Document:

EX-10.1

 Exhibit 10.1 

THIS SECOND AMENDED AND RESTATED PLAN SUPPORT AGREEMENT IS NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11
PLAN WITHIN THE MEANING OF SECTION 1125 OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. NOTHING CONTAINED IN THIS SECOND AMENDED AND RESTATED PLAN
SUPPORT AGREEMENT SHALL BE AN ADMISSION OF FACT OR LIABILITY OR, UNTIL THE OCCURRENCE OF THE AGREEMENT EFFECTIVE DATE ON THE TERMS DESCRIBED HEREIN, DEEMED BINDING ON ANY OF THE PARTIES HERETO. 

SECOND AMENDED AND RESTATED PLAN SUPPORT AGREEMENT 

This Second Amended and Restated Plan Support Agreement, dated as of March 9, 2021 (including all exhibits and schedules attached hereto and
in accordance with Section 2, this “Agreement”), amends and restates in its entirety that certain Amended and Restated Plan Support Agreement, dated February 15, 2021 (the “A&R
Plan Support Agreement”), and is entered into by and among the following parties (each of the foregoing described in sub-clauses (1) through (7), and
any person or entity that becomes a party hereto in accordance with the terms hereof, a “Party” and, collectively, the “Parties”): 

 

	 	1.	 Honeywell International Inc. (“Honeywell”); 

 

	 	2.	 Oaktree Capital Management, L.P., acting solely in its capacity as an investment adviser on behalf of certain
funds and accounts and wholly-owned entities of such funds and accounts (“Oaktree”); 

  

	 	3.	 Centerbridge Partners, L.P., acting solely in its capacity as an investment adviser on behalf of certain funds
and accounts and wholly-owned entities of such funds and accounts (“Centerbridge” and, together with Oaktree, the “Plan Sponsors”); 

 

	 	4.	 Attestor Value Master Fund LP; The Baupost Group, L.L.C., acting on behalf of certain managed funds; Cyrus
Capital Partners, L.P., solely in its capacity as investment manager to and on behalf of certain managed funds and accounts; FIN Capital Partners LP acting to behalf of certain managed funds; Hawk Ridge Capital Management LP acting to behalf of
certain managed funds; IngleSea Capital acting on behalf of certain managed funds or accounts (“IngleSea”); Keyframe Capital Partners, L.P., solely in its capacity as investment manager to and on behalf of certain managed
funds; Newtyn Management, LLC on behalf of its advisee funds; Sessa Capital (Master), L.P.; and Whitebox Multi-Strategy Partners, L.P. (each, an “Additional Investor”); 

 

	 	5.	 those certain holders of those certain 5.125% senior secured notes (the “Senior Notes”
and, the holders thereof, the “Senior Noteholders”), due 2026 under that certain Indenture, dated as of September 27, 2018 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to
time, the “Indenture”), by and among Garrett, as parent, Garrett LX I S.à r.l. and Garrett Borrowing LLC, as issuers, certain of the Debtors, as guarantors, and Deutsche Trustee Company Limited, as the trustee (and any
successor thereto, the “Indenture Trustee”), that are signatory to the Second A&R Agreement (the “Initial Consenting Noteholders”); 

	 	6.	 Garrett, BRH LLC, Calvari Limited, Friction Materials LLC, Garrett ASASCO Inc., Garrett Borrowing LLC, Garrett
Holding Company Sàrl, Garrett LX I S.à r.l., Garrett LX II S.à r.l., Garrett LX III S.à r.l., Garrett Motion Australia Pty Limited, Garrett Motion Automotive Research Mexico S. de R.L. de C.V., Garrett Motion Holdings
Inc., Garrett Motion Holdings II Inc., Garrett Motion International Services S.R.L., Garrett Motion Ireland A Limited, Garrett Motion Ireland B Limited, Garrett Motion Ireland C Limited, Garrett Motion Ireland Limited, Garrett Motion Italia S.r.l.,
Garrett Motion Japan Inc., Garrett Motion LLC, Garrett Motion México, Sociedad Anónima de Capital Variable, Garrett Motion Romania S.R.L., Garrett Motion Sàrl, Garrett Motion Slovakia s.r.o., Garrett Motion Switzerland Holdings
Sàrl, Garrett Motion UK A Limited, Garrett Motion UK B Limited, Garrett Motion UK C Limited, Garrett Motion UK D Limited, Garrett Motion UK Limited, Garrett Transportation I Inc., Garrett Transportation Systems Ltd, Garrett Transportation
Systems UK II Ltd, Garrett TS Ltd, Garrett Turbo Ltd (collectively, the “Debtors”); 

  

	 	7.	 those certain prepetition lenders under that certain Credit Agreement (as amended, restated, amended and
restated, extended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), dated as of September 27, 2018, by and among Garrett, as holdings, Garrett LX I S.à r.l., Garrett LX II
S.à r.l., Garrett LX III S.à r.l., Garrett Borrowing LLC and Garrett Motion Sàrl (f/k/a Honeywell Technologies Sàrl), as borrowers, certain of the Debtors, as guarantors, JPMorgan Chase Bank, N.A., as administrative agent
(and any successor thereto, the “Agent”), and the lenders party thereto from time to time (the “Prepetition Lenders”; and such Prepetition Lenders that are parties hereto, the “Initial
Consenting Lenders”); 

  

	 	8.	 if additional holders of Senior Notes join this Agreement (collectively, the “Additional Consenting
Noteholders” and, together with the Initial Consenting Noteholders, the “Consenting Noteholders”), such Additional Consenting Noteholders; 

 

	 	9.	 if additional Prepetition Lenders join this Agreement (collectively, the “Additional Consenting
Lenders” and, together with the Initial Prepetition Lenders, the “Consenting Lenders”), such Additional Consenting Lenders; and 

 

	 	10.	 if additional holders of common stock in Garrett Motion Inc. (“Garrett” and, all
holders of common stock in Garrett that execute this Agreement, collectively, the “Consenting Equityholders” and, together with Honeywell, the Plan Sponsors, the Additional Investors, the Consenting Lenders, and the
Consenting Noteholders, the “Commitment Parties”) become a Party hereto, such Consenting Equityholders. 

Capitalized terms used but not otherwise defined herein have the meaning ascribed to such terms in the Term Sheet (defined below) attached
hereto as Exhibit A, subject to Section 2 hereof. 

  
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 As used herein, (1) the term “Requisite Additional Investors”
means, at any relevant time, the Additional Investors holding, in the aggregate, sixty five percent (65%) of the Backstop Commitment (as defined in the Term Sheet), (2) the term “Requisite Consenting Noteholders” means, at
any relevant time, the Consenting Noteholders holding at least 67% in principal amount of the Senior Notes Claims held by such Consenting Noteholders, excluding Senior Note Claims held by the Plan Sponsors or the Additional Investors; (3) the
term “Requisite Consenting Lenders” means, at any relevant time, the Consenting Lenders holding at least a majority in principal amount of the Secured Credit Facility Claims held by such Consenting Lenders, excluding the
Secured Credit Facility Claims held by the Plan Sponsors or the Additional Investors; and (4) the term “Requisite Consenting Equityholders” means, at any relevant time, the Consenting Equityholders holding at least a
majority of the common stock in Garrett held by such Consenting Equityholders (each of the foregoing described in clauses (1) through (4), together with Honeywell, Oaktree, and Centerbridge, collectively, the “Requisite Commitment
Parties”). 
 RECITALS 

WHEREAS, on September 20, 2020, the Debtors commenced voluntary cases under chapter 11 of title 11 of the United States Code, 11
U.S.C. §§ 101 et seq. (the “Bankruptcy Code”), which are being jointly administered under the caption In re Garrett Motion Inc., Case No. 20-12212
(MEW) (Bankr. S.D.N.Y. Sept. 20, 2020) (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”); 

WHEREAS, in connection with the Chapter 11 Cases, the Parties have engaged in good faith, arm’s length negotiations regarding the
terms of a chapter 11 plan of reorganization to be prepared and proposed by the Debtors so long as the Debtors are a Party hereto (the “Approved Plan”), which Approved Plan shall contain the terms and conditions set forth in,
and be consistent in all respects with, the term sheet attached as Exhibit A hereto (such term sheet, including all exhibits thereto, the “Term Sheet,” and such transactions on the terms and conditions described
in this Agreement, the “Restructuring Transactions”); 
 WHEREAS, upon the consent of the Debtors, Honeywell,
the Plan Sponsors, the Requisite Additional Investors, the Requisite Consenting Lenders and the Requisite Consenting Noteholders (which consent of any of the foregoing shall not be unreasonably withheld, conditioned, or delayed), the Additional
Consenting Noteholders, Additional Consenting Lenders and the Consenting Equityholders may become Parties to this Agreement; 

WHEREAS, as of the date hereof, Honeywell has filed proofs of claim against each Debtor that assert claims of: (i) not less than
$1,800.9 million in principal amount outstanding under that certain Indemnification and Reimbursement Agreement, dated September 12, 2018 (as amended, restated, amended and restated, extended, supplemented, or otherwise modified from time
to time), by and among Honeywell ASASCO Inc., Honeywell ASASCO 2 Inc., and Honeywell (the “IRA”) and that certain Indemnification Guarantee Agreement, dated as of September 27, 2018 (as amended, restated, amended and
restated, supplemented, or otherwise modified from time to time), by and among Honeywell ASASCO 2 Inc. as payee, Garrett ASASCO Inc. as payor, and certain subsidiary guarantors as defined therein (the “Guarantee Agreement,”
and together with the IRA, the “Indemnification Agreements”), plus potential contingent, unliquidated claims for accruing 

  
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attorneys’ costs and fees, breach of contract, subrogation, and various non-contractual claims;1
(ii) not less than $126 million in principal amount outstanding and additional indemnity payments owed under that certain Tax Matters Agreement (as amended, restated, amended and restated, supplemented, or otherwise modified from time to
time), by and among Garrett, Honeywell, Honeywell ASASCO Inc., and Honeywell ASASCO 2 Inc. (the “Tax Matters Agreement”), plus potential contingent, unliquidated claims for indemnification, contribution, reimbursement, and
various non-contractual claims; and (iii) additional potential contingent, unliquidated contractual and non-contractual claims and causes of action (collectively,
the “Honeywell Claims”); 
 WHEREAS, Honeywell has also asserted in its proofs of claims additional
liquidated claims that have arisen in the ordinary course of the business dealings between Honeywell and the Debtors and are expressly not included in the term Honeywell Claims;2 

WHEREAS, to effectuate the Restructuring Transactions, the Plan Sponsors, severally and not jointly, have committed to purchase shares
of new convertible preferred stock of reorganized Garrett (the “Convertible Series A Preferred Stock”) at a purchase price of $668.8 million in the aggregate in cash and the Additional Investors, other than IngleSea
(collectively, the “Equity Backstop Parties”), severally and not jointly, have committed to fully backstop the Rights Offering (as defined in the Term Sheet) at a purchase price of up to $632 million in the aggregate in
cash pursuant to the terms of the Replacement Equity Backstop Commitment Agreement, dated as of March 9, 2021, by and among the Equity Backstop Parties and the Debtors (the “BCA”); 

WHEREAS, the Parties desire to express to each other their mutual support and commitment with respect to the Restructuring Transactions
and matters discussed in the Term Sheet and hereunder; 
 WHEREAS, notwithstanding any proposed deadlines in relation to the
Restructuring Transactions, the Parties intend to complete the Restructuring Transactions with all speed in as timely a manner as practicable and to negotiate in good faith with one another to consummate the Restructuring Transactions; 

 
 WHEREAS, subject to the execution of definitive documentation and
appropriate approvals by the Bankruptcy Court, the terms of this Agreement set forth the Parties’ entire agreement concerning their respective obligations; 

 

	1 	 For the avoidance of doubt, the issuance of the Series B Preferred Stock does not satisfy the Debtors’
obligations to pay Honeywell’s fees and expenses set forth in Section 11.01 of this Agreement. 

	2 	 For the avoidance of doubt, claims arising under ordinary course business dealings or commercial contracts or
related to ongoing services or amounts owed under the Employee Matters Agreement, Intellectual Property Agreement, Trademark License Agreement, Transition Services Agreement, or Cash Repatriation Agreement (each as defined in Honeywell’s proof
of claim) will be addressed by the Debtors and Honeywell in good faith and in the ordinary course of business, in consultation with the Plan Sponsors and subject to the Plan Sponsors’ consent (such consent not to be unreasonably withheld,
conditioned or delayed), and are not being satisfied by the issuance of the Series B Preferred Stock and any claims by Honeywell against the Debtors on account of such matters shall be included in Class 6 General Unsecured Claims as set forth
in the Term Sheet. Resolution of any of these matters will not be asserted, directly or indirectly, as a condition to the execution, delivery, or approval by Honeywell or the Debtors of any Restructuring Document and no allegation of non-performance with respect to any of these matters will excuse any Debtor or Honeywell from the performance of their obligations under this Agreement or any Restructuring Document. 

  
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 WHEREAS, the Plan Sponsors, Honeywell, the Debtors, the Requisite Additional
Investors, the Requisite Consenting Noteholders and the Requisite Consenting Lenders have agreed to amend and restate the A&R Plan Support Agreement as reflected in this Agreement; and 

WHEREAS, each of the Debtors and Honeywell have determined that, taking into consideration and in the context of the global resolution
of multiple claims and disputes among them and the value of the Approved Plan and the Restructuring Transactions to the estates of the Debtors, taken as a whole, the proposed treatment of the Honeywell Claims is a fair and reasonable compromise of
the issues raised in the proceedings to estimate Honeywell’s claims governed by the Order Establishing Procedures for the Estimation of Claims of Honeywell et al. Against the Debtors [Docket No. 540] and the adversary proceeding
captioned Garrett Motion Inc. and Garrett ASASCO Inc. v. Honeywell International Inc. et al., Adv. Pro. No. 20-01223 (MEW) (collectively, the “Honeywell Litigation”); 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and for other valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each Party, intending to be legally bound hereby, agrees as follows: 
 Section 1.
Agreement Effective Date. This Agreement shall become effective and binding upon each Party immediately following the occurrence of the following conditions (the “Agreement Effective Date”): 

(a) Honeywell has executed and delivered counterpart signatures to this Agreement to each other Party; 

(b) Oaktree has executed and delivered counterpart signatures to this Agreement to each other Party; 

(c) Centerbridge has executed and delivered counterpart signatures to this Agreement to each other Party; 

(d) Garrett has executed and delivered counterpart signatures to this Agreement to each other Party; and 

(e) the Requisite Additional Investors have executed and delivered counterpart signatures to this Agreement to each other Party.; 

Notwithstanding the occurrence of the Agreement Effective Date, this Agreement contemplates, that, upon the consent of Honeywell, the Plan Sponsors, the
Requisite Additional Investors, the Requisite Consenting Noteholders, and the Requisite Consenting Lenders (which consent of such Parties shall not be unreasonably withheld, conditioned, or delayed), (i) Additional Consenting Lenders may become
Parties upon execution and delivery of counterpart signature pages of this Agreement to counsel to each other Party and at such time those Prepetition Lenders shall become obligated under this Agreement, (ii) Additional Consenting Noteholders
may become Parties upon execution and delivery of counterpart signature pages of this Agreement to counsel to each other Party and at such time those Senior Noteholders shall become obligated under this Agreement, and (iii) the Consenting
Equityholders may become Parties upon execution and delivery of counterpart signature pages of this Agreement to counsel to each other party and at such time the Consenting Equityholders shall become obligated under this Agreement. 

  
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 For the avoidance of doubt, if there is a subsequent Termination Date (defined in
Section 9.08) pursuant to Section 9.03 or Section 9.07 with respect to the Debtors, any and all provisions of the Agreement referencing “S&C,” the
“Debtor,” or “Debtors” are, and shall continue to be, in full force and effect with respect to the Commitment Parties as if such provisions were written without reference to “S&C,” the “Debtor,” or
“Debtors,” and this Agreement shall continue to be in full force and effect with respect to each other Party hereto. Further, for the avoidance of doubt, if Consenting Equityholders other than the Plan Sponsors and the Additional Investors
never become a Party, any and all provisions of the Agreement referencing “Consenting Equityholders” or “Requisite Consenting Equityholders” are, and shall continue to be, in full force and effect with respect to the other
Commitment Parties as if such provisions were written without reference to those terms and this Agreement shall be in full force and effect with respect to each other Party hereto. 

Signature pages executed by the Parties set forth in Section 1(a) through (e) shall be delivered to:
(a) Kirkland & Ellis LLP (“K&E”), legal counsel to Honeywell; (b) Milbank LLP (“Milbank”), legal counsel to the Plan Sponsors; (c) Sullivan & Cromwell
(“S&C”), legal counsel to the Debtors; (d) Jones Day, legal counsel to the Additional Investors; (e) Ropes & Gray LLP (“R&G”), legal counsel to the Consenting Noteholders;
and (f) Gibson, Dunn & Crutcher, (“Gibson”), legal counsel to the ad hoc group of Prepetition Lenders (the “Prepetition Lender Ad Hoc Group”). Each Commitment Party intends to be
and is bound under this Agreement with respect to any and all claims against, or interests in, any of the Debtors, whether currently held or hereafter acquired by such Commitment Party. 

Section 2. Exhibits Incorporated by Reference. Each of the exhibits and schedules attached hereto is expressly incorporated
herein and made a part of this Agreement, and all references to this Agreement shall include the exhibits. In the event of any inconsistency between this Agreement (without reference to the exhibits) and the exhibits, the terms of the exhibits shall
govern. This Agreement (without reference to the exhibits) may be interpreted with reference to the definitions set forth in the exhibits, to the extent such terms are used herein. 

Section 3. Definitive Documentation. 

(a) The definitive documents and agreements (collectively, the “Restructuring Documents”) related to or otherwise
utilized to implement, effectuate or govern the Restructuring Transactions shall consist of every order entered by the Bankruptcy Court and every pleading, motion, proposed order or document (but not including any notices, except as otherwise set
forth in this section) filed by the Parties, to the extent, in each case, such orders, pleadings, motions, proposed orders or documents relate to the Restructuring Transactions or the implementation or consummation of the transactions contemplated
by this Agreement (including the Term Sheet). The Restructuring Documents that remain subject to negotiation and completion shall upon completion, contain terms, conditions, representations, warranties, and covenants consistent in all respects with,
and containing the terms and conditions set forth in, this Agreement (including the Term Sheet), and otherwise be in form and substance reasonably acceptable to (i) the Debtors; (ii) the Plan Sponsors and Honeywell, except as otherwise set
forth herein; (iii) solely to the extent such documents adversely affect the Additional Investors, the Requisite Additional Investors; (iv) solely 

  
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to the extent such documents adversely affect the plan treatment of the Prepetition Lenders, the Requisite Consenting Lenders; and (v) solely to the extent such documents adversely affect
the economic treatment of the Senior Notes, the Requisite Consenting Noteholders. 
 (b) The Restructuring Documents include: 

(i) the Approved Plan; 

(ii) the disclosure statement (and all exhibits and other documents and instruments related thereto) with respect to the
Approved Plan (the “Disclosure Statement”), the other solicitation materials in respect of the Approved Plan (such materials, collectively, the “Solicitation Materials”), the motion to approve the
Disclosure Statement and the order approving the Disclosure Statement (the “Disclosure Statement Order”); 

(iii) the documents or agreements relating to the Credit Facilities or the issuance of the Convertible Series A Preferred Stock
and the Series B Preferred Stock, including the BCA and the orders approving the Debtors’ entry into the BCA and this Agreement (the “Approval Orders”); 

(iv) any documents or agreements in connection with the Restructuring Transactions and related to the governance and management
of the reorganized Debtors following the conclusion of the Chapter 11 Cases, including any certificates of incorporation, certificates of formation, bylaws, limited liability company agreements (or equivalent governing documents), employment
agreements, shareholders’ agreements and registration rights agreements; 
 (v) all other documents that will comprise
the supplement to the Approved Plan; and 
 (vi) the order confirming the Approved Plan (the “Confirmation
Order”) and pleadings in support of entry of the Confirmation Order. 
 (c) Further, notwithstanding anything set forth in this
Agreement to the contrary, the definitive documents or agreements for the post-Effective Date governance of reorganized Garrett shall be consistent in all material respects with the Term Sheet and otherwise subject to the reasonable consent and
approval of the Debtors, Honeywell, the Plan Sponsors, and the Requisite Additional Investors. 
 (d) Except as specifically set forth
herein, nothing in any of the Restructuring Documents shall impose any restrictions on any Party transferring any of the equity of Garrett following consummation of the Restructuring Transactions. 

  
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 Section 4. Milestones. The Parties shall reasonably cooperate with one
another in an effort to satisfy the following milestones (the “Milestones”), unless extended, waived or otherwise agreed to in writing (email being sufficient) by counsel to the Debtors, counsel to Honeywell, counsel to the
Plan Sponsors, and counsel to the Additional Investors: 
 (a) file an Approved Plan with the Bankruptcy Court by no later than
March 9, 2021; 
 (b) obtain entry of the Approval Orders by no later than March 12, 2021; 

(c) obtain entry of the Disclosure Statement Order by the Bankruptcy Court by no later than March 12, 2021; 

(d) obtain entry of the Confirmation Order by the Bankruptcy Court by no later than April 29, 2021; and 

(e) cause the effective date of the Approved Plan (the “Effective Date”) to occur by no later than May 7, 2021.

 Section 5. Commitments Regarding the Restructuring Transactions. 

5.01. Commitment of the Commitment Parties. 

(a) During the period beginning on the Agreement Effective Date and ending on a Termination Date (defined in
Section 9.08) (such period, the “Effective Period”), subject to the terms and conditions hereof, each of the Commitment Parties agrees, severally and not jointly, that: 

(i) it shall cooperate and coordinate activities (to the extent practicable and subject to the terms hereof) with the other
Parties and will use commercially reasonable efforts to pursue, support, solicit, implement, confirm, and consummate the Restructuring Transactions, as applicable, and to execute any document and give any notice, order, instruction, or direction
reasonably necessary to support, facilitate, implement, consummate, or otherwise give effect to the Restructuring Transactions, as applicable, and to act in good faith and take all commercially reasonable actions to negotiate the Restructuring
Documents with the other Commitment Parties and the Debtors and consummate the Restructuring Transactions consistent with this Agreement; 

(ii) it shall use commercially reasonable efforts to cooperate with and assist the other Parties in obtaining additional
support for the Restructuring Transactions from other stakeholders and shall consult with the Debtors, Honeywell, the Plan Sponsors, and the Requisite Additional Investors regarding the status and the material terms of any negotiations with other
stakeholders that are not party to this Agreement (including, for the avoidance of doubt, giving the Debtors, Honeywell, the Plan Sponsors, and the Requisite Additional Investors notice and a reasonable opportunity to coordinate with the other
Parties in advance of any outreach or communications to stakeholders that are not party to this Agreement); 

  
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 (iii) it shall not, directly or indirectly: 

(A) object to, delay, impede, or take any other action to interfere with the acceptance, implementation, or consummation of
the Restructuring Transactions; 
 (B) file any pleading with the Bankruptcy Court or otherwise support, encourage, seek,
solicit, pursue, initiate, assist, join or participate in any challenge to the validity, enforceability, perfection or priority of, or any action seeking avoidance, claw-back, recharacterization or subordination of, any portion of the Secured Credit
Facility Claims or any liens or collateral securing such Secured Credit Facility Claims; and 
 (C) propose, support, vote
for, encourage, seek, solicit, pursue, initiate, assist, join in, participate in the formulation of or enter into negotiations or discussions with, any entity regarding any Alternative
Transaction3 or any arrangement, understanding or agreements related to any Alternative Transaction or any other financing of or investment in any of the Debtors other than the Restructuring
Transactions. 
 (iv) to the extent applicable, timely vote each of its claims against or equity interests in the Debtors
(such equity interests, collectively, the “Debtor Interests” and, such claims, collectively, the “Debtor Claims” and, such Debtor Interests and Debtor Claims together, the “Debtor
Claims/Interests”) to accept the Approved Plan by delivering its duly executed and completed ballot(s) accepting the Approved Plan, on a timely basis following the commencement of the solicitation and its actual receipt of the
Solicitation Materials and ballot, and not change, withdraw, or revoke (or cause to be changed, withdrawn, or revoked) such vote; provided, however, that such vote may be revoked (and, upon such revocation, deemed void ab
initio) by such Commitment Party at any time if this Agreement is terminated with respect to such Commitment Party (it being understood by the Parties that any modification of the Approved Plan that results in a termination of this Agreement
pursuant to Section 9 hereof shall entitle such Commitment Party an opportunity to change its vote in accordance with section 1127(d) of the Bankruptcy Code); 

 

	3 	 “Alternative Transaction” shall mean any plan, inquiry, proposal, offer, bid, term
sheet, discussion, or agreement with respect to a sale, disposition, new-money investment, restructuring, reorganization, merger, amalgamation, acquisition, consolidation, dissolution, debt investment, equity
investment, liquidation, asset sale, share issuance, tender offer, exchange offer, recapitalization, plan of reorganization, share exchange, business combination, joint venture, or similar transaction involving any one or more Debtors or the debt,
equity, or other interests in any one or more of the Debtors, that is an alternative to one or more of the Restructuring Transactions. 

  
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 (v) except to the extent expressly contemplated under the Approved Plan or
this Agreement, it will not exercise, or direct any other person to exercise, any right or remedy for the enforcement, collection, or recovery of any of the Debtor Claims/Interests, and any other claims against any direct or indirect subsidiaries of
the Debtors that are not Debtors; 
 (vi) support and consent to the releases and exculpation provisions in the Approved
Plan, which shall be substantially identical to those in the Term Sheet (as defined in the Term Sheet, the “Releases and Exculpation Provisions”); 

(vii) negotiate in good faith upon reasonable request of the Debtors or the Plan Sponsors any modifications to the
Restructuring Transactions that improve the tax efficiency of the Restructuring Transactions; 
 (viii) provide draft copies
of all motions or proposed orders unrelated to the Restructuring Documents prepared by any Commitment Party to K&E, Milbank, Jones Day, S&C, Gibson, and R&G, as applicable, that such Commitment Party intends to file with the Bankruptcy
Court at least three (3) business days (or such shorter review period as necessary in light of exigent circumstances) prior to such filing and consult in good faith with K&E, Milbank, Jones Day, S&C, Gibson, and R&G, as applicable,
regarding the form and substance of all such proposed filings with the Bankruptcy Court; 
 (ix) provide draft copies of any
Restructuring Documents and related motions prepared by any Commitment Party to K&E, Milbank, Jones Day, S&C, Gibson, and R&G, as applicable, at least five (5) business days (or such shorter review period as necessary in light of
exigent circumstances) prior to such filing. The applicable Commitment Party shall consult in good faith with K&E, Milbank, Jones Day, S&C, Gibson, and R&G, as applicable, regarding the form and substance of all proposed filings with the
Bankruptcy Court; provided, that the consent requirements set forth in this Agreement or Approved Plan shall apply with respect to any motions, declarations, proposed orders or other filings with the Bankruptcy Court that constitute
Restructuring Documents; 
 (x) use commercially reasonable efforts to make all filings and submissions required by any
antitrust, competition and merger control laws and any other laws in connection with the Restructuring Transaction within thirty (30) days following the Agreement Effective Date and to promptly file any additional information requested as soon
as practicable after receipt of request therefor; and 
 (xi) promptly (but in any event within three (3) business days)
notify the Debtors in writing between the date hereof and the Effective Date of (A) the occurrence, or failure to occur, of any event of which such Commitment Party has actual knowledge and which such occurrence or failure would likely cause

  
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(1) any representation of such Commitment Party contained in this Agreement to be untrue or inaccurate in any material respect, (2) any covenant of such Commitment Party contained in
this Agreement not to be satisfied in any material respect, or (3) any condition precedent contained in the Approved Plan or this Agreement related to the obligations of such Commitment Party not to occur or become impossible to satisfy. 

provided, however, that nothing in this Section 5.01(a) shall require any Commitment Party to incur any expenses,
liabilities or other obligations, or agree to any commitments, undertakings, concessions, indemnities or other arrangements, that could result in expenses, liabilities or other obligations to any such Party, other than as specifically stated in this
Agreement (including the Term Sheet). 
 (b) The foregoing sub-clause (a) of this
Section 5.01 will not limit any of the following Commitment Parties rights: 
 (i) under any
applicable bankruptcy, insolvency, foreclosure or similar proceeding, including, appearing as a party in interest in any matter to be adjudicated in order to be heard concerning any matter arising in the Chapter 11 Cases, in each case provided
that such appearance and the positions advocated in connection therewith are not inconsistent with this Agreement and do not hinder, delay or prevent consummation of the Restructuring Transactions; 

(ii) to take or direct any action relating to maintenance, protection, or preservation of any collateral provided that such
action is not inconsistent with this Agreement and does not hinder, delay, or prevent consummation of the Restructuring Transactions; 

(iii) to purchase, sell or enter into any transactions in connection with any of the Debtor Claims/Interests, subject to the
terms of this Agreement; 
 (iv) to consult with other Commitment Parties, the Debtors, or any other party in interest in the
Chapter 11 Cases; provided, that such action is not inconsistent with this Agreement and does not hinder, delay or prevent consummation of the Restructuring Transactions; or 

(v) to enforce any right, remedy, condition, consent or approval requirement under this Agreement or any of the Restructuring
Documents. 
 5.02. Additional Commitments of the Commitment Parties. 

(a) The Plan Sponsors hereby agree, severally and not jointly, to purchase shares of Convertible Series A Preferred Stock at a purchase price
of $668.8 million in the aggregate in cash, on the terms and conditions set forth in this Agreement and the Term Sheet. The Equity Backstop Parties, severally and not jointly, agree to provide the Backstop Commitment (as defined in the Term
Sheet) pursuant to the terms of the BCA and in exchange for the Backstop Allocation (as defined in the Term Sheet), expense reimbursement and indemnity provided under 

  
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the BCA. The Plan Sponsors hereby agree, severally and not jointly, to exercise the Subscription Rights (as defined in the Term Sheet) allocated to them in the Rights Offering, subject to the
Subscription Waterfall (as defined in the Term Sheet), on the terms and conditions set forth in this Agreement and the Term Sheet. For the avoidance of doubt, nothing in this Agreement shall modify the several and not joint commitments of the Equity
Backstop Parties to purchase Unsubscribed Shares (as defined in the BCA) pursuant to the terms of the BCA, including any shares of Convertible Series A Preferred Stock that are Unsubscribed Shares due to the
non-exercise of Subscription Rights by the Plan Sponsors and Honeywell pursuant to the Subscription Waterfall. The Plan Sponsors and the Equity Backstop Parties may assign such commitments to any Party, to
their respective creditworthy affiliates or either Plan Sponsor or any Equity Backstop Party or their respective creditworthy affiliates, but otherwise no Party may sell, use, pledge, assign, transfer, permit the participation in, or otherwise
dispose of, any such commitments to any person. Subject to the Subscription Waterfall, none of the commitments to purchase the Convertible Series A Preferred Stock of any Plan Sponsor or any Equity Backstop Party shall be reduced for any reason.

 (b) Each Plan Sponsor, Additional Investor, Consenting Noteholder and Honeywell represents and warrants to the other Plan Sponsors,
Additional Investors, Consenting Noteholders and Honeywell that, as of October 30, 2020, it beneficially owns (as that term is defined in SEC Rule 13d-3 (“Beneficial Ownership”))
the number of shares of equity securities of Garrett set forth on Annex 1. Each Commitment Party, for so long as it is a Party, will, as promptly as practicable, and in any event within one business day, notify counsel to the other
Commitment Parties of any change in its Beneficial Ownership of equity securities of Garrett. Each Party will individually make and be solely responsible for any filings or notifications as may be necessary under applicable law in connection with
the entry into this Agreement and the performance of its obligations hereunder. The Commitment Parties agree not to (i) make any acquisition of equity securities of Garrett that is coordinated between any of them or (ii) share any
pecuniary interest in any equity securities of Garrett held by any other Plan Sponsor, Additional Investor, Consenting Noteholder or Honeywell. 

(c) During the Effective Period for so long as the Debtors are Parties to this Agreement, Honeywell agrees that it will not malign, denigrate,
or disparage the Debtors with respect to any past or present activities in a manner that could reasonably be expected to be damaging to the reputation of the Debtors. 

(d) For so long as the Debtors are Parties to this Agreement, each of the Plan Sponsors, the Additional Investors, and Honeywell agrees that
it will (i) submit drafts to S&C of any press releases that disclose the existence or terms of this Agreement or any amendment to the terms of this Agreement as soon as reasonably practicable prior to making any such disclosure and
(ii) afford the Debtors an opportunity to comment on such documents and disclosures and address any comments received from such parties in good faith; provided, that this clause (d) will not apply to any disclosures
required under federal or state securities laws, including, without limitation, SEC Rule 13d. 

  
 12 

 5.03. Commitments of the Debtors. 

(a) During the Effective Period, the Debtors agree to: 

(i) within twelve (12) hours of this Agreement becoming effective, file a notice with the Bankruptcy Court disclosing
Garrett’s entry into this Agreement and the Agreement’s effectiveness in a form acceptable to the Debtors, Honeywell, the Plan Sponsors, and the Requisite Additional Investors; 

(ii) use commercially reasonable efforts to pursue the Restructuring Transactions on the terms set forth in this Agreement, the
Term Sheet, and the Approved Plan, and not sign any agreement to pursue any Alternative Transaction or other restructuring transaction for the Debtors or substantially all of their assets or equity interests; 

(iii) use good faith efforts to implement this Agreement and the Approved Plan in accordance with the Term Sheet, the
transactions and other actions contemplated hereby and thereby; 
 (iv) (A) support and use commercially reasonable
efforts to complete the Restructuring Transactions set forth in this Agreement; (B) negotiate in good faith all Restructuring Documents that are subject to negotiation as of the Agreement Effective Date; (C) use commercially reasonable
efforts to execute and deliver any other required agreements to effectuate and consummate the Restructuring Transactions; (D) make commercially reasonable efforts to obtain required regulatory and/or
third-party approvals for the Restructuring Transactions, if any; (E) not undertake any actions inconsistent with the Restructuring Transactions or the Approved Plan and confirmation thereof and not take
any action directly or indirectly that is inconsistent with, or that would reasonably be expected to prevent, interfere with, delay, or impede the approval of the Disclosure Statement, the solicitation of votes on the Approved Plan, and the
confirmation and consummation of the Approved Plan and the Restructuring Transactions, including soliciting or causing or allowing any of its agents or representatives to solicit any agreements or commence or continue negotiations with any party in
interest in these Chapter 11 Cases relating to any Alternative Transaction or chapter 11 plan or restructuring transaction (including, for the avoidance of doubt, a transaction premised on an asset sale under section 363 of the Bankruptcy Code) or
otherwise supporting, pursuing, or otherwise facilitating the consummation of an Alternative Transaction; (F) not, nor encourage any other person to, take any action which would, or would reasonably be expected to, breach or be inconsistent
with this Agreement or delay, impede, appeal, or take any other negative action, directly or indirectly, to interfere with the acceptance or implementation of the Restructuring Transactions; (G) purchase a directors’ and officers’
liability insurance policy or policies (or renewal or replacements therefor) providing for continuous coverage for acts and omissions arising following the expiration of the current directors’ and officers’ liability

  
 13 

 
insurance policies through the Effective Date (including a provision for six (6) years of customary “run off” coverage) at a commercially reasonable cost based on market
availability; and (H) use commercially reasonable efforts to support and obtain Bankruptcy Court approval of the release, exculpation and, and indemnification provisions set forth in the Restructuring Documents; 

(v) do all things reasonably necessary and appropriate in furtherance of confirming the Approved Plan and consummating the
Restructuring Transactions in accordance with, and within the time frames contemplated by, this Agreement; 
 (vi) at least
two (2) business days (or such shorter review period as necessary in light of exigent circumstances) prior to the date when the Debtors intend to file, provide draft copies of all motions and proposed orders unrelated to the Restructuring
Documents to K&E, Milbank, Jones Day, Gibson, and R&G, that any Debtor intends to file with the Bankruptcy Court and, at least three (3) business days (or such shorter review period as may be necessary in light of exigent circumstances)
prior to the date when the applicable Debtor intends to file, provide draft copies of any Restructuring Documents and related motions, the Confirmation Order, any supplements to the Approved Plan, and any amended versions of the Approved Plan or
Disclosure Statement to K&E, Milbank, Jones Day, Gibson, and R&G. The Debtors shall consult in good faith with K&E, Milbank, Jones Day, Gibson, and R&G regarding the form and substance of all such proposed filings with the Bankruptcy
Court; provided, that the consent requirements set forth in this Agreement or Approved Plan shall apply with respect to any motions, declarations, proposed orders or other filings with the Bankruptcy Court that constitute Restructuring
Documents; 
 (vii) (A) submit drafts to K&E, Milbank, Jones Day, Gibson, and R&G, as applicable, of any press
releases and public documents that announce the existence or terms of this Agreement or any amendment to the terms of this Agreement at least two (2) calendar days prior (where practicable) to making any such disclosure and (B) afford such
advisors and their respective clients an opportunity to comment on such documents and disclosures and address any comments received from such parties in good faith; 

(viii) timely object to any motion filed with the Bankruptcy Court by a party other than the Plan Sponsors or Honeywell seeking
the entry of an order (A) directing the appointment of a trustee or examiner (with expanded powers beyond those set forth in sections 1106(a)(3) and (4) of the Bankruptcy Code), (B) converting any of the Chapter 11 Cases to a case under
chapter 7 of the Bankruptcy Code, or (C) dismissing any of the Chapter 11 Cases; 
 (ix) timely oppose any objections
filed with the Bankruptcy Court to (A) the Disclosure Statement, (B) the Approved Plan, or (C) confirmation of the Approved Plan; 

  
 14 

 (x) timely object to any motion filed with the Bankruptcy Court seeking the
entry of an order modifying or terminating the Debtors’ exclusive right to file and/or solicit acceptances of a plan of reorganization, as applicable; 

(xi) timely oppose any Alternative Transaction, including, without limitation, (A) any motion, application, or request
filed with the Bankruptcy Court in connection with or in anticipation of any Alternative Transaction and (B) the Motion of the Official Committee of Equity Securities Holders for Entry of an Order Authorizing Reimbursement Of Certain Fees
and Expenses Incurred by Potential Equity Financing Parties [Docket No. 678]; 
 (xii) comply in all material
respects with applicable laws (including making or seeking to obtain all required material consents and/or appropriate filings or registrations with, notifications to, or authorizations, consents or approvals of any regulatory or governmental
authority, and paying all material taxes as they become due and payable except to the extent nonpayment thereof is permitted by the Bankruptcy Code); 

(xiii) maintain the good standing (or equivalent status under the laws of its incorporation or organization) under the laws of
the state or other jurisdiction in which each of the Debtors are incorporated or organized; 
 (xiv) (A) operate the business
of each of the Debtors in the ordinary course (other than changes in the operations resulting from or relating to the Restructuring Transactions or the filing of the Chapter 11 Cases) and consistent with past practice and in a manner that is
consistent with this Agreement and the business plan of the Debtors and confer with the Commitment Parties and their respective representatives, as reasonably requested, on operational matters and the general status of ongoing operations, and
(B) provide the Commitment Parties with any information reasonably requested regarding the Debtors and reasonable access to management and advisors of the Debtors for the purposes of evaluating the Debtors’ assets, liabilities, operations,
businesses, finances, strategies, prospects and affairs. Notwithstanding the generality of the foregoing, the Debtors shall, except as expressly contemplated by this Agreement or with the prior written consent (email being sufficient) of the Plan
Sponsors, Honeywell, and the Requisite Additional Investors (such consent not to be unreasonably withheld, conditioned or delayed), and, subject to applicable bankruptcy law, use commercially reasonable efforts consistent with the Restructuring
Transactions to (1) maintain their physical assets, properties and facilities in their current working order, condition and repair as of the date hereof, ordinary wear and tear excepted, (2) perform all obligations required to be performed
by the Debtors under any executory contracts or unexpired leases that have not been rejected by order of the Bankruptcy Court, (3) maintain their books and records on a basis consistent with prior practice, (4) bill for products sold or
services rendered and pay accounts payable in a manner generally consistent with past practice, but taking into account the Restructuring Transactions and the filing 

  
 15 

 
of the Chapter 11 Cases, (5) maintain all insurance policies, or suitable replacements therefor, in full force and effect through the close of business on the Effective Date,
(6) neither encumber nor enter into any material new leases, licenses, or other use or occupancy agreements for real property or any part thereof outside of the ordinary course of business, and (7) not enter into, adopt or amend any
employment agreements, executive or insider employment agreements or any executive or insider management compensation, severance or incentive plans, including any equity arrangements, or increase in any manner the compensation or benefits (including
severance), in each case, of any insider of the Debtors outside of the ordinary course of business, except as contemplated by the Approved Plan; 

(xv) to the extent that any legal or structural impediment arises that would prevent, hinder, or delay the consummation of the
Restructuring Transactions contemplated in this Agreement or the Approved Plan, negotiate in good faith appropriate additional or alternative provisions to address any such impediment, in consultation with the Commitment Parties; provided,
however, that the economic outcome for the Commitment Parties, the anticipated timing of confirmation and the Effective Date, and other material terms as contemplated in this Agreement and in the Approved Plan must be preserved; 

(xvi) promptly (but in any event within three (3) business days) notify the Commitment Parties in writing between the date
hereof and the Effective Date of (A) the occurrence, or failure to occur, of any event of which the Debtors have actual knowledge and which such occurrence or failure would likely cause (1) any representation of the Debtors contained in
this Agreement to be untrue or inaccurate in any material respect, (2) any covenant of the Debtors contained in this Agreement not to be satisfied in any material respect, or (3) any condition precedent contained in the Approved Plan or
this Agreement not to occur or become impossible to satisfy, (B) receipt of any written notice of any proceeding commenced, or, to the actual knowledge of the Debtors, threatened against the Debtors, relating to or involving or otherwise
affecting in any material respect the Restructuring Transactions, and (C) any failure of the Debtors to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder in any material respect,; 

(xvii) promptly (but in any event within three (3) business days) notify the Commitment Parties in writing of any
governmental or third-party complaints, litigations, investigations, or hearings (or communications indicating that the same may be contemplated or threatened); 

(xviii) use commercially reasonable efforts to cause the Confirmation Order to become effective and enforceable immediately
upon its entry and to have the period in which an appeal thereto must be filed commence immediately upon its entry; 

  
 16 

 (xix) comply in all material respects with the terms and conditions of any debtor-in-possession financing that remains outstanding with respect to the Debtors; 

(xx) not seek to amend or modify, or file a pleading seeking authority to amend or modify, the Restructuring Documents in a
manner that is materially inconsistent with this Agreement; 
 (xxi) not file any pleading materially inconsistent with the
Restructuring Transactions or the terms of this Agreement or the Approved Plan; 
 (xxii) not file any pleading with the
Bankruptcy Court or otherwise support, encourage, seek, solicit, pursue, initiate, assist, join or participate in any challenge to the validity, enforceability, perfection or priority of, or any action seeking avoidance, claw-back,
recharacterization or subordination of, any portion of the Secured Credit Facility Claims or any liens or collateral securing such Secured Credit Facility Claims; 

(xxiii) timely object to any pleading filed with the Bankruptcy Court seeking to challenge the validity, enforceability,
perfection or priority of, or any action seeking avoidance, claw-back, recharacterization or subordination of, any portion of the Secured Credit Facility Claims or any liens or collateral securing such Secured Credit Facility Claims; 

(xxiv) unless notice has already been given pursuant to Section 5.04, promptly (but in any event within one
(1) business day) notify the Commitment Parties in writing of any bona fide written proposals, offers, or expressions of interest received after the Agreement Effective Date by any of the Debtors, any of their subsidiaries, or any of their
respective representatives, relating to any Alternative Transaction, which such notice shall include a copy thereof; provided that if the Debtors receive a bona fide oral proposal, offer or expression of interest after the Agreement Effective
Date and prepare a written summary of such proposal, offer, or expression of interest for any member of management or the Board, the Debtors shall promptly (but in any event within one (1) business day) share such written summary with the
Commitment Parties; 
 (xxv) so long as Honeywell is party hereto, suspend all litigation activities related to and stay the
Honeywell Litigation through the Effective Date and dismiss with prejudice such proceedings upon the Effective Date; 

(xxvi) so long as the Requisite Consenting Noteholders are party hereto, suspend all litigation activities related to and stay
the adversary proceeding captioned Garrett LX I S.A.R.L. v. Deutsche Trustee Company Limited, Adv. Pro. No. 20-01319 (MEW), through the Effective Date and dismiss with prejudice such proceeding
upon the Effective Date; 

  
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 (xxvii) so long as Honeywell and the Requisite Consenting Noteholders, as
applicable, are party hereto, not support, encourage, solicit, participate or assist in any litigation similar to, related to, or seeking the same relief as the adversary proceedings and contested matters identified in clauses
(xxiii) and (xxiv) above brought by any other party; and 
 (xxviii) so long as Honeywell is party hereto,
not malign, denigrate, or disparage Honeywell with respect to any past or present activities in a manner that could reasonably be expected to be damaging to the reputation of Honeywell. 

(b) Nothing in sub-clause (a) of this Section 5.03 shall:
(A) affect the ability of any Debtor to consult with any Commitment Party or any other party in interest in the Chapter 11 Cases (including any official committee and the United States Trustee), or (B) prevent any Debtor from enforcing
this Agreement or contesting whether any matter, fact, or thing is a breach of, or is inconsistent with, this Agreement. 
 5.04. No
Shop 
 (a) During the Effective Period, (i) the Debtors shall, and shall instruct, direct and cause any person acting on the
Debtors’ behalf to, immediately cease and terminate any ongoing solicitation, discussions and negotiations with respect to any Alternative Transaction and (ii) the Debtors shall not, and the Debtors shall instruct, direct and cause any
person acting on the Debtors’ behalf not to, directly or indirectly, initiate, solicit, engage in or participate in any discussions, inquiries or negotiations in connection with any proposal or offer relating to an Alternative Transaction,
afford access to the business properties, assets, books or records of or provide any non-public information relating to the Debtors to, otherwise cooperate in any way with, or knowingly assist, participate in,
facilitate, or encourage any effort by any entity or person with respect to any Alternative Transaction that such entity or person is seeking to make or has made, in each of cases (i) and (ii) unless with the consent of the Plan Sponsors,
Honeywell and the Requisite Additional Investors (such consent not to be unreasonably withheld, conditioned or delayed) or as the Court may order. The Plan Sponsors, Honeywell, and the Requisite Additional Investors shall consult with Gibson prior
to consenting to the Debtors pursuing an Alternative Transaction that would provide for inferior plan treatment to the class of Secured Credit Facility Claims as compared to the plan treatment of such class under this Agreement. 

(b) Notwithstanding the foregoing Section 5.04(a), if during the Effective Period, the Debtors receive a bona fide, written, unsolicited
proposal regarding an Alternative Transaction (an “Alternative Transaction Proposal”) from any entity or person not solicited by the Debtors or any person acting on the Debtors’ behalf in violation of
Section 5.04(a) with respect to which the board of directors of the Debtors (the “Board”) has determined in good faith, after consulting with the Debtors’ outside counsel, investment bankers, financial advisors, and
consultants, as applicable, and taking into consideration all factors including, without limitation, the likelihood of consummation of such Alternative Transaction Proposal, any costs or risks of a delay in emergence from Chapter 11, the interests
of all creditors and all shareholders, whether the Alternative Transaction Proposal includes fully executed and binding commitments to consummate all transactions and financing contemplated therein, and whether the Alternative

  
 18 

 
Transaction could be consummated without the settlement with Honeywell provided in this Agreement and the Approved Plan (including taking into account scenarios in which the Honeywell Litigation
produces an outcome that is less favorable to the Debtors’ creditors (excluding Honeywell) and shareholders as compared to the proposed treatment of the Honeywell Claims under the Approved Plan), that the failure of the Board to consider such
Alternative Transaction Proposal would reasonably be expected to be inconsistent with the Board’s fiduciary duties under applicable laws, the Debtors and their respective directors, officers, employees, investment bankers, attorneys,
accountants, consultants and other advisors or representatives shall have the right to (i) consider, respond to, provide access for and facilitate any inquiries, proposals, discussion or negotiations of such Alternative Transaction Proposal and
(ii) enter into discussions or negotiations with respect to such Alternative Transaction Proposal; provided that, on or prior to the business day immediately following receipt of such Alternative Transaction Proposal, the Debtors shall
notify the Commitment Parties of the receipt of such Alternative Transaction Proposal and deliver to the Commitment Parties a copy of such Alternative Transaction Proposal and the basis for the Board’s determination that the failure to consider
the Alternative Transaction Proposal would be reasonably expected to be inconsistent with the Board’s fiduciary duties under applicable law, (y) provide the Commitment Parties with regular updates as to the status and progress of such
Alternative Transaction Proposal and (z) use commercially reasonable efforts to respond promptly to reasonable information requests from the Commitment Parties relating to such Alternative Transaction Proposal. 

(c) During the Effective Period as to the Debtors, if, after complying with their obligations in Section 5.04(b),
any of the Debtors or any person acting on the Debtors’ behalf determines to file, support, make a written proposal or counterproposal to any person relating to an Alternative Transaction Proposal or counterproposal to any person relating to an
Alternative Transaction Proposal, the Debtors shall notify the Commitment Parties at least two (2) business days in advance of commencing such action, which notice shall specify the identity of the person making such Alternative Transaction
Proposal and all of the material terms and conditions of such Alternative Transaction Proposal and attach the most current version of any proposed transaction agreement (and any related agreements) providing for such Alternative Transaction
Proposal. Upon receipt of any notice pursuant to this clause, each of Honeywell, the Plan Sponsors, and the Requisite Additional Investors shall have the right to terminate this Agreement with respect to the Debtors pursuant to
Section 9.07. 
 (d) Notwithstanding the foregoing Section 5.04(a) and without prejudice
to the Debtors’ rights under Section 5.04(b), from the Agreement Effective Date through and including January 25, 2021, the Debtors may provide the Official Committee of Equity Securities Holders (the
“Equity Committee”) with access to a virtual data room that the Equity Committee may use to share available diligence information with third parties that execute nondisclosure agreements in forms acceptable to the Debtors to
facilitate discussions regarding financing for a stand-alone plan of reorganization. 
 5.05. Lender RSA. During the Effective
Period, each Consenting Lender that is a party to the Lender RSA agrees to act with respect to its rights and obligations under the Lender RSA in a manner consistent with its obligations under this Agreement and to refrain from acting with respect
to its rights and obligations under the Lender RSA in any manner that is inconsistent with its obligations under this Agreement, including, without limitation, as necessary to avoid any voluntary termination of the Lender RSA at any time that such
Consenting Lender remains bound under the terms of this Agreement. 

  
 19 

 Section 6. Transfer of Claims and Interests. 

(a) During the Effective Period, no Commitment Party, as applicable, shall sell, use, pledge, assign, transfer, permit the participation in,
or otherwise dispose of any ownership (including any beneficial ownership4) in any Debtor Claims/Interests in whole or in part (each, a “Transfer”) to any party, unless,
solely with respect to Debtor Claims, it satisfies all of the following requirements (a transferee that satisfies such requirements, a “Permitted Transferee,” and such Transfer, a “Permitted
Transfer”): 
 (i) the intended transferee (x) is another Commitment Party, (y) as of the date of such
Transfer, controls, is controlled by or is under common control with a Commitment Party, a Commitment Party’s affiliate, a Commitment Party’s affiliated fund or a Commitment Party’s affiliated entity with a common investment advisor,
or (z) executes a transfer agreement in the form attached hereto as Exhibit B (a “Transfer Agreement”) prior to or concurrently with the closing of such Transfer; and 

(ii) notice of any Transfer, including the amount transferred and, in the case of (i)(z) above, the fully executed Transfer
Agreement, shall be provided on a confidential and “professional eyes only” basis to K&E, Milbank, Jones Day, S&C, Gibson, and R&G within three (3) business days following the closing of such Transfer. 

(b) Upon satisfaction of the requirements in Section 6(a), (i) the Permitted Transferee shall be deemed to be a
Commitment Party hereunder, and, for the avoidance of doubt, a Permitted Transferee is bound as a Party under this Agreement with respect to any and all claims against, or interests in, any of the Debtors, whether held at the time such Permitted
Transferee becomes a Party or later acquired by such Permitted Transferee, and (ii) the transferor shall be deemed to relinquish its rights (and be released from its obligations) under this Agreement to the extent of such transferred rights and
obligations. 
 (c) Notwithstanding Section 6(a), a Qualified Marketmaker5 that acquires any Debtor Claims with the purpose and intent of acting as a Qualified Marketmaker for such Debtor Claims, shall not be required to execute and deliver to any of K&E, Milbank, Jones
Day, S&C, Gibson, or R&G a Transfer Agreement in respect of such Debtor Claims if (A) such 
  

	4 	 As used herein, the term “beneficial ownership” means the direct or indirect economic ownership of,
and/or the power, whether by contract or otherwise, to direct the exercise of the voting rights and the disposition of, the Debtor Claims/Interests or the right to acquire such claims or interests. 

	5 	 As used herein, the term “Qualified Marketmaker” means an entity that (a) holds
itself out to the public or the applicable private markets as standing ready in the ordinary course of business to purchase from customers and sell to customers claims against or interests in the Debtors (or enter with customers into long and short
positions in claims against or interests in the Debtors), in its capacity as a dealer or market maker in claims against or interests in the Debtors and (b) is, in fact, regularly in the business of making a market in claims against or interests
in issuers or borrowers (including equity or debt securities or other debt). 

  
 20 

 
Qualified Marketmaker intends to subsequently transfer such Debtor Claims (by purchase, sale, assignment, participation, or otherwise) within five (5) business days of its acquisition to a
transferee that is an entity that is not an affiliate, affiliated fund or affiliated entity with a common investment advisor, (B) the transferee otherwise is a Permitted Transferee and (C) the Transfer otherwise is a Permitted Transfer. To
the extent that a Commitment Party is acting in its capacity as a Qualified Marketmaker, it may transfer (by purchase, sale, assignment, participation or otherwise) any right, title or interest in the Debtor Claims that such Commitment Party
acquires in its capacity as a Qualified Marketmaker from a holder of the Debtor Claims who is not a Commitment Party without regard to the requirements set forth in Section 6(a) hereof. 

(d) This Agreement shall in no way be construed to preclude the Commitment Parties from acquiring additional Debtor Claims/Interests;
provided, however, that (i) any Commitment Party that acquires additional Debtor Claims, as applicable, after the Agreement Effective Date shall notify K&E, Milbank, Jones Day, S&C, Gibson, and R&G of such
acquisition, within five (5) business days following such acquisition, including the amount of such acquisition on a confidential and “professional eyes only” basis, which notice may be deemed to be provided by the filing of a
statement with the Bankruptcy Court as required by Rule 2019 of the Federal Rules of Bankruptcy Procedure, including revised holdings information for such Commitment Party and (ii) such additional Debtor Claims/Interests shall automatically and
immediately upon acquisition by a Commitment Party, as applicable, be deemed subject to the terms of this Agreement (regardless of when or whether notice of such acquisition is given to the respective counsels to the Commitment Parties). 

(e) In addition, other than pursuant to a Permitted Transfer, any holder of Debtor Claims/Interests shall become a Party, and become obligated
as a Commitment Party, solely to the extent (i) the ascension of such holder to this Agreement is consented to in writing (with email being sufficient) by the Debtors, Honeywell, the Plan Sponsors, the Requisite Additional Investors and the
Requisite Consenting Noteholders (which consent of any of the foregoing shall not be unreasonably withheld, conditioned, or delayed) and (ii) (x) such holder executes a joinder agreement in the form attached hereto as Exhibit C (a
“Joinder Agreement”), and shall be deemed a Commitment Party hereunder and (y) such joinder is delivered on a confidential and “professional eyes only” basis to K&E, Milbank, Jones Day, S&C, Gibson, and
R&G within three (3) business days following the execution thereof. 
 (f) Notwithstanding anything to the contrary herein, no
Commitment Party shall sell, assign, transfer, permit the participation in, or otherwise dispose of any ownership (including any Beneficial Ownership) in any Debtor Interests, in whole or in part, until (i) the Effective Period has terminated
and (ii) such Commitment Party has filed an amendment to its Schedule 13D with respect to Garrett disclosing such termination. 
 (g)
Any Transfer made in violation of this Section 6 shall be void ab initio. Each other Commitment Party shall have the right to enforce the voiding of such Transfer. Any Commitment Party that effectuates a Permitted
Transfer to a Permitted Transferee shall have no liability under this Agreement arising from or related to the failure of the Permitted Transferee to comply with the terms of this Agreement. 

  
 21 

 (h) Notwithstanding anything to the contrary in this Section 6,
the restrictions on Transfer set forth in this Section 6 shall not apply to the grant of any liens or encumbrances on any claims and interests in favor of (x) a collateralized loan obligation or similar structured
security in the ordinary course of business, or (y) a bank or broker dealer or prime broker holding such claims and interests in custody or prime brokerage in the ordinary course of business and which lien or encumbrance is released upon the
Transfer of such claims and interests in accordance with the terms of the custody or prime brokerage agreement(s), as applicable. For the avoidance of doubt, a bank, broker-dealer or prime broker holding custody of the claims and interests shall not
be subject to the terms of this Agreement solely when acting in such capacity. 
 Section 7. Representations and Warranties.  

7.01. Representations and Warranties. Each Commitment Party represents and warrants, severally, and not jointly, and, each
Debtor also represents and warrants, to each other Party, as of the date hereof (or as of the date a Permitted Transferee or Debtor becomes a Party) that: 

(a) other than the Debtors, it is the beneficial owner of, or is the nominee, investment manager, adviser, or
sub-adviser for beneficial holders of, the Debtor Claims/Interests in the amounts identified by its counsel to the counsel for all Parties via email (such Debtor Claims/Interests, the “Owned Debtor
Claims/Interests”); 
 (b) other than the Debtors, it has the full power and authority to act on behalf of, vote and consent to
matters concerning the Owned Debtor Claims/Interests; 
 (c) other than the Debtors, the Owned Debtor Claims/Interests are free and clear of
any pledge, lien, security interest, charge, claim, equity, option, proxy, voting restriction, right of first refusal, or other limitation on disposition, transfer, or encumbrances of any kind, that would adversely affect in any way such Commitment
Party’s ability to perform any of its obligations under this Agreement at the time such obligations are required to be performed; 

(d) other than Honeywell and the Debtors, (i) it is either (A) a qualified institutional buyer as defined in Rule 144A of the
Securities Act, (B) an institutional accredited investor (defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act of 1933, as amended (the “Securities Act”), (C)
non-U.S. person as defined in Regulation S under the Securities Act, or (D) the foreign equivalent of (A) or (B) above, and (ii) any securities of any Debtor acquired by the applicable
Commitment Party in connection with the Restructuring Transactions will have been acquired for investment and not with a view to distribution or resale in violation of the Securities Act; 

(e) as of the date hereof, it has no actual knowledge of any event that, due to any fiduciary or similar duty to any other person or entity,
would prevent it from taking any action required of it under this Agreement; 
 (f) it is validly existing and in good standing (or
equivalent) under the laws of its jurisdiction of organization, and this Agreement is a legal, valid, and binding obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be limited by applicable laws
relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability; 

  
 22 

 (g) except as expressly provided in this Agreement, the Approved Plan, the Term Sheet, or
the Bankruptcy Code, no consent or approval is required by any other person or entity in order for it to effectuate the Restructuring Transactions contemplated by, and perform the respective obligations under, this Agreement; 

(h) except as expressly provided in this Agreement, it has all requisite corporate or other power and authority to enter into, execute, and
deliver this Agreement and to effectuate the Restructuring Transactions contemplated by, and perform its respective obligations under, this Agreement; 

(i) except as expressly set forth herein (and subject to necessary Bankruptcy Court approval and/or regulatory approvals associated with the
Restructuring Transactions), the execution, delivery, and performance by it of this Agreement does not, and shall not, require any registration or filing with consent or approval of, or notice to, or other action to, with or by, any federal, state,
or other governmental authority or regulatory body; 
 (j) aside from the Lender RSA, it is not a party to any contract, agreement,
commitment, understanding or other obligation (written or oral) with any other person or entity which is in effect with respect to any proposal inconsistent with the Restructuring Transactions, or with respect to an Alternative Transaction, and, in
the case of Honeywell, is not party to any contract, agreement, commitment, understanding, or other obligation (written or oral) with any Plan Sponsor or Additional Investor with respect to the Restructuring Transactions, except for this Agreement
or as otherwise disclosed in writing to S&C prior to the date hereof; and 
 (k) the execution, delivery, and performance of this
Agreement does not and shall not: (a) violate any provision of law, rules or regulations applicable to it or any of its subsidiaries in any material respect; or (b) violate its certificate of incorporation, bylaws, or other organizational
documents or those of any of its subsidiaries. 
 Section 8. Acknowledgement. Notwithstanding any other provision herein, this
Agreement is not and shall not be deemed to be an offer with respect to any securities or solicitation of votes for the acceptance of a plan of reorganization for purposes of sections 1125 and 1126 of the Bankruptcy Code or otherwise. Any such
offer or solicitation will be made only in compliance with all applicable securities laws and provisions of the Bankruptcy Code. 
 Section 9.
Termination Events. 
 9.01. Commitment Party Termination Events. This Agreement may be terminated (a) with
respect to Honeywell, by Honeywell, (b) with respect to Oaktree, by Oaktree, (c) with respect to Centerbridge, by Centerbridge, (d) with respect to the Additional Investors, by the Requisite Additional Investors, (e) with respect
to the Consenting Noteholders, by the Requisite Consenting Noteholders, (f) with respect to the Consenting Lenders, by the Requisite Consenting Lenders, and (g) with respect to the Consenting Equityholders, by the Requisite Consenting
Equityholders, in each case, by the delivery to the Debtors and the other Commitment Parties of a 

  
 23 

 
written notice (email being sufficient) in accordance with Section 11.12 hereof upon the occurrence of any of the following events: 

(a) the breach in any material respect by any other Party of any of the representations, warranties, covenants, obligations or commitments set
forth in this Agreement, which breach (i) would materially and adversely impede or interfere with the overall acceptance, implementation or consummation of the Restructuring Transactions on the terms and conditions set forth in this Agreement
(including the Term Sheet) and (ii) is uncured for a period of five (5) business days after the receipt by the Debtors and such breaching Party of written notice in accordance with Section 11.12 of such breach
from any non-breaching Party, other than with respect to any breach that is uncurable, for which no notice or cure period shall be required or apply (it being understood and agreed that any actions required to
be taken by such Parties that are included in the Approved Plan or the Term Sheet but not in this Agreement are to be considered “covenants” of such Parties, and therefore covenants of this Agreement, notwithstanding the failure of any
specific provision in the Approved Plan or the Term Sheet to be re-copied in this Agreement). 
 (b)
the issuance by any governmental authority, including any regulatory authority, the Bankruptcy Court, or another court of competent jurisdiction, of any injunction, judgment, decree, charge, ruling or order that, in each case, would have an adverse
effect on a material provision of this Agreement or a material portion of the Restructuring Transactions or the Approved Plan or a material adverse effect on the Debtors’ businesses, unless the Debtors or any of the Commitment Parties have
sought a stay of such injunction, judgment, decree, charge, ruling, or order within fifteen (15) business days after the date such terminating Commitment Party transmits a written notice to the Debtors detailing any such issuance, and such
injunction, judgment, decree, charge, ruling, or order is reversed or vacated within twenty (20) business days after the date of such notice; provided, that this termination right may not be exercised by any Commitment Party that sought
or requested the issuance of such injunction, judgment, decree, charge, ruling or order in contravention of any obligation set forth in this Agreement; 

(c) an examiner with expanded powers beyond those set forth in sections 1106(a)(3) and (4) of the Bankruptcy Code, a trustee, or a
receiver shall have been appointed in the Chapter 11 Cases unless waived by all parties entitled to waive such event of default; 
 (d) the
(i) conversion of one or more of the Chapter 11 Cases of the Debtors to a case under chapter 7 of the Bankruptcy Code or (ii) dismissal of one or more of the Chapter 11 Cases of the Debtors, unless such conversion or dismissal, as
applicable, is made with the prior written consent of Honeywell and the Plan Sponsors; 
 (e) any of the Restructuring Documents after
completion, (i) contain terms, conditions, representations, warranties or covenants that are materially inconsistent with the terms of this Agreement, (ii) shall have been materially and adversely amended or modified with respect to the
terminating Party or (iii) shall have been withdrawn, in each case, without the consent of the applicable Party in accordance with its approval rights under this Agreement (including the Term Sheet), and in the case of a Restructuring Document
that is also an order, including the Confirmation Order, such order shall have been materially stayed, reversed, vacated or adversely modified, without the prior written consent of the Plan Sponsors and Honeywell, solely to the

  
 24 

 
extent the Additional Investors are adversely affected, the Requisite Additional Investors, solely to the extent the plan treatment of the Prepetition Lenders is adversely affected, the Requisite
Consenting Lenders, and solely to the extent the economic treatment of the Senior Noteholders or the Consenting Equityholders is adversely affected, the Requisite Consenting Lenders, the Requisite Consenting Noteholders or the Requisite Consenting
Equityholders, respectively, unless the Debtors have sought a stay of such order within five (5) business days after the date of such issuance, and such order is stayed, reversed or vacated within ten (10) business days after the date of
such issuance; 
 (f) the Approved Plan or Disclosure Statement is amended or modified in any manner that is materially adverse to the
Commitment Party seeking termination pursuant to this provision and such Commitment Party did not duly consent to such amendment or modification; 

(g) any other Party directly or indirectly proposes, supports, assists, solicits or files a pleading seeking approval of any Alternative
Transaction (or any approval of any sales, voting or other procedures in connection with an Alternative Transaction) without the prior written consent of Honeywell, the Plan Sponsors, and the Requisite Additional Investors that results in a material
adverse effect for the consummation of the Restructuring Transactions; 
 (h) the Bankruptcy Court enters an order avoiding, disallowing,
subordinating or recharacterizing any claim, lien or interest held by the Commitment Parties, unless any Party sought a stay of such order within five (5) business days after the date of such issuance, and such order is stayed, reversed or
vacated within ten (10) business days after the date of such issuance; provided, that no Party other than the Requisite Consenting Noteholders may terminate this Agreement in the event that the Bankruptcy Court enters an order
disallowing any claim arising under, derived from, or based on the Applicable Premium (as defined in the Indenture) (a “Make-Whole Disallowance”), and the Requisite Consenting Noteholders may only terminate this Agreement
with respect to the rights and obligations of the Consenting Noteholders hereunder in the event of any such Make-Whole Disallowance; 
 (i)
solely with respect to the Additional Investors (upon the exercise by the Requisite Additional Investors of the termination right set forth in this clause (i)) or the Consenting Noteholders (upon the exercise by the Requisite Consenting Noteholders
of the termination right set forth in this clause (i)), if on or after April 19, 2021, an Approved Plan is not filed with the Bankruptcy Court by a person with the right to file a chapter 11 plan on the date of filing such Approved Plan (the
“Plan Filing Deadline”), provided that the Plan Filing Deadline shall be automatically extended by an additional ninety (90) days, and for subsequent ninety (90) day periods thereafter, in the event that the
Requisite Additional Investors or Requisite Consenting Noteholders, as applicable, do not provide notice of the exercise of the termination right in this clause (i) within five (5) business days after the applicable operative Plan Filing
Deadline, in which case this Agreement shall terminate solely with respect to such terminating Party and such date shall be extended with respect to the non-terminating Party, as applicable; 

  
 25 

 (j) the Effective Date has not occurred by June 30, 2021 (the “Effective
Date Deadline”); provided, that the Effective Date Deadline shall be automatically extended for an additional ninety (90) days, and for subsequent ninety (90) day periods thereafter, in the event that either
(i) the Plan Filing Deadline has been extended, or (ii) a Party fails to provide notice of the exercise of the termination right in this clause (j) within five (5) business days after the expiration of the operative Effective
Date Deadline, in which case this Agreement shall terminate solely with respect to such terminating Party and such deadline shall be extended with respect to all other Parties; 

(k) solely to the extent that this Agreement has been terminated with respect to the Debtors, if Honeywell, either Plan Sponsor, the Requisite
Additional Investors, the Requisite Consenting Lenders or the Requisite Consenting Noteholders reasonably determine, in good faith, after consulting with and upon the advice of external counsel, and after consultation with the advisors to Honeywell,
the Plan Sponsors, the Additional Investors, the Initial Consenting Lenders and the Consenting Noteholders, that (i) the implementation or consummation of the Restructuring Transactions is no longer practicable, and (ii) there are no
reasonable alternatives available to address the legal, structural, or other impediments preventing the implementation or consummation of the Restructuring Transactions that do not materially and adversely affect the economic treatment (or, solely
with respect to the Consenting Lenders, that do not materially and adversely affect the plan treatment) of such terminating Party under this Agreement; or 

(l) if the Bankruptcy Court grants relief that (i) is inconsistent with this Agreement in any material respect or (ii) would, or
would reasonably be expected to, materially frustrate the purposes of this Agreement, including by preventing the consummation of the Restructuring Transactions, unless the Debtors or the Commitment Parties have sought a stay of such relief within
five (5) business days after the date of such issuance, and such order is stayed, reversed or vacated within ten (10) business days after the date of such issuance. 

9.02. Consenting Lender Termination Events. Notwithstanding any other provision of this Agreement, the Requisite
Consenting Lenders may terminate this Agreement with respect to the Consenting Lenders, and any Consenting Lender may terminate this Agreement as to itself only, in each case upon three (3) days’ prior written notice to all parties in
accordance with Section 11.12 hereof, if (a) the treatment of the Secured Credit Facility Claims in an Approved Plan adversely deviates, or is adversely modified or adversely amended, in any manner from that specified
for Secured Credit Facility Claims in the Term Sheet, (b) either the Debtors, Honeywell, the Plan Sponsors, or the Requisite Additional Investors file or support a pleading seeking approval of an Alternative Transaction that proposes treatment
of the Secured Credit Facility Claims that adversely deviates, in any manner, from the treatment specified for the Secured Credit Facility Claims in the Term Sheet, or (c) an Approved Plan providing for the treatment of the Secured Credit
Facility Claims specified in the Term Sheet has not been filed within two (2) business days following the Agreement Effective Date. Additionally, any Consenting Lender may terminate this Agreement as to itself only upon three
(3) days’ prior written notice to all parties in accordance with Section 11.12 hereof in the event that this Agreement or the Term Sheet is amended, supplemented or modified without such Consenting
Lender’s consent in such a way as to alter any of this Agreement or the Term Sheet’s material terms in a manner that is disproportionately adverse to such Consenting Lender as compared to similarly situated Consenting Lenders. 

  
 26 

 9.03. Debtor Termination Events. Any Debtor may terminate this Agreement as to
itself only upon prior written notice to all parties in accordance with Section 11.12 hereof upon the occurrence of any of the following events: 

(a) The breach in any material respect by one or more of the Commitment Parties of any of the undertakings, representations, warranties or
covenants of the Commitment Parties set forth herein, which breach or failure to act (i) would materially and adversely impede or interfere with the implementation or consummation of the Restructuring Transactions on the terms and conditions
set forth in this Agreement (including the Term Sheet) and (ii) is uncured for a period of ten (10) business days after the receipt of written notice in accordance with Section 11.12 of such breach from any non-breaching Party, other than with respect to any breach that is uncurable, for which no notice or cure period shall be required or apply (it being understood and agreed that any actions required to be taken by
such Parties that are included in the Approved Plan or the Term Sheet but not in this Agreement are to be considered “covenants” of such Parties, and therefore covenants of this Agreement, notwithstanding the failure of any specific
provision in the Approved Plan or the Term Sheet to be restated in this Agreement); 
 (b) The Board reasonably determines in good faith
after receiving the advice of outside counsel that the Debtors’ continued performance under this Agreement would be inconsistent with the exercise of the Board’s fiduciary duties under applicable law; provided that the
Debtors may not terminate this Agreement pursuant to this clause (b) unless the Debtors are in compliance with Section 5.04 in all respects; 

(c) The Requisite Commitment Parties give a notice of termination of this Agreement; 

(d) An order is entered by the Bankruptcy Court or a court of competent jurisdiction denying confirmation of the Approved Plan or declining to
approve the Disclosure Statement (in each case, unless caused by a default by any Debtor of its obligations hereunder, in which event the Debtors shall not have the right to terminate under this subsection); provided, that the Debtors
shall not have the right to terminate this Agreement pursuant to this Section 9.03(d) if the Bankruptcy Court declines to approve the Disclosure Statement or denies confirmation of the Approved Plan subject only to the
making of ministerial or administrative modifications to the Approved Plan or Disclosure Statement; 
 (e) The issuance by any governmental
authority, including any regulatory authority or court of competent jurisdiction, of any final, non-appealable ruling, judgment or order enjoining the consummation of a material portion of the Restructuring
Transactions, which ruling, judgment or order has not been stayed, reversed or vacated within twenty (20) business days after such issuance; 

(f) any other Party directly or indirectly proposes, supports, assists, solicits or files a pleading seeking approval of any Alternative
Transaction (or any approval of any sales, voting or other procedures in connection with an Alternative Transaction) without the prior written consent of the Debtors that results in a material adverse effect for the consummation of the Restructuring
Transactions; 
 (g) the Effective Date has not occurred by the Effective Date Deadline; or 

  
 27 

 (h) if the Bankruptcy Court grants relief that would, or would reasonably be expected to,
materially frustrate the purposes of this Agreement, including by preventing the consummation of the Restructuring Transactions, unless the Debtors or the Commitment Parties have sought a stay of such relief within five (5) business days after
the date of such issuance, and such order is stayed, reversed or vacated within ten (10) business days after the date of such issuance. 

9.04. Restructuring Document Termination Event. If any Party files a pleading seeking authority to amend, modify, or withdraw
any of the Restructuring Documents (the “Filing Party”) without the prior written consent of the Debtors, the Plan Sponsors, and Honeywell, solely to the extent the Additional Investors are adversely affected, the Requisite
Additional Investors, solely to the extent the plan treatment of the Secured Credit Facility Claims is adversely affected, the Requisite Consenting Lenders, and solely to the extent the economic treatment of the Senior Notes Claims or the Consenting
Equityholders is adversely affected, the Requisite Consenting Noteholders or the Requisite Consenting Equityholders, respectively, such Parties, as applicable, may, upon notice to the Filing Party, terminate the Filing Party’s rights and
obligations under this Agreement; provided, that the Filing Party shall have three (3) business days following such notice to withdraw such pleading; provided, further, that in the event that a Filing
Party files an Approved Plan containing a modification or amendment that adversely affects the economic treatment of the Senior Notes Claims or plan treatment of the Secured Credit Facility Claims and if an individual Consenting Noteholder or
Consenting Lender, as applicable, does not consent to such modification or amendment, then such individual Consenting Noteholder or Consenting Lender, as applicable, may, by delivering to the Debtors and the other Commitment Parties a written notice
(email being sufficient) in accordance with Section 11.12 hereof, terminate this Agreement solely with respect to its obligations hereunder, unless such modification or amendment has been withdrawn, reversed, or annulled
within three (3) business days of the Filing Party’s receipt of such notice. 
 9.05. Mutual Termination. This
Agreement, and the obligations of all Parties hereunder, may be terminated by mutual written agreement (email being sufficient) among the Debtors and the Requisite Commitment Parties. 

9.06. Automatic Termination. This Agreement shall terminate automatically without any further required action or notice on the
Effective Date. 
 9.07. Termination of Debtors’ Rights and Obligations. Upon the occurrence of any of the following
events, Honeywell, the Plan Sponsors, and the Requisite Additional Investors together may, by delivering a written notice (email being sufficient) to the Debtors and the other Commitment Parties in accordance with
Section 11.12, terminate the Debtors’ rights and obligations under this Agreement; provided that no such notice to terminate shall be effective at any time when any of Honeywell, the Plan Sponsors or any subset
of the Additional Investors holding more than 40% of the commitments to purchase Convertible Series A Preferred Stock held by all Additional Investors are in material breach of this Agreement: 

(a) all of the Debtors, other than Garrett, fail to deliver signature pages to this Agreement to the Commitment Parties within fourteen
(14) calendar days of the Agreement Effective Date; 
 (b) the Debtors fail to meet any of the Milestones set forth in
Section 4 as a result of the failure by any Debtor to use commercially reasonable efforts to reach such Milestone; 

  
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 (c) (i) any Debtor fails to comply with, or any Debtor causes any person acting on the
Debtors’ behalf to fail to comply with, Section 5.04 of this Agreement in any material respect or (ii) the Debtors deliver, or become required to deliver, a notice contemplated by
Section 5.04(c); 
 (d) any Debtor consents to or fails to contest a motion to terminate its exclusive right under
section 1121 of the Bankruptcy Code to file a plan of reorganization and solicit votes thereon; 
 (e) any Debtor files any motion or
application seeking authority to sell all or a material portion of its assets or equity interests, without the prior written consent of Honeywell, the Plan Sponsors, and the Requisite Additional Investors; 

(f) any Debtor files any motion seeking authority to enter into postpetition secured financing, without the prior written consent of
Honeywell, the Plan Sponsors, and the Requisite Additional Investors; or 
 (g) the occurrence of an event of default under any debtor-in-possession financing that leads to an acceleration of such financing. 

9.08. Effect of Termination. 

(a) No Party may terminate this Agreement if such Party failed to perform or comply in all material respects with the terms and conditions of
this Agreement, with such failure to perform or comply causing, or resulting in, the occurrence of one or more termination events specified herein. The date on which termination of this Agreement is effective as to a Party shall be referred to as a
“Termination Date” for that Party. 
 (b) Upon the occurrence of a Termination Date as to a Party, this Agreement
shall be of no further force and effect as to such Party and each Party subject to such termination shall be released from its commitments, undertakings, and agreements under or related to this Agreement and shall have the rights and remedies that
it would have had, had it not entered into this Agreement, and shall be entitled to take all actions, whether with respect to the Restructuring Transactions or otherwise, that it would have been entitled to take had it not entered into this
Agreement, including with respect to any and all claims or causes of action; provided, that such termination shall not relieve any such Party from any liability arising prior to termination. Upon the occurrence of a Termination
Date prior to the Confirmation Order being entered by a Bankruptcy Court, any and all consents or ballots tendered by the Parties subject to such termination before a Termination Date shall be deemed, for all purposes, to be null and void from the
first instance and shall not be considered or otherwise used in any manner by the Parties in connection with the Restructuring Transactions and this Agreement or otherwise; provided, however, any Commitment Party withdrawing or
changing its vote pursuant to this Section 9.08(b) shall promptly provide written notice of such withdrawal or change to each other Party to this Agreement and file notice of such withdrawal or change with the Bankruptcy
Court. Nothing in this Agreement shall be construed as prohibiting a Debtor or any of the Commitment Parties from contesting whether any such termination is in accordance with its terms or to seek enforcement of any rights under this Agreement that
arose or existed before a Termination Date. Except as 

  
 29 

 
expressly provided in this Agreement, nothing herein is intended to, or does, in any manner waive, limit, impair, or restrict (a) any right of any Debtor or the ability of any Debtor to
protect and reserve its rights (including rights under this Agreement), remedies, and interests, including its claims against any Commitment Party and (b) any right of any Commitment Party, or the ability of any Commitment Party, to protect and
preserve its rights (including rights under this Agreement), remedies, and interests, including its claims against any Debtor or Commitment Party. No purported termination of this Agreement shall be effective under this
Section 9.08(b) or otherwise if the Party seeking to terminate this Agreement is in material breach of this Agreement, except a termination pursuant to Section 9.03(d). 

(c) Notwithstanding anything to the contrary herein, to the extent that Honeywell, the Plan Sponsors, and the Requisite Additional Investors
together exercise any termination right with respect to the Debtors pursuant to Section 9.07, such action shall only terminate the Debtors’ rights and obligations under this Agreement, and the Commitment Parties shall
not be permitted to terminate this Agreement with respect to any other Party. 
 9.09. Automatic Stay. The Debtors acknowledge
that neither the giving of notice of termination by any Party pursuant to this Agreement nor compliance with any provision hereto shall be a violation of the automatic stay of section 362 of the Bankruptcy Code; provided, that nothing
herein shall prejudice any Party’s rights to argue that the giving of notice of termination was not proper under the terms of this Agreement. 

Section 10. Amendments. This Agreement, including the Term Sheet, may not be modified, amended, or supplemented in any manner except
as consented to (in writing, with email from the applicable counsel being sufficient) by (i) the Debtors, the Plan Sponsors, and Honeywell, (ii) solely to the extent such modification, amendment, or supplement adversely affects the
Additional Investors, the Requisite Additional Investors, (iii) solely to the extent such modification, amendment, or supplement adversely affects the plan treatment of the Secured Credit Facility Claims specified in the Term Sheet, the
Requisite Consenting Lenders (provided that, to the extent any such modification, amendment, or supplement alters Section 9.01(j) or materially adversely affects the rights of the Consenting Lenders under this
Agreement and the Requisite Consenting Lenders have not consented to such modification, amendment, or supplement, the Requisite Consenting Lenders may, by delivering to the Debtors and the other Commitment Parties a written notice (email being
sufficient) in accordance with Section 11.12 hereof, terminate this Agreement solely with respect to the obligations hereunder of the Consenting Lenders; provided, however, that, in the case of any
alteration to Section 9.01(j) to which the Requisite Consenting Lenders have not consented, the Requisite Consenting Lenders must deliver any such notice within five (5) business days of receiving notice of such
alteration), and (iv) solely to the extent such modification, amendment, or supplement adversely affects the Consenting Noteholders, the Requisite Consenting Noteholders (provided that, to the extent any such modification, amendment, or
supplement adversely affects the economic treatment of the Senior Notes Claims, if an individual Consenting Noteholder does not consent to such modification, amendment, or supplement, such individual Consenting Noteholder may, by delivering to the
Debtors and the other Commitment Parties a written notice (email being sufficient) in accordance with Section 11.12 hereof, terminate this Agreement solely with respect to its obligations hereunder). 

  
 30 

 Section 11. Miscellaneous. 

11.01. Fees and Expenses. The Debtors shall promptly pay or reimburse, and the Approved Plan shall provide for the payment in
full in cash of, all reasonable and documented fees and expenses of the following (regardless of when such fees are or were incurred): (a) Milbank, as legal counsel to the Plan Sponsors, and Houlihan Lokey, Inc., as financial advisor to the
Plan Sponsors, (b) K&E, as legal counsel to Honeywell, and TRS Advisors LLC and Centerview Partners LLC as financial advisors to Honeywell, (c) Jones Day, as legal counsel to each Additional Investor, and Rothschild & Co. as
financial advisor to each Additional Investor, (d) Fried, Frank, Harris, Shriver & Jacobson LLP, as legal counsel to The Baupost Group, LLC, and Ducera Partners LLC, as financial advisor to The Baupost Group, LLC,
(e) Ropes & Gray LLP, as legal counsel to the Consenting Noteholders, and Moelis & Co., as financial advisor to the Consenting Noteholders, and (f) Gibson, Dunn & Crutcher LLP, as legal counsel to the Consenting
Lenders, and PJT Partners LP (“PJT”), as financial advisor to the Consenting Lenders (the “Fees”); provided, that, prior to the Effective Date, the Debtors’ obligation to pay or
reimburse the Fees promptly after receipt of an invoice therefor shall be subject to an aggregate cap of $25 million without taking into consideration the Fees in clauses (e) and (f) above (the “Interim
Cap”). The Debtors shall pay or reimburse all unpaid Fees in excess of the Interim Cap on the Effective Date. The Fees shall be payable by the Debtors without any requirement to (x) file retention or fee applications,
(y) provide notice to any person other than the Debtors, or (z) provide individual time entries to the Debtors or any other person. Nothing herein shall abrogate the Debtors’ obligations under the Final Order
(I) Authorizing Debtors to (A) Obtain Postpetition Financing and (B) Use Cash Collateral, (II) Granting Liens and Providing Claims with Superpriority Administrative Expense
Status, (III) Granting Adequate Protection to the Prepetition Secured Parties, (IV) Modifying the Automatic Stay, and (V) Granting Related Relief [Docket No. 281] (the “DIP
Order”) to timely pay all reasonable and documented prepetition and postpetition fees and expenses of (1) the Prepetition Lender Ad Hoc Group advisors, including the fees of Gibson and PJT, and (2) advisors to the Secured
Noteholder Ad Hoc Group (as such term is defined in the DIP Order), including the fees of R&G and Moelis & Co., each in accordance with the DIP Order and irrespective of the Interim Cap hereunder. 

11.02. Confidentiality. No Party may disclose or share this Agreement or any information related to the holdings amounts or
participation of any other Parties, except as may be required under applicable law, any enforceable order of any court or administrative authority with jurisdiction over the applicable disclosing Party, or applicable regulations or stock
exchange rules, as reasonably determined by the applicable disclosing Party upon consultation with counsel (including in-house counsel); provided, further, that copies of
this Agreement with such holdings amounts redacted may be shared for purposes of executing a Joinder Agreement or for purposes of the Debtors obtaining Bankruptcy Court approval of this Agreement. 

11.03. Further Assurances. Subject to the other terms of this Agreement, the Parties agree to execute and deliver such other
instruments and perform such acts, in addition to the matters herein specified, as may be reasonably appropriate or necessary, or as may be required by order of the Bankruptcy Court in connection with the Approved Plan, from time to time, to
effectuate the Restructuring Transactions, as applicable. 

  
 31 

 11.04. Entire Agreement. This Agreement constitutes the entire agreement among
the Parties with respect to the subject matter hereof and supersedes all prior agreements, oral, or written, among the Parties with respect thereto. 

11.05. Headings. The headings of all sections of this Agreement are inserted solely for the convenience of reference and
are not a part of and are not intended to govern, limit, or aid in the construction or interpretation of any term or provision hereof. 

11.06. GOVERNING LAW; SUBMISSION TO JURISDICTION; SELECTION OF FORUM; WAIVER OF TRIAL BY JURY. THIS AGREEMENT IS TO BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. Each Party hereto agrees that it shall bring any
action or proceeding in respect of any claim arising out of or related to this Agreement in the Bankruptcy Court (or court of proper appellate jurisdiction) (the “Chosen Court”), and solely in connection with claims arising
under this Agreement: (a) irrevocably submits to the exclusive jurisdiction of the Chosen Court; (b) waives any objection to laying venue in any such action or proceeding in the Chosen Court; and (c) waives any objection that the
Chosen Court is an inconvenient forum or does not have jurisdiction over any Party hereto or constitutional authority to finally adjudicate the matter. 

11.07. Trial by Jury Waiver. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 11.08. Execution of Agreement. This
Agreement may be executed and delivered in any number of counterparts and by way of electronic signature and delivery, each such counterpart, when executed and delivered, shall be deemed an original, and all of which together shall constitute the
same agreement. Except as expressly provided in this Agreement, each individual executing this Agreement on behalf of a Party has been duly authorized and empowered to execute and deliver this Agreement on behalf of said Party. 

11.09. Rules of Construction. Notwithstanding anything contained herein to the contrary, it is the intent of the Parties that
all references to votes or voting in this Agreement be interpreted to include votes or voting on a chapter 11 plan under the Bankruptcy Code. When a reference is made in this Agreement to a section or exhibit, such reference shall be to a section or
exhibit, respectively, of or attached to this Agreement unless otherwise indicated. Unless the context of this Agreement otherwise requires, (a) words using the singular or plural number also include the plural or singular number, respectively,
(b) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement, (c) the words “include,” “includes” and “including” when used herein
shall be deemed in each case to be followed by the words “without limitation,” and (d) the word “or” shall not be exclusive and shall be read to mean “and/or.” “Writing,” “written” and
comparable terms refer to printing, typing and other means of 

  
 32 

 
reproducing words (including electronic media) in a visible form, and any requirement that any notice, consent or other information shall be provided “in writing” shall include email.
Any reference to “business day” means any day, other than a Saturday, a Sunday or any other day on which banks located in New York, New York are closed for business as a result of federal, state or local holiday and any other reference to
day means a calendar day. 
 11.10. Interpretation; Representation by Counsel. This Agreement is the product of negotiations
among the Debtors and the Commitment Parties and in the enforcement or interpretation hereof, is to be interpreted in a neutral manner, and any presumption with regard to interpretation for or against any Party by reason of that Party having drafted
or caused to be drafted this Agreement, or any portion hereof, shall not be effective in regard to the interpretation hereof. The Debtors and the Commitment Parties were each represented by counsel during the negotiations and drafting of this
Agreement and continue to be represented by counsel and, therefore, waive the application of any law, regulation, holding or rule of construction (i) providing that ambiguities in an agreement or other document shall be construed against the
party drafting such agreement or document or (ii) any Party with a defense to the enforcement of the terms of this Agreement against such Party based upon lack of legal counsel. 

11.11. Successors and Assigns; No Third Party Beneficiaries. This Agreement is intended to bind and inure to the benefit of the
Parties and their respective successors and permitted assigns, as expressly set forth in this Agreement. There are no third party beneficiaries under this Agreement, and the rights or obligations of any Party under this Agreement may not be
assigned, delegated, or transferred to any other person or entity. For the avoidance of doubt, the treatment of the Honeywell Claims set forth herein and in the Term Sheet was negotiated and agreed to exclusively in connection with the Approved Plan
and is expressly conditioned on the terms set forth herein and in the Term Sheet. The compromised treatment of the Honeywell Claims as set forth herein is not assignable, transferrable, or portable, and in the event that this Agreement is terminated
for any reason, Honeywell reserves all rights to pursue any and all claims and causes of action against the Debtors and, to the extent this Agreement is terminated with respect to the Plan Sponsors’ rights and obligations hereunder, to require
alternate treatment on account of the Honeywell Claims. 
 11.12. Notices. All notices hereunder shall be deemed given if in
writing and delivered by electronic mail, courier, or registered or certified mail (return receipt requested) to the following addresses (or at such other addresses as shall be specified by like notice): 

(a) if to the Debtors, to the electronic mail addresses set forth below such Party’s signature, as the case may be, with copies to: 

Garrett Motion Inc. 
 47548
Halyard Drive 
 Plymouth, MI 48170 

Attention: Jerome Maironi 

Email: jerome.mairone@garrettmotion.com 

  
 33 

 With a copy (which shall not constitute notice) to: 

Sullivan & Cromwell LLP (as counsel to the Debtors) 

125 Broad Street 
 New York, NY
10004-2498 
 Attention: Andrew G. Dietderich 

                 Brian D. Glueckstein 

Email: dietdericha@sullcrom.com; gluecksteinb@sullcrom.com 

(b) if to Honeywell, to the electronic mail addresses set forth below such Party’s signature (or as directed by any Permitted Transferee
thereof), as the case may be, with copies to: 
 Honeywell International Inc. 

300 South Tryon Street, Suite 600 

Charlotte, North Carolina 28202 

Attention: Anne Madden, SVP and General Counsel 

Email: anne.madden@honeywell.com 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 Attention: Nicole L. Greenblatt, P.C. 

         Mark McKane, P.C. 

         Joseph M. Graham 

Email address: Nicole.greenblatt@kirkland.com; 

mark.mckane@kirkland.com; joe.graham@kirkland.com; 

(c) if to a Plan Sponsor, to the electronic mail addresses set forth below such Party’s signature (or as directed by any Permitted
Transferee thereof), as the case may be, with copies to: 
 Milbank LLP 

Attn:    Dennis F. Dunne, Andrew M. Leblanc, and 

Andrew C. Harmeyer 
 55 Hudson
Yards 
 New York, NY 10003 

Tel:     (212) 530-5000 

Fax:    (212) 530-5219 

Email:    ddunne@milbank.com 

       aleblanc@milbank.com 

       aharmeyer@milbank.com 

  
 34 

 (d) if to an Additional Investor, to: 

Jones Day 
 250 Vesey Street

 New York, New York 10281 

Attention: Anna Kordas 
 E-mail address: akordas@jonesday.com 
 -and- 

Jones Day 
 555 S. Flower St.

 50th Floor 
 Los Angeles,
CA 90071 
 Attention: Bruce Bennett 

         Joshua M. Mester 

         James O. Johnston 

E-mail address: bbennett@jonesday.com; jmester@jonesday.com; 

jjohnston@jonesday.com 
 (e) if
to the Consenting Lenders, to: 
 Gibson, Dunn & Crutcher 

200 Park Avenue 
 New York, NY
10166 
 Attention: Scott J. Greenberg 

       Steven A. Domanowski 

Email: sgreenberg@gibsondunn.com; 

sdomanowski@gibsondunn.com 

-and- 
 Gibson, Dunn &
Crutcher 
 333 South Grand Avenue 

Los Angeles, CA 90071 

Attention: Robert A. Klyman 

       Matthew G. Bouslog 

Email: rklyman@gibsondunn.com; mbouslog@gibsondunn.com 

(f) if to the Consenting Noteholders, to: 

Ropes & Gray 
 1211
Avenue of the Americas 
 New York, New York 10036-8704 

Telephone: (212) 596-9000 

Attention: Mark I. Bane 

                 Matthew M. Roose 

                 Daniel G. Egan 

Email: mark.bane@ropesgray.com; 

matthew.roose@ropesgray.com; daniel.egan@ropesgray.com 

  
 35 

 or such other address as may have been furnished by a Party to each of the other Parties by notice given in
accordance with the requirements set forth above. Any notice given by delivery, mail (electronic or otherwise), or courier shall be effective when received. 

11.13. Survival. Notwithstanding the termination of this Agreement pursuant to Section 9, the
agreements and obligations of the Parties in this Section 11.13 and Sections 6(f), 9.08, 10, 11.01, 11.02, 11.04, 11.05, 11.06, 11.07, 11.08,
11.09, 11.10, 11.12, 11.14, 11.15, 11.16, 11.17, 11.18, 11.19, 11.20, 11.21, and 11.23 shall survive any such termination. 

11.14. Independent Analysis. Each Party hereby confirms that its decision to execute this Agreement has been based upon its
independent assessment of documents and information available to it, as it has deemed appropriate. Each Commitment Party acknowledges and agrees that it is not relying on any representations or warranties other than as set forth in this Agreement.

 11.15. Waiver. If the Restructuring Transactions are not consummated, or if this Agreement is terminated for any reason,
the Parties fully reserve any and all of their rights. Pursuant to Federal Rule of Evidence 408 and any other applicable rules of evidence, this Agreement and all negotiations relating hereto shall not be admissible into evidence in any proceeding
other than a proceeding to enforce its terms, pursue the consummation of the Restructuring Transactions or the payment of damages to which a Party may be entitled under this Agreement. 

11.16. Relationship Among Parties. Notwithstanding anything herein to the contrary, (i) the duties and obligations of the
Parties under this Agreement shall be several, not joint, (ii) no Party shall have any responsibility by virtue of this Agreement for any trading by any other entity; (iii) no prior history, pattern, or practice of sharing confidences
among or between the Parties shall in any way affect or negate this Agreement; (iv) the Parties hereto acknowledge that this agreement does not constitute an agreement, arrangement or understanding with respect to acting together for the
purpose of acquiring, holding, voting or disposing of any equity securities of the Debtors and the Parties do not constitute a “group” within the meaning of Rule 13d-5 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”); (v) none of the Parties shall have any fiduciary duty, any duty of trust or confidence in any form, or other duties or responsibilities in any kind or form to each other,
including as a result of this Agreement or the transactions contemplated herein or in the Term Sheet; and (vi) no action taken by any Party pursuant to this Agreement shall be deemed to constitute or to create a presumption by any of the
Parties that the Parties are in any way acting in concert or as such a “group.” 
 11.17. Specific Performance. It
is understood and agreed by the Parties that money damages would be an insufficient remedy for any breach of this Agreement by any Party and each non-breaching Party shall be entitled to specific performance
and injunctive or other equitable relief (without the posting of any bond and without proof of actual damages) as a remedy of any such breach, including an order of a court of competent jurisdiction requiring any Party to comply promptly with any of
its obligations hereunder. All rights, powers, and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise of any right, power, or remedy thereof
by any Party shall not preclude the simultaneous or later exercise of any other such right, power, or remedy by such Party or any other Party. 

  
 36 

 11.18. Several, Not Joint and Several, Obligations. Except as otherwise
expressly set forth herein, the agreements, representations, warranties, liabilities and obligations of the Parties under this Agreement are, in all respects, several and not joint and several. 

11.19. Severability and Construction. If any provision of this Agreement shall be held by a court of competent jurisdiction to
be illegal, invalid, or unenforceable, in whole or in part, the remaining provisions shall remain in full force and effect. Upon any such determination of invalidity, the Parties shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the Parties as closely as possible in a reasonably acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

11.20. Reporting of Debtor Claims. The Parties agree and acknowledge that the reported amount of the Debtor Claims reflected in
each Commitment Party signature block does not necessarily reflect the full amount of such Commitment Party Debtor Claims (including, without limitation, principal, accrued and unpaid interest, makewhole, fees and expenses) and any disclosure made
on any Commitment Party signature block shall be without prejudice to any subsequent assertion by or on behalf of such Commitment Party of the full amount of its Debtor Claims. 

11.21. Remedies Cumulative. All rights, powers, and remedies provided under this Agreement or otherwise available in respect
hereof at law or in equity shall be cumulative and not alternative, and the exercise of any right, power, or remedy thereof by any Party shall not preclude the simultaneous or later exercise of any other such right, power, or remedy by such Party.

 11.22. Claim Resolution Matters. Prior to the Effective Date, the Debtors shall not enter into any agreements
with holders of claims (as defined in the Bankruptcy Code) other than as contemplated in this Agreement, relating to the allowance, estimation, validity, extent, or priority of such claims, or the treatment and classification of such claims under
the Approved Plan without the prior written consent of the Plan Sponsors, Honeywell, and the Requisite Additional Investors (such consent not to be unreasonably withheld, conditioned or delayed), except with respect to (a) claims that the
Debtors are authorized to resolve or pay pursuant to any applicable first day orders, (b) claims asserted by non-insiders of the Debtors, which the Debtors agree to settle or compromise in exchange for a
payment in cash of less than $1,000,000 for any individual claim or $10,000,000 in the aggregate for all claims that the Debtors settle or compromise without the prior written consent of the Plan Sponsors, Honeywell, and the Requisite Additional
Investors (such consent not to be unreasonably withheld, conditioned or delayed) based on reliance upon this clause (b), or (c) claims as otherwise contemplated herein. 

11.23. Settlement Discussions. This Agreement is part of a proposed settlement of matters that could otherwise be the subject of
litigation among the Parties. Pursuant to Rule 408 of the Federal Rules of Evidence, any applicable state rules of evidence and any other applicable law, foreign or domestic, this Agreement and all negotiations relating thereto shall not be

  
 37 

 
admissible into evidence in any proceeding other than a proceeding to enforce its terms. If the Approved Plan is not consummated, or if this Agreement is terminated for any reason, nothing in
this Agreement shall be construed as a waiver by any Party of any or all of such Party’s rights, remedies, claims, and defenses, and the Parties expressly reserve any and all of their respective rights, remedies, claims and defenses. This
Agreement shall in no event be construed as, or be deemed to be, evidence of an admission or concession on the part of any Party of any claim or fault or liability or damages whatsoever. 

11.24. Email Consents. Where a written consent, acceptance, approval, or waiver is required pursuant to or contemplated by this
Agreement, such written consent, acceptance, approval or waiver shall be deemed to have occurred if, by agreement between counsel to the Debtors and the Commitment Parties, as applicable, submitting and receiving such consent, acceptance, approval
or waiver, it is conveyed in writing (email being sufficient) between each such counsel without representations or warranties of any kind on behalf of such counsel. 

11.25. Indenture Trustee/Agent Direction. The Consenting Noteholders and Consenting Lenders, to the extent constituting the
holders of a majority of the principal amount of the Senior Notes or obligations outstanding under the Credit Agreement, respectively, hereby instruct and direct the Indenture Trustee and the Agent, respectively, to comply with this Agreement to the
extent specified herein and to take other actions (or refrain from acting), in each case, as expressly contemplated hereby. 
 11.26.
Termination of Certain Prior Agreements. Each Plan Sponsor, Equity Backstop Party, and Debtor (collectively, the “Original BCA Parties”) agrees that the Backstop Commitment Agreement, dated as of
January 22, 2021, by and among the Original BCA Parties, is hereby terminated and that, notwithstanding Section 9.5 thereof, no rights, obligations or liabilities thereunder shall survive such termination. Each
Additional Investor and Debtor agrees that the original equity commitment letters previously provided by the Additional Investors or any of their affiliates to the Debtors (which, for the avoidance of doubt, does not include the BCA) are hereby
terminated and that, notwithstanding Section 9.5 thereof, no rights, obligations or liabilities thereunder shall survive such termination. 

[Remainder of page intentionally left blank] 

  
 38 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year
first above written. 

 
			
	DEBTORS
	
	Garrett Motion Inc.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: SVP General Counsel & Corporate Secretary

 
			
	DEBTORS
	
	BRH LLC
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Calvari Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Friction Materials
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett ASASCO Inc.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Borrowing LLC
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Holding Company Sàrl
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett LX I S.à r.l.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett LX II S.à r.l.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett LX III S.à r.l.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Australia Pty Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	 Garrett Motion Automotive Research

Mexico S. de R.L. de C.V.

		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Holdings II Inc.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Holdings Inc.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion International Services S.R.L.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Ireland A Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Ireland B Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Ireland C Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Ireland Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Italia S.r.l.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Japan Inc.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion LLC
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	 Garrett Motion México, Sociedad

Anónima de Capital Variable

		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Romania S.R.L.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Sàrl
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Slovakia s.r.o.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion Switzerland Holdings Sàrl
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion UK A Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion UK B Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion UK C Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion UK D Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Motion UK Limited
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Transportation I Inc.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Transportation Systems Ltd
		
	By:	 	/s/ Koenraad Van Himbeeck
		 	Name: Koenraad Van Himbeeck
		 	Title: Director

 
			
	DEBTORS
	
	Garrett Transportation Systems UK II Ltd
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett TS Ltd
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	DEBTORS
	
	Garrett Turbo Ltd
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 
			
	HONEYWELL
	
	Honeywell International Inc.
		
	By:	 	/s/ Anne Madden
		 	Name: Anne Madden
		 	Title:SVP and General Counsel

 
			
	PLAN SPONSORS
	
	CENTERBRIDGE PARTNERS, L.P.
		
	By:	 	/s/ Vivek Melwani
		 	Name: Vivek Melwani
		 	Title: Senior Managing Director

 
			
	CENTERBRIDGE SPECIAL CREDIT PARTNERS III-FLEX, L.P.*
		
	By:	 	Centerbridge Special Credit Partners
	General Partner III, L.P.
	Its:	 	General Partner
		
	By:	 	CSCP III Cayman GP, Ltd.
	Its:	 	General Partner
		
	By:	 	/s/ Vivek Melwani
		 	Name: Vivek Melwani
		 	Title: Senior Managing Director
	
	*Centerbridge Special Credit Partners III-Flex, L.P. is executing this Second Amended and Restated Plan Support Agreement solely for purposes of agreeing to Section 11.26
hereof and shall not be bound by any other provision.

 
			
	PLAN SPONSORS
	
	OCM Opps GTM Holdings, LLC
		
	By:	 	Oaktree Fund GP, LLC
	Its:	 	Manager
		
	By:	 	Oaktree Fund GP I, L.P.
	Its:	 	Managing Member
		
	By:	 	/s/ Kaj Vazales
		 	Name: Kaj Vazales
		 	Title: Authorized Signatory
		
	By:	 	/s/ Jordan Mikes
		 	Name: Jordan Mikes
		 	Title: Authorized Signatory
	
	Oaktree Value Opportunities Fund Holdings, L.P.
		
	By:	 	Oaktree Value Opportunities Fund GP, L.P.
	Its:	 	General Partner
		
	By:	 	Oaktree Value Opportunities Fund GP Ltd.
	Its:	 	General Partner
		
	By:	 	Oaktree Capital Management, L.P.
	Its:	 	Director
		
	By:	 	/s/ Steven Tesoriere
		 	Name: Steven Tesoriere
		 	Title: Managing Director
		
	By:	 	/s/ Jordan Mikes
		 	Name: Jordan Mikes
		 	Title: Senior Vice President

 
			
	Oaktree Phoenix Investment Fund, L.P.
		
	By:	 	Oaktree Phoenix Investment Fund GP, L.P.
	Its:	 	General Partner
		
	By:	 	Oaktree Phoenix Investment Fund GP Ltd.
	Its:	 	General Partner
		
	By:	 	Oaktree Capital Management, L.P.
	Its:	 	Director
		
	By:	 	/s/ Steve Tesoriere
		 	Name: Steve Tesoriere
		 	Title: Managing Director
		
	By:	 	/s/ Jordan Mikes
		 	Name: Jordan Mikes
		 	Title: Senior Vice President

 
			
	ADDITIONAL INVESTOR
	
	Attestor Value Master Fund LP
		
	By:	 	/s/ F.S. Andreae
	Name: F.S. Andreae
	Title: Authorized Attorney

 
			
	ADDITIONAL INVESTOR
	
	THE BAUPOST GROUP, L.L.C.
	Acting on behalf of certain managed funds
		
	By:	 	/s/ Joshua A. Greenhill
	Name: Joshua A. Greenhill
	Title: Partner

 
			
	ADDITIONAL INVESTOR
	
	 Cyrus Capital Partners, L.P., in its capacity as investment manager to and on behalf of the following managed funds and
accounts:
 Cyrus Opportunities Master Fund II, Ltd., Cyrus Select Opportunities Master Fund, Ltd., CRS Master Fund, L.P., Crescent 1, L.P., Canary SC Master
Fund, L.P., Cyrus 1740 Master Fund, L.P. Cyrus Select Opportunities Master Fund II, L.P., PC Investors III LLC and Peterson Capital Investors LLC

		
	By:	 	/s/ Jennifer M. Pulick
	Name: Jennifer M. Pulick
	Title: Authorized Signatory

 
			
	ADDITIONAL INVESTOR
	
	FIN Capital Partners LP
	 By: Finn Management GP LLC
 Solely
on behalf of the fund as its general partner and not in its individual capacity

 
			
		
	By:	 	/s/ Brian Finn

 
			
	Name:	 	Brian Finn

 
			
	Title:	 	Manager

 
			
	ADDITIONAL INVESTOR
	
	Hawk Ridge Master Fund, L.P.
	By Hawk Ridge Capital Management, L.P. as
	Investment Manager

 
			
		
	By:	 	/s/ David Bradley

 
			
	Name:	 	David Bradley

 
			
	Title:	 	COO/CFO/CCO of Hawk Ridge Capital Management, L.P.

 
			
	ADDITIONAL INVESTOR
	
	IngleSea Capital, LLC

 
			
		
	By:	 	/s/ Irvin Schlussel

 
			
	Name:	 	Irvin Schlussel

 
			
	Title:	 	Managing Director

 
			
	ADDITIONAL INVESTOR
	
	 Keyframe Capital Partners, L.P., in its capacity as

investment manager to and on behalf of the
 following managed
funds:
 Keyframe Fund I, L.P., Keyframe Fund II, L.P.,

Keyframe Fund III, L.P. and Keyframe Fund IV,

L.P.

 
			
		
	By:	 	/s/ Jennifer M. Pulick

 
			
	Name:	 	Jennifer M. Pulick

 
			
	Title:	 	Authorized Signatory

 
			
	ADDITIONAL INVESTOR
	
	Newtyn Management

 
			
		
	By:	 	/s/ Eugene Dozortsev

 
			
	Name:	 	Eugene Dozortsev

 
			
	Title:	 	Managing Member

 
			
	ADDITIONAL INVESTOR
	
	Sessa Capital (Master), L.P.

 
			
		
	By:	 	/s/ Jae Hong

 
			
	Name:	 	Jae Hong

 
			
	Title:	 	President

 
			
	ADDITIONAL INVESTOR
	
	WHITEBOX MULTI-STRATEGY PARTNERS, L.P.
	By: Whitebox Advisors LLC its investment manager

 
			
		
	By:	 	/s/ Luke Harris

 
			
	Name:	 	Luke Harris

 
			
	Title:	 	General Counsel – Corporate, Transactions & Litigation

			
	CONSENTING EQUITYHOLDERS
		
	By:	 	 
		 	 Name: [•]
 Title:
[•]

	  
 Notice Address:

 

	 
	 
	 

 
			
	  
 Attention:
	 	 

 
			
	Email:	 	 

			
	[PREPETITION LENDER]
		
	By:	 	 
		 	 Name: [•]
 Title:
[•]

	  
 Notice Address:

 

	 
	 
	 

 
			
	  
 Attention:
	 	 

 
			
	Email:	 	 

			
	[SENIOR NOTEHOLDER]
		
	By:	 	 
		 	 Name: [•]
 Title:
[•]

	  
 Notice Address:

 

	 
	 
	 

 
			
	  
 Attention:
	 	 

 
			
	Email:	 	 

 EXHIBIT A 

TERM SHEET 

 IN RE: GARRETT MOTION INC., et al. 

Restructuring Term Sheet 
 This
term sheet (the “Term Sheet”) sets forth all material terms for (a) the legally binding commitments of the Parties to the Second Amended and Restated Plan Support Agreement, dated as of March 9, 2021 (the
“PSA”), to which this Term Sheet is attached as Exhibit A and (b) the Approved Plan (hereinafter, the “Plan”).1 There shall be no consent right nor condition
to the obligations of any of the Parties to their respective commitments to the Debtors under the PSA other than as expressly set forth in this Term Sheet or the PSA. The applicable parties may supplement or replace this Term Sheet with definitive
documentation with respect to all or any part of their obligations hereunder, provided that the failure to agree on such definitive documentation shall not relieve the Parties of their obligations under the PSA subject to the terms and
conditions set forth therein. 
 THIS TERM SHEET DOES NOT CONSTITUTE (NOR SHALL IT BE CONSTRUED AS) AN OFFER WITH RESPECT TO ANY SECURITIES OR A
SOLICITATION OF ACCEPTANCES OR REJECTIONS AS TO ANY PLAN, IT BEING UNDERSTOOD THAT SUCH A SOLICITATION, IF ANY, ONLY WILL BE MADE IN COMPLIANCE WITH APPLICABLE PROVISIONS OF ALL APPLICABLE LAW. THIS TERM SHEET HAS BEEN PRODUCED FOR DISCUSSION AND
SETTLEMENT PURPOSES ONLY AND IS SUBJECT TO THE PROVISIONS OF RULE 408 OF THE FEDERAL RULES OF EVIDENCE AND ANY OTHER APPLICABLE STATE OR FEDERAL RULES OR DOCTRINES PROTECTING THE USE OR DISCLOSURE OF INFORMATION EXCHANGED IN THE CONTEXT OF
SETTLEMENT DISCUSSIONS. THIS TERM SHEET INCORPORATES THE RULES OF CONSTRUCTION SET FORTH IN SECTION 102 OF THE BANKRUPTCY CODE. NOTHING IN THIS TERM SHEET SHALL BE DEEMED AN ADMISSION OF FACT OR LIABILITY BY ANY OF THE PARTIES. 

 

			
	GENERAL PROVISIONS REGARDING THE RESTRUCTURING
		
	Convertible Series A Preferred Stock	  	On the Effective Date, the Plan Sponsors, the Additional Investors, and the holders of shares of common stock of Garrett that subscribe to purchase shares of Convertible Series A Preferred Stock through the Rights Offering (the
“Subscription Parties”) shall purchase for cash, and Reorganized Garrett shall issue, a number of shares of Convertible Series A Preferred Stock at a purchase price of $1,300.8 million, in the aggregate in cash. The
Convertible Series A Preferred Stock shall have the following terms and conditions:
		
		  	 •  Dividend. 11% per annum. Payable quarterly in cash or PIK at the option
of reorganized Garrett; provided that dividends will automatically PIK during any period in which the Reorganized Debtors’ adjusted EBITDA (to be defined consistent with the definition of adjusted EBITDA included in the Credit
Facilities, as they may be amended, modified or replaced from time to time) (“Adjusted EBITDA”) on a consolidated basis for the period of four fiscal quarters ending with the fiscal quarter immediately preceding the
declaration of the dividend falls below $425 million. During any period in which dividends are payable in cash or PIK at the option of reorganized Garrett, the cash/PIK election will be determined by

  

	1 	 Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in Annex
1 attached hereto or the PSA. 

			
		  	 a majority of the disinterested members of the New Board (with the benefit of input from reorganized Garrett’s
executive management team as such disinterested members deem appropriate). The Convertible Series A Preferred Stock will participate, on an as-converted basis, in any dividends paid to the holders of
reorganized Garrett’s common stock.

		
		  	 •  Conversion. Each holder will have the right to convert its shares of
Convertible Series A Preferred Stock into common stock of reorganized Garrett, based on a conversion price of $5.25 per common share (the “Conversion Price”) and the initial liquidation preference of the Convertible Series A
Preferred Stock, subject to customary conversion procedures and anti-dilution protections (for the avoidance of doubt, not applicable to the Rights Offering or the MIP). All outstanding Convertible Series A Preferred Stock shall convert into common
stock of reorganized Garrett (i) with the approval of holders of a majority of the outstanding shares of Convertible Series A Preferred Stock; or (ii) automatically on the first date on or after the date that is two years from the
Effective Date on which (A) $125 million or less of Amortization remains outstanding on the Series B Preferred Stock; (B) the common stock of reorganized Garrett has a 75-day volume-weighted average
price per share that is greater than or equal to 150% of the Conversion Price; and (C) the Reorganized Debtors’ Adjusted EBITDA on a consolidated basis equals or exceeds $600 million for two (2) consecutive quarters (on an LTM
basis). The common stock issued upon such conversion shall be registered on a resale registration statement. Notwithstanding anything to the contrary herein, any accrued and unpaid dividends, whether or not previously declared, and any dividends
paid in kind on shares of Convertible Series A Preferred Stock shall, as and when the initial liquidation preference of the Convertible Series A Preferred Stock (as adjusted) converts into common stock of reorganized Garrett, be paid in cash or, at
reorganized Garrett’s option, convert at the lesser of: (i) the 30- day volume weighted average price per share of the common stock of reorganized Garrett at the time of such conversion; or (ii) the fair market value of the common
stock of reorganized Garrett at the time of such conversion as determined by the New Board. Reorganized Garrett shall at all times reserve from its authorized and unissued shares of common stock not less than the aggregate number of shares of common
stock as shall be issuable upon the conversion of all outstanding Convertible Series A Preferred Stock.

		
		  	 •  Ranking. Senior liquidation and distribution rights with respect to all
other preferred stock and common stock of reorganized Garrett. For the avoidance of doubt, in a sale, liquidation, or similar event, if not previously converted, the holders of shares of Convertible Series A Preferred Stock shall be entitled to the
greater of (i) the liquidation preference of such stock plus accrued and unpaid dividends thereunder, whether or not previously declared, and (ii) the amount the Convertible Series A Preferred Stock, including accrued and unpaid dividends
thereunder, whether or not previously declared, would receive if such shares converted immediately before such event into common stock of reorganized Garrett pursuant to the conversion right specified above

  
 2 

			
		  	 (assuming solely for this purpose that any such accrued and unpaid dividends would be satisfied in cash and not in
stock). Following the issue date, no preferred shares or equity securities ranking pari passu with or senior to the Convertible Series A Preferred Stock may be issued by the Reorganized Debtors without the consent of (x) holders of a
majority of the outstanding shares of Convertible Series A Preferred Stock and (y) holders of the Series B Preferred Stock.

		
		  	 •  Voting. The Convertible Series A Preferred Stock will vote on all
matters before holders of common stock in reorganized Garrett as a single class with such holders of common stock on an as-converted basis.

		
		  	 •  Maturity. Perpetual.

		
		  	 •  Liquidation Preference. The Convertible Series A Preferred Stock shall
have a liquidation preference equal to $5.25 per share and be issued at $5.25 per share.

		
		  	 •  Redemption. The Convertible Series A Preferred Stock will not be
redeemable by the Reorganized Debtors, except that (i) at any time following the sixth anniversary of the Effective Date or (ii) in connection with a transaction resulting in the transfer to a
non-affiliate of (a) 50.01% or more of the total voting power of reorganized Garrett or (b) all or substantially all of the assets of the Reorganized Debtors (a “Change of
Control”), reorganized Garrett may redeem any Convertible Series A Preferred Stock not converted into common stock of reorganized Garrett for an amount equal to the liquidation preference plus cash equal to the amount of any
dividends that have accrued and not been paid in cash (including PIK dividends).

		
		  	 •  Financial Covenant. Subject to exceptions that would be customary for
analogous debt incurrence covenants applicable to senior secured credit agreements (including without limitation refinancing exceptions) and not less favorable than those set out in the Credit Facilities, the Reorganized Debtors will not be able to
incur debt for borrowed money after the Effective Date that would result in the ratio of the Reorganized Debtors’ Adjusted EBITDA on an LTM basis as of the most recently ended fiscal quarter to debt for borrowed money outstanding exceeding 3x
on a pro forma basis, without the approval of holders of a majority of the outstanding shares of Convertible Series A Preferred Stock.

		
		  	 •  New Money Investors. The Plan Sponsors shall commit, severally and not
jointly, to purchase shares of Convertible Series A Preferred Stock at a purchase price of $668.8 million in the aggregate in cash.

		
		  	 •  Rights Offering. Further, Garrett shall conduct a rights offering (the
“Rights Offering”) without registration under the Securities Act of 1933, as amended, under which Garrett will issue additional shares of Convertible Series A Preferred Stock at a purchase price of $632 million in the aggregate
in cash. The first 8.441636227% of the Subscription Rights shall be allocated to the Equity Backstop Parties as consideration for the Backstop Commitment (the “Backstop Allocation”). The remaining Subscription Rights shall be issued
to all holders of common stock of Garrett, subject to compliance with applicable securities laws.

  
 3 

			
		
		  	 •  Equity Backstop Parties’ Subscription Rights. The Equity
Backstop

		
		  	 •  Parties (severally, but not jointly) shall exercise the Subscription Rights
allocated to them in the Rights Offering based on their pro rata share of the outstanding common stock of Garrett as of the applicable record date in the Rights Offering Procedures.

		
		  	 •  Plan Sponsor/Honeywell Subscription Rights Waterfall. The Parties agree
that the Plan Sponsors’ and Honeywell’s exercise of their Subscription Rights shall be subject to the following waterfall (the “Subscription Waterfall”):

		
		  	 •  the Plan Sponsors and Honeywell shall be deemed to not have exercised their
Subscription Rights unless and until the Equity Backstop Parties collectively have received Subscription Rights for or otherwise committed to purchase a number of shares of Convertible Series A Preferred Stock having an aggregate purchase price of
$408.5 million in cash (the “EBP Threshold”), after which;

		
		  	 •  the Plan Sponsors and Honeywell shall be deemed to have exercised their
Subscription Rights on a pro rata basis, according to the proportion of such Subscription Rights that each Plan Sponsor and Honeywell elected to exercise relative to each other as reflected in their respective Subscription Rights forms, until
the Plan Sponsors collectively have committed to purchase a number of shares of Convertible Series A Preferred Stock having a purchase price of $710 million in the aggregate in cash (taking into consideration their direct purchases of
Convertible Series A Preferred Stock and their exercise of Subscription Rights), provided that such exercise does not reduce the total amount of Convertible Series A Preferred Stock to be purchased by the Equity Backstop Parties to an amount
below the EBP Threshold (the “Second Subscription Phase”), after which;

		
		  	 •  Honeywell shall be deemed to have exercised its remaining Subscription Rights
until Honeywell has committed to purchase a number of shares of Convertible Series A Preferred Stock equal to the number of shares of Convertible Series A Preferred Stock that Honeywell elected to purchase through the exercise of its Subscription
Rights on its Subscription Rights form, provided that such exercise does not reduce the total amount of Convertible Series A Preferred Stock to be purchased by the Equity Backstop Parties to an amount below the EBP Threshold (the
“Third Subscription Phase”), after which;

  
 4 

			
		  	 •  the Plan Sponsors shall be deemed to have exercised an amount of their
remaining unexercised Subscription Rights equal to the lesser of (a) 63.64% of all unsubscribed Subscription Rights remaining after (x) the Equity Backstop Parties have committed to purchase an amount of Convertible Series A Preferred Stock
equal to the EBP Threshold and (y) the exercise of any Subscription Rights pursuant to the Second Subscription Phase and the Third Subscription Phase, and (b) 100% of the Plan Sponsors’ remaining unexercised Subscription Rights; after
which

		
		  	 •  the Equity Backstop Parties (severally, but not jointly) shall purchase all
remaining Unsubscribed Shares (as defined in the BCA) pursuant to and in accordance with the terms of the BCA.

		
		  	 The Rights Offering Procedures shall provide that any Commitment Party’s election to exercise its Subscription
Rights other than in compliance with this Subscription Waterfall shall not be given any effect for so long as this PSA remains in effect with respect to such Party.

		
		  	 •  Backstop of Rights Offering. The Equity Backstop Parties (severally,
but not jointly) commit to fully backstop the Rights Offering by committing to purchase for cash at the issuance price all unsubscribed shares of Convertible Series A Preferred Stock in the Rights Offering on customary terms and conditions to be set
forth in a backstop commitment agreement reasonably acceptable to the Debtors, the Equity Backstop Parties, the Plan Sponsors, and Honeywell (the “Backstop Commitment”). Other than the Backstop Allocation, there shall be no separate
fees or other compensation for the Backstop Commitment, other than customary expense reimbursement and indemnities.

		
		  	 •  Consent Rights. The Plan Sponsors and the Debtors may not modify any of
the foregoing terms or conditions, unless (i) Honeywell and the Requisite Additional Investors consent or (ii) such modification does not adversely affect the economic treatment of Honeywell or adversely affect the Additional Investors as
provided herein.

		
		  	 •  Other Provisions. The Convertible Series A Preferred Stock shall not
have affirmative, negative or other covenants relating to the Company or any other material rights or privileges other than as set forth herein or as otherwise reasonably agreed among Honeywell, the Debtors, the Plan Sponsors, and the Requisite
Additional Investors.

		
	Pro Forma Capital Structure	  	The Plan shall provide for the recapitalization of the reorganized Debtors (the “Reorganized Debtors”) on the effective date of the Plan (the “Effective Date”).

  
 5 

			
	Cash Out Option	  	The Plan shall provide that Holders of common stock of Garrett may elect to deliver their shares of such common stock to reorganized Garrett for cancellation in exchange for a payment in cash on the Effective Date equal to $6.25 for
each share properly delivered (the “Cash-Out Option” and, the cash payment offered through the Cash-Out Option, the “Cash-Out Consideration”). For the avoidance of doubt, (i) the Plan Sponsors, the Equity Backstop Parties, and Honeywell shall not elect to participate in the
Cash-Out Option and (ii) holders of common stock of Garrett that elect to participate in the Cash-Out Option and receive the
Cash-Out Consideration shall not be entitled to (A) retain their common stock of reorganized Garrett or (B) exercise their Subscription Rights.
		
	Exit Credit Facilities	  	Upon the Bankruptcy Court’s entry of the Confirmation Order, Garrett shall have (x) accepted the assignment by FinCo of all of FinCo’s rights and obligations under the Commitment Letter and the Fee Letter and
(y) obtained entry of a Bankruptcy Court order approving such assignment, provided that (1) the terms and conditions of the Commitment Letter and the Fee Letter shall be reasonably acceptable to the Debtors, the Plan Sponsors,
Honeywell, and the Requisite Additional Investors (it being understood that such documents in the form most recently delivered to the Debtors prior to the date of the PSA are reasonably acceptable to all Parties) and (2) the Debtors shall have
no financial obligations thereunder until the entry of the Confirmation Order. The aggregate principal amount of indebtedness outstanding under the Credit Facilities on the Effective Date shall not exceed the Exit Facilities Debt
Cap.

  

							
	TREATMENT OF CLAIMS AND INTERESTS OF THE DEBTORS UNDER THE PLAN
	 Class No.
	  	 Type of Claim
	  	 Treatment
	  	 Impairment
/ Voting

	Unclassified Non-Voting Claims
				
	N/A	  	Administrative Claims	  	Except to the extent that a holder of an allowed Administrative Claim agrees to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of and in exchange for each such Claim, on the
Effective Date or as soon as reasonably practicable thereafter, each holder thereof shall receive payment in full in cash.	  	N/A
				
	N/A	  	Priority Tax Claims	  	Except to the extent that a holder of an allowed Priority Tax Claim agrees to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of and in exchange for each such Claim, each holder
thereof shall be treated in accordance with the terms set forth in section 1129(a)(9)(C) of the Bankruptcy Code.	  	N/A
				
	N/A	  	DIP Facility Claims	  	In full and final satisfaction, settlement, release, and discharge of and in exchange for each DIP Facility Claim, on the Effective Date, each holder thereof shall receive payment in full in cash.	  	N/A

  
 6 

							
	Classified Claims and Interests of the Debtors
				
	Class 1	  	Other Secured Claims	  	Except to the extent that a holder of an allowed Other Secured Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each such Claim, each
holder thereof shall receive, at the option of the Plan Sponsors: (a) payment in full in cash; (b) delivery of the collateral securing its allowed Other Secured Claim and payment of any interest required under section 506(b) of the
Bankruptcy Code; (c) reinstatement of its allowed Other Secured Claim; or (d) such other treatment rendering its allowed Other Secured Claim unimpaired in accordance with section 1124 of the Bankruptcy Code.	  	Unimpaired / Deemed to Accept
				
	Class 2	  	Other Priority Claims	  	Except to the extent that a holder of an allowed Other Priority Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each such Claim, each
holder thereof shall receive payment in full in cash or such other treatment rendering its allowed Other Priority Claim unimpaired in accordance with section 1124 of the Bankruptcy Code.	  	Unimpaired / Deemed to Accept
				
	Class 3	  	Secured Credit Facility Claims	  	Except to the extent that a holder of a Secured Credit Facility Claim agrees to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of and in exchange for each Secured Credit Facility
Claim, each holder thereof shall receive payment in full in cash on the Effective Date of (i) all outstanding principal and accrued interest under the Credit Agreement at the contractual non-default rate
plus (ii) additional interest of 1% per annum on all outstanding principal and other overdue amounts under the Credit Agreement from the Petition Date to the Effective Date.2	  	Impaired/ Entitled to Vote

  

	2 	 Such treatment shall constitute “Acceptable Plan” treatment under that certain Restructuring Support
Agreement (as may be amended, restated, amended and restated, extended, supplemented, or otherwise modified from time to time), effective September 20, 2020, by and among Garrett and certain of its Debtor affiliates, and certain of the
Debtors’ prepetition secured lenders (the “Lender RSA”). 

  
 7 

											
	Class 4	  	Senior Notes Claims	  	 

	Except to the extent that a holder of a Senior Notes Claim agrees to a less favorable
treatment, in full and final satisfaction, settlement, release, and discharge of and in
exchange for each Senior Notes Claim,
each holder thereof shall receive payment in full in
cash on the Effective Date of (i) all outstanding principal and accrued and unpaid interest
under the Senior Notes at the contractual non-default
rate to the Effective Date plus (ii)
$15,000,000 on account of Claims arising under, derived from, or based on the Applicable
Premium (as defined in the Indenture).	  	Unimpaired / Deemed to Accept
				
	 Class 5
	  	 Honeywell

Claims
	  	 

	In full and final satisfaction, settlement, release, and discharge of and in exchange for each
Claim of Honeywell arising under, derived from, based on, or related to the
Indemnification Agreements and the Tax
Matters Agreement (collectively, the “Honeywell
Claims”),3 Honeywell shall receive: (a) a payment of $375 million in cash on the Effective
Date; and
(b) new Series B Preferred Stock issued by reorganized Garrett (the “Series B
Preferred Stock”), which shall provide for payments to Honeywell in the amounts and at
the times set forth in the following schedule:	  	Impaired / Entitled to Vote
	  	 	Payment Date4		  	                    Amount	  	
	  	 	2022	 	  	                $ 34.8 million	  	
	  	 	2023	 	  	                $ 100.0 million	  	
	  	 	2024	 	  	                $ 100.0 million	  	
	  	 	2025	 	  	                $ 100.0 million	  	
	  	 	2026	 	  	                $ 100.0 million	  	
	  	 	2027	 	  	                $ 100.0 million	  	

  

	3 	 Honeywell Claims also include the additional potential contingent, unliquidated contractual and non-contractual claims and causes of action identified in Honeywell’s proofs of claim, as set forth in the PSA. For the avoidance of doubt, the issuance of the Series B Preferred Stock does not satisfy the
Debtors obligations to pay Honeywell’s fees and expenses as set forth in Section 11.01 of the PSA. Moreover, claims arising under ordinary course business dealings or commercial contracts or related to ongoing services or amounts owed
under the Employee Matters Agreement, Intellectual Property Agreement, Trademark License Agreement, Transition Services Agreement, or Cash Repatriation Agreement (each as defined in Honeywell’s proofs of claim) will be addressed by the Debtors
and Honeywell in good faith and in the ordinary course of business, in consultation with the Plan Sponsors and subject to the Plan Sponsors’ consent (such consent not to be unreasonably withheld, conditioned or delayed), and are not being
satisfied by the issuance of the Series B Preferred Stock, and any claims by Honeywell against the Debtors on account of such matters shall be included in Class 6 General Unsecured Claims. Resolution of any of these ordinary course matters will
not be asserted, directly or indirectly, as a condition to the execution, delivery, or approval by Honeywell or the Debtors of any Restructuring Document and no allegation of non-performance with respect to
any of these matters will excuse any Debtor or Honeywell from the performance of their obligations under this Agreement or any Restructuring Document. 

	4 	 Each payment date will fall on the anniversary of the Effective Date in the year referenced.

  
 8 

									
		  		  	2028	  	                $100.0 million	  	
		  		  	2029	  	                $100.0 million	  	
		  		  	2030	  	                $100.0 million	  	
		  		  	Total	  	                $834.8 million	  	
		  		  	  
 (such payments, the “Amortization”).

 
 The Amortization shall be subject to the following conditions: (i) if the
Reorganized Debtors’ annual Adjusted EBITDA on a consolidated basis falls below $425 million in any year, such annual Amortization payment for the subsequent year shall be deferred (without the accumulation of additional amounts) and paid
in equal installments over the subsequent two years following the payment year of such deferred Amortization payment, in addition to any Amortization payments arising during such following years; (ii) reorganized Garrett may, (x) no more than
once during the 18-month period following the Effective Date, call a portion of the Amortization for a payment equal to the present value of the Amortization so called, which payment shall be calculated as of
the time of the exercise of such call option and discounted at a rate of 7.25% per annum (the “Call Price”) (provided that the present value of any Amortization remaining (calculated at the Call Price) immediately after
reorganized Garrett exercises such call option is no less than $400 million) or (y) at any time, call the Amortization in full for a lump sum payment equal to the Call Price of the remaining Amortization; and (iii) if (v) the Reorganized
Debtors’ Adjusted EBITDA on a consolidated basis for the prior twelve months reaches $600 million for two (2) consecutive quarters, (w) a change of control occurs,5 (x) reorganized
Garrett or the New Board asserts in writing that any portion of the Series B Preferred Stock is invalid or unenforceable, (y) indebtedness outstanding under the Credit Facilities is accelerated (and such acceleration is not rescinded), or
(z) reorganized Garrett or any of its material subsidiaries files for bankruptcy or similar creditor protection then, in each case, Honeywell shall have the right to cause reorganized Garrett to repurchase, or in the case of clauses (w), (x),
(y), and (z) reorganized Garrett shall be required to repurchase, all of the remaining Series B Preferred Stock (in the case of
	  	

  

	5 	 “Change of Control” for purposes of the Series B Preferred Stock will have a customary definition
consistent with the definition in connection with the Convertible Series A Preferred Stock. 

  
 9 

									
		  		  	clause (v) above, within 60 days following written notice to reorganized Garrett) at an amount equal to the Call Price (the “Put Option”).	  	
				
		  		  	Reorganized Garrett shall reimburse Honeywell for reasonable and documented costs and expenses incurred in connection with successfully enforcing Honeywell’s right to receive the Amortization.	  	
				
		  		  	Upon the completion of the Amortization payments (including through exercise of a call option or the Put Option), the Series B Preferred Stock shall be cancelled and extinguished.	  	
				
		  		  	The Series B Preferred Stock shall be non-participating, non-transferrable, non-voting shares of
reorganized Garrett. Following the issue date, no preferred shares or equity securities ranking pari passu with or senior to the Series B Preferred Stock (for the avoidance of doubt, other than shares issued in the Rights Offering or as PIK
interest to issued Convertible Series A Preferred Stock) may be issued by the Reorganized Debtors without the consent of holders of a majority of the outstanding shares of Series B Preferred Stock (the “Series B Majority”).
Reorganized Garrett and its subsidiaries shall not be permitted to enter into any consensual restriction on the ability of reorganized Garrett to make required payments on the Series B Preferred Stock without the prior written consent of the Series
B Majority (except for customary restrictions in any agreement governing indebtedness).	  	
				
		  		  	The Series B Preferred Stock shall not have affirmative, negative, or other covenants relating to the Company or any other material rights or privileges other than as set forth herein.	  	

  
 10 

									
	Class 6	  	General Unsecured Claims	  	Except to the extent that a holder of an allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each such
Claim, each holder thereof shall receive, at the option of the Plan Sponsors: (a) reinstatement of such allowed General Unsecured Claim pursuant to section 1124 of the Bankruptcy Code; (b) payment in full in cash on the later of
(i) the Effective Date or as soon as reasonably practicable thereafter, or (ii) the date such payment is due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such
allowed General Unsecured Claim; or (c) such other treatment rendering such general unsecured claim unimpaired in accordance with section 1124 of the Bankruptcy Code.6	  	Unimpaired / Deemed to Accept
				
	Class 7	  	Intercompany Claims	  	Each allowed Intercompany Claim shall be either reinstated or cancelled, as reasonably agreed between the Debtors, Honeywell, the Plan Sponsors, and the Requisite Additional Investors, and released without any
distribution.	  	Impaired / Deemed to Reject or Unimpaired / Deemed to Accept
				
	Class 8	  	Intercompany Interests	  	Each allowed Intercompany Interest shall be either reinstated or cancelled, as reasonably agreed between the Debtors, Honeywell, the Plan Sponsors, and the Requisite Additional Investors, and released without any
distribution.	  	Impaired / Deemed to Reject or Unimpaired / Deemed to Accept
				
	Class 9	  	Section 510(b) Claims	  	Treatment of Section 510(b) Claims shall be on terms mutually acceptable to the Debtors and the Plan Sponsors, and reasonably acceptable to Honeywell.	  	Impaired / Deemed to reject
				
	Class 10	  	Equity Interests in Garrett	  	Except to the extent that a holder of equity interests in Garrett agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each equity
interest in Garrett, each holder thereof shall have the option to elect to either (i) retain its equity interest in reorganized Garrett or (ii) receive the Cash-Out Consideration under the Cash-Out Option. The failure to make an election to receive the Cash-Out Consideration shall result in the holder retaining its equity interest in reorganized Garrett.	  	Impaired / Entitled to Vote

  

	6 	 Treatment of any material rejection damages claims to be reasonably acceptable to the Plan Sponsors, Honeywell,
and the Requisite Additional Investors. 

  
 11 

			
	GENERAL PROVISIONS REGARDING THE PLAN
		
	Vesting of the Debtors’ Property	  	The property of the estate of each Debtor shall vest in each respective Reorganized Debtor on and after the Effective Date free and clear (except as provided in the Plan) of liens, Claims, charges, and other encumbrances.
		
	Exemption from SEC Registration	  	The issuance of Convertible Series A Preferred Stock will be exempt from registration with the U.S. Securities and Exchange Commission (the “SEC”) under section 1145 of the Bankruptcy Code. To the extent section 1145 is
unavailable, such securities shall be exempt from SEC registration as a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and/or the safe harbor of Regulation D promulgated thereunder, or such other
exemption as may be available from any applicable registration requirements.
		
		  	Garrett shall take such steps as are reasonably necessary to maintain the listing of its common stock on a national exchange. Garrett will provide the Subscription Parties with customary registration rights to the extent that an
exemption from SEC registration is unavailable under section 1145 of the Bankruptcy Code.
		
	Professional Fees	  	The plan shall contain customary provisions providing for the funding of a reserve on the Effective Date, sized by the Debtors in their reasonable discretion, providing for the payment of fees and expenses incurred or to be incurred
by estate professionals in connection with the Restructuring Transactions. All final requests for payment of professional fees shall be filed and served no later than 30 days after the Effective Date, and the Court shall determine the allowed
amounts of such fees. Unless the professional fee claimant agrees to less favorable treatment, such claimant that has been approved by the Bankruptcy Court shall be paid in full in cash.
		
	Releases, Exculpation, and Injunction	  	The Plan shall contain release, exculpation, and injunction provisions substantively identical to the provisions set forth in Annex 2 hereto, except as the Debtors, the Plan Sponsors, Honeywell, and the Requisite Additional
Investors may otherwise agree.
		
	Honeywell and Debtor Mutual Release	  	On the Effective Date, the Debtors shall release any and all claims and causes of action against Honeywell and its Related Parties based on or relating to, or in any manner arising from, in whole or in part (i) the spin-off of the Debtors by Honeywell, (ii) the Indemnification Agreements and the Tax Matters Agreement, and (iii) all actions taken in connection with the Debtors’ chapter 11 cases (whether arising pre- or post-petition), provided that such release shall not include any claims arising under ordinary course business dealings or commercial contracts or related to ongoing services or amounts owed under the
Employee Matters Agreement, Intellectual Property Agreement, Trademark License Agreement, Transition Services Agreement, or Cash Repatriation Agreement (each as defined in Honeywell’s proof of claim).
		
		  	On the Effective Date, Honeywell shall release any and all claims and causes of action against the Debtors and its Related Parties based on or relating to, or in any manner arising from, in whole or in part (i) the spin-off of the Debtors by Honeywell (and any litigation commenced in connection therewith), (ii) the Indemnification Agreements and the Tax Matters Agreement, and (iii) all actions taken in connection with the
Debtors’ chapter 11 cases (whether arising pre- or

  
 12 

			
		  	post-petition), provided that such release shall not include any claims arising under ordinary course business dealings or commercial contracts or related to ongoing services or amounts owed under the Employee Matters
Agreement, Intellectual Property Agreement, Trademark License Agreement, Transition Services Agreement, or Cash Repatriation Agreement (each as defined in Honeywell’s proof of claim).
		
		  	Each of Honeywell and the Debtors, in consultation with the Plan Sponsors and subject to the Plan Sponsors’ consent (such consent not to be unreasonably withheld, conditioned or delayed), shall execute and deliver such
documents as the other may reasonably request in connection with the Plan and the mutual releases described herein and shall work together in good faith with respect to any related tax and disclosure matters. For the avoidance of doubt, this mutual
release shall have no carve out for willful misconduct, fraud, or gross negligence.
		
	Executory Contracts and Unexpired Leases	  	The Plan will provide that the executory contracts and unexpired leases that are not rejected as of the Effective Date (either pursuant to the Plan or a separate motion) will be deemed assumed pursuant to section 365 of the
Bankruptcy Code. No executory contract or unexpired lease shall be rejected without the written consent of the Plan Sponsors, other than contracts related to Honeywell Claims to the extent contemplated herein or in the PSA. For the avoidance of
doubt, cure costs may be paid in installments following the Effective Date in a manner consistent with the Bankruptcy Code.
		
	Tax Issues	  	The Parties shall cooperate in good faith to structure the Restructuring Transactions in a tax-efficient manner.
		
	Governance of the Reorganized Debtors	  	Reorganized Garrett shall be a Delaware corporation listed on the NYSE or NASDAQ, and all Parties shall cooperate to make such modifications to the Restructuring Documents as may be reasonably necessary to meet applicable listing
standards.
		
		  	The board of directors (the “New Board”) of reorganized Garrett will be seven (7) members, subject to increase with the consent of Honeywell (solely for so long as the Amortization remaining on the Series B
Preferred Stock is greater than $125 million) and a majority of the outstanding shares of Convertible Series A Preferred Stock prior to the conversion thereof. All directors shall be of the same class and have ordinary duties of corporate directors
under Delaware law. The composition of the New Board shall be determined as follows, with the New Board determined by the Plan on the Effective Date according to these principles; provided, that such nomination procedures shall not apply with
respect to the Honeywell Director (as defined below):
		
		  	 •  The holders of the Series B Preferred Stock shall have the right to elect one
(1) board member (the “Honeywell Director”) to the New Board (which right shall be included in the Certificate of Designation for the Series B Preferred Stock) until the date that the Amortization remaining on the Series B
Preferred Stock is $125 million or less (the “Resignation Date”). The Honeywell Director shall resign on the Resignation Date and, thereafter, the holders of the Series B Preferred Stock shall have no further right to
elect any directors to the New Board. For the avoidance of doubt, (i) the Honeywell Director shall not have any special governance rights, and (ii) solely in their capacity as such, the Honeywell Director shall have fiduciary duties only to
reorganized Garrett.

  
 13 

			
		
		  	 •  Prior to the conversion of the Convertible Series A Preferred Stock, the
Additional Investors shall have the right to nominate one (1) board member (the “Additional Investors Director”) to the New Board, provided that, if the Additional Investors cease to collectively hold a number of shares of
Convertible Series A Preferred Stock that is less than 60% of the number of shares of Convertible Series A Preferred Stock held by such investors on the issuance date, the Additional Investors Director shall resign, the Additional Investors shall
have no further right to nominate any directors to the New Board, but, so long as 20% of the number of outstanding shares of Convertible Series A Preferred is owned by entities other than Centerbridge or Oaktree, the then-current holders of a
majority of the outstanding shares of Convertible Series A Preferred Stock, excluding any Convertible Series A Preferred Stock owned by Centerbridge and Oaktree, shall have the right to nominate a board member to the New Board to replace the
Additional Investors Director.

		
		  	 •  One (1) board member will be a member of reorganized Garrett’s
executive management team.

		
		  	 •  Half of the balance of the New Board nominees shall be selected by
Centerbridge, for so long as Centerbridge holds a number of shares of common stock (including Convertible Series A Preferred Stock on an as- converted basis) that is no less than 60% of the number of shares of common stock (including Convertible
Series A Preferred Stock on an as- converted basis) held by Centerbridge on the issuance date, with the number of nominees selected by Centerbridge subject to proportionate reduction as its ownership of the common stock (on an as-converted basis) further decreases. For so long as Centerbridge has the right to designate more than one nominee, at least one of those nominees will be an individual who is not an employee of
Centerbridge.

		
		  	 •  The other half of the balance of the New Board nominees shall be selected by
Oaktree, for so long as Oaktree holds a number of shares of common stock (including Convertible Series A Preferred Stock on an as-converted basis) that is no less than 60% of the number of shares of common
stock (including Convertible Series A Preferred Stock on an as-converted basis) held by Oaktree on the issuance date, with the number of nominees selected by Oaktree subject to proportionate reduction as its
ownership of common stock (on an as-converted basis) further decreases. For so long as Oaktree has the right to designate more than one nominee, at least one of those nominees will be an individual who is not
an employee of Oaktree.

		
		  	Nominees selected pursuant to the foregoing following the Effective Date will be subject to customary nomination procedures for public company directors to be implemented at reorganized
Garrett.

  
 14 

			
	Management Incentive Plan	  	Reorganized Garrett shall have a post-Effective Date management incentive plan, the terms of which, including with respect to amount, form, structure, and vesting, shall be determined by the New Board taking into consideration
then-current market practices for similarly situated companies.
		
	Definitive Documentation	  	The Parties shall negotiate the definitive documents necessary to complete the Restructuring Transactions in good faith. Any and all documentation necessary to effectuate the Restructuring Transactions, including the definitive
documents, shall be in form and substance consistent with this Term Sheet and the PSA. All consent rights not otherwise set forth herein shall be as set forth in the PSA.
		
	Conditions Precedent to Plan Effective Date	  	The occurrence of the Plan Effective Date shall be subject to the following conditions precedent and any other conditions precedent reasonably acceptable to each of the Debtors, the Plan Sponsors, Honeywell, and the Requisite
Additional Investors:
		
		  	 •  the Bankruptcy Court shall have entered an order confirming the Plan, in form
and substance consistent with the PSA, and such order shall not have been stayed, modified, or vacated on appeal;

		
		  	 •  the final version of the Plan supplement and all of the schedules, documents,
and exhibits contained therein, and all other schedules, documents, supplements and exhibits to the Plan, shall have been filed;

		
		  	 •  the PSA shall not have been terminated by each of the Parties thereto, and
shall remain in full force and effect;

		
		  	 •  the Debtors shall have obtained all authorizations, consents, regulatory
approvals, rulings, or documents that are necessary to implement and effectuate the Plan (and all applicable waiting periods have expired);

		
		  	 •  all fees, expenses, and other amounts payable to the Parties under the PSA
shall have been paid in full or a customary professional fee escrow shall have been established and funded on terms and conditions reasonably satisfactory to the Plan Sponsors, Honeywell, and the Requisite Additional Investors;

		
		  	 •  the Debtors shall have implemented the Restructuring Transactions in a manner
consistent with the Plan and the PSA;

		
		  	 •  all definitive documentation for the Restructuring Transactions contemplated
by the Plan have been executed and remain in full force and effect;

		
		  	 •  the Rights Offering shall have been conducted in accordance with the rights
offering procedures;

		
		  	 •  the BCA remains in full force and effect and has not been terminated in
accordance with its terms;

		
		  	 •  no governmental entity or federal or state court of competent jurisdiction
shall have enacted, issued, promulgated, enforced or entered any law or order (whether temporary, preliminary or permanent), in any case that is in effect and that prevents or prohibits consummation of the Plan; and

		
		  	 •  no governmental entity has instituted any action or proceeding (that remains
pending at what would otherwise be the Effective Date) seeking to enjoin, restrain, or otherwise prohibit consummation of the Plan or the transactions contemplated by the Plan.

		
	Reservation of Rights	  	Nothing herein is an admission of any kind. If the Restructuring Transactions are not consummated for any reason, all Parties reserve any and all of their respective rights.

  
 15 

			
	Retention of Jurisdiction	  	The Plan will provide that the Bankruptcy Court shall retain jurisdiction for usual and customary matters.
		
	Governing Law	  	The governing law for all applicable documentation (other than any corporate governance documents) shall be the internal law of the State of New York (without regard to its conflict of law principles) and, to the extent
applicable, the Bankruptcy Code.

  
 16 

 Annex 1 

Definitions 
  

			
	Administrative Claim	  	Any Claim incurred by the Debtors before the Effective Date for a cost or expense of administration of the Chapter 11 Cases entitled to priority under sections 503(b), 507(a)(2), or 507(b) of the Bankruptcy Code.
		
	Claim	  	As defined in section 101(5) of the Bankruptcy Code.
		
	Commitment Letter	  	Project Gearbox Amended and Restated Commitment Letter, dated as of February 24, 2021, by and among JPMorgan Chase Bank, N.A., Royal Bank of Canada, RBC Capital Markets, LLC, Deutsche Bank AG New York Branch, Deutsche Bank
Securities, Inc., Fifth Third Bank, National Association, KeyBanc Capital Markets Inc., KeyBank National Association, BNP Paribas, BNP Paribas Securities Corporation, UBS Switzerland AG and FinCo.
		
	Credit Facilities	  	As defined in the Commitment Letter.
		
	DIP Facility Claims	  	Any Claim arising under, derived from, or based on the DIP Facility or such other debtor in possession financing that remains outstanding with respect to the Debtors immediately prior to the Effective Date.
		
	Exit Facilities Debt Cap	  	$1,400 million.
		
	Fee Letter	  	Project Gearbox Amended and Restated Credit Facilities Fee Letter, dated as of February 24, 2021, by and among JPMorgan Chase Bank, N.A., Royal Bank of Canada, RBC Capital Markets, LLC, Deutsche Bank AG New York Branch,
Deutsche Bank Securities, Inc., Fifth Third Bank, National Association, KeyBanc Capital Markets Inc., KeyBank National Association, BNP Paribas, BNP Paribas Securities Corporation, UBS Switzerland AG and FinCo.
		
	FinCo	  	Gearbox FinCo LLC.
		
	General Unsecured Claim	  	Any Claim other than an Administrative Claim, a Priority Tax Claim, a DIP Facility Claim, an Other Secured Claim, an Other Priority Claim, a Secured Credit Facility Claim, a Senior Notes Claim, a Honeywell Claim, an Intercompany
Claim, or a Claim subject to subordination under section 510(b) of the Bankruptcy Code.
		
	Intercompany Claim	  	A prepetition Claim held by a Debtor against a Debtor.
		
	Intercompany Interest	  	An Interest in any Debtor other than Garrett.
		
	Interest	  	Any equity security (as defined in section 101(16) of the Bankruptcy Code) in any Debtor.
		
	Other Priority Claim	  	Any Claim, other than an Administrative Claim or a Priority Tax Claim, entitled to priority in right of payment under section 507(a) of the Bankruptcy Code.

			
	Other Secured Claim	  	Any Secured Claim against assets of any of the Debtors, other than a DIP Facility Claim, a Secured Credit Facility Claim, or a Senior Notes Claim.
		
	Priority Tax Claims	  	Claims of governmental units of the type described in section 507(a)(8) of the Bankruptcy Code.
		
	Related Party	  	With respect to any person or entity, each and all of such person’s or entity’s current and former affiliates, and such entities’ and their current and former predecessors, successors and assigns, subsidiaries, direct
or indirect equity holders (regardless of whether such interest are held directly or indirectly), affiliates, managed accounts or funds, directors, managers, officers and each of their current and former officers, directors, managers, principals,
shareholders, members, equityholders, partners, employees, agents, advisory board members, financial advisors, attorneys, accountants, investment bankers, consultants, representatives, management companies, fund advisors and investment and other
professionals, and each of the foregoing Person’s respective heirs, executors, estates, successors, assigns and nominees.
		
	Rights Offering Procedures	  	The procedures governing the Rights Offering, which shall be approved by the Bankruptcy Court in connection with the Disclosure Statement Order.
		
	Secured	  	When referring to a Claim: (i) secured by a lien on property in which any Debtor has an interest, which lien is valid, perfected, and enforceable pursuant to applicable law or by reason of a Bankruptcy Court order, or that is
subject to setoff pursuant to section 553 of the Bankruptcy Code, to the extent of the value of the creditor’s interest in the Debtor’s interest in such property or to the extent of the amount subject to setoff, as applicable, as
determined pursuant to section 506(a) of the Bankruptcy Code; or (ii) allowed pursuant to the Plan, or separate order of the Bankruptcy Court, as a secured claim.
		
	Secured Credit Facility Claim	  	Any Claim arising under, derived from, or based on the Credit Agreement.
		
	Senior Notes Claims	  	Any Claim arising under, derived from, or based on the Senior Notes.
		
	Subscription Rights	  	The subscription rights issued in connection with the Rights Offering.

 Annex 2 

Releases, Exculpation, and Injunction 

 Form of Releases 

Definitions 
 “Exculpated Parties” means
(a) the Debtors, (b) the Reorganized Debtors, (c) the Official Committee of Unsecured Creditors (the “Creditors Committee”) and its members, in their capacities as such, (d) the Official Committee of Equity
Holders (the “Equity Committee”) and its members, in their capacities as such, (e) the Commitment Parties, (f) the administrative agent, collateral agent, arranger, joint bookrunner, and lenders under the Credit
Facilities, each in their capacities as such, (g) the prepetition credit agreement agent and lenders in their capacities as such, and (h) with respect to each entity named in (a) through (g), such entity’s affiliates and such
entity’s and its affiliates’ respective managers, members, partners, investors, other equity holders, whether direct or indirect, and directors, officers, employees, consultants, agents, predecessors, successors, heirs, executors and
assigns, attorneys, financial advisors, restructuring advisors, investment bankers, accountants and other professionals or representatives solely when acting in any such capacities. 

“Released Parties” means (a) the Exculpated Parties, (b) the DIP agent and lenders, (c) the senior subordinated notes
indenture trustee, and (d) each of their respective current and former directors, officers, equity holders (regardless of whether such interests are held directly or indirectly), affiliated investment funds or investment vehicles, employees,
consultants, agents, affiliates, parents, subsidiaries, members, managers, predecessors, successors, heirs, executors and assigns, participants, subsidiaries, managed accounts or funds, partners, limited partners, general partners, principals, fund
advisors, attorneys, financial advisors, restructuring advisors, investment bankers, accountants and other professionals or representatives solely when acting in any such capacities. 

“Releasing Parties” means (a) the Released Parties, (b) the Commitment Parties, (c) all holders of Claims or interests that
vote to accept the Plan, (d) all holders of Claims or interests that vote to reject the Plan but elect on their ballot to opt into the voluntary release by holders of Claims and interests, and (e) all holders of Claims or interests not
described in the foregoing clauses (a) through (e) who elect to opt into the voluntary release by holders of Claims and interests; and (f) with respect to each entity named in (a) through (e), such entity’s affiliates and such
entity’s and its affiliates’ respective managers, members, partners, investors, other equity holders, whether direct or indirect, and directors, officers, employees, consultants, agents, predecessors, successors, heirs, executors and
assigns, attorneys, financial advisors, restructuring advisors, investment bankers, accountants and other professionals or representatives solely when acting in any such capacities. 

Debtor Release 
 For good and valuable consideration,
including the service of the Released Parties to facilitate the administration of the Chapter 11 Cases and the implementation of the transactions contemplated by the Plan, on and after the Effective Date, the Released Parties shall be released and
discharged by the Debtors, Reorganized Debtors and their estates, including any successor and assign to the Debtors, the Reorganized Debtors or any estate representative, from all claims, obligations, rights, suits, damages, causes of action,
remedies and liabilities whatsoever, including any derivative claims asserted or assertable on behalf of a Debtor or Reorganized Debtor, and its successors, assigns, and representatives, whether known or unknown, foreseen or unforeseen, liquidated
or unliquidated, contingent or fixed, existing or hereafter arising, in law, at equity or otherwise, whether for indemnification, tort, contract, violations of federal or state securities laws or otherwise, including those that any of the Debtors,
the Reorganized Debtors or their estates would have been legally entitled to assert in their own right (whether individually or collectively) or on behalf of the holder of any Claim or interest or any other person, based on or relating to, or in any
manner arising from, in whole or in part, the Debtors, the Reorganized Debtors, the estates, the conduct of 

 
the businesses of the Debtors, these Chapter 11 Cases, the purchase, sale or rescission of the purchase or sale of any security of the Debtors or Reorganized Debtors, the release or discharge of
any mortgage, lien or security interest, the subject matter of, or the transactions or events giving rise to, any Claim or interest that is treated in the Plan, the administration of Claims and interests prior to or during these Chapter 11 Cases,
the negotiation, formulation, preparation, dissemination, implementation, administration, confirmation and/or effectuation of the PSA, BCA, the Plan, any plan supplement, any disclosure statement or, in each case, related agreements, instruments or
other documents, any action or omission with respect to intercompany claims and intercompany settlements, any action or omission as an officer, director, agent, representative, fiduciary, controlling person, member, manager, affiliate or responsible
party, or upon any other act or omission, transaction, agreement, event, or other occurrence taking place on or before the Effective Date of the Plan, other than claims or liabilities arising out of or relating to any act or omission of a Released
Party to the extent such act or omission is determined by a final order in a court of competent jurisdiction to have constituted gross negligence, willful misconduct, fraud, or a criminal act. 

Voluntary Release by Holders of Claims and Interests 
 For
good and valuable consideration, including the service of the Released Parties to facilitate the administration of the Chapter 11 Cases, the implementation of the reorganization contemplated by the Plan, the release of mortgages, liens and security
interests on property of the estates, and distributions made pursuant to the Plan, on and after the Effective Date, to the fullest extent permitted by applicable law, the Releasing Parties (regardless of whether a Releasing Party is a Released
Party) shall be deemed to conclusively, absolutely, unconditionally, irrevocably and forever release, waive and discharge the Released Parties of any and all claims, obligations, rights, suits, damages, causes of action, remedies and liabilities
whatsoever, including any derivative claims asserted or assertable on behalf of a Debtor or Reorganized Debtor and its successors, assigns, and representatives, whether known or unknown, foreseen or unforeseen, liquidated or unliquidated, contingent
or fixed, existing or hereafter arising, in law, at equity or otherwise, whether for indemnification, tort, contract, violations of federal or state securities laws or otherwise, including, those that any of the Debtors, the Reorganized Debtors or
their estates would have been legally entitled to assert in their own right (whether individually or collectively) or on behalf of the holder of any Claim or interest or any other person, based on or relating to, or in any manner arising from, in
whole or in part, the Debtors, the Reorganized Debtors, the estates, the conduct of the businesses of the Debtors, these Chapter 11 Cases, the purchase, sale or rescission of the purchase or sale of any security of the Debtors or Reorganized
Debtors, the subject matter of, or the transactions or events giving rise to, any Claim or interest that is treated in the Plan, the administration of Claims and interests prior to or during these Chapter 11 Cases, the negotiation, formulation,
preparation, dissemination, implementation, administration, confirmation and/or effectuation of the PSA, BCA, the Plan, any plan supplement, any disclosure statement or, in each case, related agreements, instruments or other documents, any action or
omission with respect to intercompany claims or intercompany settlements, any action or omission as an officer, director, agent, representative, fiduciary, controlling person, member, manager, affiliate or responsible party, or upon any other act or
omission, transaction, agreement, event, or other occurrence taking place on or before the Effective Date of the Plan, other than claims or liabilities arising out of or relating to any act or omission of a Released Party to the extent such act or
omission is determined by a final order in a court of competent jurisdiction to have constituted gross negligence, willful misconduct, fraud, or a criminal act; provided, however, that the Additional Investors (whether in their capacities as
Commitment Parties or as holders of Claims or Interests) shall not be deemed to have released any claim that is the kind of claim described in Section 510(b) of the Bankruptcy Code against the Debtors or any similar claim against one or more of
the Debtors’ current or former officers or directors; provided further that the each Additional Investor shall only assert claims against directors and officers as a member of a class in a class action in which the Additional Investor is not a
lead plaintiff and respond to or oppose any objections or challenges to its inclusion in such class action, and the Debtors reserve all rights and defenses with respect to such claims and the inclusion of any Additional Investor in any class in a
class action. 

 Scope of Releases 

Each person providing releases under the Plan, including the Debtors, the Reorganized Debtors, their estates and the Releasing Parties, shall be deemed to have
granted the releases set forth in the Plan notwithstanding that such person may hereafter discover facts in addition to, or different from, those which it now knows or believes to be true, and without regard to the subsequent discovery or existence
of such different or additional facts, and such person expressly waives any and all rights that it may have under any statute or common law principle which would limit the effect of such releases to those claims or causes of action actually known or
suspected to exist at the time of execution of such release. 
 Exculpation 

Notwithstanding anything herein to the contrary, as of the Effective Date, the Debtors and their directors, officers, employees, attorneys, investment bankers,
financial advisors, restructuring advisors and other professional advisors, representatives and agents will be deemed to have solicited acceptances of this Plan in good faith and in compliance with the applicable provisions of the Bankruptcy Code,
including section 1125(e) of the Bankruptcy Code and any applicable non-bankruptcy law, rule or regulation governing the adequacy of disclosure in connection with the solicitation. 

The Exculpated Parties shall neither have nor incur any liability arising on or after the petition date to any entity for any act or omission in connection
with these Chapter 11 Cases, including (a) the operation of the Debtors’ businesses during the pendency of these Chapter 11 Cases; (b) the administration of Claims and interests during these Chapter 11 Cases; (c) formulating,
negotiating, preparing, disseminating, implementing, administering, confirming and/or effecting the PSA, the BCA, disclosure statement, the Plan, the plan supplement, and any related contract, instrument, release or other agreement or document
created or entered into in connection therewith (including the solicitation of votes for the Plan or other actions taken in furtherance of confirmation or consummation of the Plan); (d) the offer or issuance of any securities under or in
connection with the Plan; or (e) the administration or adjudication of Claims, other than liability resulting from any act or omission that is determined by final order in a court of competent jurisdiction to have constituted gross negligence,
willful misconduct, fraud or a criminal act. 

 EXHIBIT B 

TRANSFER AGREEMENT 

 PROVISION FOR TRANSFER AGREEMENT 

The undersigned (“Transferee”) hereby acknowledges that it has read and understands the Second Amended and Restated Plan Support
Agreement, dated as of March [•], 2021 (the “Agreement”),1 by and among the Commitment Parties, including the transferor to the Transferee of any Senior Note Claims
(each such transferor, a “Transferor”), and agrees to be bound by the terms and conditions thereof to the extent the Transferor was thereby bound, and shall be deemed a “Commitment Party” under the
terms of the Agreement, based on the Debtor Claim that is Transferred. This Transfer Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to the principles of conflict of
laws that would require the application of the law of any other jurisdiction. 
 The Transferee specifically agrees to be bound by the terms and conditions
of the Agreement and makes all representations and warranties contained therein as of the date of the Transfer, including the agreement to be bound by the vote of the Transferor if such vote was cast before the effectiveness of the Transfer
discussed herein. The Transferee intends to be and is bound under the Agreement with respect to any and all claims against, or interests in, any of the Debtors, whether currently held or hereafter acquired by such Transferee. 

Date Executed:
                                        

 TRANSFEREE 
  

			
	Name of Institution:	 	 

			
		
	By:	 	 
	Name:	 	 
	Its:	 	 
	Telephone:	 	 
	Facsimile:	 	 

 Aggregate Amounts Beneficially Owned or Managed on Account of 

Senior Note Claims: 

2026 Senior Notes 
  

			
	$	 	 

 Credit Agreement Claims: 
  

			
	$	 	 

  

	1 	 Capitalized terms not used but not otherwise defined herein shall have the meanings ascribed to such terms in
the Agreement. 

 DIP Claims: 

 

			
	$	 	 

 Garrett Common Stock 
  

	
	
Number of Shares:
                                         
                                         
              

 Any other Debtor Claims: 

Type: 
  

			
	$	 	 

 Type: 
  

			
	$	 	 

 NOTICE ADDRESS: 

[                    ] 

[                    ] 

[                    ] 

Attention: [                    ]

 E-mail:
[                    ] 
 with a
copy to: 
 [                    ]

 [                    ] 

[                    ] 

Attention: [                    ]

 E-mail: [                    ]

 EXHIBIT C 

JOINDER AGREEMENT 

 Joinder Agreement 

[_________], 2021 
 The undersigned
(“Transferee”) hereby acknowledges that it has read and understands the Second Amended and Restated Plan Support Agreement, dated as of March [•], 2021, a copy of which is attached hereto as Annex I (as it may be
amended, supplemented, or otherwise modified from time to time, the “Agreement”),1 by and among the Commitment Parties. 

1. Agreement to be Bound. The Transferee hereby agrees to be bound by all of the terms of the Agreement. The Transferee shall hereafter be deemed to be
a “Party” and a “Party” for all purposes under the Agreement. 
 2. Representations and Warranties. With respect to the aggregate
Debtor Claims/Interests set forth below its name on the signature page hereof, the Transferee hereby makes the representations and warranties of the Commitment Parties set forth in Section 7 of the Agreement to each other Party. 

3. Governing Law. This joinder agreement (the “Joinder Agreement”) to the Agreement shall be governed by and construed in
accordance with the internal laws of the State of New York, without regard to any conflicts of law provisions which would require the application of the law of any other jurisdiction. 

* * * * * 
 [Remainder of Page
Intentionally Left Blank] 
  
  

	1 	 Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Agreement.

 IN WITNESS WHEREOF, the Transferee has caused this Joinder Agreement to be executed as of
the date first written above. 
  

			
	Name of Transferor:	 	 
		
	Name of Transferee:	 	 

  

			
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

	
	 Amount of Credit Agreement Claims (if any): $__________________

Amount of Senior Note Claims (if any): $__________________

Amount of DIP Claims (if any): $__________________

Number of Shares of Garrett Common Stock (if any): __________________

Amount of any other Debtor Claims (if any):
$__________________

			
	
	 Notice Address:

	
	 
	 
	 
	 Fax:
	 	 
	 Attention:
	 	 
	
	 With a copy to:

	
	 
	 
	 
	 Fax:
	 	 
	 Attention:
	 	 
		 	 

 ANNEX 1 

 Amended and Restated Plan Support Agreement 

Annex 1 
  

					
	
Party1
	  	Number of Shares of
Common Stock of Garrett	 
	 Attestor Value Master Fund LP
	  	 	2,661,970	 
	 The Baupost Group, L.L.C.
	  	 	3,575,000	 
	 Benefit Street Partners L.P.
	  	 	1,389,839	 
	 Centerbridge Partners, L.P.
	  	 	3,390,000	 
	 Cyrus Capital Partners, L.P.
	  	 	10,220,254	 
	 FIN Capital Partners LP
	  	 	380,000	 
	 Hawk Ridge Capital Management LP
	  	 	2,336,564	 
	 Honeywell International Inc.
	  	 	2,284,598	 
	 IngleSea Capital
	  	 	300,000	 
	 Keyframe Capital Partners, L.P.
	  	 	1,506,050	 
	 Newtyn Management, LLC
	  	 	1,655,000	 
	 Oaktree Capital Management, L.P.
	  	 	3,593,111	 
	 Sessa Capital (Master), L.P.
	  	 	6,912,204	 
	 Whitebox Multi-Strategy Partners, L.P.
	  	 	750,000	 

  

	1 	 Each entity listed herein is listed either in its principal capacity or in its capacity as agent, investment
advisor, or investment manager for certain investment funds or accounts or their respective subsidiaries that have Beneficial Ownership of shares of equity securities in Garrett.EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

REPLACEMENT EQUITY BACKSTOP COMMITMENT AGREEMENT 

AMONG 
 GARRETT MOTION, INC., 

THE OTHER DEBTORS PARTY HERETO 

AND 
 THE EQUITY BACKSTOP PARTIES
PARTY HERETO 
 Dated as of March 9, 2021 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	Article I	  			
		
	DEFINITIONS	  			
			
	 Section 1.1
	  	Definitions	  	 	2	 
	 Section 1.2
	  	Construction	  	 	12	 
		
	Article II	  			
		
	BACKSTOP COMMITMENT	  			
			
	 Section 2.1
	  	The Rights Offerings; Subscription Rights	  	 	13	 
	 Section 2.2
	  	The Commitments	  	 	14	 
	 Section 2.3
	  	Equity Backstop Party Default; Replacement of Defaulting Equity Backstop Parties	  	 	14	 
	 Section 2.4
	  	Funding	  	 	15	 
	 Section 2.5
	  	Closing	  	 	16	 
	 Section 2.6
	  	Designation and Assignment Rights	  	 	17	 
		
	Article III	  			
		
	BACKSTOP COMMITMENT ALLOCATION; EXPENSE REIMBURSEMENT	  			
			
	 Section 3.1
	  	Backstop Commitment Allocation	  	 	18	 
	 Section 3.2
	  	Expense Reimbursement.	  	 	18	 
	 Section 3.3
	  	Tax Treatment of Rights Offering Backstop Commitments	  	 	19	 
		
	Article IV	  			
		
	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  			
			
	 Section 4.1
	  	Organization and Qualification	  	 	20	 
	 Section 4.2
	  	Corporate Power and Authority	  	 	20	 
	 Section 4.3
	  	Execution and Delivery; Enforceability	  	 	21	 
	 Section 4.4
	  	Authorized and Issued Equity Interests	  	 	21	 
	 Section 4.5
	  	Issuance	  	 	22	 
	 Section 4.6
	  	No Conflict	  	 	22	 
	 Section 4.7
	  	Consents and Approvals	  	 	22	 
	 Section 4.8
	  	Arm’s-Length	  	 	23	 
	 Section 4.9
	  	Company SEC Documents and Disclosure Statement	  	 	23	 
	 Section 4.10
	  	Absence of Certain Changes	  	 	23	 
	 Section 4.11
	  	No Violation; Compliance with Laws	  	 	23	 
	 Section 4.12
	  	Legal Proceedings	  	 	24	 
	 Section 4.13
	  	Tax Matters	  	 	24	 
	 Section 4.14
	  	No Unlawful Payments	  	 	25	 
	 Section 4.15
	  	Compliance with Money Laundering and Sanctions Laws	  	 	25	 
	 Section 4.16
	  	No Broker’s Fees	  	 	26	 

  
 i 

 TABLE OF CONTENTS (cont’d) 

 

							
	 	  	 	  	Page	 
	 Section 4.17
	  	Investment Company Act	  	 	26	 
	 Section 4.18
	  	Internal Control Over Financial Reporting	  	 	26	 
	 Section 4.19
	  	Disclosure Controls and Procedures	  	 	26	 
	 Section 4.20
	  	No Other Representations or Warranties	  	 	27	 
		
	Article V	  			
		
	REPRESENTATIONS AND WARRANTIES OF THE EQUITY BACKSTOP PARTIES	  			
			
	 Section 5.1
	  	Organization	  	 	27	 
	 Section 5.2
	  	Organizational Power and Authority	  	 	27	 
	 Section 5.3
	  	Execution and Delivery	  	 	27	 
	 Section 5.4
	  	No Conflict	  	 	28	 
	 Section 5.5
	  	Consents and Approvals	  	 	28	 
	 Section 5.6
	  	No Registration	  	 	28	 
	 Section 5.7
	  	Purchasing Intent	  	 	28	 
	 Section 5.8
	  	Sophistication; Investigation	  	 	29	 
	 Section 5.9
	  	No Broker’s Fees	  	 	29	 
	 Section 5.10
	  	Sufficiency of Funds	  	 	29	 
	 Section 5.11
	  	Sanctions	  	 	29	 
	 Section 5.12
	  	No Prohibited Transactions	  	 	30	 
	 Section 5.13
	  	ERISA	  	 	30	 
	 Section 5.14
	  	No Other Representations or Warranties	  	 	30	 
		
	Article VI	  			
		
	ADDITIONAL COVENANTS	  			
			
	 Section 6.1
	  	Blue Sky	  	 	30	 
	 Section 6.2
	  	Use of Proceeds	  	 	30	 
	 Section 6.3
	  	Securities Law Matters	  	 	31	 
	 Section 6.4
	  	Antitrust Approval	  	 	31	 
	 Section 6.5
	  	Registration Rights Agreement; Company Organizational Documents	  	 	32	 
	 Section 6.6
	  	Access to Information	  	 	33	 
		
	Article VII	  			
		
	CONDITIONS TO THE OBLIGATIONS OF THE PARTIES	  			
			
	 Section 7.1
	  	Conditions to the Obligations of the Equity Backstop Parties	  	 	33	 
	 Section 7.2
	  	Waiver of Conditions to Obligations of Equity Backstop Parties	  	 	35	 
	 Section 7.3
	  	Conditions to the Obligations of the Company	  	 	35	 
		
	Article VIII	  			
		
	INDEMNIFICATION AND CONTRIBUTION	  			
			
	 Section 8.1
	  	Indemnification Obligations	  	 	36	 
	 Section 8.2
	  	Indemnification Procedure	  	 	36	 
	 Section 8.3
	  	Settlement of Indemnified Claims	  	 	37	 

  
 ii 

 TABLE OF CONTENTS (cont’d) 

 

							
	 	  	 	  	Page	 
	 Section 8.4
	  	 Contribution
	  	 	38	 
	 Section 8.5
	  	 Treatment of Indemnification Payments
	  	 	38	 
	 Section 8.6
	  	 No Survival
	  	 	38	 
		
	Article IX	  			
		
	TERMINATION	  			
			
	 Section 9.1
	  	Consensual Termination	  	 	38	 
	 Section 9.2
	  	 Automatic Termination
	  	 	39	 
	 Section 9.3
	  	 Termination by the Equity Backstop Parties
	  	 	39	 
	 Section 9.4
	  	 Termination by the Company
	  	 	40	 
	 Section 9.5
	  	 Effect of Termination
	  	 	40	 
		
	Article X	  			
		
	GENERAL PROVISIONS	  			
			
	 Section 10.1
	  	Notices	  	 	41	 
	 Section 10.2
	  	 Assignment; Third Party Beneficiaries
	  	 	42	 
	 Section 10.3
	  	 Prior Negotiations; Entire Agreement
	  	 	42	 
	 Section 10.4
	  	 Governing Law; Venue
	  	 	43	 
	 Section 10.5
	  	 Waiver of Jury Trial
	  	 	43	 
	 Section 10.6
	  	 Counterparts
	  	 	43	 
	 Section 10.7
	  	 Waivers and Amendments; Rights Cumulative; Consent
	  	 	43	 
	 Section 10.8
	  	 Headings
	  	 	44	 
	 Section 10.9
	  	 Specific Performance
	  	 	44	 
	 Section 10.10
	  	 Damages
	  	 	45	 
	 Section 10.11
	  	 No Reliance
	  	 	45	 
	 Section 10.12
	  	 No Recourse
	  	 	45	 
	 Section 10.13
	  	 Severability
	  	 	46	 

 ANNEXES 
  

	Annex A	 Commitment Schedule 

  
 iii 

 REPLACEMENT EQUITY BACKSTOP COMMITMENT AGREEMENT 

THIS REPLACEMENT EQUITY BACKSTOP COMMITMENT AGREEMENT (this “Agreement”), dated as of March 9, 2021, replaces in
its entirety that certain Equity Backstop Commitment Agreement dated as of January 22, 2021 (“Original BCA”), and is made by and among Garrett Motion Inc. ((including as debtor in possession and a reorganized debtor, as
applicable) the “Company”) and the other Debtors (as defined below), on the one hand, and each Equity Backstop Party (as defined below), on the other hand. Capitalized terms that are used but not otherwise defined in this
Agreement shall have the meanings given to them in Section 1.1 hereof or, if not defined therein, shall have the meanings given to them in the Plan Support Agreement (as defined below) (including the Restructuring Term
Sheet (as defined below)), as applicable. 
 RECITALS 

WHEREAS, the Parties are party to a Second Amended and Restated Plan Support Agreement, dated as of March 9, 2021, by and among the
Company, the other Debtors, the Equity Backstop Parties, Honeywell International Inc., the Initial Consenting Noteholders (as defined therein) and the other parties thereto (including the terms and conditions set forth in the term sheet attached
thereto as Exhibit A (the “Restructuring Term Sheet”) and all other exhibits thereto, as may be amended, supplemented or otherwise modified from time to time, the “Plan Support Agreement”)), which
(a) provides for the restructuring of the Debtors’ capital structure and financial obligations pursuant to a plan of reorganization to be filed in the Company’s jointly-administered voluntary
cases under the caption In re Garrett Motion Inc., Case No. 20-12212 (MEW) (Bankr. S.D.N.Y. Sept., 20, 2020) (the “Chapter 11 Cases”) that are pending under chapter
11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (the “Bankruptcy Code”), in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy
Court”), implementing the terms and conditions of the Restructuring Transactions and (b) requires that the Plan be consistent with the Plan Support Agreement; 

WHEREAS, pursuant to the Plan and this Agreement, the Company will conduct one or more rights offerings that will provide holders of common
stock of the Company with the right to purchase, subject to certain conditions, their pro rata share of the Rights Offering Shares (as defined below) for an aggregate purchase price equal to the Rights Offering Amount (as defined below), to be
issued on the Effective Date; 
 WHEREAS, subject to the terms and conditions contained in this Agreement, each Equity Backstop Party has
agreed to purchase (on a several and not a joint basis) its Equity Backstop Percentage of the Unsubscribed Shares (as defined below), if any, and the Company has agreed to sell to each of the Equity Backstop Parties its Equity Backstop Percentage of
such Unsubscribed Shares, if any; and 
 WHEREAS, in connection with the Plan Support Agreement and the execution of this Agreement, the
Original BCA has been terminated by the mutual agreement of all parties thereto without any rights, obligations or liabilities thereunder surviving such termination. 

  
 1 

 NOW, THEREFORE, in consideration of the mutual promises, agreements, representations,
warranties and covenants contained herein, the Company, the other Debtors and each of the Equity Backstop Parties hereby agrees as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. Except as otherwise expressly provided in this Agreement, whenever used in this Agreement
(including any Exhibits and Schedules hereto), the following terms shall have the respective meanings specified therefor below: 

“Acquired Shares” means, with respect to an Equity Backstop Party, such Equity Backstop Party’s (i) Backstop
Shares, (ii) Backstop Commitment Fee Shares pursuant to Section 3.1, and (iii) Rights Offering Shares to which it subscribed in the Rights Offerings. 

“Additional Investors” has the meaning set forth in the Plan Support Agreement. 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, Controls or is
Controlled by or is under common Control with such Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made; provided, that for purposes of this Agreement, no Equity Backstop
Party shall be deemed an Affiliate of any of the Company or its Subsidiaries. 
 “Affiliated Fund” means
(a) any investment fund the primary investment advisor to which is an Equity Backstop Party or an Affiliate thereof or (b) one or more special purpose vehicles that are wholly owned by one or more Equity Backstop Parties or any investment
fund described in clause (a), created for the purpose of holding the Rights Offering Backstop Commitment, and in each case with respect to which such Equity Backstop Party remains obligated to fund the Rights Offering Backstop Commitment. 

“Agreed Dilution” means any equity issued (i) pursuant to the MIP or (ii) on the Effective Date pursuant to
the Plan and in accordance with the Plan Support Agreement. 
 “Agreement” has the meaning set forth in the
preamble. 
 “Antitrust Authorities” means the United States Federal Trade Commission, the Antitrust Division of the
United States Department of Justice, the attorneys general of the several states of the United States and any other Governmental Entity, whether domestic or foreign, having jurisdiction pursuant to the Antitrust Laws, and “Antitrust
Authority” means any of them. 
 “Anti-Corruption Law” means the U.S. Foreign Corrupt Practices Act of
1977, as amended, the United Kingdom Bribery Act 2010, or any other applicable Law related to bribery or corruption. 

“Antitrust Laws” means the Sherman Act, the Clayton Act, the HSR Act, the Federal Trade Commission Act, and any other
Law, whether domestic or foreign, governing agreements in restraint of trade, monopolization, pre-merger notification, the lessening of competition through merger or acquisition or anti-competitive conduct,
and any foreign investment Laws. 

  
 2 

 “Applicable Consent” has the meaning set forth in
Section 4.7. 
 “Applicable Group” has the meaning set forth in
Section 4.13(d). 
 “Available Shares” means the Convertible Series A Preferred Shares that
any Equity Backstop Party fails to purchase as a result of an Equity Backstop Party Default by such Equity Backstop Party. 

“Backstop Commitment Fee Allocation” has the meaning set forth in Section 3.1(a). 

“Backstop Commitment Fee Shares” has the meaning set forth in Section 3.1(a). 

“Backstop Funding Account” has the meaning set forth in Section 2.4(a).

 “Backstop Shares” means, with respect to any Equity Backstop Party, the Unsubscribed Shares to be purchased by
such Equity Backstop Party pursuant to this Agreement (including any Available Shares to be purchased by such Equity Backstop Party pursuant to Section 2.3). 

“Bankruptcy Code” has the meaning set forth in the Recitals. 

“Bankruptcy Court” has the meaning set forth in the Recitals. 

“Bankruptcy Rules” means the Federal Rules of Bankruptcy Procedure as promulgated by the United States Supreme Court
under section 2075 of title 28 of the United States Code, 28 U.S.C. § 2075, as applicable to the Chapter 11 Cases and the general, local, and chambers rules of the Bankruptcy Court. 

“BSA” means the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended. 

“BSA/PATRIOT Act” means the BSA, as amended by the Patriot Act and its implementing regulations. 

“Business” means the Company and its Subsidiaries’ business of researching, developing, designing, engineering,
and manufacturing certain automotive products, including turbochargers, electric-boosting and connected vehicle technologies, for sale and distribution to original equipment manufacturers and the aftermarket. 

“Business Day” means any day, other than a Saturday, Sunday or legal holiday, as defined in Bankruptcy Rule 9006(a).

 “Certificates of Designation” means the Series A Certificate of Designation and (if Series B Preferred Stock is
issued pursuant to the terms of the Plan) the Series B Certificate of Designation. 

  
 3 

 “Chapter 11 Cases” has the meaning set forth in the Recitals. 

“Closing” has the meaning set forth in Section 2.5(a). 

“Closing Date” has the meaning set forth in Section 2.5(a). 

“Code” means the Internal Revenue Code of 1986, as amended. 

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

“Company SEC Documents” means all of the reports, schedules, forms, statements and other documents (including exhibits
and other information incorporated therein) filed with the SEC by the Company. 
 “Company Organizational Documents”
means collectively, the organizational documents of the Company, including any certificate of formation or incorporation, applicable charter, articles of incorporation, limited liability company agreement, bylaws, Certificates of Designation or any
similar documents. 
 “Confirmation Order” means the Order of the Bankruptcy Court that is not stayed confirming the
Plan pursuant to section 1129 of the Bankruptcy Code. 
 “Convertible Series A Preferred Shares” means shares of
Convertible Series A Preferred Stock of the Company, the terms and conditions of which will be set forth in the Series A Certificate of Designation. 

“Contract” means any agreement, contract or instrument, including any loan, note, bond, mortgage, indenture,
guarantee, deed of trust, license, franchise, commitment, lease, franchise agreement, letter of intent, memorandum of understanding or other obligation, and any amendments thereto, whether written or oral, but excluding the Plan. 

“Control” means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or agency or otherwise. “Controlled” has a correlative meaning. 

“COVID-19 Measures” means any quarantine, shelter in place, stay at home,
workforce reduction, social distancing, shut down, closure, sequester or similar restrictions imposed by any Law in connection with or in response to COVID-19. 

“Debtors” means, collectively: Garrett Motion Inc., BRH LLC, Calvari Limited, Friction Materials LLC, Garrett ASASCO
Inc., Garrett Borrowing LLC, Garrett Holding Company Sàrl, Garrett LX I S.à r.l., Garrett LX II S.à r.l., Garrett LX III S.à r.l., Garrett Motion Australia Pty Limited, Garrett Motion Automotive Research Mexico S. de R.L.
de C.V., Garrett Motion Holdings Inc., Garrett Motion Holdings II Inc., Garrett Motion International Services S.R.L., Garrett Motion Ireland A Limited, Garrett Motion Ireland B Limited, Garrett Motion Ireland C Limited, Garrett Motion Ireland
Limited, Garrett Motion Italia S.r.l., Garrett Motion Japan Inc., Garrett Motion LLC, Garrett Motion México, Sociedad Anónima de Capital Variable, Garrett 

  
 4 

 
Motion Romania S.R.L., Garrett Motion Sàrl, Garrett Motion Slovakia s.r.o., Garrett Motion Switzerland Holdings Sàrl, Garrett Motion UK A Limited, Garrett Motion UK B Limited,
Garrett Motion UK C Limited, Garrett Motion UK D Limited, Garrett Motion UK Limited, Garrett Transportation I Inc., Garrett Transportation Systems Ltd, Garrett Transportation Systems UK II Ltd, Garrett TS Ltd and Garrett Turbo Ltd. 

“Defaulting Equity Backstop Party” means, in respect of an Equity Backstop Party Default that is continuing, the
applicable defaulting Equity Backstop Party. 
 “Definitive Documents” means the definitive documents and agreements
governing the Restructuring Transactions as set forth in the Plan Support Agreement. 
 “DIP Facility” means any
credit agreement for debtor-in-possession financing to which any Debtor is a party. 

“Disclosure Statement” has the meaning set forth in the Plan Support Agreement. 

“EBA Approval Obligations” means the obligations of the Company and the other Debtors under this Agreement and the EBA
Approval Order. 
 “EBA Approval Order” means the Order of the Bankruptcy Court that is not stayed (under Bankruptcy
Rule 6004(h) or otherwise) that (a) authorizes the Company and the other Debtors to enter into and perform under this Agreement and the Plan Support Agreement, including all exhibits and other attachments and (b) provides that the Expense
Reimbursement and the indemnification provisions contained herein shall constitute allowed administrative expenses of the Debtors’ estates under sections 503(b) and 507 of the Bankruptcy Code and shall be payable by the Debtors as provided in
this Agreement without further Order of the Bankruptcy Court. 
 “Effective Date” means the date upon which
(a) no stay of the Confirmation Order is in effect, (b) all conditions precedent to the effectiveness of the Plan have been satisfied or are expressly waived in accordance with the terms thereof, as the case may be, and (c) the
Restructuring Transactions and the other transactions to occur on the Effective Date pursuant to the Plan become effective or are consummated. 

“Eligible Holders” mean the holders of common stock of the Company that are eligible to participate in the Rights
Offering pursuant to the Rights Offering Procedures. 
 “Equity Backstop Amount” means, with respect to any Equity
Backstop Party, an amount equal to such Equity Backstop Party’s Equity Backstop Percentage multiplied by the difference of (a) the Rights Offering Amount minus (b) the aggregate purchase price of the Backstop Commitment
Fee Shares. 
 “Equity Backstop Party” means each Party listed as such on Annex A to this Agreement. 

  
 5 

 “Equity Backstop Party Default” means the failure by any Equity
Backstop Party to (a) deliver and pay the aggregate Per Share Purchase Price for such Equity Backstop Party’s Equity Backstop Percentage of any Unsubscribed Shares by the Funding Date in accordance with
Section 2.4(b), (b) fully exercise all Subscription Rights that are issued to it pursuant to the Rights Offering and duly purchase all Rights Offering Shares issuable to it pursuant to such exercise, in accordance with this
Agreement and the Plan or (c) fully exercise all Subscription Rights that are issued to it pursuant to the Backstop Commitment Fee Allocation and duly purchase all Backstop Commitment Fee Shares issuable to it pursuant to such exercise, in
accordance with this Agreement and the Plan. 
 “Equity Backstop Party Replacement” has the meaning set forth in
Section 2.3(a). 
 “Equity Backstop Percentage” means, with respect to any Equity Backstop
Party, such Equity Backstop Party’s percentage of the Rights Offering Backstop Commitment as set forth opposite such Equity Backstop Party’s name under the column titled “Equity Backstop Percentage” on Annex A to this
Agreement, subject to adjustment pursuant to Section 2.3(a). Any reference to “Equity Backstop Percentage” in this Agreement means the Equity Backstop Percentage in effect at the time of the relevant
determination. 
 “ERISA” has the meaning set forth in Section 5.12. 

“ERISA Plan” has the meaning set forth in Section 5.13. 

“Event” means any event, development, occurrence, circumstance, effect, condition, result, state of facts or change.

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

“Existing Equity Backstop Party Purchaser” has the meaning set forth in Section 2.6(b). 

“Exit Credit Facilities” means “Credit Facilities”, as such term is defined in the Restructuring Term Sheet.

 “Expense Reimbursement” has the meaning set forth in Section 3.2(a). 

“Filing Party” has the meaning set forth in Section 6.4(b). 

“Funding Date” has the meaning set forth in Section 2.4(b). 

“Funding Notice” has the meaning set forth in Section 2.4(a). 

“GAAP” means United States generally accepted accounting principles. 

“Governmental Entity” means any non-U.S. or U.S. federal, state or local
government or subdivision thereof, or legislative, judicial, executive, administrative or regulatory body or other governmental or quasi-governmental entity with competent jurisdiction, including the Bankruptcy Court. 

“Honeywell” means Honeywell International Inc. 

  
 6 

 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended from time to time. 
 “Indemnified Claim” has the meaning set forth in
Section 8.2. 
 “Indemnified Person” has the meaning set forth in
Section 8.1. 
 “Indemnifying Party” has the meaning set forth in
Section 8.1. 
 “Interim Cap” has the meaning given in Section 11.01 of the Plan
Support Agreement. 
 “IRS” means the United States Internal Revenue Service. 

“Joint Filing Party” has the meaning set forth in Section 6.4(c). 

“Knowledge of the Company” means the actual knowledge, after reasonable inquiry, of Olivier Rabiller, Peter Bracke,
Jerome Maironi, Sean Deason or Jean Philippe Bedu. 
 “Law” means any law (statutory or common), statute,
regulation, rule, code or ordinance enacted, adopted, issued or promulgated by any Governmental Entity. 
 “Legal
Proceedings” has the meaning set forth in Section 4.12. 
 “Legend” has the
meaning set forth in Section 6.3(b). 
 “Lien” means any lien, adverse claim, charge,
option, right of first refusal, servitude, security interest, mortgage, pledge, deed of trust, easement, encumbrance, restriction on transfer, conditional sale or other title retention agreement, defect in title, lien or judicial lien as defined in
sections 101(36) and (37) of the Bankruptcy Code or other restrictions of a similar kind. 
 “Losses” has the
meaning set forth in Section 8.1. 
 “Material Adverse Effect” means any Event, which
individually, or together with all other Events, has had or would reasonably be expected to have a material and adverse effect on (a) the business, assets, liabilities, finances, properties, results of operations or condition (financial or
otherwise) of the Company and its Subsidiaries, taken as a whole, or (b) the ability of the Company and its Subsidiaries, taken as a whole, to perform their obligations under, or to consummate the transactions contemplated by, the Transaction
Agreements, including the Rights Offering, except to the extent such Event results from, arises out of, or is attributable to, the following (either alone or in combination): 

(i) any circumstance or development generally affecting global, national or regional political conditions (including hostilities, acts of war,
sabotage, terrorism or military actions, or any escalation or material worsening of any such hostilities, acts of war, sabotage, terrorism or military actions existing or underway) or in the general business, market, financial or economic conditions
affecting the industries, regions and markets in which the Company and its Subsidiaries operate, including any change in the United States or applicable foreign economies or securities, commodities or financial markets, changes in interest rates or
exchange rates, tariffs, quotas or other trade restrictions or barriers, or force majeure events or “acts of God”; 

  
 7 

 (ii) any changes or modifications or proposed changes or modifications after the date hereof
in applicable Law or GAAP, or in the interpretation or enforcement thereof; 
 (iii) the execution, existence, performance, announcement,
pendency or consummation of this Agreement or the other Transaction Agreements or the transactions contemplated hereby or thereby (including any act or omission of the Company or its Subsidiaries expressly required or prohibited, as applicable, by
the Plan Support Agreement or this Agreement or consented to by the Requisite Equity Backstop Parties in writing); 
 (iv) changes in the
market price or trading volume of the claims or equity or debt securities of the Company or its Subsidiaries (but not the underlying facts giving rise to such changes unless such facts are otherwise excluded pursuant to the clauses contained in this
definition); 
 (v) the departure of officers or directors of any of the Company or its Subsidiaries not in contravention of the terms and
conditions of this Agreement (but not the underlying facts giving rise to such departure unless such facts are otherwise excluded pursuant to the clauses contained in this definition); 

(vi) declarations of national emergencies, natural disasters, including any hurricane, flood, tornado, earthquake, tsunami or other weather
disaster, or any global health conditions (including any epidemic, pandemic, or other outbreak of illness, including as a result of the COVID-19 virus or other virus or disease and including any changes in Law
in response thereto, such as COVID-19 Measures); 
 (vii) the occurrence of an Equity Backstop Party
Default; 
 (viii) any failure by the Business to meet any internal or public projections or forecasts, estimates or predictions of
revenues, earnings or other financial, accounting or reporting results or condition for any period, whether such projections, forecasts, estimates or predictions were made by the Company or any of its Affiliates or by independent third parties (but
not the underlying facts giving rise to such failure unless such facts are otherwise excluded pursuant to the clauses contained in this definition); 

(ix) any actions taken or failed to be taken by the Company at the Requisite Equity Backstop Parties’ written request; 

(x) the commencement, pendency or prosecution of the Chapter 11 Cases pursuant to the Bankruptcy Code, any Order of the Bankruptcy Court
(which Order is consistent with this Agreement and the Plan Support Agreement) and any actions approved pursuant thereto (provided that such prosecution is in a manner contemplated by and consistent with the Plan Support Agreement and/or the Plan);
or 
 (xi) the availability or cost of equity, debt or other financing to the Equity Backstop Parties or any of its Affiliates; 

  
 8 

 provided, that the exceptions set forth in clauses (i), (ii) and (vi) shall not apply to the
extent that such Event is disproportionately adverse to the Company and its Subsidiaries, taken as a whole, as compared to other companies in the industries in which the Company and its Subsidiaries operate. 

“MIP” means any new management incentive plan to be adopted by the reorganized Company, the terms of which, including
with respect to amount, form, structure, and vesting, shall be determined by the board of directors of the reorganized Company. 

“Money Laundering Laws” has the meaning set forth in Section 4.15(a). 

“OFAC” means the U.S. Treasury Department’s Office of Foreign Assets Control. 

“OFAC List” means the List of Specially Designated Nationals and Blocked Persons administered by OFAC or in any
Executive Order issued by the President of the United States and administered by OFAC. 
 “Order” means any
judgment, order, award, injunction, writ, permit, license or decree of any Governmental Entity or arbitrator of applicable jurisdiction. 

“Parties” means the Company and each of the Equity Backstop Parties, but excludes, for the avoidance of doubt, the
Debtors other than the Company. 
 “PATRIOT Act” means the USA PATRIOT Act of 2001, as amended. 

“Per Share Purchase Price” means $[5.25]. 

“Person” means an individual, firm, corporation (including any non-profit
corporation), partnership, limited liability company, joint venture, association, trust, Governmental Entity or other entity or organization. 

“Petition Date” means September 20, 2020. 

“Plan” means the Debtors’ joint plan of reorganization to be approved by the Confirmation Order and in accordance
with the Plan Support Agreement, including the Plan Supplement and all exhibits, supplements, appendices and schedules thereto, as may be amended, supplemented, or modified from time to time in accordance with its terms and with the Plan Support
Agreement. 
 “Plan Solicitation Order” means the Order of the Bankruptcy Court approving the Disclosure Statement
and solicitation with respect to the Plan in form and substance consistent with the terms of Plan Support Agreement. 
 “Plan
Supplement” means the documents filed with the Bankruptcy Court as exhibits or supplements to the Plan, including any documents identified by the Plan or Disclosure Statement as such. 

“Plan Support Agreement” has the meaning set forth in the Recitals. 

  
 9 

 “Pre-Closing Period” means
the period from the date of this Agreement to the earlier of the Closing Date and the date on which this Agreement is terminated in accordance with its terms. 

“Prohibition” means any Law or Order (whether temporary, preliminary or permanent) that is in effect and restrains,
enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement or the Plan Support Agreement. 

“Put Option” has the meaning set forth in Section 2.2(b). 

“Registration Rights Agreement” has the meaning set forth in Section 6.5(a). 

“Related Party” means, with respect to any Person, (a) any former, current or future director, officer, agent,
Affiliate, employee, general or limited partner, member, manager or stockholder of such Person and (b) any former, current or future director, officer, agent, Affiliate, employee, general or limited partner, member, manager or stockholder of
any of the foregoing. 
 “Related Purchaser” means, with respect to any Equity Backstop Party, any creditworthy
Affiliate or Affiliated Fund of such Equity Backstop Party (other than any portfolio company of such Equity Backstop Party or its Affiliates). 

“Replacing Equity Backstop Parties” has the meaning set forth in Section 2.3(a). 

“Representatives” means, with respect to any Person, such Person’s directors, officers, members, partners,
managers, employees, agents, investment bankers, attorneys, accountants, advisors and other representatives. 
 “Required Foreign
Antitrust Clearances” means approvals or clearances under the Antitrust Laws of Austria and Germany. 
 “Requisite
Equity Backstop Parties” means Equity Backstop Parties holding in the aggregate more than sixty five percent (65%) of all Rights Offering Backstop Commitments. 

“Restructuring Term Sheet” has the meaning set forth in the Recitals. 

“Restructuring Transactions” has the meaning set forth in the Plan Support Agreement. 

“Rights Offerings” means one or more rights offerings that are backstopped by the Equity Backstop Parties for the
aggregate Rights Offering Amount in connection with the Restructuring Transactions substantially on the terms set forth in the Plan Support Agreement (as such terms may be amended from time to time in accordance with the Plan Support Agreement), and
in accordance with the Plan Solicitation Order, the Rights Offering Procedures and this Agreement, as applicable. 
 “Rights
Offering Amount” means the aggregate purchase price of the Rights Offering Shares, which shall be equal to six hundred thirty two million Dollars ($632,000,000) unless amended in accordance with Section 10.7.

  
 10 

 “Rights Offering Backstop Commitment” has the meaning set forth in
Section 2.2(b). 
 “Rights Offering Expiration Time” means the time and the date on which
the rights offering subscription forms must be duly delivered to the Rights Offering Subscription Agent in accordance with the Rights Offering Procedures, together with the applicable aggregate Per Share Purchase Price, if applicable. 

“Rights Offering Participants” means those Eligible Holders who duly subscribe for Rights Offering Shares in
accordance with the Rights Offering Procedures. 
 “Rights Offering Procedures” means one or more rights offering
procedures with respect to the Rights Offerings that are approved by the Bankruptcy Court pursuant to the Plan Solicitation Order, as they may be amended from time to time in accordance with the Plan Support Agreement. 

“Rights Offering Shares” means the Convertible Series A Preferred Shares to be offered to Eligible Holders in the
Rights Offerings. For the avoidance of doubt, the Rights Offering Shares shall include all Unsubscribed Shares purchased by the Equity Backstop Parties pursuant to this Agreement). 

“Rights Offering Subscription Agent” means Kurtzman Carson Consultants. 

“Sanctions” has the meaning set forth in Section 4.15(b). 

“SEC” means the U.S. Securities and Exchange Commission. 

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

“Series A Certificate of Designation” means that certain Series A Certificate of Designation setting forth the terms
governing the Convertible Series A Preferred Shares in form and substance reasonably acceptable to the Company and the Requisite Equity Backstop Parties and reflecting, inter alia, the applicable terms set forth in the Restructuring Term
Sheet. 
 “Series B Certificate of Designation” means that certain Series B Certificate of Designation setting forth
the terms governing the Series B Preferred Stock (if any), in form and substance reasonably acceptable to the Company and the Requisite Equity Backstop Parties and reflecting, inter alia, the applicable terms set forth in the Restructuring
Term Sheet. 
 “SOX” has the meaning set forth in Section 4.9. 

“Spin-Off Date” means October 1, 2018. 

“Subscription Rights” means the subscription rights to purchase Rights Offering Shares. 

  
 11 

 “Subsidiary” means, with respect to any Person, any corporation,
partnership, joint venture or other legal entity as to which such Person (either alone or through or together with any other Subsidiary), (a) owns, directly or indirectly, more than fifty percent (50%) of the stock or other equity interests,
(b) has the power to elect a majority of the board of directors or similar governing body, or (c) has the power to direct the business and policies. 

“Sullivan & Cromwell” means Sullivan & Cromwell LLP. 

“Taxes” means all taxes, assessments, duties, levies or other mandatory governmental charges paid to a Governmental
Entity, including all federal, state, local, foreign and other income, franchise, profits, gross receipts, capital gains, capital stock, transfer, property, sales, use, value-added, occupation, excise, severance, windfall profits, stamp, payroll,
social security, withholding and other taxes, assessments, duties, levies or other mandatory governmental charges of any kind whatsoever paid to a Governmental Entity (whether payable directly or by withholding and whether or not requiring the
filing of a return), all estimated taxes, deficiency assessments, additions to tax, penalties and interest thereon and shall include any liability for such amounts as a result of being a member of a combined, consolidated, unitary or affiliated
group, as transferee or successor, by Contract, as withholding agent, or otherwise. 
 “Transaction Agreements” has
the meaning set forth in Section 4.2(a). 
 “Transfer” means to sell, transfer, assign,
pledge, hypothecate, participate, permit the participation in, donate or otherwise encumber or dispose of, directly or indirectly (including through derivatives, options, swaps, pledges, forward sales, participations or other transactions in which
any Person receives the right to own or acquire any current or future interest in a Subscription Right, a Rights Offering Share or common stock of the Company). “Transfer” used as a noun has a correlative meaning. 

“Unsubscribed Shares” means the Rights Offering Shares that have not been duly purchased by Rights Offering
Participants (other than Equity Backstop Parties) in the Rights Offerings. 
 “willful or intentional breach” has
the meaning set forth in Section 9.5. 
 Section 1.2 Construction. In this Agreement, unless the
context otherwise requires: 
 (a) references to Articles, Sections, Exhibits and Schedules are references to the articles and sections or
subsections of, and the exhibits and schedules attached to, this Agreement; 
 (b) references in this Agreement to “writing” or
comparable expressions include a reference to a written document transmitted by means of electronic mail in portable document format (pdf), facsimile transmission or comparable means of communication; 

(c) words expressed in the singular number shall include the plural and vice versa; words expressed in the masculine shall include the
feminine and neuter gender and vice versa; 

  
 12 

 (d) the words “hereof”, “herein”, “hereto” and
“hereunder”, and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, including all Exhibits and Schedules attached to this Agreement, and not to any provision of this Agreement; 

(e) the term “this Agreement” shall be construed as a reference to this Agreement as the same may have been, or may from time to
time be, amended, modified, varied, novated or supplemented; 
 (f) “include”, “includes” and “including” are
deemed to be followed by “without limitation” whether or not they are in fact followed by such words; 
 (g) references to
“day” or “days” are to calendar days; 
 (h) references to “the date hereof” means the date of this Agreement;

 (i) unless otherwise specified, references to a statute means such statute as amended from time to time and includes any successor
legislation thereto and any rules or regulations promulgated thereunder in effect from time to time; and 
 (j) references to
“dollars” or “$” refer to currency of the United States of America, unless otherwise expressly provided. 
 ARTICLE II

 BACKSTOP COMMITMENT 

Section 2.1 The Rights Offerings; Subscription Rights. 

(a) On and subject to the terms and conditions hereof, including entry of the EBA Approval Order by the Bankruptcy Court, the Company shall
conduct the Rights Offering pursuant to and in accordance with the Rights Offering Procedures, this Agreement and the Plan Solicitation Order, as applicable. 

(b) If requested by the Requisite Equity Backstop Parties from time to time prior to the Rights Offering Expiration Time (and any permitted
extensions thereto), the Company shall notify, or cause the Rights Offering Subscription Agent to notify, within forty eight (48) hours of receipt of such request by the Requisite Equity Backstop Parties, the Equity Backstop Parties of the
aggregate number of Subscription Rights known by the Company or the Rights Offering Subscription Agent to have been exercised pursuant to the Rights Offerings as of the most recent practicable time before such request. The offer and sale of the
Acquired Shares (that are not otherwise exempt pursuant to section 1145 of the Bankruptcy Code) purchased by the Equity Backstop Parties pursuant to this Agreement will be conducted in reliance upon the exemption from registration under
Section 4(a)(2) of the Securities Act, or another available exemption from registration under the Securities Act, as applicable, and the Plan and the Disclosure Statement shall each include a statement to such effect. 

(c) All Convertible Series A Preferred Shares, including any such shares issued to Rights Offering Participants pursuant to the Rights
Offerings and any Unsubscribed Shares issued to Equity Backstop Parties pursuant to this Agreement, will be issued subject to Agreed Dilution. 

  
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 Section 2.2 The Commitments. 

(a) On and subject to the terms and conditions hereof, including entry of the EBA Approval Order, each Equity Backstop Party agrees, severally
(in accordance with its Equity Backstop Percentage) and not jointly, to exercise (or cause any of its Related Purchasers to exercise) all Subscription Rights that are issued to it (or such Related Purchaser) pursuant to the Rights Offerings, and
duly purchase all Rights Offering Shares issuable to it pursuant to such exercise, in accordance with the Rights Offering Procedures, the Plan, the Plan Support Agreement, and this Agreement; provided that any Defaulting Equity Backstop Party
shall be liable to each Equity Backstop Party that is not a Defaulting Equity Backstop Party as a result of any breach of its obligations hereunder; provided further that no Equity Backstop Party shall be liable for the failure to exercise
any of its Subscription Rights to the extent it is a result of a breach by the Company of the Rights Offering Procedures. 
 (b) On and
subject to the terms and conditions hereof, including entry of the Confirmation Order, each Equity Backstop Party hereby grants to the Company an option (collectively, the “Put Option”) to require such Equity Backstop Party
to purchase (or cause any of its Related Purchasers to purchase) on a pro rata basis (in accordance with its Equity Backstop Percentage) Unsubscribed Shares on the Closing Date subject to the terms and conditions of this Agreement. Upon the
exercise of the Put Option (which, for the avoidance of doubt, may only be exercised by the Company with respect to all Equity Backstop Parties), each Equity Backstop Party agrees, severally and not jointly (in accordance with its Equity Backstop
Percentage), to purchase (or cause any of its Related Purchasers to purchase), and the Company agrees to sell to such Equity Backstop Party (or Related Purchaser), on the Closing Date, for the applicable aggregate Per Share Purchase Price, the
number of Unsubscribed Shares equal to (x) such Equity Backstop Party’s Equity Backstop Percentage multiplied by (y) the aggregate number of Unsubscribed Shares, rounded among the Equity Backstop Parties solely to avoid fractional
shares as the Requisite Equity Backstop Parties may determine in their sole discretion (provided that in no event shall such rounding reduce the aggregate commitment of such Equity Backstop Parties). The obligations of the Equity Backstop
Parties to purchase such Unsubscribed Shares as described in this Section 2.2(b) shall be referred to as the “Rights Offering Backstop Commitment.” The Company shall exercise the
Put Option by delivery to each Equity Backstop Party of a written put election notice. 
 Section 2.3 Equity Backstop Party Default;
Replacement of Defaulting Equity Backstop Parties. 
 (a) Upon the occurrence of an Equity Backstop Party Default, the Equity Backstop
Parties and their respective Related Purchasers (other than any Defaulting Equity Backstop Party) shall have the obligation, within ten (10) Business Days after receipt of written notice from the Company to all Equity Backstop Parties of such
Equity Backstop Party Default, which notice shall be given promptly following the occurrence of such Equity Backstop Party Default and to all Equity Backstop Parties substantially concurrently, to make arrangements for one or more of the Equity
Backstop Parties and their respective Related Purchasers (other than 

  
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the Defaulting Equity Backstop Party) to purchase the Available Shares (such purchase, an “Equity Backstop Party Replacement”) on the terms and subject to the conditions
set forth in this Agreement and in such amounts as may be agreed upon among the Equity Backstop Parties electing to purchase Available Shares, or, if no such agreement is reached, based upon the relative applicable Equity Backstop Percentages of any
such Equity Backstop Parties (other than any Defaulting Equity Backstop Party) (such Equity Backstop Parties, the “Replacing Equity Backstop Parties”); provided, that, each Equity Backstop Party (and/or its applicable
Related Purchasers) shall have the right to purchase such Equity Backstop Party’s pro rata share of the Available Shares, based upon the relative applicable Equity Backstop Percentages of the Equity Backstop Parties; provided,
further, that notwithstanding the foregoing, no non-Defaulting Equity Backstop Party shall be obligated to purchase a total number of Unsubscribed Shares greater than such Equity Backstop Party’s Equity
Backstop Percentage (without giving effect to any commitment to purchase any Available Shares pursuant to this Section 2.3(a)) multiplied by the total aggregate number of Rights Offering Shares. Any Available Shares
purchased by a Replacing Equity Backstop Party (and any commitment and applicable aggregate Per Share Purchase Price associated therewith) shall be included, among other things, in the determination of (x) the Unsubscribed Shares of such
Replacing Equity Backstop Party for all purposes hereunder, (y) the Equity Backstop Percentage of such Replacing Equity Backstop Party for purposes of Section 2.3(c), Section 2.4(a) and
Section 2.4(b) and (z) the Rights Offering Backstop Commitment of such Replacing Equity Backstop Party for purposes of the definition of “Requisite Equity Backstop Parties.” 

(b) Notwithstanding anything in this Agreement to the contrary, if an Equity Backstop Party is a Defaulting Equity Backstop Party, it shall
not be entitled to any of the expense reimbursement applicable to such Defaulting Equity Backstop Party (including the Expense Reimbursement) or indemnification provided, or to be provided, under or in connection with this Agreement. 

(c) Nothing in this Agreement shall be deemed to require an Equity Backstop Party to purchase more than its Equity Backstop Percentage of the
Unsubscribed Shares. 
 (d) For the avoidance of doubt, notwithstanding anything to the contrary set forth in
Section 9.4, no provision of this Agreement shall limit the availability of money damages or the remedies set forth in Section 10.9 in connection with any such Defaulting Equity Backstop
Party’s Equity Backstop Party Default. Notwithstanding anything in this Agreement to the contrary, none of the Rights Offering Backstop Commitments of the Equity Backstop Parties shall be reduced for any reason. 

Section 2.4 Funding. 

(a) Funding Notice. No later than the fifth (5th) Business Day following the
Rights Offering Expiration Time, the Rights Offering Subscription Agent shall, on behalf of the Company, deliver to each Equity Backstop Party a written notice (the “Funding Notice”) setting forth (i) the number of
Rights Offering Shares elected to be purchased by the Rights Offering Participants, and the aggregate Per Share Purchase Price therefor; (ii) the aggregate number of Unsubscribed Shares, if any, and the aggregate Per Share Purchase Price
therefor; (iii) the Equity Backstop Party’s Equity Backstop Percentage and the aggregate number of Backstop Shares as 

  
 15 

 
of that date to be issued and sold by the Company to such Equity Backstop Party, and the aggregate Per Share Purchase Price therefor; (iv) if applicable, the number of Rights Offering Shares
such Equity Backstop Party is subscribed for in the Rights Offerings and for which such Equity Backstop Party had not yet paid to the Rights Offering Subscription Agent the aggregate Per Share Purchase Price therefor, together with such aggregate
Per Share Purchase Price; and (v) subject to the last sentence of Section 2.4(b), a segregated account maintained by the Rights Offering Subscription Agent for proceeds received in respect of the Rights Offering
Backstop Commitment in accordance with terms and subject to conditions reasonably satisfactory to the Requisite Equity Backstop Parties and the Company (“Backstop Funding Account”), to which Backstop Funding Account such
Equity Backstop Party shall deliver and pay the aggregate Per Share Purchase Price for such Equity Backstop Party’s Backstop Shares and, if applicable, the aggregate Per Share Purchase Price for the Rights Offering Shares such Equity Backstop
Party has subscribed for in the Rights Offerings. The Company shall promptly direct the Rights Offering Subscription Agent to provide any written backup, information and documentation relating to the information contained in the applicable Funding
Notice as any Equity Backstop Party may request. 
 (b) Funding. On such date reasonably agreed among the Company and the Requisite
Equity Backstop Parties which shall not be earlier than the fourth (4th) Business Day following receipt of the Funding Notice or more than eight (8) Business Days prior to the planned
Effective Date (the “Funding Date”), each Equity Backstop Party shall deliver and pay an amount equal to the sum of (i) the aggregate Per Share Purchase Price for such Equity Backstop Party’s Backstop Shares,
plus (ii) the aggregate Per Share Purchase Price for the Convertible Series A Preferred Shares issuable pursuant to such Equity Backstop Party’s exercise of all the Subscription Rights issued to it in the Rights Offerings and
plus (iii) the aggregate Per Share Purchase Price for the Convertible Series A Preferred Shares issuable pursuant to such Equity Backstop Party’s exercise of all the Subscription Rights issued pursuant to the Backstop Commitment Fee
Allocation, by wire transfer of immediately available funds in U.S. dollars into the Backstop Funding Account in satisfaction of such Equity Backstop Party’s Rights Offering Backstop Commitment and its obligations to fully exercise its
Subscription Rights. If the Closing does not occur, all amounts deposited by the Equity Backstop Parties in the Backstop Funding Account shall be returned to such Equity Backstop Parties in accordance with the terms of the escrow agreement.
Notwithstanding the foregoing, all payments contemplated to be made by any Equity Backstop Party to the Backstop Funding Account pursuant to this Section 2.4 may instead be made, at the option of such Equity Backstop Party,
to the segregated bank account of the Rights Offering Subscription Agent maintained by the Rights Offering Subscription Agent for receipt of the proceeds of the Rights Offerings. 

Section 2.5 Closing. 

(a) Subject to Article VII, unless otherwise mutually agreed in writing between the Company and the Requisite Equity Backstop Parties,
the closing of the Rights Offerings and the issuance and purchase of Acquired Shares pursuant to this Agreement (the “Closing”) shall take place at the offices of Jones Day, 250 Vesey St, New York, New York 10281, at 10:00
a.m., New York City time, on the date on which all of the conditions set forth in Article VII shall have been satisfied or waived in accordance with this Agreement (other than conditions that by their terms are to be satisfied at the Closing,
but subject to the satisfaction or waiver of such conditions). The date on which the Closing actually occurs shall be referred to herein as the “Closing Date”. 

  
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 (b) At the Closing, the funds held in the Backstop Funding Account (and any amounts paid to
a Rights Offering Subscription Agent bank account pursuant to the last sentence of Section 2.4(b)) shall, as applicable, be released and utilized in accordance with the Plan. 

(c) At the Closing, issuance of the Unsubscribed Shares will be made by the Company to each Equity Backstop Party (or to its designee in
accordance with Section 2.6) against payment of the aggregate Per Share Purchase Price for the Unsubscribed Shares purchased by such Equity Backstop Party, in satisfaction of such Equity Backstop Party’s Rights
Offering Backstop Commitment. The entry of any Unsubscribed Shares to be delivered pursuant to this Section 2.5(c) into the account of an Equity Backstop Party pursuant to the Company’s book entry procedures and
delivery to such Equity Backstop Party of an account statement reflecting the book entry of such Unsubscribed Shares shall be deemed delivery of such Unsubscribed Shares for purposes of this Agreement. Notwithstanding anything to the contrary in
this Agreement, all Unsubscribed Shares will be delivered with all issue, stamp, transfer, sales and use, or similar transfer Taxes or duties that are due and payable (if any) in connection with such delivery duly paid by the Company on behalf of
the Company. 
 Section 2.6 Designation and Assignment Rights. 

(a) Each Equity Backstop Party shall have the right to require, by written notice to the Company no later than two (2) Business Days
prior to the Closing Date, that all or any portion of its (x) Subscription Rights, (y) Rights Offering Backstop Commitment or (z) Backstop Commitment Fee Allocation, in each case be issued in the name of, and delivered to one or more
of its Related Purchasers, which notice of designation shall (i) be addressed to the Company and signed by such Equity Backstop Party and each such Related Purchaser, (ii) specify the number of Convertible Series A Preferred Shares to be
delivered to or issued in the name of each such Related Purchaser and (iii) contain a confirmation by each such Related Purchaser of the accuracy of the representations made by each Equity Backstop Party under this Agreement as applied to such
Related Purchaser; provided that no such designation shall relieve such Equity Backstop Party from any of its obligations under this Agreement. 

(b) Each Equity Backstop Party shall have the right to Transfer all or any portion of its (x) Subscription Rights, (y) Rights
Offering Backstop Commitment or (z) Backstop Commitment Fee Allocation, in each case to any other Equity Backstop Party or a creditworthy Related Purchaser to such other Equity Backstop Party (each, an “Existing Equity Backstop Party
Purchaser”); provided, that (i) such Existing Equity Backstop Party Purchaser shall have been an Equity Backstop Party or its Related Purchaser as of immediately prior to such Transfer and (ii) if applicable, such
Existing Equity Backstop Party Purchaser shall deliver to the Company a joinder to this Agreement, in a form reasonably acceptable to the Company and the Requisite Equity Backstop Parties, that contains a confirmation of the accuracy of the
representations made by each Equity Backstop Party under this Agreement as applied to such Person. 

  
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 (c) Other than as expressly set forth in this Section 2.6, no
Equity Backstop Party shall be permitted to Transfer all or any portion of its Subscription Rights or Rights Offering Backstop Commitment. Any Transfer made (or attempted to be made) in violation of this Agreement shall be deemed null and void ab
initio and of no force or effect, regardless of any prior notice provided to the Company or any Equity Backstop Party, and shall not create (or be deemed to create) any obligation or liability of any other Equity Backstop Party or any Debtor to
the purported transferee or limit, alter or impair any agreements, covenants, or obligations of the proposed transferor under this Agreement. After the Closing Date, subject to any transfer restrictions under U.S. federal and state securities laws
which may be applicable, including the restrictions described in Section 6.3, nothing in this Agreement shall limit or restrict in any way the ability of any Equity Backstop Party (or any permitted transferee thereof) to
Transfer any of the Convertible Series A Preferred Shares or any interest therein. 
 ARTICLE III 

BACKSTOP COMMITMENT FEE ALLOCATION; EXPENSE REIMBURSEMENT 

Section 3.1 Backstop Commitment Fee Alloction. In consideration for the Rights Offering Backstop Commitment and the
other agreements of the Equity Backstop Parties in this Agreement, the Company shall issue to the Equity Backstop Parties (severally, and not jointly, in accordance with their Equity Backstop Percentages), Subscription Rights to purchase Rights
Offering Shares for an aggregate purchase price in an amount equal to 8.441636227% of the Rights Offering Amount (such Subscription Rights, the “Backstop Commitment Fee Allocation” and such Convertible Series A Preferred
Shares the “Backstop Commitment Fee Shares”). Each Equity Backstop Party shall, at the Closing and in accordance with Section 2.4, exercise such Subscription Rights and purchase, at the Per Share Purchase Price, a number
of Backstop Commitment Fee Shares equal to such Equity Backstop Party’s Equity Backstop Percentage multiplied by the total number of Backstop Commitment Fee Shares. The Backstop Commitment Fee Allocation shall be fully earned,
nonrefundable and non-avoidable upon entry by the Bankruptcy Court of the EBA Approval Order and shall be issued free and clear of any withholding or deduction for any applicable Taxes. 

Section 3.2 Expense Reimbursement. 

(a) In accordance with and subject to the EBA Approval Order and the Confirmation Order, the Debtors will pay, in accordance with
Section 3.2(b) below, (i) all reasonable and documented out-of-pocket fees and expenses (including travel costs and expenses) of all of
the attorneys, accountants, other professionals, advisors, and consultants incurred on behalf of the Equity Backstop Parties, or their Affiliates, in connection with the Chapter 11 Cases and/or the Restructuring Transactions (whether incurred before
or after the Petition Date), including the fees and expenses of (A) Jones Day as primary counsel to each Additional Investor, (B) Rothschild & Co., as financial advisor to each Additional Investor, (C) Fried, Frank, Harris,
Shriver & Jacobson LLP, as legal counsel to The Baupost Group, LLC, and (D) Ducera Partners LLC, as financial advisor to The Baupost Group, LLC and (ii) any applicable filing or other similar fees required to be paid in all
applicable jurisdictions (such payment obligations in clauses (i) and (ii), the “Expense Reimbursement”); provided, that (x) amounts paid in respect of the Expense Reimbursement shall be subject to the
Interim Cap 

  
 18 

 
pursuant to Section 11.01 of the Plan Support Agreement and (y) no amounts shall be payable in respect of the Expense Reimbursement to any Defaulting Equity Backstop Party or its
Affiliates. The Expense Reimbursement shall, pursuant to the EBA Approval Order, constitute allowed administrative expenses against each of the Debtors’ estates under sections 503(b) and 507 of the Bankruptcy Code. For the avoidance of doubt,
the amount payable pursuant to this Section 3.2 shall be determined without duplication of recovery under the Plan Support Agreement. 

(b) Subject to the Interim Cap (i) the Expense Reimbursement accrued through the date on which the EBA Approval Order is entered shall be
paid in accordance with the EBA Approval Order as promptly as reasonably practicable after the date of the entry of the EBA Approval Order and (ii) the Expense Reimbursement shall thereafter be payable by the Debtors within three
(3) Business Days from receipt of the applicable invoice in accordance with the EBA Approval Order; provided, that the Debtors’ final payment shall be made contemporaneously with the Closing in accordance with the terms of the Plan
or, if the Closing does not occur, upon the termination of this Agreement. 
 (c) The provisions for the payment of the Expense
Reimbursement, and the indemnification provided herein, are an integral part of the transactions contemplated by this Agreement and without these provisions the Equity Backstop Parties would not have entered into this Agreement. 

Section 3.3 Tax Treatment of Rights Offering Backstop Commitments. The Equity Backstop Parties and the Debtors
hereto agree to treat, for federal income tax purposes, the entering into of the Rights Offering Backstop Commitments pursuant to this Agreement as the granting of a put option by the Equity Backstop Parties to the Company in connection with the
Debtors’ entry into the Plan Support Agreement and as part of the purchase of the Backstop Commitment Fee Allocation Shares. The Equity Backstop Parties and the Debtors shall not take any position or action inconsistent with such treatment
and/or characterization. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Except (a) as disclosed in the Company SEC Documents filed with the SEC and publicly available on the SEC’s Electronic
Data-Gathering, Analysis and Retrieval system on or after December 31, 2019 and prior to the date hereof (excluding any disclosures contained in the “Forward-Looking Statements” or “Risk Factors” sections thereof, or any
other statements that are similarly predictive, cautionary or forward looking in nature), or (b) as disclosed in any filings made with the Bankruptcy Court in connection with the Chapter 11 Cases, and solely for the purposes of satisfying the
conditions precedent to the obligations of the Equity Backstop Parties hereunder, the Company hereby represents and warrants to the Equity Backstop Parties (unless otherwise set forth herein, as of the date of this Agreement and as of the Closing
Date) as set forth below. None of the representations or warranties set forth in this Article IV shall be deemed to be given with respect to any period prior to the Spin-Off Date. 

  
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 Section 4.1 Organization and Qualification. Each of the Company and its
Subsidiaries (a) is a duly organized and validly existing corporation, limited liability company or other form of entity, as the case may be, and, if applicable, in good standing (or the equivalent thereof) under the Laws of the jurisdiction of
its incorporation or organization, (b) has the corporate, limited liability company or other applicable power and authority to own its property and assets and to transact the business in which it is currently engaged and presently proposes to
engage and (c) except where the failure to have such authority or qualification would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, is duly qualified and is authorized to do business and is in
good standing in each jurisdiction where the conduct of its business as currently conducted requires such qualifications. 

Section 4.2 Corporate Power and Authority. 

(a) The Company has, subject to entry of the EBA Approval Order and the Confirmation Order, the requisite corporate power and authority
(i) (A) to enter into, execute and deliver this Agreement and to perform the EBA Approval Obligations and (B) to perform each of its other obligations hereunder and (ii) subject to entry of the Plan Solicitation Order, to consummate
the transactions contemplated herein and in the Plan, to enter into, execute and deliver all agreements to which it will be a party as contemplated by this Agreement, the Plan Support Agreement, the Registration Rights Agreement, the DIP Facility,
the Exit Credit Facilities, and such other agreements and any Plan supplements or documents referred to herein or therein or hereunder or thereunder, as they may from time to time be amended in accordance with their terms, collectively, the
“Transaction Agreements”) and to perform its obligations under each of the Transaction Agreements (other than this Agreement). Subject to the receipt of the foregoing Orders, as applicable, the execution and delivery of this
Agreement and each of the other Transaction Agreements and the consummation of the transactions contemplated hereby and thereby have been or will be duly authorized by all requisite corporate action on behalf of the Company, and no other corporate
authorizations or consents on the part of the Company are or will be necessary to authorize this Agreement or any of the other Transaction Agreements or to consummate the transactions contemplated hereby or thereby. 

(b) Subject to entry of the EBA Approval Order, the Plan Solicitation Order, and the Confirmation Order, each of the Debtors other than the
Company has the requisite power and authority (corporate or otherwise) to enter into, execute and deliver each Transaction Agreement to which such other Debtor is contemplated to be a party and to perform its obligations thereunder. Subject to entry
of the EBA Approval Order, the Plan Solicitation Order, and the Confirmation Order, the execution and delivery of this Agreement and each of the other Transaction Agreements and the consummation of the transactions contemplated hereby and thereby
have been or will be duly authorized by all requisite organizational action on behalf of each such other Debtor party thereto, and no other organizational authorizations or consents on the part of any such other Debtor party thereto are or will be
necessary to authorize this Agreement or any of the other Transaction Agreements or to consummate the transactions contemplated hereby or thereby. 

  
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 Section 4.3 Execution and Delivery; Enforceability. This Agreement has been duly
executed and delivered by the Company and each of the Debtors. Subject to the entry of the EBA Approval Order, the Plan Solicitation Order, and the Confirmation Order, as applicable, each other Transaction Agreement will be, duly executed and
delivered by the Company and each of the other Debtors party thereto. Upon entry of the EBA Approval Order and assuming due and valid execution and delivery hereof by the Equity Backstop Parties, the EBA Approval Obligations will constitute the
valid and legally binding obligations of the Company and, to the extent applicable, the other Debtors, enforceable against the Company and, to the extent applicable, the other Debtors in accordance with their respective terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other similar Laws now or hereafter in effect relating to creditor’s rights generally and subject to general principles of equity. Upon entry of the EBA Approval Order, the Plan Solicitation Order, and
the Confirmation Order, and assuming due and valid execution and delivery of this Agreement and the other Transaction Agreements by the Equity Backstop Parties and, to the extent applicable, any other parties hereof and thereof, each of the
obligations of the Company and, to the extent applicable, the other Debtors hereunder and thereunder will constitute the valid and legally binding obligations of the Company and, to the extent applicable, the other Debtors, enforceable against the
Company and, to the extent applicable, the other Debtors, in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar Laws now or hereafter in effect relating to creditor’s rights
generally and subject to general principles of equity. 
 Section 4.4 Authorized and Issued Equity Interests. 

(a) As of the Closing Date, except as reserved in respect of the MIP, (i) the total issued equity interests of the Company will consist
solely of (x) 76,068,026 shares of the common stock of the Company (less any shares of common stock of the Company canceled under the Plan and not including any additional shares of common stock of the Company issued pursuant to the Plan and in
accordance with the Plan Support Agreement), (y) up to 247,771,429 Convertible Series A Preferred Shares, including Convertible Series A Preferred Shares issued under the Rights Offerings and the Put Option, and (z) the Series B Preferred Stock
issued pursuant to the Plan in accordance with the Plan Support Agreement, (ii) no equity interests will be held by the Company in its treasury, (iii) no equity interests will be reserved for issuance upon exercise of stock options or
other rights to purchase or acquire equity interests granted in connection with any employment arrangement, except as reserved in respect of the MIP, and (iv) no warrants to purchase equity interests will be issued and outstanding. Except as
set forth in the prior sentence, as of the Closing Date, no shares of capital stock or other equity securities or voting interest in the Company will have been issued, reserved for issuance or outstanding. 

(b) Except as described in this Section 4.4 and except as set forth in the Registration Rights Agreement, the
Company Organizational Documents and this Agreement, as of the Closing Date, none of the Company or its Subsidiaries will be party to or otherwise bound by or subject to any outstanding option, warrant, call, right, security, commitment, Contract,
arrangement or undertaking (including any preemptive right) that (i) obligates the Company or its Subsidiaries to issue, deliver, sell or transfer, or repurchase, redeem or otherwise acquire, or cause to be issued, delivered, sold or
transferred, or repurchased, redeemed or otherwise acquired, any units or shares of the capital stock of, or other equity or voting interests in, the Company or its Subsidiaries or any security convertible or exercisable for or exchangeable into any
capital stock of, or other equity or voting interest in, the Company or its Subsidiaries, (ii) obligates the Company or its Subsidiaries to issue, grant, extend or enter into any such option, warrant, call, right, security, commitment,
Contract, arrangement or undertaking, (iii) restricts the Transfer of any units or shares of capital stock of the Company (other than any restrictions, subject to the approval of the Equity Backstop Parties, included in the Exit Credit
Facilities or any corresponding pledge agreement) or (iv) relates to the voting of any equity interests in the Company or its Subsidiaries. 

  
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 Section 4.5 Issuance. The Convertible Series A Preferred Shares to be issued
pursuant to the Plan, including the Convertible Series A Preferred Shares to be issued in connection with the consummation of the Rights Offerings and the Put Option and pursuant to the terms hereof and the Subscription Rights delivered as payment
of the Backstop Commitment Fee Allocation, will, when issued and delivered on the Closing Date in exchange for the aggregate Per Share Purchase Price therefor, be duly and validly authorized, issued and delivered and shall be fully paid and non-assessable, and free and clear of all Liens (other than Transfer restrictions imposed hereunder or under the Company Organizational Documents or by applicable Law, including U.S. federal and state securities
laws), preemptive rights, subscription and similar rights (other than any rights set forth in the Company Organizational Documents and the Registration Rights Agreement). 

Section 4.6 No Conflict. Assuming the consents described in clauses (a) through (g) of Section 4.7
are obtained, the execution and delivery by the Company and, if applicable, any other Debtor, of this Agreement, the Plan and the other Transaction Agreements, the compliance by the Company and, if applicable, any other Debtor, with the provisions
hereof and thereof and the consummation of the transactions contemplated herein and therein will not (a) conflict with, or result in a breach, modification or violation of, any of the terms or provisions of, or constitute a default under (with
or without notice or lapse of time, or both), or result, except to the extent specified in the Plan, in the acceleration of, or the creation of any Lien under, or cause any payment or consent to be required under any Contract (other than any
Contract whose terms provide that such Contract automatically terminates upon, or that another party thereto has the right to terminate such Contract upon, the commencement of the Bankruptcy Cases and/or the entry of the Confirmation Order) to which
any Debtor will be bound as of the Closing Date after giving effect to the Plan or to which any of the property or assets of any Debtor will be subject as of the Closing Date after giving effect to the Plan, (b) result in any violation of the
provisions of any of the Debtors’ organizational documents (other than, for the avoidance of doubt, a breach or default that would be triggered as a result of the Chapter 11 Cases or the Company’s or any other Debtor’s undertaking to
implement the Restructuring Transactions through the Chapter 11 Cases), or (c) result in any violation of any Law or Order applicable to any Debtor or any of their properties, except in each of the cases described in clause (a) or (c) for
any conflict, breach, modification, violation, default, acceleration or Lien which would not reasonably be expected to be, individually or in the aggregate, a Material Adverse Effect. 

Section 4.7 Consents and Approvals. No consent, approval, authorization, Order, registration or qualification of or with any
Governmental Entity having jurisdiction over any of the Debtors or any of their properties (each, an “Applicable Consent”) is required for the execution and delivery by the Company and, to the extent relevant, the other
Debtors, of this Agreement, the Plan and the other Transaction Agreements, the compliance by the Company and, to the extent relevant, the other Debtors, with the provisions hereof and thereof and the consummation of the transactions contemplated
herein and therein, except for (a) the entry of the EBA Approval Order authorizing the Company to execute and deliver this Agreement and perform the EBA Approval Obligations, (b) the entry of the Plan Solicitation Order, (c) the entry
by the 

  
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Bankruptcy Court, or any other court of competent jurisdiction, of Orders as may be necessary in the Chapter 11 Cases from
time-to-time, (d) the entry of the Confirmation Order, (e) filings, notifications, authorizations, approvals, consents, clearances or termination or expiration
of all applicable waiting periods under any Antitrust Laws in connection with the transactions contemplated by this Agreement, (f) such consents, approvals, authorizations, registrations or qualifications as may be required under state
securities or “Blue Sky” Laws in connection with the purchase of the Unsubscribed Shares by the Equity Backstop Parties, the issuance of the Subscription Rights or the issuance of the Rights Offering Shares pursuant to the exercise of the
Subscription Rights, the issuance of Convertible Series A Preferred Shares on account of the exercise of the Backstop Commitment Fee Allocation and (g) any Applicable Consents that, if not made or obtained, would not reasonably be expected to
be, individually or in the aggregate, material and adverse to the Debtors. 
 Section 4.8 Arm’s-Length. Each of the Debtors acknowledges and agrees that (a) each of the Equity Backstop Parties is acting solely in the capacity of an arm’s-length
contractual counterparty to the Debtors with respect to the transactions contemplated hereby (including in connection with determining the terms of the Rights Offerings) and not as a financial advisor or a fiduciary to, or an agent of, the Debtors
or any of their respective Subsidiaries and (b) no Equity Backstop Party is advising the Debtors or any of their respective Subsidiaries as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. 

Section 4.9 Company SEC Documents and Disclosure Statement. The Company has filed with or furnished to the SEC all
reports, schedules, forms, statements and other documents (including exhibits and other information incorporated therein) required to be filed or furnished by them since December 31, 2018 under the Exchange Act or the Securities Act. As of
their respective dates, and, if amended, as of the date of the last such amendment, each of the Company SEC Documents, including any financial statements or schedules included therein, (a) did not contain any untrue statement of a material fact
or omit to state a material fact required to be stated in such Company SEC Document or necessary in order to make the statements in such Company SEC Document, in light of the circumstances under which they were made, not misleading and
(b) complied in all material respects with the applicable requirements of the Exchange Act, the Securities Act and the Sarbanes-Oxley Act of 2002 (“SOX”), as the case may be, and the applicable rules and regulations of
the SEC under the Exchange Act, the Securities Act and SOX, as the case may be. The Disclosure Statement as approved by the Bankruptcy Court will contain “adequate information,” as such term is defined in section 1125 of the Bankruptcy
Code, and will otherwise comply in all material respects with section 1125 of the Bankruptcy Code. 
 Section 4.10 Absence of
Certain Changes. Since September 30, 2020 to and including the date of this Agreement, no Event has occurred or exists that has had or would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 Section 4.11 No Violation; Compliance with Laws. (a) The Company is not in violation of its certificate of
incorporation, charter or bylaws and (b) no other Debtor or any of its Subsidiaries is in violation of its respective certificate of incorporation or formation, charter, bylaws, limited liability company operating agreement or similar
organizational document in any material respect. None of the Company or its Subsidiaries is or has been at any time since the Spin-Off Date in violation of any Law or Order, except for any such violations that
have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
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 Section 4.12 Legal Proceedings. Other than the Chapter 11 Cases and any
adversary proceedings or contested motions commenced in connection therewith, there are no material legal, governmental, administrative, judicial or regulatory investigations, audits, actions, suits, claims, arbitrations, demands, demand letters,
claims, notices of noncompliance or violations, or proceedings (“Legal Proceedings”) pending or, to the Knowledge of the Company, threatened to which any of the Company or its Subsidiaries is a party or to which any property
of any of the Company or its Subsidiaries is the subject which, if adversely determined, would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 4.13 Tax Matters. 

(a) Each of the Debtors and their respective Subsidiaries has filed or caused to be filed all U.S. federal, state, provincial, local and non-U.S. income and other material Tax returns required to have been filed by it and each such Tax return is true and correct in all material respects; 

(b) Each of the Debtors and their respective Subsidiaries has timely paid or caused to be timely paid all Taxes shown to be due and payable by
it on the returns referred to in clause (a) and all other material Taxes or assessments (or made adequate provision (in accordance with GAAP) for the payment of all such Taxes due) with respect to all periods or portions thereof ending on or
before the date hereof; 
 (c) As of the date hereof, with respect to the Debtors and their respective Subsidiaries, other than in
connection with the Chapter 11 Cases and other than Taxes or assessments that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP, (i) no claims have been
asserted in writing with respect to any material Taxes, (ii) no presently effective waivers or extensions of statutes of limitation with respect to Taxes have been given or requested and (iii) no Tax returns are being examined or audited
by, and no written notification of intention to examine or audit has been received from, the IRS or any other Governmental Entity. 
 (d)
None of the Debtors nor any of their respective Subsidiaries has been included in any “consolidated,” “unitary” or “combined” Tax return provided for under any Law with respect to Taxes for any taxable period for which
the statute of limitations has not expired (other than any such group the common parent of which is Honeywell, any Debtor or any of their current or past Subsidiaries (an “Applicable Group”)). 

(e) None of the Debtors nor any of their respective Subsidiaries (i) has (x) agreed to or is required to make any adjustment pursuant to
Section 481(a) of the Code or any similar provision of Law, (y) any knowledge that any Governmental Entity has proposed any such adjustment or (z) any application pending with any Governmental Entity requesting permission for any
change in accounting method, (ii) has any liability pursuant or attributable to or as a result of Section 965 of the Code of any Person other than one or members of an Applicable Group, (iii) will be required to include any item of
income in, or exclude any item of deduction from, taxable income for a taxable period (or portion thereof) ending after the Closing Date as a result of any (1) installment sale or open transaction disposition made or entered into on or prior to the
Closing Date, or (2) prepaid amount received on or prior to the Closing Date. 

  
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 (f) The Debtors and each of their respective Subsidiaries have complied with all applicable
laws, rules, and regulations relating to the payment and withholding of Taxes, and have, within the time and in the manner prescribed by law, withheld and timely paid over to the proper Governmental Entity all required amounts from amounts paid or
owing to any employee, independent contractor, creditor, stockholder or other third party. 
 (g) There are no material Liens for Taxes on
any asset of any of the Company or its Subsidiaries other than Liens for Taxes not yet delinquent or for Taxes being contested in good faith by appropriate proceedings and for which adequate reserves have been made with respect thereto. 

(h) None of the Debtors nor any of their respective Subsidiaries has any liability for any material amount of Taxes of any Person other than
the one or members of an Applicable Group, either by operation of Law, by Contract or as a transferee or successor. None of the Debtors nor any of their respective Subsidiaries is a party to any material Tax allocation or Tax sharing agreement with
any third party (other than an agreement entered into in the ordinary course of business consistent with past practice (such as a lease or a license) or the principal purpose of which is not the sharing, assumption or indemnification of Tax). 

Section 4.14 No Unlawful Payments. Since the Spin-Off Date, none of the Company or its
Subsidiaries, nor, to the Knowledge of the Company, any of their respective directors, officers or employees has: (a) used any funds of any of the Company or its Subsidiaries for any unlawful contribution, gift, entertainment or other unlawful
expense, in each case relating to political activity; (b) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (c) violated or is in violation of any provision of the
U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder, or the UK Bribery Act of 2010; or (d) made any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment, in each case
in violation of any applicable Anti-Corruption Law. 
 Section 4.15 Compliance with Money Laundering and Sanctions Laws. 

(a) The operations of the Company and its Subsidiaries are and, since the Spin-Off Date have been at
all times, conducted in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the U.S. Currency and Foreign Transactions Reporting Act of 1970, USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the money laundering statutes of all jurisdictions in which the Company or its Subsidiaries operate (and the rules and regulations promulgated thereunder) and any
related or similar Laws (collectively, the “Money Laundering Laws”) and no material Legal Proceeding by or before any Governmental Entity or any arbitrator involving any of the Company or its Subsidiaries with respect to
Money Laundering Laws is pending or, to the Knowledge of the Company, threatened. 

  
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 (b) None of the Company or its Subsidiaries nor, to the Knowledge of the Company, any of
their respective directors, officers, employees or other Persons acting on their behalf with express authority to so act is currently (i) subject to any U.S. sanctions administered by the U.S. government (including the Office of Foreign Assets
Control of the U.S. Treasury Department), the European Union or any of its member states, the United Nations Security Council or the United Kingdom (including by the Office of Financial Sanctions Implementation of Her Majesty’s Treasury)
(collectively, “Sanctions”) or (ii) domiciled, organized or resident in any country or territory that is, or whose government is, the subject or target of country-wide or territory-wide U.S. sanctions broadly prohibiting
or restricting dealings in, with or involving such country or territory. The Company will not directly or indirectly use the proceeds of the Rights Offerings or the exercise of the Put Option, or lend, contribute or otherwise make available such
proceeds to any other Debtor, its Subsidiaries, joint venture partner or other Person, for the purpose of financing the activities of any Person that, to the Knowledge of the Company, is the subject or target of any Sanctions in violation of
applicable Sanctions or other applicable Law, or in any manner that would constitute or give rise to a violation of Sanctions by any Party hereto (including the Equity Backstop Parties). 

Section 4.16 No Broker’s Fees. None of the Company or its Subsidiaries is a party to any Contract with any
Person (other than this Agreement) that would give rise to a valid claim against the Equity Backstop Parties for a brokerage commission, finder’s fee or like payment in connection with the Rights Offerings or the sale of the Unsubscribed Shares
or the issuance of Convertible Series A Preferred Shares on account of the Subscription Rights issued on account of the Backstop Commitment Fee Allocation. 

Section 4.17 Investment Company Act. None of the Company or its Subsidiaries is, or immediately after giving effect to the
Restructuring Transactions will be, an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 

Section 4.18 Internal Control Over Financial Reporting. Except as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, the Company has established and maintains a system of internal control over financial reporting (as defined in Rules 13a-15(f) and
15d-15(f) promulgated under the Exchange Act) that complies with the requirements of the Exchange Act and has been designed to provide reasonable assurances regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with GAAP and to the Knowledge of the Company, there are no material weaknesses in the Company’s internal control over financial reporting as of the date hereof. 

Section 4.19 Disclosure Controls and Procedures. Except as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, the Company maintains disclosure controls and procedures (within the meaning of Rules 13a-15(e) and 15d-15(e) promulgated under the
Exchange Act) designed to ensure that information required to be disclosed by the Company in the reports that it files and submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms, including that information required to be disclosed by the Company in the reports that it files and submits under the Exchange Act is accumulated and communicated to management of the Company as appropriate to allow
timely decisions regarding required disclosure. 

  
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 Section 4.20 No Other Representations or Warranties Except for the
representations and warranties contained in this Article IV or in any certificate delivered with respect to this Agreement, none of the Company, the Debtors or any other Person makes any other express or implied representation or warranty on
behalf of the Company or the Debtors. For the avoidance of doubt, none of the Company, the Debtors nor any other Person gives or makes any warranty or representation as to the accuracy or reasonableness of any forecasts, estimates, projections,
statements of intent or statements of opinion provided to the Equity Backstop Parties or any of their Affiliates or any of their respective Representatives, including in any information memorandum, any management presentations and any other
information made available to the Equity Backstop Parties or any of their Affiliates or any of their respective Representatives. Except as provided in this Article IV, the other Transaction Agreements or in any certificate delivered with
respect to this Agreement, no Person makes any representation or warranty to the Equity Backstop Parties or any of their Affiliates or any of their respective Representatives regarding the probable success or profitability of the Business. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE EQUITY BACKSTOP PARTIES 

Each Equity Backstop Party, severally (in accordance with its Equity Backstop Percentage) and not jointly, represents and warrants as to
itself only (unless otherwise set forth herein, as of the date of this Agreement and as of the Closing Date) as set forth below. 

Section 5.1 Organization. Such Equity Backstop Party is a legal entity duly organized, validly existing and, if applicable, in
good standing (or the equivalent thereof) under the Laws of its jurisdiction of incorporation or organization. 
 Section 5.2
Organizational Power and Authority. Such Equity Backstop Party has the requisite power and authority (corporate or otherwise) to enter into, execute and deliver this Agreement and each other Transaction Agreement to which such Equity Backstop
Party is contemplated to be a party and to perform its obligations hereunder and thereunder and has taken all necessary action (corporate or otherwise) required for the due authorization, execution, delivery and performance by it of this Agreement
and the other Transaction Agreements. 
 Section 5.3 Execution and Delivery; Enforceability. This Agreement and each
other Transaction Agreement to which such Equity Backstop Party is a party (a) has been, or prior to its execution and delivery will be, duly and validly executed and delivered by such Equity Backstop Party and (b) upon entry of the EBA
Approval Order, the Plan Solicitation Order, and the Confirmation Order, and assuming due and valid execution and delivery of this Agreement and the other Transaction Agreements by the Company and the other Debtors (as applicable), will constitute
valid and legally binding obligations of such Equity Backstop Party, enforceable against such Equity Backstop Party in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other
similar Laws limiting creditors’ rights generally or by equitable principles relating to enforceability. 

  
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 Section 5.4 No Conflict. Assuming that the consents referred to in clauses
(a) and (b) of Section 5.5 are obtained, the execution and delivery by such Equity Backstop Party of this Agreement and each other Transaction Agreement to which such Equity Backstop Party is a party, the compliance by
such Equity Backstop Party with all of the provisions hereof and thereof and the consummation of the transactions contemplated herein and therein (a) will not conflict with, or result in a breach, modification, termination or violation of, any
of the terms or provisions of, or constitute a default under (with or without notice or lapse of time or both), or result in the acceleration of, or the creation of any Lien under, any Contract to which such Equity Backstop Party is party or is
bound or to which any of the property or assets of such Equity Backstop Party are subject, (b) will not result in any violation of the provisions of the certificate of incorporation or bylaws (or comparable constituent documents) of such Equity
Backstop Party and (c) will not result in any material violation of any Law or Order applicable to such Equity Backstop Party or any of its properties, except in each of the cases described in clauses (a) or (c), for any conflict, breach,
modification, termination, violation, default, acceleration or Lien which would not reasonably be expected, individually or in the aggregate, to prohibit or materially and adversely impact such Equity Backstop Party’s performance of its
obligations under this Agreement. 
 Section 5.5 Consents and Approvals. No consent, approval, authorization, Order,
registration or qualification of or with any Governmental Entity having jurisdiction over such Equity Backstop Party or any of its properties is required for the execution and delivery by such Equity Backstop Party of this Agreement and each other
Transaction Agreement to which such Equity Backstop Party is a party, the performance of and compliance by such Equity Backstop Party with the provisions hereof and thereof and the consummation of the transactions (including the purchase by such
Equity Backstop Party of its Acquired Shares) contemplated herein and therein, except (a) any consent, approval, authorization, Order, registration or qualification which, if not made or obtained, would not reasonably be expected, individually
or in the aggregate, to prohibit or materially and adversely impact such Equity Backstop Party’s performance of its obligations under this Agreement and each other Transaction Agreement to which such Equity Backstop Party is a party and
(b) filings, notifications, authorizations, approvals, consents, clearances or termination or expiration of all applicable waiting periods under any Antitrust Laws in connection with the transactions contemplated by this Agreement. 

Section 5.6 No Registration. Such Equity Backstop Party understands that (a) the issuance of the Unsubscribed Shares has not
been registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends on, among other things, the bona fide nature of the investment intent and the
accuracy of such Equity Backstop Party’s representations as expressed herein or otherwise made pursuant hereto, and (b) the Unsubscribed Shares cannot be sold unless subsequently registered under the Securities Act or an exemption from
registration is available. 
 Section 5.7 Purchasing Intent. Such Equity Backstop Party is acquiring its Acquired Shares for its
own account or accounts or funds over which it holds voting discretion, not otherwise as a nominee or agent, and not otherwise with the view to, or for resale in connection with, any distribution thereof not in compliance with applicable securities
Laws, and such Equity Backstop Party has no present intention of selling, granting any other participation in, or otherwise distributing the same, except in compliance with applicable securities Laws. 

  
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 Section 5.8 Sophistication; Investigation. Such Equity Backstop Party has such
knowledge and experience in financial and business matters such that it is capable of evaluating the merits and risks of its investment in the Unsubscribed Shares. Such Equity Backstop Party is either a “qualified institutional buyer”
within the meaning of Rule 144A of the Securities Act or an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3), (7) or (8) of the Securities Act. Such Equity Backstop Party further represents that it (i) has the
knowledge, skill and experience in business, financial and investment matters so that such Equity Backstop Party is capable of evaluating the merits, risks and consequences of an investment in the Unsubscribed Shares, (ii) fully understands the
limitations on transfer and restrictions on sales and other dispositions set forth in this Agreement and understands and (iii) is able to bear any economic risks associated with such investment (including the necessity of holding such shares
for an indefinite period of time or the complete loss of such investment). Such Equity Backstop Party has independently evaluated the merits and risks of its decision to enter into this Agreement and, except for the representations and warranties
expressly set forth in this Agreement or any other Transaction Agreement, disclaims reliance on any representations or warranties, either express or implied, by or on behalf of any of the Debtors. 

Section 5.9 No Broker’s Fees. Such Equity Backstop Party is not a party to any Contract with any Person (other
than the Transaction Agreements and any Contract giving rise to the Expense Reimbursement hereunder) that would give rise to a valid claim against any of the Debtors for a brokerage commission, finder’s fee or like payment in connection with
the Rights Offerings or the sale of the Unsubscribed Shares or the issuance of Convertible Series A Preferred Shares on account of the Subscription Rights issued on account of the Backstop Commitment Fee Allocation. 

Section 5.10 Sufficiency of Funds. Such Equity Backstop Party will have sufficient immediately available funds to perform all of
its obligations under this Agreement, including the ability to make and complete the payment of the aggregate purchase price for such Equity Backstop Party’s Acquired Shares on the Funding Date. 

Section 5.11 Sanctions. Such Equity Backstop Party is not (i) a person or entity named on the OFAC List, or a person or
entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515 or (iii) a non-U.S. shell bank or providing banking
services indirectly to a non-U.S. shell bank. Such Equity Backstop Party agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that such Equity
Backstop Party is permitted to do so under applicable law. Such Equity Backstop Party represents that if it is a financial institution subject to the BSA/PATRIOT Act and that such Equity Backstop Party maintains policies and procedures reasonably
designed to comply with applicable obligations under the BSA/PATRIOT Act. Such Equity Backstop Party also represents that, to the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against
the OFAC sanctions programs, including the OFAC List. Such Equity Backstop Party further represents and warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by such Equity
Backstop Party and used to purchase the Acquired Shares were legally derived. 

  
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 Section 5.12 No Prohibited Transactions. Such Equity Backstop Party represents
and warrants that its acquisition and holding of the Acquired Shares will not constitute or result in a nonexempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), Section 4975 of the Code, or any applicable similar Law. 
 Section 5.13 ERISA. If such
Equity Backstop Party is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan
(as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing but
may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code, or an entity whose underlying assets are
considered to include “plan assets” of any such plan, account or arrangement (each, an “ERISA Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, such Equity
Backstop Party represents and warrants that neither Company, nor any of its Affiliates has acted as the ERISA Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the Acquired Shares and neither
the Company nor any of its Affiliates shall at any time be relied upon as the ERISA Plan’s fiduciary with respect to any decision to acquire, continue to hold or transfer the Acquired Shares. 

Section 5.14 No Other Representations or Warranties. Except for the representations and warranties contained in this Article V or
in any certificate delivered with respect to this Agreement, neither such Equity Backstop Party nor any other Person makes any other express or implied representation or warranty on behalf of the Equity Backstop Parties. 

ARTICLE VI 
 ADDITIONAL
COVENANTS 
 Section 6.1 Blue Sky. The Company shall, on or before the Closing Date, take such action as the Company shall
reasonably determine is necessary in order to obtain an exemption for, or to qualify the offer and sale of the Unsubscribed Shares to the Equity Backstop Parties pursuant to this Agreement under applicable securities and “Blue Sky” Laws of
the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence of any such action so taken to the Equity Backstop Parties on or prior to the Closing Date. The Company shall timely make all filings and
reports relating to the offer and sale of the Unsubscribed Shares issued hereunder required under applicable securities and “Blue Sky” Laws of the states of the United States following the Closing Date. The Company shall pay all fees and
expenses in connection with satisfying its obligations under this Section 6.1. 
 Section 6.2 Use of
Proceeds. The Debtors will apply the proceeds from the exercise of the Subscription Rights and the sale of the Unsubscribed Shares for the purposes consistent with the Disclosure Statement and the Plan. 

  
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 Section 6.3 Securities Law Matters. 

(a) The Acquired Shares (that are not otherwise exempt pursuant to section 1145 of the Bankruptcy Code) shall be offered and sold without
registration under the Securities Act in reliance on the exemption provided in Section 4(a)(2) of the Securities Act under the Securities Act and shall be “restricted securities” (within the meaning of Rule 144 under the Securities
Act) subject to certain transfer restrictions under the U.S. federal securities laws unless sold pursuant to an exemption or a registration statement. Each Equity Backstop Party agrees that the Acquired Shares (that are not otherwise exempt pursuant
to section 1145 of the Bankruptcy Code) acquired by such Equity Backstop Party pursuant to this Agreement shall not be offered for sale, sold or otherwise transferred by such Equity Backstop Party (or, if applicable, any Related Purchaser of such
Equity Backstop Party) except pursuant to an effective registration statement under the Securities Act or in a transaction exempt from or not subject to registration under the Securities Act and any applicable state securities laws. 

(b) Each book-entry statement in the share ledger or other appropriate records maintained by the Company or agent evidencing Unsubscribed
Shares issued hereunder shall be stamped or otherwise imprinted with a legend (the “Legend”) in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS BOOK ENTRY WERE ORIGINALLY ISSUED ON [DATE OF ISSUANCE], HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN AVAILABLE EXEMPTION FROM REGISTRATION
THEREUNDER.” 
 The Company shall remove the Legend set forth above from the share register or other appropriate Company records upon request, at any
time after the restrictions described in such Legend cease to be applicable, including, as applicable, when such shares may be sold under Rule 144 of the Securities Act. The Company may reasonably request such opinions, certificates or other
evidence that such restrictions no longer apply as a condition to removing the Legend. 
 Section 6.4 Antitrust Approval. 

(a) Each Party agrees to use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all
things necessary to consummate and make effective the transactions contemplated by this Agreement, the Plan and the other Transaction Agreements, including (i) if applicable, filing, or causing to be filed, no later than thirty (30) days
following the date hereof, the Notification and Report Form pursuant to the HSR Act with respect to the transactions contemplated by this Agreement with the Antitrust Division of the United States Department of Justice and the United States Federal
Trade Commission and any filings, notifications, notices or submissions (or, if required by any Antitrust Authority, any drafts thereof) under any other Antitrust Laws that are necessary to consummate and make effective the transactions contemplated
by this Agreement as soon as reasonably practicable and (ii) promptly furnishing any documents or information reasonably requested by any Antitrust Authority. 

  
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 (b) The Company and each Equity Backstop Party subject to an obligation pursuant to the
Antitrust Laws to notify or make any filing with respect to any transaction contemplated by this Agreement, the Plan or the other Transaction Agreements and that has notified the Company in writing of such obligation (each such Equity Backstop
Party, a “Filing Party”) agree to reasonably cooperate with each other in the preparation of and as to the appropriate time of filing such notification and its content. The Company and each Filing Party shall, to the extent
permitted by applicable Law: (i) promptly notify each other of, and if in writing, furnish each other with copies of (or, in the case of material oral communications, advise each other orally) of any material communications from or with an
Antitrust Authority; (ii) consult with each other Filing Party and the Company, and take into account reasonable comments made by a Filing Party and the Company before submitting any filings, briefs or any other material correspondence with the
any Antitrust Authority; (iii) not participate in any meeting with an Antitrust Authority unless it consults with each other Filing Party and the Company, as applicable, in advance and, to the extent permitted by the Antitrust Authority and
applicable Law, give each other Filing Party and the Company, as applicable, a reasonable opportunity to attend and participate thereat; (iv) furnish each other Filing Party and the Company, as applicable, with copies of all material
correspondence and communications between such Filing Party or the Company and the Antitrust Authority; (v) furnish each other Filing Party with such necessary information and reasonable assistance as may be reasonably necessary in connection
with the preparation of necessary filings or submission of information to the Antitrust Authority; and (vi) not withdraw its filing, if any, under the HSR Act or under the Antitrust Laws of Austria and Germany without the prior written consent
of the Requisite Equity Backstop Parties and the Company. 
 (c) Should a Filing Party be subject to an obligation under the Antitrust Laws
to jointly notify with one or more other Filing Parties (each, a “Joint Filing Party”) any transaction contemplated by this Agreement, the Plan or the other Transaction Agreements, such Joint Filing Party shall promptly
notify each other Joint Filing Party of, and if in writing, furnish each other Joint Filing Party with copies of (or, in the case of material oral communications, advise each other Joint Filing Party orally of) any communications from or with an
Antitrust Authority. 
 (d) The Company and each Filing Party shall use their commercially reasonable efforts to obtain all authorizations,
approvals, consents, or clearances under any applicable Antitrust Laws, or to cause the termination or expiration of all applicable waiting periods under any Antitrust Laws in connection with the transactions contemplated by this Agreement, in each
case at the earliest possible date after the date of this Agreement. The communications contemplated by this Section 6.4 may be made by the Company or a Filing Party on an outside counsel-only basis or subject to other
agreed upon confidentiality safeguards. The obligations in this Section 6.4 shall not apply to filings, correspondence, communications or meetings with Antitrust Authorities unrelated to the transactions contemplated by
this Agreement, the Plan or the other Transaction Agreements and shall not apply to any Filing Party that is not a party to the notified transaction. 

Section 6.5 Registration Rights Agreement; Company Organizational Documents. 

(a) The Plan will provide that from and after the Effective Date, in the event that the Company is then a registrant pursuant to the terms of
the Securities Exchange Act of 1934, each Equity Backstop Party shall be entitled to registration rights that are customary for a transaction of this nature, pursuant to a registration rights agreement to be entered into by the Company as of the
Effective Date, which agreement shall be in form and substance consistent with 

  
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the terms of the Plan Support Agreement and otherwise reasonably acceptable to the Requisite Equity Backstop Parties and the Company (the “Registration Rights Agreement”).
A form of the Registration Rights Agreement shall be filed with the Bankruptcy Court as part of the Plan Supplement or an amendment thereto. 

(b) The Plan will provide that, on the Effective Date, the Company Organizational Documents will be duly authorized, approved, adopted and in
full force and effect. Forms of the Company Organizational Documents shall be filed with the Bankruptcy Court as part of the Plan Supplement or an amendment thereto. 

Section 6.6 Access to Information. Subject to any limitations imposed by the Bankruptcy Code or the Bankruptcy Court, any
applicable Laws and the COVID-19 Measures, during the Pre-Closing Period, the Company shall, subject to the execution of a reasonably acceptable confidentiality
agreement, furnish promptly to a designated Representative of the Equity Backstop Parties that is subject to such confidentiality agreement all reasonable information concerning the Debtors’ business, properties and personnel as may reasonably
be requested, provided that the foregoing shall not require the Company (i) to permit any inspection, or to disclose any information, that in the reasonable judgment of the Company, would cause any of the Debtors to violate any of their
respective obligations with respect to confidentiality to a third party if the Company shall have used its commercially reasonable efforts to obtain, but failed to obtain, the consent of such third party to such inspection or disclosure,
(ii) to disclose any legally privileged information of any of the Company or any of its Subsidiaries or (iii) to violate or create any liability under any applicable Laws or Orders. All requests for information made in accordance with this
Section 6.6 shall be directed to an executive officer of the Company or such Person as may be designated by the Company’s executive officers. All information received pursuant to this
Section 6.6 shall be governed by the terms of the applicable confidentiality agreements. 
 ARTICLE VII 

CONDITIONS TO THE OBLIGATIONS OF THE PARTIES 

Section 7.1 Conditions to the Obligations of the Equity Backstop Parties. The obligations of each Equity Backstop Party to
consummate the transactions contemplated hereby shall be subject to the satisfaction or waiver in accordance with Section 7.2 of the following conditions prior to or at the Closing: 

(a) Rights Offerings. The Rights Offerings shall have been conducted, in all material respects, in accordance with the Plan Solicitation
Order, the Rights Offering Procedures and this Agreement, as applicable and the Company shall have issued the Subscription Rights on account of the Backstop Commitment Fee Allocation to the Equity Backstop Parties. 

(b) Effective Date. The Effective Date shall have occurred, or shall be deemed to have occurred, concurrently with the Closing, as
applicable, in accordance with the terms and conditions in the Plan and in the Confirmation Order. 

  
 33 

 (c) Registration Rights Agreement; Company Organizational Documents. 

(i) The Registration Rights Agreement shall have been executed and delivered by the Company, shall otherwise have become
effective with respect to the Equity Backstop Parties and the other parties thereto, and shall be in full force and effect. 

(ii) The Company Organizational Documents shall have been duly approved and adopted and shall be in full force and effect. 

(d) Required Antitrust Clearances; No Prohibition. 

(i) The waiting periods applicable to the consummation of the transactions contemplated by this Agreement and the Plan Support
Agreement under the HSR Act shall have expired or been terminated. 
 (ii) All of the Required Foreign Antitrust Clearances
shall have been obtained. 
 (iii) No court or other Governmental Entity of competent jurisdiction shall have enacted,
issued, promulgated, enforced or entered any Prohibition. 
 (e) Representations and Warranties. The representations and warranties
of the Company contained in this Agreement shall be true and correct (disregarding all materiality or Material Adverse Effect qualifiers) on and as of the Closing Date after giving effect to the Plan with the same effect as if made on and as of the
Closing Date after giving effect to the Plan (except for such representations and warranties made as of a specified date, which shall be true and correct only as of the specified date), except where the failure to be so true and correct does not
constitute, individually or in the aggregate, a Material Adverse Effect. 
 (f) Covenants. The Debtors shall have performed and
complied, in all material respects, with all of their respective covenants and agreements contained in this Agreement and the Plan Support Agreement that contemplate, by their terms, performance or compliance prior to the Closing Date. 

(g) Material Adverse Effect. Since the date of this Agreement, there shall not have occurred, and there shall not exist, any Event that
has had or would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (h)
Officer’s Certificate. The Equity Backstop Parties shall have received on and as of the Closing Date a certificate of the chief executive officer or chief financial officer of the Company confirming that the conditions set
forth in Section 7.1(e) (Representations and Warranties) and Section 7.1(f) (Covenants) have been satisfied. 

(i) Funding Notice. The Equity Backstop Parties shall have received the Funding Notice in accordance with the terms of
Section 2.4. (and, if applicable, the written notice of the Company described in Section 2.3(a)). 

(j) Expense Reimbursement. The Debtors shall have paid all Expense Reimbursements accrued through the Closing Date pursuant to
Section 3.2; provided, that invoices for such Expense Reimbursement must have been received by the Debtors at least three (3) Business Days prior to the Closing Date in order to be required to be paid on the
Closing Date. 

  
 34 

 (k) EBA Approval Order. The Bankruptcy Court shall have entered the EBA Approval
Order in form and substance consistent with the Plan Support Agreement, and such Order shall not have been stayed, modified, or vacated on appeal. 

Section 7.2 Waiver of Conditions to Obligations of Equity Backstop Parties. All or any of the conditions set forth in
Section 7.1 may only be waived in whole or in part with respect to all Equity Backstop Parties by a written instrument executed by the Requisite Equity Backstop Parties in their sole discretion and if so waived, all Equity
Backstop Parties shall be bound by such waiver. 
 Section 7.3 Conditions to the Obligations of the Company. The
obligations of the Company to consummate the transactions contemplated hereby with the Equity Backstop Parties is subject to the satisfaction or waiver of each of the following conditions: 

(a) Effective Date. The Effective Date shall have occurred, or shall be deemed to have occurred, concurrently with the Closing, in
accordance with the terms and conditions in the Plan and in the Confirmation Order. 
 (b) Required Antitrust Clearances; No
Prohibition. 
 (i) The waiting periods applicable to the consummation of the transactions contemplated by this Agreement
and the Plan Support Agreement under the HSR Act shall have expired or been terminated. 
 (ii) All of the Required Foreign
Antitrust Clearances shall have been obtained. 
 (iii) No court or other Governmental Entity of competent jurisdiction shall
have enacted, issued, promulgated, enforced or entered any Prohibition. 
 (c) Representations and Warranties. The representations
and warranties of the Equity Backstop Parties shall be true and correct in all material respects on and as of the Closing Date with the same effect as if made on and as of the Closing Date (except for such representations and warranties made as of a
specified date, which shall be true and correct in all material respects only as of the specified date), except where the failure to be so true and correct would not, individually or in the aggregate, prevent or materially impede the Equity Backstop
Parties from consummating the transactions contemplated by this Agreement. 
 (d) Covenants. The Equity Backstop Parties shall have
performed and complied, in all material respects, with all of their covenants and agreements contained in this Agreement and in any other document delivered pursuant to this Agreement. 

(e) Officer’s Certificate. The Debtors shall have received on and as of the Closing Date a certificate of an officer of each of
the Equity Backstop Parties confirming that the conditions set forth in Section 7.3(c) (Representations and Warranties) and Section 7.3(d) (Covenants) have been satisfied with respect
to such Equity Backstop Party. 

  
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 ARTICLE VIII 

INDEMNIFICATION AND CONTRIBUTION 

Section 8.1 Indemnification Obligations. Following the entry of the EBA Approval Order, the Company and the other Debtors (the
“Indemnifying Parties” and each, an “Indemnifying Party”) shall, jointly and severally, indemnify and hold harmless each Equity Backstop Party and its Affiliates, equity holders, members, partners,
general partners, managers and its and their respective Representatives and controlling persons (each, an “Indemnified Person”) from and against any and all losses, claims, damages, liabilities and costs and expenses (other
than Taxes of the Equity Backstop Parties except to the extent otherwise provided for in this Agreement) (collectively, “Losses”) (but not including any fees and expenses that would be reimbursable by the Debtors as Expense
Reimbursement pursuant to Article III if the Interim Cap were disregarded) actually sustained, incurred or suffered by any Indemnified Person arising out of or in connection with this Agreement, the Plan, the Rights Offering Procedures or the
transactions contemplated hereby and thereby, including the Rights Offering Backstop Commitment, the Rights Offerings or the use of the proceeds of the Rights Offerings, or any claim, challenge, litigation, investigation or proceeding relating to
any of the foregoing, regardless of whether any Indemnified Person is a party thereto, whether or not such proceedings are brought by the Company, the other Debtors, their respective equity holders, Affiliates, creditors or any other Person, and
reimburse each Indemnified Person upon demand for reasonable documented (with such documentation subject to redaction to preserve attorney client and work product privileges) legal (including attorneys’ fees and expenses) or other third-party
expenses incurred in connection with investigating, preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect to, any lawsuit, investigation, claim or other proceeding relating to any of
the foregoing (including in connection with the enforcement of the indemnification obligations set forth herein), irrespective of whether or not the transactions contemplated by this Agreement or the Plan are consummated or whether or not this
Agreement is terminated; provided, that the foregoing indemnity will not, as to any Indemnified Person, apply to Losses (a) as to a Defaulting Equity Backstop Party, its Related Parties or any Indemnified Person related thereto, to the
extent caused by an Equity Backstop Party Default by such Equity Backstop Party or (b) to the extent they are found by a final, non-appealable judgment of a court of competent jurisdiction to arise from
the bad faith, willful misconduct or gross negligence of such Indemnified Person. 
 Section 8.2 Indemnification Procedure.
Promptly after receipt by an Indemnified Person of notice of the commencement of any claim, challenge, litigation, investigation or proceeding (an “Indemnified Claim”), such Indemnified Person will, if a claim is to be made
hereunder against the Indemnifying Party in respect thereof, notify the Indemnifying Party in writing of the commencement thereof; provided, that (a) the omission to so notify the Indemnifying Party will not relieve the Indemnifying
Party from any liability that it may have hereunder except to the extent it has been materially prejudiced by such failure and (b) the omission to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability that
it may have to such Indemnified Person otherwise than on account of this Article VIII. In case 

  
 36 

 
any such Indemnified Claims are brought against any Indemnified Person and the Indemnified Person notifies the Indemnifying Party of the commencement thereof, the Indemnifying Party will be
entitled to participate therein, and, at its election by providing written notice to such Indemnified Person, the Indemnifying Party will be entitled to assume the defense thereof, with counsel reasonably acceptable to such Indemnified Person;
provided, that if the parties (including any impleaded parties) to any such Indemnified Claims include both such Indemnified Person and the Indemnifying Party and based on advice of such Indemnified Person’s counsel there are legal
defenses available to such Indemnified Person that are different from or additional to those available to the Indemnifying Party, such Indemnified Person shall have the right to select separate counsel to assert such legal defenses and to otherwise
participate in the defense of such Indemnified Claims. Upon receipt of notice from the Indemnifying Party to such Indemnified Person of its election to so assume the defense of such Indemnified Claims with counsel reasonably acceptable to the
Indemnified Person, the Indemnifying Party shall not be liable to such Indemnified Person for expenses incurred by such Indemnified Person in connection with the defense thereof or participation therein (other than reasonable costs of investigation)
unless (i) such Indemnified Person shall have employed separate counsel (in addition to any local counsel) in connection with the assertion of legal defenses in accordance with the proviso to the immediately preceding sentence (it being
understood, however, that the Indemnifying Party shall not be liable for the expenses of more than one separate counsel representing the Indemnified Persons who are parties to such Indemnified Claims (in addition to one local counsel in each
jurisdiction in which local counsel is required)), (ii) the Indemnifying Party shall not have employed counsel reasonably acceptable to such Indemnified Person to represent such Indemnified Person within a reasonable time after the Indemnifying
Party has received notice of commencement of the Indemnified Claims from, or delivered on behalf of, the Indemnified Person, (iii) after the Indemnifying Party assumes the defense of the Indemnified Claims, the Indemnified Person determines in
good faith that the Indemnifying Party has failed or is failing to defend such claim and provides written notice of such determination and the basis for such determination, and such failure is not reasonably cured within ten (10) Business Days
of receipt of such notice by the Indemnifying Party, or (iv) the Indemnifying Party shall have authorized in writing the employment of counsel for such Indemnified Person. 

Section 8.3 Settlement of Indemnified Claims. In connection with any Indemnified Claim for which an Indemnified Person is assuming
the defense in accordance with this Article VIII, the Indemnifying Party shall not be liable for any settlement of any Indemnified Claims effected by such Indemnified Person without the written consent of the Indemnifying Party (which consent
shall not be unreasonably withheld, conditioned or delayed). If any settlement of any Indemnified Claims is consummated with the written consent of the Indemnifying Party or if there is a final judgment for the plaintiff in any such Indemnified
Claims, the Indemnifying Party agrees to indemnify and hold harmless each Indemnified Person from and against any and all Losses by reason of such settlement or judgment to the extent such Losses are otherwise subject to indemnification by the
Indemnifying Party hereunder in accordance with, and subject to the limitations of, this Article VIII. The Indemnifying Party shall not, without the prior written consent of an Indemnified Person (which consent shall be granted or withheld,
conditioned or delayed in the Indemnified Person’s sole discretion), effect any settlement of any pending or threatened Indemnified Claims in respect of which indemnity or contribution has been sought hereunder by such Indemnified Person unless
(i) such settlement includes an unconditional release of such Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability on the claims that are the subject matter of such Indemnified Claims and
(ii) such settlement does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 

  
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 Section 8.4 Contribution. If for any reason the foregoing indemnification is
unavailable to any Indemnified Person or insufficient to hold it harmless from Losses that are subject to indemnification pursuant to Section 8.1, then the Indemnifying Party shall contribute to the amount paid or payable
by such Indemnified Person as a result of such Loss in such proportion as is appropriate to reflect not only the relative benefits received by the Indemnifying Party, on the one hand, and such Indemnified Person, on the other hand, but also the
relative fault of the Indemnifying Party, on the one hand, and such Indemnified Person, on the other hand, as well as any relevant equitable considerations. The Indemnifying Parties also agree that no Indemnified Person shall have any liability
based on their comparative or contributory negligence or otherwise to the Indemnifying Parties, any Person asserting claims on behalf of or in right of any of the Indemnifying Parties, or any other Person in connection with an Indemnified Claim.

 Section 8.5 Treatment of Indemnification Payments. All amounts paid by an Indemnifying Party to an Indemnified Person under
this Article VIII shall, to the extent permitted by applicable Law, be treated as adjustments to the Per Share Purchase Price for all Tax purposes. The provisions of this Article VIII are an integral part of the transactions
contemplated by this Agreement and without these provisions the Equity Backstop Parties would not have entered into this Agreement. The EBA Approval Order shall provide that the obligations of the Debtors under this Article VIII shall
constitute allowed administrative expenses of the Debtors’ estates under sections 503(b) and 507 of the Bankruptcy Code and are payable without further Order of the Bankruptcy Court, and that the Debtors may comply with the requirements of this
Article VIII without further Order of the Bankruptcy Court. 
 Section 8.6 No Survival. The representations and
warranties set forth in Article IV and Article V of this Agreement shall terminate at, and shall not survive, the termination of this Agreement or Closing Date, as applicable, and neither the Debtors nor the Equity Backstop Parties shall have any
Liability with respect to a breach thereof. The respective covenants and agreements of the Debtors and the Equity Backstop Parties set forth in this Agreement shall terminate at, and shall not survive, the Closing Date, and neither the Debtors nor
the Equity Backstop Parties shall have any Liability with respect to a breach thereof, except for covenants and agreements that by their terms are to be satisfied after the Closing Date, which covenants and agreements shall survive until satisfied
in accordance with their terms. 
 ARTICLE IX 

TERMINATION 

Section 9.1 Consensual Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at
any time prior to the Closing Date by mutual written consent of the Company and the Requisite Equity Backstop Parties. 

  
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 Section 9.2 Automatic Termination. This Agreement shall terminate automatically
if the Plan Support Agreement terminates with respect to the rights and obligations of the Debtors prior to the occurrence of the Effective Date in accordance with its terms. 

Section 9.3 Termination by the Equity Backstop Parties. 

(a) Notwithstanding the automatic stay imposed by section 362 of the Bankruptcy Code, this Agreement may be terminated by the Requisite Equity
Backstop Parties upon written notice to the Company upon the occurrence of any of the following Events: 
 (i) any Law or
final and non-appealable Order shall have been enacted, adopted or issued by any Governmental Entity that prohibits the implementation of the Plan or the Rights Offerings or the transactions contemplated by
this Agreement or the other Transaction Agreements; or 
 (ii) (A) the Company or the other Debtors shall have breached any
representation, warranty, covenant or other agreement made by the Company or the other Debtors in this Agreement or any such representation or warranty shall have become inaccurate and such breach or inaccuracy would, individually or in the
aggregate, cause a condition set forth in Section 7.1(e) (Representations and Warranties) or Section 7.1(f) (Covenants) not to be satisfied, (B) the Equity Backstop Parties shall
have delivered written notice of such breach or inaccuracy to the Company, (C) such breach or inaccuracy is not cured by the Company or the other Debtors by the tenth (10th) Business Day
after receipt of such notice, and (D) as a result of such failure to cure, any condition set forth in Section 7.1(e) (Representations and Warranties) or Section 7.1(f)
(Covenants) is not capable of being satisfied; provided, that, the Requisite Equity Backstop Parties may not terminate this Agreement pursuant to this Section 9.3(b) if any Equity Backstop Party is then in
breach of any representation, warranty, covenant or agreement under this Agreement, such that the conditions set forth in Section 7.3(c) or Section 7.3(d) would not be satisfied. 

(b) Notwithstanding the automatic stay imposed by section 362 of the Bankruptcy Code, this Agreement may be terminated by an Equity Backstop
Party if this Agreement is amended, restated, modified, or changed in circumstances requiring the consent of such Equity Backstop Party in accordance with Section 10.7 without the written consent of such Equity Backstop
Party. 
 (c) Notwithstanding the automatic stay imposed by section 362 of the Bankruptcy Code, this Agreement may be terminated, upon
written notice to the Company by the Requisite Equity Backstop Parties with respect to the rights and obligations of all Equity Backstop Parties hereunder upon the termination of the rights and obligations of the Additional Investors under the Plan
Support Agreement; provided, that if (A) the EBA Approval Order has been entered by the Bankruptcy Court in respect of this Agreement, (B) the EBA Approval Order has not been entered by the Bankruptcy Court in respect of the Plan
Support Agreement and (C) the Requisite Equity Backstop Parties would have the right to terminate the Plan Support Agreement had the EBA Approval Order been entered by the Bankruptcy Court in respect of the Plan Support Agreement, then the
Equity Backstop Parties shall have the right to terminate this Agreement pursuant to this Section 9.3(c). 

  
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 Section 9.4 Termination by the Company. 

This Agreement may be terminated by the Company upon written notice to each Equity Backstop Party upon the occurrence of any of the following
Events, subject to the rights of the Company to fully and conditionally waive, in writing, on a prospective or retroactive basis the occurrence of such Event: 

(a) any Law or final and non-appealable Order shall have been enacted, adopted or issued by any
Governmental Entity that prohibits the implementation of the Plan or the Rights Offerings or the transactions contemplated by this Agreement or the other Transaction Agreements in a way that cannot be remedied by the Company in a manner reasonably
acceptable to the Company; or 
 (b) subject to the right of the Equity Backstop Parties to arrange an Equity Backstop Party Replacement in
accordance with Section 2.3(a) (which will be deemed to cure any breach by the replaced Equity Backstop Party pursuant to this subsection (b)), (i) any Equity Backstop Party shall have breached any representation, warranty,
covenant or other agreement made by such Equity Backstop Party in this Agreement or any such representation or warranty shall have become inaccurate and such breach or inaccuracy would, individually or in the aggregate, cause a condition set forth
in Section 7.3(c) (Representations and Warranties) or Section 7.3(d) (Covenants) not to be satisfied, (ii) the Company shall have delivered written notice of such breach or
inaccuracy to such Equity Backstop Party, (iii) such breach or inaccuracy is not cured by such Equity Backstop Party by the tenth (10th) Business Day after receipt of such notice, and
(iv) as a result of such failure to cure, any condition set forth in Section 7.3(c) (Representations and Warranties) or Section 7.3(d) (Covenants) is not capable of being
satisfied; provided, that the Company shall not have the right to terminate this Agreement pursuant to this Section 9.4(b) if the Company is then in breach of any representation, warranty, covenant or agreement under
this Agreement, such that the conditions set forth in Section 7.1(e), Section 7.1(f) or Section 7.1(g) would not be satisfied. 

Section 9.5 Effect of Termination. Upon termination of this Agreement pursuant to this Article IX, this Agreement shall
forthwith become void and there shall be no further obligations or liabilities on the part of the Parties; provided, that (i) the obligations of the Debtors to pay the Expense Reimbursement pursuant to Article III and to satisfy
their indemnification obligations pursuant to Article VIII shall survive the termination of this Agreement and shall remain in full force and effect until such obligations have been satisfied, (ii) the provisions set forth in Article
VIII, this Section 9.5 and Article X shall survive the termination of this Agreement in accordance with their terms and (iii) subject to Section 10.10 (Damages), nothing in
this Section 9.5 shall relieve any Party from liability for its gross negligence or any willful or intentional breach of this Agreement. For purposes of this Agreement, “willful or intentional
breach” means a breach of this Agreement that is a consequence of an act undertaken by the breaching Party with the knowledge that the taking of such act would, or would reasonably be expected to, cause a breach of this Agreement. 

  
 40 

 ARTICLE X 

GENERAL PROVISIONS 

Section 10.1 Notices. All notices and other communications in connection with this Agreement shall be in writing and shall be
deemed given if delivered personally, sent via electronic facsimile (with confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the parties hereto at the following
addresses (or at such other address for a Party as may be specified by like notice): 
 (a) If to the Company or any of the other Debtors:

 Garrett Motion Inc. 
 La
Piéce 16 
 1180 Rolle, Switzerland 

Attn:    Sean Deason 

            Jerome P. Maironi 

Email: Sean.Deason@garrettmotion.com 

            Jerome.Maironi@garrettmotion.com 

with copies (which shall not constitute notice) to: 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, New
York 10004 
 United States 

Tel: (212) 558-3830 

Attn: Scott Miller 

         Andrew Dietderich 

Email: millersc@sullcrom.com 

            dietdericha@sullcrom.com 

Sullivan & Cromwell LLP 

1 New Fetter Lane 
 London EC4A
1AN 
 United Kingdom 
 Tel:
+44 (0) 20 7959 8426 
 Attn: Evan S. Simpson 

Email: simpsone@sullcrom.com 

(b) If to the Equity Backstop Parties: 

To each Equity Backstop Party at the addresses or e-mail addresses set forth below the Equity Backstop
Party’s signature in its signature page to this Agreement. 

  
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 with a copy (which shall not constitute notice) to: 

Jones Day 
 250 Vesey Street

 New York, New York 10281 

Attention: Anna Kordas 
 E-mail address: akordas@jonesday.com 
 -and- 

Jones Day 
 555 S. Flower St.

 50th Floor 
 Los Angeles,
CA 90071 
 Attention: Bruce Bennett 

Joshua M. Mester 
 James O.
Johnston 
 E-mail address: bbennett@jonesday.com; jmester@jonesday.com; 

jjohnston@jonesday.com 

Section 10.2 Assignment; Third Party Beneficiaries. Neither this Agreement nor any of the rights, interests or obligations under
this Agreement shall be assigned by any party hereto (whether by operation of Law or otherwise) without the prior written consent of the Company and the Requisite Equity Backstop Parties, other than an assignment by an Equity Backstop Party
expressly permitted by Section 2.6 and any purported assignment in violation of this Section 10.2 shall be void ab initio. Except as provided in Article VIII with respect to the
Indemnified Persons, this Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any Person any rights or remedies under this Agreement other than the Parties. 

Section 10.3 Prior Negotiations; Entire Agreement. 

(a) This Agreement (including the Annexes and Schedules attached to and the documents and instruments referred to in this Agreement) and the
Plan Support Agreement constitute the entire agreement of the parties hereto and supersede all prior agreements, arrangements or understandings, whether written or oral, among the parties hereto with respect to the subject matter of this Agreement,
except that the parties hereto acknowledge that any confidentiality agreements heretofore executed among the parties hereto will each continue in full force and effect. 

(b) Notwithstanding anything to the contrary in the Plan (including any amendments, supplements or modifications thereto) or the Confirmation
Order (and any amendments, supplements or modifications thereto) or an affirmative vote to accept the Plan submitted by any Equity Backstop Party, nothing contained in the Plan (including any amendments, supplements or modifications thereto) or
Confirmation Order (including any amendments, supplements or modifications thereto) shall alter, amend or modify the rights of the Equity Backstop Parties under this Agreement unless such alteration, amendment or modification has been made in
accordance with Section 10.7. 

  
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 Section 10.4 Governing Law; Venue. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO SUCH STATE’S CHOICE OF LAW PROVISIONS WHICH WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. BY ITS EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES FOR ITSELF THAT ANY LEGAL ACTION, SUIT, OR PROCEEDING AGAINST IT WITH RESPECT TO ANY MATTER ARISING UNDER, ARISING OUT OF, OR IN CONNECTION WITH THIS AGREEMENT OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT RENDERED IN ANY SUCH ACTION, SUIT, OR PROCEEDING, SHALL BE BROUGHT IN THE BANKRUPTCY COURT, OR IF THE BANKRUPTCY COURT DOES NOT HAVE JURISDICTION TO HEAR SUCH ACTION, SUIT OR PROCEEDING, ANY STATE OR
FEDERAL COURT LOCATED IN NEW YORK COUNTY, NEW YORK, AND BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH OF THE PARTIES HERETO IRREVOCABLY ACCEPTS AND SUBMITS ITSELF TO THE EXCLUSIVE JURISDICTION OF SUCH COURT, GENERALLY AND UNCONDITIONALLY, WITH
RESPECT TO ANY SUCH ACTION, SUIT OR PROCEEDING. THE PARTIES HERETO HEREBY AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OF PROCEEDING TO AN ADDRESS PROVIDED IN WRITING BY THE RECIPIENT OF SUCH MAILING, OR IN SUCH
OTHER MANNER AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF AND HEREBY WAIVE ANY OBJECTIONS TO SERVICE ACCOMPLISHED IN THE MANNER HEREIN PROVIDED. 

Section 10.5 Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY JURISDICTION IN ANY ACTION,
SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE AMONG THE PARTIES HERETO UNDER THIS AGREEMENT, WHETHER IN CONTRACT, TORT OR OTHERWISE. 

Section 10.6 Counterparts. This Agreement may be executed by way of electronic signature and delivery or in any number of
counterparts, all of which will be considered one and the same agreement and will become effective when counterparts have been signed by each of the parties hereto and delivered to each other party hereto (including via facsimile, portable document
format (pdf) or other electronic transmission), it being understood that each party hereto need not sign the same counterpart. 

Section 10.7 Waivers and Amendments; Rights Cumulative; Consent. This Agreement may be amended, restated, modified, or changed
only by a written instrument signed by the Company and the Requisite Equity Backstop Parties; provided that, in addition, each Equity Backstop Party’s prior written consent shall be required for any amendment that would have the effect
of: (a) directly or indirectly modifying such Equity Backstop Party’s Equity Backstop Amount other than in accordance with Section 2.3(a); (b) increasing the Per Share Purchase Price to be paid in respect of the
Rights Offering Shares (except to the extent resulting from a 

  
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proportionate decrease in the number of Convertible Series A Preferred Shares to be offered in the Rights Offerings); (c) increasing the Rights Offering Amount without each Equity Backstop Party
having the opportunity (but not the obligation) to participate pro rata in such increase (for the avoidance of doubt, this clause shall only apply to the Rights Offering Shares to be issued pursuant to this Agreement and shall not apply to
any subsequent issuance of Convertible Series A Preferred Shares, it being agreed that no Equity Backstop Party shall be required to purchase such Convertible Series A Preferred Shares); (d) amending any of the following:
(i) Section 2.6 (Designation and Assignment Rights), (ii) this Section 10.7, (iii) the definition of “Requisite Equity Backstop Parties”; or (e) otherwise having a
materially adverse and disproportionate (as compared to other Equity Backstop Parties) effect on such Equity Backstop Party; provided, further, that a written instrument signed by the Company and the Requisite Equity Backstop Parties
shall be required to amend, restate, modify or change any provision that gives the Requisite Equity Backstop Parties consent rights with respect to any matter. The terms and conditions of this Agreement may be waived (i) by the Debtors only by
a written instrument executed by the Company and (ii) by the Equity Backstop Parties only by a written instrument executed by the Requisite Equity Backstop Parties (provided that each Equity Backstop Party’s prior written consent
shall be required for any waiver having the effects referred to in the first proviso of this Section 10.7). Notwithstanding the foregoing or anything to the contrary in this Agreement, following the termination of the
rights and obligations of an Equity Backstop Party pursuant to Section 9.3(c), the Company and one or more remaining Equity Backstop Parties may, without the consent of the Requisite Equity Backstop Parties, agree to amend
this Agreement to increase the Equity Backstop Percentages of such agreeing Equity Backstop Party or Parties such that, following such increase, the sum of all Equity Backstop Percentages equals one hundred percent (100%). No delay on the part of
any Party in exercising any right, power or privilege pursuant to this Agreement will operate as a waiver thereof, nor will any waiver on the part of any Party of any right, power or privilege pursuant to this Agreement, nor will any single or
partial exercise of any right, power or privilege pursuant to this Agreement, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement. Except as otherwise provided in this
Agreement, the rights and remedies provided pursuant to this Agreement are cumulative and are not exclusive of any rights or remedies which any Party otherwise may have at law or in equity. For the avoidance of doubt, nothing in this Agreement shall
affect or otherwise impair the rights, including consent rights, of the Equity Backstop Parties under the Plan Support Agreement or any other Definitive Document. 

Section 10.8 Headings. The headings in this Agreement are for reference purposes only and will not in any way affect the meaning
or interpretation of this Agreement. 
 Section 10.9 Specific Performance. The parties hereto agree that irreparable damage
would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to an injunction or injunctions without the necessity of posting a bond to prevent breaches of this
Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. Unless otherwise expressly stated in this Agreement, no right or remedy
described or provided in this Agreement is intended to be exclusive or to preclude a Party from pursuing other rights and remedies to the extent available under this Agreement, at law or in equity. 

  
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 Section 10.10 Damages. Notwithstanding anything to the contrary in this
Agreement, none of the parties hereto will be liable for, and none of the parties hereto shall claim or seek to recover, any punitive, special, indirect or consequential damages or damages for lost profits. 

Section 10.11 No Reliance. No Equity Backstop Party or any of its Related Parties shall have any duties or obligations to the
other Equity Backstop Parties in respect of this Agreement, the Plan or the transactions contemplated hereby or thereby, except those expressly set forth herein. Without limiting the generality of the foregoing, (a) no Equity Backstop Party or
any of its Related Parties shall be subject to any fiduciary or other implied duties to the other Equity Backstop Parties, (b) no Equity Backstop Party or any of its Related Parties shall have any duty to take any discretionary action or
exercise any discretionary powers on behalf of any other Equity Backstop Party, (c) no Equity Backstop Party or any of its Related Parties shall have any duty to the other Equity Backstop Parties to obtain, through the exercise of diligence or
otherwise, to investigate, confirm, or disclose to the other Equity Backstop Parties any information relating to the Company, the other Debtors or any of their respective Subsidiaries that may have been communicated to or obtained by such Equity
Backstop Party or any of its Affiliates in any capacity, (d) no Equity Backstop Party may rely, and each Equity Backstop Party confirms that it has not relied, on any due diligence investigation that any other Equity Backstop Party or any
Person acting on behalf of such other Equity Backstop Party may have conducted with respect to the Company, the other Debtors or any of their respective Affiliates or any of their respective securities, and (e) each Equity Backstop Party
acknowledges that no other Equity Backstop Party is acting as a placement agent, initial purchaser, underwriter, broker or finder with respect to its Unsubscribed Shares or Equity Backstop Percentage of its Rights Offering Backstop Commitment. 

Section 10.12 No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the
fact that certain of the Parties may be partnerships or limited liability companies, each party hereto covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this
Agreement shall be had against any Party’s Affiliates, or any of such Party’s Affiliates’ or respective Related Parties in each case other than the Parties to this Agreement and each of their respective successors and permitted
assignees under this Agreement (including any applicable Related Purchaser), whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no
personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any of the Related Parties (other than any applicable Related Purchaser), as such, for any obligation or liability of any Party under this Agreement or any
documents or instruments delivered in connection herewith for any claim based on, in respect of or by reason of such obligations or liabilities or their creation; provided, however, nothing in this Section 10.12 shall
relieve or otherwise limit the liability of any party hereto or any of their respective successors or permitted assigns for any breach or violation of its obligations under this Agreement or such other documents or instruments. For the avoidance of
doubt, prior to the Effective Date, none of the parties hereto will have any recourse, be entitled to commence any proceeding or make any claim under this Agreement or in connection with the transactions contemplated hereby except against any of the
parties hereto or their respective successors and permitted assigns (including the applicable Related Purchasers), as applicable. 

  
 45 

 Section 10.13 Severability. In the event that any one or more of the provisions
contained in this Agreement is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein will not be
in any way impaired thereby, it being intended that all of the rights and privileges of the parties hereto will be enforceable to the fullest extent permitted by law. 

[Signature Page Follows] 

  
 46 

 IN WITNESS WHEREOF, the undersigned parties have duly executed this Agreement as of the date
first above written. 
  

			
	DEBTORS:
	
	GARRETT MOTION INC.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: SVP General Counsel & Corporate Secretary
	
	BRH LLC
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	CALVARI LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	FRICTION MATERIALS LLC
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 [Signature page to Equity Backstop Commitment Agreement] 

 
			
	
	GARRETT ASASCO INC.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT BORROWING LLC
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT HOLDING COMPANY SÀRL
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT LX I S.À R.L.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT LX II S.À R.L.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT LX III S.À R.L.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 [Signature page to Equity Backstop Commitment Agreement] 

 
			
	
	GARRETT MOTION AUSTRALIA PTY LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION AUTOMOTIVE RESEARCH MEXICO S. DE R.L. DE C.V.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION HOLDINGS INC.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION HOLDINGS II INC.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION INTERNATIONAL SERVICES S.R.L.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION IRELAND A LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 [Signature page to Equity Backstop Commitment Agreement] 

 
			
	
	GARRETT MOTION IRELAND B LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION IRELAND C LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION IRELAND LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION ITALIA S.R.L.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION JAPAN INC.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION LLC
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 [Signature page to Equity Backstop Commitment Agreement] 

 
			
	
	GARRETT MOTION MÉXICO, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION ROMANIA S.R.L.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION SÀRL
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION SLOVAKIA S.R.O.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION SWITZERLAND HOLDINGS SÀRL
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION UK A LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 [Signature page to Equity Backstop Commitment Agreement] 

 
			
	
	GARRETT MOTION UK B LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION UK C LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION UK D LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT MOTION UK LIMITED
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT TRANSPORTATION I INC.
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT TRANSPORTATION SYSTEMS LTD
		
	By:	 	/s/ Koenraad Van Himbeeck
		 	Name: Koenraad Van Himbeeck
		 	Title: Director

 [Signature page to Equity Backstop Commitment Agreement] 

 
			
	
	GARRETT TRANSPORTATION SYSTEMS UK II LTD
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT TS LTD
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory
	
	GARRETT TURBO LTD
		
	By:	 	/s/ Jerome Maironi
		 	Name: Jerome Maironi
		 	Title: Authorized Signatory

 [Signature page to Equity Backstop Commitment Agreement] 

 
			
	EQUITY BACKSTOP PARTIES:
	
	ATTESTOR VALUE MASTER FUND LP 
		
	By:	 	/s/ F. S. Andreae
		 	Name: F. S. Andreae
		 	Title: Authorized Attorney
	
	Notice Information:
	
	 c/o Attestor Limited
 7 Seymour
Street
 London W1H 7JW

	
	Email address:
	
	friedrich.andreae@attestorcapital.com
	
	ops@attestorcapital.com
	
	legal@attestorcapital.com
	
	Attention to: F.S. Andreae

  
 [Signature page to
Equity Backstop Commitment Agreement] 

 
			
	BAUPOST GROUP SECURITIES, L.L.C.
		
	By:	 	/s/ Joshua A. Greenhill
		 	Name: Joshua A. Greenhill
		 	Title: Partner
	
	 Notice Information: 10 St. James Ave., Suite 1700,

Boston, MA 02116

	
	legal@baupost.com; jag@baupost.com
	
	Attention to: Joshua A. Greenhill

  
 [Signature page to
Equity Backstop Commitment Agreement] 

 
			
	CYRUS CAPITAL PARTNERS, L.P., in its capacity as investment manager to and on behalf of certain managed funds and accounts
		
	By:	 	/s/ Jennifer M. Pulick
		 	Name: Jennifer M. Pulick
		 	Title: Authorized Signatory
	
	Notice Information:
	
	65 East 55th Street, 35th Floor, New York, New York 10022
	
	ops@cyruscapital.com / jmah@cyruscapital.com /
	
	jpulick@cyruscapital.com
	
	Attn: General Counsel and Operations Dept.

  
 [Signature page to
Equity Backstop Commitment Agreement] 

 
			
	 FIN CAPITAL PARTNERS LP
 BY: FINN
MANAGEMENT GP LLC,
 ITS GENERAL PARTNER

		
	By:	 	/s/ Brian Finn
		 	Name: Brian Finn
		 	Title: Manager
	
	Notice Information
	
	 336 West 37th Street, Suite 200
 New
York, NY 10018

	
	 Attention: Brian Finn
 Email:
brian.finn@fincap.us

  
 [Signature page to
Equity Backstop Commitment Agreement] 

 
			
	HAWK RIDGE CAPITAL MANAGEMENT LP
		
	By:	 	/s/ David Bradley
		 	Name: David Bradley
		 	Title: COO/CFO/CCO
	
	Notice Information:
	
	 Address: 12121 Wilshire Blvd. Suite 900

                Los Angeles, CA 90025

	
	Email address: dbradley@hawkridgellc.com
	
	Attention to: David Bradley

  
 [Signature page to
Equity Backstop Commitment Agreement] 

 
			
	KEYFRAME CAPITAL PARTNERS, L.P., in its capacity as investment manager to and on behalf of certain managed funds and accounts
		
	By:	 	/s/ Jennifer M. Pulick
		 	Name: Jennifer M. Pulick
		 	Title: Authorized Signatory
	
	Notice Information:
	
	65 East 55th Street, 35th Floor, New York, New York 10022
	
	ops@cyruscapital.com / jr@keyframecapital.com
	
	Attn: John Rapaport and Operations Dept.

  
 [Signature page to
Equity Backstop Commitment Agreement] 

 
			
	NEWTYN MANAGEMENT, LLC 
		
	By:	 	/s/ Eugene Dozortsev
		 	Name: Eugene Dozortsev
		 	Title: Managing Member
	
	Notice Information:
	
	60 East 42nd Street
	9th Floor
	New York, NY 10165
	
	edozortsev@newtyn.com
	
	Attn: Eugene Dozortsev

  
 [Signature page to
Equity Backstop Commitment Agreement] 

 
			
	SESSA CAPITAL IM, L.P.
		
	By:	 	/s/ Jae Hong
		 	Name: Jae Hong
		 	Title: President & COO
	
	Notice Information:
	
	 888 Seventh Avenue,
 30th Floor

	New York, NY 10019
	
	Jae.Hong@sessacapital.com
	
	Attention to: Jae Hong

 
			
	WHITEBOX MULTI-STRATEGY PARTNERS, L.P.
		
	By:	 	/s/ Luke Harris
		 	Name: Luke Harris
		 	Title: General Counsel – Corporate, Transactions and Litigation
	
	Notice Information: Whitebox Advisors LLC, 3033
	Excelsior Blvd, Suite 500, Minneapolis, MN 55416
	
	AThau@whiteboxadvisors.com
	
	Attention to: Andrew Thau

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