Document:

EX-10.1

 Exhibit 10.1 

FORM OF 
 TAX RECEIVABLE
AGREEMENT 
 by and among 

CARVANA CO., 
 CERTAIN
OTHER PERSONS NAMED HEREIN, 
 and 

THE AGENT 
 DATED AS OF
[●], 2017 
  

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of [●], 2017, is hereby entered into by and among Carvana
Co., a Delaware corporation (together with its Subsidiaries that are consolidated for U.S. federal income and applicable state and local Tax purposes, the “Corporate Taxpayer”), Carvana Group, LLC, a Delaware limited liability
company (the “Company”), the TRA Holders and the Agent. 
 RECITALS 

WHEREAS, the TRA Holders currently hold limited liability company interests (“Units”) the Company, which is classified as a
partnership for U.S. federal income tax purposes; 
 WHEREAS, the Corporate Taxpayer is the sole managing member of Carvana Co. Sub LLC, a
Delaware limited liability company and a wholly-owned subsidiary of the Corporate Taxpayer (“Carvana Co. Sub”); 
 WHEREAS,
Carvana Co. Sub, which has elected to be taxed as a corporation for U.S. federal income tax purposes, is a holder of Units and the sole manager of the Company; 

WHEREAS, the Company and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes
will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), and any corresponding provisions of state and local Tax law, for each Taxable Year in which an Exchange (as
defined below) occurs, which election is expected to result, with respect to the Corporate Taxpayer, in an adjustment to the Tax basis of the assets owned by the Company and such Subsidiaries; 

WHEREAS, from and after the closing of IPO Date (as defined below), the TRA Holders may sell all or a portion of their Units (solely to the
extent such Units are Exchangeable Units (as defined below)), together with shares of Class B Common Stock (as defined below), to Carvana Co. Sub for cash and/or Class A Common Stock (as defined below) in one or more Exchanges, and as a
result of such Exchanges, the Corporate Taxpayer is expected to obtain or be entitled to certain Tax benefits as further described herein; and 

WHEREAS, this Agreement is intended to set forth the agreements among the parties hereto regarding the sharing of the Tax benefits realized by
the Corporate Taxpayer as a result of the Exchanges. 
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and
agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
  

 ARTICLE I  

DEFINITIONS 

Section 1.1    Definitions. As used in this Agreement, the terms set forth in this Article I shall have
the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 

“Accrued Amount” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Actual Tax Liability” means, with respect to any Taxable Year, the actual liability for Taxes of (i) the Corporate
Taxpayer and (ii) without duplication, the Company, but only with respect to Taxes imposed on the taxable income of the Company that is allocable to the Corporate Taxpayer or to the other members of the consolidated, combined, or unitary group
of which the Corporate Taxpayer is a member for such Taxable Year. 
 “Affiliate” means, with respect to any Person, 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. 

“Agent” means [●] or such other Person designated as such pursuant to Section 7.6(c). 

“Agreed Rate” means a per annum rate of LIBOR plus 100 basis points. 

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

“Amended Schedule” has the meaning set forth in Section 2.3(b) of this Agreement. 

“Attributable” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Basis Adjustment” means any adjustment to the Tax basis of a Reference Asset as a result of an Exchange and the payments
made pursuant to this Agreement with respect to such Exchange (as calculated under Section 2.1 of this Agreement), including, but not limited to: (i) under Sections 734(b), 743(b), and 754 of the Code (in situations
where, following an Exchange, the Company remains classified as a partnership for U.S. federal income tax purposes); and (ii) under Sections 732(b), 734(b) and 1012 of the Code (in situations where, as a result of one or more Exchanges, the
Company becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes), and in each case, comparable sections of state and local Tax laws. For the avoidance of doubt, (i) the amount of any Basis
Adjustment resulting from an Exchange of Exchangeable Units shall be determined without regard to any Section 743(b) adjustment attributable to such Exchangeable Units prior to such Exchange, (ii) payments made under this Agreement shall
not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest, and (iii) for the purpose of calculating any Basis Adjustment resulting from an Exchange, all consideration shall be allocated to the
purchase of Exchangeable Units (and none to the Class B Common Stock, if any) in such Exchange. 
 “Beneficial Owner”
means, with respect to a security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of,
such security 

  
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and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security. The terms “Beneficially Own” and “Beneficial
Ownership” shall have correlative meanings. 
 “Board” means the board of directors of the Corporate Taxpayer. 

“Business Day” means any day other than a Saturday, Sunday or other day on which the banks in New York, New York or Phoenix,
Arizona are authorized by law to be closed. 
 “Cash Payment” has the meaning set forth in the Exchange Agreement. 

“Change of Control” has the meaning set forth in the Exchange Agreement. 

“Change of Control Exchange” has the meaning set forth in the Exchange Agreement. 

“Change of Control Exchange Date” has the meaning set forth in the Exchange Agreement. 

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

“Class B Common Stock” has the meaning set forth in the LLC Agreement. 

“Code” has the meaning set forth in the recitals of this Agreement. 

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

“Company” has the meaning set forth in the recitals of this Agreement. 

“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 voting securities, by contract or otherwise. 
 “Corporate Taxpayer” has
the meaning set forth in the preamble to this Agreement. 
 “Corporate Taxpayer Return” means the U.S. federal and/or state
and local Tax Return of the Corporate Taxpayer (including any consolidated group of which the Corporate Taxpayer is a member, as further described in Section 7.13(a) of this Agreement) filed with respect to any Taxable Year. 

“Cumulative Net Realized Tax Benefit” for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax
Benefits for all Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year
shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

“Default Rate” means a per annum rate of LIBOR plus 500 basis points. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of any
state and local Tax law or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

  
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 “Disputing Party” has the meaning set forth in
Section 7.9 of this Agreement. 
 “Early Termination” has the meaning set forth in
Section 4.1 of this Agreement. 
 “Early Termination Date” means the date of an Early Termination
Notice for purposes of determining the Early Termination Payment. 
 “Early Termination Effective Date” has the meaning set
forth in Section 4.4 of this Agreement. 
 “Early Termination Notice” has the meaning set forth
in Section 4.4 of this Agreement. 
 “Early Termination Payment” has the meaning set forth in
Section 4.5(b) of this Agreement. 
 “Early Termination Rate” means a per annum rate of LIBOR plus 100 basis points.

 “Early Termination Schedule” has the meaning set forth in Section 4.4 of this Agreement. 

“Exchange” has the meaning set forth in the Exchange Agreement and shall include, for the avoidance of doubt, any Change of
Control Exchange. 
 “Exchange Act” has the meaning set forth in the LLC Agreement. 

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

“Exchange Agreement” means that certain Exchange Agreement, dated as of [•], 2017, by and among Carvana Co. Sub, the
Company and the other parties thereto. 
 “Exchange Date” has the meaning set forth in the Exchange Agreement. 

“Exchange Schedule” has the meaning set forth in Section 2.1 of this Agreement. 

“Expert” means [●] or such nationally recognized expert in the particular area of disagreement as is mutually
acceptable to both parties. 
 “Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for
Taxes of the Corporate Taxpayer and, without duplication, the Company, but only with respect to Taxes imposed on taxable income of the Company allocable to the Corporate Taxpayer or to the other members of the consolidated, combined, or unitary
group of which the Corporate Taxpayer is a member for such Taxable Year (in each case, using the same methods, elections, conventions, and similar practices used on the relevant Corporate Taxpayer Return), but without taking into account
(i) any Basis Adjustments and (ii) any deduction attributable to Imputed Interest for the Taxable Year. For the avoidance of doubt, Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of
any Tax item (or portions thereof) that is attributable to any Basis Adjustments and Imputed Interest. 

  
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 “Imputed Interest” means any interest imputed under Section 1272, 1274 or
483 or other provision of the Code and any similar provision of any state and local Tax law with respect to the Corporate Taxpayer’s payment obligations under this Agreement. For the avoidance of doubt, Imputed Interest shall not include any
Accrued Amount. 
 “IPO” means an initial public offering of Class A Common Stock of the Corporate Taxpayer or its
successor in interest or a wholly-owned subsidiary of the Corporate Taxpayer pursuant to which such Class A Common Stock is registered under Section 12 of the Exchange Act and is listed on a national securities exchange. 

“IPO Date” means the closing date of the IPO. 

“IRS” means the U.S. Internal Revenue Service. 

“LIBOR” means during any period, an interest rate per annum equal to the one-year
LIBOR rate reported, on the date two (2) calendar days prior to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBOR01” or by any
other publicly available source of such market rate) for London interbank offered rates for United States dollar deposits for such period. 

“LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of the Company, as amended from
time to time. 
 “Material Objection Notice” has the meaning set forth in Section 4.4 of this
Agreement. 
 “Net Tax Benefit” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Objection Notice” has the meaning set forth in Section 2.3(a) of this Agreement. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Realized Tax Benefit” means, for a Taxable
Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority for any Taxable Year, such liability
shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 
 “Realized Tax
Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing
Authority for any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

“Reconciliation Dispute” has the meaning set forth in Section 7.9 of this Agreement. 

  
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 “Reconciliation Procedures” means the procedures described in
Section 7.9 of this Agreement. 
 “Reference Asset” means, with respect to any Exchange, an asset
that is held by the Company, or any of its direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for purposes of the applicable Tax (but only to the extent such Subsidiaries are not held through any entity treated as
a corporation for purposes of the applicable Tax), at the time of such Exchange. A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset.

 “Schedule” means any of the following: (i) an Exchange Schedule, (ii) a Tax Benefit Schedule, or
(iii) the Early Termination Schedule. 
 “Senior Obligations” has the meaning set forth in
Section 5.1 of this Agreement. 
 “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 power or other similar interests or the sole general partner interest or managing member or similar
interest of such Person. 
 “Tax Benefit Payment” has the meaning set forth in Section 3.1(b) of this Agreement.

 “Tax Benefit Schedule” has the meaning set forth in Section 2.2 of this Agreement. 

“Tax Proceeding” has the meaning set forth in Section 6.1 of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement filed or required to be filed with respect to Taxes
(including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable
section of state or local Tax law, as applicable (which, for the avoidance of doubt, may include a period of less than twelve (12) months for which a Tax Return is made), ending on or after the date hereof. 

“Taxes” means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured
with respect to net income or profits, and any interest related to such Tax. 
 “Taxing Authority” means any federal,
national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

“TRA Holder” means each of those Persons set forth on Schedule A and their respective successors
and permitted assigns pursuant to Section 7.6(a). 
 “Transferor” has the meaning set forth in Section
7.13(b) of this Agreement. 

  
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 “Treasury Regulations” means the final, temporary and proposed regulations under
the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year. 

“Units” has the meaning set forth in the recitals of this Agreement. 

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that (i) in each Taxable Year ending on
or after such Early Termination Date, the Corporate Taxpayer will have taxable income sufficient to fully utilize the deductions arising from all Basis Adjustments and the Imputed Interest during such Taxable Year or future Taxable Years (including,
for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions, further assuming such future Tax Benefit Payments would be paid on
the due date, without extensions, for filing the Corporate Taxpayer Return for the applicable Taxable Year) in which such deductions would become available, (ii) any loss or credit carryovers generated by deductions or losses arising from any
Basis Adjustment or Imputed Interest that are available in the Taxable Year that includes the Early Termination Date will be utilized by the Corporate Taxpayer in the earliest possible Taxable Year permitted by the Code and the Treasury Regulations
from the Early Termination Date, (iii) the U.S. federal, state and local income and franchise tax rates that will be in effect for each Taxable Year ending on or after such Early Termination Date will be those specified for each such Taxable
Year by the Code and other law as in effect on the Early Termination Date, (iv) any non-amortizable Reference Assets to which any Basis Adjustment is attributable will be disposed of in a fully taxable
transaction for Tax purposes on the earlier of (A) the fifteenth anniversary of the Exchange which gave rise to such Basis Adjustment or (B) the Early Termination Date, and (v) if, at the Early Termination Date, there are Exchangeable
Units that have not been transferred in an Exchange, then all Exchangeable Units and (if applicable) shares of Class B Common Stock shall be deemed to be transferred in an Exchange effective on the Early Termination Date. 

Section 1.2    Other Definitional and Interpretative Provisions. The words “hereof,”
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References to Articles, Sections, Exhibits and Schedules are
to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein.
Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term
the singular. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed
by those words or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or
contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person. References from or through
any date mean, unless otherwise specified, from and including or through and including, respectively. 

  
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 ARTICLE II  

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS 

Section 2.1    Exchange Schedule. Within ninety (90) calendar days after the filing of the U.S. federal
Corporate Taxpayer Return for each Taxable Year in which any Exchange has been effected by a TRA Holder, the Corporate Taxpayer shall deliver to the Agent a schedule (the “Exchange Schedule”) that shows, in reasonable detail
necessary to perform the calculations required by this Agreement, including with respect to each TRA Holder participating in any Exchange during such Taxable Year, (i) the Basis Adjustments with respect to the Reference Assets as a result of
the Exchanges effected by such TRA Holder in such Taxable Year and (ii) the period (or periods) over which such Basis Adjustments are amortizable and/or depreciable. 

Section 2.2    Tax Benefit Schedule. 

(a)    Tax Benefit Schedule. Within ninety (90) calendar days after the filing of the U.S. federal Corporate
Taxpayer Return for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporate Taxpayer shall provide to the Agent: (i) a schedule showing, in reasonable detail, (A) the calculation of the Realized
Tax Benefit or Realized Tax Detriment for such Taxable Year, (B) the portion of the Net Tax Benefit, if any, that is Attributable to each TRA Holder who has participated in any Exchange, (C) the Accrued Amount with respect to any such Net
Tax Benefit that is Attributable to such TRA Holder, (D) the Tax Benefit Payment determined pursuant to Section 3.1(b) of this Agreement due to each such TRA Holder, and (E) the portion of such Tax Benefit Payment that the Corporate
Taxpayer intends to treat as Imputed Interest (a “Tax Benefit Schedule”), (ii) a reasonably detailed calculation by the Corporate Taxpayer of the Hypothetical Tax Liability, (iii) a reasonably detailed calculation by the
Corporate Taxpayer of the Actual Tax Liability, (iv) a copy of the Corporate Taxpayer Return for such Taxable Year, and (v) any other work papers reasonably requested by the Agent. In addition, the Corporate Taxpayer shall allow the Agent
reasonable access at no cost to the appropriate representatives of the Corporate Taxpayer in connection with a review of such Tax Benefit Schedule. The Tax Benefit Schedule will become final as provided in Section 2.3(a) and may be
amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)). 

(b)    Applicable Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended
to measure the decrease or increase in the Corporate Taxpayer’s actual liability for Taxes for such Taxable Year that is attributable to the Basis Adjustments and Imputed Interest, determined using a “with and without” methodology.
For the avoidance of doubt, such actual liability for Taxes will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as interest under the Code based upon the characterization of Tax Benefit Payments
as additional consideration payable by the Corporate Taxpayer. For purposes of calculating the Realized Tax Benefit or Realized Tax Detriment for any Taxable Year, carryforwards or carrybacks of any Tax item (such as a net operating loss)
attributable to the Basis Adjustments and Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations and the corresponding provisions of state and local Tax laws, as applicable, governing the use,
limitation and expiration of carryforwards or carrybacks of the relevant type. If a carryforward or carryback of any Tax item includes a portion 

  
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that is attributable to the Basis Adjustment or Imputed Interest (a “TRA Portion”) and another portion that is not so attributable (a
“Non-TRA Portion”), such respective portions shall be considered to be used in accordance with the “with and without” methodology so that: (i) the    amount
of any Non-TRA Portion is deemed utilized first, followed by the amount of any TRA Portion; and (ii) in the case of a carryback of a Non-TRA Portion, such carryback
shall not affect the original “with and without” calculation made in the applicable prior Taxable Year. For the avoidance of doubt, the TRA Portion of any Tax item when such item is incurred shall be determined using a marginal “with
and without” methodology by calculating (i) the amount of such Tax item for all Tax purposes taking into account the Basis Adjustments or Imputed Interest and (ii) the amount of such Tax item for all Tax purposes without taking into
account the Basis Adjustments or Imputed Interest, with the TRA Portion equal to the excess of the amount specified in clause (i) over the amount specified in clause (ii) (but only if such excess is greater than zero). The parties agree that
(i) any payment under this Agreement, including the Accrued Amount (other than amounts accounted for as Imputed Interest) will be treated as a subsequent upward adjustment to the purchase price of the relevant Exchangeable Units and will have
the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer in the year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the current year calculation and into
future year calculations, as appropriate. 
 Section 2.3    Procedure; Amendments. 

(a)    An applicable Schedule or amendment thereto shall become final and binding on all parties thirty
(30) calendar days from the first date on which the Agent has received the applicable Schedule or amendment thereto unless (i) the Agent, within thirty (30) calendar days after receiving an applicable Schedule or amendment
thereto, provides the Corporate Taxpayer with notice of a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) the Agent provides a written waiver of such right of any Objection Notice within
the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date a waiver from the Agent has been received by the Corporate Taxpayer. If the Corporate Taxpayer and Agent, for any
reason, are unable to successfully resolve the issues raised in an Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of such Objection Notice, the Corporate Taxpayer and Agent shall employ the
Reconciliation Procedures under Section 7.9. 
 (b)    The applicable Schedule for any
Taxable Year may be amended from time to time by the Corporate Taxpayer (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional
factual information relating to a Taxable Year after the date the Schedule was provided to the Agent, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized
Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such
Taxable Year attributable to an amended Corporate Taxpayer Return filed for such Taxable Year or (vi) to adjust an Exchange Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended
Schedule”).The Corporate Taxpayer shall provide an Amended Schedule to the Agent within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding sentence. For the
avoidance of doubt, in 

  
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the event a Schedule is amended after such Schedule becomes final pursuant to Section 2.3(a), the Amended Schedule shall not be taken into account in calculating any Tax
Benefit Payment in the Taxable Year to which the amendment relates but instead shall be taken into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the amendment actually occurs. 

ARTICLE III  

TAX BENEFIT PAYMENTS 

Section 3.1    Payments. 

(a)    Within five (5) calendar days after a Tax Benefit Schedule delivered to the Agent becomes final in
accordance with Section 2.3(a), the Corporate Taxpayer shall pay to each TRA Holder the Tax Benefit Payment in respect of such TRA Holder determined pursuant to Section 3.1(b) for such Taxable Year. Each such payment shall be made by
check, by wire transfer of immediately available funds to the bank account previously designated by the TRA Holder to the Corporate Taxpayer, or as otherwise agreed by the Corporate Taxpayer and the TRA Holder. For the avoidance of doubt, no Tax
Benefit Payment shall be made in respect of estimated Tax payments, including, without limitation, U.S. federal or state estimated income Tax payments. Notwithstanding anything herein to the contrary, unless otherwise specified by a TRA Holder in
the Exchange Notice for any Exchange, the aggregate Tax Benefit Payments in respect of such Exchange (other than amounts accounted for as interest under the Code) shall not exceed 50% of the fair market value of the consideration received on such
Exchange (whether as a Cash Payment or as shares of Class A Common Stock). 
 (b)    A “Tax Benefit
Payment” in respect of a TRA Holder for a Taxable Year means an amount, not less than zero, equal to the sum of the portion of the Net Tax Benefit Attributable to such TRA Holder and the Accrued Amount with respect thereto. A Net Tax
Benefit is “Attributable” to a TRA Holder to the extent that it is derived from any Basis Adjustment or Imputed Interest that is attributable to the Exchangeable Units acquired or deemed acquired by the Corporate Taxpayer in an
Exchange undertaken by or with respect to such TRA Holder. Subject to Section 3.3, the “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of (i) 85% of the Cumulative
Net Realized Tax Benefit as of the end of such Taxable Year over (ii) the total amount of payments previously made under this Section 3.1 (excluding payments attributable to Accrued Amounts); provided, for the
avoidance of doubt, that no TRA Holder shall be required to return any portion of any previously made Tax Benefit Payment. The “Accrued Amount” with respect to any portion of a Net Tax Benefit shall equal an amount determined in the
same manner as interest on such portion of the Net Tax Benefit for a Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return for such Taxable Year until the Payment Date. For the
avoidance of doubt, for Tax purposes, the Accrued Amount shall not be treated as interest but shall instead be treated as additional consideration for the acquisition of Exchangeable Units in an Exchange unless otherwise required by law.
Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control Exchange where the provisions of Section 4.2 do not apply, all Tax Benefit Payments, whether paid with respect to
Exchangeable Units that were the subject of an Exchange (i) prior to the related Change of Control Exchange Date or (ii) on or after such Change of Control Exchange Date, shall be calculated by utilizing the assumptions in clauses (i),
(ii) and (iv) of the definition of Valuation Assumptions, substituting in each case the term “Change of Control Exchange Date” for an “Early Termination Date”. 

  
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 Section 3.2    No Duplicative Payments. It is intended that the
provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in 85% of the Cumulative Net Realized Tax
Benefit, and the Accrued Amount thereon, being paid to the TRA Holders. The provisions of this Agreement shall be construed in the appropriate manner to achieve these fundamental results. 

Section 3.3    Pro Rata Payments; Coordination of Benefits. 

(a)    Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate
amount of the Corporate Taxpayer’s Tax benefit subject to this Agreement is limited in a particular Taxable Year because the Corporate Taxpayer does not have sufficient taxable income to fully utilize available deductions and other attributes,
the limitation on the Tax benefit for the Corporate Taxpayer shall be allocated among the TRA Holders in proportion to the respective amounts of Net Tax Benefit that would have been determined under this Agreement if the Corporate Taxpayer had
sufficient taxable income so that there were no such limitation. 
 (b)    After taking into account Section
3.3(a), if for any reason the Corporate Taxpayer does not fully satisfy its payment obligations to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then (i) the Corporate Taxpayer will pay the
same proportion of each Tax Benefit Payment due to each TRA Holder in respect of such Taxable Year, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax
Benefit Payments in respect of prior Taxable Years have been made in full. 
 (c)    To the extent the Corporate
Taxpayer makes a payment to a TRA Holder in respect of a particular Taxable Year under Section 3.1(a) of this Agreement (taking into account Section 3.3(a) and (b), but excluding payments attributable to Accrued Amounts) in an
amount in excess of the amount of such payment that should have been made to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under Section 3.1(a) until such TRA Holder has
foregone an amount of payments equal to such excess and (ii) the Corporate Taxpayer will pay the amount of such TRA Holder’s foregone payments to the other Persons to whom a payment is due under this Agreement in a manner such that each
such Person to whom a payment is due under this Agreement, to the maximum extent possible, receives aggregate payments under Section 3.1(a) (taking into account Section 3.3(a) and (b), but excluding payments attributable to
Accrued Amounts) in the amount it would have received if there had been no excess payment to such TRA Holder. 
 ARTICLE IV 

TERMINATION 

Section 4.1    Early Termination by the Corporate Taxpayer. With the written approval of a majority of its
independent directors, the Corporate Taxpayer may terminate this Agreement at any time by paying to each TRA Holder the Early Termination Payment due to such TRA 

  
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Holder pursuant to Section 4.5(b) (such termination, an “Early Termination”); provided, however, that this Agreement shall only terminate upon the receipt of the
Early Termination Payment by the TRA Holders. Upon payment of the Early Termination Payment by the Corporate Taxpayer, the Corporate Taxpayer shall not have any further payment obligations under this Agreement, other than for any (i) Tax
Benefit Payment previously due and payable but unpaid as of the Early Termination Notice and (ii) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the Early Termination Date (except to the extent that the
amount described in clause (ii) is included in the Early Termination Payment). 
 Section 4.2    Early
Termination upon Change of Control Exchange. In the event of a Change of Control Exchange, all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the Change
of Control Exchange Date and shall include, but not be limited to the following: (a) payment of the Early Termination Payment calculated as if an Early Termination Notice had been delivered on such Change of Control Exchange Date,
(b) payment of any Tax Benefit Payment in respect of a TRA Holder agreed to by the Corporate Taxpayer and such TRA Holder as due and payable but unpaid as of the Early Termination Notice, and (c) payment of any Tax Benefit Payment due for
any Taxable Year ending prior to, with or including such Exchange Date (except to the extent that the amount described in clause (c) is included in the Early Termination Payment). In the event of a Change of Control Exchange, the Early
Termination Payment shall be calculated utilizing the Valuation Assumptions and by substituting in each case the term “Change of Control Exchange Date” for the term “Early Termination Date.” 

Section 4.3    Breach of Agreement. 

(a)    In the event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, whether as a
result of failure to make any payment when due, as a result of failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or
otherwise, then, unless otherwise waived in writing by a majority of the TRA Holders, such breach shall be treated as an Early Termination and all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early
Termination Notice had been delivered on the date of such breach and shall include, but shall not be limited to, (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of a breach,
(ii) any Tax Benefit Payment previously due and payable but unpaid as of the date of the breach, and (iii) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the date of the breach (except to the extent
that the amount described in clause (iii) is included in the Early Termination Payment). Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, a majority of the
TRA Holders shall be entitled to elect to receive the amounts set forth in clauses (i), (ii), and (iii) above or to seek specific performance of the terms hereof. 

(b)    The parties agree that the failure to make any payment due pursuant to this Agreement within three (3) months
of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall not be considered to be a breach of a material obligation under this Agreement to make
a payment due pursuant to this Agreement within three (3) months of the date such payment is 

  
 12 

 
due. Notwithstanding anything in this Agreement to the contrary: (i) it shall not be a breach of this Agreement (and Section 5.2 shall apply, but the Default Rate
shall be replaced by the Agreed Rate) if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the Corporate Taxpayer has insufficient funds to make such payment as a result of limitations imposed by credit
agreements in respect of indebtedness for borrowed money to which the Company, the Corporate Taxpayer, or any of their Subsidiaries is a party (including, without limitation, limitations on the ability of the Company and its direct or indirect
Subsidiaries to make distributions or payments to the Corporate Taxpayer) or the Board determines reasonably and in good faith that making any such distribution or payment would result in a default under any such existing credit agreement in respect
of indebtedness for borrowed money to which the Company, the Corporate Taxpayer, or any of their Subsidiaries is a party and (ii) it shall not be a breach of this Agreement (and Section 5.2 shall apply with the Default
Rate applied to any late payments) if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the Board determines reasonably and in good faith that the Corporate Taxpayer has insufficient funds (taking into account
the ability of the Company and its direct or indirect Subsidiaries to make distributions or payments to the Corporate Taxpayer) to make such payment for reasons other than those specified in clause (i) of this sentence. The Corporate Taxpayer
shall use its commercially reasonable efforts to maintain sufficient available funds for the purpose of making required payments under this Agreement and shall use its commercially reasonable efforts to avoid entering into credit agreements that
could be reasonably anticipated to materially delay the timing of any payments under this Agreement. 

Section 4.4    Early Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early
termination under Section 4.1 above, the Corporate Taxpayer shall deliver to the Agent notice of such intention to exercise such right (the “Early Termination Notice”). Upon delivery of the Early
Termination Notice or the occurrence of an event described in Section 4.2 or Section 4.3(a), the Corporate Taxpayer shall deliver (i) a schedule showing in reasonable detail the calculation of the Early
Termination Payment (the “Early Termination Schedule”) and (ii) any other work papers reasonably requested by the Agent. In addition, the Corporate Taxpayer shall allow the Agent reasonable access at no cost to the appropriate
representatives of the Corporate Taxpayer in connection with a review of such Early Termination Schedule. The Early Termination Schedule shall become final and binding on all parties thirty (30) calendar days from the first date on which
the Agent has received such Schedule or amendment thereto unless (x) the Agent, within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporate Taxpayer and each other Agent with notice of a
material objection to such Schedule made in good faith (“Material Objection Notice”) or (y) the Agent provides a written waiver of such right of a Material Objection Notice within the period described in clause
(x) above, in which case such Schedule becomes binding on the date a waiver from the Agent has been received by the Corporate Taxpayer (the “Early Termination Effective Date”). If the Corporate Taxpayer and Agent, for any
reason, are unable to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of the Material Objection Notice, the Corporate Taxpayer and Agent shall employ the
Reconciliation Procedures under Section 7.9. 

  
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 Section 4.5    Payment upon Early Termination. 

(a)    Within three (3) calendar days after the Early Termination Effective Date, the Corporate Taxpayer shall pay to
each TRA Holder its Early Termination Payment. Each such payment shall be made by check, by wire transfer of immediately available funds to a bank account or accounts designated by the TRA Holder, or as otherwise agreed by the Corporate Taxpayer and
the TRA Holder. 
 (b)    The “Early Termination Payment” shall equal, with respect to each TRA Holder,
the present value, discounted at the Early Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by the Corporate Taxpayer to such TRA Holder beginning from the Early Termination Date and
assuming that the Valuation Assumptions are applied. 
 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.1    Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax
Benefit Payment, Early Termination Payment or any other payment required to be made by the Corporate Taxpayer to any TRA Holder under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts
due and payable in respect of any obligations in respect of indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (such obligations, “Senior Obligations”) and shall rank pari passu
with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior Obligations. For the avoidance of doubt, notwithstanding the above, the determination of whether it is a breach of this Agreement if the Corporate
Taxpayer fails to make any Tax Benefit Payment when due is governed by Section 4.3(a). 

Section 5.2    Late Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit
Payment, Early Termination Payment or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate (or, if so provided
in Section 4.3(a), at the Agreed Rate) and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement was due and payable. 

ARTICLE VI 

NO DISPUTES; CONSISTENCY; COOPERATION 

Section 6.1    Participation in the Corporate Taxpayer’s and Tax Matters. Except as
otherwise provided herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer, including without limitation preparing, filing or amending any Tax Return and
defending, contesting or settling any issue pertaining to Taxes of the Corporate Taxpayer. Notwithstanding the foregoing, the Corporate Taxpayer (i) shall notify the Agent of, and keep the Agent reasonably informed with respect to, the portion
of any audit, examination, or any other administrative or judicial proceeding (a “Tax Proceeding”) of the Corporate Taxpayer by a Taxing Authority the outcome of which is reasonably expected to affect the rights and obligations of the TRA
Holders under this Agreement, (ii) shall provide the Agent with reasonable opportunity to provide information and 

  
 14 

 
other input to the Corporate Taxpayer and its advisors concerning the conduct of any such portion of a Tax Proceeding, and (iii) shall not enter into any settlement with respect to any such
portion of a Tax Proceeding that could have a material effect on the TRA Holders’ rights (including the right to receive payments) under this Agreement without the written consent of the Agent, such consent not to be unreasonably withheld,
conditioned or delayed; provided, however, that the Corporate Taxpayer shall not be required to take any action, or refrain from taking any action, that is inconsistent with any provision of the LLC Agreement; provided,
further, that, notwithstanding anything to the contrary contained herein, the Corporate Taxpayer shall prepare, file, and/or amend all Tax Returns in accordance with applicable law (including with respect to the calculation of taxable income
and any calculations required to be made under this Agreement) and nothing in this Agreement shall prevent the Agent or any TRA Holder from disputing such Tax matters in accordance with Section 7.9. 

Section 6.2    Consistency. The Corporate Taxpayer and the TRA Holders agree to report and cause to be
reported for all purposes, including U.S. federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments, Imputed Interest,
and each Tax Benefit Payment), but, for financial reporting purposes, only in respect of items that are not explicitly characterized as “deemed” or in a similar manner by the terms of this Agreement, in a manner consistent with that set
forth in any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this Agreement, as finally determined pursuant to Section 2.3, unless otherwise required by applicable law. If the Corporate
Taxpayer and any TRA Holder, for any reason, are unable to successfully resolve any disagreement concerning such treatment within thirty (30) calendar days, the Corporate Taxpayer and such TRA Holder shall employ the Reconciliation Procedures
under Section 7.9. 
 Section 6.3    Cooperation. Each TRA Holder shall
(i) furnish to the Corporate Taxpayer in a timely manner such information, documents and other materials as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate under
this Agreement, preparing any Tax Return or contesting or defending any Tax Proceeding, (ii) make itself available to the Corporate Taxpayer and its representatives to provide explanations of documents and materials and such other information
as the Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (i) above, and (iii) reasonably cooperate in connection with any such matter. The Corporate Taxpayer shall
reimburse the TRA Holder for any reasonable third-party costs and expenses incurred pursuant to this Section 6.3. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1    Notices. All notices, demands or other communications to be given or delivered under or by
reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) delivered by means of electronic mail (with hard copy sent to the recipient
by reputable overnight courier service (charges prepaid) that same day) if emailed before 5:00 p.m. Phoenix, Arizona time on a Business Day, and otherwise on the next Business Day, or (c) one (1) Business Day after being sent to the recipient
by reputable overnight courier service (charges prepaid). All notices 

  
 15 

 
hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 

If to the Corporate Taxpayer or the Company, to: 

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

Telephone: (602) 852-6604 

Attention: Paul Breaux, General Counsel 

E-mail: paul.breaux@carvana.com 

with a copy (which shall not constitute notice to the Corporate Taxpayer or the Company) to: 

Kirkland & Ellis LLP 

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

Attention: Robert M. Hayward, P.C. 

E-mail: robert.hayward@kirkland.com 

If to the Agent, to: 

[                       
                 ] 

[                       
                 ] 

[                       
                 ] 
 Attention:
[                            ] 

Email: 
 If to a TRA Holder
other than the Agent, to: 
 The address set forth in the records of the Company. 

Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

Section 7.2    Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.
Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 7.3    Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement
and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their
respective 

  
 16 

 
successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement, except as expressly provided in Section 3.3. 

Section 7.4    Governing Law. This Agreement shall be governed by, and construed in accordance with, the law
of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

Section 7.5    Severability. If any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.6    Successors; Assignment. 

(a)    No TRA Holder may assign this Agreement to any person without the prior written consent of the Corporate Taxpayer;
provided, however, that 

                (i)    to the extent Common
Units are transferred in accordance with the terms of the LLC Agreement, the transferring TRA Holder shall have the option to assign to the transferee of such Common Units the transferring TRA Holder’s rights under this Agreement with respect
to such transferred Common Units as long as such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporate
Taxpayer, agreeing to become a “TRA Holder” for all purposes of this Agreement, and 

                (ii)    any and all
payments payable or that may become payable to a TRA Holder pursuant to this Agreement that, once an Exchange has occurred, arise with respect to the Exchangeable Units transferred in such Exchange, may be assigned to any Person or Persons as long
as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer, agreeing to be bound by
Section 7.14 and acknowledging specifically the terms of Section 7.6(b). 
 For these purposes, a pledge by a TRA Holder of
some or all of its rights, interests or entitlements under this Agreement to any U.S. bank in connection with a bona fide loan or other indebtedness shall not constitute an assignment of this agreement; provided that (y) if Common Units are
transferred to such U.S. bank as a result of a foreclosure or other action relating to such pledge, such transfer shall be a transfer within the meaning of Section 7.6(a)(i) or (z) if such U.S. bank becomes entitled to
payments payable or that may become payable to a TRA Holder as a result of such pledge, such U.S. bank will be treated as a Person to whom such payments were assigned within the meaning of Section 7.6(a)(ii). For the avoidance of doubt, if a
TRA Holder 

  
 17 

 
transfers Common Units but does not assign to the transferee of such Common Units the rights of such TRA Holder under this Agreement with respect to such transferred Common Units, such TRA Holder
shall continue to be entitled to receive the Tax Benefit Payments, if any, due hereunder with respect to, including any Tax Benefit Payments arising in respect of a subsequent Exchange of, such Common Units. 

(b)    Notwithstanding the foregoing provisions of this Section 7.6, no assignee described in
Section 7.6(a)(ii) shall have any rights under this Agreement except for the right to enforce its right to receive payments under this Agreement. 

(c)    The Person designated as the Agent may not be changed without the prior written consent of the Corporate Taxpayer
and TRA Holders who would be entitled to receive more than fifty percent (50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder if the Corporate Taxpayer had exercised its right of Early Termination on
the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA Holder pursuant to this Agreement since the date of such most recent Exchange). 

(d)    Except as otherwise specifically provided herein, all of the terms and provisions of this Agreement shall be
binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporate Taxpayer shall cause any direct or
indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Corporate Taxpayer would be required to perform if no such succession had taken place. 

Section 7.7    Amendments; Waivers. No provision of this Agreement may be amended unless such amendment is
approved in writing by each of the Corporate Taxpayer and by TRA Holders who would be entitled to receive more than fifty percent (50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder if the Corporate
Taxpayer had exercised its right of Early Termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA Holder pursuant to this Agreement since the date of such
most recent Exchange); provided, however, that no such amendment shall be effective if such amendment would have a disproportionate effect on the payments certain TRA Holders will or may receive under this Agreement unless all such
disproportionately affected TRA Holders consent in writing to such amendment. 
 Section 7.8    Titles and
Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

Section 7.9    Reconciliation. In the event that the Corporate Taxpayer and the Agent or any TRA Holder (as
applicable, the “Disputing Party”) are unable to resolve a disagreement with respect to the calculations required to produce the schedules described in Section 2.3, Section 4.4 and
Section 6.2 within the relevant period designated in this Agreement (“Reconciliation  

  
 18 

 
Dispute”), the Reconciliation Dispute shall be submitted for determination to the Expert. The Expert shall be a partner or principal in a nationally recognized accounting or law firm,
and unless the Corporate Taxpayer and the Disputing Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporate Taxpayer or the Disputing Party or other actual or
potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International
Chamber of Commerce Centre for Expertise. The Expert shall resolve (a) any matter relating to the Exchange Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar
days, (b) any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days , and (c) any matter related to treatment of any tax-related item as
contemplated in Section 6.2 within fifteen (15) calendar days, or, in each case, as soon thereafter as is reasonably practicable after such matter has been submitted to the Expert for resolution. Notwithstanding the
preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, any portion of such
payment that is not under dispute shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses relating to
the engagement of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer except as provided in the next sentence. The Corporate Taxpayer and the Disputing Party shall each bear its own costs and expenses of such proceeding,
unless (i) the Expert adopts such Disputing Party’s position, in which case the Corporate Taxpayer shall reimburse such Disputing Party for any reasonable
out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporate Taxpayer’s position, in which case such Disputing Party shall
reimburse the Corporate Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute
within the meaning of this Section 7.9 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this
Section 7.9 shall be binding on the Corporate Taxpayer and its Subsidiaries and the Disputing Party and may be entered and enforced in any court having jurisdiction. 

Section 7.10    Consent to Jurisdiction. Each party hereto irrevocably submits to the exclusive jurisdiction
of the United States District Court for the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each party
hereto further agrees that service of any process, summons, notice or document by United States certified or registered mail (in each such case, prepaid return receipt requested) to such party’s respective address set forth in the
Company’s books and records or such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party shall be effective service of process in any action, suit or proceeding
in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each party hereto irrevocably and unconditionally waives any objection to the laying of venue of any action,
suit or proceeding arising out of this Agreement or the transactions contemplated hereby in the United States District Court for the State of Delaware or the state courts of the State of Delaware and hereby irrevocably and unconditionally waives and
agrees not to plead or claim in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum. 

  
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 Section 7.11    Waiver of Jury Trial. BECAUSE DISPUTES ARISING IN
CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR
DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT (INCLUDING THE COMPANY) HEREBY WAIVES ALL RIGHTS TO
TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES HEREUNDER. 

Section 7.12    Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold from any payment
payable pursuant to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision of U.S. federal, state, local or
non-U.S. Tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this
Agreement as having been paid to the relevant TRA Holder. 
 Section 7.13    Admission of the Corporate Taxpayer
into a Consolidated Group; Transfers of Corporate Assets. 
 (a)    If the Corporate Taxpayer becomes a member of an
affiliated, consolidated, combined, or unitary group of corporations that files a consolidated, combined, or unitary income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of U.S. state or local Tax
law, or would be eligible to become a member of such a group at the election of one or members of that group, then, subject to the application of the Valuation Assumptions upon a Change of Control: (i) the provisions of this Agreement shall be
applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b)    If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers one
or more assets to a corporation (or a Person classified as a corporation for Tax purposes) with which such entity does not file a consolidated Tax Return pursuant to Section 1501 of the Code or any provisions of state or local Tax law, such
entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit or Realized Tax Detriment of such entity) due
hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such contribution. 

  
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The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset. Thus, for example, in determining the Hypothetical Tax Liability of the
entity, the taxable income of the entity shall be determined by treating the entity as having sold the asset for its fair market value, recovering any basis applicable to such asset (using the Tax basis that such asset would have had at such time if
no Basis Adjustments had been made), while the Actual Tax Liability of the entity would be determined by recovering the actual Tax basis of the asset that reflects any Basis Adjustments. For purposes of this Section 7.13, a
transfer of a partnership interest shall be treated as a transfer of the transferring partner’s share of each of the assets and liabilities of that partnership. If any entity that is obligated to make a Tax Benefit Payment or Early Termination
Payment hereunder transfers one or more assets to a partnership (or a Person classified as a partnership for Tax purposes), the principles of this Section 7.13(b) and this Agreement shall govern the treatment of such transfer and any
subsequent allocations of income, gain, loss or deductions from such partnership to such entity. 

Section 7.14    Confidentiality. 

(a)    The Agent, each TRA Holder and each of the TRA Holder’s assignees acknowledges and agrees that the information
of the Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such person shall
keep and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer and its Affiliates and successors, concerning the Company and its Affiliates and
successors or the TRA Holders, learned by the Agent or any TRA Holder heretofore or hereafter. This Section 7.14 shall not apply to (i) any information that has been made publicly available by the Corporate Taxpayer or
any of its Affiliates, becomes public knowledge (except as a result of an act of the Agent or a TRA Holder in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information (A) as may be
proper in the course of performing such TRA Holder’s obligations, or monitoring or enforcing such TRA Holder’s rights, under this Agreement, (B) as part of such TRA Holder’s normal reporting, rating or review procedure (including
normal credit rating and pricing process), or in connection with such TRA Holder’s or such TRA Holder’s Affiliates’ normal fund raising, marketing, informational or reporting activities, or to such TRA Holder’s (or any of its
Affiliates’) Affiliates, auditors, accountants, attorneys or other agents, (C) to any bona fide prospective assignee of such TRA Holder’s rights under this Agreement, or prospective merger or other business combination partner of such
TRA Holder, provided that such assignee or merger partner agrees to be bound by the provisions of this Section 7.14, (D) as is required to be disclosed by order of a court of competent jurisdiction,
administrative body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation; provided that any TRA Holder required to make any such disclosure to the extent legally permissible shall provide the Corporate
Taxpayer prompt notice of such disclosure, or to regulatory authorities or similar examiners conducting regulatory reviews or examinations (without any such notice to the Corporate Taxpayer), or (E) to the extent necessary for a TRA Holder to
prepare and file its Tax Returns, to respond to any inquiries regarding such Tax Returns from any Taxing Authority or to prosecute or defend any Tax Proceeding with respect to such Tax Returns. Notwithstanding anything to the contrary herein, the
Agent (and each employee, representative or other agent of Agent or its assignees, as applicable) and each TRA Holder and each of its assignees (and each employee, representative or other agent of such

  
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TRA Holder or its assignees, as applicable) may disclose to any and all Persons, without limitation of any kind, the Tax treatment and Tax structure of the Corporate Taxpayer, Carvana Co. Sub,
the Company, the Agent, the TRA Holders and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are provided to the Agent or the TRA Holder relating to such Tax treatment and
Tax structure. 
 (b)    If the Agent or an assignee or a TRA Holder or an assignee commits a breach, or threatens to
commit a breach, of any of the provisions of this Section 7.14, the Corporate Taxpayer shall have the right and remedy to have the provisions of this Section 7.14 specifically enforced by
injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporate
Taxpayer or any of its Subsidiaries or the TRA Holders and the accounts and funds managed by the Corporate Taxpayer and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to,
and not in lieu of, any other rights and remedies available at law or in equity. 
 Section 7.15    No Similar
Agreements. Neither the Corporate Taxpayer nor any of its Subsidiaries shall enter into any additional agreement providing rights similar to this Agreement to any Person (including any agreement pursuant to which the Corporate Taxpayer is
obligated to pay amounts with respect to tax benefits resulting from any net operating losses or other tax attributes to which the Corporate Taxpayer becomes entitled as a result of a transaction) without the prior written consent of the TRA Holders
who would be entitled to receive more than fifty percent (50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder if the Corporate Taxpayer had exercised its right of early termination on the date of the
most recent Exchange (excluding, for purposes of this sentence, all payments made to any TRA Holder pursuant to this Agreement since the date of such most recent Exchange). 

Section 7.16    Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an
actual or proposed change in law, a TRA Holder reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Holder upon any Exchange to
be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income and all applicable state and local Tax purposes or would have other material adverse Tax consequences to the TRA Holder
and/or its direct or indirect owners, then at the election of the TRA Holder and to the extent specified by the TRA Holder, this Agreement (i) shall cease to have further effect with respect to such TRA Holder, (ii) shall not apply to an
Exchange by the TRA Holder occurring after a date specified by it, or (iii) shall otherwise be amended in a manner determined by the TRA Holder to waive any benefits to which such TRA Holder would otherwise be entitled under this Agreement,
provided that such amendment shall not result in an increase in or acceleration of payments under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment. 

[Signature Pages Follow] 

  
 22 

 IN WITNESS WHEREOF, the Corporate Taxpayer, the Company, the Agent, and the TRA Holders have duly
executed this Agreement as of the date first written above. 
  

			
	CORPORATE TAXPAYER:
	
	CARVANA CO.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	COMPANY:
	
	CARVANA GROUP, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	AGENT:
	
	[                    ]

 [The signatures of the TRA Holders are attached in Schedule A.] 

Signature Page to Tax Receivable Agreement 

 SCHEDULE A 

TRA HOLDERSEX-10.2

 Exhibit 10.2 

FORM OF EXCHANGE AGREEMENT 

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

WHEREAS, the Corporation is a wholly owned Subsidiary (as defined below) of Pubco; 

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

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

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

Section 1.1    Definitions. 

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

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

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

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

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

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

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

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

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

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

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

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

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

  
 2 

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

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

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

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

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

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

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

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

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

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

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

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

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

  
 3 

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

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

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

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

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

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

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

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

“SEC” means the Securities and Exchange Commission. 

  
 4 

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

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

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

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

Section 2.1    Exchange of Common Units. 

(a)    Elective Exchanges. 

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

  
 5 

 
designee) of either, at the option of the Corporation, (x) a number of shares of Class A Common Stock that is equal to the product of the applicable Net Exchanged Unit Amount multiplied
by the Exchange Rate or (y) the applicable Cash Payment. Any exchange of Exchangeable Units and, if applicable, Class B Common Stock for Class A Common Stock or the Cash Payment, as applicable, is defined herein as an
“Exchange.” Subject to Section 2.1(a)(ii), after the First Exchange Time a Member may Exchange Class A Common Units at any time and from time to time, but a Member may not Exchange Class B Common Units more than
once per fiscal quarter without the prior consent of the Corporation. The minimum number of Exchangeable Units (and corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate, if any) that may be
exchanged by any Member shall be the lesser of (A) 20,000 (twenty thousand) and (B) all of the Exchangeable Units (and corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate, if any) then held by
such Member and its Affiliates, except that such minimum shall not apply if such Exchange is in connection with the exercise of any incidental registration rights pursuant to the Registration Rights Agreement. 

(ii)    Notwithstanding anything to the contrary contained herein, no Member shall be entitled to
effectuate an Exchange of Exchangeable Units (and a corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate, if any) as set forth in this Section 2.1(a), and the Corporation and Company shall
have the right to refuse to honor any request for such an Exchange, if at any time the Corporation or the Company determines based on the advice of counsel that such Exchange (1) would be prohibited by law or regulation (including, without
limitation, the unavailability of a registration of such Exchange under the Securities Act, or an exemption from the registration requirements thereof), (2) would not be permitted under any agreement with the Corporation, the Company or any of their
Subsidiaries to which the applicable Member is party (including, without limitation, the LLC Agreement), (3) would result in a negative adjustment from the Exchange under Section 743(b) of the Code with respect to the Corporation’s interest in
the Company so acquired, or (4) solely in the case of an Exchange requested by an officer, director or other personnel of Pubco, the Corporation, the Company or any of their Subsidiaries, would not be permitted under any written policy of
Pubco, the Corporation, the Company or any of their Subsidiaries related to restrictions on trading by such officers, directors or other personnel. Upon such determination, the Corporation or the Company (as applicable) shall notify the Member
requesting the Exchange of such determination, which such notice shall include an explanation in reasonable detail as to the reason that the Exchange has not been honored. 

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

  
 6 

 
the form of Exhibit B hereto (an “Exchange Notice”), duly executed by such Member, (B) any certificates in such Member’s possession representing such Exchangeable
Units, (C) any stock certificates in such Member’s possession representing such shares of Class B Common Stock and (D) if the Corporation, the Company or any exchanging Subsidiary requires the delivery of the certification
contemplated by Section 2.4(b), such certification or written notice from such Member that it is unable to provide such certification. Unless such Member timely has delivered a Retraction Notice pursuant to Section 2.1(a)(vi), an
Exchange pursuant to this Section 2.1(a) shall be effected on the fifth Business Day following the Business Day on which the Corporation and the Company have received the items specified in clauses (A)-(D) of the first sentence of this
Section 2.1(a)(iii) or such later date that is a Business Day specified in the Exchange Notice (such Business Day, the “Exchange Date”); provided, that the Company may establish alternate exchange procedures as
necessary in order to facilitate the establishment by a Member of a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act. On the Exchange Date, all rights of the exchanging Member as a
holder of the Exchangeable Units and shares of Class B Common Stock that are subject to the Exchange shall cease, and unless the Corporation has elected Cash Payment, such Member (or its designee) shall be treated for all purposes as having
become the record holder of the shares of Class A Common Stock to be received by the exchanging Member in respect of such Exchange. 

(iv)    Within two (2) Business Days following the Business Day on which the Corporation and the
Company have received the Exchange Notice, the Corporation shall give written notice (the “Contribution Notice”) to the Company (with a copy to the exchanging Member) of its intended settlement method; provided that if the
Corporation does not timely deliver a Contribution Notice, the Corporation shall be deemed to have not elected the Cash Payment method. 

(v)    A Member may specify, in an applicable Exchange Notice, that the Exchange is to be contingent
(including as to timing) upon the occurrence of any transaction or event, including the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering, Change of Control transaction or otherwise) of
shares of Class A Common Stock or any merger, consolidation or other business combination. 

(vi)    Notwithstanding anything herein to the contrary, a Member may withdraw or amend its Exchange
Notice, in whole or in part, at any time prior to 5:00 p.m. Phoenix, Arizona time, on the Business Day immediately prior to the Exchange Date by giving written notice to the Company (with a copy to the Corporation) specifying (A) the number of
withdrawn Exchangeable Units (and corresponding number of shares of Class B Common Stock after taking into account the Exchange Rate), (B) the number of Exchangeable Units (and corresponding number of shares of Class B Common Stock after
taking into account the Exchange Rate) as to which the Exchange Notice remains in effect, if any, and (C) if the Member so determines, a new Exchange Date or any other new or revised information permitted in the Exchange Notice. 

  
 7 

 (b)    Change of Control. In connection with a Change
of Control, and subject to any approval of the Change of Control by the holders of Class A Common Stock and Class B Common Stock that may be required: 

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

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

(iv)    The Corporation shall provide written notice of an expected Change of Control to all Members within
the earlier of (x) five (5) Business Days following the execution of the agreement with respect to such Change of Control and (y) ten (10) Business Days before the proposed date upon which the

  
 8 

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

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

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

  
 9 

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

(e)    Legends. 

(i)    The shares of Class A Common Stock issued upon an Exchange, other than any such shares issued
in an Exchange subject to an effective registration statement under the Securities Act, shall bear a legend in substantially the following form: 

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

(ii)    If (A) any shares of Class A Common Stock have been sold pursuant to a registration
statement that has been declared effective by the SEC, (B) all of the applicable conditions of Rule 144 are met, or (C) the legend (or a portion thereof) otherwise ceases to be applicable, Pubco, upon the written request of the holder
thereof, shall promptly provide such holder or its respective transferees with new certificates (or evidence of book-entry share) for securities of like tenor not bearing the provisions of the legend with respect to which the restriction has
terminated. In connection therewith, such holder shall provide Pubco with such information in its possession as Pubco may reasonably request (which may include an opinion of counsel reasonably acceptable to Pubco) in connection with the removal of
any such legend. 
 (f)    Cancellation of Class B Common Stock. Any shares of
Class B Common Stock surrendered in an Exchange shall automatically be deemed cancelled without any action on the part of any Person, including the Corporation or Pubco. Any such cancelled shares of Class B Common Stock shall no longer be
outstanding, and all rights with respect to such shares shall automatically cease and terminate. 

(g)    Expenses. Subject to any other arrangement or agreement among the Company and an applicable
Member, the Corporation, the Company, any exchanging 

  
 10 

 
Subsidiary and each exchanging Member shall bear their own expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that
the Corporation shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that if any shares of Class A Common Stock are to be delivered in
a name other than that of the Member that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account of such Member) or the Cash
Payment is to be paid to a Person other than the Member that requested the Exchange, then such Member or the Person in whose name such shares are to be delivered or to whom the Cash Payment is to be paid shall pay to the Corporation the amount of
any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Corporation that such tax has been paid or is not payable. 

(h)    Publicly Traded Partnership. Notwithstanding anything to the contrary herein, if the Manager
of the Company, after consultation with its outside legal counsel and tax advisor, shall determine in good faith that interests in the Company do not meet the requirements of Treasury Regulation Section
1.7704-1(h) (or other provisions of those Regulations as determined by the Manager in its sole discretion), the Company may impose such restrictions on Exchanges as the Company may reasonably determine to be
necessary or advisable so that the Company is not treated as a “publicly traded partnership” under Section 7704 of the Code. 

Section 2.2    Adjustment. 

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

  
 11 

 
similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is
converted or changed or exchanged into or for another security, securities or other property, this Section 2.2 shall continue to be applicable, mutatis mutandis, with respect to such security or other property. 

Section 2.3    Class A Common Stock to be Issued. 

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

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

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

Section 2.4    Withholding; Certification of Non-Foreign Status.

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

  
 12 

 
the Corporation or the Company, as the case may be, may be required to withhold with respect to such Exchange. To the extent that amounts are (or property is) so withheld and paid over to the
appropriate taxing authority, such withheld amounts (or property) shall be treated for all purposes of this Agreement as having been paid (or delivered) to the applicable Member. 

(b)    Notwithstanding anything to the contrary herein, each of the Corporation and the Company may, in its
discretion, require that an exchanging Member deliver to the Corporation or the Company, as the case may be, a certification of non-foreign status in accordance with Treasury Regulation Section 1.1445-2(b) prior to an Exchange. In the event the Corporation or the Company has required delivery of such certification but an exchanging Member does not provide such certification, the Corporation or the Company,
as the case may be, shall nevertheless deliver or cause to be delivered to the exchanging Member the Class A Common Stock or the Cash Payment in accordance with Section 2.1, but subject to withholding as provided in
Section 2.4(a). 
 Section 2.5    Tax Treatment. 

Unless otherwise required by applicable law, the parties hereto acknowledge and agree that any Exchange with the Company or the Corporation
shall be treated as a direct exchange between the Corporation and the Member for U.S. federal and applicable state and local income tax purposes. The parties hereto intend to treat any Exchange consummated hereunder as a taxable sale of the
Exchangeable Units by the exchanging Member to the Corporation for U.S. federal and applicable state and local income tax purposes except as otherwise mutually agreed to in writing by the exchanging Member and the Corporation and no party hereto
shall take an position inconsistent with such intended tax treatment on any tax return, amendment thereof or any other communication with a taxing authority, in each case unless otherwise required by a “determination” within the meaning of
Section 1313 of the Code. 
 Section 2.6    Contribution of the Corporation. 

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

Section 2.7    Distributions. 

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

  
 13 

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

Section 3.1    Representations and Warranties of the Corporation. 

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

Section 3.2    Representations and Warranties of Pubco. 

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

  
 14 

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

Section 3.3    Representations and Warranties of the Company. 

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

  
 15 

 Section 3.4    Representations and Warranties of the Members.

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

 ARTICLE IV 

Section 4.1    Notices. 

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

  
 16 

 If to the Company, the Corporation or Pubco to: 

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

Telephone: (602) 852-6604 

Attention: Paul Breaux, General Counsel 

E-mail: paul.breaux@carvana.com 

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

Kirkland & Ellis LLP 

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

Attention: Robert M. Hayward, P.C. 

E-mail: robert.hayward@kirkland.com 

Section 4.2    Permitted Transferees. 

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

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

  
 17 

 Section 4.4    Counterparts. 

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

Section 4.5    Entire Agreement. 

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

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

Section 4.7    Governing Law. 

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

Section 4.8    Consent to Jurisdiction. 

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

  
 18 

 Section 4.9    Waiver of Jury Trial. 

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

Section 4.10    Amendments. 

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

Section 4.11    Assignment. 

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

Section 4.12    Independent Obligations. 

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

  
 19 

 Section 4.13    Specific Enforcement. 

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

  
 20 

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

			
	CARVANA CO.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	CARVANA CO. SUB LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	CARVANA GROUP, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	[Members of Carvana Group, LLC]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signature Page to Exchange Agreement] 

 Exhibit A 
  

									
	 	  	Immediately Following IPO	 
	 	  	Number of
Common
Units
Owned	 	 	Number
of
Class B
Shares
Owned	 
	Name and Address of Member	  				 			
	 [●]
 [●]

[●]
	  	 	[	●] 	 	 	[	●] 
			
	 [●]
 [●]

[●]
	  	 	[	●] 	 	 	[	●] 

 Exhibit B 

[Form of] 
 Exchange Notice 

Carvana Co. Sub LLC 
 c/o Carvana Co. 

4020 E. Indian School Road 
 Phoenix, AZ 85018 

Telephone: (602) 852-6604 

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

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

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

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

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

 Legal Name of Account Holder: [●] 

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

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

			
	 [●]

	
	  

	 Name:

	 Title:

		
	 Dated:
	 	  

  
 B2 

 Exhibit C 

[Form of] 
 Joinder 

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

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

			
	 [●]

	
	  

	 Name:
	 	
	 Title:
	 	
		
	 Dated:
	 	  

			
	Address for Notice: [●]

  
 4

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