Document:

EX-10.2

 Exhibit 10.2 
  

 
  

 
 Carvana Group, LLC 

 
  

FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of April 27, 2017 
 THE UNITS
ISSUED PURSUANT TO THIS FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR AN EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

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

 
  
  

 

 TABLE OF CONTENTS 

 

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

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

  
 ii 

							
	 Section 11.12
	 	No Waiver	  	 	44	 
	 Section 11.13
	 	Further Action	  	 	44	 
	 Section 11.14
	 	Offset Against Amounts Payable	  	 	45	 
	 Section 11.15
	 	Entire Agreement	  	 	45	 
	 Section 11.16
	 	Delivery by Electronic Means	  	 	45	 
	 Section 11.17
	 	Certain Acknowledgments	  	 	45	 
	 Section 11.18
	 	Consent to Jurisdiction; WAIVER OF TRIAL BY JURY	  	 	46	 
	 Section 11.19
	 	Representations and Warranties	  	 	46	 
	 Section 11.20
	 	Tax Receivable Agreement	  	 	47	 

  
 iii 

 CARVANA GROUP, LLC 

FOURTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

THIS FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of Carvana Group, LLC, a Delaware limited liability company (the
“Company”), is entered into as of April 27, 2017, by and among the Company, Carvana Co. Sub LLC, a Delaware limited liability company (“Carvana Co. Sub”), its Members and Unitholders, and, solely for purposes
of Section 3.1(d), Section 3.2 and Section 8.6 below and not as a Member, Unitholder or manager, Carvana Co., a Delaware corporation (“Carvana Co.”).
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in Article I. 

WHEREAS, the Company was initially formed as a limited liability company in accordance with the Arizona Limited Liability Company Act; 

WHEREAS, pursuant to the Arizona Limited Liability Company Act, the Company’s original operating agreement and the Delaware Act, the
Company was re-domiciled in the state of Delaware; 
 WHEREAS, in connection with the admission of
GV Auto I, LLC, a Delaware limited liability company, as a Member, the Company’s board of Managers and certain other Members, in accordance with Section 16.2 of the Company’s Second Amended and Restated Agreement,
amended and restated the Company’s Second Amended and Restated Agreement in its entirety pursuant to that certain Third Amended and Restated Limited Liability Company Agreement, dated as of July 12, 2016 (the “Third A&R
Agreement”); 
 WHEREAS, Carvana Co. Sub, which has elected to be taxed as a corporation for U.S. federal income tax purposes, is a
wholly owned subsidiary of Carvana Co.; 
 WHEREAS, in connection with the initial public offering (the “IPO”) of
Class A Common Stock (as defined below) of Carvana Co., which is a Qualified Public Offering as such term was defined in the Third A&R Agreement, (i) all of the issued and outstanding Class C Preferred Units automatically
converted into Class A Common Units pursuant to Section 5.1(b) of the Third A&R Agreement, (ii) each Investor Member will be issued 0.8 shares of Class B Common Stock (as defined below) for each Class A Common Unit
held by such Investor Member, (iii) Carvana Co. Sub will be admitted as a Member of the Company and will purchase Units in the Company with the proceeds of the IPO as contemplated by clause (v) of Section 11.1(b)
of the Third A&R Agreement, (iv) Carvana Co. Sub, the Company and the other parties thereto will enter into an Exchange Agreement (as defined below), pursuant to which Members (other than Carvana Co. Sub) will be permitted to exchange
Common Units (together with the corresponding number of shares of Class B Common Stock, to the extent such Member holds Class B Common Stock) for Class A Common Stock or the Cash Payment (as defined therein), (v) Carvana Co. will
cause Carvana Co. Sub to contribute a portion of the net proceeds of the IPO to the Company in exchange for newly-issued Class A Common Units and for other purposes and (vi) Carvana Co., the Company and certain other parties will enter
into a Tax Receivable Agreement (as defined below), pursuant to which Carvana Co. will be obligated to make payments to certain parties related to tax benefits realized (clauses (ii) through (vi), collectively, the
“IPO Transactions”); and 

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

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

 DEFINITIONS 

Capitalized terms used but not otherwise defined herein shall have the following meaning: 

“Additional Member” means a Person admitted to the Company as a Member pursuant to Section 8.3.

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

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

  
 2 

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

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

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

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

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

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

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

  
 3 

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

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

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

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

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

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

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

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

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

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

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

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

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

  
 4 

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

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

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

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

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

  
 5 

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

“Fiscal Quarter” means each calendar quarter ending March 31, June 30, September 30 and December 31, or
such other quarterly accounting period as may be established by the Manager or as required by the Code. 
 “Fiscal Year”
means the 12-month period ending on December 31, or such other annual accounting period as may be established by the Manager or as may be required by the Code. 

“Forfeiture Allocations” has the meaning set forth in Section 4.2. 

“Former Spouse” has the meaning set forth in Section 8.7. 

“Former Spouse’s Units” has the meaning set forth in Section 8.7. 

“Governmental Entity” means the United States of America or any other nation, any state or other political subdivision
thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government. 
 “Grossed-Up Amount” means, with respect to any Distribution pursuant to Section 4.1(b), the sum of (i) the amount of the Distribution pursuant to Section
4.1(b), and (y) the sum of the Participation Thresholds of all Participating Class B Common Units. 
 “HSR
Act” has the meaning set forth in Section 10.7. 
 “Indemnitee” has the meaning set forth in
Section 6.1(b). 
 “Investment Company Act” means the Investment Company Act of 1940, as amended from time to time.

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

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

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

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

  
 6 

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

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

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

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

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

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

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

  
 7 

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

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

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

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

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

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

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

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

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

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

  
 8 

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

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

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

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

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

ORGANIZATIONAL MATTERS 
 Section
2.1 Formation of LLC. The Company was formed in the State of Arizona on September 20, 2012 pursuant to the provisions of the Arizona Limited Liability Company Act, and was re-domiciled in the State
of Delaware on March 10, 2015, pursuant to the provisions of the Arizona Limited Liability Company Act and the Delaware Act. 

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

  
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 and anything else to the contrary, Section 18-210 of the Delaware
Act (entitled “Contractual Appraisal Rights”) and Section 18-305(a) of the Delaware Act (entitled “Access to and Confidentiality of Information; Records”) shall not apply to
or be incorporated into this Agreement and each Unitholder hereby expressly waives any and all rights under such Sections of the Delaware Act. 

Section 2.3 Name. The name of the Company shall be “Carvana Group, LLC”. The Manager may change the name of the Company
at any time and from time to time. Notification of any such name change shall be given to all Unitholders. The Company’s business may be conducted under its name and/or any other name or names deemed advisable by the Manager. 

Section 2.4 Purpose. The purpose and business of the Company shall be to manage and direct the business operations and affairs of
the Company and its Subsidiaries and to engage in any other lawful acts or activities for which limited liability companies may be organized under the Delaware Act. 

Section 2.5 Principal Office; Registered Office. The principal office of the Company shall be located at 4020 E. Indian School
Road, Phoenix, Arizona 85018, or at such other place inside or outside the state of Delaware as the Manager may from time to time designate, and all business and activities of the Company shall be deemed to have occurred at its principal office. The
Company may maintain offices at such other place or places as the Manager deems advisable. The address of the registered office of the Company in the State of Delaware shall be the office of the initial registered agent named in the Certificate or
such other office (which need not be a place of business of the Company) as the Manager may designate from time to time in the manner provided by applicable law, and the registered agent for service of process on the Company in the State of Delaware
at such registered office shall be the registered agent named in the Certificate or such Person or Persons as the Manager may designate from time to time in the manner provided by applicable law. 

Section 2.6 Term. The term of the Company commenced upon the filing of the Articles of Organization for the Company with the Arizona
Corporation Commission Certificate in accordance with the Arizona Limited Liability Company Act and shall continue in existence until the Company shall be terminated and dissolved in accordance with the provisions of Article X. 

Section 2.7 No State-Law Partnership. The Unitholders intend that the Company not be a
partnership (including, without limitation, a limited partnership) or joint venture, and that no Unitholder be a partner or joint venturer of any other Unitholder by virtue of this Agreement, for any purposes other than as set forth in the last
sentence of this Section 2.7, and neither this Agreement nor any other document entered into by the Company or any Unitholder relating to the subject matter hereof shall be construed to suggest otherwise. The Unitholders
intend that the Company shall be treated as a partnership for federal and, if applicable, state or local income Tax purposes, and that each Unitholder and the Company shall file all Tax returns and shall otherwise take all Tax and financial
reporting positions in a manner consistent with such treatment. 

  
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 ARTICLE III 

UNITS, CAPITAL CONTRIBUTIONS AND ACCOUNTS 

Section 3.1 Common Units; Capitalization. 

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

(b) Unit Ownership Ledger; Capital Contributions. The Manager shall create and maintain a ledger (the “Unit Ownership
Ledger”) setting forth the name and address of each Unitholder, the number of each class of Units held of record by each such Unitholder, and the amount of the Capital Contribution made with respect to each class of Units and the date of
such Capital Contribution. Upon any change in the number or ownership of outstanding Units (whether upon an issuance of Units, a Transfer of Units, a cancellation of Units or otherwise), the Manager shall amend and update the Unit Ownership Ledger.
Absent manifest error, the ownership interests recorded on the Unit Ownership Ledger shall be conclusive record of the Units that have been issued and are outstanding. Each Unitholder named in the Unit Ownership Ledger has made (or shall be deemed
to have made) Capital Contributions to the Company as set forth in the Unit Ownership Ledger in exchange for the Units specified in the Unit Ownership Ledger. Any reference in this Agreement to the Unit Ownership Ledger shall be deemed a reference
to the Unit Ownership Ledger as amended and in effect from time to time. 
 (c) Certificates; Legends. Common Units shall be issued in
uncertificated form; provided that, at the request of any Member, the Manager may cause the Company to issue one or more certificates to any such Member holding Common Units representing in the aggregate the Common Units held by such Member.
If any certificate representing Common Units is issued, then such certificate shall bear a legend substantially in the following form: 

THIS CERTIFICATE EVIDENCES COMMON UNITS REPRESENTING A MEMBERSHIP INTEREST IN CARVANA GROUP, LLC. THE MEMBERSHIP INTEREST IN CARVANA GROUP, LLC
REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR ANY NON-U.S. OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THE MEMBERSHIP INTEREST IN CARVANA GROUP, LLC REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF
CARVANA GROUP, LLC, DATED AS OF APRIL 27, 2017, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH SHALL BE FURNISHED BY THE COMPANY TO THE RECORD HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE. 

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

THE MEMBERSHIP INTERESTS REPRESENTED BY THIS CERTIFICATE MAY ALSO BE SUBJECT TO CERTAIN VESTING PROVISIONS, REPURCHASE OPTIONS, REDEMPTION
RIGHTS, OFFSET RIGHTS AND FORFEITURE PROVISIONS SET FORTH IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF CARVANA GROUP, LLC, DATED AS OF APRIL 27, 2017, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, AND/OR A SEPARATE
AGREEMENT WITH THE INITIAL HOLDER, A COPY OF WHICH SHALL BE FURNISHED BY THE COMPANY TO THE RECORD HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE. 

(d) Conversion of Class C Preferred Units; Contribution. Contemporaneous with the execution and effectiveness of this Agreement,
the Class C Preferred Units that were issued and outstanding and held by the Members immediately prior hereto are hereby converted into an equal number of Class A Common Units. The Class A Common Units and Class B Common Units
that were issued and outstanding and held by the Members prior to the date of this Agreement shall remain unchanged. In addition, (i) Carvana Co. shall contribute to Carvana Co. Sub all of the net proceeds received by Carvana Co. with respect
to the shares of Class A Common Stock issued and sold in the IPO, (ii) Carvana Co. Sub shall contribute promptly such net proceeds to the Company in exchange for up to 21,562,500 Class A Common Units and be admitted as a Member of the
Company; and (iii) Carvana Co. shall issue and deliver to Carvana Co. Sub, and Carvana Co. Sub shall deliver to each Investor Member, 0.8 shares of Class B Common Stock in respect of each Class A Common Unit held by such Member after
giving effect to the conversion of Class C Preferred Units described above. 
 Section 3.2 Authorization and Issuance of
Additional Common Units. 
 (a) The Manager shall have the right to cause the Company to issue and/or create and issue at
any time after the date hereof, and for such amount and form of consideration as the Manager may determine, additional Common Units or other Equity Securities of the Company (including creating classes or series thereof having such powers,
designations, preferences and rights as may be determined by the Manager). The Manager shall have the power to make such amendments to this Agreement in order to provide for such powers, designations, preferences and rights as the Manager in its
discretion deems necessary or appropriate to give effect to such additional authorization or issuance in accordance with the provisions of this Section 3.2(a). In connection with any issuance of Units (whether on or after the date of this
Agreement), the Person who acquires such Units shall execute a counterpart to this Agreement accepting and agreeing to be bound by all terms and conditions hereof, and shall enter into such other documents, instruments and agreements to effect such
purchase as are required by the Manager (including such documents, instruments and agreements entered into on or prior to the date of this Agreement by the Members, each, an “Equity Agreement”). 

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

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

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

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

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

  
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 Section 3.3 Repurchase or Redemption of Class A Common Stock. If,
at any time, any shares of Class A Common Stock are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by Carvana Co. for cash, then the Manager shall cause the Company, immediately
prior to such repurchase or redemption of such shares, to redeem a corresponding number of Common Units held by Carvana Co. Sub (determined based upon the Exchange Rate then in effect), at an aggregate redemption price equal to the aggregate
purchase or redemption price of the share or shares of Class A Common Stock being repurchased or redeemed by Carvana Co. (plus any reasonable expenses related thereto) and upon such other terms as are the same for the share or shares of
Class A Common Stock being repurchased or redeemed by Carvana Co. 
 Section 3.4 Changes in Common Stock. In addition to
any other adjustments required hereby, any subdivision (by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of Class A Common
Stock, Class B Common Stock or other capital stock of Carvana Co. shall be accompanied by an identical subdivision or combination, as applicable, of the Common Units or other Equity Securities, as applicable. 

Section 3.5 Class B Common Units. 

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

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

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

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

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

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

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

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

Section 3.6 Capital Accounts. 

(a) Maintenance of Capital Accounts. The Company shall maintain a separate Capital Account for each Unitholder according to the rules of
Treasury Regulation Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the sole discretion of the Manager), upon the occurrence of the events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect
a revaluation of the Company property; provided that unless otherwise determined by the Manager, the Company will not increase the Capital Accounts of the Unitholders in connection with any issuance of Class B Common Units. Without
limiting the foregoing, each Unitholder’s Capital Account shall be adjusted: 
 (i) by adding any additional Capital Contributions made
by such Unitholder in consideration for the issuance of Units; 
 (ii) by deducting any amounts paid to such Unitholder in connection with
the redemption or other repurchase by the Company of Units; 
 (iii) by adding any Profits allocated in favor of such Unitholder and
subtracting any Losses allocated in favor of such Unitholder; and 
 (iv) by deducting any distributions paid in cash or other assets to
such Unitholder by the Company. 
 (b) Computation of Income, Gain, Loss and Deduction Items. For purposes of computing the amount of
any item of the Company income, gain, loss or deduction to be allocated pursuant to Article IV and to be reflected in the Capital Accounts, the determination, recognition and classification of any such item shall be the same as its
determination, recognition and classification for federal income Tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose); provided that: 

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

(iii) items of income, gain, loss or deduction attributable to the disposition of the Company property having a Book Value that differs from
its adjusted basis for Tax purposes shall be computed by reference to the Book Value of such property; 
 (iv) items of depreciation,
amortization and other cost recovery deductions with respect to the Company property having a Book Value that differs from its adjusted basis for Tax purposes shall be computed by reference to the property’s Book Value in accordance with
Treasury Regulation Section 1.704-1(b)(2)(iv)(g); 
 (v) to the extent an adjustment to the adjusted
Tax basis of any the Company asset pursuant to Code Sections 732(d), 734(b) or 743(b) is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital
Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis); and 

(vi) this Section 3.6 shall be applied in a manner consistent with the principles of Prop. Reg. Sections 1.704-1(b)(2)(iv)(d), (f)(1), (h)(2) and (s). 
 Section 3.7 Negative Capital Accounts; No
Interest Regarding Positive Capital Accounts. No Unitholder shall be required to pay to any other Unitholder or the Company any deficit or negative balance which may exist from time to time in such Unitholder’s Capital Account (including
upon and after dissolution of the Company). Except as otherwise expressly provided herein, no Unitholder shall be entitled to receive interest from the Company in respect of any positive balance in its Capital Account, and no Unitholder shall be
liable to pay interest to the Company or any Unitholder in respect of any negative balance in its Capital Account. 
 Section 3.8 No
Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contributions or Capital Account or to receive any Distribution from the Company, except as expressly provided herein. 

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

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

Section 3.11 Transfer of Capital Accounts. The original Capital Account established for each Substituted Member shall be in the
same amount as the Capital Account of the Member (or portion thereof) to which such Substituted Member succeeds at the time such Substituted Member is admitted to as a Member of the Company. The Capital Account of any Member whose interest in the
Company shall be increased or decreased by means of (a) the Transfer to it of all or part of the Units of another Member or (b) the repurchase or forfeiture of Units pursuant to any Equity Agreement shall be appropriately adjusted to
reflect such Transfer or repurchase. Any reference in this Agreement to a Capital Contribution of or Distribution to a Member that has succeeded any other Member shall include any Capital Contributions or Distributions previously made by or to the
former Member on account of the Units of such former Member Transferred to such Member. 
 Section 3.12 Adjustments to Book
Value. The Company shall adjust the Book Value of its assets to Fair Market Value in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) as of the following times: (a) at the
Manager’s discretion in connection with the issuance of Units in the Company or a more than de minimis Capital Contribution to the Company; (b) at the Manager’s discretion in connection with the Distribution by the Company to a Member
of more than a de minimis amount of the Company’s assets, including money; and (c) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g). Any such
increase or decrease in Book Value of an asset shall be allocated as a Profit or Loss to the Capital Accounts of the Members under Section 4.2 (determined immediately prior to the event giving rise to the
revaluation). 
 Section 3.13 Compliance With Section 1.704-1(b). The provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Treasury
Regulations. In the event the Manager shall determine that it is prudent to modify the manner in which the Capital Accounts are computed in order to comply with such Treasury Regulations, the Manager may make such modification, notwithstanding
anything in Section 11.2 to the contrary. The Manager also shall (a) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Members and the amount of the Company
capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Treasury Regulations Section 1.704-1(b)(iv)(g), and (b) make any appropriate modifications in the
event unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulations Section 1.704-1(b). 

  
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 ARTICLE IV 

DISTRIBUTIONS AND ALLOCATIONS 

Section 4.1 Distributions. 

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

(b) Other Distributions. Except as otherwise set forth in Section 4.1(a), the Manager may (but shall not be obligated to) make
Distributions at such time, in such amounts and in such form (including in-kind property) as determined by the Manager in its sole discretion, in each case to the holders of Participating Units immediately
prior to such Distribution as follows: (A) with respect to each Class A Common Unit, an amount equal to the amount determined by dividing the Grossed-Up Amount by the number of Participating Units

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

 Notwithstanding the foregoing, (A) the portion of any Distribution (other than a Tax Distribution) that would otherwise be made with
respect to any Unvested Class B Common Unit shall not be distributed with respect to such Unvested Class B Common Unit and shall instead be retained, (B) in the event that such Unvested Class B Common Unit subsequently vests,
then all Distributions pursuant to Section 4.1(b) made following the vesting of such Unit shall be made such that, on a cumulative basis, the Distributions with respect to such Unit under such clauses equal the Distributions that would have
been made with respect to such Unit under such clauses if it had been a Vested Class B Common Unit beginning on the date of its original issue, and (C) if such Unvested Class B Common Unit is repurchased or forfeited (or otherwise
becomes incapable of vesting) then such Unvested Class B Common Unit shall not be entitled to receive or retain any Distributions other than (I) any Tax Distributions that have been made with respect to such Unvested Class B Common
Unit and (II) the amount, if any, paid or payable to repurchase such Unvested Class B Common Unit. 
 Section 4.2
Allocations. Profits or Losses for any Fiscal Year shall be allocated among the Unitholders in such a manner as to reduce or eliminate, to the extent possible, any difference, as of the end of such Fiscal Year, between (a) the sum of
(i) the Capital Account of each Unitholder, (ii) such Unitholder’s share of Minimum Gain (as determined according to Treasury Regulation Section 1.704-2(g)) and (iii) such Unitholder’s
partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(2)) and (b) the respective net amounts, positive or negative, which would be distributed to them or for which they
would be liable to the Company under this Agreement and the Delaware Act, determined as if the Company were to (i) liquidate the assets of the Company for an amount equal to their Book Value and (ii) distribute the proceeds of such
liquidation pursuant to Section 10.2. For purposes of allocating Profits and Losses pursuant to this Section 4.2, (and Section 4.3 and Section 4.4, to the extent applicable), all outstanding Class B
Common Units shall be treated as vested; provided that, in the event that a Unitholder’s Unvested Class B Common Units are forfeited or repurchased, Forfeiture Allocations as described in Section 4.3(f) may, in the discretion of the
Manager, be made. 
 Section 4.3 Special Allocations. 

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

  
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 (b) Unitholder Nonrecourse Debt Minimum Chargeback. Nonrecourse deductions (as determined
according to Treasury Regulation Section 1.704-2(b)(1)) for any Taxable Year shall be allocated to each holder of Class A Common Units ratably among such Unitholders based upon their ownership of
Class A Common Units. Except as otherwise provided in Section 4.3(a), if there is a net decrease in the Minimum Gain during any Taxable Year, each Unitholder shall be allocated Profits for such Taxable Year (and, if necessary, for
subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(f). This Section 4.3(b) is intended to be a Minimum Gain chargeback
provision that complies with the requirements of Treasury Regulation Section 1.704-2(f), and shall be interpreted in a manner consistent therewith. 

(c) Qualified Income Offset. If any Unitholder that unexpectedly receives an adjustment, allocation or distribution described in
Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of Section 4.3(a) and
Section 4.3(b), but before the application of any other provision of this Article IV, then Profits for such Taxable Year shall be allocated to such Unitholder in proportion to, and to the extent of, such Adjusted Capital Account
Deficit. This Section 4.3(c) is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent
therewith. 
 (d) Allocation of Certain Profits and Losses. Profits and Losses described in Section 3.6(b)(v) shall be
allocated in a manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k) and (m). 

(e) Regulatory Allocations. The allocations set forth in Sections 4.3(a)-(d) (the “Regulatory Allocations”) are
intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory Allocations may not be consistent with the
manner in which the Unitholders intend to allocate Profit and Loss of the Company or make the Company distributions. Accordingly, notwithstanding the other provisions of this Article IV, but subject to the Regulatory Allocations, income,
gain, deduction, and loss shall be reallocated among the Unitholders so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Unitholders to be in the amounts (or as close thereto as
possible) they would have been if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Unitholders anticipate that this will be accomplished by
specially allocating other Profit and Loss (and such other items of income, gain, deduction and loss) among the Unitholders so that the net amount of the Regulatory Allocations and such special allocations to each such Unitholder is zero. In
addition, if in any Fiscal Year or Fiscal Period there is a decrease in partnership Minimum Gain, or in partner nonrecourse debt Minimum Gain, and application of the Minimum Gain chargeback requirements set forth in Section 4.3(a) or
Section 4.3(b) would cause a distortion in the economic arrangement among the Unitholders, the Unitholders may, if they do not expect that the Company will have sufficient other income to correct such distortion, request the Internal Revenue
Service to waive either or both of such Minimum Gain chargeback requirements. If such request is granted, this Agreement shall be applied in such instance as if it did not contain such Minimum Gain chargeback requirement. 

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

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

Section 4.5 Tax Allocations. 

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

  
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 property as permitted and provided in Sections 734 and 743 of the Code. Such election shall be effective solely
for federal (and, if applicable, state and local) income Tax purposes and shall not result in any adjustment to the Book Value of any the Company asset or to the Member’s Capital Accounts (except as provided in Treasury Regulations Section 1.704- 1(b)(2)(iv)(m)). 
 (d) Allocation of Tax Credits, Tax Credit Recapture, Etc.
Allocations of Tax credits, Tax credit recapture, and any items related thereto shall be allocated to the Unitholders according to their interests in such items as determined by the Manager taking into account the principles of Treasury Regulation
Section 1.704-1(b)(4)(ii) and (viii). 
 (e) Effect of Allocations. Allocations pursuant to
this Section 4.5 are solely for purposes of federal, state and local Taxes and shall not affect, or in any way be taken into account in computing, any Unitholder’s Capital Account or share of Profits, Losses, Distributions (other
than Tax Distributions) or other items pursuant to any provision of this Agreement. 
 Section 4.6 Indemnification and Reimbursement
for Payments on Behalf of a Unitholder. Except as otherwise provided in Section 6.1, if the Company is required by law to make any payment to a Governmental Entity that is specifically attributable to a Unitholder or a
Unitholder’s status as such (including federal withholding Taxes, state personal property Taxes, and state unincorporated business Taxes), then such Unitholder shall indemnify and contribute to the Company in full for the entire amount paid
(including interest, penalties and related expenses). The Manager may offset Distributions to which a Person is otherwise entitled under this Agreement against such Person’s obligation to indemnify the Company under this Section 4.6 or
with respect to any other amounts owed by the Unitholder to the Company or any of its Subsidiaries. A Unitholder’s obligation to indemnify and make contributions to the Company under this Section 4.6 shall survive the termination,
dissolution, liquidation and winding up of the Company, and for purposes of this Section 4.6, the Company shall be treated as continuing in existence. The Company may pursue and enforce all rights and remedies it may have against each
Unitholder under this Section 4.6, including instituting a lawsuit to collect such indemnification and contribution, with interest calculated at a rate equal to the Base Rate plus three percentage points per annum (but not in excess of
the highest rate per annum permitted by law), compounded on the last day of each Fiscal Quarter. 
 ARTICLE V 

MANAGEMENT AND CONTROL OF BUSINESS 

Section 5.1 Management. 

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

  
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 Agreement, an agent of the Company for the purpose of the Company’s business, and the actions of the Manager
taken in accordance with such rights and powers shall bind the Company (and no Member shall have such right). The Manager shall have all necessary powers to carry out the purposes, business and objectives of the Company. The Manager may delegate in
its discretion the authority to sign agreements and other documents and take other actions on behalf of the Company to any Person (including any Member, officer or employee of the Company) to enter into and perform any document on behalf of the
Company. 
 (b) Without limiting Section 5.1(a), the Manager shall have the sole power and authority to effect any of the following by
the Company or any of its Subsidiaries in one or a series of related transaction, in each case without the vote, consent or approval of any Unitholder: (i) any sale, lease, transfer, exchange or other disposition of any, all or substantially
all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the Company); (ii) any merger, consolidation,
reorganization or other combination of the Company with or into another entity, (iii) any acquisition; (iv) any issuance of debt or equity securities; (v) any incurrence of indebtedness; or (vi) any dissolution. Except for any
vote, consent or approval of any Unitholder expressly required by this Agreement, if a vote, consent or approval of the Unitholders is required by the Delaware Act or other applicable law with respect to any action to be taken by the Company or
matter considered by the Manager, each Unitholder will be deemed to have consented to or approved such action or voted on such matter in accordance with the consent or approval of the Manager on such action or matter. 

(c) Carvana Co. Sub may withdraw as the Manager and appoint as its successor at any time upon written notice to the Company (a) any
wholly-owned Subsidiary of Carvana Co., (b) any Person of which Carvana Co. is a wholly-owned Subsidiary, (c) any Person into which Carvana Co. is merged or consolidated or (d) any transferee of all or substantially all of the assets of
Carvana Co., which withdrawal and replacement shall be effective upon the delivery of such notice. No appointment of a Person other than Carvana Co. Sub (or its successor, as the case may be) as Manager shall be effective unless Carvana Co. Sub (or
its successor, as the case may be) and the new Manager provide all Members with contractual rights, directly enforceable by such Members against the new Manager, to cause the new Manager to comply with all of the Manager’s obligations under
this Agreement. 
 Section 5.2 Investment Company Act. The Manager shall use reasonable best efforts to ensure that the Company
shall not be subject to registration as an investment company pursuant to the Investment Company Act. 
 Section 5.3 Officers.

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

  
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 individual. The officers of the Company may be removed by the Manager (or by the Chief Executive Officer to the
extent the Manager delegates such authority to the Chief Executive Officer) at any time for any reason or no reason. 
 (b) Other Officers
and Agents. The Manager may appoint such other officers and agents as it may deem necessary or advisable, who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time
by the Manager. 
 (c) Chief Executive Officer. The Chief Executive Officer shall be the chief executive officer of the Company and
shall have the general powers and duties of supervision and management usually vested in the office of a chief executive officer of a company. He or she shall preside at all meetings of Members if present thereat. 

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

(f) Other Officers. Other officers, if any, shall have such powers and shall perform such duties as shall be assigned to them,
respectively, by the Manager or by the Chief Executive Officer. 
 Section 5.4 Competition and Corporate
Opportunities. 
 (a) Management Investors. Unless the Manager otherwise agrees in writing (e.g., in an Equity Agreement),
each Management Investor, for so long as such Management Investor is employed by the Company or its Subsidiaries, shall, and shall cause each of such Person’s Affiliates to, bring all investment or business opportunities to the Company of which
such Management Investor becomes aware and which are, or may be, (y) within the scope and investment objectives related to the Business, or (z) otherwise competitive with the Business. 

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

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

(c) Other Limitations. In addition to and notwithstanding the foregoing provisions of this Section 5.4, a corporate
opportunity shall not be deemed to belong to the Company if it is a business opportunity the Company is not financially able or contractually permitted or legally able to undertake, or that is, from its nature, not in the line of the Company’s
business or is of no practical advantage to it or that is one in which the Company has no interest or reasonable expectancy. 
 (d) Other
Agreements. This Section 5.4 shall not in any way affect, limit or modify any liabilities, obligations, duties or responsibilities of any Person under any employment agreement, consulting agreement, confidentiality agreement, non-compete agreement, non-solicit agreement or any similar agreement with the Company or any of its Subsidiaries. 

Section 5.5 Fiduciary Duties. 

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

  
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 (b) Manager and Officers. Notwithstanding Section 5.4 above or any other provision to
the contrary in this Agreement, except as set forth in Section 5.5(c), (i) the Manager shall, in its capacity as Manager, and not in any other capacity, have the same fiduciary duties to the Company and the Unitholders and Members as a member
of the board of directors of a Delaware corporation; and (ii) each officer of the Company shall, in his or her capacity as such, and not in any other capacity, have the same fiduciary duties to the Company and the Unitholders and Members as an
officer of a Delaware corporation. For the avoidance of doubt, the fiduciary duties described in clause (i) above shall not be limited by the fact that the Manager shall be permitted to take certain actions in its sole or reasonable discretion
pursuant to the terms of this Agreement or any agreement entered into in connection herewith. 
 (c) Manager Conflicts. The parties
hereto acknowledge that the Manager will act through its managing member, Carvana Co., and that the members of Carvana Co.’s board of directors will owe fiduciary duties to Carvana Co. and its stockholders. The Manager will use commercially
reasonable and appropriate efforts and means, as determined in good faith by the Manager, to minimize any conflict of interest between the Members, on the one hand, and the stockholders of Carvana Co., on the other hand, and to effectuate any
transaction that involves or affects any of the Company, the Manager, the Members and/or the stockholders of Carvana Co. in a manner that does not (i) disadvantage the Members of their interests relative to the stockholders of Carvana Co. or
(ii) advantage the stockholders of Carvana Co. relative to the Members or (iii) treat the Members and the stockholders of Carvana Co. differently; provided that in the event of a conflict between the interests of the stockholders of
Carvana Co. and the interests of the Members, such Members agree that the Manager shall discharge its fiduciary duties to such Members by acting in the best interests of Carvana Co.’s stockholders. 

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

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

Section 5.6 Confidentiality. 

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

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

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

EXCULPATION AND INDEMNIFICATION 

Section 6.1 Exculpation. 

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

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

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

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

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

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

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

Section 7.2 Preparation of Tax Returns. The Company shall arrange for the preparation and timely filing of all Tax returns
required to be filed by the Company, including making the elections described in Section 7.3. Each Unitholder shall furnish to the Company all pertinent information in its possession relating to the Company’s
operations that is necessary to enable the Company’s income Tax returns to be prepared and filed. 
 Section 7.3 Tax Elections.
The Taxable Year shall be the Fiscal Year unless the Manager shall determine otherwise. The Manager shall determine whether to make or revoke any available election pursuant to the Code. Each Unitholder will upon request supply any information
necessary to give proper effect to such election. 
 Section 7.4 Tax Controversies. 

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

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

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

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

Section 7.5 Code §83 Safe Harbor Election. 

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

  
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 the Tax Matters Partner constitutes execution of a “Safe Harbor Election” in accordance with
Section 3.03(1) of the IRS Notice. Each Unitholder hereby agrees to comply with all requirements of the Safe Harbor described in the IRS Notice, including, the requirement that each Unitholder shall prepare and file all federal income Tax
returns reporting the income Tax effects of each Unit issued by the Company that qualifies for the Safe Harbor in a manner consistent with the requirements of the IRS Notice. 

(b) Any Unitholder or former Unitholder that fails to comply with requirements set forth in Section 7.5(a) shall indemnify and hold
harmless the Company and each adversely affected Unitholder and former Unitholder from and against any and all losses, liabilities, Taxes, damages, judgments, fines, costs, penalties, amounts paid in settlement and reasonable out-of-pocket costs and expenses incurred in connection therewith (including, costs and expenses of suits and proceedings, and reasonable fees and disbursements of counsel),
in each case resulting from such Unitholder’s or former Unitholder’s failure to comply with such requirements. The Manager may offset Distributions to which a Person is otherwise entitled under this Agreement against such Person’s
obligation to indemnify the Company and any other Person under this Section 7.5(b) (and any amount so offset with respect to such Person’s obligation to indemnify a Person other than the Company shall be paid over to such other Person by
the Company). A Unitholder’s obligations to comply with the requirements of Section 7.5(a) and to indemnify the Company and any Unitholder or former Unitholder under this Section 7.5(b) shall survive such Unitholder’s ceasing
to be a Unitholder of the Company and/or the termination, dissolution, liquidation and winding up of the Company, and, for purposes of this Section 7.5, the Company shall be treated as continuing in existence. The Company and any
Unitholder or former Unitholder may pursue and enforce all rights and remedies it may have against each Unitholder or former Unitholder under this Section 7.5(b), including (i) instituting a lawsuit to collect such indemnification and
contribution, with interest calculated at a rate equal to the Base Rate plus three percentage points per annum (but not in excess of the highest rate per annum permitted by law), compounded on the last day of each Fiscal Quarter and
(ii) specific performance and/or immediate injunctive or other equitable relief from any court of competent jurisdiction (without the necessity of showing actual money damages, or posting any bond or other security) in order to enforce or
prevent any violation of the provisions of Section 7.5(a). 
 (c) Each Unitholder authorizes the Manager to amend paragraphs
(a) and (b) of this Section 7.5 to the extent necessary to achieve substantially the same Tax treatment with respect to any interest in the Company Transferred to a service provider by the Company in connection with services
provided to the Company as set forth in Section 4 of the IRS Notice (e.g., to reflect changes from the rules set forth in the IRS Notice in subsequent Internal Revenue Service guidance); provided that such amendment is not materially
adverse to any Unitholder (as compared with the after-Tax consequences that would result if the provisions of the IRS Notice applied to all interests in the Company Transferred to a service provider by the
Company in connection with services provided to the Company). 

  
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 ARTICLE VIII 

TRANSFER OF UNITS; ADMISSION OF NEW MEMBERS 

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

Section 8.2 Transfer of Carvana Co. Sub’s Interest. Carvana Co. Sub may not Transfer all or any portion of its
Class A Common Units at any time, except to (a) the Company, (b) any wholly-owned Subsidiary of Carvana Co. Sub or Carvana Co., (c) any Person of which Carvana Co. Sub or Carvana Co. is a wholly-owned Subsidiary, (d) any Person into
which Carvana Co. Sub or Carvana Co. is merged or consolidated, (e) Ernest C. Garcia, II, pursuant to that certain Transfer Agreement, dated on or about the date hereof, by and among Ernest C. Garcia, II, the Company, Carvana Co. Sub, Carvana,
LLC, an Arizona limited liability company, and Carvana Co. or (f) any transferee of all or substantially all of the assets of Carvana Co. Sub or Carvana Co. 

Section 8.3 Recognition of Transfer; Substituted and Additional Members. 

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

  
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 (i) the provisions of Section 8.1 or in Section 8.2, as applicable,
shall have been complied with; 
 (ii) in the case of a proposed substituted or Additional Member that is (A) a competitor or potential
competitor of Carvana Co. or the Company or their respective Subsidiaries, (B) a Person with whom Carvana Co. or the Company or their respective Subsidiaries has had or is expected to have a material commercial or financial relationship or (C)
likely to subject Carvana Co. or the Company or their respective Subsidiaries to any material legal or regulatory requirement or obligation, or materially increase the burden thereof, in each case as determined by the Manager in its sole discretion,
the admission of the purchaser, assignee, transferee or other recipient as a substituted or Additional Member shall have been approved by the Manager; 

(iii) the Manager shall have been furnished with the documents effecting such Transfer, in form and substance reasonably satisfactory to the
Manager, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee, transferee or other recipient, and the Manager shall have executed (and the Manager hereby agrees to execute) any other documents on behalf of
itself and the Members required to effect the Transfer; 
 (iv) the provisions of Section 8.3(b) shall have been complied with; 

(v) the Manager shall be reasonably satisfied that such Transfer will not (A) result in a violation of the Securities Act or any other
applicable law; or (B) cause an assignment under the Investment Company Act; 
 (vi) such Transfer would not cause the Company to be
treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code or any other association taxable as a corporation for federal income tax purposes and, without limiting the generality of the foregoing, such
Transfer shall not be effected on or through an “established securities market” or a “secondary market or the substantial equivalent thereof,” as such terms are used in Treas. Reg. §
1.7704-1; 
 (vii) the Manager shall have received the opinion of counsel, if any, required by
Section 8.3(c) in connection with such Transfer; and 
 (viii) all necessary instruments reflecting such Transfer and/or admission
shall have been filed in each jurisdiction in which such filing is necessary in order to qualify the Company to conduct business or to preserve the limited liability of the Members. 

(b) Each Substituted Member and Additional Member shall be bound by all of the provisions of this Agreement. Each Substituted Member and
Additional Member, as a condition to its admission as a Member, shall execute and acknowledge such instruments (including a counterpart of this Agreement and the Exchange Agreement or a joinder agreement in customary form), in form and substance
reasonably satisfactory to the Manager, as the Manager reasonably deems necessary or desirable to effectuate such admission and to confirm the agreement of such substituted or Additional Member to be bound by all the terms and provisions of this
Agreement with respect to the Common Units acquired by such substituted or 

  
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 Additional Member. The admission of a substituted or Additional Member shall not require the consent of any
Member (but shall require the consent of the Manager, if and to the extent such consent of the Manager is expressly required by this Article VIII). As promptly as practicable after the admission of a substituted or Additional Member, the Unit
Ownership Ledger and other books and records of the Company and Exhibit A shall be changed to reflect such admission. 
 (c) As a
further condition to any Transfer of all or any part of a Member’s Common Units, the Manager may, in its discretion, require a written opinion of counsel to the transferring Member reasonably satisfactory to the Manager, obtained at the sole
expense of the transferring Member, reasonably satisfactory in form and substance to the Manager, as to such matters as are customary and appropriate in transactions of this type, including, without limitation (or, in the case of any Transfer made
to a Permitted Transferee, limited to an opinion) to the effect that such Transfer will not result in a violation of the registration or other requirements of the Securities Act or any other federal or state securities laws. No such opinion,
however, shall be required in connection with a Transfer made pursuant to the Exchange Agreement. 
 Section 8.4 Expense of
Transfer; Indemnification. All reasonable costs and expenses incurred by the Manager and the Company in connection with any Transfer of a Member’s Common Units, including any filing and recording costs and the reasonable fees and
disbursements of counsel for the Company, shall be paid by the transferring Member. In addition, the transferring Member hereby indemnifies the Manager and the Company against any losses, claims, damages or liabilities to which the Manager, the
Company, or any of their Affiliates may become subject arising out of or based upon any false representation or warranty made by, or breach or failure to comply with any covenant or agreement of, such transferring Member or such transferee in
connection with such Transfer. 
 Section 8.5 Exchange Agreement. In connection with any Transfer of any portion of a
Member’s Common Units pursuant to the Exchange Agreement, the Manager shall cause the Company to take any action as may be required under the Exchange Agreement or requested by any party thereto to effect such Transfer promptly. 

Section 8.6 Change of Control Transactions. In the event (i) Carvana Co. enters into an agreement to consummate a Change of
Control transaction (as defined in the Exchange Agreement) or (ii) any Person commences a tender offer or exchange offer for any of the outstanding shares of Carvana Co.’s stock, Carvana Co. will take all reasonable actions in order to
effect any Change of Control Exchange as defined in the Exchange Agreement. 
 Section 8.7 Divorce/Separation of Unitholder. If
required by the Manager, each Member or Unitholder who is an individual shall, at the time of his or her execution of this Agreement or, if any such Person is currently unmarried, at such later time as such Person becomes married or is later
required by Manager, cause his or her spouse to execute and deliver to the Company a Consent and Agreement of Spouse in the form attached hereto. If any Member who is an individual (for purposes of this Section 8.7, a
“Separated Member”) and his or her spouse (for purposes of this Section 8.7, a “Former Spouse”) become legally separated or divorced and a court or any property settlement or other
agreement awards any Units owned by such Separated Member to such Former Spouse, then in such case, notwithstanding the provisions of, such Units (the “Former Spouse’s Units”) held by such Member shall be dealt with as follows:

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

 WITHDRAWAL AND RESIGNATION OF UNITHOLDERS 

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

  
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 ARTICLE X 

DISSOLUTION AND LIQUIDATION 

Section 10.1 Dissolution. The Company shall not be dissolved by the admission of Additional Members or Substituted Members. The
Company shall dissolve, and its affairs shall be wound up upon the first of the following to occur: 
 (a) at the election of the Manager;
and 
 (b) the entry of a decree of judicial dissolution of the Company under Section 33.5 of the Delaware Act or an administrative
dissolution under Section 18-802 of the Delaware Act. 
 Except as otherwise set forth in this
Article X the Company is intended to have perpetual existence. An Event of Withdrawal shall not cause a dissolution of the Company and the Company shall continue in existence subject to the terms and conditions of this Agreement. 

Section 10.2 Liquidation and Termination. On the dissolution of the Company, the Manager shall act as liquidator or may appoint
one or more representatives, Members or other Persons as liquidator(s). The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Delaware Act. The costs of liquidation
shall be borne as the Company’s expense. Until final distribution, the liquidators shall continue to operate the Company properties with all of the power and authority of the Manager. The steps to be accomplished by the liquidators are as
follows: 
 (a) The liquidators shall pay, satisfy or discharge from the Company’s funds all of the debts, liabilities and obligations
of the Company (including all expenses incurred in liquidation) or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash fund for contingent liabilities in such amount and for such term as the
liquidators may reasonably determine). 
 (b) As promptly as practicable after dissolution, the liquidators shall (i) determine the Fair
Market Value (the “Liquidation FMV”) of the Company’s remaining assets (the “Liquidation Assets”) in accordance with Article X hereof, (ii) determine the amounts to be distributed to each Unitholder
in accordance with Section 4.1, and (iii) deliver to each Unitholder a statement (the “Liquidation Statement”) setting forth the Liquidation FMV and the amounts and recipients of such Distributions, which
Liquidation Statement shall be final and binding on all Unitholders. 
 (c) As soon as the Liquidation FMV and the proper amounts of
Distributions have been determined in accordance with Section 10.2(b) above, the liquidators shall promptly distribute the Company’s Liquidation Assets to the holders of Units in accordance with Section 4.1(b) above. In making
such distributions, the liquidators shall allocate each type of Liquidation Assets (i.e., cash or cash equivalents, preferred or common equity securities, etc.) among the Unitholders ratably based upon the aggregate amounts to be distributed with
respect to the Units held by each such holder; provided that the liquidators may allocate each type of Liquidation Assets so as to give effect to and take into account the relative priorities of the

  
 40 

 
different Units; provided further that, in the event that any securities are part of the Liquidation Assets, each Unitholder that is not an “accredited investor” as such term is
defined under the Securities Act may, in the sole discretion of the Manager, receive, and hereby agrees to accept, in lieu of such securities, cash consideration with an equivalent value to such securities as determined by the Manager. Any non-cash Liquidation Assets will first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with Section 4.2 and
Section 4.3. If any Unitholder’s Capital Account is not equal to the amount to be distributed to such Unitholder pursuant to Section 10.2(b), Profits and Losses for the Fiscal Year in which the Company is
dissolved shall be allocated among the Unitholders in such a manner as to cause, to the extent possible, each Unitholder’s Capital Account to be equal to the amount to be distributed to such Unitholder pursuant to Section 10.2(b). The
distribution of cash and/or property to a Unitholder in accordance with the provisions of this Section 10.2(b) constitutes a complete return to the Unitholder of its Capital Contributions and a complete distribution to the Unitholder of its
interest in the Company and all the Company property and constitutes a compromise to which all Unitholders have consented within the meaning of the Delaware Act. To the extent that a Unitholder returns funds to the Company, it has no claim against
any other Unitholder for those funds. 
 Section 10.3 Securityholders Agreement. To the extent that units or other equity
securities of any Subsidiary are distributed to any Unitholders and unless otherwise agreed to by the Manager, such Unitholders hereby agree to enter into a securityholders agreement with such Subsidiary and each other Unitholder which contains
rights and restrictions in form and substance similar to the provisions and restrictions set forth herein (including in Article VIII). 

Section 10.4 Cancellation of Certificate. On completion of the distribution of the Company’s assets as provided herein, the
Company shall be terminated (and the Company shall not be terminated prior to such time), and the Manager (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation with the Secretary of
State of Delaware, cancel any other filings made pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to terminate the Company. The Company shall be deemed to continue in existence for all
purposes of this Agreement until it is terminated pursuant to this Section 10.4. 
 Section 10.5
Reasonable Time for Winding Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Section 10.2 in order to
minimize any losses otherwise attendant upon such winding up. 
 Section 10.6 Return of Capital. The liquidators shall not be
personally liable for the return of Capital Contributions or any portion thereof to the Unitholders (it being understood that any such return shall be made solely from the Company assets). 

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

  
 41 

 ARTICLE XI 

GENERAL PROVISIONS 
 Section 11.1
Power of Attorney. Each Unitholder hereby constitutes and appoints the Manager and the liquidators, if any and as applicable, and their respective designees, with full power of substitution, as his, her or its true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to execute, swear to, acknowledge, deliver, file and record in the appropriate public
offices (to the same extent such Person could take such action): (a) this Agreement, all certificates and other instruments and all amendments hereof or thereof in accordance with the terms hereof which the Manager deems appropriate or necessary to
form, qualify, or continue the qualification of, the Company as a limited liability company in the State of Delaware and in all other jurisdictions in which the Company may conduct business or own property or as otherwise permitted herein; (b) all
instruments, agreements, amendments or other documents which the Manager deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (c) all conveyances and other
instruments or documents which the Manager and/or the liquidators deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement, including a certificate of cancellation; and
(d) all instruments relating to the admission, withdrawal or substitution of any Unitholder pursuant to Article VIII or Article IX. The foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the
death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Unitholder and the Transfer of all or any portion of his, her or its Units and shall extend to such Unitholder’s heirs, successors, permitted assigns and
personal representatives. 
 Section 11.2 Amendments. This Agreement may be amended (including, for purposes of this
Section 11.2, any amendment effected directly or indirectly by way of a merger or consolidation of the Company) or waived, in whole or in part, by the Manager; provided, however, that to the extent any
amendment or waiver, including any amendment or waiver of the Exhibits attached hereto, would disproportionately and adversely affect the rights of any Member of a class compared with the rights of any other Member of such class, such amendment or
waiver may only be made by the Manager upon the prior written consent of such disproportionately and adversely affected Member. Class A Common Units and Class B Common Units shall be treated as the same class of Units for the purposes of
this Section 11.2. 
 Section 11.3 Title to the Company Assets. The Company’s assets shall be
deemed to be owned by the Company as an entity, and no Unitholder, individually or collectively, shall have any ownership interest in such assets or any portion thereof. Legal title to any or all of such assets may be held in the name of the Company
or one or more nominees, as the Manager may determine. The Manager hereby declares and warrants that any the Company assets for which legal title is held in the name of any nominee shall be held in trust by such nominee for the use and benefit of
the Company in accordance with the provisions of this Agreement. All the Company assets shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such assets is held. 

  
 42 

 Section 11.4 Remedies. Each Unitholder and the Company shall have all rights and
remedies set forth in this Agreement and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any law. Any Person having any rights under any
provision of this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement
and to exercise all other rights granted by law. 
 Section 11.5 Successors and Assigns. All covenants and agreements contained
in this Agreement shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns, whether so expressed or not. 

Section 11.6 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
had never been contained herein or if such term or provision could be drawn more narrowly so as not to be illegal, invalid, prohibited or unenforceable in such jurisdiction, it shall be so narrowly drawn, as to such jurisdiction, without
invalidating the remaining terms and provisions of this Agreement or affecting the legality, validity or enforceability of such term or provision in any other jurisdiction. 

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

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

  
 43 

 hereof. Whenever required by the context, references to a Fiscal Year shall refer to a portion thereof. The use
of the words “or,” “either” and “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this
Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict. 

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

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

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

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

  
 44 

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

Section 11.15 Entire Agreement. This Agreement and the other Transaction Documents embody the complete agreement and understanding
among the parties with respect to the subject matter herein and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

 Section 11.16 Delivery by Electronic Means. This Agreement, the agreements referred to herein, and each other agreement or
instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or electronic transmission in portable document
format (pdf) or comparable electronic transmission, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof
delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties.
No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or pdf electronic transmission or comparable electronic transmission to deliver a signature or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of a facsimile machine as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

Section 11.17 Certain Acknowledgments. This Agreement shall be considered for all purposes as having been prepared through the
joint efforts of the parties. No presumption shall apply in favor of any party in the interpretation of this Agreement or in the resolution of any ambiguity of any provision hereof based on the preparation, substitution, submission or other event of
negotiation, drafting or execution hereof. Each Member and Unitholder acknowledges that it/he/she is entitled to and has been afforded the opportunity to consult legal counsel of its choice regarding the terms, conditions and legal effects of this
Agreement, as well as the advisability and propriety thereof. Each Member and Unitholder further acknowledges that having so consulted with legal counsel of its choosing, such Member or Unitholder hereby waives any right to raise or rely upon the
lack of representation or effective representation in any future proceedings or in connection with any future claim resulting from this Agreement or the formation of the Company. THE COMPANY, THE MEMBERS AND THE UNITHOLDERS ACKNOWLEDGE THAT
KIRKLAND & ELLIS LLP HAS ONLY REPRESENTED THE COMPANY WITH RESPECT TO THE NEGOTIATION AND PREPARATION OF THIS AGREEMENT, AND HAS NOT REPRESENTED THE MEMBERS OR THE UNITHOLDERS WITH RESPECT TO SUCH MATTERS. 

  
 45 

 Section 11.18 Consent to Jurisdiction; WAIVER OF TRIAL BY JURY. 

(a) Consent to Jurisdiction. Each Unitholder irrevocably submits to the exclusive jurisdiction of the United States District Court for
the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each Unitholder further agrees that service of any
process, summons, notice or document by United States certified or registered mail (in each such case, prepaid return receipt requested) to such Unitholder’s respective address set forth in the Company’s books and records or such other
address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party shall be effective service of process in any action, suit or proceeding in Delaware with respect to any matters to
which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each Unitholder irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this
Agreement or the transactions contemplated hereby in the United States District Court for the State of Delaware or the state courts of the State of Delaware and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any
such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum. 
 (b) WAIVER OF
TRIAL BY JURY. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN
ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT
(INCLUDING THE COMPANY) HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF,
CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES HEREUNDER. 

Section 11.19 Representations and Warranties. By execution of this Agreement, each Member severally represents and warrants as
follows: 
 (a) Such Member has full legal right, power, and authority to deliver this Agreement and the other Transaction Documents and to
perform such Member’s obligations hereunder and thereunder; 
 (b) This Agreement and the other Transaction Documents constitute the
legal, valid, and binding obligation of such Member enforceable in accordance with its respective terms, except as the enforcement thereof may be limited by bankruptcy and other laws of general application relating to creditors’ rights or
general principles of equity; 
 (c) Neither this Agreement nor the other Transaction Documents violate, conflict with, result in a breach of
the terms, conditions or provisions of, or constitute a default or an event of default under any other agreement of which such Member is a party; and 

  
 46 

 (d) Such Member’s investment in Units in the Company is made for such Member’s own
account for investment purposes only and not with a view to the resale or distribution of such Units. 
 Section 11.20 Tax
Receivable Agreement. The Tax Receivable Agreement and the Exchange Agreement shall each be treated as part of this Agreement as described in Section 761(c) of the Code, and Treas. Reg. §
1.704-1(b)(2)(ii)(h) and § 1.761-1(c) with respect to payments to a Member with respect to an Exchange (as defined in the Tax Receivable Agreement) by such Member.

 * * * * * 

  
 47 

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

			
	CARVANA GROUP, LLC
		
	By:	 	 /s/ Paul Breaux

	Name:	 	Paul Breaux
	Title:	 	Vice President, General Counsel and Secretary
	
	CARVANA CO.
		
	By:	 	 /s/ Paul Breaux

	Name:	 	Paul Breaux
	Title:	 	Vice President, General Counsel and Secretary
	
	CARVANA CO. SUB LLC, as a Member and the Sole Manager
		
	By:	 	 /s/ Paul Breaux

	Name:	 	Paul Breaux
	Title:	 	Vice President, General Counsel and Secretary

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

 
			
	CAO INVESTMENTS, LLC
		
	By:	 	 /s/ Javier Aldrete

	Name:	 	Javier Aldrete
	Title:	 	Secretary

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

 
			
	DRIVETIME CAR SALES AND FINANCE COMPANY, LLC
		
	By:	 	 /s/ Kurt Wood

	Name:	 	Kurt Wood
	Its:	 	CFO

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

 
			
	 ERNEST C. GARCIA III, a Member

		
	By:	 	 /s/ Ernest C. Garcia III

		 	Ernest C. Garcia III

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

 
			
	ERNEST C. GARCIA II, a Member
		
	By:	 	 /s/ Ernest C. Garcia II

	Name:	 	Ernest C. Garcia II

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

 
			
	ERNEST GARCIA III MULTI-GENERATIONAL TRUST III, a Member
		
	By:	 	 /s/ Steven P. Johnson

	Name:	 	Steven P. Johnson
	Its:	 	Administrative Trustee
		
	By:	 	 /s/ Ernest C. Garcia II

	Name:	 	Ernest C. Garcia II
	Its:	 	Investment Trustee
	
	ERNEST IRREVOCABLE 2004 TRUST III, a Member
		
	By:	 	 /s/ Steven P. Johnson

	Name:	 	Steven P. Johnson
	Its:	 	Administrative Trustee
		
	By:	 	 /s/ Ernest C. Garcia II

	Name:	 	Ernest C. Garcia II
	Its:	 	Investment Trustee

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

 
			
	GV AUTO I, LLC
		
	By:	 	Georgiana Ventures, LLC
	Its:	 	Manager
		
	By:	 	 /s/ Ira J. Platt

	Name:	 	Ira J. Platt
	Its:	 	Manager

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

 
			
	 2014 FIDEL FAMILY TRUST DATED JUNE 16,

2014, A MEMBER

		
	By:	 	 /s/ Kathryn L. Fidel

	Name:	 	Kathryn L. Fidel
	Its:	 	Trustee

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

 
			
	CVAN HOLDINGS, LLC
		
	By:	 	 /s/ Kelly Van Meter

	Name:	 	Kelly Van Meter
	Its:	 	Vice President

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

 
			
	John O’Dell, a Member
		
	By:	 	 /s/ John O’Dell

	Name:	 	John O’Dell

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

 
			
	Ira Platt, a Member
		
	By:	 	 /s/ Ira Platt

	Name:	 	Ira Platt

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

 
			
	Adrienne Sanford
		 	,a Member
		
	By:	 	 /s/ Adrienne Sanford

	Name:	 	Adrienne Sanford

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

 
			
	Alex Devkar
		 	,a Member
		
	By:	 	 /s/ Alex Devkar

	Name:	 	Alex Devkar

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

 
			
	Benjamin Huston, a Member
		
	By:	 	 /s/ Benjamin Huston

	Name:	 	Benjamin Huston

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

 
			
	Bobby Borszich
		 	,a Member
		
	By:	 	 /s/ Bobby Borszich

	Name:	 	Bobby Borszich

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

 
			
	Bret Sassenberg
		 	,a Member
		
	By:	 	 /s/ Bret Sassenberg

	Name:	 	Bret Sassenberg

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

 
			
	Brian Henze
		 	,a Member
		
	By:	 	 /s/ Brian Henze

	Name:	 	Brian Henze

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

			
	Carl Bailey
		 	,a Member
		
	By:	 	 /s/ Carl Bailey

	Name:	 	Carl Bailey

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

 
			
	Cem Vardar
		 	,a Member
		
	By:	 	 /s/ Cem Vardar

	Name:	 	Cem Vardar

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

 
			
	Chris Aylward
		 	,a Member
		
	By:	 	 /s/ Chris Aylward

	Name:	 	Chris Aylward

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

 
			
	Chris Santone
		 	,a Member
		
	By:	 	 /s/ Chris Santone

	Name:	 	Chris Santone

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

 
			
	Christina Keiser
		 	,a Member
		
	By:	 	 /s/ Christina Keiser

	Name:	 	Christina Keiser

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

 
			
	Christopher Olson
		 	,a Member
		
	By:	 	 /s/ Christopher Olson

	Name:	 	Christopher Olson

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

 
			
	Dan Gill
		 	,a Member
		
	By:	 	 /s/ Dan Gill

	Name:	 	Dan Gill

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

 
			
	David Fye
		 	,a Member
		
	By:	 	 /s/ David Fye

	Name:	 	David Fye

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

 
			
	David Ledford
		 	,a Member
		
	By:	 	 /s/ David Ledford

	Name:	 	David Ledford

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

 
			
	Don Webster
		 	,a Member
		
	By:	 	 /s/ Don Webster

	Name:	 	Don Webster

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

 
			
	Ellen Williams
		 	,a Member
		
	By:	 	 /s/ Ellen Williams

	Name:	 	Ellen Williams

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

 
			
	Eric Blatz
		 	,a Member
		
	By:	 	 /s/ Eric Blatz

	Name:	 	Eric Blatz

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

 
			
	Glenn Kees
		 	,a Member
		
	By:	 	 /s/ Glenn Kees

	Name:	 	Glenn Kees

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

 
			
	Imran Kazi
		 	,a Member
		
	By:	 	 /s/ Imran Kazi

	Name:	 	Imran Kazi

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

 
			
	Jared Foster
		 	,a Member
		
	By:	 	 /s/ Jared Foster

	Name:	 	Jared Foster

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

 
			
	Jason Scott
		 	,a Member
		
	By:	 	 /s/ Jason Scott

	Name:	 	Jason Scott

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

 
			
	Jason Tucker
		 	,a Member
		
	By:	 	 /s/ Jason Tucker

	Name:	 	Jason Tucker

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

 
			
	Jeff McLellan
		 	,a Member
		
	By:	 	 /s/ Jeff McLellan

	Name:	 	Jeff McLellan

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

 
			
	Jennifer M Stanford
		 	,a Member
		
	By:	 	 /s/ Jennifer M Stanford

	Name:	 	Jennifer M Stanford

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

 
			
	Jessica Querin
		 	,a Member
		
	By:	 	 /s/ Jessica Querin

	Name:	 	Jessica Querin

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

 
			
	Jim Naylor
		 	,a Member
		
	By:	 	 /s/ Jim Naylor

	Name:	 	Jim Naylor

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

 
			
	John Mckeon
		 	,a Member
		
	By:	 	 /s/ John Mckeon

	Name:	 	John Mckeon

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

 
			
	John Piatak
		 	,a Member
		
	By:	 	 /s/ John Piatak

	Name:	 	John Piatak

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

 
			
	Jon Seitel
		 	,a Member
		
	By:	 	 /s/ Jon Seitel

	Name:	 	Jon Seitel

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

 
			
	Jonathon McCutcheon
		 	,a Member
		
	By:	 	 /s/ Jonathon McCutcheon

	Name:	 	Jonathon McCutcheon

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

 
			
	Joshua Roger Dollison
		 	,a Member
		
	By:	 	 /s/ Joshua Roger Dollison

	Name:	 	Joshua Roger Dollison

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

 
			
	Justin Graham
		 	,a Member
		
	By:	 	 /s/ Justin Graham

	Name:	 	Justin Graham

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

 
			
	Keith Dunlap
		 	,a Member
		
	By:	 	 /s/ Keith Dunlap

	Name:	 	Keith Dunlap

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

 
			
	Kevin Coyle
		 	,a Member
		
	By:	 	 /s/ Kevin Coyle

	Name:	 	Kevin Coyle

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

 
			
	Leonid Epshtein
		 	,a Member
		
	By:	 	 /s/ Leonid Epshtein

	Name:	 	Leonid Epshtein

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

 
			
	Mark Jenkins
		 	,a Member
		
	By:	 	 /s/ Mark Jenkins

	Name:	 	Mark Jenkins

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

 
			
	Matthew Dundas
		 	,a Member
		
	By:	 	 /s/ Matthew Dundas

	Name:	 	Matthew Dundas

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

 
			
	Michael Grantham
		 	,a Member
		
	By:	 	 /s/ Michael Grantham

	Name:	 	Michael Grantham

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

 
			
	Mike McKeever
		 	,a Member
		
	By:	 	 /s/ Mike McKeever

	Name:	 	Mike McKeever

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

			
	Michael Rennie Jr.
		 	,a Member
		
	By:	 	 /s/ Michael Rennie Jr.

	Name:	 	Michael Rennie Jr.

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

 
			
	Milton Moskowitz
		 	,a Member
		
	By:	 	 /s/ Milton Moskowitz

	Name:	 	Milton Moskowitz

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

 
			
	Nate Fuller
		 	,a Member
		
	By:	 	 /s/ Nate Fuller

	Name:	 	Nate Fuller

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

 
			
	Nemanja Samailovic
		 	,a Member
		
	By:	 	
/s/ Nemanja Samailovic            

	Name:	 	Nemanja Samailovic

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

 
			
	Paul Breaux
		 	,a Member
		
	By:	 	 /s/ Paul Breaux

	Name:	 	Paul Breaux

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

 
			
	Paul Curry
		 	,a Member
		
	By:	 	 /s/ Paul Curry

	Name:	 	Paul Curry

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

 
			
	Paul Keister
		 	,a Member
		
	By:	 	 /s/ Paul Keister

	Name:	 	Paul Keister

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

 
			
	Richard Ball
		 	,a Member
		
	By:	 	 /s/ Richard Ball

	Name:	 	Richard Ball

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

 
			
	Ryan Blatz
		 	,a Member
		
	By:	 	 /s/ Ryan Blatz

	Name:	 	Ryan Blatz

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

 
			
	Ryan Keeton
		 	,a Member
		
	By:	 	 /s/ Ryan Keeton

	Name:	 	Ryan Keeton

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

 
			
	Scott Wood
		 	,a Member
		
	By:	 	 /s/ Scott Wood

	Name:	 	Scott Wood

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

 
			
	Sean Dupre
		 	,a Member
		
	By:	 	 /s/ Sean Dupre

	Name:	 	Sean Dupre

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

 
			
	Sidney Bridges
		 	,a Member
		
	By:	 	 /s/ Sidney Bridges

	Name:	 	Sidney Bridges

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

 
			
	Stella WenxingLiu
		 	,a Member
		
	By:	 	 /s/ Stella WenxingLiu

	Name:	 	Stella WenxingLiu

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

 
			
	Suhail Bayot
		 	,a Member
		
	By:	 	 /s/ Suhail Bayot

	Name:	 	Suhail Bayot

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

 
			
	Teresa Aragon
		 	,a Member
		
	By:	 	 /s/ Teresa Aragon

	Name:	 	Teresa Aragon

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

 
			
	Will Adams
		 	,a Member
		
	By:	 	 /s/ Will Adams

	Name:	 	Will Adams

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

 
			
	Zachary Huber
		 	,a Member
		
	By:	 	 /s/ Zachary Huber

	Name:	 	Zachary Huber

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

 FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

Joinder 
 The undersigned hereby
agrees to become a party to the Fourth Amended and Restated Limited Liability Company Agreement of Carvana Group, LLC, a Delaware limited liability company, dated as of April 27, 2017 (the “Agreement”), and agrees to be bound
by the terms and conditions of the Agreement as a Member. 
  

											
		 		 		 	 MEMBER:
	 			
					
		 		 		 	 [•]
	 			
				
		 		 		 	
By:                  
                                         
                      
	  

		 		 		 	 Its:
	 			
					
		 		 		 	 Address for Notices:
	 			
					
		 		 		 	 [•]
	 			
		 		 		 	 [•]
	 			
		 		 		 	 [•]
	 			
		 		 		 	 [•]
	 			

 CONSENT AND AGREEMENT OF SPOUSE 

The undersigned (“Spouse”) is the spouse of the individual identified below (“Married Unitholder”) who owns
units in Carvana Group, LLC (the “Company”). Spouse acknowledges that he or she has read the Fourth Amended and Restated Limited Liability Company Agreement of Carvana Group, LLC, effective as of April 27, 2017 (the
“Agreement”), and understands its provisions. Specifically, Spouse has read Section 8.7 (Divorce/Separation of Unitholder) and is aware that by the provisions of the Agreement both Spouse and Married Unitholder have
agreed to sell, transfer, and restrict all of Married Unitholder’s or Spouse’s units in the Company, including any community property interest or quasi-community property interest therein, in accordance with the terms and provisions of the
Agreement. Spouse hereby expressly approves of and agrees to be bound by the provisions of the Agreement in its entirety, including but not limited to those provisions relating to the sales and transfers of the units and the restrictions thereon and
not to make any transfer or other disposition of his or her community property or other interest in the units, whether by bequest or the application of the residuary clause of his or her will or otherwise, in any manner that would have the effect of
causing the units to be held by anyone other than Married Unitholder. If Spouse predeceases Married Unitholder when Married Unitholder owns any units in the Company, then Spouse agrees not to transfer, devise or bequeath whatever community property
interest or quasi-community property interest Spouse may have in the units of the Company in contravention of the Agreement. Spouse hereby appoints Married Unitholder as his or her
attorney-in-fact to exercise all rights that Spouse may have with respect to the units, including, but not limited to, the encumbrance or disposition thereof. 

 

					
		 		 	
Date:                  
                                         
                

			
		 		 	  

		 		 	Married Unitholder
			
		 		 	  

		 		 	Spouse
			
		 		 	  

		 		 	 Print Name of SpouseEX-10.3

 Exhibit 10.3 

Execution Version 

EXCHANGE AGREEMENT 

This EXCHANGE AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, the “Agreement”), dated
as of April 27, 2017 and effective as of immediately prior to the consummation of the IPO (as defined below) (the “Effective Time”), is made by and among Carvana Co., a Delaware corporation (“Pubco”), Carvana
Co. Sub LLC, a Delaware limited liability company that has elected to be taxed as a corporation for U.S. federal income tax purposes (the “Corporation”), Carvana Group, LLC, a Delaware limited liability company (the
“Company”), and the holders from time to time of the Company’s Common Units (as defined below) listed on the signature pages hereto as “Members” (collectively, the “Members” and individually, a
“Member”). 
 WHEREAS, the Corporation is a wholly owned Subsidiary (as defined below) of Pubco; 

WHEREAS, in connection with the initial public offering of Pubco’s Class A Common Stock (the “IPO”), Pubco intends
to consummate the transactions described in the Registration Statement on Form S-1, as amended (Registration No. 333-217085); and 

WHEREAS, the parties to this Agreement desire to provide for the exchange of Exchangeable Units together with shares of Class B Common
Stock (as defined below) for shares of Class A Common Stock (as defined below), on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

Section 1.1 Definitions. 

As used in this Agreement, the following terms have the following meanings: 

“Adjusted Participation Threshold” means, with respect to any Class B Common Unit as of any date of determination, an
amount equal to (i) the Participation Threshold of such Class B Common Unit as of such date divided by (ii) the Exchange Rate as of such date. 

“Affiliate” has the meaning set forth in the LLC Agreement. 

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

“Business Day” means any day other than a Saturday, Sunday or other day on which the banks in New York, New York or Phoenix,
Arizona are authorized by law to be closed. 
 “Cash Payment” means, with respect to any Exchange, an amount in cash equal
to the product of (x) the Net Exchanged Unit Amount, (y) the then-applicable Exchange Rate, and (z) the Class A Common Stock Value. 

 A “Change of Control” shall be deemed to have occurred if or upon: 

(i) the stockholders and the Board of Directors of Pubco approve, in accordance with its certificate of incorporation and applicable law, the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the Corporation’s assets (determined on a consolidated basis), including a sale of all of the equity interests in the Company, to any Person or
group (as such term is used in Section 13(d)(3) of the Exchange Act), other than to any directly or indirectly wholly owned subsidiary of Pubco, and such sale, lease or transfer is consummated; 

(ii) the stockholders and the Board of Directors of Pubco approve, in accordance with its certificate of incorporation and applicable law, a
merger or consolidation of Pubco with any other Person, other than a merger or consolidation which would result in the Voting Securities of Pubco outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into Voting Securities of the surviving entity) at least 50.01% of the total voting power represented by the Voting Securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation,
and such merger or consolidation is consummated; or 
 (iii) the acquisition, directly or indirectly, by any Person or group (as such term
is used in Section 13(d)(3) of the Exchange Act) (other than (a) a trustee or other fiduciary holding securities under an employee benefit plan of Pubco, or (b) a corporation or other entity owned, directly or indirectly, by all of the
stockholders of Pubco in substantially the same proportions as their ownership of stock of Pubco) of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of at least 50.01% of the aggregate
voting power of the Voting Securities of Pubco; provided, that Pubco’s Board of Directors recommends or otherwise approves or determines that such acquisition is in the best interests of Pubco and its stockholders. 

“Change of Control Exchange” has the meaning set forth in Section 2.1(b)(i). 

“Change of Control Exchange Date” has the meaning set forth in Section 2.1(b)(iii). 

“Class A Common Stock” means the Class A common stock, par value $0.001 per share, of Pubco. 

“Class A Common Stock Value” means, with respect to any Exchange, the arithmetic average of the volume
weighted average prices for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by Bloomberg, L.P., or its successor,
for each of the three (3) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the related Exchange Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits,
stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, then the Class A Common Stock Value shall be
determined in good faith by a majority of the directors of Pubco that do not have an interest in the Exchangeable Units and shares of Class B Common Stock being Exchanged. 

“Class A Common Unit” has the meaning set forth in the LLC Agreement. 

  
 2 

 “Class B Common Stock” means the Class B common stock,
par value $0.001 per share, of Pubco. 
 “Class B Common Unit” has the meaning set forth in the LLC
Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Common Unit” has the meaning set forth in the LLC Agreement. 

“Contribution Notice” has the meaning set forth in Section 2.1(a)(iv). 

“Corporation” has the meaning set forth in the preamble. 

“Effective Time” has the meaning set forth in the preamble. 

“Exchange” has the meaning set forth in Section 2.1(a)(i). 

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

“Exchange Date” has the meaning set forth in Section 2.1(a)(iii). 

“Exchange Notice” has the meaning set forth in Section 2.1(a)(iii). 

“Exchange Rate” means the number of shares of Class A Common Stock for which one Class A Common Unit is entitled to
be Exchanged. The Exchange Rate will also be used to determine the number of shares of Class B Common Stock that a Member must surrender upon an Exchange, to the extent such Member holds Class B Common Stock. On the date of this Agreement,
the Exchange Rate shall be 0.8, subject to adjustment pursuant to Section 2.2 of this Agreement. 

“Exchangeable Class B Common Unit” means, with respect to any Exchange and any Member, a Vested
Class B Common Unit (as of the applicable Exchange Date) with an Adjusted Participation Threshold less than the applicable Class A Common Stock Value. 

“Exchangeable Unit” means a Class A Common Unit or an Exchangeable Class B Common Unit. For the avoidance of doubt,
the Class A Common Units held by the Corporation are not Exchangeable Units. 
 “First Exchange Time” means the
expiration or earlier waiver of any lockup agreement relating to the IPO. 
 “Governmental Entity” means any court,
administrative agency, regulatory body, commission, or other governmental authority, board, bureau, or instrumentality, domestic or foreign, and any subdivision thereof. 

“IPO” has the meaning set forth in the recitals. 

  
 3 

 “Liens” means any and all liens, charges, security interests, options, claims,
mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or arrangements, or other restrictions on title or transfer of any nature whatsoever. 

“LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of the Company dated as of the date
hereof, as the same may be amended, amended and restated or replaced from time to time. 
 “Manager” has the meaning set
forth in the LLC Agreement. 
 “Member” has the meaning set forth in the preamble. 

“Net Exchangeable Class B Common Units” means, with respect to an Exchange, an amount equal to the product
of (i) the number of Exchangeable Class B Common Units set forth in the applicable Exchange Notice and (ii) an amount (greater than zero) equal to (A) one (1) minus (B) a fraction, the numerator of which is the weighted
average Adjusted Participation Threshold of the Exchangeable Class B Common Units set forth in the applicable Exchange Notice and the denominator of which is the applicable Class A Common Stock Value. For purposes of this calculation, the
number of Exchangeable Class B Common Units will be calculated on the close of business on the day before the Exchange Date based upon the applicable Class A Common Stock Value and the exchanging Member’s Class B Common Unit
vesting schedule, and, if necessary, the number of Exchangeable Class B Common Units that such Member requested to be exchanged in the related Exchange Notice will be adjusted accordingly. 

“Net Exchanged Unit Amount” means, with respect to an Exchange, (i) the number of Class A Common Units set forth in
the applicable Exchange Notice and (ii) the Net Exchangeable Class B Common Units set forth in the applicable Exchange Notice. 

“Participation Threshold” has the meaning set forth in the LLC Agreement 

“Permitted Transferee” has the meaning set forth in the LLC Agreement. 

“Person” means any natural person, corporation, limited partnership, general partnership, limited liability company, joint
stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative
capacity, and any government or agency or political subdivision thereof. 
 “Pubco” has the meaning set forth in the
recitals. 
 “Registration Rights Agreement” means the Second Amended and Restated Registration Rights Agreement by and
among Pubco and the other parties thereto, dated as of the date hereof, as the same may be amended, amended and restated or replaced from time to time. 

“Retraction Notice” has the meaning set forth in Section 2.1(a)(vi). 

“SEC” means the Securities and Exchange Commission. 

  
 4 

 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or
business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity (other
than a corporation), a majority of partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes
hereof and without limitation, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be
allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the manager, managing member, managing director (or a board comprised of any of the foregoing) or general
partner of such limited liability company, partnership, association or other business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more
Subsidiaries. 
 “Takeover Laws” has the meaning set forth in Section 3.1. 

“Tax Receivable Agreement” means that certain Tax Receivable Agreement, dated on or about the date hereof, among Pubco, the
Company and the other parties thereto, as the same may be amended, amended and restated or replaced from time to time. 
 “Trading
Day” means a day on which the principal U.S. securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire
day). 
 “Vested Class B Common Unit” has the meaning set forth in the LLC Agreement. 

“Voting Securities” means any equity securities of Pubco that are entitled to vote generally in matters submitted for a vote
of Pubco’s stockholders or generally in the election of Pubco’s Board of Directors. 
 ARTICLE II 

Section 2.1 Exchange of Common Units. 

(a) Elective Exchanges. 

(i) From and after the First Exchange Time, each Member shall be entitled, upon the terms and
subject to the conditions hereof and the LLC Agreement, to surrender Exchangeable Units and, if such Member also holds Class B Common Stock, a corresponding number of shares of Class B Common Stock after taking into account the Exchange
Rate (in each case, free and clear of all Liens) to the Corporation in exchange for the delivery to such Member (or its 

  
 5 

 designee) of either, at the option of the Corporation, (x) a number of shares of
Class A Common Stock that is equal to the product of the applicable Net Exchanged Unit Amount multiplied by the Exchange Rate or (y) the applicable Cash Payment. Any exchange of Exchangeable Units and, if applicable, Class B Common
Stock for Class A Common Stock or the Cash Payment, as applicable, is defined herein as an “Exchange.” Subject to Section 2.1(a)(ii), after the First Exchange Time a Member may Exchange Class A Common
Units at any time and from time to time, but a Member may not Exchange Class B Common Units more than once per fiscal quarter without the prior consent of the Corporation. The minimum number of Exchangeable Units (and corresponding number of
shares of Class B Common Stock after taking into account the Exchange Rate, if any) that may be exchanged by any Member shall be the lesser of (A) 20,000 (twenty thousand) and (B) all of the Exchangeable Units (and corresponding number of
shares of Class B Common Stock after taking into account the Exchange Rate, if any) then held by such Member and its Affiliates, except that such minimum shall not apply if such Exchange is in connection with the exercise of any incidental
registration rights pursuant to the Registration Rights Agreement. 
 (ii) Notwithstanding
anything to the contrary contained herein, no Member shall be entitled to effectuate an Exchange of Exchangeable Units (and a corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate, if any) as set
forth in this Section 2.1(a), and the Corporation and Company shall have the right to refuse to honor any request for such an Exchange, if at any time the Corporation or the Company determines based on the advice of counsel that such Exchange
(1) would be prohibited by law or regulation (including, without limitation, the unavailability of a registration of such Exchange under the Securities Act, or an exemption from the registration requirements thereof), (2) would not be permitted
under any agreement with the Corporation, the Company or any of their Subsidiaries to which the applicable Member is party (including, without limitation, the LLC Agreement), (3) would result in a negative adjustment from the Exchange under Section
743(b) of the Code with respect to the Corporation’s interest in the Company so acquired, or (4) solely in the case of an Exchange requested by an officer, director or other personnel of Pubco, the Corporation, the Company or any of their
Subsidiaries, would not be permitted under any written policy of Pubco, the Corporation, the Company or any of their Subsidiaries related to restrictions on trading by such officers, directors or other personnel. Upon such determination, the
Corporation or the Company (as applicable) shall notify the Member requesting the Exchange of such determination, which such notice shall include an explanation in reasonable detail as to the reason that the Exchange has not been honored. 

(iii) A Member shall exercise its right to effectuate an Exchange of Exchangeable Units, and a
corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate (if any), as set forth in this Section 2.1(a) by delivering to the Company, with a contemporaneous copy delivered to the Corporation,
during normal business hours, (A) a written election of exchange in respect of the Exchangeable Units to be exchanged substantially in 

  
 6 

 the form of Exhibit A hereto (an “Exchange Notice”), duly executed by such
Member, (B) any certificates in such Member’s possession representing such Exchangeable Units, (C) any stock certificates in such Member’s possession representing such shares of Class B Common Stock and (D) if the
Corporation, the Company or any exchanging Subsidiary requires the delivery of the certification contemplated by Section 2.4(b), such certification or written notice from such Member that it is unable to provide such certification. Unless
such Member timely has delivered a Retraction Notice pursuant to Section 2.1(a)(vi), an Exchange pursuant to this Section 2.1(a) shall be effected on the fifth Business Day following the Business Day on which the Corporation and the
Company have received the items specified in clauses (A)-(D) of the first sentence of this Section 2.1(a)(iii) or such later date that is a Business Day specified in the Exchange Notice (such Business Day, the
“Exchange Date”); provided, that the Company may establish alternate exchange procedures as necessary in order to facilitate the establishment by a Member of a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act. On the Exchange Date, all rights of the exchanging Member as a holder of the Exchangeable Units and shares of Class B Common Stock that are subject to the Exchange shall cease,
and unless the Corporation has elected Cash Payment, such Member (or its designee) shall be treated for all purposes as having become the record holder of the shares of Class A Common Stock to be received by the exchanging Member in respect of
such Exchange. 
 (iv) Within two (2) Business Days following the Business Day on which
the Corporation and the Company have received the Exchange Notice, the Corporation shall give written notice (the “Contribution Notice”) to the Company (with a copy to the exchanging Member) of its intended settlement method;
provided that if the Corporation does not timely deliver a Contribution Notice, the Corporation shall be deemed to have not elected the Cash Payment method. 

(v) A Member may specify, in an applicable Exchange Notice, that the Exchange is to be contingent (including as to timing) upon
the occurrence of any transaction or event, including the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering, Change of Control transaction or otherwise) of shares of Class A Common
Stock or any merger, consolidation or other business combination. 
 (vi) Notwithstanding
anything herein to the contrary, a Member may withdraw or amend its Exchange Notice, in whole or in part, at any time prior to 5:00 p.m. Phoenix, Arizona time, on the Business Day immediately prior to the Exchange Date by giving written notice to
the Company (with a copy to the Corporation) specifying (A) the number of withdrawn Exchangeable Units (and corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate), (B) the number of Exchangeable
Units (and corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate) as to which the Exchange Notice remains in effect, if any, and (C) if the Member so determines, a new Exchange Date or any other
new or revised information permitted in the Exchange Notice. 

  
 7 

 (b) Change of Control. In connection with a Change of Control, and subject to any approval
of the Change of Control by the holders of Class A Common Stock and Class 
B Common Stock that may be required: 
 (i) The Corporation shall have the right to require
each Member to effectuate an Exchange of some or all of such Member’s Exchangeable Units, and a corresponding number of shares of Class B Common Stock (if any) after taking into account the Exchange Rate (in each case, free and clear of
all Liens), with the Corporation or, at the option of the Corporation, with any Subsidiary of Pubco, in each case, in exchange for the delivery to the exchanging Member (or its designee) of a number of shares of Class A Common Stock that is
equal to the product of the applicable Net Exchanged Unit Amount and the Exchange Rate (such Exchange, a “Change of Control Exchange”); provided that, if the Corporation requires the Members to Exchange less than all of their
outstanding Exchangeable Units (and corresponding number of shares of Class B Common Stock (if any) after taking into account the Exchange Rate), each Member’s participation in the required Exchange shall be reduced pro rata based on
ownership of Exchangeable Units. For the avoidance of doubt, any Exchangeable Units and a corresponding number of shares of Class B Common Stock (if any) held by a Member that are not Exchanged pursuant to a Change of Control Exchange may be
Exchanged by such Member pursuant to Section 2.1(a) subject to and in accordance with the terms thereof. 
 (ii) The
election of the Corporation pursuant to this Section 2.1(b) shall be at the sole discretion of the Corporation upon the approval thereof by a majority of the Board of Directors of Pubco. 

(iii) Any Exchange pursuant to this Section 2.1(b) shall be effective immediately prior
to the consummation of the Change of Control (and, for the avoidance of doubt, shall not be effective if such Change of Control is not consummated) (the “Change of Control Exchange Date”). From and after the Change of Control
Exchange Date, (x) the Exchangeable Units and shares of Class B Common Stock Exchanged pursuant to this Section 2.1(b) shall be deemed to be transferred to the Corporation, or the exchanging Subsidiary, as applicable, on the Change
of Control Exchange Date and (y) the exchanging Member shall cease to have any rights with respect to the Exchangeable Units and shares of Class B Common Stock Exchanged pursuant to this Section 2.1(b) (other than the right to
receive shares of Class A Common Stock pursuant to Section 2.1(b)(i) upon compliance with its obligations under Section 2.1(c)). 

  
 8 

 (iv) The Corporation shall provide written notice of an expected Change of
Control to all Members within the earlier of (x) five (5) Business Days following the execution of the agreement with respect to such Change of Control and (y) ten (10) Business Days before the proposed date upon which the contemplated
Change of Control is to be effected, indicating in such notice such information as may reasonably describe the Change of Control transaction, subject to applicable law, including the date of execution of such agreement or such proposed effective
date, as applicable, the amount and types of consideration to be paid for Exchangeable Units and shares of Class B Common Stock or shares of Class A Common Stock, as applicable, in the Change of Control (which consideration shall be
equivalent whether paid for Exchangeable Units and shares of Class B Common Stock or shares of Class A Common Stock), any election with respect to types of consideration that a holder of Exchangeable Units and shares of Class B Common
Stock or shares of Class A Common Stock, as applicable, shall be entitled to make in connection with the Change of Control, the percentage of total Exchangeable Units and shares of Class B Common Stock or shares of Class A Common
Stock, as applicable, to be transferred to the acquirer by all shareholders in the Change of Control, and the number of Exchangeable Units and shares of Class B Common Stock held by each Member that the Corporation intends to require to be
Exchanged for shares of Class A Common Stock in connection with the Change of Control. The Corporation shall update such notice from time to time to reflect any material changes to such notice. The Corporation may satisfy any such notice and
update requirements described in the preceding two sentences by providing such information on a Form 8-K, Schedule TO, Schedule 14D-9, Preliminary Merger Proxy on
Schedule 14A, Definitive Merger Proxy on Schedule 14A or similar form filed with the SEC. 

(c) Exchange Procedure on Change of Control Exchange. On or prior to the Change of
Control Exchange Date, the Member shall deliver to the Corporation or the exchanging Subsidiary, as applicable, with a contemporaneous copy delivered to the Company, in each case during normal business hours at the principal executive offices of the
Company and the Corporation, respectively: (A) an Exchange Notice, duly executed by such Member, (B) any certificates in such Member’s possession representing all Exchangeable Units being surrendered by the Member, (C) any stock
certificates in such Member’s possession representing all shares of Class B Common Stock being surrendered by the Member and (D) if the Corporation, the Company or the exchanging Subsidiary requires the delivery of the certification
contemplated by Section 2.4(b), such certification or written notice from such Member that it is unable to provide such certification. 

(d) Exchange Consideration. As promptly as practicable on or after the Exchange Date or
Change of Control Exchange Date, as applicable, provided the Member has satisfied its obligations under Section 2.1(a)(iii) or Section 2.1(c), as applicable, the Company or the Corporation shall deliver or cause to be delivered to such
Member (or its designee), either certificates or evidence of book-entry shares representing the number of shares of Class A Common Stock deliverable upon the applicable Exchange, registered in the name of the relevant exchanging Member (or its
designee) or, if the Corporation has so elected, the Cash Payment. Notwithstanding anything set forth in this Section 2.1(d) to the contrary, to the extent the Class A Common Stock issued in the exchange will be settled through the
facilities of The Depository Trust Company, the Company or the Corporation will, upon the written 

  
 9 

 instruction of an exchanging Member, deliver the shares of Class A Common Stock deliverable
to such Member through the facilities of The Depository Trust Company to the account of the participant of The Depository Trust Company designated by such Member in the Exchange Notice. Upon a Member exercising its right to Exchange in accordance
with Section 2.1(a)(i) or the occurrence of a Change of Control Exchange, the Company or the Corporation shall take such actions as (A) may be required to ensure that such Member receives the shares of Class A Common
Stock or the Cash Payment that such exchanging Member is entitled to receive in connection with such Exchange pursuant to this Section 2.1, and (B) may be reasonably within its control that would cause such Exchange to
be treated for purposes of the Tax Receivable Agreement as an “Exchange” under the Tax Receivable Agreement. 
 (e)
Legends. 
 (i) The shares of Class A Common Stock issued upon an Exchange, other than any such shares issued in
an Exchange subject to an effective registration statement under the Securities Act, shall bear a legend in substantially the following form: 

THE TRANSFER OF THESE SECURITIES HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY
OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 

(ii) If (A) any shares of Class A Common Stock have been sold pursuant to a registration statement that has been
declared effective by the SEC, (B) all of the applicable conditions of Rule 144 are met, or (C) the legend (or a portion thereof) otherwise ceases to be applicable, Pubco, upon the written request of the holder thereof, shall promptly provide
such holder or its respective transferees with new certificates (or evidence of book-entry share) for securities of like tenor not bearing the provisions of the legend with respect to which the restriction has terminated. In connection therewith,
such holder shall provide Pubco with such information in its possession as Pubco may reasonably request (which may include an opinion of counsel reasonably acceptable to Pubco) in connection with the removal of any such legend. 

(f) Cancellation of Class B Common Stock. Any shares of Class B Common Stock surrendered in an
Exchange shall automatically be deemed cancelled without any action on the part of any Person, including the Corporation or Pubco. Any such cancelled shares of Class B Common Stock shall no longer be outstanding, and all rights with respect to
such shares shall automatically cease and terminate. 

  
 10 

 (g) Expenses. Subject to any other arrangement or agreement among the
Company and an applicable Member, the Corporation, the Company, any exchanging Subsidiary and each exchanging Member shall bear their own expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately
consummated, except that the Corporation shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that if any shares of Class A Common
Stock are to be delivered in a name other than that of the Member that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account
of such Member) or the Cash Payment is to be paid to a Person other than the Member that requested the Exchange, then such Member or the Person in whose name such shares are to be delivered or to whom the Cash Payment is to be paid shall pay to the
Corporation the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Corporation that such tax has been paid
or is not payable. 
 (h) Publicly Traded Partnership. Notwithstanding anything to the contrary herein, if the Manager
of the Company, after consultation with its outside legal counsel and tax advisor, shall determine in good faith that interests in the Company do not meet the requirements of Treasury Regulation Section
1.7704-1(h) (or other provisions of those Regulations as determined by the Manager in its sole discretion), the Company may impose such restrictions on Exchanges as the Company may reasonably determine to be
necessary or advisable so that the Company is not treated as a “publicly traded partnership” under Section 7704 of the Code. 

Section 2.2 Adjustment. 

The Exchange Rate shall be adjusted accordingly if there is: (a) any subdivision (by any stock or unit split, stock or unit dividend or
distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of the shares of Class B Common Stock or Common
Units that is not accompanied by a substantively identical subdivision or combination of the Class A Common Stock; or (b) any subdivision (by any stock or unit split, stock or unit dividend or distribution, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization or otherwise) of the shares of Class A Common Stock that is not accompanied by a substantively
identical subdivision or combination of the shares of Class B Common Stock or Common Units. To the extent not reflected in an adjustment to the Exchange Rate, if there is any reclassification, reorganization, recapitalization or other similar
transaction in which the Class A Common Stock is converted or changed or exchanged into or for another security, securities or other property, then upon any subsequent Exchange, an exchanging Member shall be entitled to receive the amount of
such security, securities or other property that such exchanging Member would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar
transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification,
recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other 

  
 11 

 similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization,
recapitalization or other similar transaction in which the Class A Common Stock is converted or changed or exchanged into or for another security, securities or other property, this Section 2.2 shall continue to
be applicable, mutatis mutandis, with respect to such security or other property. 
 Section 2.3 Class A Common Stock to
be Issued. 
 (a) Pubco shall at all times reserve and keep available out of its authorized but unissued Class A
Common Stock, solely for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be sufficient to effect the conversion of all outstanding Common Units; provided, however, that nothing contained
herein shall be construed to preclude Pubco from satisfying its obligations in respect of any such Exchange by delivery of unencumbered purchased shares of Class A Common Stock (which may or may not be held in the treasury of Pubco or any
subsidiary thereof). 
 (b) Pubco has taken and will take all such steps as may be required to cause to qualify for exemption
under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions or dispositions of equity securities of Pubco (including
derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative securities of Pubco for such purposes that result from the transactions contemplated by this Agreement, by each director or
officer of Pubco (including directors-by-deputization) who may reasonably be expected to be subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to Pubco upon the
registration of any class of equity security of Pubco pursuant to Section 12 of the Exchange Act (with the authorizing resolutions specifying the name of each such officer or director whose acquisition or disposition of securities is to be
exempted and the number of securities that may be acquired and disposed of by each such Person pursuant to this Agreement). 

(c) If any Takeover Law or other similar law or regulation becomes or is deemed to become applicable to this Agreement or any
of the transactions contemplated hereby, Pubco shall use its reasonable best efforts to render such law or regulation inapplicable to all of the foregoing. 

(d) Pubco covenants that all shares of Class A Common Stock issued upon an Exchange will, upon issuance, be validly
issued, fully paid and non-assessable and not subject to any preemptive right of stockholders of Pubco or to any right of first refusal or other right in favor of any Person. 

Section 2.4 Withholding; Certification of Non-Foreign Status. 

(a) If the Corporation or the Company shall be required to withhold any amounts by reason of any federal, state, local or
foreign tax rules or regulations in respect of any Exchange, the Corporation or the Company, as the case may be, shall be entitled to take such action as it deems appropriate in order to ensure compliance with such withholding requirements,
including, at its option, withholding shares of Class A Common Stock with a fair market value equal to the minimum amount of any taxes that 

  
 12 

 the Corporation or the Company, as the case may be, may be required to withhold with respect to
such Exchange. To the extent that amounts are (or property is) so withheld and paid over to the appropriate taxing authority, such withheld amounts (or property) shall be treated for all purposes of this Agreement as having been paid (or delivered)
to the applicable Member. 
 (b) Notwithstanding anything to the contrary herein, each of the
Corporation and the Company may, in its discretion, require that an exchanging Member deliver to the Corporation or the Company, as the case may be, a certification of non-foreign status in accordance with
Treasury Regulation Section 1.1445-2(b) prior to an Exchange. In the event the Corporation or the Company has required delivery of such certification but an exchanging Member does not provide such
certification, the Corporation or the Company, as the case may be, shall nevertheless deliver or cause to be delivered to the exchanging Member the Class A Common Stock or the Cash Payment in accordance with
Section 2.1, but subject to withholding as provided in Section 2.4(a). 
 Section 2.5
Tax Treatment. 
 Unless otherwise required by applicable law, the parties hereto acknowledge and agree that any Exchange with the
Company or the Corporation shall be treated as a direct exchange between the Corporation and the Member for U.S. federal and applicable state and local income tax purposes. The parties hereto intend to treat any Exchange consummated hereunder as a
taxable sale of the Exchangeable Units by the exchanging Member to the Corporation for U.S. federal and applicable state and local income tax purposes except as otherwise mutually agreed to in writing by the exchanging Member and the Corporation and
no party hereto shall take an position inconsistent with such intended tax treatment on any tax return, amendment thereof or any other communication with a taxing authority, in each case unless otherwise required by a “determination”
within the meaning of Section 1313 of the Code. 
 Section 2.6 Contribution of the Corporation. 

In connection with any Exchange between a Member and the Corporation, Pubco shall contribute to the Corporation the shares of Class A
Common Stock or Cash Payment that the Member is entitled to receive in such Exchange. Unless the Member has timely delivered a Retraction Notice as provided in Section 2.1(a)(vi), on the Exchange Date (to be effective immediately prior to the
close of business on the Exchange Date) (i) Pubco shall make a capital contribution to the Corporation (in the form of the shares of Class A Common Stock or the Cash Payment that the Member is entitled to receive in such Exchange) required
under this Section 2.6, (ii) the Corporation shall transfer such shares of Class A Common Stock or Cash Payment to the exchanging Member, and (iii) in the case of an Exchange for Class A Common Stock, the
Company shall issue to the Corporation a number of Class A Common Units equal to the Net Exchanged Unit Amount surrendered by the Member. 

Section 2.7 Distributions. 

No Exchange will impair the right of an exchanging Member to receive any distribution for periods ending on or prior to the Exchange Date for
such Exchange (but for which payment 

  
 13 

 had not yet been made with respect to the Exchangeable Units in question at the time the Exchange is
consummated); provided that, for purposes of this Section 2.7, the exchanging Member’s right to receive its pro rata portion of any distribution by the Company in respect of such periods shall not be deemed
impaired to the extent that the Company has not paid the Corporation its pro rata portion of such distribution prior to the consummation of the applicable Exchange. 

ARTICLE III 
 
Section 3.1 Representations and Warranties of the Corporation. 
 The Corporation represents and warrants
that (i) it is a corporation duly incorporated and is existing and in good standing under the laws of the State of Delaware, (ii) it has all requisite corporate power and authority to enter into and perform this Agreement and to consummate
the transactions contemplated hereby and to deliver the Class A Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this Agreement by the Corporation and the consummation by it of the transactions
contemplated hereby have been duly authorized by all necessary corporate action on the part of the Corporation, including all actions necessary to ensure that the acquisition of shares of Class A Common Stock pursuant to the transactions
contemplated hereby, to the fullest extent of each of the Corporation’s Board of Directors’ power and authority and to the extent permitted by law, shall not be subject to any “moratorium,” “control share acquisition,”
“business combination,” “fair price” or other form of anti-takeover laws and regulations of any jurisdiction that may purport to be applicable to this Agreement or the transactions contemplated hereby (collectively,
“Takeover Laws”), (iv) this Agreement constitutes a legal, valid and binding obligation of the Corporation enforceable against the Corporation in accordance with its terms, except as enforcement may be limited by equitable
principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by the Corporation and the
consummation by the Corporation of the transactions contemplated hereby will not (A) result in a violation of the certificate of incorporation of the Corporation or the bylaws of the Corporation or (B) conflict with, or constitute a
default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Corporation is
a party, or (C) based on the representations to be made by each Member pursuant to the written election in the form of Exhibit A attached hereto in connection with Exchanges made pursuant to the terms of the Agreement, result in a violation of
any law, rule, regulation, order, judgment or decree applicable to the Corporation or by which any property or asset of the Corporation is bound or affected, except with respect to clause (B) or (C) for any conflicts, defaults, accelerations,
terminations, cancellations or violations that would not reasonably be expected to have a material adverse effect on the Corporation or its business, financial condition or results of operations. 

Section 3.2 Representations and Warranties of Pubco. 

Pubco represents and warrants that (i) it is a corporation duly incorporated and is existing and in good standing under the laws of the
State of Delaware, (ii) it has all requisite corporate power and authority to enter into and perform this Agreement and to consummate the 

  
 14 

 transactions contemplated hereby and to issue the Class A Common Stock in accordance with the terms hereof,
(iii) the execution and delivery of this Agreement by Pubco and the consummation by it of the transactions contemplated hereby (including the issuance of the Class A Common Stock) have been duly authorized by all necessary corporate action
on the part of Pubco, including all actions necessary to ensure that the acquisition of shares of Class A Common Stock pursuant to the transactions contemplated hereby, to the fullest extent of each of Pubco’s Board of Directors’
power and authority and to the extent permitted by law, shall not be subject to any Takeover Laws, (iv) this Agreement constitutes a legal, valid and binding obligation of Pubco enforceable against Pubco in accordance with its terms, except as
enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this
Agreement by Pubco and the consummation by Pubco of the transactions contemplated hereby will not (A) result in a violation of the certificate of incorporation of Pubco or the bylaws of Pubco or (B) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which Pubco is a party, or
(C) based on the representations to be made by each Member pursuant to the written election in the form of Exhibit A attached hereto in connection with Exchanges made pursuant to the terms of the Agreement, result in a violation of any law,
rule, regulation, order, judgment or decree applicable to Pubco or by which any property or asset of Pubco is bound or affected, except with respect to clause (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or
violations that would not reasonably be expected to have a material adverse effect on Pubco or its business, financial condition or results of operations. 

Section 3.3 Representations and Warranties of the Company. 

The Company represents and warrants that (i) it is a limited liability company duly formed and is existing and in good standing under the
laws of the State of Delaware, (ii) it has all requisite power and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) the execution and delivery of this Agreement by the Company
and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company, (iv) this Agreement constitutes a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally,
(v) it is an entity treated as a partnership for U.S. federal income tax purposes and is not classified as a “publicly traded partnership” as defined under Section 7704 of the Code, and (vi) the execution, delivery and
performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby will not (A) result in a violation of the certificate of formation of the Company or the LLC Agreement or (B) conflict
with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to
which the Company is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree applicable to the Company or by which any property or asset of the Company is bound or affected, except with respect to clause
(B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations that would not reasonably be expected to have a material adverse effect on the Company or its business, financial condition or results of
operations. 

  
 15 

 Section 3.4 Representations and Warranties of the Members. 

Each Member, severally and not jointly, represents and warrants that (i) if it is not a natural person, that it is duly incorporated or
formed and, to the extent such concept exists in its jurisdiction of organization, is existing and in good standing under the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into and perform this Agreement
and to consummate the transactions contemplated hereby, (iii) if it is not a natural person, the execution and delivery of this Agreement by it and the consummation of the transactions contemplated hereby have been duly authorized by all
necessary corporate or other entity action on the part of such Member, (iv) this Agreement constitutes a legal, valid and binding obligation of such Member enforceable against it in accordance with its terms, except as enforcement may be
limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally and (v) the execution, delivery and performance of this Agreement by such Member
and the consummation by such Member of the transactions contemplated hereby will not (A) if it is not a natural person, result in a violation of the certificate of incorporation, bylaws or other organizational documents of such Member,
(B) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture
or instrument to which such Member is a party or by which any property or asset of such Member is bound or affected, or (C) result in a violation of any law, rule, regulation, order, judgment or decree applicable to such Member, except with
respect to clause (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations that would not in any material respect result in the unenforceability against such Member of this Agreement. 

ARTICLE IV 

Section 4.1 Notices. 

All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) delivered by means of electronic mail (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid)
that same day) if emailed before 5:00 p.m. Phoenix, Arizona time on a Business Day, and otherwise on the next Business Day, or (c) one (1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid).
Such notices, demands and other communications shall be sent to the address for such recipient set forth in the Company’s books and records (or below, with respect to the Corporation), or to such other address or to the attention of such other
person as the recipient party has specified by prior written notice to the sending party. 

  
 16 

 If to the Company, the Corporation or Pubco to: 

c/o Carvana Co. 
 4020 E. Indian
School Road 
 Phoenix, AZ 85018 

Telephone: (602) 852-6604 

Attention: Paul Breaux, General Counsel 

E-mail: paul.breaux@carvana.com 

with a copy (which shall not constitute notice to the Company, the Corporation or Pubco) to: 

Kirkland & Ellis LLP 

300 North LaSalle 
 Chicago, IL
60654 
 Telephone: (312) 862-2133 

Attention: Robert M. Hayward, P.C. 

E-mail: robert.hayward@kirkland.com 

Section 4.2 Permitted Transferees. 

To the extent that a Member (or an applicable Permitted Transferee of such Member) validly transfers after the date hereof any or all of its
Common Units and corresponding shares of Class B Common Stock after taking into account the Exchange Rate (to the extent that such Member holds such shares), to a Permitted Transferee of such Person or to any other Person in a transaction not
in contravention of, and in accordance with, the LLC Agreement, then the transferee thereof shall have the right to execute and deliver a joinder to this Agreement, in the form attached hereto as Exhibit B. Upon execution of any such joinder, such
transferee shall, with respect to such transferred Common Units and shares of Class B Common Stock (to the extent that such Member holds such shares), be entitled to all of the rights and bound by each of the obligations applicable to the
relevant transferor hereunder; provided that the transferor shall remain entitled to all of the rights and bound by each of the obligations with respect to Common Units and shares of Class B Common Stock (to the extent that such Member
holds such shares) that were not so transferred. 
 Section 4.3 Severability. 

The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable
and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of
such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any
other jurisdiction. 

  
 17 

 Section 4.4 Counterparts. 

This Agreement and any amendments may be executed simultaneously in two or more counterparts and delivered via facsimile or .pdf, each of which
shall be deemed an original and all of which, when taken together, shall constitute one and the same document. The signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart. 

Section 4.5 Entire Agreement. 

This Agreement together with the LLC Agreement and the Tax Receivables Agreement (a) constitutes the entire agreement and supersedes all other
prior agreements, both written and oral, among the parties with respect to the subject matter hereof and (b) is not intended to confer upon any Person, other than the parties hereto and their Permitted Transferees, any rights or remedies
hereunder. 
 Section 4.6 Further Assurances. 

Each party hereto shall execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably
requested from time to time by any other party hereto to give effect to and carry out the transactions contemplated herein. 

Section 4.7 Governing Law. 

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice
of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

Section 4.8 Consent to Jurisdiction. 

Each party hereto irrevocably submits to the exclusive jurisdiction of the United States District Court for the State of Delaware and the state
courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each party hereto further agrees that service of any process, summons, notice or document
by United States certified or registered mail (in each such case, prepaid return receipt requested) to such party’s respective address set forth in the Company’s books and records or such other address or to the attention of such other
person as the recipient party has specified by prior written notice to the sending party shall be effective service of process in any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set
forth above in the immediately preceding sentence. Each party hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby
in the United States District Court for the State of Delaware or the state courts of the State of Delaware and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding
brought in such court has been brought in an inconvenient forum. 

  
 18 

 Section 4.9 Waiver of Jury Trial. 

BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON
AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT (INCLUDING THE COMPANY) HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO,
WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES HEREUNDER. 

Section 4.10 Amendments. 

The provisions of this Agreement may be amended only by the affirmative vote or written consent of each of (i) the Corporation,
(ii) the Company and (iii) Members holding a majority of the then outstanding Class A Common Units (excluding Class A Common Units held by the Corporation); provided that no amendment may disproportionately affect the
rights of a Member compared to other Members without the consent of such Member. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

Section 4.11 Assignment. 

Neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any of the parties hereto without the prior written
consent of the other parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors, assigns and Permitted Transferees. 

Section 4.12 Independent Obligations. 

The obligations of each Member hereunder are several and not joint with the obligations of any other Member, and no Member shall be responsible
in any way for the performance of the obligations of any other Member under hereunder. The decision of each Member to enter into to this Agreement has been made by such Member independently of any other Member. Nothing contained herein, and no
action taken by any Member pursuant hereto, shall be deemed to constitute the Members as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Members are in any way acting in concert or as a
group with respect to such obligations or the transactions contemplated hereby. 

  
 19 

 Section 4.13 Specific Enforcement. 

The parties hereto acknowledge that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be
inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that may be available, shall be entitled to equitable relief in the form of specific performance, a temporary
restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available. 
 [Signature Pages to
Follow] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized representatives as of the day and year first above written. 
  

			
	CARVANA CO.
		
	By:	 	 /s/ Paul Breaux

	 Name: Paul Breaux

Title: Vice President, General Counsel and

Secretary

	
	CARVANA CO. SUB LLC
		
	By:	 	 /s/ Paul Breaux

	Name: Paul Breaux
	 Title: Vice President, General Counsel and

Secretary

	
	CARVANA GROUP, LLC
		
	By:	 	 /s/ Paul Breaux

	 Name: Paul Breaux

Title: Vice President, General Counsel and

Secretary

 [Signature Page to Exchange Agreement] 

 
			
	CAO INVESTMENTS, LLC
		
	By:	 	 /s/ Javier Aldrete

	Name:	 	Javier Aldrete
	Title:	 	Secretary

 [Signature Page to Exchange Agreement] 

 
			
	ERNEST C. GARCIA II, a Member
		
	By:	 	 /s/ Ernest C. Garcia II

	Name:	 	Ernest C. Garcia II

 [Signature Page to Exchange Agreement] 

 
			
	DRIVETIME CAR SALES AND FINANCE
	COMPANY, LLC, a Member
		
	By:	 	 /s/ Kurt Wood

	Name:	 	Kurt Wood
	Its:	 	CFO

 [Signature Page to Exchange Agreement] 

 
			
	ERNEST C. GARCIA III, a Member
		
	By:	 	 /s/ Ernest C. Garcia III

		 	Ernest C. Garcia III

 [Signature Page to Exchange Agreement] 

 
			
	ERNEST GARCIA III MULTI-GENERATIONAL TRUST III, a Member
		
	By:	 	 /s/ Steven P. Johnson

	Name:	 	Steven P. Johnson
	Its:	 	Administrative Trustee
		
	By:	 	 /s/ Ernest C. Garcia II

	Name:	 	Ernest C. Garcia II
	Its:	 	Investment Trustee

 [Signature Page to Exchange Agreement] 

 
			
	ERNEST IRREVOCABLE 2004 TRUST III, a Member
		
	By:	 	 /s/ Steven P. Johnson

	Name:	 	Steven P. Johnson
	Its:	 	Administrative Trustee
		
	By:	 	 /s/ Ernest C. Garcia II

	Name:	 	Ernest C. Garcia II
	Its:	 	Investment Trustee

 [Signature Page to Exchange Agreement] 

 
			
	2014 FIDEL FAMILY TRUST DATED JUNE 16, 2014, a Member
		
	By:	 	 /s/ Kathryn L. Fidel

	Name:	 	Kathryn L. Fidel
	Its:	 	Trustee

 [Signature Page to Exchange Agreement] 

 
			
	CVAN HOLDINGS, LLC
		
	By:	 	 /s/ Kelly Van Meter

	Name:	 	Kelly Van Meter
	Title:	 	Vice President

 [Signature Page to Exchange Agreement] 

 
			
	GV AUTO I, LLC, a Member
		
	By:	 	Georgiana Ventures, LLC
	Its:	 	Manager
		
	By:	 	 /s/ Ira J. Platt

	Name:	 	Ira J. Platt
	Its:	 	Manager

 [Signature Page to Exchange Agreement] 

 
			
	John O’Dell, a Member
		
	By:	 	 /s/ John O’ Dell

	Name:	 	John O’ Dell

 [Signature Page to Exchange Agreement] 

 
			
	 Adrienne Sanford
 ,a
Member

		
	By:	 	 /s/ Adrienne Sanford

	Name:	 	Adrienne Sanford

 [Signature Page to Exchange Agreement] 

 
			
	Alex Devkar
	,a Member
		
	By:	 	 /s/ Alex Devkar

	Name:	 	Alex Devkar

 [Signature Page to Exchange Agreement] 

 
			
	Benjamin Huston, a Member
		
	By:	 	 /s/ Benjamin Huston

	Name:	 	Benjamin Huston

 [Signature Page to Exchange Agreement] 

 
			
	Bobby Borszich
	,a Member
		
	By:	 	 /s/ Bobby Borszich

	Name:	 	Bobby Borszich

 [Signature Page to Exchange Agreement] 

 
			
	Ira Platt, a Member
		
	By:	 	 /s/ Ira Platt

	Name:	 	Ira Platt

 [Signature Page to Exchange Agreement] 

 
			
	Bret Sassenberg
	,a Member
		
	By:	 	 /s/ Bret Sassenberg

	Name:	 	Bret Sassenberg

 [Signature Page to Exchange Agreement] 

 
			
	Brian Henze
	,a Member
		
	By:	 	 /s/ Brian Henze

	Name:	 	Brian Henze

 [Signature Page to Exchange Agreement] 

 
			
	Carl Bailey
	,a Member
		
	By:	 	 /s/ Carl Bailey

	Name:	 	Carl Bailey

 [Signature Page to Exchange Agreement] 

 
			
	Cem Vardar
	,a Member
		
	By:	 	 /s/ Cem Vardar

	Name:	 	Cem Vardar

 [Signature Page to Exchange Agreement] 

 
			
	Chris Aylward
	,a Member
		
	By:	 	 /s/ Chris Aylward

	Name:	 	Chris Aylward

 [Signature Page to Exchange Agreement] 

 
			
	Chris Santone
	,a Member
		
	By:	 	 /s/ Chris Santone

	Name:	 	Chris Santone

 [Signature Page to Exchange Agreement] 

 
			
	Christina Keiser
	,a Member
		
	By:	 	 /s/ Christina Keiser

	Name:	 	Christina Keiser

 [Signature Page to Exchange Agreement] 

 
			
	Christopher Olson
	,a Member
		
	By:	 	 /s/ Christopher Olson

	Name:	 	Christopher Olson

 [Signature Page to Exchange Agreement] 

 
			
	Dan Gill
	,a Member
		
	By:	 	 /s/ Dan Gill

	Name:	 	Dan Gill

 [Signature Page to Exchange Agreement] 

 
			
	David Fye
	,a Member
		
	By:	 	 /s/ David Fye

	Name:	 	David Fye

 [Signature Page to Exchange Agreement] 

 
			
	David Ledford
	,a Member
		
	By:	 	 /s/ David Ledford

	Name:	 	David Ledford

 [Signature Page to Exchange Agreement] 

 
			
	Don Webster
	,a Member
		
	By:	 	 /s/ Don Webster

	Name:	 	Don Webster

 [Signature Page to Exchange Agreement] 

 
			
	Ellen Williams
	,a Member
		
	By:	 	 /s/ Ellen Williams

	Name:	 	Ellen Williams

 [Signature Page to Exchange Agreement] 

 
			
	Eric Blatz
	,a Member
		
	By:	 	 /s/ Eric Blatz

	Name:	 	Eric Blatz

 [Signature Page to Exchange Agreement] 

 
			
	Glenn Kees
	,a Member
		
	By:	 	 /s/ Glenn Kees

	Name:	 	Glenn Kees

 [Signature Page to Exchange Agreement] 

 
			
	Imran Kazi
	,a Member
		
	By:	 	 /s/ Imran Kazi

	Name:	 	Imran Kazi

 [Signature Page to Exchange Agreement] 

 
			
	Jared Foster
	,a Member
		
	By:	 	 /s/ Jared Foster

	Name:	 	Jared Foster

 [Signature Page to Exchange Agreement] 

 
			
	Jason Scott
	,a Member
		
	By:	 	 /s/ Jason Scott

	Name:	 	Jason Scott

 [Signature Page to Exchange Agreement] 

 
			
	Jason Tucker
	,a Member
		
	By:	 	 /s/ Jason Tucker

	Name:	 	Jason Tucker

 [Signature Page to Exchange Agreement] 

 
			
	Jeff McLellan
	,a Member
		
	By:	 	 /s/ Jeff McLellan

	Name:	 	Jeff McLellan

 [Signature Page to Exchange Agreement] 

 
			
	Jennifer M Stanford
	,a Member
		
	By:	 	 /s/ Jennifer M Stanford

	Name:	 	Jennifer M Stanford

 [Signature Page to Exchange Agreement] 

 
			
	Jessica Querin
	,a Member
		
	By:	 	 /s/ Jessica Querin

	Name:	 	Jessica Querin

 [Signature Page to Exchange Agreement] 

 
			
	Jim Naylor
	,a Member
		
	By:	 	 /s/ Jim Naylor

	Name:	 	Jim Naylor

 [Signature Page to Exchange Agreement] 

 
			
	John Mckeon
	,a Member
		
	By:	 	 /s/ John Mckeon

	Name:	 	John Mckeon

 [Signature Page to Exchange Agreement] 

 
			
	John Piatak
	,a Member
		
	By:	 	 /s/ John Piatak

	Name:	 	John Piatak

 [Signature Page to Exchange Agreement] 

 
			
	Jon Seitel
	,a Member
		
	By:	 	 /s/ Jon Seitel

	Name:	 	Jon Seitel

 [Signature Page to Exchange Agreement] 

 
			
	Jonathon McCutcheon
	,a Member
		
	By:	 	 /s/ Jonathon McCutcheon

	Name:	 	Jonathon McCutcheon

 [Signature Page to Exchange Agreement] 

 
			
	Joshua Roger Dollison
	,a Member
		
	By:	 	 /s/ Joshua Roger Dollison

	Name:	 	Joshua Roger Dollison

 [Signature Page to Exchange Agreement] 

 
			
	Justin Graham
	,a Member
		
	By:	 	 /s/ Justin Graham

	Name:	 	Justin Graham

 [Signature Page to Exchange Agreement] 

 
			
	Keith Dunlap
	,a Member
		
	By:	 	 /s/ Keith Dunlap

	Name:	 	Keith Dunlap

 [Signature Page to Exchange Agreement] 

 
			
	Kevin Coyle
		 	,a Member
		
	By:	 	 /s/ Kevin Coyle

	Name:	 	Kevin Coyle

 [Signature Page to Exchange Agreement] 

 
			
	Leonid Epshtein
		 	,a Member
		
	By:	 	 /s/ Leonid Epshtein

	Name:	 	Leonid Epshtein

 [Signature Page to Exchange Agreement] 

 
			
	Mark Jenkins
		 	,a Member
		
	By:	 	 /s/ Mark Jenkins

	Name:	 	Mark Jenkins

 [Signature Page to Exchange Agreement] 

 
			
	Matthew Dundas
		 	,a Member
		
	By:	 	 /s/ Matthew Dundas

	Name:	 	Matthew Dundas

 [Signature Page to Exchange Agreement] 

 
			
	Michael Grantham
		 	,a Member
		
	By:	 	 /s/ Michael Grantham

	Name:	 	Michael Grantham

 [Signature Page to Exchange Agreement] 

 
			
	Mike McKeever
		 	,a Member
		
	By:	 	 /s/ Mike McKeever

	Name:	 	Mike McKeever

 [Signature Page to Exchange Agreement] 

 
			
	Michael Rennie Jr.
		 	,a Member
		
	By:	 	 /s/ Michael Rennie Jr.

	Name: 	 	Michael Rennie Jr.

 [Signature Page to Exchange Agreement] 

 
			
	Milton Moskowitz
		 	,a Member
		
	By:	 	 /s/ Milton Moskowitz

	Name:	 	Milton Moskowitz

 [Signature Page to Exchange Agreement] 

 
			
	Nate Fuller
		 	,a Member
		
	By:	 	 /s/ Nate Fuller

	Name:	 	Nate Fuller

 [Signature Page to Exchange Agreement] 

 
			
	Nemanja Samailovic
		 	,a Member
		
	By:	 	 /s/ Nemanja Samailovic

	Name:	 	Nemanja Samailovic

 [Signature Page to Exchange Agreement] 

 
			
	Paul Breaux
		 	,a Member
		
	By:	 	 /s/ Paul Breaux

	Name:	 	Paul Breaux

 [Signature Page to Exchange Agreement] 

 
			
	Paul Curry
		 	,a Member
		
	By:	 	 /s/ Paul Curry

	Name:	 	Paul Curry

 [Signature Page to Exchange Agreement] 

 
			
	Paul Keister
		 	,a Member
		
	By:	 	 /s/ Paul Keister

	Name:	 	Paul Keister

 [Signature Page to Exchange Agreement] 

 
			
	Richard Ball
		 	,a Member
		
	By:	 	 /s/ Richard Ball

	Name:	 	Richard Ball

 [Signature Page to Exchange Agreement] 

 
			
	Ryan Blatz
		 	,a Member
		
	By:	 	 /s/ Ryan Blatz

	Name:	 	Ryan Blatz

 [Signature Page to Exchange Agreement] 

 
			
	Ryan Keeton
		 	,a Member
		
	By:	 	 /s/ Ryan Keeton

	Name:	 	Ryan Keeton

 [Signature Page to Exchange Agreement] 

 
			
	Scott Wood
		 	,a Member
		
	By:	 	 /s/ Scott Wood

	Name:	 	Scott Wood

 [Signature Page to Exchange Agreement] 

 
			
	Sean Dupre
		 	,a Member
		
	By:	 	 /s/ Sean Dupre

	Name:	 	Sean Dupre

 [Signature Page to Exchange Agreement] 

 
			
	Sidney Bridges
		 	,a Member
		
	By:	 	 /s/ Sidney Bridges

	Name:	 	Sidney Bridges

 [Signature Page to Exchange Agreement] 

 
			
	Stella WenxingLiu
		 	,a Member
		
	By:	 	 /s/ Stella WenxingLiu

	Name:	 	Stella WenxingLiu

 [Signature Page to Exchange Agreement] 

 
			
	Suhail Bayot
		 	,a Member
		
	By:	 	 /s/ Suhail Bayot

	Name:	 	Suhail Bayot

 [Signature Page to Exchange Agreement] 

 
			
	Teresa Aragon
		 	,a Member
		
	By:	 	 /s/ Teresa Aragon

	Name:	 	Teresa Aragon

 [Signature Page to Exchange Agreement] 

 
			
	Will Adams
		 	,a Member
		
	By:	 	 /s/ Will Adams

	Name:	 	Will Adams

 [Signature Page to Exchange Agreement] 

 
			
	Zachary Huber
		 	,a Member
		
	By:	 	 /s/ Zachary Huber

	Name:	 	Zachary Huber

 [Signature Page to Exchange Agreement] 

 Exhibit A 

[Form of] 
 Exchange Notice 

Carvana Co. Sub LLC 
 c/o Carvana Co. 

4020 E. Indian School Road 
 Phoenix, AZ 85018 

Telephone: (602) 852-6604 

Attention: Ernest C. Garcia III, Paul Breaux 
 Email:
ernie.garcia@carvana.com, paul.breaux@carvana.com 
 Reference is hereby made to the Exchange Agreement, dated as of April 27,
2017 (as amended from time to time, the “Exchange Agreement”), by and among Carvana Co., a Delaware corporation (“Pubco”), Carvana Co. Sub LLC, a Delaware limited liability company that has elected to be taxed as a
corporation for U.S. federal income tax purposes (the “Corporation”), Carvana Group, LLC, a Delaware limited liability company (the “Company”), and the holders from time to time of the Company’s Common Units
listed on the signature pages to the Exchange Agreement as “Members” (collectively, the “Members” and individually, a “Member”). Capitalized terms used but not defined herein shall have the meanings given
to them in the Exchange Agreement. 
 The undersigned Member hereby transfers to the Corporation (or the Company, if applicable) effective
as of the Exchange Date, the number of Exchangeable Units in Exchange for either shares of Class A Common Stock to be issued in its name as set forth below or, at the option of the Corporation, the Cash Payment payable to the account set forth
below, in accordance with the terms of the Exchange Agreement. 
 Legal Name of Member: [•] 

Address: [•] 
 Number and
Type of Exchangeable Units to be Exchanged: [•] 
 Participation Threshold(s) of such Exchangeable Units (if any): [•] 

Number of shares of Class B Common Stock to be Exchanged (if any) : [•] 

Please write the words “Elect Out” in the following space and provide your initials next to those words if you wish to elect out of
the last sentence of Section 3.1(a) of the Tax Receivable Agreement: 
  

 
 If the Corporation elects a
Cash Payment: 
 Account Number: [•] 

 Legal Name of Account Holder: [•] 

The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to execute and deliver this Exchange
Notice and to perform the undersigned’s obligations hereunder; (ii) this Exchange Notice has been duly executed and delivered by the undersigned and is the legal, valid and binding obligation of the undersigned enforceable against it in
accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable remedies; (iii) the Exchangeable Units
and shares of Class B Common Stock (if any) subject to this Exchange Notice are being transferred to the Corporation (or the Company, if applicable) free and clear of any Liens; (iv) no consent, approval, authorization, order, registration
or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned, the Exchanged Units or shares of Class B Common Stock (if any) subject to this Exchange Notice is required to be
obtained by the undersigned for the transfer of such Exchanged Units or shares of Class B Common Stock (if any) to the Corporation; and (v) the undersigned is either not currently in possession of material
non-public information concerning Pubco or will not be in possession of such material non-public information at the time the shares of Class A Common Stock are sold
by the undersigned in any public sale. 
 The undersigned hereby irrevocably constitutes and appoints any officer of Pubco, the Corporation
or the Company as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer to the Corporation (or the Company, if
applicable) the Exchanged Units and shares of Class B Common Stock (if any) subject to this Exchange Notice and to deliver to the undersigned the shares of Class A Common Common Stock or Cash Payment to be delivered in Exchange therefor.

 IN WITNESS WHEREOF, the undersigned, but authority duly given, has caused this Exchange Notice to be executed and delivered by the
undersigned or by its duly authorized attorney. 
  

	
	[•]
	
	  

	 Name:
 Title:

	
	Dated:
                                        
                                         
        

 A2 

 Exhibit B 

[Form of] 
 Joinder 

This Joinder (“Joinder”) is a joinder to the Exchange Agreement, dated as of [•], 2017 (as amended from time to time,
the “Exchange Agreement”), by and among Carvana Co., a Delaware corporation (“Pubco”), Carvana Co. Sub LLC, a Delaware limited liability company that has elected to be taxed as a corporation for U.S. federal income
tax purposes (the “Corporation”), Carvana Group, LLC, a Delaware limited liability company (the “Company”), and the holders from time to time of the Company’s Common Units listed on the signature pages to the
Exchange Agreement as “Members” (collectively, the “Members” and individually, a “Member”). Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement.

 The Company, the Corporation, Pubco and the undersigned agree that all questions concerning the construction, validity and interpretation
of this Joinder shall be governed by, and construed in accordance with, the law of the State of Delaware, without giving effect to any choice or conflict of law provision or rule, notwithstanding that public policy in Delaware or any other forum
jurisdiction might indicate that the laws of that or any other jurisdiction should otherwise apply based on contacts with such state or otherwise. In the event of any conflict between this Joinder and the Exchange Agreement, the terms of this
Joinder shall control. 
 The undersigned, having acquired Common Units and, if applicable, shares of Class B Common Stock, hereby
joins and enters into the Exchange Agreement. By signing and returning this Joinder to the Company, the Corporation and Pubco, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms and conditions of and
agreements of a Member contained in the Exchange Agreement, with all attendant rights, duties and obligations of a Member thereunder and (ii) makes each of the representations and warranties of a Member set forth in
Section 3.4 of the Exchange Agreement as fully as if such representations and warranties were set forth herein. The parties to the Exchange Agreement shall treat the execution and delivery hereof by the undersigned as the
execution and delivery of the Exchange Agreement by the undersigned and, upon receipt of this Joinder by the Company, the Corporation and Pubco, the signature of the undersigned set forth below shall constitute a counterpart signature to the
signature page of the Agreement. 
  

	
	[•]
	
	  

	 Name:
 Title:

	
	Dated:
                                        
                                         
        
	
	Address for Notice: [•]

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