Document:

EX-10.6

 Exhibit 10.6 
  

 
  

ADMINISTRATION AGREEMENT 

between 
 CAPITAL ONE
PRIME AUTO RECEIVABLES TRUST 2019-1, 
 as Issuer, 

CAPITAL ONE, NATIONAL ASSOCIATION, 

as Administrator, 
 and

 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Indenture Trustee 

Dated as of May 30, 2019 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 1.
	 	Duties of the Administrator	  	 	2	 
			
	 2.
	 	Records	  	 	3	 
			
	 3.
	 	Compensation; Payment of Fees and Expenses	  	 	3	 
			
	 4.
	 	Independence of the Administrator	  	 	3	 
			
	 5.
	 	No Joint Venture	  	 	4	 
			
	 6.
	 	Other Activities of the Administrator	  	 	4	 
			
	 7.
	 	Representations and Warranties of the Administrator	  	 	4	 
			
	 8.
	 	Administrator Replacement Events; Termination of the Administrator	  	 	5	 
			
	 9.
	 	Action upon Termination or Removal	  	 	6	 
			
	 10.
	 	Liens	  	 	6	 
			
	 11.
	 	Notices	  	 	6	 
			
	 12.
	 	Amendments	  	 	7	 
			
	 13.
	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	 	8	 
			
	 14.
	 	Headings	  	 	9	 
			
	 15.
	 	Counterparts	  	 	9	 
			
	 16.
	 	Entire Agreement	  	 	9	 
			
	 17.
	 	Severability of Provisions	  	 	9	 
			
	 18.
	 	Not Applicable to the Bank in Other Capacities	  	 	9	 
			
	 19.
	 	Benefits of the Administration Agreement	  	 	10	 
			
	 20.
	 	Delegation of Duties	  	 	10	 
			
	 21.
	 	Assignment	  	 	10	 
			
	 22.
	 	Nonpetition Covenant	  	 	10	 
			
	 23.
	 	Limitation of Liability	  	 	11	 
			
	 24.
	 	Compliance with the FDIC Rule	  	 	11	 

  

					
		  	I	  	COPAR 2019-1 Administration Agreement

 THIS ADMINISTRATION AGREEMENT (as amended, supplemented or otherwise modified and in effect
from time to time, this “Agreement”), dated as of May 30, 2019, is between CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2019-1, a Delaware statutory trust (the
“Issuer”), CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association, as administrator (the “Bank” or the “Administrator”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking
association, as indenture trustee (the “Indenture Trustee”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned such terms in Appendix A to the Sale Agreement, dated as of the date
hereof (as amended, supplemented or otherwise modified and in effect from time to time, the “Sale Agreement”), between Capital One Auto Receivables, LLC (the “Seller”), and the Issuer, which contains rules as to
usage and other interpretive provisions that are applicable herein. 
 W I T N E S S E T H : 

WHEREAS, the Seller and BNY Mellon Trust of Delaware (the “Owner Trustee”) have entered into the Amended and Restated Trust
Agreement dated as of the date hereof (as amended, supplemented or otherwise modified and in effect from time to time, the “Trust Agreement”); 

WHEREAS, the Issuer has issued the Notes pursuant to the Indenture and the Certificates pursuant to the Trust Agreement and has entered into
certain agreements in connection therewith, including, (i) the Sale Agreement, (ii) the Servicing Agreement, (iii) the Indenture and (iv) the Depository Agreement (the Trust Agreement and each of the agreements referred to in
clauses (i) through (iv) are referred to herein collectively as the “Issuer Documents”); 
 WHEREAS, to
secure payment of the Notes, the Issuer has pledged the Collateral to the Indenture Trustee for the benefit of the Noteholders pursuant to the Indenture; 

WHEREAS, pursuant to the Issuer Documents, the Issuer is required to perform certain duties; 

WHEREAS, the Issuer desires to have the Administrator administer the affairs of the Issuer and perform certain of the duties of the Issuer,
and to provide such additional services consistent with this Agreement and the Issuer Documents as the Issuer may from time to time request; 

WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer on
the terms set forth herein; 
 NOW, THEREFORE, in consideration of the mutual terms and covenants contained herein, and other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

  

					
		  	1	  	COPAR 2019-1 Administration Agreement

 1. Duties of the Administrator. 

(a) Duties with Respect to the Issuer Documents. The Administrator shall perform all of its duties as Administrator
under this Agreement and the Issuer Documents and the duties and obligations of the Issuer under the Issuer Documents; provided, however, except as otherwise provided in the Issuer Documents, that the Administrator shall have no
obligation to make any payment required to be made by the Issuer under any Issuer Document. In addition, the Administrator shall consult with the Issuer and the Owner Trustee regarding the Issuer’s duties and obligations under the Issuer
Documents. The Administrator shall monitor the performance of the Issuer and shall advise the Issuer when action is necessary to comply with the Issuer’s duties and obligations under the Issuer Documents. Other than such items to be performed
by the Owner Trustee pursuant to Section 5.3 of the Trust Agreement and the Certificate Paying Agent pursuant to Section 5.4 of the Trust Agreement and by the Paying Agent pursuant to
Section 6.6(a) and (b) of the Indenture, the Administrator shall perform such calculations, and shall prepare for execution by the Issuer or shall cause the preparation by other appropriate Persons of all such
documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Issuer to prepare, execute, file or deliver pursuant to the Issuer Documents. In furtherance of the foregoing, the Administrator shall take
all appropriate action that is the duty of the Issuer to take pursuant to the Issuer Documents, and shall prepare, execute, file and deliver on behalf of the Issuer all such documents, reports, filings, instruments, certificates, notices and
opinions as it shall be the duty of the Issuer to prepare, execute, file or deliver pursuant to the Issuer Documents or otherwise by law. 

(b) Notices to Rating Agencies. The Administrator, on behalf of the Issuer, shall give notice to each Rating Agency of
(i) any material breach of the perfection representations, warranties and covenants contained in Schedule I of the Purchase Agreement, Schedule II of the Sale Agreement and Schedule I of the Indenture; (ii) the
termination of, and/or appointment of a successor to, the Servicer pursuant to Sections 6.1 and 6.2 of the Servicing Agreement; (iii) any waiver of a Servicer Replacement Event pursuant to Section 6.1(b)
of the Servicing Agreement; (iv) any amendment to the Servicing Agreement pursuant to Section 8.1 of the Servicing Agreement; (v) any Officer’s Certificate delivered pursuant to
Section 3.12 of the Indenture with respect to any Event of Default under the Indenture; (vi) any officer’s certificate of the Issuer delivered pursuant to Section 3.9 of the Indenture;
(vii) any resignation or removal of the Indenture Trustee pursuant to Section 6.8 of the Indenture; (viii) any merger or consolidation of the Indenture Trustee pursuant to Section 6.9 of
the Indenture; (ix) any notice of Default pursuant to Section 6.5 of the Indenture; (x) any supplemental indenture pursuant to Sections 9.1 or 9.2 of the Indenture; (xi) any notice of merger,
consolidation or succession of the Servicer pursuant to Section 5.3 of the Servicing Agreement; (xii) any amendment pursuant to Section 12 of this Agreement and (xiii) any merger or
consolidation of the Seller pursuant to Section 3.4 of the Sale Agreement, which notice shall be given promptly upon the Administrator being notified thereof by the Purchaser, the Owner Trustee (to the extent a Responsible
Officer of the Owner Trustee has received written notice thereof), the Indenture Trustee (to the extent a Responsible Officer of the Indenture Trustee has received written notice or has actual knowledge thereof) or the Servicer. 

(c) Dissolution of the Issuer. Upon dissolution of the Issuer, the Administrator shall wind up the business and affairs
of the Issuer in accordance with Section 9.2 of the Trust Agreement. 

  

					
		  	2	  	COPAR 2019-1 Administration Agreement

 (d) No Action by Administrator. Notwithstanding anything to the
contrary in this Agreement, the Administrator shall not be obligated to, and shall not, take any action that the Issuer directs the Administrator not to take or which would result in a violation or breach of the Issuer’s covenants, agreements
or obligations under any of the Issuer Documents. 
 (e) Non-Ministerial Matters;
Exceptions to Administrator Duties. 
 (i) Notwithstanding anything to the contrary in this Agreement, with respect to
matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless, within a reasonable time before the taking of such action, the
Administrator shall have notified the Issuer of the proposed action and the Issuer shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence,
“non-ministerial matters” shall include, without limitation: 
 (A) the
initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer; 

(B) the appointment of successor Note Registrars, successor Paying Agents, successor Indenture Trustees, successor
Administrators or successor Servicers, or the consent to the assignment by the Note Registrar, the Paying Agent or the Indenture Trustee of its obligations under the Indenture; and 

(C) the removal of the Indenture Trustee. 

(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not,
(x) make any payments to the Noteholders or Certificateholders under the Transaction Documents, (y) except as provided in the Transaction Documents, sell the Trust Estate or (z) take any other action that the Issuer directs the
Administrator not to take on its behalf. 
 2. Records. The Administrator shall maintain appropriate books of account and records
relating to services performed hereunder, which books of account and records shall be accessible for inspection upon reasonable written request by the Issuer, the Seller and the Indenture Trustee at any time during normal business hours. 

3. Compensation; Payment of Fees and Expenses. As compensation for the performance of the Administrator’s obligations under this
Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to receive $12,000 annually which shall be solely an obligation of the Servicer. The Administrator shall pay all expenses incurred by it in
connection with its activities hereunder. 
 4. Independence of the Administrator. For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer,
the Administrator shall have no authority to act for or to represent the Issuer in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuer. 

  

					
		  	3	  	COPAR 2019-1 Administration Agreement

 5. No Joint Venture. Nothing contained in this Agreement (i) shall constitute
the Administrator and the Issuer as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on the Administrator or the Issuer
or (iii) shall be deemed to confer on the Administrator or the Issuer any express, implied or apparent authority to incur any obligation or liability on behalf of the other. 

6. Other Activities of the Administrator. Nothing herein shall prevent the Administrator or its Affiliates from engaging in other
businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other Person even though such Person may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee.

 7. Representations and Warranties of the Administrator. The Administrator represents and warrants to the Issuer and the Indenture
Trustee as follows: 
 (a) Existence and Power. The Administrator is a national banking association validly subsisting
under the laws of the United States of America and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Administrator has obtained all necessary licenses and approvals in each jurisdiction where
the failure to do so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectability of the Receivables or any other part of the
Collateral. 
 (b) Authorization and No Contravention. The execution, delivery and performance by the
Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (A) any applicable
order, law, rule or regulation, (B) its organizational documents or (C) any material indenture or material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations which do not
affect the legality, validity or enforceability of any of such agreements or which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its
obligations under, the Transaction Documents). 
 (c) No Consent Required. No approval or authorization by, or filing
with, any Governmental Authority is required in connection with the execution, delivery and performance by the Administrator of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously
been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any
other part of the Collateral or would not materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents. 

  

					
		  	4	  	COPAR 2019-1 Administration Agreement

 (d) Binding Effect. Each Transaction Document to which the
Administrator is a party constitutes the legal, valid and binding obligation of the Administrator enforceable against the Administrator in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of banking corporations from time to time in effect or by
general principles of equity. 
 (e) No Proceedings. There are no Proceedings pending or, to the knowledge of the
Administrator, threatened against the Administrator before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or (ii) seek any determination or ruling that would materially and adversely
affect the performance by the Administrator of its obligations under this Agreement. 
 8. Administrator Replacement Events; Termination
of the Administrator. 
 (a) Subject to clause (c) below, the Administrator may resign from its duties
hereunder by providing the Issuer with at least sixty (60) days’ prior written notice. 
 (b) The occurrence of any
one of the following events (each, an “Administrator Replacement Event”) shall also entitle the Issuer, subject to Section 21 hereof, to terminate and replace the Administrator: 

(i) any failure by the Administrator to duly observe or perform in any material respect any other of its covenants or
agreements in this Agreement, which failure materially and adversely affects the rights of the Issuer, the Noteholders or the Certificateholders, and which continues unremedied for ninety (90) days after discovery thereof by a Responsible
Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee (to the extent a Responsible Officer of the Indenture Trustee has actual knowledge or has received written notice thereof) or
Noteholders evidencing at least a majority of the Outstanding Note Balance (or, if no Notes are Outstanding, by the Majority Certificateholders); or 

(ii) the Administrator suffers a Bankruptcy Event; 

provided, however, that if any delay or failure of performance referred to in clause (b)(i) above shall have been caused
by force majeure or other similar occurrence, the ninety (90) day grace period referred to in such clause (b)(i) shall be extended for an additional sixty (60) days. 

(c) If an Administrator Replacement Event shall have occurred, the Issuer may, subject to Section 21
hereof, by notice given to the Administrator and the Owner Trustee, terminate all or a portion of the rights and powers of the Administrator under this Agreement, including the rights of the Administrator to receive the annual fee for services
hereunder for all periods following such termination; provided, however, that such termination shall not become effective until such time as the Issuer, subject to Section 21 hereof, shall have appointed a
successor Administrator in the manner set forth 

  

					
		  	5	  	COPAR 2019-1 Administration Agreement

 
below. Upon any such termination or upon a resignation of the Administrator in accordance with Section 8(a) hereof, all rights, powers, duties and responsibilities of
the Administrator under this Agreement shall vest in and be assumed by any successor Administrator appointed by the Issuer, subject to Section 21 hereof, pursuant to a management or administration agreement between the
Issuer and such successor Administrator, containing substantially the same provisions as this Agreement (including with respect to the compensation of such successor Administrator), and the successor Administrator is hereby irrevocably authorized
and empowered to execute and deliver, on behalf of the Administrator, as attorney-in-fact or otherwise, all documents and other instruments, and to do or accomplish all
other acts or things necessary or appropriate to effect such vesting and assumption. Further, in such event, the Administrator shall use its commercially reasonable efforts to effect the orderly and efficient transfer of the administration of the
Issuer to the new Administrator. No resignation or removal of the Administrator shall be effective until a successor Administrator shall have been appointed by the Issuer. 

(d) The Issuer, subject to Section 21 hereof, may waive in writing any Administrator Replacement
Event by the Administrator in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past Administrator Replacement Event, such Administrator Replacement Event shall cease to exist, and any Administrator
Replacement Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other Administrator Replacement Event or impair any right consequent thereon. 

9. Action upon Termination or Removal. Promptly upon the effective date of termination of this Agreement pursuant to
Section 8, or the removal or resignation of the Administrator pursuant to Section 8, the Administrator shall be entitled to be paid by the Servicer all fees and reimbursable expenses accruing to it
to the date of such termination or removal. 
 10. Liens. The Administrator will not directly or indirectly create, allow or suffer to
exist any Lien on the Collateral other than Permitted Liens. 
 11. Notices. All demands, notices and communications hereunder shall
be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or e-mail (if an applicable facsimile number or e-mail address is provided on Schedule I to the Sale Agreement), and addressed in each case as specified on Schedule
I to the Sale Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an
officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

  

					
		  	6	  	COPAR 2019-1 Administration Agreement

 12. Amendments. 

(a) Any term or provision of this Agreement may be amended by the Administrator without the consent of the Indenture Trustee,
any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i) the Administrator delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect
that such amendment will not materially and adversely affect the interests of the Noteholders; or 
 (ii) the Rating Agency
Condition is satisfied with respect to such amendment and the Administrator notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b) This Agreement may also be amended from time to time by the Administrator and the Indenture Trustee, with the consent of
the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed amendment or consent, but it will be
sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution
thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and Owner Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 

(c) Prior to the execution of any amendment pursuant to this Section 12, the Administrator shall
provide written notification of the substance of such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment, the Administrator shall furnish a copy of such amendment to each Rating Agency, the
Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 12 shall be effective which materially and adversely affects the rights, protections or duties of the Indenture Trustee or
the Owner Trustee without the prior written consent of such Person. 
 (d) Prior to the execution of any amendment to this
Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s
Certificate of the Seller or the Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such
amendment which materially and adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise. 

  

					
		  	7	  	COPAR 2019-1 Administration Agreement

 (e) Notwithstanding subsection (a) of this
Section 12, this Agreement may only be amended by the Administrator if (i) the Majority Certificateholders or, if 100% of the aggregate Percentage Interests is then beneficially owned by the Bank and/or its Affiliates,
such Person (or Persons), consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Administrator or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee,
materially and adversely affect the interests of the Certificateholders. In determining whether 100% of the aggregate Percentage Interests is then beneficially owned by the Bank and/or its Affiliates for purposes of clause (i), any party shall be
entitled to rely on an Officer’s Certificate or similar certification of the Bank or any Affiliate thereof to such effect. 

(f) Notwithstanding anything herein to the contrary, for purposes of classifying the Issuer as a grantor trust under the Code,
no amendment shall be made to this Agreement that would (i) result in a variation of the investment of the beneficial owners of the Certificates for purposes of the United States Treasury Regulation section
301.7701-4(c) without the consent of Noteholders evidencing at least a majority of the Outstanding Note Balance of the Controlling Class and the Majority Certificateholders or (ii) cause the Issuer
(or any part thereof) to be classified as other than a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code without the consent of all of the Noteholders and all of the Certificateholders. 

13. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) Each
of the parties hereto hereby irrevocably and unconditionally: 
 (i) submits for itself and its property in any Proceeding
relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the
courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 
 (ii)
consents that any such Proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not
to plead or claim the same; 

  

					
		  	8	  	COPAR 2019-1 Administration Agreement

 (iii) agrees that service of process in any such Proceeding may be effected
by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11 of this Agreement; 

(iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and 
 (v) to the extent permitted by applicable law, each party
hereto irrevocably waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

14. Headings. The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement. 
 15. Counterparts. This Agreement may be executed in any number of counterparts
(including by way of electronic or facsimile transmission), each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

16. Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto
with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among
the parties. 
 17. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement. 
 18. Not Applicable to the Bank in Other Capacities. 

(a) Nothing in this Agreement shall affect any obligation the Bank may have in any other capacity. 

(b) Any entity (i) into which the Administrator may be merged or converted or with which it may be consolidated, to which
it may sell or transfer its business and assets as a whole or substantially as a whole or any entity resulting from any merger, sale, transfer, conversion or consolidation to which the Administrator shall be a party, or any entity succeeding to the
business of the Administrator or (ii) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Capital One Financial Corporation and which executes an

  

					
		  	9	  	COPAR 2019-1 Administration Agreement

 
agreement of assumption to perform every obligation of the Administrator under this Agreement, shall be the successor to the Administrator under this Agreement, in each case, without the
execution or filing of any paper of any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

19. Benefits of the Administration Agreement. Nothing in this Agreement, expressed or implied, shall give to any Person other than the
parties hereto and their successors hereunder, the Owner Trustee and any separate trustee or co-trustee appointed under Section 6.10 of the Indenture any benefit or any legal or
equitable right, remedy or claim under this Agreement. For the avoidance of doubt, the Owner Trustee is a third party beneficiary of this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it
were a party hereto. 
 20. Delegation of Duties. The Administrator may, at any time without notice or consent, delegate (a) any
or all of its duties under the Transaction Documents to any of its Affiliates or (b) specific duties to sub-contractors or other professional services firms (including accountants, outside legal counsel
or similar concerns) who are in the business of performing such duties; provided, that no such delegation shall relieve the Administrator of its responsibility with respect to such duties and the Administrator shall remain obligated hereunder
as if the Administrator alone were performing such duties. 
 21. Assignment. Each party hereto hereby acknowledges and consents to
the mortgage, pledge, assignment and Grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all of the Issuer’s rights under this Agreement. In addition, the
Administrator hereby acknowledges and agrees that for so long as any Notes are outstanding, the Indenture Trustee will have, pursuant to the Transaction Documents, the right to exercise all waivers and consents, rights, remedies, powers, privileges
and claims of the Issuer under this Agreement in the event the Issuer shall fail to exercise the same. 
 22. Nonpetition Covenant.
Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party, (i) such party shall not
authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote
Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in
commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

  

					
		  	10	  	COPAR 2019-1 Administration Agreement

 23. Limitation of Liability. It is expressly understood and agreed by the parties
hereto that (a) this Agreement is executed and delivered by BNY Mellon Trust of Delaware, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it under the
Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by BNY Mellon Trust of Delaware, but is
made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on BNY Mellon Trust of Delaware, individually or personally, to perform any covenant, either express or
implied, contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (d) BNY Mellon Trust of Delaware has made no investigation as to the accuracy
or completeness of any representations and warranties made by the Issuer in this Agreement and (e) under no circumstances shall BNY Mellon Trust of Delaware be personally liable for the payment of any indebtedness or expenses of the Issuer or
be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other related documents. 

24. Compliance with the FDIC Rule. The Administrator (i) shall perform the covenants set forth in Article XII of the
Indenture applicable to it and (ii) shall facilitate compliance with Article XII of the Indenture by the Capital One Parties. 

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered
as of the day and year first above written. 
  

			
	 CAPITAL ONE PRIME AUTO

RECEIVABLES TRUST 2019-1

	
	 By: BNY Mellon Trust of Delaware, not in its

individual capacity but solely as Owner Trustee

		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President

  

					
		  	S-1	  	COPAR 2019-1 Administration Agreement

 
			
	 CAPITAL ONE, NATIONAL ASSOCIATION,

as Administrator

		
	By:	 	 /s/ Franco Harris

 

			
	Name:	 	Franco Harris
	Title:	 	Vice President, Treasury Capital Markets

  

					
		  	S-2	  	COPAR 2019-1 Administration Agreement

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee
		
	By:	 	 /s/ Jennifer A. Luce

			
	Name:	 	Jennifer A. Luce
	Title:	 	Vice President

  

					
		  	S-3	  	COPAR 2019-1 Administration AgreementEX-10.1

 Exhibit 10.1 

INVESTOR RIGHTS AGREEMENT 

dated as of 

                , 2019 

by and among 
 CHEWY,
INC. 
 and 
 THE
OTHER PERSONS SET FORTH ON THE SIGNATURE PAGES HERETO 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	
	DEFINITIONS	  

			
	 Section 1.1
	 	 Definitions
	  	 	1	 
	
	ARTICLE II	  

	
	TRANSFER	  

			
	 Section 2.1
	 	 Transfers and Joinders
	  	 	4	 
	 Section 2.2
	 	 Binding Effect on Transferees
	  	 	4	 
	 Section 2.3
	 	 Additional Purchases
	  	 	4	 
	 Section 2.4
	 	 Charter Provisions
	  	 	4	 
	
	ARTICLE III	  

	
	BOARD REPRESENTATION	  

			
	 Section 3.1
	 	 Nominees
	  	 	5	 
	 Section 3.2
	 	 Committees
	  	 	5	 
	
	ARTICLE IV	  

	
	TERMINATION	  

			
	 Section 4.1
	 	 Term
	  	 	6	 
	 Section 4.2
	 	 Survival
	  	 	6	 
	
	ARTICLE V	  

	
	REGISTRATION RIGHTS	  

			
	 Section 5.1
	 	 Demand Registration
	  	 	6	 
	 Section 5.2
	 	 Piggyback Registration
	  	 	8	 
	 Section 5.3
	 	 Shelf Registration
	  	 	10	 
	 Section 5.4
	 	 Withdrawal Rights
	  	 	12	 
	 Section 5.5
	 	 Holdback Agreements
	  	 	12	 
	 Section 5.6
	 	 Registration Procedures
	  	 	13	 
	 Section 5.7
	 	 Registration Expenses
	  	 	18	 
	 Section 5.8
	 	 Request for Information
	  	 	19	 
	 Section 5.9
	 	 No Grant of Future Registration Rights
	  	 	19	 
	 Section 5.10
	 	 Confidentiality
	  	 	19	 

  
 i 

							
	
	 ARTICLE VI
  

INDEMNIFICATION
	  
 

 

			
	 Section 6.1
	 	 General Indemnification
	  	 	20	 
	 Section 6.2
	 	 Registration Statement Indemnification
	  	 	21	 
	 Section 6.3
	 	 Notice
	  	 	21	 
	 Section 6.4
	 	 Defense of Actions
	  	 	22	 
	 Section 6.5
	 	 Contribution
	  	 	22	 
	
	ARTICLE VII	  

	
	MISCELLANEOUS	  

			
	 Section 7.1
	 	 Notices
	  	 	23	 
	 Section 7.2
	 	 Interpretation
	  	 	24	 
	 Section 7.3
	 	 Severability
	  	 	24	 
	 Section 7.4
	 	 Counterparts
	  	 	24	 
	 Section 7.5
	 	 Adjustments Upon Change of Capitalization
	  	 	24	 
	 Section 7.6
	 	 Entire Agreement; No Third Party Beneficiaries
	  	 	24	 
	 Section 7.7
	 	 Further Assurances
	  	 	24	 
	 Section 7.8
	 	 Governing Law; Equitable Remedies
	  	 	25	 
	 Section 7.9
	 	 Consent to Jurisdiction
	  	 	25	 
	 Section 7.10
	 	 Amendments; Waivers
	  	 	25	 
	 Section 7.11
	 	 Successors and Assigns
	  	 	26	 
	 Section 7.12
	 	 Rule 144
	  	 	26	 

  
 ii 

 INVESTOR RIGHTS AGREEMENT 

INVESTOR RIGHTS AGREEMENT (the “Agreement”), dated as of
            , 2019, by and among Chewy, Inc., a Delaware corporation (the “Company”), and the Persons (as defined herein) set forth on the signature pages hereto (together
with all other Persons who become Company stockholders party hereto in accordance with this Agreement, the “Stockholders”). 

WHEREAS, in connection with the IPO (as defined herein), the Stockholders and the Company desire to address herein certain relationships among
themselves. 
 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

 DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings: 

An “AFFILIATE” of any Person means any other Person that directly or indirectly, through one or more intermediaries,
Controls, is Controlled by, or is under common Control with, such first Person. 
 “BENEFICIAL OWNERSHIP” has the same
meaning given to it in Section 13(d) under the Exchange Act and the rules thereunder, except that a person will be deemed to have “beneficial ownership” of all securities that person has the right to acquire, whether the right is
exercisable immediately, only after the passage of time or only after the satisfaction of conditions. The terms “BENEFICIALLY OWN” and “BENEFICIAL OWNER” shall have correlative meanings. 

“BOARD” means the board of directors of the Company. 

“BOARD NOMINATION TERMINATION DATE” means the first date after the date hereof on which the Stockholders cease to hold Voting
Securities representing at least a majority of the voting power of the outstanding Voting Securities of the Company. 
 “BUSINESS
DAY” means any day except a Saturday, a Sunday or other day on which the SEC or the banking institutions in New York, New York are authorized or required by law to be closed. 

“BY-LAWS” means the by-laws of the Company,
as may be amended and/or restated from time to time. 
 “CERTIFICATE OF INCORPORATION” means the certificate of
incorporation of the Company, as may be amended and/or restated from time to time. 

 “CLASS A SHARES” means shares of the Class A common stock of the
Company and any equity securities issued or issuable in exchange for or with respect to such Class A Shares by way of a dividend, split or combination of shares or in connection with a reclassification, recapitalization, merger, consolidation
or other reorganization. 
 “CLASS B SHARES” means shares of the Class B common stock of the Company and any equity
securities issued or issuable in exchange for or with respect to such Class B Shares by way of a dividend, split or combination of shares or in connection with a reclassification, recapitalization, merger, consolidation or other reorganization.

 “CONTROL” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of company securities, by contract or otherwise. 
 A “CONTROLLED
AFFILIATE” of any Person means any Affiliate that directly or indirectly, through one or more intermediaries, is Controlled by such Person. 

“DEMAND STOCKHOLDER” means any Stockholder which Beneficially Owns, together with its Affiliates, a number of Registrable
Securities representing at least five percent (5%) of the aggregate number of Class A Shares issued and outstanding immediately after the consummation of the IPO (calculated, without duplication, on the basis that all issued and outstanding
Class B Shares had been converted into Class A Shares). 
 “EXCHANGE ACT” means the Securities Exchange Act of
1934, as amended, supplemented or restated from time to time and any successor to such statute, and the rules and regulations promulgated thereunder. 

“FILINGS” means annual, quarterly and current reports and other documents filed or furnished by the Company or any Subsidiary
of the Company under the Exchange Act; annual reports to stockholders, annual and quarterly statutory statements of the Company or any Subsidiary of the Company; and any registration statements, prospectuses and other documents filed or furnished by
the Company or any of its Subsidiaries or Controlled Affiliates under the Securities Act. 
 “FINRA” means the Financial
Industry Regulatory Authority Inc. 
 “FREE WRITING PROSPECTUS” means a free writing prospectus, as defined in Rule 405
under the Securities Act. 
 “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”
means the initial public offering of Class A Shares pursuant to an effective Registration Statement under the Securities Act. 

  
 2 

 “IPO UNDERWRITING AGREEMENT” means the underwriting agreement, dated as of
            , 2019, by and among the Company, the selling stockholder named therein and the underwriters named therein. 

“ISSUER FREE WRITING PROSPECTUS” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act.

 “MAJORITY STOCKHOLDERS” means Stockholders holding a majority of the Class B Shares held by the Stockholders. 

“PERMITTED TRANSFEREE” means, with respect to a Stockholder (a) any other Stockholder, (b) such Stockholder’s
Affiliates, (c) any member, stockholder, or general or limited partner of such Stockholder and (d) any other Person approved by the Company in its sole and absolute discretion. 

“PERSON” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, Governmental Entity or other entity. 
 “PIGGYBACK STOCKHOLDER” means any Stockholder
that Beneficially Owns Registrable Securities. 
 “REGISTRABLE AMOUNT” means a number of Registrable Securities
representing at least one percent (1%) of the aggregate number of Class A Shares issued and outstanding immediately after the consummation of the IPO (calculated, without duplication, on the basis that all issued and outstanding Class B
Shares had been converted into Class A Shares). 
 “REGISTRABLE SECURITIES” means any Class A Shares. As to any
particular Registrable Securities, such securities shall cease to be Registrable Securities when (x) a registration statement registering such securities under the Securities Act has been declared effective and such securities have been sold or
otherwise Transferred by the holder thereof pursuant to such effective registration statement, or (y) such securities are sold in accordance with Rule 144 (or any successor provision) promulgated under the Securities Act. Notwithstanding the
foregoing, any Registrable Securities held by any Person that may be sold under Rule 144(b)(1)(i) without limitation under any of the other requirements of Rule 144 (as confirmed by an opinion of the Company’s counsel) shall not be deemed to be
Registrable Securities. 
 “REPRESENTATIVE” means with respect to a particular Person, any director, officer, manager,
employee, agent, consultant, advisor, accountant, financial advisor, legal counsel or other representative of that Person. 

“SEC” means the United States Securities and Exchange Commission or any similar agency then having jurisdiction to enforce
the Securities Act. 
 “SECURITIES ACT” means the Securities Act of 1933, as amended, supplemented or restated from time to
time and any successor to such statute, and the rules and regulations promulgated thereunder. 

  
 3 

 “SUBSIDIARY” or “SUBSIDIARIES” means, with respect to any
Person, as of any date of determination, any other Person as to which such Person owns, directly or indirectly, or otherwise controls, more than 50% of the voting shares or other similar interests or the sole general partner interest or managing
member or similar interest of such Person. 
 “TRANSFER” means, with respect to any securities, to sell, assign, transfer
or otherwise dispose of such securities. 
 “UNDERWRITTEN OFFERING” means a sale of securities of the Company to an
underwriter or underwriters for reoffering to the public. 
 “VOTING SECURITIES” means Class A Shares, Class B
Shares and any other securities of the Company entitled to vote generally in the election of directors of the Company. 
 ARTICLE II

 TRANSFER 

Section 2.1 Transfers and Joinders. If a Stockholder effects any Transfer of Class A Shares or Class B Shares to a
Permitted Transferee, such Permitted Transferee shall, if not a Stockholder, within five (5) Business Days of such Transfer execute a joinder to this Agreement, in form and substance reasonably acceptable to the Company, in which such Permitted
Transferee agrees to be a “Stockholder” for all purposes of this Agreement and which provides that such Permitted Transferee shall be bound by and shall fully comply with the terms of this Agreement. 

Section 2.2 Binding Effect on Transferees. Subject to execution of a joinder to this Agreement with five (5) Business Days of
the applicable Transfer, in form and substance reasonably acceptable to the Company, pursuant to Section 2.1, such Permitted Transferee shall become a Stockholder hereunder. 

Section 2.3 Additional Purchases. Any Registrable Securities Beneficially Owned by a Stockholder on or after the date of this
Agreement shall have the benefit of and be subject to the terms and conditions of this Agreement. 
 Section 2.4 Charter
Provisions. The parties hereto shall use their respective reasonable efforts (including voting or causing to be voted all of the Voting Securities held of record by such party or Beneficially Owned by such party by virtue of having voting power
over such Voting Securities) so as to prevent any amendment to the Certificate of Incorporation or By-Laws as in effect as of the date of this Agreement that would (a) add restrictions to the
transferability of the Voting Securities by any Stockholder at the time of such an amendment, which restrictions are beyond those then provided for in the Certificate of Incorporation, this Agreement or applicable securities laws or (b) nullify
any of the rights of any Stockholder at the time of such amendment, which rights are explicitly provided for in this Agreement, unless, in each such case, such amendment shall have been approved by such Stockholder. 

  
 4 

 ARTICLE III 

BOARD REPRESENTATION 

Section 3.1 Nominees. 

(a) Until the Board Nomination Termination Date, the Company and each Stockholder that holds Class B Shares shall take all reasonable
actions within their respective control (including voting or causing to be voted all of the Voting Securities held of record by such Stockholder or Beneficially Owned by such Stockholder by virtue of having voting power over such Voting Securities,
and, with respect to the Company, as provided in Sections 3.1(c) and (d)) so as to cause to be elected to the Board, and to cause to continue in office, not more than thirteen (13) directors (or such other number of directors as
the Majority Stockholders may agree to in writing), and at any given time a number of directors equal to a majority of the Board shall be individuals designated by the Majority Stockholders. 

(b) Until the Board Nomination Termination Date, if the Majority Stockholders notify the Company and the other Stockholders of their desire to
remove, with or without cause, any director, the Stockholders shall vote or cause to be voted all of the shares of Voting Securities held of record by such Stockholders or Beneficially Owned by such Stockholders by virtue of having voting power over
such Voting Securities and take all other reasonable actions within its control to cause the removal of such director. 
 (c) The Company
agrees to include in the slate of nominees recommended by the Board those persons designated by the Majority Stockholders in accordance with Section 4.1(a) and to use its reasonable best efforts to cause the election of
each such designee to the Board, including nominating such designees to be elected as directors, in each case subject to applicable law. 

(d) In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal of any director who is
designated by the Majority Stockholders in accordance with Section 4.1(a), the Company agrees to take at any time and from time to time all actions necessary to cause the vacancy created thereby to be filled as promptly as
practicable by a new designee of the Majority Stockholders. In the event that the size of the Board is expanded to more than thirteen (13) directors, the Company agrees to take at any time and from time to time all actions necessary to cause
the Board to continue to have the number of the designees of the Majority Stockholders that corresponds to the requirements of Section 4.1(a). 

(e) For the purposes of this Article III, the term “Stockholder” shall include solely those Stockholders that hold
Class B Shares. 
 Section 3.2 Committees. For so long as this Agreement is in effect and to the extent requested by the
Majority Stockholders, the Company shall take all reasonable actions within its control at any given time so as to cause to be appointed to any committee of the Board a number of directors designated by the Majority Stockholders that is up to the
number of directors that is proportionate (rounding up to the next whole director) to the representation that the Majority 

  
 5 

 
Stockholders are entitled to designate to the Board under this Agreement, to the extent such directors are permitted to serve on such committees under the applicable rules of the SEC and the the
New York Stock Exchange or by any other applicable stock exchange. It is understood by the parties hereto that the Majority Stockholders shall not be required to have its directors represented on any committee and any failure to exercise such right
in this section in a prior period shall not constitute any waiver of such right in a subsequent period. 
 ARTICLE IV 

TERMINATION 

Section 4.1 Term. The terms of this Agreement shall terminate, and be of no further force and effect: 

(a) upon the mutual consent of all of the parties hereto; and 

(b) with respect to a Stockholder, at such time that such Stockholder together with its Affiliates cease to Beneficially Own a Registrable
Amount. 
 Section 4.2 Survival. If this Agreement is terminated pursuant to Section 4.1, this
Agreement shall become void and of no further force and effect, except for: (i) the provisions set forth in this Section 4.2, Section 5.2 (which shall terminate, and be of no further force and
effect, with respect to each Stockholder, at such time as such Stockholder and its Affiliates ceases to Beneficially Own a Registrable Amount), Section 5.7, Article VI, Section 7.8 and
Section 7.9; (ii) the rights with respect to the breach of any provision hereof by the Company; and (iii) any registration rights vested or obligations accrued as of the date of termination of this Agreement to the
extent, in the case of registration rights so vested, if such Stockholder ceases to meet the definition of a Stockholder under this Agreement subsequent to the vesting of such registration rights as a result of action taken by the Company. 

ARTICLE V 

REGISTRATION RIGHTS 

Section 5.1 Demand Registration. 

(a) At any time after the date that is one hundred and eighty (180) days after the date of the IPO Underwriting Agreement (or such earlier
date as is permitted by the terms, or any waiver, of an applicable lock-up agreement entered into with the underwriters in connection with the IPO), any Stockholders that on the date a Demand (as hereinafter
defined) is made constitute Demand Stockholders (a “Requesting Stockholder”) shall be entitled to make a written request of the Company (a “Demand”) for registration under the Securities Act of a number of
Registrable Securities that equals or is greater than the Registrable Amount (a “Demand Registration”) and thereupon the Company will, subject to the terms of this Agreement, use its reasonable best efforts to effect the
registration as promptly as practicable under the Securities Act of: 

  
 6 

 (i) the Registrable Securities which the Company has been so requested to register by the
Requesting Stockholders for disposition in accordance with the intended method of disposition stated in such Demand which may be an Underwritten Offering; 

(ii) all other Registrable Securities which the Company has been requested to register pursuant to Section 5.1(b);
and 
 (iii) all Class A Shares which the Company may elect to register in connection with any offering of Registrable Securities, but
subject to Section 5.1(f); 
 all to the extent necessary to permit the disposition (in accordance with the intended methods
thereof) of the Registrable Securities and the additional Class A Shares, if any, to be so registered. 
 (b) A Demand shall specify:
(i) the aggregate number of Registrable Securities requested to be registered in such Demand Registration, (ii) the intended method of disposition in connection with such Demand Registration, to the extent then known and (iii) the
identity of the Requesting Stockholder (or Requesting Stockholders). Within two (2) Business Days after receipt of a Demand, the Company shall give written notice of such Demand to all other Stockholders. Subject to
Section 5.1(f), the Company shall include in the Demand Registration covered by such Demand all Registrable Securities with respect to which the Company has received a written request for inclusion therein within five
(5) Business Days after the Company’s notice required by this paragraph has been given. Such written request shall comply with the requirements of a Demand as set forth in this Section 5.1(b). 

(c) Each Demand Stockholder shall be entitled to an unlimited number of Demand Registrations until such time as such Stockholder Beneficially
Owns together with its Affiliates less than a Registrable Amount. 
 (d) Demand Registrations shall be on such registration form of the SEC
for which the Company is eligible as shall be selected by the Requesting Stockholders, including, to the extent permissible, an automatically effective registration statement or an existing effective registration statement filed by the Company with
the SEC, and shall be reasonably acceptable to the Company. 
 (e) The Company shall not be obligated to effect any Demand Registration
(A) within ninety (90) days of a “firm commitment” Underwritten Offering in which all Stockholders were given “piggyback” rights pursuant to Section 5.2 (subject to
Section 5.1(f)) and provided that at least 50% of the number of Registrable Securities requested by such Stockholders to be included in such Demand Registration were included or (B) within ninety (90) days of any
other Underwritten Offering pursuant to Section 5.3(e). In addition, the Company shall be entitled to postpone (upon written notice to all Stockholders) for a reasonable period of time not to exceed ninety (90) days in
succession the filing or the effectiveness of a registration statement for any Demand Registration (but no more than twice, or for more than one hundred and twenty (120) days in the aggregate, in any period of twelve (12) consecutive
months) if the Board determines in good faith and in its reasonable judgment that the filing or effectiveness of the registration statement relating to such Demand Registration would cause the disclosure of material,
non-

  
 7 

 
public information that the Company has a bona fide business purpose for preserving as confidential. In the event of a postponement by the Company of the filing or effectiveness of a registration
statement for a Demand Registration, the holders of a majority of Registrable Securities held by the Requesting Stockholders shall have the right to withdraw such Demand in accordance with Section 5.4. 

(f) The Company shall not include any securities other than Registrable Securities in a Demand Registration, except with the written consent of
Stockholders participating in such Demand Registration that hold a majority of the Registrable Securities included in such Demand Registration. If, in connection with a Demand Registration, any managing underwriter (or, if such Demand Registration
is not an Underwritten Offering, a nationally recognized investment bank engaged in connection with such Demand Registration) advises the Company, in writing, that, in its opinion, the inclusion of all of the securities, including securities of the
Company that are not Registrable Securities, sought to be registered in connection with such Demand Registration would adversely affect the marketability of the Registrable Securities sought to be sold pursuant thereto, then the Company shall
include in such registration statement only such securities as the Company is advised by such underwriter or investment bank can be sold without such adverse effect as follows and in the following order of priority: (i) first, up to the number
of Registrable Securities requested to be included in such Demand Registration by the Stockholders, which, in the opinion of the underwriter can be sold without adversely affecting the marketability of the offering, pro rata among such Stockholders
requesting such Demand Registration on the basis of the number of such securities held by such Stockholders and such Stockholders that are Piggyback Sellers (as defined below); (ii) second, securities the Company proposes to sell; and
(iii) third, all other securities of the Company duly requested to be included in such registration statement, pro rata on the basis of the number of such other securities requested to be included or such other method determined by the Company.

 (g) Any investment bank(s) that will serve as an underwriter with respect to such Demand Registration or, if such Demand Registration is
not an Underwritten Offering, any investment bank engaged in connection therewith, shall be selected by the Stockholder participating in such Demand Registration that holds a number of Registrable Securities included in such Demand Registration
constituting a plurality of all Registrable Securities included in such Demand Registration. 
 Section 5.2 Piggyback
Registration. 
 (a) Subject to the terms and conditions hereof, whenever the Company proposes to register any of its equity securities
under the Securities Act (other than a registration by the Company (x) on a registration statement on Form S-4 or (y) on a registration statement on Form S-8
(or in any of the cases of (x) or (y) on any successor forms thereto)) (each a “Piggyback Registration”), whether for its own account or for the account of others, the Company shall give each Stockholder that on such date
constitutes a Piggyback Stockholder prompt written notice thereof (but not less than five (5) Business Days prior to the filing by the Company with the SEC of any registration statement with respect thereto). Such notice (a “Piggyback
Notice”) shall specify, at a minimum, the number of equity securities proposed to be registered, the proposed date of filing of such registration statement with the SEC, the proposed means of distribution, the proposed managing underwriter
or underwriters (if any and if known) and a good faith estimate 

  
 8 

 
by the Company of the proposed minimum offering price of such equity securities. Upon the written request of any Person that on the date of such Piggyback Notice constitutes a Piggyback
Stockholder (any such Persons a “Piggyback Seller”) (which written request shall specify the number of Registrable Securities then presently intended to be disposed of by such Piggyback Seller), given within two (2) Business
Days after such Piggyback Notice is received by such Person, the Company, subject to the terms and conditions of this Agreement, shall use its reasonable best efforts to cause all such Registrable Securities held by Piggyback Sellers with respect to
which the Company has received such written requests for inclusion to be included in such Piggyback Registration on the same terms and conditions as the Company’s equity securities being sold in such Piggyback Registration. 

(b) If, in connection with a Piggyback Registration, any managing underwriter (or, if such Piggyback Registration is not an Underwritten
Offering, a nationally recognized investment bank engaged in connection with such registration) advises the Company in writing that, in its opinion, the inclusion of all the equity securities sought to be included in such Piggyback Registration by
(i) the Company, (ii) others who have sought to have equity securities of the Company registered in such Piggyback Registration pursuant to rights to demand (other than pursuant to so-called
“piggyback” or other incidental or participation registration rights) such registration (such Persons being “Other Demanding Sellers”), (iii) the Piggyback Sellers and (iv) any other proposed sellers of equity
securities of the Company (such Persons being “Other Proposed Sellers”), as the case may be, would adversely affect the marketability of the equity securities sought to be sold pursuant thereto, then the Company shall include in the
registration statement applicable to such Piggyback Registration only such equity securities as the Company is so advised by such underwriter can be sold without such an effect, as follows and in the following order of priority: 

(i) if the Piggyback Registration relates to an offering for the Company’s own account, then (A) first, such number of equity
securities to be sold by the Company as the Company, in its reasonable judgment and acting in good faith and in accordance with sound financial practice, shall have determined, (B) second, Registrable Securities of Piggyback Sellers and
securities sought to be registered by Other Demanding Sellers (if any), pro rata on the basis of the number of Class A Shares proposed to be sold by such Piggyback Sellers and Other Demanding Sellers and (C) third, other equity securities
held by any Other Proposed Sellers; or 
 (ii) if the Piggyback Registration relates to an offering other than for the Company’s own
account, then (A) first, such number of equity securities sought to be registered by each Other Demanding Seller and the Piggyback Sellers pro rata in proportion to the number of Class A Shares sought to be registered by all such Other
Demanding Sellers (if any) and Piggyback Sellers and (B) second, other equity securities proposed to be sold by any Other Proposed Sellers or to be sold by the Company as determined by the Company and with such priorities among them as may from
time to time be determined or agreed to by the Company. 
 (c) In connection with any Underwritten Offering under this
Section 5.2 for the Company’s account, the Company shall not be required to include a holder’s Registrable Securities in the Underwritten Offering unless such holder accepts the terms of the underwriting as agreed
upon between the Company and the underwriters selected by the Company. 

  
 9 

 (d) If, at any time after giving written notice of its intention to register any of its
equity securities as set forth in this Section 5.2 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared effective, the Company shall determine for any reason not
to register such equity securities, the Company may, at its election, give written notice of such determination to each Piggyback Stockholder within five (5) Business Days thereof and thereupon shall be relieved of its obligation to register
any Registrable Securities in connection with such particular withdrawn or abandoned Piggyback Registration (but not from its obligation to pay the Registration Expenses in connection therewith as provided herein); provided, that Stockholders
may continue the registration as a Demand Registration pursuant to the terms of Section 5.1. 
 Section 5.3
Shelf Registration. 
 (a) Subject to Section 5.3(e), and further subject to the availability of a
Registration Statement on Form S-3 or a successor form, which may be an automatically effective registration statement at any time the Company is eligible (“Form
S-3”), to the Company, any Stockholder may by written notice delivered to the Company (the “Shelf Notice”) require the Company to (i) file as promptly as practicable (but no
later than 30 days after the date the Shelf Notice is delivered), and to use reasonable best efforts to cause to be declared effective by the SEC at the earliest possible date permitted under the rules and regulations of the SEC (but no later than
60 days after such filing date), a Form S-3 (which, if the Company is eligible, shall be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act)), or (ii) use an
existing Form S-3 filed with the SEC, in each case providing for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act relating to the offer and sale, from time to time, of
the Registrable Securities Beneficially Owned by such Stockholder (or any of its Permitted Transferees who are Stockholders), as the case may be, and any other Persons that at the time of the Shelf Notice meet the definition of a Stockholder who
elect to participate therein as provided in Section 5.3(c) (the “Shelf Registration Statement”). 

(b) Each Stockholder shall be entitled to require the Company to file an unlimited number of Shelf Registration Statements until such time as
such Stockholder Beneficially Owns together with its Affiliates less than a Registrable Amount. 
 (c) Within five (5) Business Days
after receipt of a Shelf Notice pursuant to Section 6.3(a), the Company will deliver written notice thereof to each Piggyback Stockholder. Each Piggyback Stockholder may elect to participate in the Shelf Registration
Statement by delivering to the Company a written request to so participate within five (5) Business Days after the Shelf Notice is received by any such Piggyback Stockholder. 

(d) Subject to Section 5.3(e), the Company will use reasonable best efforts to keep the Shelf Registration Statement
continuously effective until the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance with the plan and method of distribution disclosed in the prospectus included in the Shelf
Registration Statement, or otherwise (the “Shelf Registration Effectiveness Period”). 

  
 10 

 (e) Notwithstanding anything to the contrary contained in this Agreement, the Company shall
be entitled, from time to time, by providing written notice to the Stockholders who elected to participate in the Shelf Registration Statement, to require such Stockholders to suspend the use of the prospectus for sales of Registrable Securities
under the Shelf Registration Statement for a reasonable period of time not to exceed 90 days in succession or 120 days in the aggregate in any 12 month period (a “Suspension Period”) if the Board determines in good faith and in its
reasonable judgment that it is required to disclose in the Shelf Registration Statement material, non-public information that the Company has a bona fide business purpose for preserving as confidential.
Immediately upon receipt of such notice, the Stockholders covered by the Shelf Registration Statement shall suspend the use of the prospectus until the requisite changes to the prospectus have been made as required below. Any Suspension Period shall
terminate at such time as the public disclosure of such information is made. After the expiration of any Suspension Period and without any further request from a Stockholder, the Company shall as promptly as practicable prepare a post-effective
amendment or supplement to the Shelf Registration Statement or the prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities
included therein, the prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(f) At any time, and from time-to-time, during the Shelf
Registration Effectiveness Period (except during a Suspension Period), any Stockholder may notify the Company of its intent to sell Registrable Securities covered by the Shelf Registration Statement (in whole or in part) in an Underwritten Offering
(a “Shelf Underwritten Offering”). Such notice shall specify (x) the aggregate number of Registrable Securities requested to be registered in such Shelf Underwritten Offering and (y) the identity of the Stockholder(s)
requesting such Shelf Underwritten Offering. Upon receipt by the Company of such notice, the Company shall promptly comply with the applicable provisions of this Agreement, including those provisions of Section 5.6 relating
to the Company’s obligation to make filings with the Commission, assist in the preparation and filing with the SEC of prospectus supplements and amendments to the Shelf Registration Statement, participate in “road shows,” agree to
customary “lock-up” agreements with respect to the Company’s securities and obtain “comfort” letters, and the Company shall take such other actions as necessary or appropriate to
permit the consummation of such Shelf Underwritten Offering as promptly as practicable. In any Shelf Underwritten Offering, the investment bank(s) and managers that will serve as lead or co-managing
underwriters with respect to the offering of such Registrable Securities shall be selected by the Stockholders participating in such Shelf Underwritten Offering that hold a majority of the Registrable Securities included in such Shelf Underwritten
Offering. 
 (g) If Stockholders wish to engage in an underwritten block trade off of a Shelf Registration Statement (either through filing
an automatic shelf registration statement or through a take-down from an already existing Shelf Registration Statement), then notwithstanding the time periods set forth above, such Stockholders shall notify the Company of the block trade Shelf
Underwritten Offering not less than two (2) Business Days prior to the day such offering is to commence. The Company shall promptly notify other Stockholders which hold Registrable Securities of such block trade Shelf Underwritten Offering and
such other holders of Registrable Securities must elect whether or not to participate by 11:00 a.m., New York time on the next business day (i.e., one business day prior to the day such offering is to commence) and the Company shall as expeditiously
as possible use its reasonable best efforts to facilitate such offering (which may close as early as two business days after the date it commences). 

  
 11 

 Section 5.4 Withdrawal Rights. 

Any Stockholder having notified or directed the Company to include any or all of its Registrable Securities in a registration statement under
the Securities Act shall have the right to withdraw any such notice or direction with respect to any or all of the Registrable Securities designated by it for registration by giving written notice to such effect to the Company prior to the effective
date of such registration statement. In the event of any such withdrawal, the Company shall not include such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities for all
purposes of this Agreement. No such withdrawal shall affect the obligations of the Company with respect to the Registrable Securities not so withdrawn; provided, however, that in the case of a Demand Registration, if such withdrawal
shall reduce the number of Registrable Securities sought to be included in such registration below the Registrable Amount, then the Company shall as promptly as practicable give each holder of Registrable Securities sought to be registered notice to
such effect and, within ten days following the mailing of such notice, such holder(s) of Registrable Securities still seeking registration shall, by written notice to the Company, elect to register additional Registrable Securities, when taken
together with elections to register Registrable Securities by their Permitted Transferees who are Stockholders, to satisfy the Registrable Amount or elect that such registration statement not be filed or, if theretofore filed, be withdrawn. During
such ten day period, the Company shall not file such registration statement if not theretofore filed or, if such registration statement has been theretofore filed, the Company shall not seek, and shall use commercially reasonable efforts to prevent,
the effectiveness thereof. 
 Section 5.5 Holdback Agreements. 

(a) In connection with any Underwritten Offering, each Stockholder will enter into any lock-up,
holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Majority Stockholders. Without limiting the generality of the foregoing, each
Stockholder hereby agrees that in connection with any Demand Registration, Shelf Underwritten Offering or Piggyback Registration that is an Underwritten Offering, not to (i) offer, sell, contract to sell, pledge or otherwise dispose of
(including sales pursuant to Rule 144), directly or indirectly, any equity securities of the Company (including equity securities of the Company that may be deemed to be owned beneficially by such Stockholder in accordance with the rules and
regulations of the SEC) (collectively, “Securities”), or any securities, options or rights convertible into or exchangeable or exercisable for Securities (collectively, “Other Securities”), (ii) enter into a
transaction which would have the same effect as described in clause (i) above, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Securities or Other
Securities, whether such transaction is to be settled by delivery of such Securities or Other Securities, in cash or otherwise (each of (i), (ii) and (iii) above, a “Sale Transaction”), or (iv) publicly disclose the
intention to enter into any Sale Transaction, commencing on the date on which the Company gives notice to the Stockholders that a preliminary prospectus has been circulated for such Underwritten 

  
 12 

 
Offering or the “pricing” of such offering and continuing to the date that is 90 days following the date of the final prospectus (such period, or such shorter period as agreed to by the
managing underwriters, a “Holdback Period”), in each case with such modifications and exceptions as may be approved by the Majority Stockholders. The Company may impose stop-transfer instructions with respect to any Securities or
Other Securities subject to the restrictions set forth in this Section 5.5(a) until the end of such Holdback Period. Notwithstanding the foregoing, no Stockholder (other than officers and directors of the Company) will be
subject to the Holdback Period in connection with a block Shelf Underwritten Offering unless such Stockholder was provided notice one day prior to such block Shelf Underwritten Offering and provided the opportunity to participate therein (whether or
not such Stockholder elects to participate in such block trade). 
 (b) The Company (i) will not file any registration statement for a
sale or distribution by the Company, one of its Subsidiaries and/or stockholders to the public of Securities or Other Securities pursuant to an offering registered under the Securities Act or cause any such registration statement to become
effective, or effect any public sale or distribution of its Securities or Other Securities during any Holdback Period (other than as part of such Underwritten Offering, or a registration on Form S-4 or Form S-8 or any successor or similar form) and (ii) will cause each of its directors and executive officers to agree not to effect any Sale Transaction during any Holdback Period, except as part of such Underwritten
Offering (if otherwise permitted), unless approved in writing by the Majority Stockholders and the underwriters managing the Underwritten Offering and to enter into any lock-up, holdback or similar agreements
requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Majority Stockholders. 

Section 5.6 Registration Procedures. 

(a) If and whenever the Company is required to use reasonable best efforts to effect the registration of any Registrable Securities under the
Securities Act as provided in Sections 5.1, 5.2 and 5.3 the Company shall as promptly as practicable (in each case, to the extent applicable): 

(i) prepare and file with the SEC a registration statement to effect such registration, cause such registration statement to become effective
at the earliest possible date permitted under the rules and regulations of the SEC and thereafter use reasonable best efforts to cause such registration statement to remain effective pursuant to the terms of this Agreement; provided,
however, that the Company may discontinue any registration of its securities which are not Registrable Securities at any time prior to the effective date of the registration statement relating thereto; provided, further that
before filing such registration statement or any amendments thereto, the Company will furnish to the counsel selected by the holders of Registrable Securities which are to be included in such registration (“Selling Holders”) copies
of all such documents proposed to be filed, which documents will be subject to the review and comment of such counsel (it being understood that counsel to the Selling Holders will conduct its review and provide any comments promptly); 

  
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 (ii) prepare and file with the SEC such amendments (including post-effective amendments) and
supplements to such registration statement and the prospectus used in connection therewith and any Exchange Act reports incorporated by reference therein as may be necessary to keep such registration statement effective and to comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement until the earlier of such time as all of such securities have been disposed of in accordance with the intended methods of
disposition by the Selling Holder(s) set forth in such registration statement or (x) in the case of a Demand Registration pursuant to Section 5.1, the expiration of 60 days after such registration statement becomes
effective, (y) in the case of a Piggyback Registration pursuant to Section 5.2, the expiration of 60 days after such registration statement becomes effective or (z) in the case of a Shelf Registration pursuant to
Section 5.3, the Shelf Registration Effectiveness Period; 
 (iii) furnish to each Selling Holder and each
underwriter, if any, of the securities being sold by such Selling Holder such number of conformed copies of such registration statement and of each amendment and supplement thereto (in each case including all exhibits), such number of copies of the
prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus) and each Free Writing Prospectus utilized in connection therewith and any other prospectus filed under Rule 424 under the
Securities Act, in conformity with the requirements of the Securities Act, and any Issuer Free Writing Prospectus and such other documents as such Selling Holder and underwriter, if any, may reasonably request in order to facilitate the public sale
or other disposition of the Registrable Securities owned by such Selling Holder; 
 (iv) use reasonable best efforts to register or qualify
such Registrable Securities covered by such registration statement under such other securities laws or blue sky laws of such jurisdictions as any Selling Holder and any underwriter of the securities being sold by such Selling Holder shall reasonably
request, and take any other action which may be reasonably necessary or advisable to enable such Selling Holder and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Holder, except
that the Company shall not for any such purpose be required to (A) qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (iv) be obligated to be so
qualified, (B) subject itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction; 

(v) use reasonable best efforts to cause such Registrable Securities to be listed on each securities exchange on which similar securities
issued by the Company are then listed and, if no such securities are so listed, use commercially reasonable efforts to cause such Registrable Securities to be listed on the New York Stock Exchange or the NASDAQ Stock Market; 

(vi) use reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to enable the Selling Holder(s) thereof to consummate the disposition of such Registrable Securities; 

  
 14 

 (vii) obtain for each Selling Holder and any underwriter: 

(A) an opinion of counsel for the Company, covering the matters customarily covered in opinions requested in Underwritten Offerings and such
other matters as may be reasonably requested by such Selling Holder and/or underwriters, and 
 (B) a “comfort” letter (or, in the
case of any such Person which does not satisfy the conditions for receipt of a “comfort” letter specified in AU Section 634 of the AICPA Professional Standards, an “agreed upon procedures” letter) signed by the independent
registered public accountants who have certified the Company’s financial statements included in such registration statement (and, if necessary, any other independent registered public accountant of any Subsidiary of the Company or any business
acquired by the Company from which financial statements and financial data are, or are required to be, included in the registration statement); 

(viii) promptly make available for inspection by any Selling Holder, any underwriter participating in any disposition pursuant to any
registration statement, and any attorney, accountant or other agent or representative retained by any such Selling Holder or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate
documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable such Selling Holder or underwriter to exercise their due diligence responsibility, and cause the Company’s
officers, directors and employees to supply all information requested by any such Inspector in connection with such registration statement promptly; provided, however, that, unless the disclosure of such Records is necessary to avoid
or correct a misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any information
under this subparagraph (viii) if (i) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (ii) if
either (A) the Company has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or (B) the Company reasonably determines
in good faith that such Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (i) or (ii) such holder of Registrable Securities requesting such information agrees, and
causes each of its Inspectors, to enter into a confidentiality agreement on terms reasonably acceptable to the Company; and provided, further, that each holder of Registrable Securities agrees that it will, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential; 

(ix) promptly notify in writing each Selling Holder and the underwriters, if any, of the following events: 

(A) the filing of the registration statement, the prospectus or any prospectus supplement related thereto, any Issuer Free Writing Prospectus
or post-effective amendment to the registration statement, and, with respect to the registration statement or any post-effective amendment thereto, when the same has become effective; 

  
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 (B) any request by the SEC for amendments or supplements to the registration statement or
the prospectus or for additional information; 
 (C) the issuance by the SEC or any of any stop order suspending the effectiveness of the
registration statement or the initiation of any proceedings by any Person for that purpose; 
 (D) when any Issuer Free Writing Prospectus
includes information that may conflict with the information contained in the registration statement; and 
 (E) the receipt by the Company
of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any Proceeding for such purpose; 

(x) notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon
discovery that, or upon the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and, at the request of any Selling Holder, promptly prepare and furnish to such Selling Holder a reasonable number of copies of a supplement to or an amendment of such
prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading; 
 (xi) use reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of such registration statement; 
 (xii) otherwise use reasonable best efforts to comply with all applicable
rules and regulations of the SEC, and make available to Selling Holders, as promptly as practicable, an earnings statement of the Company covering the period of at least 12 months, but not more than 18 months, beginning with the first day of the
Company’s first full quarter after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(xiii) use its reasonable best efforts to assist Stockholders who made a request to the Company to provide for a third party “market
maker” for the Class A Shares; provided, however, that the Company shall not be required to serve as such “market maker”; 

(xiv) cooperate with any Selling Holder and any underwriters and the managing underwriter to facilitate the timely preparation and delivery of
certificates (which shall not bear any restrictive legends unless required under applicable law), if necessary or appropriate, representing securities sold under any registration statement, and enable such securities to be in such denominations and
registered in such names as the managing underwriter or such Selling Holders may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such registration statement a supply of such
certificates, if necessary or appropriate; 

  
 16 

 (xv) have appropriate officers of the Company prepare and make presentations at any
“road shows” and before analysts and rating agencies, as the case may be, take other actions to obtain ratings for any Registrable Securities (if they are eligible to be rated) and otherwise use its reasonable best efforts to cooperate as
reasonably requested by the Selling Holders and the underwriters in the offering, marketing or selling of the Registrable Securities; 

(xvi) have appropriate officers of the Company, and cause representatives of the Company’s independent registered public accountants, to
participate in any due diligence discussions reasonably requested by any Selling Holder or any underwriter; 
 (xvii) if requested by any
underwriter or the Majority Stockholders, agree, and cause the Company and any directors or officers of the Company to agree, to be bound by customary “lock-up” agreements restricting the ability to
dispose of Company securities and file or cause the filing of any registration statement under the Securities Act; 
 (xviii) if requested by
any Selling Holders or any underwriter, promptly incorporate in the registration statement or any prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such Selling Holders may reasonably request to have
included therein, including information relating to the “Plan of Distribution” of the Registrable Securities; 
 (xix) cooperate
and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation by any underwriter that is required to be undertaken in accordance with the rules and regulations of FINRA; 

(xx) otherwise use reasonable best efforts to cooperate as reasonably requested by the Selling Holders and the underwriters in the offering,
marketing or selling of the Registrable Securities; 
 (xxi) otherwise use commercially reasonable efforts to comply with all applicable
rules and regulations of the SEC and all reporting requirements under the rules and regulations of the Exchange Act; 
 (xxii) cause any
officer of the Company to participate fully in the sale process in a manner customary for persons in like positions and consistent with his or her other duties with the Company, including the preparation of the registration statement and the
preparation and presentation of any road shows and other investor meetings; and 
 (xxiii) use reasonable best efforts to take any action
requested by the Selling Holders, including any action described in clauses (i) through (xxii) above to prepare for and facilitate any “over-night deal” or other proposed sale of Registrable Securities over a limited timeframe. 

The Company may require each Selling Holder and each underwriter, if any, to furnish the Company in writing such information regarding each
Selling Holder or underwriter and the distribution of such Registrable Securities as the Company may from time to time reasonably request to complete or amend the information required by such registration statement. 

  
 17 

 Without limiting any of the foregoing, in the event that the offering of Registrable
Securities is to be made by or through an underwriter, the Company shall enter into an underwriting agreement with a managing underwriter or underwriters containing representations, warranties, indemnities and agreements customarily included (but
not inconsistent with the covenants and agreements of the Company contained herein) by an issuer of common stock in underwriting agreements with respect to offerings of common stock for the account of, or on behalf of, such issuers. In connection
with any offering of Registrable Securities registered pursuant to this Agreement, the Company shall furnish to the underwriter, if any (or, if no underwriter, the Selling Holder), unlegended certificates representing ownership of the Registrable
Securities being sold (unless, in the Company’s sole discretion, such Registrable Securities are to be issued in uncertificated form pursuant to the customary arrangements for issuing shares in such form), in such denominations as requested and
instruct any transfer agent and registrar of the Registrable Securities to release any stop transfer order with respect thereto. 
 (b) Each
Selling Holder agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in Section 5.6(a)(ix), such Selling Holder shall forthwith discontinue such Selling Holder’s
disposition of Registrable Securities pursuant to the applicable registration statement and prospectus relating thereto until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 5.6(a)(ix) and, if so directed by the Company, deliver to the Company, at the Company’s expense, all copies, other than permanent file copies, then in such Selling Holder’s possession of the prospectus
current at the time of receipt of such notice relating to such Registrable Securities. In the event the Company shall give such notice, any applicable 60 day or two year period during which such registration statement must remain effective pursuant
to this Agreement shall be extended by the number of days during the period from the date of giving of a notice regarding the happening of an event of the kind described in Section 5.6(a)(ix) to the date when all such
Selling Holders shall receive such a supplemented or amended prospectus and such prospectus shall have been filed with the SEC. 

Section 5.7 Registration Expenses. 

All expenses incident to the Company’s performance of, or compliance with, its obligations under this Agreement including (i) (A) all
registration and filing fees, all fees and expenses of compliance with securities and “blue sky” laws, (B) all fees and expenses associated with filings required to be made with FINRA (including, if applicable, the fees and expenses
of any “qualified independent underwriter” as such term is defined in NASD Rule 2720 or the equivalent rule incorporated into the FINRA rulebook), (C) all fees and expenses of compliance with securities and “blue sky” laws,
(D) all printing (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with the Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by a holder
of Registrable Securities) and copying expenses, (E) all messenger and delivery expenses, (F) all fees and expenses of the Company’s independent certified public accountants and counsel (including with respect to “comfort”
letters, “agreed-on-procedure” letter and opinions), (G) fees and expenses of one counsel to the Stockholders selling in such registration (which firm shall be

  
 18 

 
selected by the Stockholders selling in such registration that hold a majority of the Registrable Securities included in such registration, provided that such counsel is reasonably
acceptable to the Company) and (H) except as otherwise provided in this Section 5.7, the fees and expenses (including transfer taxes) of every nationally recognized investment bank engaged in connection with a Demand
Registration or a Piggyback Registration that is not an Underwritten Offering (collectively, the “Registration Expenses”) and (ii) any expenses described in clauses (i)(A) through (i)(H) above incurred in connection with the
marketing and sale of Registrable Securities shall be borne by the Company, in each case regardless of whether a registration is effected, marketing is commenced or a sale is made. The Company will pay its internal expenses (including all salaries
and expenses of its officers and employees performing legal or accounting duties, the expense of any annual audit and the expense of any liability insurance) and the expenses and fees for listing the securities to be registered on each securities
exchange and included in each established over-the-counter market on which similar securities issued by the Company are then listed or traded. Each Selling Holder shall
pay its portion of all underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such Selling Holder’s Registrable Securities pursuant to any registration. 

Section 5.8 Request for Information. Not less than five (5) Business Days (or such shorter period expressly provided herein)
before the expected filing date of each registration statement pursuant to this Agreement, the Company shall notify each Stockholder who has timely provided the requisite notice hereunder entitling the Stockholder to register Registrable Securities
in such registration statement of the information, documents and instruments from such Stockholder that the Company or any underwriter reasonably requests in connection with such registration statement, including, but not limited to a questionnaire,
custody agreement, power of attorney, lock-up letter and underwriting agreement (the “Requested Information”). If the Company has not received, on or before the second day before the expected
filing date, the Requested Information from such Stockholder, the Company may file the Registration Statement without including Registrable Securities of such Stockholder. The failure to so include in any registration statement the Registrable
Securities of a Stockholder (with regard to that registration statement) shall not in and of itself result in any liability on the part of the Company to such Stockholder. 

Section 5.9 No Grant of Future Registration Rights. The Company shall not grant any shelf, demand, piggyback or incidental
registration rights that are (a) senior to the rights granted to the Stockholders hereunder to any other Person or (b) more favorable to such other Person in any respect as compared to the rights of the Stockholders under this Agreement
without the prior written consent of the Majority Stockholders. 
 Section 5.10 Confidentiality. Each Stockholder agrees to
treat as confidential the receipt of any notice hereunder and the information contained therein, and not to disclose or use the information contained in any such notice (or the existence thereof) without the prior written consent of the Company
until such time as the information contained therein is or becomes available to the public generally (other than as a result of disclosure by such Stockholder in breach of the terms of this Agreement). 

  
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 ARTICLE VI 

INDEMNIFICATION 

Section 6.1 General Indemnification. The Company agrees to indemnify and hold harmless each Stockholder and its Affiliates and
their respective officers, directors, employees, managers, partners and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such Stockholder or such other
indemnified Person against any and all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (collectively, the “Losses”) incurred by such
Stockholder or other indemnified Person before or after the date of this Agreement, in each case, based on, arising out of, resulting from or in connection with any claim, action, cause of action, suit, proceeding or investigation, whether civil,
criminal, administrative, investigative or other (collectively, “Actions”) and based on, arising out of, pertaining to or in connection with (i) any untrue statement or alleged untrue statement of a material fact contained in
any Filing or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and/or (ii) any Action to which any Stockholder or other indemnified
Person is made a party or involved in its capacity as a stockholder or owner of securities of the Company (or in their capacity as an officer, director, employee, manager, partner, agent or controlling person of such Stockholder or other such
indemnified party), provided that the foregoing indemnification rights shall not be available to the extent that (A) any such Losses are incurred as a result of such Stockholder’s willful misconduct or gross negligence, (B) any
such Losses are incurred as a result of non-compliance by such Stockholder with any laws or regulations applicable to any of them, (C) any such Losses are incurred as a result of non-compliance by such Stockholder with its obligations under this Agreement, (D) subject to the rights of contribution provided for below, to the extent indemnification for any Losses would violate any
applicable law, regulation or public policy; or (E) in the case of clause (i) above, other than misstatements or omissions made in reliance on information relating to and furnished by such Stockholder in writing expressly for use in the
preparation of such Filing. For purposes of this Section 6.1, none of the circumstances described in the limitations contained in the proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Stockholder or such other indemnified Person as to any
previously advanced indemnity payments made by the Company under this Section 6.1, then such payments shall be promptly repaid by such Stockholder or such other indemnified Person to the Company. The rights of any
Stockholder or such other indemnified Person to indemnification hereunder will be in addition to any other rights any such party may have under any other agreement or instrument referenced above or any other agreement or instrument to which such
Stockholder or such other indemnified Person is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. In the event of any payment of indemnification pursuant to this Section 6.1, so long as
any Stockholder or such other indemnified Person is fully indemnified for all Losses, the Company will be subrogated to the extent of such payment to all of the related rights of recovery of the Stockholder or such other indemnified Person to which
such payment is made against all other Persons. The indemnity agreement contained in this Section 6.1 shall be applicable whether or not any Action or the facts or transactions giving rise to such Action arose prior to, on
or subsequent to the date of this Agreement. 

  
 20 

 Section 6.2 Registration Statement Indemnification. 

(a) The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Selling Holder and officers, directors,
employees, managers, members, partners and Affiliates from and against all Losses caused by, resulting from or relating to any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, any Issuer Free
Writing Prospectus, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission (or alleged omission) of a material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, except insofar as the same are caused by any information furnished in writing to the Company by such Selling Holder expressly for use therein and except to the extent such Selling Holder
or other indemnified Person is indemnified for such Losses pursuant to Section 6.1. In connection with an Underwritten Offering and without limiting any of the Company’s other obligations under this Agreement, the
Company shall also indemnify such underwriters, their officers, directors, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such underwriters or
such other indemnified Person to the same extent as provided above with respect to the indemnification (and exceptions thereto) of the holders of Registrable Securities being sold. Reimbursements payable pursuant to the indemnification contemplated
by this Section 6.2(a) will be made by periodic payments during the course of any investigation or defense, as and when bills are received or expenses incurred. 

(b) In connection with any registration statement in which a holder of Registrable Securities is participating, each such Selling Holder will
furnish to the Company in writing information regarding such Selling Holder’s ownership of Registrable Securities and its intended method of distribution thereof and, to the extent permitted by law, shall, severally and not jointly, indemnify
the Company, its directors, officers, employees and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) the Company or such other indemnified Person against all
Losses caused by any untrue statement of material fact contained in the registration statement, Issuer Free Writing Prospectus, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, but only to the extent that such untrue statement or omission is caused by and contained in such
information so furnished in writing by such Selling Holder expressly for use therein; provided, however, that each Selling Holder’s obligation to indemnify the Company hereunder shall, to the extent more than one Selling Holder is
subject to the same indemnification obligation, be apportioned between each Selling Holder based upon the net amount received by each Selling Holder from the sale of Registrable Securities, as compared to the total net amount received by all of the
Selling Holders of Registrable Securities sold pursuant to such registration statement. Notwithstanding the foregoing, no Selling Holder shall be liable to the Company for amounts in excess of the lesser of (i) such apportionment and
(ii) the net amount received by such holder in the offering giving rise to such liability. 
 Section 6.3 Notice. Any
Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification; provided, however, the failure to give such notice shall not release
the indemnifying party from its obligation, except to the extent that the indemnifying party has been materially prejudiced by such failure to provide such notice on a timely basis. 

  
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 Section 6.4 Defense of Actions. In any case in which any such action is brought
against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, jointly with any other indemnifying party
similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the
indemnifying party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or other
expense subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such assumption on
the grounds that there may be defenses available to it which are different from or in addition to the defenses available to such indemnifying party or (ii) the indemnifying party shall have failed within a reasonable period of time to assume
such defense and the indemnified party is or is reasonably likely to be prejudiced by such delay, in either event the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection with retaining
separate legal counsel). An indemnifying party shall not be liable for any settlement of an Action effected without its consent. The indemnifying party shall lose its right to defend, contest, litigate and settle a matter if it shall fail to
diligently contest such matter (except to the extent settled in accordance with the next following sentence). No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened
Action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such Action. Any Losses for which an indemnified party is entitled to indemnification or contribution under this Article VI shall be paid by the indemnifying party to the indemnified party as
such Losses are incurred. The indemnity and contribution agreements contained in this Article VI shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any indemnified party, the
Company, its directors or officers, or any person controlling the Company, and (ii) any termination of this Agreement. The parties hereto shall, and shall cause their respective Subsidiaries or Controlled Affiliates to, cooperate with each
other in a reasonable manner with respect to access to unprivileged information and similar matters in connection with any Action. The provisions of this Article VI are for the benefit of, and are intended to create third party beneficiary
rights in favor of, each of the indemnified parties referred to herein. 
 Section 6.5 Contribution. If recovery is not
available under the foregoing indemnification provisions for any reason or reasons, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with respect to any Losses with
respect to which such Person would be entitled to such indemnification but for such reason or reasons. In determining the amount of contribution to which the respective Persons are entitled, there shall be considered the Persons’ relative
knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other equitable 

  
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considerations appropriate under the circumstances. It is hereby agreed that it would not necessarily be equitable if the amount of such contribution were determined by pro rata or per capita
allocation. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not found guilty of such fraudulent misrepresentation.
Notwithstanding the foregoing, no Selling Holder or transferee thereof shall be required to make a contribution in excess of the net amount received by such holder from its sale of Registrable Securities in connection with the offering that gave
rise to the contribution obligation. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to be
sufficient if contained in a written instrument delivered in person or sent by email (provided a copy is thereafter promptly delivered as provided in this Section 7.1) or nationally recognized overnight courier,
addressed to such party at the address or facsimile number set forth below or such other address or email address as may hereafter be designated in writing by such party to the other parties: 

 

	 	(a)	 If to the Company, to: 

Chewy, Inc. 
 1855 Griffin Road,
Suite B-428 
 Dania Beach, Florida 33004 

Attention: General Counsel 

Email: shelfrick@chewy.com 

with a copy to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
New York 10022 
 Attention:   Joshua Korff 

                   Tim Cruickshank 

Email:         jkorff@kirkland.com 

  tim.cruickshank@kirkland.com 
  

	 	(b)	 if to a Stockholder, to: 

the address and email address set forth in the records of the Company. 

All such notices, requests, consents and other communications shall be deemed to have been given or made if and when received (including by overnight courier)
by the parties at the above addresses or sent by email, with confirmation received, to the email addresses specified above (or at such other address or email address for a party as shall be specified by like notice). Any notice delivered by any
party hereto to any other party hereto shall also be delivered to each other party hereto simultaneously with delivery to the first party receiving such notice. 

  
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 Section 7.2 Interpretation. The headings contained in this Agreement are for
convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “included”, “includes” or “including” are used in this Agreement, they shall be
deemed to be followed by the words “without limitation”. 
 Section 7.3 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. 

Section 7.4 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
and all of which shall, taken together, be considered one and the same agreement, it being understood that both parties need not sign the same counterpart. 

Section 7.5 Adjustments Upon Change of Capitalization. In the event of any change in the outstanding Class A Shares and
Class B Shares, as applicable, by reason of dividends, splits, reverse splits, spin-offs, split-ups, recapitalizations, combinations, exchanges of shares and the like, the term “Class A
Shares” and “Class B Shares” shall refer to and include the securities received or resulting therefrom, but only to the extent such securities are received in exchange for or in respect of Class A Shares and Class B
Shares, as applicable. 
 Section 7.6 Entire Agreement; No Third Party Beneficiaries. This 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, except as provided
in Article VI, any rights or remedies hereunder. 
 Section 7.7 Further Assurances. Each party shall execute, deliver,
acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by the other party hereto to give effect to and carry out the transactions contemplated herein. Without limiting the generality
of the foregoing, each of the Stockholders (i) acknowledges that such Stockholder will prepare and file with the SEC filings under the Exchange Act, including under Section 13(d) of the Exchange Act, relating to its Beneficial Ownership of
Voting Securities and (ii) agrees to use its reasonable efforts to assist and cooperate with the other parties in promptly preparing, reviewing and executing any such filings under the Exchange Act, including any amendments thereto. 

  
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 Section 7.8 Governing Law; Equitable Remedies. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to prevent breaches of this
Agreement and to enforce specifically the terms and provisions hereof in any of the Selected Courts (as defined below), this being in addition to any other remedy to which they are entitled at law or in equity. Any requirements for the securing or
posting of any bond with respect to such remedy are hereby waived by each of the parties hereto. Each party further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of
specific performance, it will not assert the defense that a remedy at law would be adequate. 
 Section 7.9 Consent to
Jurisdiction. With respect to any suit, action or proceeding (“Proceeding”) arising out of or relating to this Agreement or any transaction contemplated hereby each of the parties hereto hereby irrevocably (i) submits to
the exclusive jurisdiction of the United States District Court for the Southern District of New York or the Court of Chancery located in the State of Delaware, County of Newcastle (the “Selected Courts”) and waives any objection to
venue being laid in the Selected Courts whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any such Proceeding other than before one of the Selected Courts; provided, however, that a
party may commence any Proceeding in a court other than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the Selected Courts; (ii) consents to service of process in any Proceeding by the mailing of
copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to the Company or Stockholders at their respective addresses referred to in Section 7.1;
provided, however, that nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law; and (iii) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES,
AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND
BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS
WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 Section 7.10 Amendments;
Waivers. 
 (a) No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed, in the
case of an amendment, by the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective. 

  
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 (b) 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 7.11 Successors and Assigns. Except as otherwise provided
herein, all the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto. No Stockholder may assign any of its
rights hereunder to any Person other than a Permitted Transferee. Each Permitted Transferee of any Stockholder shall be subject to all of the terms of this Agreement, and by taking and holding such shares such Person shall be entitled to receive the
benefits of and be conclusively deemed to have agreed to be bound by and to comply with all of the terms and provisions of this Agreement; provided, however, no transfer of rights permitted hereunder shall be binding upon or obligate
the Company unless and until (i) if required under Section 2.1, the Company shall have received written notice of such transfer and the joinder of the transferee provided for in Section 2.1,
and (ii) such transferee can establish Beneficial Ownership or ownership of record of a Registrable Amount (whether individually or together with its Affiliates). Notwithstanding the foregoing, no successor or assignee of the Company shall have
any rights granted under this Agreement until such Person shall acknowledge its rights and obligations hereunder by a signed written statement of such Person’s acceptance of such rights and obligations. 

Section 7.12 Rule 144. The Company covenants and agrees that it will file the reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if it is not required to file such reports, it will, upon the request of any holder of Registrable Securities, make publicly available other
information so long as necessary to permit sales in compliance with Rule 144 under the Securities Act), and it will take such further reasonable action, to the extent required from time to time to enable such holder to sell Registrable Securities
without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rule 144 may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC.
Upon the reasonable request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to whether it has complied with such information and filing requirements. 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

			
	CHEWY, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	[STOCKHOLDERS]
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Investor Rights Agreement]

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