Document:

EX-10.21

 Exhibit 10.21 

Execution Copy 

RECEIVABLES PURCHASE AGREEMENT 
 This
RECEIVABLES PURCHASE AGREEMENT (as it may be amended, modified or supplemented from time to time, this “Agreement”) is made as of March 16, 2016 between Wise Alloys Funding II LLC, a Delaware limited liability company, in its
capacity as seller hereunder (“Seller”), Wise Alloys LLC, a Delaware limited liability company, in its capacity as servicer hereunder (“Servicer”), Hitachi Capital America Corp. (together with its successors and
permitted assigns, the “Purchaser”) and Greensill Capital Inc., a Delaware corporation, in its capacity as purchaser agent hereunder (the “Purchaser Agent”). 

RECITALS 
 WHEREAS, Seller has
purchased certain accounts receivable related to each account debtor listed on Schedule 1 hereto (each an “Account Debtor” and, collectively, the “Account Debtors”) and is the legal and beneficial owner of
Receivables (as hereinafter defined) payable by each such Account Debtor; and 
 WHEREAS, Seller desires to sell certain Receivables to
Purchaser, and Purchaser is willing to purchase from Seller such Receivables, in which case the terms set forth herein shall apply to such purchase and sale. 

THEREFORE, for good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. DEFINITIONS. Certain capitalized terms used in this Agreement shall have the meanings given to those terms in Exhibit A
attached hereto and thereby incorporated herein. 
 2. SALE AND PURCHASE. 

(a) Sale. Commencing on the date hereof and ending on the Purchase Termination Date, Seller may from time to time make an offer to sell
to Purchaser certain Proposed Receivables by submitting to Purchaser a request substantially in the form of Exhibit B hereto by 2:00 p.m., (New York City time), at least three Business Days prior to any purchase hereunder (a
“Purchase Request”), and Purchaser agrees, subject to the requirements for purchase and all of the terms and conditions therefor set forth herein (including the conditions precedent set forth in Section 2(c)), to
purchase from Seller the Proposed Receivables identified in such Purchase Request. Subject to the satisfaction of the conditions precedent set forth in Section 2(c) hereof, Purchaser shall and hereby does purchase from Seller, and Seller
shall and hereby does sell to Purchaser, without representation, warranty, covenant or recourse except as expressly provided herein, all of Seller’s right, title and interest in such Proposed Receivables and all Related Rights with respect
thereto as of the applicable Purchase Date (all such Proposed Receivables together with such Related Rights, once sold and purchased hereunder, being referred to, collectively, as the “Purchased Receivables”). The Seller shall not
request and Purchaser shall not be required to fund more than two (2) purchases per week, to take place on the Monday and Thursday of each week (or, if any such day is not a Business Day, on the immediately following Business Day). No single
request for purchase hereunder shall be for an amount less than $250,000. 
 (b) Term. This Agreement shall continue in effect until
the Purchase Termination Date, provided that Purchaser shall have the right to terminate this Agreement at any time (i) upon ten (10) days’ prior written notice to Seller in the event that Purchaser is legally prohibited under
applicable law or any rule or regulation applicable to Purchaser from being a party to this Agreement or consummating the transactions contemplated hereunder, (ii) as provided in Section 5 below, or (iii) as

 
provided in paragraphs (b), (c) and (d) of Section 7 below ; provided further, that Seller shall have the rights to terminate this
Agreement as provided in the last sentence of Section 7(d) below. Termination shall not affect the rights and obligations of the parties with respect to Purchased Receivables sold hereunder prior to the Purchase Termination Date or are
expressed to survive termination hereof. Notwithstanding the foregoing, so long as no Termination Event or Unmatured Termination Event has occurred and is continuing, Seller may provide a written request to Purchaser no less than 90 days prior to
the then existing Purchase Termination Date of its desire to extend the then current Purchase Termination Date and Purchaser shall notify Seller within 60 days of the then existing Purchase Termination Date whether it has elected and agreed (in its
sole discretion) to extend such Purchase Termination Date for a period not longer than an additional term of 364 days from the date of such election by the Purchaser. 

(c) Conditions Precedent. Each purchase of Proposed Receivables described in a Purchase Request is subject to the satisfaction of the
following conditions prior to (and, if applicable, after giving effect to) the proposed Purchase Date, all to the reasonable satisfaction of Purchaser: 

(i) No event has occurred and is continuing, or would result from such purchase that constitutes a Termination Event or an
Unmatured Termination Event; 
 (ii) No Material Adverse Change has occurred since the last purchase of Receivables under
this Agreement with respect to Seller, Parent, Originator or Servicer; 
 (iii) The Servicer has delivered the most recent
Servicer Report required to be delivered by it hereunder; 
 (iv)(A) There are no amounts then due and owing by the
Seller or the Originator to the Account Debtor in respect of any Purchased Receivable (including, without limitation, in relation to any adjustments or settlements related to any preliminary invoices, based on any agreements with respect thereto
between the Seller or the Originator and the Account Debtor); and (B) the Offset Condition shall be satisfied before and after giving effect to the purchase of such Proposed Receivables; 

(v) The Sale Agreement remains in full force and effect and no Termination Event or Unmatured Termination Event has occurred
and is continuing thereunder; 
 (vi) Purchaser shall have received at least three Business Days prior to any purchase
(A) a Purchase Request with respect to the Proposed Receivables, (B) the related Contract (or portion thereof that is permitted to be disclosed to the Purchaser by the parties to such applicable Contract) for such Proposed Receivables, and
(C) such additional supporting documentation that Purchaser may have reasonably requested; 
 (vii) Purchaser is not
legally prohibited from purchasing the Proposed Receivables listed on the relevant Purchase Request; 
 (viii) The
representations and warranties contained in this Agreement and the Purchase Request shall be true and correct (subject to any applicable materiality qualification to the extent expressly set forth in any particular representation or warranty) on and
as of such Purchase Date; 

  
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 (ix) Seller, Servicer and Parent shall be in compliance (subject to any
applicable materiality qualification to the extent expressly set forth in any particular covenant or other provision) with each term, covenant and other provision of this Agreement and the Parent Guarantee applicable to Seller, Servicer or Parent,
as applicable; 
 (x) No Event of Repurchase shall then exist, unless Seller has repurchased and paid (or is paying on such
proposed Purchase Date and Purchaser is satisfied that Seller will be paying on such proposed Purchased Date in cash), the full amount of the Repurchase Price (or the amount subject to Dispute or Dilution, to the extent provided pursuant to
Section 7 hereof) for the affected Purchased Receivables pursuant to the terms of Section 7 hereof; 

(xi) Following the sale and purchase of the Proposed Receivables set forth in the related Purchase Request, the Outstanding
Aggregate Purchase Amount for all Purchased Receivables shall not exceed the Facility Amount; 
 (xii)(A) No Account
Debtor Insolvency Event shall have occurred and be continuing with respect to any Account Debtor obligated on the Proposed Receivables described in such Purchase Request, and no Insolvency Event with respect to Seller, Servicer or Parent shall have
occurred and be continuing; and (B) neither Moody’s nor Standard & Poor’s shall have rated or downgraded Anheuser-Busch InBev SA/NV from its current rating to a rating below Baa3 (in the case or Moody’s) or below BBB-
(in the case of Standard & Poor’s); 
 (xiii) Purchaser shall have received payment of all Commitment Fees
due and payable under Section 2(e) and all other amounts due under this Agreement at such time have been paid; 

(xiv) The Collection Account shall be open under the Collection Account Agreement and not subject to a notice of termination
by the account bank under the Collection Account Agreement, or a replacement collection account under a replacement collection account agreement reasonably acceptable to Purchaser shall be in effect (or scheduled to be in effect upon the termination
of the Collection Account); and 
 (xv) On the initial Purchase Date, the Purchaser Agent shall have received a fully
executed copy of the Purchaser Agent Fee Letter and the Purchaser shall have received each of the following documents, each dated such date and in form and substance satisfactory to Purchaser: 

(A) Executed counterparts of this Agreement and each of the other Transaction Documents by the parties thereof; 

  
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 (B) Purchaser shall have received evidence satisfactory to it that Seller shall have established
the Collection Account and Purchaser shall have control over such account as herein provided and pursuant to the Collection Account Agreement; 

(C) A certificate of each of the Secretary or Assistant Secretary of Seller, Servicer and the Parent certifying the names and true signatures
of the incumbent officers authorized on behalf of such Person to execute and deliver this Agreement, each Purchase Request, the other Transaction Documents and any other documents to be executed or delivered by it hereunder, together with its
Organizational Documents and board resolutions, evidencing necessary organizational action and governmental approvals, if any, necessary for Seller, Servicer and Parent to execute, deliver and perform its obligations under this Agreement and the
other Transaction Documents. 
 (D) UCC, tax and judgment lien searches, bankruptcy and pending lawsuit searches or equivalent reports or
searches, listing all effective financing statements, lien notices or comparable documents that name Seller or Originator as debtor and that are filed in those state and county jurisdictions in which Seller or Originator is organized or maintains
its principal place of business or chief executive office and such other searches that Purchaser deems reasonably necessary or appropriate. 

(E) Acknowledgment copies of proper termination statements (Form UCC-3) and any other relevant filings necessary to evidence the release of
all security interests, ownership and other rights of any Person previously granted by Seller in the Proposed Receivables. 
 (F) Copies of
proper Uniform Commercial Code financing statements identifying Seller as “seller” and Purchaser as “buyer”, together with evidence that they have been duly filed on or before the initial Purchase Date in the correct filing
office under the Uniform Commercial Code of the jurisdiction in which seller is located for purposes of the UCC. 
 (G) A good standing
certificate for each of Seller, Servicer and Parent from its respective jurisdiction of organization. 
 (H) A fully completed Seller
Information Schedule in the form attached as Schedule 2, containing certain factual information regarding Seller to the extent that such information was not previously delivered to Purchaser. 

(I) A duly executed Parent Guarantee, together with a secretary’s certificate of Parent and such other documentation relating to Parent
as Purchaser may request. 
 (J) A favorable legal opinion of counsel to each of Seller, Servicer and Parent covering enforceability,
general corporate matters, no conflicts and UCC matters, in form and substance satisfactory to Purchaser and addressed to the Purchaser; 

(K) A favorable “true sale” opinion of counsel to Seller in form and substance satisfactory to Purchaser and addressed to the
Purchaser; 
 (L) A schedule of Receivables purchased by the Purchaser from the Seller on each Purchase Date, as such schedule may be
amended, modified, updated or supplemented from time to time as Receivables are purchased hereunder; 

  
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 (M) Originator and Seller shall have executed and delivered to Purchaser two (2) original
Notifications of Assignment in the form of Exhibit E hereto to be used in accordance with Section 6(d); and 
 (N) All
documents and other evidence that Purchaser requires for its know-your-customer and other compliance checks on Seller, Servicer, Parent and each Account Debtor. 

(d) Purchase Price. The purchase price for any Purchased Receivable purchased on any Purchase Date (the “Purchase
Price”) shall be determined on and as of the applicable Purchase Date (without any subsequent adjustment whether for late payment, credit rating deterioration or otherwise), shall be paid to Seller on the Purchase Date and shall be equal
to: 
 Purchase Price = A - (A x (B x ((C)/360)), where: 

 

	 	A	= Net Invoice Amount 

  

	 	B	= Discount Rate 

  

	 	C	= number of days between the Purchase Date and the Scheduled Payment Date (including the Purchase Date, 

	 	    	   but not including the Scheduled Payment Date 

 On each Purchase Date, the Purchase Price for
Purchased Receivables purchased by the Purchaser shall be paid by the Purchaser to such account designated by the Seller (or the Servicer on its behalf) in immediately available funds. 

(e) Commitment Fee and Purchaser Account Information. 

The Seller shall pay to the Purchaser, a commitment fee (the “Commitment Fee”) on the last business day of each calendar
quarter (commencing with the first payment to be made on June 30, 2016) and on the Purchase Termination Date, in an amount equal to (i) $5,000, plus (ii) an amount calculated quarterly in arrears at a rate of 1% per
annum (calculated on a 360-day basis), on the Facility Amount. The Commitment Fee, and all other payments to be made to the Purchaser pursuant to the terms of this Agreement and the other Transaction Documents, shall be made to the following
account maintained in the name of Hitachi Capital America Corp. at Citibank, N.A., with account number 4076-4427, ABA # 021-000-089 and SWIFT code CITIUS33, or such other account designated by the Purchaser from time to time. 

(f) Transaction Fee. 

On the date that is the earlier of the initial Purchase Date hereunder or five (5) Business Days following the date hereof, Seller shall
pay to the Purchaser Agent a one-time up front and fully earned transaction fee (the “Transaction Fee”) in an amount equal to $250,000. Such fee shall be payable without any deduction, withholding or set-off of any kind. 

(g) True Sale; No Recourse. Except as otherwise provided in Section 7 hereof, each purchase of the Purchased Receivables is
made without recourse to Seller, and Seller shall have no liability to Purchaser and Purchaser shall be solely responsible for Account Debtor’s failure to pay any Purchased Receivable when it is due and payable under the terms applicable
thereto, including but not limited to as the result of an Account Debtor Insolvency Event, such assumption of credit risk being effective as of the Purchase Date for such Purchased Receivables. Purchaser and Seller have structured the transactions
contemplated by this Agreement as a sale, and Purchaser and Seller each agree to treat 

  
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each such transaction as a “true sale” for all purposes under applicable law and accounting principles, including, without limitation, in their respective books, records, computer
files, tax returns (federal, state and local), regulatory and governmental filings (and shall reflect such sale in their respective financial statements). Notwithstanding the intent of the parties hereunder, in the event that the transfers hereunder
are recharacterized as other than a sale from the Seller to the Purchaser, then in order to secure all of Seller’s obligations (monetary or otherwise) under this Agreement, whether now or hereafter existing or arising, due or to become due,
direct or indirect, absolute or contingent, Seller hereby grants to Purchaser a security interest in all of Seller’s right, title and interest (including any undivided interest of Seller) in, to and under all of the following, whether now or
hereafter owned, existing or arising: (i) all Purchased Receivables and all Related Rights with respect thereto, (ii) all Collections with respect to such Purchased Receivables, (iii) all accounts into which Collections may be
deposited to which the Seller is the named owner on the account, including the Collection Account, and all amounts on deposit therein, (iv) all rights (but none of the obligations) of Seller under the Sale Agreement between Wise Alloys LLC and
Seller, and (v) all proceeds of, and all amounts received or receivable under any or all of, the foregoing (collectively, the “Sold Assets”). 

3. REPRESENTATIONS AND WARRANTIES. Until the later of the Purchase Termination Date and the last Invoice Due Date (subject to any
provisions hereof which by their express terms survive termination, and subject to any specific representations which are expressly limited to a particular date or dates) Seller and, to the extent specifically applicable to the Servicer below, the
Servicer, in each case represents and warrants to Purchaser with respect to itself only that on the date hereof and on each Purchase Date, the representations and warranties set forth below are true and correct (subject to any applicable materiality
qualification to the extent expressly set forth in any particular representation or warranty below): 
 (a) Proposed Receivables.

 (i) With respect to each transfer of Receivables hereunder, as of the date of the applicable Purchase Request and the
related Purchase Date for such Proposed Receivable, the information contained in the applicable Purchase Request in respect of such Proposed Receivable on the applicable Purchase Date is a true and correct list of the Account Debtor’s name, the
purchase order numbers, the invoice numbers, the Net Invoice Amount due in respect thereof and the Invoice Due Date, in each case, for each applicable Proposed Receivable that is the subject of such Purchase Request. With respect to the Proposed
Receivables listed on the related Purchase Request to be transferred on the applicable Purchase Date, as of the date of the applicable Purchase Request and the related Purchase Date for such Proposed Receivable, (A) all information contained in
each Purchase Request is accurate in all respect, (B) each invoice related to such Proposed Receivable is accurate in all respects as of its date and the Purchase Date, as applicable, (C) Purchaser has received true and correct copies of
all the relevant documentation relating to each of the Proposed Receivables requested by Purchaser, (D) none of the Proposed Receivables are currently evidenced by “chattel paper” or “instruments” (as each such term is
defined in Article 9 of the UCC), (E) each of the Proposed Receivables is in full force and effect and is the valid and binding obligation of the applicable Account Debtor, enforceable in accordance with its terms, and constitutes the
applicable Account Debtor’s legal, valid and binding obligation to pay to Seller the amount of the Purchased Receivables, subject to, bankruptcy, insolvency, reorganization, arrangement, moratorium and other laws of general applicability
relating to or affecting creditors’ rights, 

  
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(F) neither Seller nor any Account Debtor is in default in the performance of any of the provisions of the documentation applicable to its transactions included within any Proposed Receivables,
including any of the Contracts relating to such Proposed Receivables, (G) each Proposed Receivable and the Contract and sale terms related thereto are not subject to any Dispute, whether arising out of the transactions contemplated by this
Agreement or independently thereof and (H) Originator has delivered to the Account Debtor all property or performed all services required to be so delivered or performed by the terms of the documentation giving rise to the Proposed Receivables.
The payments due with respect to each Proposed Receivable are not contingent upon Seller’s or Originator’s fulfillment of any further obligation. 

(ii) With respect to the Proposed Receivables listed on a Purchase Request, as of the date of the applicable Purchase Request
and the related Purchase Date for such Proposed Receivables, each Proposed Receivable listed in such Purchase Request is an Eligible Receivable and a bona fide payment obligation of the applicable Account Debtor identified in the applicable invoice
and due on the Invoice Due Date for such Proposed Receivable. 
 (iii) Each Proposed Receivable (A) arises under a
Contract between Originator and the applicable Account Debtor, (B) does not require the applicable Account Debtor or any other Person to consent to the transfer, sale or assignment of Seller’s rights to payment under such agreement and
(C) does not contain a confidentiality provision that purports to restrict the ability of Purchaser to exercise its rights under this Agreement. 

(iv) Seller is the legal and beneficial owner of each Proposed Receivable free and clear of any lien, encumbrance or security
interest, and upon each purchase of a Proposed Receivable, Purchaser shall acquire valid ownership of each Purchased Receivable and the Collections and Related Rights with respect thereto prior to all other Persons. 

(v) No sale or assignment hereunder constitutes a fraudulent transfer or conveyance under any United States federal or
applicable state bankruptcy or insolvency laws or is otherwise void or voidable under such or similar laws or principles or for any other reason. 

(vi) All Proposed Receivables (i) were originated by Seller or the Originator in the ordinary course of its business,
and (ii) were sold to the Seller (in the case of the Sale Agreement) and to Purchaser hereunder, as applicable, for fair consideration and reasonably equivalent value. 

(vii) No proceeds of any purchase will be used (i) for any purpose that violates any applicable law, rule or regulation,
including Regulations T, U or X of the Federal Reserve Board or (ii) to acquire any security in any transaction which is subject to Section 12, 13 or 14 of the Securities Exchange Act of 1934, as amended. 

(b) Seller. Seller is a limited liability company, duly formed, validly existing and in good standing under the laws of the State of
Delaware and is duly qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified except where 

  
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the failure to be so qualified would not have a material adverse effect on the ability of Seller to fulfill its obligations hereunder or on the validity or enforceability of, or the rights,
remedies or benefits available to Purchaser under this Agreement. Seller is not subject to any Insolvency Event. Seller was formed on February 26, 2016 and Seller did not engage in any business activities prior to the date of this Agreement.
Seller has no subsidiaries. 
 (c) Servicer. Servicer is a limited liability company, duly formed, validly existing and in good
standing under the laws of the State of Delaware and is duly qualified to do business, and is in good standing, in every jurisdiction where the nature of its business requires it to be so qualified except where the failure to be so qualified would
not have a material adverse effect on the ability of Servicer to fulfill its obligations hereunder or on the validity or enforceability of, or the rights, remedies or benefits available to Purchaser under this Agreement. Servicer is not subject to
any Insolvency Event. In addition to any specific representations and warranties made by the Servicer herein, in its capacity as such, Servicer hereby makes all of the representations and warranties contained in the Sale Agreement whether in its
capacity as Originator or Servicer thereunder, incorporated herein by reference and as if expressly set forth in this Agreement. 
 (d)
No Conflict, etc. The execution, delivery and performance by Seller or Servicer (as the case may be) of this Agreement, each Purchase Request and each other document to be delivered by Seller and Servicer hereunder, (i) are within its
corporate or other organizational powers, (ii) have been duly authorized by all necessary corporate or other organizational action, and (iii) do not contravene (A) its Organizational Documents, (B) any law, rule or regulation
applicable to it, (C) any contractual restriction binding on or affecting it or its property, or (D) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property. The Agreement has been duly executed
and delivered by Seller and Servicer. Each of Seller and Servicer have furnished to Purchaser a true, correct and complete copy of its Organizational Documents, including all amendments thereto. 

(e) Authorizations; Filings. No authorization or approval or other action by, and no notice to or filing with, any governmental entity
is required for the due execution, delivery and performance by Seller and Servicer of this Agreement or any other document to be delivered thereunder except, with respect to the Seller, for the filing of any Uniform Commercial Code financing
statements as may be necessary to perfect the sale of Purchased Receivables pursuant to this Agreement and UCC-3 statements releasing existing liens on the Receivables. Other than the Uniform Commercial Code financing statements to be released
pursuant to the UCC-3s as aforementioned, no Uniform Commercial Code financing statement or other instrument similar in effect naming Seller as debtor or seller and covering any Purchased Receivable is on file in any filing or recording office,
except those filed in favor of Purchaser relating to this Agreement, and no competing notice of assignment or payment instruction or other notice inconsistent with the transactions contemplated in this Agreement is in effect with respect to any
Account Debtor, other than those contemplated in the Intercreditor Agreement. 
 (f) Enforceability. This Agreement constitutes the
legal, valid and binding obligation of Seller and Servicer, enforceable against Seller and Servicer, as applicable, in accordance with its terms, except as limited by bankruptcy, insolvency, moratorium, fraudulent conveyance or other laws relating
to the enforcement of creditors’ rights generally and general principles of equity (regardless of whether enforcement is sought at equity or law). 

(g) Litigation Matters. There is no pending (or, to its knowledge, threatened) action, proceeding, investigation or injunction, writ or
restraining order affecting Seller or Servicer before any court, governmental entity or arbitrator which could reasonably be expected to result in a Material Adverse Change, and neither Seller nor Servicer is currently the subject of, and has no
present intention of taking any action to commence, an Insolvency Event applicable to Seller or Servicer. 

  
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 (h) Material Adverse Change. There exists no event which has or is reasonably likely to
result in a Material Adverse Change with respect to Seller, Servicer, Parent or the Ultimate Parent. 
 (i) Change of Control. No
Change of Control has occurred. 
 (j) Liens. All Purchased Receivables are free and clear of any Adverse Claim in favor of the
Internal Revenue Service, any employee benefit plan, the PBGC or similar entity. 
 (k) Review. Each of Seller and Servicer has
discussed and reviewed this Agreement with its accountant, independent auditors, tax advisors and counsel and neither Seller nor Servicer is relying upon oral representations or statements or advice from the Purchaser. 

(l) Investment Company Act. Seller is not an “investment company,” or a company “controlled” by an “investment
company” within the meaning of the Investment Company Act of 1940, as amended. In determining that Seller is not a “covered fund”, Seller is entitled to rely on the exemption from the definition of “investment company” set
forth in Section 3(c)(5) of the Investment Company Act, as amended, and may be able to rely on other exemptions or exclusions. 
 (m)
Termination Events. No Termination Event or Unmatured Termination Event has occurred and is continuing. 
 (n) Tax Matters.
Each of Seller and the Servicer has filed all material tax returns and reports required by applicable law to have been filed by it and has paid all material taxes, assessments and governmental charges thereby shown to be owing by it, other than any
such taxes, assessments or charges that are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established. 

(o) Accuracy of Information. All information, exhibits, financial statements, documents, books, records or other reports furnished or
to be furnished at any time by or on behalf of Seller or the Servicer to Purchaser in connection with the Agreement or any other Transaction Document is or will be complete and accurate in all material respects as of its date or as of the date so
furnished and, to the extent materially related to the information then being provided, does not and will not omit to state a fact necessary in order to make the information contained therein with respect to the transactions contemplated by this
Agreement, in light of the circumstances under which they were made, not misleading (it being understood that such information may not contain all of the information or disclosure which would be required for inclusion in a registration statement for
debt or equity securities issued by Seller). 
 (p) UCC Matters. 

(i) Seller’s “location” as such term is defined in the applicable UCC is its jurisdiction of organization
specified in the preamble to this Agreement, and the address or addresses at which it keeps its records concerning the Proposed Receivables is as set forth herein or otherwise identified to the Purchaser in writing. Seller’s Federal Employee
Identification Number is 81-1679693. Purchaser has “control” (as defined in § 9-104 of the UCC) over the Collection Account. 

  
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 (ii) Seller’s complete corporate name is set forth in this Agreement, and
it does not use and has not during the last five years used any other corporate name, trade name, doing-business name or fictitious name, except for names set forth in a written notice delivered to Purchaser. 

(q) Money Laundering and Anti-Terrorism Laws; Etc. 

(i) Neither Seller nor any Affiliate of Seller nor, to the knowledge of Seller, any Account Debtor (i) (A) is, or
is owned or controlled by, a Sanctioned Person; (B) is located, incorporated, organized, or resident in a Sanctioned Country; (C) has any business affiliation or commercial dealings with, or investments in, any Sanctioned Country or
Sanctioned Person; or (D) is in breach of or is the subject of any action or investigation under any Sanctions Laws or Anti-Money Laundering Laws. 

(ii) Seller and its Affiliates, and, to the knowledge of Servicer and Seller without any duty to make inquiries, each Account
Debtor and each Affiliate of such Account Debtor (A) are in compliance with Sanction Laws, the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B Chapter
V, as amended) and any other enabling legislation or executive order relating thereto, the anti-money laundering and bank secrecy provisions of the Patriot Act, and other federal or state laws relating to “know your customer” and
anti-money laundering rules and regulations and (B) have taken appropriate steps to implement policies and procedures reasonably designed to provide that there will be no payments to any government official or employee, political party,
candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage in violation of the U.S. Foreign Corrupt Practices Act of 1977. 

4. COVENANTS. Until the later of the Purchase Termination Date and the last Invoice Due Date (subject to any provisions hereof
which by their express terms survive termination), Seller (and, to the extent specifically applicable to the Servicer below, the Servicer) agrees to perform the covenants set forth below solely as to itself only: 

(a) Notice of Disputes, Breaches of Contract, Account Debtor Insolvency Events, Etc. Seller shall deliver to Purchaser a reasonably
detailed written notice to Purchaser promptly and in any event within two (2) Business Days after becoming aware or receiving notice of (i) any Dispute asserted or threatened in respect of a Purchased Receivable, (ii) any breach by
the applicable Account Debtor of the Contract which might give rise to such Account Debtor failing to pay any invoice amount or give rise to any Dispute, (iii) any Account Debtor Insolvency Event occurring or with respect to which Seller has
received actual knowledge, or (iv) it becoming illegal for an Account Debtor to pay all or any part of the invoice amount because of the imposition of any prohibition or restriction on such payments. 

(b) Contracts; Purchased Receivables. Seller, at its expense, shall timely and fully perform in all material respects with all terms,
covenants and other provisions, if any, required to be performed by it under the Contracts related to the Purchased Receivables. The Servicer shall enforce the Purchaser’s rights against each applicable Account Debtor under the Contracts
related to the Purchased Receivables. 

  
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 (c) Perfection. Each of Seller and Servicer shall at all times take all action necessary
or desirable to maintain in full force and effect the security interests created under this Agreement free and clear of any Adverse Claim created or caused by or arising through or under Seller, Servicer or any of their Affiliates, or as a result of
any act or omission of any such party. 
 (d) Existence. Seller will (i) comply in all material respects with all applicable
laws, rules, regulations and orders and (ii) preserve and maintain its organizational existence, rights, franchises, qualifications, and privileges. Seller will keep its state of organization as the State of Delaware and principal place of
business and chief executive office and the office where it keeps its records concerning the Purchased Receivables at the address set forth in Section 12 hereof or, in each case, upon ten (10) Business Days’ prior written
notice to Purchaser, at any other locations in jurisdictions where all actions reasonably requested by Purchaser or otherwise necessary to protect, perfect and maintain Purchaser’s interest in the Purchased Receivables have been taken and
completed. 
 (e) Books and Records. Seller will maintain accurate books and accounts with respect to the Purchased Receivables and
shall make a notation on its books and records, including any computer files, to indicate which Receivables have been sold to Purchaser. Seller shall maintain and implement administrative and operating procedures (including, without limitation, an
ability to recreate records evidencing Purchased Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable
for collecting all Purchased Receivables (including, without limitation, records adequate to permit the daily identification of each Purchased Receivable and all Collections of and adjustments to each existing Purchased Receivable). 

(f) Sales, Liens and Debt. Seller will not sell, assign or otherwise dispose of, or cause or create or suffer to exist any lien,
encumbrance or security interest, as a result of any act or omission of Seller, upon or with respect to, the Purchased Receivables or upon or with respect to any deposit or other account to which any Collections of any Purchased Receivable are sent,
or assign any right to receive income in respect thereof except the interests in favor of Purchaser. 
 (g) Extension or Amendment of
Purchased Receivables. Neither Seller nor Purchaser will amend or extend the payment terms under any Purchased Receivables, unless approved in advance in writing by Purchaser, and neither of them shall otherwise waive or permit or agree to any
deviation from the terms or conditions of any Purchased Receivable without the prior written consent of Purchaser. 
 (h) Audits and
Visits. Each of Seller and Servicer will, at any time and from time to time during regular business hours as requested by Purchaser, permit Purchaser, or its agents or representatives, upon reasonable notice, (i) on a confidential basis, to
examine and make copies of and abstracts from all books, records and documents (including, without limitation, computer tapes and disks) in its possession or under its control relating to Purchased Receivables owed by Account Debtor including,
without limitation, the related Contracts, and (ii) to visit its offices and properties for the purpose of examining and auditing such materials described in clause (i) above, and to discuss matters relating to Purchased Receivables
owed by Account Debtor or Seller’s performance hereunder or under the related Contracts with any of its officers or employees having knowledge of such matters (hereinafter, an “Audit”), provided that, unless a breach or
default of Seller’s or Servicer’s obligations hereunder occurs and is continuing, only two such Audits in any calendar year shall be at Seller’s expense. Subject to Section 15(d) and Section 15(e), upon
reasonable notice, the Seller will provide the Purchaser with any invoice requested with respect to one or more Purchased Receivables. 

  
 11 

 (i) Accounting Treatment. Seller will make all disclosures required by applicable law or
regulation with respect to the sale of the Proposed Receivables to Purchaser and account for such sale in accordance with GAAP. 
 (j)
Notice. Seller and Servicer will promptly notify Purchaser of any circumstance that it becomes aware of in connection with a Proposed Receivable that may relate to money laundering, terrorist financing, bribery, corruption, tax evasion or
Sanctions. 
 (k) Further Assurances. Seller will, at its expense, promptly execute and deliver all further instruments and
documents, and take all further action that Purchaser may reasonably request, from time to time, in order to perfect, protect or more fully evidence the full and complete ownership of Purchaser of the Purchased Receivables, or to enable Purchaser to
exercise or enforce the rights of Purchaser hereunder or under the Purchased Receivables. 
 (l) Taxes. Seller will pay any and all
taxes (excluding any Excluded Taxes) relating to the transfer of the Purchased Receivables to Purchaser; except for those taxes that Seller is contesting in good faith and for which adequate reserves have been taken. Seller shall treat each sale of
Purchased Receivables hereunder as a sale for federal and state income tax, reporting and accounting purposes. 
 (m) Not Adversely
Affect Purchaser’s Rights. Seller will refrain from any act or omission which it reasonably believes might in any way prejudice or limit Purchaser’s rights under any of the Purchased Receivables pursuant to this Agreement. 

(n) Nature of Business. Seller will not engage in any business or engage in any transactions other than the purchase of Receivables
from Wise Alloys LLC and the transactions contemplated by this Agreement and the Transaction Documents. Seller will not create or form any subsidiary and will not make any loans to, advances to, investments in or otherwise acquire any capital stock
or equity security of, or any equity interest in, any other Person. Seller shall not create, incur, guarantee, assume or suffer to exist any indebtedness or other liabilities, whether direct or contingent, other than (i) as a result of the
endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business and (ii) the incurrence of obligations under this Agreement. 

(o) Change in Business. Except for changes mandated by Applicable Law applicable to the Seller or Servicer, as applicable, (i) the
Seller will not make any change in the character of its business, which change would materially and adversely affect the collectibility of any Purchased Receivable or otherwise have a Material Adverse Change with respect to Seller, and (ii) the
Servicer will not make any change in the character of its business relating to the administration, servicing and collection of Receivables, which change would materially and adversely affect the collectibility of any Purchased Receivable or
otherwise have a Material Adverse Change with respect to the Servicer. 
 (p) Mergers, Etc. Seller will not merge with or into or
consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions), all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or
substantially all of the assets or capital stock or other ownership interest of, or enter into any joint venture or partnership agreement with, any Person, other than as contemplated by this Agreement and the Transaction Documents. 

(q) Separate Existence. Seller and Servicer hereby acknowledge that Purchaser is entering into the transactions contemplated by this
Agreement and in reliance upon Seller’s identity as a legal entity separate from Servicer and its respective Affiliates. Therefore, from and after the date hereof, 

  
 12 

 
each of Seller and Servicer shall take all steps specifically required by the Agreement or reasonably required to continue Seller’s identity as a separate legal entity and to make it
apparent to third Persons that Seller is an entity with assets and liabilities distinct from those of Servicer and any other Person. Without limiting the generality of the foregoing and in addition to and consistent with the other covenants set
forth herein, each of Seller and Servicer shall take such actions as shall be required in order that: 
 (i) Seller will be
a limited purpose company whose primary activities are restricted in its organizational documents to: (i) purchasing or otherwise acquiring, owning, holding, granting security interests or selling interests in Receivables, (ii) entering
into agreements for the selling and servicing of the Receivables, and (iii) conducting such other activities as it deems necessary or appropriate to carry out its primary activities; 

(ii) Not less than one member of Seller’s Board of Directors (the “Independent Director”) shall be an
individual who is not a direct, indirect or beneficial stockholder, officer, director, employee, affiliate, associate or supplier of Servicer or any of its Affiliates and is otherwise independent of Servicer and its Affiliates to the satisfaction of
Purchaser; 
 (iii) [reserved]; 

(iv) To the extent, if any, that Seller (or any Affiliate thereof) shares items of expenses not reflected in the servicing
fee, such as legal, auditing and other professional services, such expenses will be allocated to the extent practical on the basis of actual use or the value of services rendered, and otherwise on a basis reasonably related to the actual use or the
value of services rendered; it being understood that Servicer shall pay all expenses relating to the preparation, negotiation, execution and delivery of this Agreement, including legal, agency and other fees; 

(v) All of Seller’s business correspondence and other communications shall be conducted in Seller’s own name and on
its own separate stationery; 
 (vi) Seller’s books and records will be maintained separately from those of Servicer
and any other Affiliate thereof; 
 (vii) All financial statements of the Ultimate Parent, Servicer or any Affiliate
thereof that are consolidated to include Seller will, in accordance with GAAP, contain detailed notes clearly stating that: (i) a special purpose company exists as a subsidiary of Servicer, and (ii) Wise Alloys LLC has sold receivables and
other related assets to such special purpose subsidiary that, in turn, has sold such receivables to certain financial institutions and other entities; and 

(viii) Seller will strictly observe corporate formalities in its dealings with Servicer or any Affiliate thereof, and funds
or other assets of Seller will not be commingled with those of the Originator, Servicer or any Affiliate thereof except as permitted by the Agreement or one of the other Transaction Documents in connection with servicing the Purchased Receivables.
Seller shall not maintain joint bank accounts or other depository accounts to 

  
 13 

 
which Servicer or any Affiliate thereof (other than Servicer in its capacity as Servicer) has independent access. Seller is not named, and has not entered into any agreement to be named, directly
or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of Servicer or Affiliate thereof. 

(r) Change in Credit and Collection Policy. Except for changes mandated by Applicable Law applicable to the Seller or the Servicer, as
applicable, neither the Seller nor the Servicer, as applicable, shall make (or permit the Originator to make) without the prior written consent of the Purchaser (as provided in the following sentence), any change (by amendment or otherwise) to the
Credit and Collection Policy that would materially adversely affect the collectability of the Purchased Receivables or the ability of the Servicer to perform its obligations under any related Contract that would in turn materially adversely affect
the collectability of the Purchased Receivables (in each case, taken as a whole). If consent of the Purchaser is required pursuant to the immediately preceding sentence, then the Servicer will furnish or cause to be furnished to the Purchaser at
least ten (10) days prior to the effectiveness of any material change in (or material amendment to) the Credit and Collection Policy, a notice indicating such change or amendment and a request for consent thereto. 

(s) Confirmation of Termination of Prior Facility. Within a reasonable time period after closing, Originator will request that HSBC
Bank USA, National Association issue a letter to Originator and Purchaser confirming the termination of its receivables purchase facility with Wise Alloys Funding LLC. A refusal or other failure of HSBC Bank USA, National Association to provide such
a letter shall not be a breach or default under this Agreement. 
 5. TERMINATION EVENTS 

If any Termination Event shall occur, Purchaser may, by notice to Seller, declare the Purchase Termination Date to have occurred and that it
shall have no further obligation to purchase any Receivables hereunder; provided that if any of the Termination Events described in paragraph (e) of the definition thereof shall occur, then the obligation of the Purchaser to make
purchases hereunder shall cease automatically upon the occurrence of such event, without notice of any kind. 
 Whether or not the expressed
intent of the parties that the transfers hereunder constitute sales, is respected or recharacterized, the Purchaser shall have, with respect to the Purchased Receivables, Related Rights and all other Sold Assets, and in addition to all the other
rights and remedies available to Purchaser hereunder and under the Transaction Documents (whether prior to or following any Termination Event), all the rights and remedies of a secured party under any applicable UCC. In connection with any exercise
of remedies by Purchaser hereunder following the occurrence of a Termination Event that has not been cured or waived in accordance with this Agreement, Seller agrees that ten (10) Business Days shall be reasonable prior notice to Seller of the
date of any public or private sale or other disposition of all or any of the Purchased Receivables and other Sold Assets. 
 6.
SERVICING; COLLECTION ACTIVITIES; ETC. 
 (a) Servicing. 

(i) Appointment of Servicer. Purchaser appoints Wise Alloys LLC as its servicer and agent (in such capacity, the
“Servicer”) for the administration and servicing of all Purchased Receivables sold to Purchaser hereunder, and Servicer hereby accepts such appointment and agrees to assume the duties and the administration and servicing obligations
as Servicer, and 

  
 14 

 
perform all necessary and appropriate commercial collection activities in arranging the timely payment of amounts due and owing by any Account Debtor all in accordance with applicable laws, rules
and regulations, with reasonable care and diligence, including, without limitation, diligently and faithfully performing all servicing and collection actions (including, if necessary, acting as party of record in foreign jurisdictions). The Servicer
shall also maintain and update the schedule of Receivables listing those Receivables purchased from time to time by the Purchaser under this Agreement and the Servicer shall indicate in the Servicer’s books and records and in the appropriate
computer files those Receivables purchased from time to time by the Purchaser. In addition, Servicer shall track all Purchased Receivables on its ERP system or similar system. Such appointment as Servicer shall not release Seller from any of its
other duties to comply with any other terms, covenants and provisions of this Agreement. In connection with its servicing obligations, Servicer will, and will ensure that Seller will, perform their respective obligations and exercise and enforce
their respective rights and remedies under the contracts and other agreements related to the Purchased Receivables (the “Contracts”) with the same care and applying the same policies as they apply to their own Receivables generally
and would exercise and apply if they owned the Purchased Receivables and shall use commercially reasonable efforts in connection with such activities and standards to maximize Collections. In consideration for its activities as Servicer, on the date
of the first purchase hereunder, and on each one-year anniversary of this Agreement (or if such one-year anniversary is not a Business Day, the next succeeding Business Day), the Purchaser shall, so long as this Agreement remains in effect at such
time and so long as Wise Alloys LLC has not been terminated or replaced on or prior to such date, pay to the Servicer, a servicing fee (each such annual payment, a “Servicing Fee”) in cash in immediately available funds, in an
amount, in the case of each such annual Servicing Fee, equal to $20,000. 
 (ii) Replacement of Servicer. Upon the
earlier to occur of (i) Servicer defaulting in its obligations set forth under this Section 6, (ii) an Insolvency Event with respect to Servicer, (iii) a Material Adverse Change in Seller or Servicer, (iv) a
Termination Event or (v) a breach of the representations and warranties in any material respect by Seller or Servicer under this Agreement, Purchaser may at any time thereafter (but only with respect to clauses (i) and
(iv) if within 10 days after knowledge of Seller or Servicer or notice from Purchaser to Seller and Servicer, Servicer fails to cure such default or breach in all material respects and in all other cases without requirement of notice to
Servicer, Seller or any other Person) replace Servicer (which replacement may be made through the outplacement to a Person of all back office duties, including billing, collection and processing responsibilities, and access to all personnel,
hardware and software utilized in connection with such responsibilities). Servicer shall reimburse Purchaser for all expenses reasonably incurred by Purchaser in connection with such replacement; provided that in no event shall Servicer be liable
for any servicing compensation paid or payable to such replacement. 

  
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 (b) Collections. 

(i) Establishment of Account(s). Seller has established the Collection Account to receive amounts owing under the
Purchased Receivables and covenants to maintain such account so long as any Purchased Receivable remains unpaid unless otherwise agreed to in writing by Purchaser. 

(ii) Collections. Servicer covenants (i) Servicer shall direct each Account Debtor to wire or transmit by ACH
transfer Collections directly to the Collections Account and shall take such commercially reasonable actions as may be reasonably requested by Purchaser to ensure that each Account Debtor complies with such direction and (ii) not to change the
payment instructions relating to Collections while any Purchased Receivable remains outstanding or, if later, prior to the Purchase Termination Date. If Seller or Servicer inadvertently receives any Collections, Seller or Servicer, as applicable,
shall cause such Collections to be delivered to and deposited into the Collection Account within two (2) Business Days of receipt. 

(iii) Receipt of Collections. No Collections shall be deemed received by Purchaser for purposes of this Agreement
until funds are credited to the Collection Account as immediately available funds or otherwise actually received by Purchaser. 

(iv) Funds Held in Trust. Prior to being deposited in the Collection Account, funds received by Seller or Servicer in
respect of any Purchased Receivables shall be deemed to be the exclusive property of Purchaser, and Seller and Servicer each shall be deemed to be holding such funds in trust for the exclusive use and benefit of Purchaser. Neither Servicer nor any
Seller shall, directly or indirectly, utilize such funds for its own purposes, and shall not have any right to pledge such funds as collateral for any obligations of Servicer or Seller or any other Person. 

(v) Payment of Collections. Subject to Section 6(c), Servicer shall pay any amounts of Collections
deposited in the Collection Account from time to time to the Purchaser within two (2) Business Days after such Collections are identified and matched to a related Purchased Receivable (or are to be applied on account thereof under
Section 6(c) below) (each a “Settlement Date”). Any Collections held in the Collection Account between each Settlement Date shall be deemed to be the exclusive property of Purchaser, and Seller and Servicer each shall be
deemed to be holding such funds in trust for the exclusive use and benefit of Purchaser until disbursement on the forthcoming Settlement Date. Upon the occurrence and at any time during the continuance of any Termination Event, Purchaser may
exercise its rights under the Collection Account Agreement and take exclusive control of the Collection Account and none of Originator, Servicer nor Seller shall have any further right to make withdrawals or to otherwise direct disbursements from
the Collection Account. During any period of such exclusive control, Purchaser shall direct the disbursement of the Collections in accordance with the provisions of this Agreement and the Intercreditor Agreement. 

(c) Payment Reconciliation. Pursuant to its servicing obligations under this Section 6 hereof, Servicer shall be
responsible for promptly identifying, matching and reconciling any 

  
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payments, including those related to any Dilution of the Receivable, deposited in the Collection Account with the Purchased Receivable associated with such payment. Servicer shall provide to
Purchaser, substantially in the form set forth in Exhibit D and substance satisfactory to Purchaser, a full reconciliation (“Payment Reconciliation”) of all such payments deposited in the Collection Account, together
with the DSO values of all Collections deposited in the Collection Account and adjustments (including Dilutions amounts, if any, with respect to the Purchased Receivables), concurrently with the transfer to the Collection Account of all Collections
in respect of the Purchased Receivables and from time to time upon the request of Purchaser. In accordance with the provisions of the Intercreditor Agreement, if at any time any payment is delivered to or identified in the Collection Account that
does not constitute a Collection with respect to any Purchased Receivable, within two (2) Business Days following receipt by Purchaser of evidence of payment details documenting that the payment is for Receivables not constituting Purchased
Receivables which shall be done no less frequently than weekly, such funds will be forwarded to an account specified by the Seller or the Servicer. If any Collection on account of any Purchased Receivable is paid to any Person other than Purchaser
(either directly by Account Debtor or from out of the Collection Account pursuant to the remaining provisions of this paragraph (c) or otherwise, such Person shall promptly pay such amount to Purchaser, together with interest at the Discount
Rate for the period that is two (2) Business Days after such erroneous payment is received until the date paid to Purchaser. To the extent Purchaser has control over the Collection Account, following the occurrence of a Termination Event the
Purchaser shall be obligated to remit funds that do not relate to Purchased Receivables to an account specified by the Servicer within three (3) Business Days following receipt by Purchaser of evidence of payment details documenting to
Purchaser’s reasonable satisfaction that the payment is for Receivables not constituting Purchased Receivables. In accordance with the provisions of the Intercreditor Agreement, if any payment is received from an Account Debtor, and such
payment is not identified by such Account Debtor as relating to a particular Receivable and cannot otherwise be reasonably identified in accordance with the Payment Reconciliation as relating to a particular Receivable within five (5) Business
Days of receipt thereof, such payment shall be applied first to the unpaid Receivables with respect to such Account Debtor that are not subject to any Dispute with such Account Debtor in chronological order based on the related scheduled payment
dates (beginning with the unpaid Receivable with the oldest scheduled payment date). 
 (d) Rights of Purchaser; Notices to Account
Debtors. Purchaser shall have all rights as holder and owner in respect of the Purchased Receivables and the owner of the other Sold Assets, including, subject to Section 6(a)(ii) (with respect to the replacement of the Servicer),
the right to exercise any and all of its rights and remedies hereunder, under applicable law (including, the UCC) or at equity to collect any Purchased Receivables directly from the applicable Account Debtor, and the right to exercise any rights of
Seller as purchaser under the Sale Agreement with respect to any such Purchased Receivables under the Sale Agreement. In furtherance of the foregoing, without limiting the generality thereof, Purchaser may, in its sole discretion, upon the
occurrence and continuation of (i) a Termination Event, (ii) any other event which would permit Purchaser to replace Servicer (but prior to the expiration of, and without the need to take into account any grace or cure period as may be
provided for prior to such replacement pursuant to Section 6(a)(ii)), (iii) the giving by or on behalf of the ABL Agent to Account Debtor of any notice or instruction to pay any Unsold Receivables to an account other than the
Collection Account, or (iv) any late payment with respect to any Purchased Receivable, to the extent that such late payment has not yet been determined to be the result of a Repurchase Event for which the Seller has paid or is required to pay
the Repurchase Price therefor (or portion thereof subject to a Dispute or Dilution), (A) notify or otherwise indicate to any Account Debtor that Seller has sold the applicable Purchased Receivable to Purchaser hereunder, and may direct such
Account Debtor to make payments with respect to such Purchased Receivable directly to the Collection Account (or as otherwise directed by Purchaser), or (B) deliver a Notification of Assignment to the Account Debtor. The Purchaser agrees that
prior to the occurrence of one of the events described in clauses (i), (ii), (iii) or (iv) above, the Purchaser shall hold the Notification of Assignment in trust for the benefit of the Seller and shall have no
right to deliver, 

  
 17 

 
share, disclose or otherwise transmit the Notification of Assignment (or the contents thereof) to the Account Debtor or any other party, subject to the permitted disclosures permitted under
Section 15(d). Without limiting Purchaser’s right to otherwise directly contact and direct the applicable Account Debtor, upon the occurrence of one of the events described in clauses (i), (ii), (iii) or
(iv) above, each of Seller and Originator hereby expressly and irrevocably consents to Purchaser’s executing in the space provided, dating and providing to the Account Debtor, a Notification of Assignment executed by the Originator
and Seller. Notwithstanding the foregoing, solely in the case of clause (iv) above, so long as Seller and Servicer are in material compliance with all terms, covenants and provisions in this Agreement applicable to Seller and Servicer,
and no event described in clauses (i), (ii) or (iii) has occurred and is continuing at such time, upon the occurrence of any payment default by an Account Debtor in payment of the Purchased Receivable (which is not the
subject of a Dispute or Dilution), prior to the Purchaser’s right (as described above) to directly contact and direct the applicable Account Debtor, Servicer shall consult with Purchaser with regard to such default and on the course of action
the Servicer plans to adopt in light thereof. If Servicer has not resolved the cause of such payment default (as a Dilution, Dispute, Account Debtor Insolvency or otherwise) within fifteen (15) days of the original due date for such payment,
then Purchaser shall at such time, without further notice to or consultation with the Seller or Servicer, have all right to deliver a Notification of Assignment, notify, contact, instruct and direct the applicable Account Debtor as described in
the prior sentences of this paragraph above. 
 (e) Reporting Requirements. Servicer shall provide or make available (by access to a
website, Intralinks or otherwise); to Purchaser the following: 
 (i) as soon as available and in any event within 60 days
after the end of the first three quarters of each fiscal year of the Ultimate Parent, consolidated and consolidating balance sheets of the Ultimate Parent and its consolidated subsidiaries as of the end of such quarter and statements of income,
retained earnings and cash flow of the Ultimate Parent and its consolidated subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, certified by the chief financial officer of such
Person; 
 (ii) as soon as available and in any event within 120 days after the end of each fiscal year of the Ultimate
Parent, a copy of the annual report for such year for such Person and its consolidated subsidiaries, containing unqualified consolidated and consolidating financial statements for such year audited by independent certified public accountants of
nationally recognized standing; 
 (iii) on the fifth
(5th) Business Day of each calendar month, aging, past due and performance reports (the “Servicer Report”) relating to all Purchased Receivables, together with such other
data (including all calculations of the ratios described herein), reports and information relating to the Purchased Receivables of each Account Debtor reasonably requested by Purchaser from time to time (including, without limitation, proof
reasonably satisfactory to Purchaser that Originator has delivered to the applicable Account Debtor all property or performed all services required to be so delivered or performed by the terms of the Contract giving rise to the Purchased
Receivables) in each case, in a format reasonably acceptable to the Purchaser and the Servicer; 

  
 18 

 (iv) as to each of Seller and Servicer, as soon as possible and in any event
within two Business Days after becoming aware of the occurrence of each Termination Event or Unmatured Termination Event, a statement of an officer of such Person setting forth details of such Termination Event or Unmatured Termination Event and the
action that such Person has taken and proposes to take with respect thereto; 
 (v) as soon as possible and in any event
within two (2) Business Days (in the case of clause (A) below) and three (3) Business Days (in the case of clause (B) below) after becoming aware of the occurrence thereof, written notice of (A) any non-payment
of amounts due with respect to any Purchased Receivable or (B) any matter that could reasonably be expected to result in a Material Adverse Change; and 

(vi) such other information respecting the Receivables or the condition or operations, financial or otherwise, of Seller or
Servicer as Purchaser may from time to time reasonably request. 
 (f) From time to time, the Purchaser may request that the Servicer access
Budnet (the Anheuser-Busch supplier portal) and, based solely upon the information referenced on Budnet on such access date, provide the Purchaser with the invoices that Anheuser-Busch LLC has processed as of such access date and the payment date(s)
for such invoices. The Servicer shall promptly provide the Purchaser with duplicate copies of all periodic statements on the Collection Account (including monthly statements) that are sent to the Servicer or the Seller by the account bank under the
Collection Account Agreement. 
 7. REPURCHASE EVENTS; INDEMNITIES AND SET-OFF. 

(a) Repurchase Events. If any of the following events (“Event of Repurchase”) occurs and is continuing with respect to
any Purchased Receivable: 
 (i) Such Purchased Receivable, at the time of purchase, did not constitute an Eligible
Receivable; or 
 (ii) Without limiting clause (i) above and in addition thereto, any representation or warranty made
by Seller under Section 3(a) with respect to such Purchased Receivable is incorrect when made and shall have an adverse effect on the ability to collect the Net Invoice Amount of such Purchased Receivable, as reasonably determined by the
Purchaser; or 
 (iii) Seller or Servicer fails to perform or observe any term, covenant or provision with respect to such
Purchased Receivable and such failure shall have a material adverse effect on the ability to collect the Net Invoice Amount of such Purchased Receivable; or 

(iv) the Account Debtor on such Purchased Receivable asserts an actual Dispute in writing or Dilution has occurred with
respect to such Purchased Receivable, excluding any Dispute or Dilution that (A) relates to the acts or omissions of the Purchaser which are (x) in material violation of applicable law relating to such action or omission or (y) in
material 

  
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breach of its obligations hereunder, (B) does not relate to the acts or omissions of the Seller, the Servicer or any of their Affiliates, (C) does not relate to the transfer of such
Purchased Receivable from the Seller to the Purchaser and (D) does not relate to the goods or services that are the subject of such Purchased Receivable; or 

(v) Seller or Servicer instructs the Account Debtor on such Purchased Receivable to pay amounts owing in respect of such
Purchased Receivable to an account other than the Collection Account; 
 then, Seller shall, within one (1) Business Day of demand therefor from
Purchaser (such date, the “Repurchase Date”), repurchase all (or any portion) of such Purchased Receivable then outstanding. For the avoidance of doubt, to the extent any portion of a Purchased Receivable is subject to repurchase,
the related invoice shall not be divided. 
 The repurchase price (the “Repurchase Price”) for such Purchased Receivable shall be the
amount equal to the sum of (i) the Net Invoice Amount relating to such Purchased Receivable less the aggregate amount of all Collections with respect to such Purchased Receivables deposited into the Collection Account, plus (ii) interest
for the period from the Scheduled Payment Date for such Purchased Receivable until the date the Repurchase Price has been repaid in full, at a rate equal to the Discount Rate. 

Notwithstanding the foregoing, if any Purchased Receivable is subject to a Repurchase Event described above as a result of a Dispute or an event of Dilution
which affects or only applies with respect to a portion of such Receivable that is less than 10% of the Net Invoice Amount thereof, the Seller may, in its discretion, elect to satisfy its obligation under this Section 7 by rather than
repurchasing such Receivable and paying the Repurchase Price therefor, paying to the Purchaser on what would otherwise have been the Repurchase Date, an amount in cash equal to the entire amount which is the subject of such Dispute or Dilution plus
interest due thereon for a period from the Scheduled Payment Date for such Purchased Receivable until the date the Seller pays such amount in full, at a rate equal to the Discount Rate at such time (such amount, the “Subject Payment
Amount”). If the Seller elects not to repurchase the entire Receivable but rather pay the Subject Payment Amount with respect thereto then each of the parties hereto hereby agrees that any such Receivable will remain the property of the
Purchaser hereunder and shall not be or be deemed to have been sold back to the Seller on the applicable Repurchase Date. 
 The Repurchase Price or Subject
Payment Amount, as applicable, for a Purchased Receivable and all amounts due hereunder with respect to such Purchased Receivable shall be paid to the Collection Account in immediately available funds on the Repurchase Date. Upon the payment in full
of the Repurchase Price for a Purchased Receivable and all amounts due hereunder with respect to such Purchased Receivable, such Purchased Receivable shall be automatically and without further action sold by Purchaser to Seller without recourse to
or representation or warranty, express or implied, by Purchaser. Upon repurchase by Seller, Seller shall have all right, title and interest in and to such repurchased Purchased Receivables. Seller agrees that Purchaser may set off in the manner set
forth in paragraph (f) below against any unpaid obligation of Seller under this Section 7(a). Amounts due hereunder shall accrue interest at the Discount Rate. 

(b) General Indemnification. 

(i) Indemnities by Seller. Seller hereby agrees to indemnify Purchaser (together with its officers, directors, agents,
representatives, shareholders, counsel and employees, each, an “Indemnified Party”) from and against any and all claims, losses and liabilities (including, 

  
 20 

 
without limitation, reasonable attorneys’ fees) (all of the foregoing being collectively referred to as “Indemnified Amounts”) arising out of or resulting from any of the
following: (i) the sale to Purchaser of any Receivable as to which the representations and warranties made herein are not all true and correct on the Purchase Date therefor; (ii) any representation or warranty made by Seller (or any of its
respective officers) under or in connection with this Agreement (except with respect to the Purchased Receivables) which shall have been incorrect in any respect when made; (iii) the failure by Seller or Servicer to comply with any applicable
law, rule or regulation with respect to any Purchased Receivable; (iv) the failure to vest in Purchaser a perfected interest in each Purchased Receivable and other Sold Assets and the proceeds and Collections in respect thereof free and clear
of any liens or encumbrances of any kind or nature whatsoever (other than those granted to Purchaser under this Agreement); (v) any Dispute or any other claim related to such Purchased Receivable (or any portion thereof) excluding any Dispute
or claim that (A) relates to the acts or omissions of the Purchaser which are (x) in material violation of applicable law relating to such action or omission or (y) in material breach of its obligations hereunder, (B) does not
relate to the acts or omissions of the Seller, the Servicer or any of their Affiliates, (C) does not relate to the transfer of such Purchased Receivable from the Seller to the Purchaser and (D) does not relate to the goods or services that
are the subject of such Purchased Receivables; (vi) except as otherwise expressly provided in this Agreement or in any of the other Transaction Documents, the commingling by Seller of Collections at any time with other funds of Seller or any
other Person; (vii) any products liability claim, personal injury or property damage suit, environmental liability claim or any other claim or action by a party of whatever sort, whether in tort, contract or any other legal theory, arising out
of or in connection with the goods or services that are the subject of any Purchased Receivable with respect thereto; (viii) this Agreement and the transactions contemplated hereby and the purchases of the Purchased Receivables by Purchaser
pursuant to the terms hereof, excluding any Dispute or claim that (A) relates to the acts or omissions of the Purchaser which are (x) in material violation of applicable law relating to such action or omission or (y) in material
breach of its obligations hereunder, (B) does not relate to the acts or omissions of the Seller, the Servicer or any of their Affiliates, (C) does not relate to the transfer of such Purchased Receivable from the Seller to the Purchaser and
(D) does not relate to the goods or services that are the subject of such Purchased Receivables; (ix) any currency restrictions or foreign political restrictions or regulations; (x) any failure by: (A) any Person who is not a
party to the Intercreditor Agreement and to whom Seller, Originator or Servicer directs or furnishes payment, or (B) HSBC Bank USA, National Association or any of its successors, assigns or agents, to pay over to Purchaser reasonably promptly
any Collections on account of Purchased Receivables received by it; (xi) any breach by Seller, Originator or any of their affiliates of that certain letter dated March 11, 2016 from Originator and Wise Alloys Funding LLC to Purchaser
regarding the termination of the receivables purchase facility between Wise Alloys Funding LLC and HSBC Bank USA, National Association; or (xii) the failure of Seller to perform any of its obligations under this Agreement or any of the other
Transaction Documents. The foregoing indemnification shall not apply in the case any claims, losses or liabilities to the extent resulting solely from (1) the gross negligence or willful misconduct of an Indemnified Party as determined in a
final non-appealable 

  
 21 

 
judgment by a court of competent jurisdiction, (2) lack of credit worthiness of the related Account Debtor or an Account Debtor Insolvency Event or (3) acts or omissions of the
Purchaser (A) which are (x) in material violation of applicable law relating to such action or omission or (y) in material breach of its obligations hereunder, (B) which do not relate to the acts or omissions of the Seller, the
Servicer or any of their Affiliates, (C) which do not relate to the transfer of such Purchased Receivable from the Seller to the Purchaser and (D) which do not relate to the goods or services that are the subject of such Purchased
Receivables, (4) taxes imposed on Purchaser under FATCA, or (5) with respect to the occurrence of the events set forth in clauses (i), (iii), (iv), (v) or (vi) above, to the extent such Purchased Receivable has been repurchased
by the Seller. Amounts due hereunder shall accrue interest at the Delinquent Rate. 
 (ii) Indemnities by Servicer.
Servicer hereby agrees to indemnify Purchaser (together with its officers, directors, agents, representatives, shareholders, counsel and employees, each, an “Indemnified Party”) from and against any and all claims, losses and
liabilities (including, without limitation, reasonable attorneys’ fees) (all of the foregoing being collectively referred to as “Indemnified Amounts”) arising out of or resulting from any of the following: (i) any
representation or warranty made by Servicer (or any of its respective officers) under or in connection with this Agreement (except with respect to the Purchased Receivables) which shall have been incorrect in any respect when made; (ii) the
failure by Servicer to comply with any applicable law, rule or regulation with respect to any Purchased Receivable; (iii) any failure by Servicer or Originator to perform its duties or obligations hereunder in accordance with this Agreement or
under any other Transaction Document to which it is a party, or any claim brought by any Person other than an Indemnified Party arising from Servicer’s collection activities; or (iv) except as otherwise expressly provided in this Agreement
or in any of the other Transaction Documents, the commingling by the Servicer of Collections at any time with other funds of the Servicer or any other Person. The foregoing indemnification shall not apply in the case any claims, losses or
liabilities to the extent resulting solely from (A) the gross negligence or willful misconduct of an Indemnified Party as determined in a final non-appealable judgment by a court of competent jurisdiction, (B) lack of credit worthiness of
the related Account Debtor or an Account Debtor Insolvency Event or (C) (w) enforcement or similar actions of the Purchaser with respect to a related Purchased Receivable as against the Account Debtor and which (as determined in a final
non appealable judgment by a court of competent jurisdiction) are in material violation of applicable law relating to such action, (x) a Dispute or Dilution by the Account Debtor not as a result of anything relating to the product or service
provided to such Account Debtor by the Originator, Seller or Servicer, but solely as a result of a separate and distinct transaction or agreement between the Account Debtor and the Purchaser and not in any way related to this Agreement or the
transactions contemplated hereby (y) taxes imposed upon Purchaser under FATCA, or (z) with respect to the occurrence of any of the events set forth in clause (iii) or (iv) above, to the extent such Purchased Receivable has been
repurchased by the Seller. Amounts due hereunder shall accrue interest at the Delinquent Rate. 

  
 22 

 (c) Tax Indemnification. All payments on the Purchased Receivables from the Account
Debtors will be made free and clear of any present or future taxes, withholdings or other deductions whatsoever. Seller will indemnify Purchaser for any such taxes, withholdings or deductions other than Excluded Taxes as well as any stamp duty or
any similar tax or duty on documents or the transfer of title to property arising in the context of this Agreement which has not been paid by Seller. Further, Seller shall pay, and indemnify and hold Purchaser harmless from and against, any taxes
other than Excluded Taxes that may be asserted in respect of the Purchased Receivables hereunder prior to the date of sale (including any sales, occupational, excise, gross receipts, personal property, privilege or license taxes, or withholdings,
but not including taxes imposed upon Purchaser with respect to its overall net income) and costs, expenses and reasonable counsel fees in defending against the same, whether arising by reason of the acts to be performed by Seller hereunder or
otherwise. Amounts due hereunder shall accrue interest at the Delinquent Rate. Notwithstanding the foregoing, the indemnities described herein with respect to tax matters, shall only apply with respect to applicable laws, rules and regulations
relating thereto which are in existence on the applicable Purchase Date for any Purchased Receivables hereunder and shall not apply with respect to changes to such laws rules or regulations following such Purchase Date; it being understood and
agreed that if the Purchaser and/or any Purchased Receivable becomes (following the applicable Purchase Date therefor) subject to any such tax matters which are not subject to the indemnity or recovery of this paragraph (c), Purchaser
shall have the right, upon fifteen (15) days prior written notice to the Seller, to terminate this Agreement and its commitments hereunder and under the other Transaction Documents. If a payment made hereunder to any Indemnified Party would be
subject to withholding tax imposed by FATCA if such Indemnified Party were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such
Indemnified Party shall deliver to the Seller and the Servicer at the time or times prescribed by law and at such time or times reasonably requested by such persons such documentation prescribed by applicable law and such additional documentation
reasonably requested by the Seller and the Servicer as may be necessary for such persons to comply with their obligations under FATCA and to determine that such Indemnified Party has complied with such Indemnified Party’s obligations under
FATCA or to determine the amount to deduct and withhold from such payment. 
 (d) Increased Costs. If Purchaser shall determine that
any Regulatory Change regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on Purchaser’s capital or assets or increasing its amount of required liquidity as a consequence of (i) this
Agreement, (ii) any of Purchaser’s obligations under this Agreement or (iii) Purchaser’s purchase or the ownership, maintenance or funding of any Purchased Receivables hereunder, to a level below that which Purchaser would have
achieved but for such Regulatory Change (taking into consideration Purchaser’s policies with respect to capital adequacy), then (A) if such Regulatory Change relates to the commitment of the Purchaser hereunder, but does not relate to the
purchase and subsequent ownership of Purchased Receivables, then the Purchaser may by notice to Seller setting forth in reasonable detail the basis therefor, adjust the Commitment Fee and/or provide a separate written demand for payment to reflect
such increased cost with respect to the Purchaser’s commitment to make purchases hereunder, which adjustments to the fees or amounts payable in respect of the commitment hereunder, in each case, shall be effective and payable by the Seller
within five (5) days after the giving of such notice, it being understood that if such Regulatory Change has retroactive application to the commitment hereunder, such retroactive increase shall be payable by the Seller in accordance with the
terms of this paragraph, and (B) if such Regulatory Change relates to the purchase and subsequent ownership of Purchased Receivables, then Purchaser shall have the right to by notice to Seller setting forth in reasonable detail the basis
therefor, (x) for the purpose of future purchases hereunder adjust the Discount Rate to reflect such increased cost with respect to such future purchases (but not with respect to any prior purchases), which adjustments to the Discount Rate
shall apply solely to purchases occurring at least five (5) days after the giving of such notice, and (y) to the extent it is not practical to so adjust the Discount Rate pursuant to clause (x) prior to the applicable Purchase Date,
promptly after the applicable Purchase Date provide the Seller with a 

  
 23 

 
written demand for payment to reflect the increased costs with respect to Regulatory Changes that were in existence on the applicable Purchase Date for any Purchased Receivables hereunder but for
which the Discount Rate was not adjusted as described in clause (x), which such increased costs shall be effective and payable by the Seller within five (5) days after the giving of such notice. Except as provided in clause (y) of the
foregoing sentence, and notwithstanding any other provision, under no circumstances shall the purchase price of a Purchased Receivable be altered after the Purchase Date therefor as a result of a Regulatory Change. In addition to foregoing, if any
Purchased Receivables or the existing of the commitment hereunder becomes the subject of a Regulatory Change regarding capital or liquidity requirements that has or would have the effect of reducing the rate of return on Purchaser’s capital or
assets or increasing its amount of required liquidity as a consequence of (i) this Agreement, (ii) any of Purchaser’s obligations under this Agreement or (iii) Purchaser’s purchase or the ownership, maintenance or funding of
any Purchased Receivables hereunder, to a level below that which Purchaser would have achieved but for such Regulatory Change (taking into consideration Purchaser’s policies with respect to capital adequacy) that is not covered by clauses
(A) or (B) of this paragraph, then the Purchaser shall have the right, upon fifteen (15) days prior written notice to the Seller, to terminate this Agreement and its commitments hereunder and under the other Transaction Documents. Any
amount owing pursuant to this section shall be paid to Purchaser in immediately available funds. A certificate as to such amounts submitted to Seller by Purchaser shall be conclusive and binding for all purposes as to the calculations therein,
absent manifest error. Upon receipt of notice from Purchaser of any such increased cost or adjustment to the Commitment Fee or the Discount Rate, Seller shall have the right, at any time after payment to the Purchaser of amounts, if any, due
pursuant to clause (A) of this paragraph, and upon five (5) days prior written notice to the Purchaser, to terminate this Agreement and all commitments and obligations hereunder except insofar as such obligations relate to Purchased
Receivables sold on or prior to the date of notice of termination or otherwise expressly survive termination hereof. 
 (e) Regulatory
Indemnity. Seller will indemnify Purchaser for all losses, costs, damages, claims, actions, suits, demands and liabilities (together, the “Losses”) suffered or incurred by or brought against Purchaser arising out of or relating
to any Compliance Action, unless such Losses are caused by (i) the gross negligence or intentional misconduct of Purchaser or (ii) do not relate to the transfer of such Purchased Receivable from the Seller to the Purchaser under this
Agreement. 
 (f) Set-Off. Seller further agrees that, unless Seller notifies Purchaser in writing that it desires to pay on the date
when due any amounts due under this paragraph (f) and Seller makes such payment to Purchaser in immediately available funds on the date that such payment is due, Seller hereby irrevocably authorizes Purchaser, without further notice to
Seller, to set-off such amount against the Purchase Price of any Proposed Receivables to be purchased on or after such due date. 
 (g)
UCC. The rights granted to Purchaser hereunder are in addition to all other rights and remedies afforded to Purchaser as a buyer under the UCC or other applicable law. 

8. RETAINED OBLIGATIONS. Purchaser shall have no responsibility for, or have any liability with respect to, the performance of
any Contract, and neither shall Purchaser have any obligation to intervene in any commercial dispute arising out of the performance of any Contract. All obligations of Seller under each Contract, including all representations and warranty
obligations, all servicing obligations, all maintenance obligations, and all delivery, transport and insurance obligations, shall be retained by Seller (the “Retained Obligations”). Neither any claim that Seller may have against any
Account Debtor or any other Person, nor the failure of an Account Debtor to fulfill its obligations under the applicable Contracts, shall affect the obligations of Seller or Servicer to perform its obligations hereunder, and none of such events or
circumstances shall be used as a defense or as set-off, counterclaim or cross-complaint as against the performance or payment of any of Seller’s or Servicer’s obligations hereunder. 

  
 24 

 9. COSTS AND EXPENSES; DELINQUENT RATE. 

(a) Seller shall reimburse Purchaser and the Purchaser Agent for all reasonable costs (including reasonable attorneys’ fees and expenses)
that Purchaser and the Purchaser Agent incurs in connection with the preparation and negotiation of this Agreement, any amendments hereto and the administration, preservation of rights and enforcement hereof. In no event shall such obligation of
Seller to reimburse Purchaser or the Purchaser Agent include costs incurred by Purchaser or the Purchaser Agent in collecting or otherwise enforcing its rights as against the Account Debtors under the Receivables, including, but not limited to, as a
result of an Account Debtor Insolvency Event, unless Seller or Servicer is in breach or default of the performance of its obligations hereunder or under the terms of such Receivable. 

(b) Any fees, expenses, indemnity, Repurchase Price or other amounts payable by Seller to Purchaser in connection with this Agreement shall
bear interest each day from the date due until paid in full at the Delinquent Rate, whether before or after judgment. Such interest shall be payable on demand. Fees are deemed payable on the date or dates set forth herein; expenses, indemnity or
other amounts payable by Seller to Purchaser are due ten (10) days after receipt by Seller of written demand thereof. 
 10. GENERAL
PAYMENTS. All amounts payable by Seller to Purchaser under this Agreement shall be paid in full, free and clear of all deductions, set-off or withholdings whatsoever except only as may be required by law, and shall be paid on the date such
amount is due by not later than 3:00 pm (New York City time) to the account of Purchaser notified to Seller from time to time. For the avoidance of doubt, Seller shall not be responsible for any deductions, set-off or withholdings made by the
Account Debtors or required by law, except to the extent provided for in Section 7 above. If any deduction or withholding is required by law other than as Excluded Taxes, Seller shall pay to Purchaser such additional amount as necessary
to ensure that the net amount actually received by Purchaser equals to the full amount Purchaser should have received had no such deduction or withholding been required. All payments to be made hereunder or in respect of a Purchased Receivable shall
be in USD. Any amounts that would fall due for payment on a day other than a Business Day shall be payable on the succeeding Business Day. All interest amounts calculated on a per annum basis hereunder are calculated on the basis of a year of three
hundred sixty (360) days. 
 11. LIMITATION OF LIABILITY. IN NO EVENT SHALL PURCHASER SHALL BE LIABLE TO SELLER FOR ANY SPECIAL
INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT (INCLUDING LOST PROFITS OR LOSS OF BUSINESS). 
 12. NOTICES.
Unless otherwise provided herein, any notice, request or other communication which Purchaser, Seller or Servicer may be required or may desire to give to the other party under any provision of this Agreement shall be in writing and sent by email,
hand delivery or first class mail, certified or registered and postage prepaid, and shall be deemed to have been given or made when transmitted with receipt confirmed in the case of email, when received if sent by hand delivery or five (5) days
after deposit in the mail if mailed, and in each case addressed to Purchaser, Seller or Servicer as set forth below. Any party hereto may change the address to which all notices, requests and other communications are to be sent to it by giving
written notice of such address change to the other parties in conformity with this paragraph, but such change shall not be effective until notice of such change has been received by the other parties. 

  
 25 

 If to Seller:
                    Wise Alloys Funding II LLC 
 4805
Second Street 
 Muscle Shoals, AL 35661 
 Attn: Alex Godwin or
Treasury Department 
 Fax: 256.386.6980 
 Email:
alex.godwin@constellium.com 
 with a copy to: 
 Constellium
Switzerland AG 
 Max Högger-Strasse 6 
 8048 Zürich,
Switzerland 
 Attention: Mark Kirkland, Group Treasurer 

Office phone : +41 44 438 6642 
 Email :
mark.kirkland@constellium.com 
 If to Servicer:
                    Wise Alloys LLC 
 4805 Second Street

 Muscle Shoals, AL 35661 
 Attn: Alex Godwin or Treasury
Department 
 Fax: 256.386.6980 
 Email:
alex.godwin@constellium.com 
 with a copy to: 
 Constellium
Switzerland AG 
 Max Högger-Strasse 6 
 8048 Zürich,
Switzerland 
 Attention: Mark Kirkland, Group Treasurer 

Office phone : +41 44 438 6642 
 Email :
mark.kirkland@constellium.com 
 If to Purchaser:
                    Hitachi Capital America Corp. 
 800
Connecticut Ave. 
 Norwalk, CT 06854 
 Attention: Mark Benson;
Tom Cross 
 Email: mbenson@hitachicapitalamerica.com; tcross@hitachicapitalamerica.com 

If to the Purchaser Agent:                     Greensill
Capital Inc. 
 175 Varick Street, 8th Floor 

New York, NY 10014 
 Attention: Michael Gilhuley 

Email: mike@greensill.com 
 Seller agrees that
Purchaser may presume the authenticity, genuineness, accuracy, completeness and due execution of any email bearing a scanned signature resembling a signature of an authorized Person of Seller without further verification or inquiry by Purchaser.
Notwithstanding the foregoing, Purchaser in its sole discretion may elect not to act or rely upon such a communication and shall be entitled (but not obligated) to make inquiries or require further action by Seller to authenticate any such
communication. 

  
 26 

 13. SURVIVAL. Notwithstanding the occurrence of the Purchase Termination Date,
(a) all covenants, representations and warranties made herein shall continue in full force and effect so long as any Purchased Receivables remain outstanding; and (b) Seller’s and Servicer’s obligations to indemnify Purchaser
with respect to the expenses, damages, losses, costs, liabilities and other obligations shall survive until the later of (i) all applicable statute of limitations periods with respect to actions that may be brought against Purchaser have run
and (ii) 365 days following the entry of a final non-appealable order of a court of competent jurisdiction with respect to actions brought against Purchaser or any other Indemnified Party that were initiated prior to the end of the applicable
statute of limitations for such actions. 
 14. GOVERNING LAW; VENUE; WAIVER OF JURY TRIAL; ETC.  

(a) This Agreement shall be governed by the laws of the State of New York, without giving effect to conflict of laws principles that would
require the application of the law of any other jurisdiction. 
 (b) Each of the parties hereto irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States sitting in the Borough of Manhattan, New York City, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Agreement, or for recognition or enforcement of any judgment. Each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in any such New York State court or, to the extent permitted by law, in such federal court. A final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action
or proceeding arising out of or relating to this Agreement in any New York State or federal court located in the Borough of Manhattan. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of
inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (c) EACH PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT
THAT SUCH PERSON MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW OR STATUTORY
CLAIMS. 
 15. GENERAL PROVISIONS. 

(a) This Agreement represents the final agreement of the parties with respect to the subject matter hereof and supersedes all prior and
contemporaneous understandings and agreements with respect to such subject matter. No provision of this Agreement may be amended or waived except by a writing signed by the Purchaser, the Servicer and the Seller and, in the case of any provision
hereof which expressly refers to or provides a right to the Purchaser Agent or affects the definitions used to calculate the Purchase Price hereunder, the Purchaser Agent. 

(b) This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of each of the parties;
provided, however, that neither Seller nor Servicer may 

  
 27 

 
assign any of its rights hereunder without Purchaser’s prior written consent, given or withheld in Purchaser’s sole discretion. Purchaser shall have the right without the consent of or
notice to Seller or Servicer to sell, transfer, negotiate or grant participations in all or any part of, or any interest in, Purchaser’s obligations, rights and benefits hereunder and in any of the Sold Assets hereunder. 

(c) Each provision of this Agreement shall be severable from every other provision hereof for the purpose of determining the legal
enforceability of any specific provision. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of
which, when taken together, shall constitute but one and the same agreement. 
 (d) Seller acknowledges that from time to time financial
advisory, investment banking and other services may be offered or provided to Seller or one or more of its affiliates (in connection with this Agreement or otherwise) by Purchaser or its subsidiaries. Seller hereby authorizes Purchaser to share any
information delivered to Purchaser by Seller and its subsidiaries pursuant to this Agreement or any of the other Transaction Documents, or in connection with the decision of Purchaser to enter into this Agreement to any actual or prospective
participant or assignee under this Agreement that agrees to keep it confidential to the same extent as set forth in this paragraph (d). Such authorization shall survive the termination of this Agreement or any provision hereof. Without
limiting the foregoing, and subject to the provisions of paragraph (e) below, each party agrees to maintain the confidentiality of any Confidential Information (as defined below) of the other party and shall not disclose such
Confidential Information to any third party except as set forth in the Agreement. “Confidential Information” shall mean the terms of this Agreement and all information of a party provided to the other party hereunder.
“Confidential Information” shall not include any information that (i) is part of the public domain without any breach of this Agreement by the receiving party; (ii) is or becomes generally known to the general public or
organizations engaged in the same or similar businesses as the receiving party on a non-confidential basis, through no wrongful act of such party; (iii) is known by the receiving party prior to disclosure to it hereunder without any obligation
to keep it confidential; (iv) is disclosed to it by a third party which, to the best of the receiving party’s knowledge, is not required to maintain the information as proprietary or confidential; (v) is independently developed by the
receiving party without reference to Confidential Information of the other party; or (vi) is the subject of a written agreement whereby the other party consents to the disclosure of such Confidential Information on a non-confidential basis. A
party may disclose Confidential Information, without the consent of the other party, if such party is requested or becomes legally compelled (by applicable law, rule, regulation, oral questions, interrogatories, request for information or documents,
subpoena, civil investigative demand or similar process and including, without limitation, to the extent required to be disclosed to any regulatory body having jurisdiction over such party or its affiliates pursuant to the Securities Exchange Act of
1934, as amended, or otherwise) to disclose any of the Confidential Information. Except as otherwise provided in paragraph (e) below, each party may disclose any Confidential Information to its Affiliates and to its and their directors,
officers, employees, legal counsel, accountants, lenders, prospective lenders, agents and representatives, so long as any such Person is subject to confidentiality obligations similar to those in this paragraph (d). The obligations under
this paragraph (d) shall terminate on the Confidentiality Termination Date which is two (2) years from the Purchase Termination Date. Following the applicable Confidentiality Termination Date, Purchaser shall, in its sole
determination, either return Confidential Information of Seller to Seller, unless otherwise required by applicable law to maintain, or confirm to Seller that it has destroyed any Confidential Information in accordance with its document retention
policy, unless otherwise required by applicable law to maintain. Notwithstanding the foregoing, Confidential Information may be disclosed by Purchaser to the extent reasonably necessary or required, in the reasonable judgment of the Purchaser, for
(i) the transfer of servicing, (ii) the sale or foreclosure of the Purchased Receivables, (iii) the enforcement of the rights of the Purchaser under any Transaction Document or with respect to any invoice (including, without
limitation, in connection with any legal proceeding), and (iv) the protection of the Purchaser’s ownership and security interest in the Purchased Receivables and its rights hereunder and under the Transaction Documents. 

  
 28 

 (e) In addition to the confidentiality provisions set forth in paragraph (d) above,
the Purchaser (and any subsequent participant or assignee of the Purchaser under this Agreement) agrees that none of the terms and substance of any Contract or invoice (or portion of a Contract or invoice) provided pursuant to this Agreement shall
be disclosed, directly or indirectly to any other person by such Purchaser, except (i) with the prior written consent of the Seller, (ii) any actual or prospective participant or assignee under this Agreement that agrees to keep it
confidential to the same extent as set forth in this paragraph (e), (iii) to its directors, officers and employees, (iv) to its Affiliates that control Purchaser, directly or indirectly, (v) to its legal counsel, accountants,
agents, representatives and advisors representing the Purchaser in connection with entering into, performing or enforcing this Agreement, or auditing or otherwise reviewing for diligence, financial reporting or regulatory purposes any Purchased
Receivables, (vi) as required by applicable law or regulation or by any court, other tribunal or regulatory authority, and (vii) as Purchaser, in good faith, reasonably determines is necessary in connection with the enforcement of any
Transaction Document or any Purchased Receivable; in each case under clauses (i), (ii), (iii), (iv), and (v) so long as any such Person is subject to confidentiality obligations similar to those in this
Agreement. The obligations under this paragraph (e) shall terminate on the Confidentiality Termination Date which is seven (7) years from the date hereof. 

(f) As used in this Agreement, the terms “include” and “including” shall be read as if followed by “without
limitation” whether or not so followed. 
 [Remainder of page intentionally blank] 

  
 29 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first above written. 
  

			
	Wise Alloys Funding II LLC, as Seller
		
	By:	 	/s/ Alex Goodwin
	Name:	 	Alex Goodwin
	Title:	 	Treasurer
	
	Wise Alloys LLC, as initial Servicer and as Originator
		
	By:	 	/s/ Alex Goodwin
	Name:	 	Alex Goodwin
	Title:	 	Treasurer

 
			
	Hitachi Capital America Corp., as Purchaser
		
	By:	 	/s/ James M. Giaimo
	Name:	 	James M. Giaimo
	Title:	 	Vice President, Structured Credit and Operations
	
	Greensill Capital Inc., as Purchaser Agent
		
	By:	 	/s/ Jonathan Lane
	Name:	 	Jonathan Lane
	Title:	 	General Counsel

  

 Schedule 1 

Account Debtors 
  

	1.	Anheuser-Busch LLC (but only so long as Anheuser-Busch LLC remains a direct or indirect wholly-owned subsidiary of Anheuser-Busch InBev SA/NV) 

  
 Schedule 1-1 

 Schedule 2 

Seller Information Schedule 

Actual Name, as reflected in the attached organizational documents (i.e., certified copy of the Certificate of Incorporation, Articles of Formation or
Certificate of Limited Partnership): 
 Wise Alloys Funding II LLC 

Trade Name(s) (if any): n/a 
 Type and Jurisdiction of
Organization (e.g. Delaware corporation, sole proprietorship): Delaware limited liability company 
 Address of Place of Business (if only one) or Chief
Executive Office (if more than one place of business): 
 Wise Alloys Funding II LLC 

4805 Second Street 
 Muscle Shoals, AL 35661 

Attn: Alex Godwin or Treasury Department 
 Fax: 256.386.6980 

Email: alex.godwin@constellium.com 
 Seller Payment Instructions:

 Account maintained in the name of Wise Alloys II LLC at Wells Fargo Bank, National Association, with account number 4194360814 or such other account
designated by the Seller or the Servicer from time to time. 
  

  
 Schedule 2-1 

 Schedule 3 

Applicable Credit Spreads 

Applicable Credit Spread 
 On any applicable
date, the “Applicable Credit Spread” for purposes of the Agreement shall be determined on such date based on the grid below depending on the lower of the most recent public issuer credit ratings for Anheuser-Busch InBev SA/NV
as provided by S&P and Moody’s. 
  

													
	 	  	Anheuser-Busch
InBev SA/NV,
Long Term Rating
	 	  	Applicable
Credit
Spread	 
	 	  	S&P	 	  	Moody’s	 	  
	 >=
	  	 	A-	  	  	 	A3	  	  	 	2.00	% 
	 <=
	  	 	BBB+	  	  	 	Baa1	  	  	 	2.50	% 

  

  
 Schedule 3-1 

 Exhibit A 

Definitions 

“ABL Agent” means Wells Fargo Bank, National Association, as successor in interest to General Electric Capital Corporation,
in its capacity as agent under the ABL Credit Agreement, together with its successors and assigns. 
 “ABL Credit
Agreement” means the credit agreement, dated as of December 11, 2013 (as amended, restated, supplemented or otherwise modified from time to time), by and among Wise Alloys LLC, as the borrower, the other credit parties signatory
thereto, the ABL Agent, and the lenders signatory thereto. 
 “Account Debtor”: The meaning set forth in the recitals
hereto. 
 “Account Debtor Insolvency Event”: With respect to any Account Debtor, such Account Debtor shall generally not
pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally (including its obligations under the Receivables), or shall make a general assignment for the benefit of creditors; or any proceeding shall be
instituted by or against such Account Debtor seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating
to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property, or any
of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property)
shall occur; or such Account Debtor shall take any action to authorize any of the actions set forth above in this definition. 

“Adverse Claim” means any ownership interest or claim, mortgage, deed of trust, pledge, lien, security interest,
hypothecation, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including, but not limited to, any conditional sale or title retention arrangement, and any assignment, deposit
arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing); it being
understood that any thereof in favor of, or assigned to, Purchaser shall not constitute an Adverse Claim. 
 “Affiliate”:
With respect to any Person, each officer, director, general partner or joint-venturer of such Person and any other Person that directly or indirectly controls, is controlled by, or is under common control with, such Person. For purpose of this
definition, “control” means the possession of either (a) the power to vote, or the beneficial ownership of, 25% or more of the equity interests having ordinary voting power for the election of directors of such Person or
(b) the power to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Agreement”: The meaning set forth in the first paragraph of the agreement to which this Exhibit is attached. 

“Applicable Credit Spread”: On any applicable date of determination, means the credit spreads determined at such time in
accordance with the credit spread chart set forth on Schedule 3 attached hereto. 

  
 Exhibit A-1 

 “Applicable Law”: means any law (including common law), constitution, statute,
treaty, regulation, rule, ordinance, order, injunction, writ, decree, judgment, award or similar item of or by a governmental authority or any interpretation, implementation or application thereof. 

“Buffer Period”: means five (5) days. 

“Business Day”: Any day that is not a Saturday, Sunday or other day on which banks in New York City are required or permitted
to close. 
 “Capital Stock” means, with respect to any Person, any and all common shares, preferred shares, interests,
participations, rights in or other equivalents (however designated) of such Person’s capital stock, partnership interests, limited liability company interests, membership interests or other equivalent interests and any rights (other than debt
securities convertible into or exchangeable for capital stock), warrants or options exchangeable for or convertible into such capital stock or other equity interests. 

“Change of Control” means, if at any time, (i) Constellium N.V. ceases to own, directly or indirectly, 100% of the
Capital Stock of Parent, (ii) Parent ceases to own directly or indirectly, 100% of the Capital Stock of the Originator or (iii) Originator ceases to own, directly or indirectly, free and clear of any Adverse Claim, except with respect to
the ABL Credit Agreement, the PIK Toggle Notes Indenture, the Senior Secured Notes Indenture or any other similar incurrence of debt, 100% of the Capital Stock of the Seller. 

“Closing Date” means March 16, 2016, or such other date as all conditions in Section 2(c) have been satisfied. 

“Code” means the Internal Revenue Code of 1986 and shall include all amendments, modifications and supplements thereto from
time to time. 
 “Collections”: means all collections and other proceeds received and payment of any amounts owed in
respect of the Purchased Receivables, including, without limitation, all cash collections, wire transfers or electronic funds transfers. 

“Collection Account”: means the account maintained in the name of Wise Alloys Funding II LLC at Wells Fargo Bank, National
Association, with Account No. 4193371119 and ABA No. 121000248. 
 “Collection Account Agreement”: means the Deposit
Account Control Agreement, dated as of 16, 2016, by and among the Servicer, the Seller, as pledgor, the Purchaser, as secured party, and Wells Fargo Bank, National Association, as the account bank. 

“Commitment Fee”: has the meaning set forth in Section 2(e) hereof. 

“Compliance Action”: means any action taken by Purchaser (or any action that Purchaser instructs other members of the
Purchaser, its Affiliates or subsidiaries to take) to the extent it is legally permitted to do so under the laws of its jurisdiction, which it, in its sole discretion, considers appropriate to act in accordance with Sanctions Laws or domestic and
foreign laws and regulations, including without limitation, the interception and investigation of any payment, communication or instruction; the making of further enquiries as to whether a person or entity is subject to any Sanctions Laws; and the
refusal to process any transaction or instruction that does not conform with Sanctions Laws. 

  
 Exhibit A-2 

 “Confidentiality Termination Date” means, (i) with respect to the
confidentiality obligations related to Contracts and invoices, the date which is seven (7) years from the date hereof, and (ii) with respect to the confidentiality obligations relating to all other Confidential Information, the date which
is two (2) years from the Purchase Termination Date. 
 “Contracts”: has the meaning set forth in
Section 6(a) hereof. 
 “Credit and Collection Policy” means, as the context may require, those receivables
credit and collection policies and practices of each Originator, the Seller or the Servicer in effect on the date of this Agreement and delivered to Purchaser on or prior to the date hereof, as may be modified in compliance with this Agreement and
the Transaction Documents. 
 “Defaulted Receivable” means a Receivable: 

(a) as to which any payment, or part thereof, remains unpaid for more than 10 days from the original due date for such payment, or 

(b) without duplication (i) as to which an Account Debtor Insolvency Event shall have occurred, or (ii) that has been (or consistent
with its standard Credit and Collection Policies, should have been) written off on Seller’s or Servicer’s books as uncollectible. 

“Default Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1%
rounded upward) computed as of the last day of each calendar month by dividing: (a) the aggregate outstanding balance of all Purchased Receivables that became or remained Defaulted Receivables during such month, by (b) the aggregate
outstanding balance of all Purchased Receivables during the month that is three calendar months before such month. 
 “Delinquency
Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each calendar month by dividing: (a) the aggregate outstanding balance of all
Purchased Receivables that were Delinquent Receivables on such day by (b) the aggregate outstanding balance of all Purchased Receivables on such day. 

“Delinquent Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for more than 5 days from
the original due date for such payment. 
 “Delinquent Rate”: A rate of interest equal to 2.00% per annum plus the
Discount Rate. 
 “Dilution”: All actual offsets to the face value of the Net Invoice Amount for the relating to one or
more Purchased Receivables, including, without limitation, customer payment and/or volume discounts, write-offs, deductions, offsets, credit memoranda, returns and allowances, billing errors, rebates and other similar items but no event shall
include failure or inability of the Account Debtor to timely pay due to credit-related reasons. 
 “Discount Rate”: On any
date of determination, a rate equal LIBOR plus a per annum rate equal to the Applicable Credit Spread at such time. 

“Dispute”: Any dispute, Dilution, claim, defense or counterclaim relating to one or more Purchased Receivables (other than an
adjustment granted with Purchaser’s prior written consent) asserted or claimed by the Account Debtor in writing or other reasonable and customary form of business communication and which is not remedied within 10 days regardless of whether the
same (i) is in an 

  
 Exhibit A-3 

 
amount greater than, equal to or less than the applicable Purchased Receivable, or (ii) arises by reason of an act of God, civil strife, war, currency restrictions, foreign political
restrictions or regulations, or any other circumstance beyond the control of Seller or the applicable Account Debtor, but shall in no event include the failure of the Account Debtor to timely pay any of its obligations under the Receivable in the
absence of a Dispute, Dilution or any other event for which any amount is payable pursuant to Section 6. For the avoidance of doubt, and notwithstanding the foregoing, the failure to make payment of a Purchased Receivable as a result of
an Account Debtor Insolvency Event of the applicable Account Debtor shall not be deemed a “Dispute” hereunder. 

“Eligible Receivable”: A Receivable that satisfies each of the following conditions to the satisfaction of Purchaser: 

(i) is generated by the Originator in the ordinary course of its business from sale of goods or the provision of services to
an Account Debtor under a duly authorized Contract that is in full force and effect and that is a legal, valid and binding obligation of the Originator and the related Account Debtor, enforceable against such Person in accordance with its terms,
except as may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, arrangement, moratorium, receivership, conservatorship or other laws relating to or affecting the enforcement of creditors’ rights generally; 

(ii) such sale of goods or provision of services to the applicable Account Debtor have been fully delivered or performed by
Originator, 
 (iii) the Account Debtor with respect to such Receivable is rated investment grade by all nationally
recognized statistical rating organizations then rating such Account Debtor; 
 (iv) that by its terms has an Invoice Due
Date that is no more than 90 days from the original invoice date and such Invoice Due Date has not occurred, 
 (v) that is
owned by Seller, free and clear of all liens, encumbrances and security interests of any Person. 
 (vi) that is freely
assignable without the consent of any Person, including the applicable Account Debtor, 
 (vii) for which no default or
event of default (howsoever defined) exists under the applicable Contract between Originator and the applicable Account Debtor, 

(viii) which is not subject to any Dispute or Dilution, 

(ix) the related Account Debtor has been instructed in writing to make payments on such Receivable only to the Collection
Account, 
 (x) the related Account Debtor (i) is a resident of the United States of America and has provided
Originator with a billing address in the United States of America, (ii) is not an Affiliate of Seller, Servicer or Parent and (iii) is not a natural person, 

(xi) such Receivable (i) is denominated and payable only in USD in the United States and (ii) is not payable in
installments, 

  
 Exhibit A-4 

 (xii) such Receivable is not a Receivable which arose as a result of the sale of
consigned goods or finished goods that have incorporated any consigned goods into such finished goods or a sale in which Seller or Servicer acted as a bailee, consignee or agent of any other Person or otherwise not as principal or otherwise in
respect of deferred or unearned revenues, 
 (xiii) such Receivable does not constitute a re-billed amount arising from a
deduction taken by the related Account Debtor with respect to a previously arising Receivable, 
 (xiv) as of the related
Purchase Date, no Account Debtor Insolvency Event has occurred with respect to the related Account Debtor, such Account Debtor is not delinquent or in default either on more than 5% of its then unpaid and outstanding Receivables or on more than
5% of its then unpaid and outstanding Purchased Receivables, 
 (xv) such Receivable (i) does not arise from a sale of
accounts made as part of a sale of a business or constitute an assignment for the purpose of collection only, (ii) is not a transfer of a single account made in whole or partial satisfaction of a preexisting indebtedness or an assignment of a
right to payment under a contract to an assignee that is also obligated to perform under the contract and (iii) is not a transfer of an interest in or an assignment of a claim under a policy of insurance, 

(xvi) such Receivable constitutes an account or a payment intangible as defined in the UCC and is not evidenced by instruments
or chattel paper, and 
 (xvii) the related Account Debtor is Anheuser-Busch LLC (but only so long as Anheuser-Busch
LLC remains a direct or indirect wholly-owned subsidiary of Anheuser-Busch InBev SA/NV) and/or such other Account Debtors as Purchaser may agree to from time to time in its sole discretion and in a writing signed by the Purchaser. 

“Event of Repurchase”: The meaning set forth in Section 7(a) hereof. 

“Excluded Taxes”: Any of the following taxes imposed on or with respect to Purchaser or required to be withheld or deducted
from a payment to Purchaser, taxes imposed on or measured by net income (however denominated) or capital, franchise taxes, and branch profits taxes, in each case, (i) imposed as a result of Purchaser being organized under the laws of, or having
its principal office or applicable lending office located in, the jurisdiction imposing such tax (or any political subdivision thereof), (ii) imposed under or as a result of FATCA, or (iii) that are taxes imposed as a result of a present
or former connection between Purchaser and the jurisdiction imposing such tax (other than connections arising from Purchaser having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, Purchased Receivables under or engaged in any other transaction pursuant to this Agreement). 

“Facility Amount”: up to USD 100,000,000. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or as amended or a successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code (or any amended or
successor version as described above), any intergovernmental agreement entered into in connection with such sections of the Code and any legislation, law, regulation or practice enacted or promulgated pursuant to such intergovernmental agreement.

  
 Exhibit A-5 

 “First Tier Parent Guarantee” A guarantee agreement in form and substance
satisfactory to Seller and Purchaser duly executed and delivered by Parent to Seller, as the purchaser under the Sale Agreement. 

“GAAP” means generally accepted accounting principles in the United States of America or the International Financial
Reporting Standards issued by the International Accounting Standards Board (IASB) and related interpretations (in each case as in effect from time to time). 

“Identification Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1%
rounded upward) computed as of the last day of each calendar month by dividing: (a) the aggregate of all Collections during such month on all outstanding receivables originated by the Originator (whether or not Purchased Receivables hereunder
(and whether or not then owned, pledged or otherwise assigned by the Originator), which were not, within five (5) Business Days of receipt of such Collections, properly identified as being related or applicable to a particular receivable
(whether or not a Purchased Receivable), by (b) the aggregate of all Collections during such month on all outstanding Purchased Receivables, which were, within five (5) Business Days of receipt of such Collections, properly identified as
being related or applicable to a particular Purchased Receivable. 
 “Indemnified Amounts”: The meaning set forth in
Section 7(b) hereof. 
 “Indemnified Party”: The meaning set forth in Section 7(b) hereof. 

“Insolvency Event”: With respect to any Person, such Person shall generally not pay its debts as such debts become due, or
shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against such Person seeking to adjudicate it as bankrupt or insolvent, or
seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order
for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such
proceeding shall remain undismissed or unstayed for a period of 30 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian
or other similar official for, it or for any substantial part of its property) shall occur; or such Person shall take any action to authorize any of the actions set forth above in this definition; provided, that in the case of the inability
of a Person to pay its debts as such debts become due arising by reason of currency restrictions or foreign political restrictions or regulations beyond the control of Seller or such Person, such event shall not be deemed an “Insolvency
Event” hereunder. 
 “Intercreditor Agreement”: That certain Intercreditor Agreement, dated as of the date hereof, by
and among Wells Fargo Bank, National Association, as ABL Agent (the “ABL Agent”), the Purchaser, the Servicer and the Seller, as amended, restated, supplemented or otherwise modified from time to time. 

“Invoice Due Date”: With respect to a Purchased Receivable, the last date identified for timely payment in the applicable
original invoice. 
 “LIBOR”: The offered rate for deposits in U.S. dollars in the London interbank market for a period
determined by Purchaser, which is shown on the Telerate screen (page 3750) as of 11:00 a.m. (London time) day that the Purchase Price is paid pursuant hereto; provided, however, that if such a rate ceases to be available on that or any
other source from Telerate, LIBOR Rate shall be a rate per annum equal to the offered rate for deposits in U.S. dollars in the London interbank market for a period 

  
 Exhibit A-6 

 
determined by Purchaser, that appears on Reuters Screen LIBO Page (or any successor page) as of 11:00 a.m. (London time) on the day such rate is calculated or if not so reported, then as
determined by Purchaser from another recognized source or interbank. 
 “Material Adverse Change”: With respect to any
Person, an event that results or could likely result in (a) a material adverse change in (i) the business condition (financial or otherwise), operations, performance or properties of such Person, or (ii) the ability of such Person to
fulfill its obligations hereunder, or (b) the impairment of the validity or enforceability of, or the rights, remedies or benefits available to, Purchaser under this Agreement. 

“Moody’s”: Moody’s Investors Service, Inc. 

“Net Invoice Amount”: The amount shown on the original invoice for the applicable Purchased Receivable as the total amount
payable by the applicable Account Debtor, which amount shall be net of any discounts, credits or other allowances identified with specificity on such original invoice. 

“OFAC”: The meaning set forth in the definition of “Sanctioned Country”. 

“Offset Condition”: On any date of determination shall be satisfied, so long as (i) the aggregate outstanding Purchase
Prices of all Purchased Receivables at such time related to any Account Debtor and its Affiliates (on a combined basis) does not exceed (ii) 90% of (x) the aggregate outstanding principal balance of all receivables payable at such time by
such Account Debtor (whether or not such receivables are Purchased Receivables hereunder), minus (y) the aggregate amounts of principal and interest, if any, at such time in respect of any amounts which are subject to payment by (whether or not
then due and payable) the Seller or any of its Affiliates (on an aggregate basis), to or for the account of such Account Debtor (and any of its Affiliates (on a combined basis). 

“Organization Documents”: Means (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and the operating agreement,
or the equivalent thereof; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with the applicable governmental authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation
or organization of such entity, or any equivalent thereof. 
 “Originator” means Wise Alloys LLC, as originator and seller
under the Sale Agreement. 
 “Outstanding Account Debtor Purchase Amount”: As of the date of determination, an amount equal
to (i) the aggregate amount paid by Purchaser to Seller in respect of Purchased Receivables of a particular Account Debtor, minus (ii) the aggregate amount of all Collections with respect to such Purchased Receivables actually deposited
into the Collection Account. 
 “Outstanding Aggregate Purchase Amount”: As of the date of determination, an amount equal
the Outstanding Account Debtor Purchase Amount for all Account Debtors. 
 “Parent”: Constellium Holdco II, B.V., a Dutch
entity. 
 “Parent Guarantee”: A guarantee agreement in form and substance satisfactory to Purchaser duly executed and
delivered by Parent to Purchaser. 

  
 Exhibit A-7 

 “Person”: An individual, partnership, corporation (including a business trust),
limited liability company, limited partnership, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“PIK Toggle Notes Indenture” means the indenture, dated as of April 16, 2014, among Wise Intermediate Holdings LLC, as
an issuer, Wise Holdings Finance Corporation, as an issuer and Wilmington Trust, National Association, as trustee, pursuant to which the
93/4% / 101/2% Senior PIK
toggle Notes due 2019 were issued. 
 “Proposed Receivables”: With respect to any Purchase Date, the Eligible Receivables
proposed by Seller to Purchaser for purchase hereunder and described in a Purchase Request to be purchased on such Purchase Date. 

“Purchase Date”: Each date on which Purchaser purchases Eligible Receivables. 

“Purchase Price”: The meaning set forth in Section 2(d) hereof. 

“Purchase Request”: The meaning set forth in Section 2(a) hereof. 

“Purchase Termination Date”: The date which is the earlier of (i) on which this Agreement terminates pursuant to
Section 2(b) hereof, (ii) the date declared by Purchaser in its sole discretion following the occurrence of a Termination Event and (iii) March 15, 2017, as such date may be extended in accordance with the terms of
Section 2(b) hereof. 
 “Purchased Receivables”: The meaning set forth in Section 2(a) hereof. 

“Purchaser”: The meaning set forth in the preamble hereto. 

“Purchaser Agent”: Means Greensill Capital Inc., together with its successors and assigns in such capacity. 

“Purchaser Agent Fee Letter”: That certain fee letter agreement dated on or about the date hereof between the Purchaser and
the Purchaser Agent, as such letter agreement may be amended, restated or otherwise modified from time to time. 

“Receivables”: Any indebtedness or other payment obligation owing to Seller or Originator by any Account Debtor (whether
constituting an account or payment intangible), including any right to payment of interest or finance charges and other obligations of such Account Debtor with respect thereto, arising out of Originator’s sale and delivery of goods or
Originator’s sale and provision of services. 
 “Regulatory Change” means, relative to any Person: 

(a) any change in (or the adoption, implementation, administration, change in phase-in or interpretation or commencement of effectiveness of)
any: 
 (i) Applicable Law applicable to such Person; 

(ii) regulation, interpretation, directive, requirement or request (whether or not having the force of law) applicable to such
Person of (A) any governmental authority charged with the interpretation or administration of any Applicable Law referred to in clause (a)(i) or of (B) any fiscal, monetary or other authority having jurisdiction over such Person;

  
 Exhibit A-8 

 (iii) GAAP, IFRS or regulatory accounting principles applicable to such Person
and affecting the application to such Person of any Applicable Law, regulation, interpretation, directive, requirement or request referred to in clause (a)(i) or (a)(ii) above; or 

(iv) notwithstanding the forgoing, (A) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder, issued in connection therewith or in implementation thereof, and (B) all requests, rules, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign governmental or regulatory authorities, shall in each case be deemed to be a “Regulatory Change” occurring and implemented after the date hereof,
regardless of the date enacted, adopted, issued or implemented; or 
 (b) any change in the application to such Person of any existing
Applicable Law, regulation, interpretation, directive, requirement, request or accounting principles referred to in clause (a)(i), (a)(ii), (a)(iii) or (a)(iv) above. 

“Related Rights:” means, with respect to any Receivable: 

(a) all of the Seller’s and the Originator’s interest in any documents of title evidencing the shipment or storage
of any goods that give rise to such Receivable, and all goods (including returned goods) relating to such Receivable, 
 (b)
all instruments, chattel paper or other documents or contracts, to the extent evidencing such Receivable, 
 (c) all other
security interests or liens and property subject thereto from time to time, to the extent purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all UCC financing
statements or similar filings relating thereto, 
 (d) all of the Seller’s and each Originator’s rights, interests
and claims under the Contracts and all guaranties, indemnities, insurance and other agreements (including the related Contract) or arrangements of whatever character from time to time, to the extent supporting or securing payment of such Receivable
or otherwise relating to such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, 
 (e)
the Seller’s rights and remedies as against the Originator or Parent under the Sale Agreement and/or any other Transaction Document; and 

(f) all Collections and proceeds of any of the foregoing. 

“Repurchase Date”: The meaning set forth in Section 7 hereof. 

“Repurchase Price”: The meaning set forth in Section 7 hereof. 

  
 Exhibit A-9 

 “Repurchase Rate”: For any Purchased Receivable repurchased by the Seller, a
rate per annum equal to the Discount Rate. 
 “Repurchase Ratio” means, the ratio (expressed as a percentage) with respect
to any month, equal to (i) the aggregate outstanding balance of all Purchased Receivables which has become the subject of a Repurchase Event, divided by (ii) the aggregate outstanding balance of all Receivables generated by the Wise Alloys
LLC one month prior to such month. 
 “Retained Obligations”: The meaning set forth in Section 8 hereof. 

“Sale Agreement” means the receivables purchase agreement between the Originator and the Seller, dated as of the date hereof,
as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 
 “Sanctioned
Country”: A country that is the subject of country-wide or territory wide economic or trade sanctions administered by the US Treasury Department’s Office of Foreign Assets Control (“OFAC”). 

“Sanctioned Person”: Any of the following currently or in the future: (i) an entity, vessel, or individual named on
the list of Specially Designated Nationals or Blocked Persons maintained by U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) available at
http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx or on the consolidated list of persons, groups, and entities subject to the European Union financial sanctions currently available at
http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm; (ii) any entity or individual located in or organized under the laws of any Sanctioned Country to the extent that the entity or individual is subject to sanctions under Sanctions Laws;
(iii) any entity or individual otherwise a subject of sanctions under Sanctions Laws; and (iv) any entity or individual engaged in sanctionable activities under the Sanctions Laws. 

“Sanctions Laws”: The sanctions laws, regulations, and rules promulgated or administered by OFAC and the U.S. Department of
State, including any enabling legislation or Executive Order related thereto, as amended from time to time; the sanctions and other restrictive measures applied by the European Union in pursuit of the Common Foreign and Security Policy objectives
set out in the Treaty on European Union; the United Kingdom, and any similar sanctions laws as may be enacted from time to time in the future by the U.S., the European Union (and any of its member states), or the Security Council or any other
legislative body of the United Nations; and any corresponding laws of jurisdictions in which Seller operates or in which the proceeds of the Purchase Price will be used or from which repayments of such obligations be derived. 

“Scheduled Payment Date”: For any invoice, the date arrived at by adding the Buffer Period to the Invoice Due Date. 

“Seller”: The meaning set forth in the preamble. 

“Senior Secured Notes Indenture” means the indenture, dated as of December 11, 2013, among Wise Metals Group LLC, as an
issuer, Wise Alloys Finance Corporation, as an issuer, the guarantors party thereto, and Wells Fargo Bank, National Association, as trustee, pursuant to which the 83/4 % Senior Secured Notes due 2018 were issued. 
 “Servicer”: The
meaning set forth in Section 6(a) hereof. 

  
 Exhibit A-10 

 “Servicer Report”: The meaning set forth in Section 6(e) hereof.

 “Servicing Fee”: The meaning set forth in Section 6(a) hereof. 

“Settlement Date”: The meaning set forth in Section 6(b)(v) hereof. 

“Sold Assets”: The meaning set forth in Section 2(g) hereof. 

“Standard & Poor’s”: Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 

“Termination Event”: Each of the following shall be a “Termination Event”: 

(a)(i) Seller, Parent, Originator or Servicer shall fail to perform or observe any term, covenant or agreement under this Agreement or any
Transaction Document and, except as otherwise provided herein, such failure shall continue for five (5) Business Days after such Person’s knowledge or notice thereof, (ii) Seller or Servicer shall fail to make when due any payment or
deposit to be made by it under this Agreement including without limitation, any payment or deposit of Collections Due on each Settlement Date or under Section 7(b) of this Agreement and such failure shall continue unremedied for one Business
Day or (iii) Servicer shall resign as Servicer, and no successor Servicer reasonably satisfactory to Purchaser shall have been appointed; 

(b) any representation or warranty made by Seller, Parent, Originator or Servicer (or any of their respective officers) under or in connection
with this Agreement or any Transaction Document, or any information or report delivered by Seller, Parent, Originator or Servicer pursuant to the Agreement, shall prove to have been incorrect or untrue in any material respect when made or deemed
made or delivered and shall continue unremedied for five (5) Business Days after such Person’s knowledge or notice thereof; 
 (c)
Seller or Servicer shall fail to deliver any report required to be delivered by this Agreement when due; 
 (d) this Agreement or any
purchase pursuant to the Agreement shall for any reason: cease to create with respect to the Purchased Receivables, or the interest of Purchaser with respect to such Purchased Receivables shall cease to be, a valid and enforceable first priority
perfected ownership interest, free and clear of any Adverse Claim; or there shall exist any Adverse Claim on the Purchased Receivables other than the Adverse Claims created under this Agreement; 

(e) Seller, Parent, Originator or Servicer shall generally not pay its debts as such debts become due, or shall admit in writing its inability
to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against Seller or Servicer seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of
a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or
unstayed for a period of 60 days, or any of the actions sought in such proceeding (including the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part
of its property) shall occur; or Seller, Parent, Originator or Servicer shall take any corporate action to authorize any of the actions set forth above in this paragraph; 

  
 Exhibit A-11 

 (f) (i) on any date of determination the (A) Default Ratio shall exceed 1.00%,
(B) the Delinquency Ratio shall exceed 1.00%; (C) the Repurchase Ratio shall exceed 3.00%, or (D) the Identification Ratio shall exceed 5.00%, (ii) the average for three consecutive calendar months of: (A) the Default Ratio
shall exceed 1.00%, (B) the Delinquency Ratio shall exceed 1.00%, (C) the Repurchase Ratio shall exceed 3.00%, or (D) the Identification Ratio shall exceed 5.00% or (iii) the Offset Condition shall fail to be satisfied; 

(g) a Change in Control shall occur; 

(h) (i) Parent or Servicer or any of their subsidiaries shall fail to pay any principal of or premium or interest on any of its debt that
is outstanding in a principal amount of at least $75,000,000 in the aggregate when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the
applicable grace period, if any, specified in the agreement, mortgage, indenture or instrument relating to such debt (and shall have not been waived); or (ii) any other “default”, “event of default” or similar event shall
occur or condition shall exist under any agreement, mortgage, indenture or instrument relating to any such debt and shall continue after the applicable grace period, if any, specified in such agreement, mortgage, indenture or instrument; 

(i) to the extent Ultimate Parent has a credit rating from Standard & Poor’s or Moody’s (including, if applicable, a shadow
rating from either such rating agency): (i) such rating shall be downgraded below B- by Standard & Poor’s and below B3 by Moody’s or (ii) such rating of Ultimate Parent is withdrawn by Standard & Poor’s or
Moody’s, as the case may be (for the avoidance of doubt, if either Standard & Poor’s or Moody’s takes any of the actions described in clauses (i) or (ii) above, whether or not such action is taken by
the other or both, such action by either such agency shall constitute a Termination Event hereunder); 
 (j)(i) One or more final judgments
for the payment of money shall be entered against Seller or (ii) one or more final judgments for the payment of money in an amount in excess of $50,000,000, individually or in the aggregate, shall be entered against Servicer, Parent or
Originator on claims not covered by insurance or as to which the insurance carrier has denied its responsibility; or 
 (k) This Agreement
or the Parent Guarantee, at any time, ceases to be the legal, valid and binding obligation of the Seller, the Originator, the Servicer or the Parent, as applicable, at any time, challenges its obligations hereunder or thereunder. 

“Transaction Documents” means this Agreement, the Sale Agreement, the Parent Guarantee, the First Tier Parent Guarantee, the
Intercreditor Agreement, the Collection Account Agreement, any account, control or similar agreement (if any) covering the Collection Account and all other certificates, instruments, UCC financing statements, reports, notices, agreements and
documents executed or delivered under or in connection with this Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement. 

“UCC”: The Uniform Commercial Code in effect in the State of New York from time to time. 

“Ultimate Parent” means Constellium N.V., a Dutch public limited liability company. 

“Unmatured Termination Event” means an event that, with the giving of notice or lapse of time, or both, would constitute a
Termination Event. 
 “Unsold Receivable” means any Receivable that is not a Purchased Receivable. 

“USD”: United States Dollars, the lawful currency of the United States of America. 

  
 Exhibit A-12 

 Exhibit B 

Form of Purchase Request 

[date] 
 Hitachi Capital America Corp. 

800 Connecticut Ave. 
 Norwalk, CT 06854 

Reference is hereby made to that certain Receivable Purchase Agreement, dated as March 16, 2016, between Wise Alloys Funding II LLC
(“Seller”), Hitachi Capital America Corp. (“Purchaser”), Wise Alloys LLC (“Servicer”) and Greensill Capital Inc. (the “Purchaser Agent”) (as it may be amended, modified or
supplemented from time to time, the “Agreement”; capitalized terms not otherwise defined herein shall have the meanings set forth in the Agreement). 

Pursuant to the terms of the Agreement, Seller hereby requests that Purchaser purchase from Seller the Proposed Receivables listed herein with
an aggregate Net Invoice Amount of USD[                ]. 

Seller represents and warrants that as of the date hereof and on the Purchase Date: 

1. Following the purchase of the Proposed Receivables set forth in this Purchase Request, (A) the Outstanding Aggregate Purchase Amount
does not exceed USD[                ] and (B) the Outstanding Account Debtor Purchase Amount with respect to the Purchased Receivables (assuming the Proposed
Receivables constitute Purchased Receivables) payable by any Account Debtor does not exceed the sublimit established by Purchaser for such Account Debtor; 

2. Seller’s representations, warranties and covenants set forth in the Agreement are true and correct; 

3. The conditions precedent for purchase set forth in Section 2(c) of the Agreement have been satisfied; 

4. No Event of Repurchase exists on such Purchase Date except for repurchases being effectuated on the date hereof by setoff by Purchaser
against the Purchase Price for the Proposed Receivables; and 
 5. There has not been any Material Adverse Change in Seller, Servicer,
Originator or Parent since the last purchase of Receivables under the Agreement. 
 6. With respect to the related Proposed Receivables
offered for sale by Seller to Purchaser based on the approved Account Debtor(s), set forth below is the following: applicable Account Debtor’s legal name, address, the invoice number(s), the stated amount of the invoice(s), the date and term of
the invoice(s), the stated due date of such invoice (s), the Scheduled Payment Date of such invoice and the calculation of the Offset Condition: 

[                       
                                         
                                         
                                         
                          ] 

  
 Exhibit B-1 

[                       
                                         
                                         
                                         
                          ] 

[                       
                                         
                                         
                                         
                          ] 

Upon acceptance by Purchaser of this Purchase Request and payment of the Purchase Price, Purchaser hereby purchases, and Seller hereby sells, all of
Seller’s right, title and interest with respect to the Proposed Receivables on the attached Exhibit and all Related Rights as of the date hereof, and the Proposed Receivables shall become Purchased Receivables in the manner set forth in the
Agreement. 
  

			
	[                                    
                        ]
		
	By:	 	 
		 	Name:
		 	Title:

  

					
	PURCHASE REQUEST ACCEPTED:
	
	HITACHI CAPITAL AMERICA CORP.
		
	By:	 	 
		 	Name:
		 	Title:
		 	Date:	 	 

  
 Exhibit B-2 

 Exhibit C 

[Reserved.] 

  
 Exhibit C-1 

 Exhibit D 

Payment Reconciliation 
 Exhibit D
shows the payment for each individual invoice related to the Purchased Receivable. 
 Please include all the information in the Purchase Request together
with the payment date, payment amount, any Dilutions and the outstanding amount, if any. 

  
 Exhibit D-1 

 Exhibit E 

Form of Notification of Assignment 

                    , 201_ 

Anheuser-Busch, LLC. 
 One Busch Place, 202-5 

St. Louis, Missouri 63118 
 Attention: Accounts Payable; Head of
Metal Procurement 
 Wise Alloys LLC (“Supplier”) and Wise Alloys Funding II LLC (“Subsidiary”) hereby notifies you pursuant to
Section 9-406 of the Uniform Commercial Code that Supplier has sold and assigned and will sell and assign to Subsidiary and Subsidiary has thereupon sold and assigned to Hitachi Capital America Corp. (the “Purchaser”) certain of
Supplier’s accounts receivable due from you, including those accounts listed on Schedule 1 attached hereto. From time to time, Purchaser may notify you of additional accounts receivable due from you that have then been purchased by Purchaser.
You are hereby instructed to rely upon any such notice from Purchaser. 
 You are hereby instructed to make all payments due from you on all Supplier’s
or Subsidiary’s accounts receivable to Purchaser in accordance with the instructions set forth on Schedule 2 attached hereto or such other instructions as Purchaser may provide you with from time to time. Neither Supplier nor Subsidiary may
countermand any Purchaser instructions and you are instructed to disregard any instructions from Supplier or Subsidiary that are contrary to those on Schedule 2 or to any other instructions hereafter furnished to you by Purchaser, unless such
instructions are joined in by Purchaser in writing. 
 Please contact Purchaser at 203-956-3264 if you have any questions about the above notification of
assignment and remittance instructions. 
 Very truly yours, 

SUPPLIER: 
 Wise Alloys LLC, 

a Delaware limited liability company 
 By: 

Name: 
 Title: 

[Signatures continued on following page] 

  
 Exhibit E-1 

 SUBSIDIARY: 

Wise Alloys Funding II LLC, 
 a Delaware limited liability
company 
 By: 
 Name: 

Title: 
 Acknowledged and Accepted as of the date first written
above: 
 PURCHASER: 
 Hitachi Capital America Corp.,

 a Delaware corporation 
 By: 

Print Name: 
 Print Title: 

  
 Exhibit E-2 

 Schedule 1 to Notification of Assignment 

List of Current Purchased Accounts 
  

  
 Exhibit E-3 

 Schedule 2 to Notification of Assignment 

Payment Instructions for Purchased Accounts 

Until further notice, please continue to make payments on account of Purchased Receivables to: 

Account Bank:       Wells Fargo Bank, National Association, 

Account Holder:     Wise Alloys Funding II LLC 

Account No.:         4193371119 and 

ABA No.:             121000248 

OR 
 Please pay all amounts due on Purchased Receivables to:EXHIBIT 10.1 

YELP INC. 

2012 EQUITY INCENTIVE PLAN

ADOPTED BY THE BOARD OF DIRECTORS:
JANUARY 25, 2012 
APPROVED BY THE STOCKHOLDERS: FEBRUARY 24, 2012 
IPO
DATE/EFFECTIVE DATE: MARCH 1, 2012 
AMENDED BY THE BOARD OF DIRECTORS:
JANUARY 30, 2013 
APPROVED BY THE STOCKHOLDERS: JUNE 5, 2013 
AMENDED BY
THE BOARD OF DIRECTORS: JANUARY  27, 2016 
APPROVED BY THE STOCKHOLDERS: APRIL
13, 2016 

1. GENERAL. 

(a) Successor to and Continuation of
Prior Plan. The Plan is intended as the
successor to and continuation of the Yelp! 2011 Equity Incentive Plan, as
amended (the “Prior
Plan”). From and after 12:01 a.m. Pacific
time on the Effective Date, no additional stock awards will be granted under the
Prior Plan. All Awards granted on or after 12:01 a.m. Pacific Time on the
Effective Date will be granted under this Plan. All stock awards granted under
the Prior Plan will remain subject to the terms of the Prior Plan.

(i) Any shares that would otherwise remain available for future grants under
the Prior Plan as of 12:01 a.m. Pacific Time on the Effective Date (the
“Prior Plan’s Available
Reserve”) will cease to be available
under the Prior Plan at such time. Instead, that number of shares of Common
Stock equal to the Prior Plan’s Available Reserve will be added to the Share
Reserve (as further described in Section 3(a) below) and be then immediately
available for grants and issuance pursuant to Stock Awards hereunder, up to the
maximum number set forth in Section 3(a) below.

(ii) In addition, from and after 12:01 a.m. Pacific time on the Effective
Date, with respect to the aggregate number of shares subject, at such time, to
outstanding stock awards granted under either the Prior Plan or the Yelp! Inc.
Amended and Restated 2005 Equity Incentive Plan that would, but for the
operation of this sentence, subsequently return to the share reserve of the
Prior Plan by operation of Sections 1(a) and 3(a) of the Prior Plan (such shares
the “Returning Shares”), such shares will not return to the reserve of the Prior
Plan, and instead that number of shares of Common Stock equal to the Returning
Shares will immediately be added to the Share Reserve (as further described in
Section 3(a) below) as and when the such a share becomes a Returning Share, up
to the maximum number set forth in Section 3(a) below.

(b) Eligible Award Recipients.
Employees, Directors and Consultants are
eligible to receive awards.

(c) Available
Awards. The Plan provides for the grant of
the following Awards: (i) Incentive Stock Options, (ii) Nonstatutory Stock
Options, (iii) Stock Appreciation Rights (iv) Restricted Stock Awards, (v)
Restricted Stock Unit Awards, (vi) Performance Stock Awards, (vii) Performance
Cash Awards, and (viii) Other Stock Awards.

(d) Purpose. This Plan, through the granting of Awards, is intended to help
the Company secure and retain the services of eligible award recipients, provide
incentives for such persons to exert maximum efforts for the success of the
Company and any Affiliate, and provide a means by which the eligible recipients
may benefit from increases in value of the Common Stock.

2. ADMINISTRATION.

(a) Administration by Board.
The Board will administer the Plan. The Board
may delegate administration of the Plan to a Committee or Committees, as
provided in Section 2(c).

1

(b) Powers of Board.
The Board will have the power, subject to,
and within the limitations of, the express provisions of the Plan:

(i) To determine: (A) who will be granted Awards; (B) when and how each Award
will be granted; (C) what type of Award will be granted; (D) the provisions of
each Award (which need not be identical), including when a person will be
permitted to exercise or otherwise receive cash or Common Stock under the Award;
(E) the number of shares of Common Stock subject to, or the cash value of, an
Award; and (F) the Fair Market Value applicable to a Stock Award.

(ii) To construe and interpret the Plan and Awards granted under it, and to
establish, amend and revoke rules and regulations for administration of the Plan
and Awards. The Board, in the exercise of these powers, may correct any defect,
omission or inconsistency in the Plan or in any Award Agreement or in the
written terms of a Performance Cash Award, in a manner and to the extent it will
deem necessary or expedient to make the Plan or Award fully
effective.

(iii) To settle all controversies regarding the Plan and Awards granted under
it.

(iv) To accelerate, in whole or in part, the time at which an Award may be
exercised or vest (or at which cash or shares of Common Stock may be
issued).

(v) To suspend or terminate the Plan at any time. Except as otherwise
provided in the Plan or an Award Agreement, suspension or termination of the
Plan will not materially impair a Participant’s rights under his or her
then-outstanding Award without his or her written consent.

(vi) To amend the Plan in any respect the Board deems necessary or advisable,
including, without limitation, by adopting amendments relating to Incentive
Stock Options and certain nonqualified deferred compensation under Section 409A
of the Code and/or to bring the Plan or Awards granted under the Plan into
compliance therewith, subject to the limitations, if any, of applicable law. If
required by applicable law or listing requirements, and except as provided in
Section 9(a) relating to Capitalization Adjustments, the Company will seek
stockholder approval of any amendment of the Plan that (A) materially increases
the number of shares of Common Stock available for issuance under the Plan, (B)
materially expands the class of individuals eligible to receive Awards under the
Plan, (C) materially increases the benefits accruing to Participants under the
Plan, (D) materially reduces the price at which shares of Common Stock may be
issued or purchased under the Plan, (E) materially extends the term of the Plan,
or (F) materially expands the types of Awards available for issuance under the
Plan. Except as otherwise provided in the Plan or an Award Agreement, no
amendment of the Plan will materially impair that Participant’s rights under an
outstanding Award without his or her written consent.

(vii) To submit any amendment to the Plan for stockholder approval, including,
but not limited to, amendments to the Plan intended to satisfy the requirements
of (A) Section 162(m) of the Code regarding the exclusion of performance-based
compensation from the limit on corporate deductibility of compensation paid to
Covered Employees, (B) Section 422 of the Code regarding “incentive stock
options” or (C) Rule 16b-3.

(viii) To approve forms of Award Agreements for use under the Plan and to amend
the terms of any one or more outstanding Awards. Except with respect to
amendments that disqualify or impair the status of an Incentive Stock Option or
as otherwise provided in the Plan or an Award Agreement, no amendment of an
outstanding Award will materially impair that Participant’s rights under his or
her outstanding Award without his or her written consent. To be clear, unless
prohibited by applicable law, the Board may amend the terms of an Award without
the affected Participant’s consent if necessary (A) to maintain the qualified
status of the Award as an Incentive Stock Option, (B) to clarify the manner of
exemption from, or to bring the Award into compliance with, Section 409A of the
Code, or (C) to comply with other applicable laws.

(ix) Generally, to exercise such powers and to perform such acts as the Board
deems necessary or expedient to promote the best interests of the Company and
that are not in conflict with the provisions of the Plan or Awards.

(x) To adopt such procedures and sub-plans as are necessary or appropriate to
permit participation in the Plan by Employees, Directors or Consultants who are
foreign nationals or employed outside the United States.

2

(xi) To effect, with the consent of any adversely affected Participant, (A)
the reduction of the exercise, purchase or strike price of any outstanding Stock
Award; (B) the cancellation of any outstanding Stock Award and the grant in
substitution therefor of a new (1) Option or SAR, (2) Restricted Stock Award,
(3) Restricted Stock Unit Award, (4) Other Stock Award, (5) cash award and/or
(6) award of other valuable consideration determined by the Board, in its sole
discretion, with any such substituted award (x) covering the same or a different
number of shares of Common Stock as the cancelled Stock Award and (y) granted
under the Plan or another equity or compensatory plan of the Company; or (C) any
other action that is treated as a repricing under generally accepted accounting
principles.

(c) Delegation to Committee.

(i) General. The Board may delegate some or all of the administration of
the Plan to a Committee or Committees. If administration of the Plan is
delegated to a Committee, the Committee will have, in connection with the
administration of the Plan, the powers theretofore possessed by the Board that
have been delegated to the Committee, including the power to delegate to a
subcommittee of the Committee any of the administrative powers the Committee is
authorized to exercise (and references in this Plan to the Board will thereafter
be to the Committee or subcommittee). Any delegation of administrative powers
will be reflected in resolutions, not inconsistent with the provisions of the
Plan, adopted from time to time by the Board or Committee (as applicable). The
Board may retain the authority to concurrently administer the Plan with the
Committee and may, at any time, revest in the Board some or all of the powers
previously delegated.

(ii) Section 162(m) and Rule 16b-3
Compliance. The Committee may consist solely
of two or more Outside Directors, in accordance with Section 162(m) of the Code,
or solely of two or more Non-Employee Directors, in accordance with Rule
16b-3.

(d) Delegation to an
Officer. The Board may delegate to one (1) or
more Officers the authority to do one or both of the following (i) designate
Employees who are not Officers to be recipients of Options and SARs (and, to the
extent permitted by applicable law, other Stock Awards) and, to the extent
permitted by applicable law, the terms of such rights and options, and (ii)
determine the number of shares of Common Stock to be subject to such Stock
Awards granted to such Employees; provided,
however, that the Board resolutions regarding
such delegation will specify the total number of shares of Common Stock that may
be subject to the Stock Awards granted by such Officer and that such Officer may
not grant a Stock Award to himself or herself. Any such Stock Awards will be
granted on the form of Stock Award Agreement most recently approved for use by
the Committee or the Board, unless otherwise provided in the resolutions
approving the delegation authority. The Board may not delegate authority to an
Officer who is acting solely in the capacity of an Officer (and not also as a
Director) to determine the Fair Market Value pursuant to Section 13(x)(iii)
below.

(e) Effect of Board’s
Decision. All determinations, interpretations
and constructions made by the Board in good faith will not be subject to review
by any person and will be final, binding and conclusive on all
persons.

3

3. SHARES SUBJECT TO THE
PLAN.

(a) Share Reserve. Subject to Section 9(a) relating to Capitalization
Adjustments, and the following sentence regarding the annual increase, the
aggregate number of shares of Common Stock that may be issued pursuant to Stock
Awards will not exceed 28,590,061 (the “Share Reserve”), which number is
the sum of (i) the 3,575,500 shares that were initially reserved for issuance
and approved by stockholders on February 24, 2012; (ii) the 2,540,210 shares
subject to the January 1, 2013 annual increase; (iii) the 2,000,000 shares that
were approved by stockholders on June 5, 2013, the date of the Company’s 2013
Annual Meeting of Stockholders; (iv) the 2,834,979 shares subject to the January
1, 2014 annual increase; (v) the 1,458,411 shares subject to the January 1, 2015
annual increase; (vi) the 3,039,312 shares subject to the January 1, 2016 annual
increase; (vii) the 3,000,000 shares that were approved by stockholders on April
13, 2016, the date of the Company’s 2016 Annual Meeting of Stockholders; (viii)
the 146,739 shares subject to the Prior Plan’s Available Reserve; and (ix) the
number of shares that are Returning Shares, as such shares become available from
time to time, in an amount not to exceed 9,994,910 shares. In addition, the
Share Reserve will automatically increase on January 1st of each
year, for a period of not more than six years, commencing on January 1, 2017 and
ending on (and including) January 1, 2022, in an amount equal to 7.0% of the
total number of shares of Capital Stock outstanding on December 31st of the
preceding calendar year. Notwithstanding the foregoing, the Board may act prior
to January 1st of a given year to provide that there will be no
January 1st increase in the Share
Reserve for such year or that the increase in the Share Reserve for such year
will be a lesser number of shares of Common Stock than would otherwise occur
pursuant to the preceding sentence. For clarity, the Share Reserve in this
Section 3(a) is a limitation on the number of shares of Common Stock that may be
issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the
granting of Stock Awards except as provided in Section 7(a). Shares may be
issued in connection with a merger or acquisition as permitted by NASDAQ Listing
Rule 5635(c) or, if applicable, NYSE Listed Company Manual Section 303A.08, AMEX
Company Guide Section 711 or other applicable rule, and such issuance will not
reduce the number of shares available for issuance under the Plan.

(b) Reversion of Shares to the Share
Reserve. If a Stock Award or any portion
thereof (i) expires or otherwise terminates without all of the shares covered by
such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant
receives cash rather than stock), such expiration, termination or settlement
will not reduce (or otherwise offset) the number of shares of Common Stock that
may be available for issuance under the Plan. If any shares of Common Stock
issued pursuant to a Stock Award are forfeited back to or repurchased by the
Company because of the failure to meet a contingency or condition required to
vest such shares in the Participant, then the shares that are forfeited or
repurchased will revert to and again become available for issuance under the
Plan. Any shares reacquired by the Company in satisfaction of tax withholding
obligations on a Stock Award or as consideration for the exercise or purchase
price of a Stock Award will again become available for issuance under the
Plan.

(c) Incentive Stock Option Limit.
Subject to the provisions of Section 9(a)
relating to Capitalization Adjustments, the aggregate maximum number of shares
of Common Stock that may be issued pursuant to the exercise of Incentive Stock
Options will be 27,500,000 shares of Common Stock.

(d) Section 162(m)
Limitations. Subject to the provisions of
Section 9(a) relating to Capitalization Adjustments, at such time as the Company
may be subject to the applicable provisions of Section 162(m) of the Code: (i) a
maximum of 2,000,000 shares of Common Stock subject to Options, SARs and Other
Stock Awards whose value is determined by reference to an increase over an
exercise or strike price of at least 100% of the Fair Market Value on the date
the Stock Award is granted may be granted to any one Participant during any one
calendar year, (ii) a maximum of 2,000,000 shares of Common Stock subject to
Performance Stock Awards may be granted to any one Participant during any one
calendar year (whether the grant, vesting or exercise is contingent upon the
attainment during the Performance Period of the Performance Goals) and (iii) a
maximum of $2,000,000 may be granted as a Performance Cash Award to any one
Participant during any one calendar year.

(e) Source of Shares.
The stock issuable under the Plan will be
shares of authorized but unissued or reacquired Common Stock, including shares
repurchased by the Company on the open market or otherwise.

4

4. ELIGIBILITY.

(a) Eligibility for Specific Stock
Awards. Incentive Stock Options may be
granted only to employees of the Company or a “parent corporation” or
“subsidiary corporation” thereof (as such terms are defined in Sections 424(e)
and 424(f) of the Code). Stock Awards other than Incentive Stock Options may be
granted to Employees, Directors and Consultants; provided, however, that Stock Awards
may not be granted to Employees, Directors and Consultants who are providing
Continuous Service only to any “parent” of the Company, as such term is defined
in Rule 405 of the Securities Act, unless (i) the stock underlying such Stock
Awards is treated as “service recipient stock” under Section 409A of the Code
(for example, because the Stock Awards are granted pursuant to a corporate
transaction such as a spin off transaction), (ii) the Company, in connection
with its legal counsel, has determined that such Stock Awards are otherwise
exempt from Section 409A of the Code, or (iii) the Company, in connection with
its legal counsel, has determined that such Stock Awards comply with the
distribution requirements of Section 409A of the Code.

(b) Ten Percent Stockholders.
A Ten Percent Stockholder will not be granted
an Incentive Stock Option unless the exercise price of such Option is at least
110% of the Fair Market Value on the date of grant and the Option is not
exercisable after the expiration of five years from the date of
grant.

5. PROVISIONS RELATING TO OPTIONS
AND STOCK APPRECIATION RIGHTS.

Each Option or SAR will be in such form
and will contain such terms and conditions as the Board deems appropriate. All
Options will be separately designated Incentive Stock Options or Nonstatutory
Stock Options at the time of grant, and, if certificates are issued, a separate
certificate or certificates will be issued for shares of Common Stock purchased
on exercise of each type of Option. If an Option is not specifically designated
as an Incentive Stock Option, or if an Option is designated as an Incentive
Stock Option but some portion or all of the Option fails to qualify as an
Incentive Stock Option under the applicable rules, then the Option (or portion
thereof) will be a Nonstatutory Stock Option. The provisions of separate Options
or SARs need not be identical; provided,
however, that each Award Agreement will
conform to (through incorporation of provisions hereof by reference in the
applicable Award Agreement or otherwise) the substance of each of the following
provisions:

(a) Term. Subject to the provisions of Section 4(b) regarding Ten Percent
Stockholders, no Option or SAR will be exercisable after the expiration of ten
years from the date of its grant or such shorter period specified in the Award
Agreement.

(b) Exercise Price. Subject to the provisions of Section 4(b) regarding Ten
Percent Stockholders, the exercise or strike price of each Option or SAR will be
not less than 100% of the Fair Market Value of the Common Stock subject to the
Option or SAR on the date the Award is granted. Notwithstanding the foregoing,
an Option or SAR may be granted with an exercise or strike price lower than 100%
of the Fair Market Value of the Common Stock subject to the Award if such Award
is granted pursuant to an assumption of or substitution for another option or
stock appreciation right pursuant to a Corporate Transaction and in a manner
consistent with the provisions of Section 409A and, if applicable, Section
424(a) of the Code. Each SAR will be denominated in shares of Common Stock
equivalents.

(c) Purchase Price for Options.
The purchase price of Common Stock acquired
pursuant to the exercise of an Option may be paid, to the extent permitted by
applicable law and as determined by the Board in its sole discretion, by any
combination of the methods of payment set forth below. The Board will have the
authority to grant Options that do not permit all of the following
methods of payment (or otherwise restrict the ability to use certain methods)
and to grant Options that require the consent of the Company to use a particular
method of payment. The permitted methods of payment are as follows:

(i) by cash, check, bank draft or money order payable to the
Company;

(ii) pursuant to a program developed under Regulation T as promulgated by the
Federal Reserve Board that, prior to the issuance of the stock subject to the
Option, results in either the receipt of cash (or check) by the Company or the
receipt of irrevocable instructions to pay the aggregate exercise price to the
Company from the sales proceeds;

5

(iii) by delivery to the Company (either by actual delivery or attestation) of
shares of Common Stock;

(iv) if an option is a Nonstatutory Stock Option, by a “net exercise”
arrangement pursuant to which the Company will reduce the number of shares of
Common Stock issuable upon exercise by the largest whole number of shares with a
Fair Market Value that does not exceed the aggregate exercise price;
provided, however, that the Company will accept a cash or other payment from the
Participant to the extent of any remaining balance of the aggregate exercise
price not satisfied by such reduction in the number of whole shares to be
issued. Shares of Common Stock will no longer be subject to an Option and will
not be exercisable thereafter to the extent that (A) shares issuable upon
exercise are reduced to pay the exercise price pursuant to the “net exercise,”
(B) shares are delivered to the Participant as a result of such exercise, and
(C) shares are withheld to satisfy tax withholding obligations; or

(v) in any other form of legal consideration that may be acceptable to the
Board and specified in the applicable Award Agreement.

(d) Exercise and Payment of a
SAR. To exercise any outstanding SAR, the
Participant must provide written notice of exercise to the Company in compliance
with the provisions of the Stock Appreciation Right Agreement evidencing such
SAR. The appreciation distribution payable on the exercise of a SAR will be not
greater than an amount equal to the excess of (A) the aggregate Fair Market
Value (on the date of the exercise of the SAR) of a number of shares of Common
Stock equal to the number of Common Stock equivalents in which the Participant
is vested under such SAR, and with respect to which the Participant is
exercising the SAR on such date, over (B) the strike price. The appreciation
distribution may be paid in Common Stock, in cash, in any combination of the two
or in any other form of consideration, as determined by the Board and contained
in the Award Agreement evidencing such SAR.

(e) Transferability of Options and
SARs. The Board may, in its sole discretion,
impose such limitations on the transferability of Options and SARs as the Board
will determine. In the absence of such a determination by the Board to the
contrary, the following restrictions on the transferability of Options and SARs
will apply:

(i) Restrictions on Transfer.
An Option or SAR will not be transferable
except by will or by the laws of descent and distribution (or pursuant to
subsections (ii) and (iii) below), and will be exercisable during the lifetime
of the Participant only by the Participant. The Board may permit transfer of the
Option or SAR in a manner that is not prohibited by applicable tax and
securities laws. Except as explicitly provided herein, neither an Option nor a
SAR may be transferred for consideration.

(ii) Domestic Relations Orders.
Subject to the approval of the Board or a
duly authorized Officer, an Option or SAR may be transferred pursuant to the
terms of a domestic relations order or official marital settlement agreement. If
an Option is an Incentive Stock Option, such Option may be deemed to be a
Nonstatutory Stock Option as a result of such transfer.

(iii) Beneficiary Designation.
Subject to the approval of the Board or a
duly authorized Officer, a Participant may, by delivering written notice to the
Company, in a form approved by the Company (or the designated broker), designate
a third party who, on the death of the Participant, will thereafter be entitled
to exercise the Option or SAR and receive the Common Stock or other
consideration resulting from such exercise. In the absence of such a
designation, the executor or administrator of the Participant’s estate will be
entitled to exercise the Option or SAR and receive the Common Stock or other
consideration resulting from such exercise. However, the Company may prohibit
designation of a beneficiary at any time, including due to any conclusion by the
Company that such designation would be inconsistent with the provisions of
applicable laws.

(f) Vesting Generally.
The total number of shares of Common Stock
subject to an Option or SAR may vest and therefore become exercisable in
periodic installments that may or may not be equal. The Option or SAR may be
subject to such other terms and conditions on the time or times when it may or
may not be exercised (which may be based on the satisfaction of Performance
Goals or other criteria) as the Board may deem appropriate. The vesting
provisions of individual Options or SARs may vary. The provisions of this
Section 5(f) are subject to any Option or SAR provisions governing the minimum
number of shares of Common Stock as to which an Option or SAR may be
exercised.

6

(g) Termination of Continuous
Service. Except as otherwise provided in the
applicable Award Agreement or other agreement between the Participant and the
Company, if a Participant’s Continuous Service terminates (other than for Cause
and other than upon the Participant’s death or Disability), the Participant may
exercise his or her Option or SAR (to the extent that the Participant was
entitled to exercise such Award as of the date of termination of Continuous
Service) within the period of time ending on the earlier of (i) the date three
months following the termination of the Participant’s Continuous Service and
(ii) the expiration of the term of the Option or SAR as set forth in the Award
Agreement. If, after termination of Continuous Service, the Participant does not
exercise his or her Option or SAR within the applicable time frame, the Option
or SAR will terminate.

(h) Extension of Termination
Date. If the exercise of an Option or SAR
following the termination of the Participant’s Continuous Service (other than
for Cause and other than upon the Participant’s death or Disability) would be
prohibited at any time solely because the issuance of shares of Common Stock
would violate the registration requirements under the Securities Act, then the
Option or SAR will terminate on the earlier of (i) the expiration of a total
period of three months (that need not be consecutive) after the termination of
the Participant’s Continuous Service during which the exercise of the Option or
SAR would not be in violation of such registration requirements, and (ii) the
expiration of the term of the Option or SAR as set forth in the applicable Award
Agreement. In addition, unless otherwise provided in a Participant’s Award
Agreement, if the sale of any Common Stock received on exercise of an Option or
SAR following the termination of the Participant’s Continuous Service (other
than for Cause) would violate the Company’s insider trading policy, then the
Option or SAR will terminate on the earlier of (i) the expiration of a period of
months (that need not be consecutive) equal to the applicable post-termination
exercise period after the termination of the Participant’s Continuous Service
during which the sale of the Common Stock received upon exercise of the Option
or SAR would not be in violation of the Company’s insider trading policy, or
(ii) the expiration of the term of the Option or SAR as set forth in the
applicable Award Agreement.

(i) Disability of Participant.
Except as otherwise provided in the
applicable Award Agreement or other agreement between the Participant and the
Company, if a Participant’s Continuous Service terminates as a result of the
Participant’s Disability, the Participant may exercise his or her Option or SAR
(to the extent that the Participant was entitled to exercise such Option or SAR
as of the date of termination of Continuous Service), but only within such
period of time ending on the earlier of (i) the date 12 months following such
termination of Continuous Service and (ii) the expiration of the term of the
Option or SAR as set forth in the Award Agreement. If, after termination of
Continuous Service, the Participant does not exercise his or her Option or SAR
within the applicable time frame, the Option or SAR (as applicable) will
terminate.

(j) Death of Participant.
Except as otherwise provided in the
applicable Award Agreement or other agreement between the Participant and the
Company, if (i) a Participant’s Continuous Service terminates as a result of the
Participant’s death, or (ii) the Participant dies within the period (if any)
specified in the Award Agreement for exercisability after the termination of the
Participant’s Continuous Service for a reason other than death, then the Option
or SAR may be exercised (to the extent the Participant was entitled to exercise
such Option or SAR as of the date of death) by the Participant’s estate, by a
person who acquired the right to exercise the Option or SAR by bequest or
inheritance or by a person designated to exercise the Option or SAR upon the
Participant’s death, but only within the period ending on the earlier of (i) the
date 18 months following the date of death and (ii) the expiration of the term
of such Option or SAR as set forth in the Award Agreement. If, after the
Participant’s death, the Option or SAR is not exercised within the applicable
time frame, the Option or SAR will terminate.

(k) Termination for Cause.
Except as explicitly provided otherwise in a
Participant’s Award Agreement, if a Participant’s Continuous Service is
terminated for Cause, the Option or SAR will terminate upon the date on which
the event giving rise to the termination for Cause first occurred, and the
Participant will be prohibited from exercising his or her Option or SAR from and
after the date on which the event giving rise to the termination for Cause first
occurred (or, if required by law, the date of termination of Continuous
Service).

7

(l) Non-Exempt
Employees. If an Option or SAR is granted to
an Employee who is a non-exempt employee for purposes of the Fair Labor
Standards Act of 1938, as amended, the Option or SAR will not be first
exercisable for any shares of Common Stock until at least six (6) months
following the date of grant of the Option or SAR (although the Award may vest
prior to such date). Consistent with the provisions of the Worker Economic
Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability,
(ii) upon a Corporate Transaction in which such Option or SAR is not assumed,
continued, or substituted, (iii) upon a Change in Control, or (iv) upon the
Participant’s retirement (as such term may be defined in the Participant’s Award
Agreement in another agreement between the Participant and the Company, or, if
no such definition, in accordance with the Company's then current employment
policies and guidelines), the vested portion of any Options and SARs may be
exercised earlier than six months following the date of grant. The foregoing
provision is intended to operate so that any income derived by a non-exempt
employee in connection with the exercise or vesting of an Option or SAR will be
exempt from his or her regular rate of pay. To the extent permitted and/or
required for compliance with the Worker Economic Opportunity Act to ensure that
any income derived by a non-exempt employee in connection with the exercise,
vesting or issuance of any shares under any other Stock Award will be exempt
from the employee’s regular rate of pay, the provisions of this Section 5(l)
will apply to all Stock Awards and are hereby incorporated by reference into
such Stock Award Agreements.

6. PROVISIONS OF STOCK AWARDS OTHER
THAN OPTIONS AND SARS.

(a) Restricted Stock Awards.
Each Restricted Stock Award Agreement will be
in such form and will contain such terms and conditions as the Board will deem
appropriate. To the extent consistent with the Company’s bylaws, at the Board’s
election, shares of Common Stock may be (x) held in book entry form subject to
the Company’s instructions until any restrictions relating to the Restricted
Stock Award lapse; or (y) evidenced by a certificate, which certificate will be
held in such form and manner as determined by the Board. The terms and
conditions of Restricted Stock Award Agreements may change from time to time,
and the terms and conditions of separate Restricted Stock Award Agreements need
not be identical. Each Restricted Stock Award Agreement will conform to (through
incorporation of the provisions hereof by reference in the agreement or
otherwise) the substance of each of the following provisions:

(i) Consideration. A Restricted Stock Award may be awarded in consideration for
(A) cash, check, bank draft or money order payable to the Company, (B) past
services to the Company or an Affiliate, or (C) any other form of legal
consideration (including future services) that may be acceptable to the Board,
in its sole discretion, and permissible under applicable law.

(ii) Vesting. Shares of Common Stock awarded under the Restricted Stock
Award Agreement may be subject to forfeiture to the Company in accordance with a
vesting schedule to be determined by the Board.

(iii) Termination of Participant’s
Continuous Service. If a Participant’s
Continuous Service terminates, the Company may receive through a forfeiture
condition or a repurchase right any or all of the shares of Common Stock held by
the Participant that have not vested as of the date of termination of Continuous
Service under the terms of the Restricted Stock Award Agreement.

(iv) Transferability.
Rights to acquire shares of Common Stock
under the Restricted Stock Award Agreement will be transferable by the
Participant only upon such terms and conditions as are set forth in the
Restricted Stock Award Agreement, as the Board will determine in its sole
discretion, so long as Common Stock awarded under the Restricted Stock Award
Agreement remains subject to the terms of the Restricted Stock Award
Agreement.

(v) Dividends. A Restricted Stock Award Agreement may provide that any
dividends paid on Restricted Stock will be subject to the same vesting and
forfeiture restrictions as apply to the shares subject to the Restricted Stock
Award to which they relate.

8

(b) Restricted Stock Unit Awards.
Each Restricted Stock Unit Award Agreement
will be in such form and will contain such terms and conditions as the Board
will deem appropriate. The terms and conditions of Restricted Stock Unit Award
Agreements may change from time to time, and the terms and conditions of
separate Restricted Stock Unit Award Agreements need not be identical. Each
Restricted Stock Unit Award Agreement will conform to (through incorporation of
the provisions hereof by reference in the Agreement or otherwise) the substance
of each of the following provisions:

(i) Consideration. At the time of grant of a Restricted Stock Unit Award, the
Board will determine the consideration, if any, to be paid by the Participant
upon delivery of each share of Common Stock subject to the Restricted Stock Unit
Award. The consideration to be paid (if any) by the Participant for each share
of Common Stock subject to a Restricted Stock Unit Award may be paid in any form
of legal consideration that may be acceptable to the Board, in its sole
discretion, and permissible under applicable law.

(ii) Vesting. At the time of the grant of a Restricted Stock Unit Award, the
Board may impose such restrictions on or conditions to the vesting of the
Restricted Stock Unit Award as it, in its sole discretion, deems
appropriate.

(iii) Payment. A Restricted Stock Unit Award may be settled by the delivery
of shares of Common Stock, their cash equivalent, any combination thereof or in
any other form of consideration, as determined by the Board and contained in the
Restricted Stock Unit Award Agreement.

(iv) Additional Restrictions.
At the time of the grant of a Restricted
Stock Unit Award, the Board, as it deems appropriate, may impose such
restrictions or conditions that delay the delivery of the shares of Common Stock
(or their cash equivalent) subject to a Restricted Stock Unit Award to a time
after the vesting of such Restricted Stock Unit Award.

(v) Dividend Equivalents.
Dividend equivalents may be credited in
respect of shares of Common Stock covered by a Restricted Stock Unit Award, as
determined by the Board and contained in the Restricted Stock Unit Award
Agreement. At the sole discretion of the Board, such dividend equivalents may be
converted into additional shares of Common Stock covered by the Restricted Stock
Unit Award in such manner as determined by the Board. Any additional shares
covered by the Restricted Stock Unit Award credited by reason of such dividend
equivalents will be subject to all of the same terms and conditions of the
underlying Restricted Stock Unit Award Agreement to which they
relate.

(vi) Termination of Participant’s
Continuous Service. Except as otherwise
provided in the applicable Restricted Stock Unit Award Agreement, such portion
of the Restricted Stock Unit Award that has not vested will be forfeited upon
the Participant’s termination of Continuous Service.

(c) Performance
Awards.

(i) Performance Stock
Awards. A Performance Stock Award is a Stock
Award (covering a number of shares not in excess of that set forth in Section
3(d) above) that is payable (including that may be granted, vest or exercised)
contingent upon the attainment during a Performance Period of certain
Performance Goals. A Performance Stock Award may, but need not, require the
completion of a specified period of Continuous Service. The length of any
Performance Period, the Performance Goals to be achieved during the Performance
Period, and the measure of whether and to what degree such Performance Goals
have been attained will be conclusively determined by the Committee (or, if not
required for compliance with Section 162(m) of the Code, the Board), in its sole
discretion. In addition, to the extent permitted by applicable law and the
applicable Award Agreement, the Board may determine that cash may be used in
payment of Performance Stock Awards.

9

(ii) Performance Cash
Awards. A Performance Cash Award is a cash
award (for a dollar value not in excess of that set forth in Section 3(d) above)
that is payable contingent upon the attainment during a Performance Period of
certain Performance Goals. A Performance Cash Award may also require the
completion of a specified period of Continuous Service. At the time of grant of
a Performance Cash Award, the length of any Performance Period, the Performance
Goals to be achieved during the Performance Period, and the measure of whether
and to what degree such Performance Goals have been attained will be
conclusively determined by the Committee (or, if not required for compliance
with Section 162(m) of the Code, the Board), in its sole discretion. The Board
may specify the form of payment of Performance Cash Awards, which may be cash or
other property, or may provide for a Participant to have the option for his or
her Performance Cash Award, or such portion thereof as the Board may specify, to
be paid in whole or in part in cash or other property.

(iii) Section 162(m)
Compliance. Unless otherwise permitted in
compliance with the requirements of Section 162(m) of the Code with respect to
an Award intended to qualify as “performance-based compensation” thereunder, the
Committee will establish the Performance Goals applicable to, and the formula
for calculating the amount payable under, the Award no later than the earlier of
(a) the date 90 days after the commencement of the applicable Performance
Period, and (b) the date on which 25% of the Performance Period has elapsed, and
in any event at a time when the achievement of the applicable Performance Goals
remains substantially uncertain. Prior to the payment of any compensation under
an Award intended to qualify as “performance-based compensation” under Section
162(m) of the Code, the Committee will certify the extent to which any
Performance Goals and any other material terms under such Award have been
satisfied (other than in cases where such relate solely to the increase in the
value of the Common Stock). Notwithstanding satisfaction of any completion of
any Performance Goals, the number of shares of Common Stock, Options, cash or
other benefits granted, issued, retainable and/or vested under an Award on
account of satisfaction of such Performance Goals may be reduced by the
Committee on the basis of such further considerations as the Committee, in its
sole discretion, will determine.

(d) Other Stock
Awards. Other forms of Stock Awards valued in
whole or in part by reference to, or otherwise based on, Common Stock, including
the appreciation in value thereof (e.g., options or stock rights with an
exercise price or strike price less than 100% of the Fair Market Value of the
Common Stock at the time of grant) may be granted either alone or in addition to
Stock Awards provided for under Section 5 and the preceding provisions of this
Section 6. Subject to the provisions of the Plan, the Board will have sole and
complete authority to determine the persons to whom and the time or times at
which such Other Stock Awards will be granted, the number of shares of Common
Stock (or the cash equivalent thereof) to be granted pursuant to such Other
Stock Awards and all other terms and conditions of such Other Stock
Awards.

7. COVENANTS OF THE
COMPANY.

(a) Availability of Shares.
The Company will keep available at all times
the number of shares of Common Stock reasonably required to satisfy
then-outstanding Awards.

(b) Securities Law
Compliance. The Company will seek to obtain
from each regulatory commission or agency having jurisdiction over the Plan such
authority as may be required to grant Stock Awards and to issue and sell shares
of Common Stock upon exercise of the Stock Awards; provided, however, that this
undertaking will not require the Company to register under the Securities Act
the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any
such Stock Award. If, after reasonable efforts and at a reasonable cost, the
Company is unable to obtain from any such regulatory commission or agency the
authority that counsel for the Company deems necessary for the lawful issuance
and sale of Common Stock under the Plan, the Company will be relieved from any
liability for failure to issue and sell Common Stock upon exercise of such Stock
Awards unless and until such authority is obtained. A Participant will not be
eligible for the grant of an Award or the subsequent issuance of cash or Common
Stock pursuant to the Award if such grant or issuance would be in violation of
any applicable securities law.

10

(c) No Obligation to Notify or
Minimize Taxes. The Company will have no duty
or obligation to any Participant to advise such holder as to the time or manner
of exercising such Stock Award. Furthermore, the Company will have no duty or
obligation to warn or otherwise advise such holder of a pending termination or
expiration of an Award or a possible period in which the Award may not be
exercised. The Company has no duty or obligation to minimize the tax
consequences of an Award to the holder of such Award.

8. MISCELLANEOUS.

(a) Use of Proceeds from Sales of
Common Stock. Proceeds from the sale of
shares of Common Stock pursuant to Awards will constitute general funds of the
Company.

(b) Corporate Action Constituting
Grant of Stock Awards. Corporate action
constituting a grant by the Company of an Award to any Participant will be
deemed completed as of the date of such corporate action, unless otherwise
determined by the Board, regardless of when the instrument, certificate, or
letter evidencing the Award is communicated to, or actually received or accepted
by, the Participant. In the event that the corporate records (e.g., Board
consents, resolutions or minutes) documenting the corporate action constituting
the grant contain terms (e.g., exercise price, vesting schedule or number of
shares) that are inconsistent with those in the Award Agreement as a result of a
clerical error in the papering of the Award Agreement, the corporate records
will control and the Participant will have no legally binding right to the
incorrect term in the Award Agreement.

(c) Stockholder Rights.
No Participant will be deemed to be the
holder of, or to have any of the rights of a holder with respect to, any shares
of Common Stock subject to an Award unless and until (i) such Participant has
satisfied all requirements for exercise of, or the issuance of shares under, the
Award pursuant to its terms, and (ii) the issuance of the Common Stock subject
to such Award has been entered into the books and records of the
Company.

(d) No Employment or Other Service
Rights. Nothing in the Plan, any Award
Agreement or any other instrument executed thereunder or in connection with any
Award granted pursuant thereto will confer upon any Participant any right to
continue to serve the Company or an Affiliate in the capacity in effect at the
time the Award was granted or will affect the right of the Company or an
Affiliate to terminate (i) the employment of an Employee with or without notice
and with or without cause, (ii) the service of a Consultant pursuant to the
terms of such Consultant’s agreement with the Company or an Affiliate, or (iii)
the service of a Director pursuant to the bylaws of the Company or an Affiliate,
and any applicable provisions of the corporate law of the state in which the
Company or the Affiliate is incorporated, as the case may be.

(e) Change in Time Commitment.
In the event a Participant’s regular level of
time commitment in the performance of his or her services for the Company and
any Affiliates is reduced (for example, and without limitation, if the
Participant is an Employee of the Company and the Employee has a change in
status from a full-time Employee to a part-time Employee or takes an extended
leave of absence) after the date of grant of any Award to the Participant, the
Board has the right in its sole discretion to (x) make a corresponding reduction
in the number of shares or cash amount subject to any portion of such Award that
is scheduled to vest or become payable after the date of such change in time
commitment, and (y) in lieu of or in combination with such a reduction, extend
the vesting or payment schedule applicable to such Award. In the event of any
such reduction, the Participant will have no right with respect to any portion
of the Award that is so reduced.

11

(f) Incentive Stock Option
Limitations. To the extent that the aggregate
Fair Market Value (determined at the time of grant) of Common Stock with respect
to which Incentive Stock Options are exercisable for the first time by any
Optionholder during any calendar year (under all plans of the Company and any
Affiliates) exceeds $100,000 (or such other limit established in the Code) or
otherwise does not comply with the rules governing Incentive Stock Options, the
Options or portions thereof that exceed such limit (according to the order in
which they were granted) or otherwise do not comply with the rules will be
treated as Nonstatutory Stock Options, notwithstanding any contrary provision of
the applicable Option Agreement(s).

(g) Investment Assurances.
The Company may require a Participant, as a
condition of exercising or acquiring Common Stock under any Award, (i) to give
written assurances satisfactory to the Company as to the Participant’s knowledge
and experience in financial and business matters and/or to employ a purchaser
representative reasonably satisfactory to the Company who is knowledgeable and
experienced in financial and business matters and that he or she is capable of
evaluating, alone or together with the purchaser representative, the merits and
risks of exercising the Award; and (ii) to give written assurances satisfactory
to the Company stating that the Participant is acquiring Common Stock subject to
the Award for the Participant’s own account and not with any present intention
of selling or otherwise distributing the Common Stock. The foregoing
requirements, and any assurances given pursuant to such requirements, will be
inoperative if (A) the issuance of the shares upon the exercise or acquisition
of Common Stock under the Award has been registered under a then currently
effective registration statement under the Securities Act, or (B) as to any
particular requirement, a determination is made by counsel for the Company that
such requirement need not be met in the circumstances under the then applicable
securities laws. The Company may, upon advice of counsel to the Company, place
legends on stock certificates issued under the Plan as such counsel deems
necessary or appropriate in order to comply with applicable securities laws,
including, but not limited to, legends restricting the transfer of the Common
Stock.

(h) Withholding
Obligations. Unless prohibited by the terms
of an Award Agreement, the Company may, in its sole discretion, satisfy any
federal, state or local tax withholding obligation relating to an Award by any
of the following means or by a combination of such means: (i) causing the
Participant to tender a cash payment; (ii) withholding shares of Common Stock
from the shares of Common Stock issued or otherwise issuable to the Participant
in connection with the Award; provided,
however, that no shares of Common Stock are
withheld with a value exceeding the minimum amount of tax required to be
withheld by law (or such lesser amount as may be necessary to avoid
classification of the Stock Award as a liability for financial accounting
purposes); (iii) withholding cash from an Award settled in cash; (iv)
withholding payment from any amounts otherwise payable to the Participant; or
(v) by such other method as may be set forth in the Award Agreement.

(i) Electronic
Delivery. Any reference herein to a “written”
agreement or document will include any agreement or document delivered
electronically, filed publicly at www.sec.gov (or any successor website thereto)
or posted on the Company’s intranet.

(j) Deferrals. To the extent permitted by applicable law, the Board, in its
sole discretion, may determine that the delivery of Common Stock or the payment
of cash, upon the exercise, vesting or settlement of all or a portion of any
Award may be deferred and may establish programs and procedures for deferral
elections to be made by Participants. Deferrals by Participants will be made in
accordance with Section 409A of the Code. Consistent with Section 409A of the
Code, the Board may provide for distributions while a Participant is still an
employee or otherwise providing services to the Company. The Board is authorized
to make deferrals of Awards and determine when, and in what annual percentages,
Participants may receive payments, including lump sum payments, following the
Participant’s termination of Continuous Service, and implement such other terms
and conditions consistent with the provisions of the Plan and in accordance with
applicable law.

12

(k) Compliance with Section 409A.
Unless otherwise expressly provided for in an
Award Agreement, the Plan and Award Agreements will be interpreted to the
greatest extent possible in a manner that makes the Plan and the Awards granted
hereunder exempt from Section 409A of the Code, and, to the extent not so
exempt, in compliance with Section 409A of the Code. If the Board determines
that any Award granted hereunder is not exempt from and is therefore subject to
Section 409A of the Code, the Award Agreement evidencing such Award will
incorporate the terms and conditions necessary to avoid the consequences
specified in Section 409A(a)(1) of the Code, and to the extent an Award
Agreement is silent on terms necessary for compliance, such terms are hereby
incorporated by reference into the Award Agreement. Notwithstanding anything to
the contrary in this Plan (and unless the Award Agreement specifically provides
otherwise), if the shares of Common Stock are publicly traded, and if a
Participant holding an Award that constitutes “deferred compensation” under
Section 409A of the Code is a “specified employee” for purposes of Section 409A
of the Code, no distribution or payment of any amount that is due because of a
“separation from service” (as defined in Section 409A of the Code without regard
to alternative definitions thereunder) will be issued or paid before the date
that is six (6) months following the date of such Participant’s “separation from
service” or, if earlier, the date of the Participant’s death, unless such
distribution or payment can be made in a manner that complies with Section 409A
of the Code, and any amounts so deferred will be paid in a lump sum on the day
after such six (6) month period elapses, with the balance paid thereafter on the
original schedule.

(l)
Clawback/Recovery. All Awards granted under
the Plan will be subject to recoupment in accordance with any clawback policy
that the Company is required to adopt pursuant to the listing standards of any
national securities exchange or association on which the Company’s securities
are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and
Consumer Protection Act or other applicable law. In addition, the Board may
impose such other clawback, recovery or recoupment provisions in an Award
Agreement as the Board determines necessary or appropriate, including but not
limited to a reacquisition right in respect of previously acquired shares of
Common Stock or other cash or property upon the occurrence of Cause. No recovery
of compensation under such a clawback policy will be an event giving rise to a
right to resign for “good reason” or “constructive termination” (or similar
term) under any agreement with the Company.

9. ADJUSTMENTS UPON CHANGES IN
COMMON STOCK; OTHER CORPORATE EVENTS.

(a) Capitalization
Adjustments. In the event of a Capitalization
Adjustment, the Board will appropriately and proportionately adjust: (i) the
class(es) and maximum number of securities subject to the Plan pursuant to
Section 3(a), (ii) the class(es) and maximum number of securities that may be
issued pursuant to the exercise of Incentive Stock Options pursuant to Section
3(c), (iii) the class(es) and maximum number of securities that may be awarded
to any person pursuant to Sections 3(d), and (iv) the class(es) and number of
securities and price per share of stock subject to outstanding Stock Awards. The
Board will make such adjustments, and its determination will be final, binding
and conclusive.

(b) Dissolution or
Liquidation. Except as otherwise provided in
the Stock Award Agreement, in the event of a dissolution or liquidation of the
Company, all outstanding Stock Awards (other than Stock Awards consisting of
vested and outstanding shares of Common Stock not subject to a forfeiture
condition or the Company’s right of repurchase) will terminate immediately prior
to the completion of such dissolution or liquidation, and the shares of Common
Stock subject to the Company’s repurchase rights or subject to a forfeiture
condition may be repurchased or reacquired by the Company notwithstanding the
fact that the holder of such Stock Award is providing Continuous Service;
provided, however, that the Board may, in its sole discretion, cause some or all Stock
Awards to become fully vested, exercisable and/or no longer subject to
repurchase or forfeiture (to the extent such Stock Awards have not previously
expired or terminated) before the dissolution or liquidation is completed but
contingent on its completion.

13

(c) Corporate Transaction.
The following provisions will apply to Stock
Awards in the event of a Corporate Transaction unless otherwise provided in the
instrument evidencing the Stock Award or any other written agreement between the
Company or any Affiliate and the Participant or unless otherwise expressly
provided by the Board at the time of grant of a Stock Award. In the event of a
Corporate Transaction, then, notwithstanding any other provision of the Plan,
the Board will take one or more of the following actions with respect to Stock
Awards, contingent upon the closing or completion of the Corporate
Transaction:

(i) arrange for the surviving corporation or acquiring corporation (or the
surviving or acquiring corporation’s parent company) to assume or continue the
Stock Award or to substitute a similar stock award for the Stock Award
(including, but not limited to, an award to acquire the same consideration paid
to the stockholders of the Company pursuant to the Corporate
Transaction);

(ii) arrange for the assignment of any reacquisition or repurchase rights held
by the Company in respect of Common Stock issued pursuant to the Stock Award to
the surviving corporation or acquiring corporation (or the surviving or
acquiring corporation’s parent company);

(iii) accelerate the vesting, in whole or in part, of the Stock Award (and, if
applicable, the time at which the Stock Award may be exercised) to a date prior
to the effective time of such Corporate Transaction as the Board will determine
(or, if the Board will not determine such a date, to the date that is five days
prior to the effective date of the Corporate Transaction), with such Stock Award
terminating if not exercised (if applicable) at or prior to the effective time
of the Corporate Transaction;

(iv) arrange for the lapse, in whole or in part, of any reacquisition or
repurchase rights held by the Company with respect to the Stock
Award;

(v) cancel or arrange for the cancellation of the Stock Award, to the extent
not vested or not exercised prior to the effective time of the Corporate
Transaction, in exchange for such cash consideration, if any, as the Board, in
its sole discretion, may consider appropriate; and

(vi) cancel or arrange for the cancellation of the Stock Award, to the extent
not vested or not exercised prior to the effective time of the Corporate
Transaction, in exchange for a payment, in such form as may be determined by the
Board equal to the excess, if any, of (A) the value of the property the
Participant would have received upon the exercise of the Stock Award immediately
prior to the effective time of the Corporate Transaction, over (B) any exercise
price payable by such holder in connection with such exercise.

The Board need not take the same action
or actions with respect to all Stock Awards or portions thereof or with respect
to all Participants.

(d) Change in Control.
A Stock Award may be subject to additional
acceleration of vesting and exercisability upon or after a Change in Control as
may be provided in the Stock Award Agreement for such Stock Award or as may be
provided in any other written agreement between the Company or any Affiliate and
the Participant, but in the absence of such provision, no such acceleration will
occur.

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10. PLAN TERM; EARLIER TERMINATION
OR SUSPENSION OF THE PLAN.

The Board may suspend or terminate the
Plan at any time. No Incentive Stock Options may be granted after the tenth
anniversary of the earlier of (i) the date the Plan is adopted by the Board (the
“Adoption Date”), or (ii) the date the Plan is approved by the stockholders
of the Company. No Awards may be granted under the Plan while the Plan is
suspended or after it is terminated.

11. EXISTENCE OF THE PLAN; TIMING OF
FIRST GRANT OR EXERCISE. 

The Plan will come into existence on
the Adoption Date; provided,
however, no Award may be granted prior to the
IPO Date (that is, the Effective Date). In addition, no Stock Award will be
exercised (or, in the case of a Restricted Stock Award, Restricted Stock Unit
Award, Performance Stock Award, or Other Stock Award, will be granted) and no
Performance Cash Award will be settled unless and until the Plan has been
approved by the stockholders of the Company, which approval will be within 12
months after the date the Plan is adopted by the Board.

12. CHOICE OF LAW. 

The law of the State of California will
govern all questions concerning the construction, validity and interpretation of
this Plan, without regard to that state’s conflict of laws rules.

13. DEFINITIONS. As used in the Plan, the following definitions will apply to
the capitalized terms indicated below: 

(a) “Affiliate” means, at the time of determination, any “parent” or
“subsidiary” of the Company as such terms are defined in Rule 405 of the
Securities Act. The Board will have the authority to determine the time or times
at which “parent” or “subsidiary” status is determined within the foregoing
definition.

(b) “Award” means a Stock Award or a Performance Cash Award.

(c) “Award Agreement” means a written agreement between the Company and a
Participant evidencing the terms and conditions of an Award.

(d) “Board” means the Board of Directors of the Company.

(e) “Capital Stock” means each and every class of common stock of the Company,
regardless of the number of votes per share.

(f) “Capitalization
Adjustment” means any change that is made
in, or other events that occur with respect to, the Common Stock subject to the
Plan or subject to any Stock Award after the Adoption Date without the receipt
of consideration by the Company through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend,
dividend in property other than cash, stock split, liquidating dividend,
combination of shares, exchange of shares, change in corporate structure or any
similar equity restructuring transaction, as that term is used in Financial
Accounting Standards Board Accounting Standards Codification Topic 718 (or any
successor thereto). Notwithstanding the foregoing, the conversion of any
convertible securities of the Company will not be treated as a Capitalization
Adjustment.

(g) “Cause” means the Participant’s termination because of: (A) the
Participant’s engaging in any act of dishonesty or misrepresentation or willful
commission of fraud; (B) the Participant’s violation of any federal, state or
foreign law or regulation applicable to the Company’s business; (C) the
Participant’s violation of the Company’s Code of Conduct, confidential
information and/or inventions assignment agreement, or any similar obligations
under contract or applicable law; (D) the Participant’s conviction of, or
entering a plea of nolo
contendere to, any felony; or (E) any other
misconduct that is materially injurious to the financial condition or business
reputation of, or is otherwise materially injurious to, the Company, which
conduct, if capable of cure or remedy, is not cured or remedied within two weeks
after written notice from the Company describing such conduct.

15

(h) “Change in
Control” means the occurrence, in a
single transaction or in a series of related transactions, of any one or more of
the following events:

(i) any Exchange Act Person becomes the Owner, directly or indirectly, of
securities of the Company representing more than 50% of the combined voting
power of the Company’s then outstanding securities other than by virtue of a
merger, consolidation or similar transaction. Notwithstanding the foregoing, a
Change in Control will not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company, (B) on account of the
acquisition of securities of the Company by an investor, any affiliate thereof
or any other Exchange Act Person that acquires the Company’s securities in a
transaction or series of related transactions the primary purpose of which is to
obtain financing for the Company through the issuance of equity securities, (C)
on account of the acquisition of securities of the Company by any individual who
is, on the IPO Date, either an executive officer or a Director (either, an
“IPO Investor”) and/or any entity in which an IPO Investor has a direct or
indirect interest (whether in the form of voting rights or participation in
profits or capital contributions) of more than 50% (collectively, the
“IPO Entities” ) or on account of the IPO Entities continuing to hold
shares that come to represent more than 50% of the combined voting power of the
Company’s then outstanding securities as a result of the conversion of any class
of the Company’s securities into another class of the Company’s securities
having a different number of votes per share pursuant to the conversion
provisions set forth in the Company’s Amended and Restated Certificate of
Incorporation; or (D) solely because the level of Ownership held by any Exchange
Act Person (the “Subject
Person”) exceeds the designated
percentage threshold of the outstanding voting securities as a result of a
repurchase or other acquisition of voting securities by the Company reducing the
number of shares outstanding, provided that if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of
voting securities by the Company, and after such share acquisition, the Subject
Person becomes the Owner of any additional voting securities that, assuming the
repurchase or other acquisition had not occurred, increases the percentage of
the then outstanding voting securities Owned by the Subject Person over the
designated percentage threshold, then a Change in Control will be deemed to
occur;

(ii) there is consummated a merger, consolidation or similar transaction
involving (directly or indirectly) the Company and, immediately after the
consummation of such merger, consolidation or similar transaction, the
stockholders of the Company immediately prior thereto do not Own, directly or
indirectly, either (A) outstanding voting securities representing more than 50%
of the combined outstanding voting power of the surviving Entity in such merger,
consolidation or similar transaction or (B) more than 50% of the combined
outstanding voting power of the parent of the surviving Entity in such merger,
consolidation or similar transaction, in each case in substantially the same
proportions as their Ownership of the outstanding voting securities of the
Company immediately prior to such transaction; provided, however, that a merger,
consolidation or similar transaction will not constitute a Change in Control
under this prong of the definition if the outstanding voting securities
representing more than 50% of the combined voting power of the surviving Entity
or its parent are owned by the IPO Entities;

(iii) there is consummated a sale, lease, exclusive license or other
disposition of all or substantially all of the consolidated assets of the
Company and its Subsidiaries, other than a sale, lease, license or other
disposition of all or substantially all of the consolidated assets of the
Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the
combined voting power of the voting securities of which are Owned by
stockholders of the Company in substantially the same proportions as their
Ownership of the outstanding voting securities of the Company immediately prior
to such sale, lease, license or other disposition; provided, however, that a sale, lease,
exclusive license or other disposition of all or substantially all of the
consolidated assets of the Company and its Subsidiaries will not constitute a
Change in Control under this prong of the definition if the outstanding voting
securities representing more than 50% of the combined voting power of the
acquiring Entity or its parent are owned by the IPO Entities; or

(iv) individuals who, on the date the Plan is adopted by the Board, are
members of the Board (the “Incumbent
Board”) cease for any reason to
constitute at least a majority of the members of the Board; provided, however, that if
the appointment or election (or nomination for election) of any new Board member
was approved or recommended by a majority vote of the members of the Incumbent
Board then still in office, such new member will, for purposes of this Plan, be
considered as a member of the Incumbent Board.

16

For purposes of determining voting
power under the term Change in Control, voting power shall be calculated by
assuming the conversion of all equity securities convertible (immediately or at
some future time) into shares entitled to vote, but not assuming the exercise of
any warrant or right to subscribe to or purchase those shares. In addition, (A)
the term Change in Control will not include a sale of assets, merger or other
transaction effected exclusively for the purpose of changing the domicile of the
Company, (B) the term Change in Control will not include a change in the voting
power of any one or more stockholders as a result of the conversion of any class
of the Company’s securities into another class of the Company’s securities
having a different number of votes per share pursuant to the conversion
provisions set forth in the Company’s Amended and Restated Certificate of
Incorporation, and (C) the definition of Change in Control (or any analogous
term) in an individual written agreement between the Company or any Affiliate
and the Participant will supersede the foregoing definition with respect to
Awards subject to such agreement; provided,
however, that if no definition of Change in
Control or any analogous term is set forth in such an individual written
agreement, the foregoing definition will apply. If required for compliance with
Section 409A of the Code, in no event will a Change in Control be deemed to have
occurred if such transaction is not also a “change in the ownership or effective
control of” the Company or “a change in the ownership of a substantial portion
of the assets of” the Company as determined under Treasury Regulation Section
1.409A-3(i)(5) (without regard to any alternative definition thereunder). The
Board may, in its sole discretion and without a Participant’s consent, amend the
definition of “Change in Control” to conform to the definition of “Change in
Control” under Section 409A of the Code, and the regulations
thereunder.

(i) “Code” means the Internal Revenue Code of 1986, as amended, including any
applicable regulations and guidance thereunder.

(j) “Committee” means a committee of one or more Directors to whom authority
has been delegated by the Board in accordance with Section 2(c).

(k) “Common Stock” means, as of the IPO Date, the Class A common stock of the
Company, having 1 vote per share.

(l) “Company” means Yelp Inc., a Delaware corporation.

(m) “Consultant” means any person, including an advisor, who is (i) engaged
by the Company or an Affiliate to render consulting or advisory services and is
compensated for such services, or (ii) serving as a member of the board of
directors of an Affiliate and is compensated for such services. However, service
solely as a Director, or payment of a fee for such service, will not cause a
Director to be considered a “Consultant” for purposes of the
Plan. Notwithstanding the foregoing, a person is treated as a Consultant under
this Plan only if a Form S-8 Registration Statement under the Securities Act is
available to register either the offer or the sale of the Company’s securities
to such person.

(n) “Continuous
Service” means that the Participant’s
service with the Company or an Affiliate, whether as an Employee, Director or
Consultant, is not interrupted or terminated. A change in the capacity in which
the Participant renders service to the Company or an Affiliate as an Employee,
Consultant or Director or a change in the entity for which the Participant
renders such service, provided that there is no interruption or termination of
the Participant’s service with the Company or an Affiliate, will not terminate a
Participant’s Continuous Service; provided,
however, that if the Entity for which a
Participant is rendering services ceases to qualify as an Affiliate, as
determined by the Board, in its sole discretion, such Participant’s Continuous
Service will be considered to have terminated on the date such Entity ceases to
qualify as an Affiliate. To the extent permitted by law, the Board or the chief
executive officer of the Company, in that party’s sole discretion, may determine
whether Continuous Service will be considered interrupted in the case of (i) any
leave of absence approved by the Board or chief executive officer, including
sick leave, military leave or any other personal leave, or (ii) transfers
between the Company, an Affiliate, or their successors. Notwithstanding the
foregoing, a leave of absence will be treated as Continuous Service for purposes
of vesting in an Award only to such extent as may be provided in the Company’s
leave of absence policy, in the written terms of any leave of absence agreement
or policy applicable to the Participant, or as otherwise required by law. In
addition, to the extent required for exemption from or compliance with Section
409A of the Code, the determination of whether there has been a termination of
Continuous Service will be made, and such term will be construed, in a manner
that is consistent with the definition of “separation from service” as defined
under Treasury Regulation Section 1.409A-1(h) (without regard to any
alternative definition thereunder).

17

(o) “Corporate
Transaction” means the occurrence, in a
single transaction or in a series of related transactions, of any one or more of
the following events:

(i) the consummation of a sale
or other disposition of all or substantially
all, as determined by the Board, in its sole discretion, of the consolidated
assets of the Company and its Subsidiaries;

(ii) the consummation of a sale or other disposition of at least 50% of the
outstanding securities of the Company;

(iii) the consummation of a merger, consolidation or similar transaction
following which the Company is not the surviving corporation; or

(iv) the consummation of a merger, consolidation or similar transaction
following which the Company is the surviving corporation but the shares of
Common Stock outstanding immediately preceding the merger, consolidation or
similar transaction are converted or exchanged by virtue of the merger,
consolidation or similar transaction into other property, whether in the form of
securities, cash or otherwise.

To the extent required for compliance
with Section 409A of the Code, in no event will an event be deemed a Corporate
Transaction if such transaction is not also a “change in the ownership or
effective control of” the Company or “a change in the ownership of a substantial
portion of the assets of” the Company as determined under Treasury Regulation
Section 1.409A-3(i)(5) (without regard to any alternative definition
thereunder).

(p) “Covered
Employee” will have the meaning provided
in Section 162(m)(3) of the Code.

(q) “Director” means a member of the Board.

(r) “Disability” means, with respect to a Participant, the inability of such
Participant to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to
result in death or that has lasted or can be expected to last for a continuous
period of not less than 12 months, as provided in Sections 22(e)(3) and
409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis
of such medical evidence as the Board deems warranted under the
circumstances.

(s) “Effective Date” means the IPO Date.

(t) “Employee” means any person employed by the Company or an Affiliate.
However, service solely as a Director, or payment of a fee for such services,
will not cause a Director to be considered an “Employee” for purposes of the
Plan.

(u) “Entity” means a corporation, partnership, limited liability company
or other entity.

(v) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder.

(w) “Exchange Act
Person” means any natural person, Entity
or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act),
except that “Exchange Act Person” will not include (i) the Company or any
Subsidiary of the Company, (ii) any employee benefit plan of the Company or any
Subsidiary of the Company or any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any Subsidiary of the Company,
(iii) an underwriter temporarily holding securities pursuant to a registered
public offering of such securities, (iv) an Entity Owned, directly or
indirectly, by the stockholders of the Company in substantially the same
proportions as their Ownership of stock of the Company; or (v) any natural
person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the
Exchange Act) that, as of the Effective Date, is the Owner, directly or
indirectly, of securities of the Company representing more than 50% of the
combined voting power of the Company’s then outstanding securities.

18

(x) “Fair Market
Value” means, as of any date, the value
of the Common Stock determined as follows:

(i) If the Common Stock is listed on any established stock exchange or traded
on any established market, the Fair Market Value of a share of Common Stock will
be, unless otherwise determined by the Board, the closing sales price for
such stock as quoted on such exchange or market (or the exchange or market with
the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable.

(ii) Unless otherwise provided by the Board, if there is no closing sales
price for the Common Stock on the date of determination, then the Fair Market
Value will be the closing selling price on the last preceding date for which
such quotation exists.

(iii) In the absence of such markets for the Common Stock, the Fair Market
Value will be determined by the Board in good faith and in a manner that
complies with Sections 409A and 422 of the Code.

(y) “Incentive Stock
Option” means an option granted pursuant
to Section 5 of the Plan that is intended to be, and qualifies as, an “incentive
stock option” within the meaning of Section 422 of the Code.

(z) “IPO Date” means the date of the underwriting agreement between the
Company and the underwriter(s) managing the initial public offering of the
Common Stock, pursuant to which the Common Stock is priced for the initial
public offering.

(aa) “Non-Employee
Director” means a Director who either (i) is
not a current employee or officer of the Company or an Affiliate, does not
receive compensation, either directly or indirectly, from the Company or an
Affiliate for services rendered as a consultant or in any capacity other than as
a Director (except for an amount as to which disclosure would not be required
under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act
(“Regulation S-K”)), does not possess an interest in any other transaction for
which disclosure would be required under Item 404(a) of Regulation S-K, and is
not engaged in a business relationship for which disclosure would be required
pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a
“non-employee director” for purposes of Rule 16b-3.

(bb) “Nonstatutory Stock
Option” means any option granted pursuant
to Section 5 of the Plan that does not qualify as an Incentive Stock
Option.

(cc) “Officer” means a person who is an officer of the Company within the
meaning of Section 16 of the Exchange Act.

(dd) “Option” means an Incentive Stock Option or a Nonstatutory Stock
Option to purchase shares of Common Stock granted pursuant to the
Plan.

(ee) “Option
Agreement” means a written agreement
between the Company and an Optionholder evidencing the terms and conditions of
an Option grant. Each Option Agreement will be subject to the terms and
conditions of the Plan.

(ff) “Optionholder” means a person to whom an Option is granted pursuant to the
Plan or, if applicable, such other person who holds an outstanding
Option.

(gg) “Other Stock
Award” means an award based in whole or
in part by reference to the Common Stock which is granted pursuant to the terms
and conditions of Section 6(d).

(hh) “Other Stock Award
Agreement” means a written agreement between
the Company and a holder of an Other Stock Award evidencing the terms and
conditions of an Other Stock Award grant. Each Other Stock Award Agreement will
be subject to the terms and conditions of the Plan.

19

(ii) “Outside
Director” means a Director who either (i)
is not a current employee of the Company or an “affiliated corporation” (within
the meaning of Treasury Regulations promulgated under Section 162(m) of the
Code), is not a former employee of the Company or an “affiliated corporation”
who receives compensation for prior services (other than benefits under a
tax-qualified retirement plan) during the taxable year, has not been an officer
of the Company or an “affiliated corporation,” and does not receive remuneration
from the Company or an “affiliated corporation,” either directly or indirectly,
in any capacity other than as a Director, or (ii) is otherwise considered an
“outside director” for purposes of Section 162(m) of the Code.

(jj) “Own,” “Owned,” “Owner,” “Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be
the “Owner” of, or to have acquired “Ownership” of securities if such person or
Entity, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares voting power, which
includes the power to vote or to direct the voting, with respect to such
securities.

(kk) “Participant” means a person to whom an Award is granted pursuant to the
Plan or, if applicable, such other person who holds an outstanding Stock
Award.

(ll) “Performance Cash
Award” means an award of cash granted
pursuant to the terms and conditions of Section 6(c)(ii).

(mm) “Performance
Criteria” means the one or more criteria
that the Board will select for purposes of establishing the Performance Goals
for a Performance Period. The Performance Criteria that will be used to
establish such Performance Goals may be based on any one of, or combination of,
the following as determined by the Board: (i) earnings (including earnings per
share and net earnings); (ii) earnings before interest, taxes and depreciation;
(iii) earnings before interest, taxes, depreciation and amortization; (iv)
earnings before interest, taxes, depreciation, amortization and legal
settlements; (v) earnings before interest, taxes, depreciation, amortization,
legal settlements and other income (expense); (vi) earnings before interest,
taxes, depreciation, amortization, legal settlements, other income (expense) and
stock-based compensation; (vii) earnings before interest, taxes, depreciation,
amortization, legal settlements, other income (expense), stock-based
compensation and changes in deferred revenue; (viii) total stockholder return;
(ix) return on equity or average stockholder’s equity; (x) return on assets,
investment, or capital employed; (xi) stock price; (xii) margin (including gross
margin); (xiii) income (before or after taxes); (xiv) operating income; (xv)
operating income after taxes; (xvi) pre-tax profit; (xvii) operating cash flow;
(xviii) sales or revenue targets; (xix) increases in revenue or product revenue;
(xx) expenses and cost reduction goals; (xxi) improvement in or attainment of
working capital levels; (xxii) economic value added (or an equivalent metric);
(xxiii) market share; (xxiv) cash flow; (xxv) cash flow per share; (xxvi) share
price performance; (xxvii) debt reduction; (xxviii) implementation or completion
of projects or processes; (xxix) user satisfaction; (xxx) stockholders’ equity;
(xxxi) capital expenditures; (xxxii) debt levels; (xxxiii) operating profit or
net operating profit; (xxxiv) workforce diversity; (xxxv) growth of net income
or operating income; (xxxvi) billings; (xxxvii) bookings; (xxxviii) the number
of users, including but not limited to unique users; (xxxix) employee retention;
(xxxx) and to the extent that an Award is not intended to comply with Section
162(m) of the Code, other measures of performance selected by the
Board.

20

(nn) “Performance
Goals” means, for a Performance Period,
the one or more goals established by the Board for the Performance Period based
upon the Performance Criteria. Performance Goals may be based on a Company-wide
basis, with respect to one or more business units, divisions, Affiliates, or
business segments, and in either absolute terms or relative to the performance
of one or more comparable companies or the performance of one or more relevant
indices. Unless specified otherwise by the Board (i) in the Award Agreement at
the time the Award is granted or (ii) in such other document setting forth the
Performance Goals at the time the Performance Goals are established, the Board
will appropriately make adjustments in the method of calculating the attainment
of Performance Goals for a Performance Period as follows: (1) to exclude
restructuring and/or other nonrecurring charges; (2) to exclude exchange rate
effects; (3) to exclude the effects of changes to generally accepted accounting
principles; (4) to exclude the effects of any statutory adjustments to corporate
tax rates; (5) to exclude the effects of any “extraordinary items” as determined
under generally accepted accounting principles; (6) to exclude the dilutive
effects of acquisitions or joint ventures; (7) to assume that any business
divested by the Company achieved performance objectives at targeted levels
during the balance of a Performance Period following such divestiture; (8) to
exclude the effect of any change in the outstanding shares of common stock of
the Company by reason of any stock dividend or split, stock repurchase,
reorganization, recapitalization, merger, consolidation, spin-off, combination
or exchange of shares or other similar corporate change, or any distributions to
common stockholders other than regular cash dividends; (9) to exclude the
effects of stock based compensation and the award of bonuses under the Company’s
bonus plans; (10) to exclude costs incurred in connection with potential
acquisitions or divestitures that are required to be expensed under generally
accepted accounting principles; (11) to exclude the goodwill and intangible
asset impairment charges that are required to be recorded under generally
accepted accounting principles and (12) to exclude the effect of any other
unusual, non-recurring gain or loss or other extraordinary item. In addition,
the Board retains the discretion to reduce or eliminate the compensation or
economic benefit due upon attainment of Performance Goals and to define the
manner of calculating the Performance Criteria it selects to use for such
Performance Period. Partial achievement of the specified criteria may result in
the payment or vesting corresponding to the degree of achievement as specified
in the Stock Award Agreement or the written terms of a Performance Cash
Award.

(oo) “Performance
Period” means the period of time selected
by the Board over which the attainment of one or more Performance Goals will be
measured for the purpose of determining a Participant’s right to and the payment
of a Stock Award or a Performance Cash Award. Performance Periods may be of
varying and overlapping duration, at the sole discretion of the
Board.

(pp) “Performance Stock
Award” means a Stock Award granted under
the terms and conditions of Section 6(c)(i).

(qq) “Plan” means this Yelp Inc. 2012 Equity Incentive Plan.

(rr) “Restricted Stock
Award” means an award of shares of Common
Stock which is granted pursuant to the terms and conditions of Section
6(a).

(ss) “Restricted Stock Award
Agreement” means a written agreement
between the Company and a holder of a Restricted Stock Award evidencing the
terms and conditions of a Restricted Stock Award grant. Each Restricted Stock
Award Agreement will be subject to the terms and conditions of the
Plan.

(tt) “Restricted Stock Unit
Award” means a right to receive shares
of Common Stock which is granted pursuant to the terms and conditions of Section
6(b).

(uu) “Restricted Stock Unit Award
Agreement” means a written agreement between
the Company and a holder of a Restricted Stock Unit Award evidencing the terms
and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock
Unit Award Agreement will be subject to the terms and conditions of the
Plan.

21

(vv) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any
successor to Rule 16b-3, as in effect from time to time.

(ww) “Securities Act” means the Securities Act of 1933, as amended.

(xx) “Stock Appreciation
Right” or “SAR” means a right to receive the
appreciation on Common Stock that is granted pursuant to the terms and
conditions of Section 5.

(yy) “Stock Appreciation Right
Agreement” means a written agreement
between the Company and a holder of a Stock Appreciation Right evidencing the
terms and conditions of a Stock Appreciation Right grant. Each Stock
Appreciation Right Agreement will be subject to the terms and conditions of the
Plan.

(zz) “Stock Award” means any right to receive Common Stock granted under the
Plan, including an Incentive Stock Option, a Nonstatutory Stock Option, a
Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation
Right, a Performance Stock Award or any Other Stock Award.

(aaa) “Stock Award
Agreement” means a written agreement
between the Company and a Participant evidencing the terms and conditions of a
Stock Award grant. Each Stock Award Agreement will be subject to the terms and
conditions of the Plan.

(bbb) “Subsidiary” means, with respect to the Company, (i) any corporation of
which more than 50% of the outstanding capital stock having ordinary voting
power to elect a majority of the board of directors of such corporation
(irrespective of whether, at the time, stock of any other class or classes of
such corporation will have or might have voting power by reason of the happening
of any contingency) is at the time, directly or indirectly, Owned by the
Company, and (ii) any partnership, limited liability company or other entity in
which the Company has a direct or indirect interest (whether in the form of
voting or participation in profits or capital contribution) of more than
50%.

(ccc) “Ten Percent
Stockholder” means a person who Owns (or
is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more
than ten percent of the total combined voting power of all classes of stock of
the Company or any Affiliate.

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