 pm New York City time on March 13, 2021
(such earlier time, the “Stock Delivery Time”).

 

NOW, THEREFORE,
in consideration of the premises and mutual agreements herein contained and other good and valuable consideration, receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.                 
Except as otherwise provided herein, capitalized terms defined in the Note and used herein shall have the meanings given
to them in the Note.

 

2.                 
The Holders and the Issuer hereby confirm and agree that, as of the date hereof, those certain Letter Agreements, relating
to IPO Allocations, dated July 25, 2019 and November 21, 2019, delivered by the Issuer to each of the Holders shall be terminated
and be of no further force and effect as of and following the Effective Time.

 

3.                 
The Holders and the Issuer hereby confirm and agree that, as of the date hereof, that certain Letter Agreement, relating
to a Commitment to Purchase Convertible Notes, dated April 6, 2020, delivered by the Issuer to the Holders shall be terminated
and be of no further force and effect.

 

4.                 
In consideration of each Holder’s right to receive shares of Issuer Stock at the Stock Delivery Time pursuant to paragraph
5 below, the Issuer and each Holder hereby agrees that, effective upon execution hereof, each Holder surrenders and transfers
such Holder’s Note or Notes to the Issuer (with such Note(s) to be delivered to the Issuer within five (5) Business Days
following the date hereof), and releases the Issuer from any further obligation thereunder, and, as consideration therefor, the
Company hereby grants each Holder its respective right to receive shares of Issuer Stock pursuant to paragraph 5 (the surrender
of such Notes in exchange for such right to receive shares of Issuer Stock, the “Notes Exchange”). Upon the
execution of this Agreement by each Holder, such Holder shall receive its Issuer Stock Rights in full satisfaction of the outstanding
principal of, and accrued interest on, and any and all obligations of the Issuer under, such Holder’s Note or Notes, and
each such Note shall be cancelled and of no further force or effect.

 

    	 		 

     

    

 

5.                 
As consideration for the Notes Exchange in paragraph 4, the Issuer hereby agrees with each Holder that, at the Stock
Delivery Time, the Issuer will issue and deliver in book-entry form to each Holder the number of shares of Issuer Stock set forth
next to such Holder’s name on Schedule I hereto in the column entitled “Number of Shares of Issuer Stock”
(such right, the “Issuer Stock Rights”).

 

6.                 
For the avoidance of doubt, if the Stock Delivery Time occurs on the Closing Date, immediately following such Stock Delivery
Time, such shares of Issuer Stock received pursuant to the Issuer Stock Rights shall be converted into shares of Common Equity
of the Purchaser, pursuant to, and subject to the terms of, the Merger Agreement.

 

7.                 
For the avoidance of doubt, and without limiting the generality of the foregoing, the Holders and the Issuer hereby confirm,
acknowledge and agree that the Note Exchange in accordance with the terms hereof shall satisfy in full any and all obligations
of the Issuer under the Notes, and the Issuer shall have no further obligations or liability to the Holders under the Notes; provided
that, except as provided for in paragraph 8 and subject to the other terms of this Agreement, nothing in this paragraph
7 shall relieve any party from any liability for any breach of this Agreement or the Notes occurring prior to the date hereof.

 

8.                 
For purposes of the delivery of Issuer Stock to each Holder in connection with the transactions contemplated by this Agreement,
the Holder hereby provides the applicable information set forth on Schedule I. As of the date hereof, each Holder has delivered
to the Issuer a valid and duly executed IRS Form W-9 or applicable IRS Form W-8 (and Holder will, at the reasonable request of
the Issuer or to the extent information with respect to such form becomes out of date, provide updated Form(s) to the Issuer).
Each Holder will also provide any other tax-related forms or documentation reasonably requested by the Issuer in connection with
the transactions contemplated by this Agreement, the Transaction and any other transactions contemplated under the Merger Agreement.

 

9.                 
Each Holder hereby acknowledges notice of the Transaction, any other transactions contemplated by the Merger Agreement and
this Agreement and hereby acknowledges and agrees that this Agreement has satisfied the notice obligations, if any, of the Issuer
set forth in each Note.

 

10.             
Each party to this Agreement represents and warrants to the other parties hereto that (a) such party is duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization and has the power and authority to enter
into and perform its obligations under this Agreement and (b) this Agreement has been duly authorized, executed and delivered
by such party and constitutes the legal, valid and binding obligation of such party, enforceable against such party in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium
and other similar Laws affecting the rights of creditors generally and general principles of equity, whether considered in a proceeding
at law or in equity.

 

    	 		 

     

    

 

11.             
If the Stock Delivery Time occurs on the Closing Date, each Holder shall have the right to elect in its sole discretion,
by written notice to the Purchaser at least three (3) business days prior to the Closing Date, to enter into the Registration Rights
Agreement (as defined in the Merger Agreement), in the form attached to the Merger Agreement.

 

12.             
Each Holder hereby represents and warrants that the representations and warranties set forth in Section 26 of its Note shall
be true and accurate with respect to such Holder as of the date hereof; provided that each reference to “Note” therein
shall instead be a reference to “Issuer Stock Rights.”

 

13.             
Each party hereto will execute and deliver such additional documents and take such further acts as any other party hereto
shall reasonably request to consummate the transactions contemplated hereby.

 

14.             
This Agreement may be executed in any number of counterparts (and each of the parties hereto shall not be required to execute
the same counterpart). Each counterpart of this Agreement including a signature page executed by each of the parties hereto shall
be an original counterpart of this Agreement, but all of such counterparts together shall constitute one instrument.

 

15.             
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns and may be assigned by any Holder to any permitted transferee of such Holder’s Note; provided, that
in no event will any Holder that is a United States person (as defined in Section 7701 of the Internal Revenue Code of 1986, as
amended (the “Code”) assign its Note directly or indirectly to any Person that is not a United States person
(as defined in the Code).

 

16.             
The provisions of this Agreement may be modified or amended only by an instrument or instruments in writing signed by each
party hereto.

 

17.             
Notwithstanding anything else in this Agreement or in the Notes, each Holder agrees that (i) the Issuer (and its affiliates
and representatives) shall be entitled to treat the Notes as contingent payment debt instruments subject to the rules set forth
in Treasury Regulations Section 1.1275-4; (ii) the parties shall treat the Notes Exchange as an exchange under Section 1001
of the Code occurring on the date hereof and provided, to the extent permitted by law, Holder shall be entitled to treat any amounts
that are not treated as attributable to an interest payment as received in a recapitalization described in Section 368(a)(1)(E)
of the Code; (iii) the Issuer (and its affiliates and representatives) shall be entitled to make a good faith determination of
the amount of any withholding taxes required to be paid by it with respect to any amounts deliverable on or in connection with
the Note or the transactions contemplated by this Agreement; and (iv) each Holder will pay to the Issuer, upon two (2) days prior
written notice, an amount in cash equal to the withholding taxes the Issuer has informed such Holder is payable in connection with
the transactions contemplated by this Agreement. The Issuer and the Holders (and their Affiliates) agree to file their income tax
returns in a manner consistent with the tax characterizations described in clauses (i) and (ii) of this paragraph 17.

 

    	 		 

     

    

 

18.             
The Issuer shall deliver a certificate prepared pursuant to Treasury Regulation Section 1.1445-2(c)(3)(i) and dated as of
the Closing Date, sworn under penalty of perjury and in form and substance as required under Treasury Regulation Section 1.897-2(h),
stating that an interest in the Issuer is not a “United States real property interest” within the meaning of Section 897(c)(2)
of the Code, during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code.

 

19.             
This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Agreement shall be governed by, the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York.

 

[signature page follows]

 

    	 		 

     

    

 

IN WITNESS WHEREOF,
each party hereto has caused this Convertible Notes Exchange Agreement to be duly executed by its officer thereunto duly authorized
as of the date first above written.

 

 

	 	ISSUER:
	 
	 	OPENDOOR LABS INC.
	 
	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

	SIGNATURE PAGE TO CONVERTIBLE NOTES EXCHANGE AGREEMENT 
	 

    	 		 

     

    

 

IN WITNESS WHEREOF,
each party hereto has caused this Convertible Notes Exchange Agreement to be duly executed by its officer thereunto duly authorized
as of the date first above written.

 

 

	 
	HOLDERS:
 

	 
	 	MAGNETAR CONSTELLATION MASTER FUND, LTD
	 	By: Magnetar Financial, LLC, its investment manager
	 	 
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 
	 	MAGNETAR STRUCTURED CREDIT FUND, LP
	 	By: Magnetar Financial, LLC, its general partner
	 	 
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 
	 	MAGNETAR XING HE MASTER FUND, LTD
	 	By: Magnetar Financial, LLC, its investment manager
	 	 
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 
	 	MAGNETAR SC FUND LTD
	 	By: Magnetar Financial, LLC, its investment manager
	 	 
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

	SIGNATURE PAGE TO CONVERTIBLE NOTES EXCHANGE AGREEMENT

 

    	 		 

     

    

 

	IN WITNESS WHEREOF, each party hereto has caused this Convertible Notes Exchange Agreement to be duly executed by its officer thereunto duly authorized as of the date first above written.
 

 

 

	 	HOLDERS:
	 
	 	MAGNETAR CONSTELLATION MASTER FUND V LTD
	 	By: Magnetar Financial, LLC, its investment manager
	 	 
	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 
	 
	 	MAGNETAR LONGHORN FUND LP
	 	By: Magnetar Financial, LLC, its investment manager
	 
	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 
	 
	 	MAGNETAR CONSTELLATION FUND II, LTD
	 	By: Magnetar Financial, LLC, its investment manager
	 
	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

	SIGNATURE PAGE TO CONVERTIBLE NOTES EXCHANGE AGREEMENT

 

    	 		 

     

    

 

Schedule I

 

	Name of Holder (Note Number)	 	Email	 	Address	 	Number of

 Shares of Issuer 

Stock	 
	Magnetar Constellation Master Fund, Ltd (N-1)	 	fisecuritynotices@magnetar.com	 	c/o Magnetar Financial, LLC
 1603 Orrington Ave., 13th Fl.
 Evanston, Illinois 60201	 	4,498,626	 
	 	 	 	 	 	 	 	 
	Magnetar Structured Credit Fund, LP (N-2)	 	fisecuritynotices@magnetar.com	 	c/o Magnetar Financial, LLC
 1603 Orrington Ave., 13th Fl.
 Evanston, Illinois 60201	 	1,270,376	 
	 	 	 	 	 	 	 	 
	Magnetar Xing He Master Fund Ltd (N-3)	 	fisecuritynotices@magnetar.com	 	c/o Magnetar Financial, LLC
 1603 Orrington Ave., 13th Fl.
 Evanston, Illinois 60201	 	1,427,305	 
	 	 	 	 	 	 	 	 
	Magnetar SC Fund Ltd (N-4)	 	fisecuritynotices@magnetar.com	 	c/o Magnetar Financial, LLC
 1603 Orrington Ave., 13th Fl.
 Evanston, Illinois 60201	 	1,001,355	 
	 	 	 	 	 	 	 	 
	Magnetar Constellation Master Fund V Ltd (N-5)	 	fisecuritynotices@magnetar.com	 	c/o Magnetar Financial, LLC
 1603 Orrington Ave., 13th Fl.
 Evanston, Illinois 60201	 	1,434,778	 
	 	 	 	 	 	 	 	 
	Magnetar Longhorn Fund LP (N-6)	 	fisecuritynotices@magnetar.com	 	c/o Magnetar Financial, LLC
 1603 Orrington Ave., 13th Fl.
 Evanston, Illinois 60201	 	336,276	 
	 	 	 	 	 	 	 	 
	Magnetar Constellation Fund II, Ltd (N-7)	 	fisecuritynotices@magnetar.com	 	c/o Magnetar Financial, LLC
 1603 Orrington Ave., 13th Fl.
 Evanston, Illinois 60201	 	1,987,765	 
	 	 	 	 	 	 	 	 
	Magnetar Structured Credit Fund, LP (N-8)	 	fisecuritynotices@magnetar.com	 	c/o Magnetar Financial, LLC
 1603 Orrington Ave., 13th Fl.
 Evanston, Illinois 60201	 	936,287	 
	 	 	 	 	 	 	 	 
	Magnetar Constellation Master Fund V Ltd (N-9)	 	fisecuritynotices@magnetar.com	 	c/o Magnetar Financial, LLC
 1603 Orrington Ave., 13th Fl.
 Evanston, Illinois 60201	 	72,022	 
	 	 	 	 	 	 	 	 
	Magnetar Longhorn Fund LP (N-10)	 	fisecuritynotices@magnetar.com	 	c/o Magnetar Financial, LLC
 1603 Orrington Ave., 13th Fl.
 Evanston, Illinois 60201	 	302,493	 

 

 

 

    	 		 

     

    

 

Exhibit A

 

Existing Notes

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