Document:

EX-10.5

 Exhibit 10.5 

CARS.COM 
 DEFERRED
COMPENSATION PLAN 

 CARS.COM 

DEFERRED COMPENSATION PLAN 

TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	PAGE	 
	 1.0
	  	BACKGROUND	  	 	1	 
		  	1.1.	  	Introduction	  	 	1	 
		  	1.2.	  	Certain Definitions	  	 	1	 
			
	 2.0
	  	EXPLANATION OF PLAN	  	 	2	 
		  	2.1.	  	Effective Date	  	 	2	 
		  	2.2.	  	Eligibility	  	 	2	 
		  	2.3.	  	Interest in the Plan; Deferred Compensation Account	  	 	2	 
		  	2.4.	  	Amount of Deferral	  	 	2	 
		  	2.5.	  	Time of Election of Deferral	  	 	2	 
		  	2.6.	  	Accounts and Investments	  	 	4	 
		  	2.7.	  	Participant’s Option to Reallocate Amounts	  	 	5	 
		  	2.8.	  	Reinvestment of Income	  	 	5	 
		  	2.9.	  	Payment of Deferred Compensation	  	 	6	 
		  	2.10.	  	Manner of Electing Deferral, Choosing Investments and Choosing Payment Options	  	 	9	 
		  	2.11.	  	Deferrals of Restricted Stock or Restricted Stock Units	  	 	10	 
			
	 3.0
	  	ADMINISTRATION OF THE PLAN	  	 	11	 
		  	3.1.	  	Statement of Account	  	 	11	 
		  	3.2.	  	Assignability	  	 	11	 
		  	3.3.	  	Business Days	  	 	11	 
		  	3.4.	  	Administration	  	 	11	 
		  	3.5.	  	Amendment	  	 	12	 
		  	3.6.	  	Liability	  	 	13	 
		  	3.7.	  	Change in Control	  	 	13	 
		  	3.8.	  	Claims	  	 	18	 
		  	3.9.	  	Successors	  	 	19	 
		  	3.10.	  	Governing Law	  	 	20	 

  
 TOC 

 CARS.COM 

DEFERRED COMPENSATION PLAN 
 1.0
    BACKGROUND 
  

	1.1.	Introduction 

 In 2017, TEGNA Inc. (the “Predecessor Company”) spun off
Cars.com Inc. (the “Company”) into a separate publicly traded company (the “Spin-off”). Certain participants in the TEGNA Inc. Deferred Compensation Plan (the “Predecessor Plan”)
had their benefits under the Predecessor Plan assumed by this Plan (the “Transferred Participants”) as specified in that certain Employee Matters Agreement by and between the Company and the Predecessor Company dated May 31, 2017 (the
“Employee Matters Agreement”). The Company, and not the Predecessor Company, shall be solely responsible for paying such assumed benefits. The Employee Matters Agreement may be used as an aid in interpreting the terms of the benefits
hereunder. Notwithstanding any other provision of this Plan or the Predecessor Plan, no Participant shall be entitled to duplicate benefits under both such Plans with respect to the same period of service or compensation. 

The list of Transferred Participants is maintained by the Company. The benefits with respect to Transferred Participants derived from the
Predecessor Plan shall not be amended in a manner so as to subject them to additional tax under Section 409A of the Internal Revenue Code, and any amendment which would have such an effect shall be deemed void and ineffective. 

This Plan was adopted to provide the opportunity for directors of the Company who are not also employees (“Directors”) to defer
certain compensation. Directors may defer to future years all or part of their fees. The Committee may also allow Directors to defer such other forms of taxable income derived from the performance of services for the Company as may be designated by
the Committee and which may be deferred pursuant to such special terms and conditions as the Committee may establish (including, without limitation, awards under long-term incentive and stock-based plans). Amounts that may be deferred under this
Plan are collectively referred to as “Compensation”. 
  

	1.2.	Certain Definitions 

 The term “SIRs” (Stock Incentive Rights) used in this
Plan includes restricted stock awards, restricted stock units and other equity-based awards issued under equity-based compensation plans of the Company or the Predecessor Company. The term “Committee” used in this Plan means the Benefit
Plans Committee of the Company. The term “Company” means the Company as defined above in Section 1.1 and any successor to its business and/or assets which assumes the Plan by operation of law or otherwise. The term “Board”
means the Board of Directors of the Company. 

 2.0     EXPLANATION OF PLAN 

 

	2.1.	Effective Date 

 The Effective Date of this Plan is May 31, 2017. The Predecessor Plan
was initially effective July 1, 1987. The Company intends that the Plan satisfies the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) to avoid the imposition of the taxes imposed under
Section 409A. Accordingly, the requirements of Code Section 409A and the regulations and guidance issued thereunder (collectively, “Section 409A”) are incorporated by reference to the extent necessary to avoid any tax being imposed on a
Participant under Section 409A. The terms of this Plan can apply to amounts that are subject to Section 409A. 
 For a Participant who is
employed immediately following the Effective Date by the Company or an affiliate, such Participant’s service with the Predecessor Company or any of its subsidiaries or predecessor entities at or before the Effective Date shall be recognized to
the same extent that such service was recognized by the Predecessor Company under the Predecessor Plan prior to the Effective Date. 
  

	2.2.	Eligibility 

 In addition to Transferred Participants, the Plan is available to Directors
of the Company who are designated as eligible by the Committee. 
  

	2.3.	Interest in the Plan; Deferred Compensation Account 

 For each eligible person who elects
to defer Compensation or on behalf of whom the Company makes an award (“Participant”), one or more Deferred Compensation Accounts shall be established in accordance with Section 2.6(a). A Participant’s interest in the Plan shall be
the Participant’s right to receive payments under the terms of the Plan. A Participant’s payments from the Plan shall be based upon the value attributable to the Participant’s Deferred Compensation Accounts. 

 

	2.4.	Amount of Deferral 

 A Participant may elect to defer receipt of all or a part of his or
her Compensation provided that the minimum deferral for any type of Compensation that is expected to be deferred must be $5,000 for the year of deferral or, in the case of deferred SIRs, such minimum number of shares as the Committee may determine.

  

	2.5.	Time of Election of Deferral 

  

	 	(a)	 Deferral elections are subject to the requirements of Section 409A and must be made at such time and pursuant to
such terms and conditions as are established by the Committee. This means that, other than for the special circumstances set forth below (each of which is subject to the requirements of Section 409A), all elections to defer Compensation must be made
before the last day of the calendar 

  
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year preceding the calendar year in which the services giving rise to the compensation are performed. 

  

	 	(i)	In the year that a Director first becomes eligible to make elective deferrals under the Plan (or any elective deferral plan aggregated with this Plan under Section 409A), the Director may be permitted to make a deferral
election within 30 days of first becoming eligible. This initial deferral may relate only to Compensation attributable to services to be performed following the deferral election. 

 

	 	(ii)	If a Director has a legally binding right to a payment in a subsequent year that is subject to a condition requiring the Director to continue to provide services for a period of at least 12 months from the date the
Director obtains the legally binding right, to avoid forfeiture of the payment, the Director may be permitted to elect to defer such Compensation on or before the 30th day after the Director obtains the legally binding right to the Compensation,
provided that the election is made at least 12 months in advance of the earliest date at which the forfeiture condition could lapse. 

  

	 	(iii)	If a Director has a legally binding right to a payment of Compensation in a subsequent taxable year that, absent a deferral election, would be treated as a short-term deferral within the meaning of Section 409A, the
Director may be permitted to elect to defer such Compensation in accordance with the requirements of Section 1.409A-2(b), applied as if the amount were a deferral of compensation and the scheduled payment date
for the amount were the date the substantial risk of forfeiture lapses. 

  

	 	(b)	In the case of Director’s fees, whether payable in cash, Restricted Stock, or any other form permitted to be deferred under the Plan, deferral elections under the Plan shall relate to
one-year terms (each, a “Term”) beginning with each annual meeting of shareholders of the Company (“Annual Meeting”) and ending immediately prior to the next Annual Meeting. Deferral
elections shall be made no later than the date specified by the Committee that is on or prior to the last day of the calendar year preceding the commencement of the applicable Term. The foregoing election requirements shall be subject to the rules
set forth in Section 2.5(a) above. 

  

	 	(c)	Once made, an election to defer for a particular time period is irrevocable. No acceleration in a Payment Commencement Date or a change in a Method of Payment may be made except as expressly permitted by the Plan and
Section 409A. 

  

	 	(d)	Notwithstanding any other provision hereof, for purposes of the year 2017 only, elections by a Transferred Participant under the Predecessor Plan shall apply to determine deferrals hereunder. 

  
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	2.6.	Accounts and Investments 

  

	 	(a)	All Participant records, reports and elections shall be maintained and administered on the basis of the Participant’s Deferred Compensation Accounts which are determined based on the Payment Commencement Dates (as
defined in Section 2.9(b)) and Method of Payments (as defined in Section 2.9(c)) elected by the Participant, i.e., all amounts that have been elected to be paid on a designated Payment Commencement Date under a designated Method of Payment shall be
aggregated into a single Deferred Compensation Account for a Participant for purposes of subsequent recordkeeping and for elections that may be available with respect to the deferred amounts, such as investment elections and payment method
elections. The maximum number of Deferred Compensation Accounts a Participant may have at any time is five, subject to the Committee’s right to increase such limit. Deferred Compensation Accounts are hypothetical accounts only; no actual
accounts are established for individual Participants. Except as provided in subsection 2.9(e), the payout rules for a Deferred Compensation Account may not be changed after the rules for that Account have been established. 

 

	 	(b)	The amount of Compensation deferred will be credited to the Participant’s Deferred Compensation Account or Accounts as soon as practicable after the Compensation would have been paid had there been no election to
defer. 

 The amounts credited in a Deferred Compensation Account will be deemed invested in the fund or funds designated by
the Participant from among funds selected by the Committee, which may include the following or any combination of the following: 
  

	 	(i)	money market funds; 

  

	 	(ii)	bond funds; 

  

	 	(iii)	equity funds; and 

  

	 	(iv)	the Company stock fund. 

 Although the Plan is not subject to section 404(c) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), the funds available to Participants under the Plan shall, at all times, constitute a broad range of investment alternatives that would meet the standards pertaining to the range
of investments set forth in regulations promulgated by the Department of Labor under section 404(c) of ERISA, or any successor provision, as if that provision were applicable to the Plan. In the discretion of the Committee, funds may be added,
deleted or substituted from time to time, subject to the preceding sentence. 
 Information on the specific funds permitted under the Plan
shall be made available by the Committee to the Participants. If the Committee adds, deletes or substitutes a particular fund, the Committee shall notify Participants in advance of 

  
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the change and provide Participants with the opportunity to change their allocations among funds in connection with such addition, deletion or substitution. 

A Participant may allocate contributions to his or her Deferred Compensation Accounts among the available funds pursuant to such procedures and
requirements as may be specified by the Committee from time to time. Participants shall have the opportunity to give investment directions with respect to their Accounts at least once in any three-month period. 

With respect to the Company stock fund, the accounts of Transferred Participants only shall also have deemed investments in shares of
Predecessor Company stock as a consequence of the Spin-off and a hypothetical fund will be established for such stock. Notwithstanding any provision to the contrary, Participants may elect in a manner
prescribed by the Committee to allocate out of such Predecessor Company stock fund but shall not be able to allocate any additional amounts to the Predecessor Company stock fund. 

 

	 	(c)	Unless otherwise specified in an agreement memorializing a particular award or as otherwise specified under the Plan, all deferrals under this Plan and the earnings credited to them are fully vested at all times.

  

	 	(d)	The right of any Participant to receive future payments under the provisions of the Plan shall be a contractual obligation of the Company but shall be subject to the claims of the creditors of the Company in the event
of the Company’s insolvency or bankruptcy as provided in the trust agreement described below. 

 Plan assets may, in the
Company’s discretion, be placed in a trust (the “Rabbi Trust”) (which Rabbi Trust may be a sub-trust maintained as a separate account within a larger trust that is also used to pay benefits
under other Company- sponsored unfunded nonqualified plans) but will nevertheless continue to be subject to the claims of the Company’s creditors in the event of the Company’s insolvency or bankruptcy as provided in the trust agreement. In
any event, the Plan is intended to be unfunded under Title I of ERISA. 
  

	2.7.	Participant’s Option to Reallocate Amounts 

 A Participant may elect to reallocate
amounts in his or her Deferred Compensation Accounts among the available funds pursuant to such procedures and requirements as may be specified by the Committee from time to time consistent with Section 2.6(b). 

 

	2.8.	Reinvestment of Income 

 Income from a hypothetical fund investment in a Deferred
Compensation Account shall be deemed to be reinvested in that fund as soon as practicable under the terms of that fund. Notwithstanding the foregoing, deemed dividends relating to hypothetical Predecessor Company stock in the hypothetical
Predecessor Company stock fund will not be deemed reinvested in Predecessor Company stock. Instead, such deemed dividends 

  
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will be hypothetically invested proportionately in the investment funds selected by the Participant in his most recent investment direction, or, in the absence of an explicit investment
direction, in the default investment fund. 
  

	2.9.	Payment of Deferred Compensation 

  

	 	(a)	No withdrawal may be made from the Participant’s Deferred Compensation Accounts except as provided in this Section. 

  

	 	(b)	At the time a deferral election is made, the Participant shall choose the date on which payment of the amount credited to the Deferred Compensation Account is to commence, which date shall be either April 1 or
October 1 of the year of the Participant’s retirement, the year next following the Participant’s retirement, or any other year specified by the Participant that is after the year for which the Participant is making the deferral
(“Payment Commencement Date”). Notwithstanding the foregoing, the Payment Commencement Date shall be no later than October 1 of the year after the Participant retires from the Board. 

 

	 	(c)	At the time the election to defer is made, the Participant may choose to receive payments either (i) in a lump sum; or (ii) if the Payment Commencement Date is during a year in which a Participant has attained
at least age 55 and has at least 5 years of service, in up to fifteen annual installments. The method of paying a Deferred Compensation Account is the “Method of Payment.” The amount of any payment under the Plan shall be the value
attributable to the Deferred Compensation Account on the last day of the month preceding the month of the payment date, divided by the number of payments remaining to be made, including the payment for which the amount is being determined.

 Under rules prescribed by the Committee, at the time the election to defer is made, a Participant may elect to allocate a
portion of the Participant’s deferral elections to pre-existing Deferred Compensation Accounts and/or a new Deferred Compensation Account established for such deferral. Notwithstanding the foregoing, the
maximum number of Deferred Compensation Accounts a Participant may have at any time is five, subject to the Committee’s right to increase such limit. Except as provided in subsection (e), the payout rules for a Deferred Compensation Account may
not be changed after the rules for that Account have been established 
  

	 	(d)	 In the event of a Participant’s death or Disability before the Participant has received any payments from a
Deferred Compensation Account, the value of the Account shall be paid to the Participant’s designated beneficiary in the case of death or to the Participant in the case of Disability, at such time and in such form of payment as is set forth on
the applicable deferral form signed by the Participant. In the event of the Participant’s death or Disability after installment payments from a Deferred Compensation Account have commenced, the remaining balance of the Account shall be paid to
the Participant or designated beneficiary, as applicable, over the installments remaining to be paid. For 

  
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purposes of this Plan and consistent with such term’s definition under Section 409A, “Disability” means the Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

Beneficiary designations shall be submitted on the form specified by the Company. A Participant may only have a single beneficiary designation
that will apply to all of his/her Deferred Compensation Accounts, and the filing of a new beneficiary designation shall automatically revoke any previous beneficiary designation for all of the Participant’s Deferred Compensation Accounts. In
the event a beneficiary designation has not been made, or the beneficiary was not properly designated (in the sole discretion of the Company), has died or cannot be found, all payments after death shall be paid to the Participant’s estate. In
case of disputes over the proper beneficiary, the Company reserves the right to make any or all payments to the Participant’s estate. 
  

	 	(e)	A Participant may not change an initial Payment Commencement Date or Method of Payment for a Deferred Compensation Account after an election has been made except as provided in the following sentence. If an active
Participant specifies a particular year as a Payment Commencement Date (rather than retirement) and such date is a date when the Participant is less than age 60, the Participant may elect to select a new Method of Payment or Payment Commencement
Date by delivering a written election to the Committee (a “Subsequent Election”); provided that (i) such Subsequent Election may not take effect until at least 12 months after the date on which the Subsequent Election is made,
(ii) the payment with respect to which such Subsequent Election is made must be deferred for a period of not less than 5 years from the date such payment would otherwise have been made; and (iii) the election must be made not less than 12
months before the date the payment is scheduled to be paid (or in the case of installment payments 12 months before the date the first amount was scheduled to be paid). 

A technical note — if a Participant has elected the year of retirement as the Payment Commencement Date but retires on a date that is
after the designated Payment Commencement Date, the payment (or the first annual installment) will begin on the first day of the month after the month in which the Participant retires. 

Restrictions on changing Payment Commencement Dates and Methods of Payment shall not prevent the Participant from choosing a different Payment
Commencement Date and/or Method of Payment for amounts to be deferred in subsequent years, subject to the limitation on the number of Deferred Compensation Accounts a Participant may have. 

 

	 	(f)	Notwithstanding any Payment Commencement Date or Method of Payment selected by a Participant, the following rule shall apply: 

  
 7 

	 	(i)	If a Participant’s directorship terminates for any reason other than (1) at or after reaching age 70 for outside Directors and age 65 for Directors who were former Company executives, (2) by reason of
such Participant’s death, or (3) by reason of such Participant’s Disability, the Committee shall distribute such Director Participant’s benefits in the form of a lump sum, as soon as administratively practicable following the
Participant’s termination of service (but not later than 60 days after such termination). 

  

	 	(g)	If, in the discretion of the Committee and subject to the requirements of Section 409A, the Participant has a need for funds due to an “unforeseeable emergency”, benefits may be paid prior to the
Participant’s Payment Commencement Date. For this purpose, an “unforeseeable emergency” means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a
dependent (as defined in section 152(a) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the
Participant. Distributions under this subsection may only be made if, consistent with Section 409A, the amounts distributed with respect to the emergency do not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay
taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the
Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). The Participant requesting a payment under this subsection must supply the Committee with a statement indicating the nature of
the emergency that created the severe financial hardship, the fact that all other reasonably available resources are insufficient to meet the need, and any other information which the Committee decides is necessary to evaluate whether an
unforeseeable emergency exists. 

  

	 	(h)	In the Company’s discretion, payments from the Plan may be made in cash or in the kind of property represented by the fund or funds selected by the Participant. Notwithstanding the foregoing or any other provision
of this Plan, any portion of a Participant’s Deferred Compensation Account deemed invested in shares of Predecessor Company may only be settled in cash. 

  

	 	(i)	All contributions to the Plan and all payments from the Plan, whether made by the Company or the Trustee, shall be subject to all taxes required to be withheld under applicable laws and regulations of any governmental
authorities. 

  

	 	(j)	 Notwithstanding any provision to the contrary, a distribution triggered by a specified employee’s separation
from service (for any reason other than death) may not commence before the date which is 6 months after the date of the specified employee’s separation from service (or if, earlier, the employee’s death). For purposes of the Plan, a
“specified employee” has the meaning set forth in Section 409A. If this provision is triggered, any amount that would otherwise have been paid during such 6 month period shall be paid on the date

  
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that is the first day of the seventh month after such employee’s separation from service (or if, earlier, the employee’s death). For purposes of this Plan, the date when a Participant
is deemed to be separated from service, retired, or terminated shall be determined consistent with the requirements of Section 409A. 

  

	 	(k)	Notwithstanding the foregoing, the Committee, in its sole discretion, may accelerate the time or schedule of a payment, or a payment may be made under the Plan, to pay the Federal Insurance Contributions Act
(“FICA”) tax imposed under Code sections 3101, 3121(a), and 3121(v)(2) on compensation deferred under the plan (the “FICA Amount”). Additionally, the Committee may provide for the acceleration of the time or schedule of a
payment, or a payment may be made under the Plan, to pay the income tax at source on wages imposed under section 3401 or the corresponding withholding provisions of applicable state, local, or foreign tax laws as a result of the payment of the FICA
Amount, and to pay the additional income tax at source on wages attributable to the pyramiding section 3401 wages and taxes. However, the total payment under this acceleration provision must not exceed the aggregate of the FICA Amount, and the
income tax withholding related to such FICA Amount. 

  

	2.10.	Manner of Electing Deferral, Choosing Investments and Choosing Payment Options 

  

	 	(a)	In order to make any elections or choices permitted hereunder, the Participant must give written or electronic notice to the Committee. A notice electing to defer Compensation shall specify: 

 

	 	(i)	the percentage, specified dollar amount, and/or amount above a specified dollar amount that is to be deferred (provided that the deferral is expected to be an amount that is a least $5,000 for the year);

  

	 	(ii)	the type of Compensation to be deferred; 

  

	 	(iii)	the funds chosen by the Participant; and 

  

	 	(iv)	the portion of the Participant’s deferral elections that will be made to pre-existing Deferred Compensation Accounts and/or a new Deferred Compensation Account established
for such deferral. 

 In the event that a new Deferred Compensation Account is established for such deferral, the Participant
must designate the payout rules that will apply to such Deferred Compensation Account, e.g., the Method of Payment and the Payment Commencement Date, including rules for payment in the event of the Participant’s Disability or death. Each
Deferred Compensation Account shall have Section 409A compliant payout rules specifying the Method of Payment and the Payment Commencement Date, including rules for payment in the event of the Participant’s Disability or death. Once
established, such payout rules may not be changed except as provided in Section 2.9(e). 

  
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	 	(b)	Subject to the requirements of Section 409A, the Committee, in its sole discretion, may establish rules for the manner in which deferral elections may be made and will provide election forms to permit Participants to
defer Compensation to be earned during a calendar year. An election by a Participant to defer Compensation shall apply only to Compensation deferred in the calendar year for which the election is effective. 

 

	 	(c)	The last form received by the Committee directing an allocation of amounts in a Deferred Compensation Account among the funds available shall govern until changed by the receipt by the Committee of a subsequent
allocation form. 

  

	 	(d)	Notwithstanding any provision in the Plan to the contrary, the Committee may permit elections, designations and allocations to be made through electronic means, and Plan statements and communications may be provided
through electronic means. 

  

	2.11.	Deferrals of Restricted Stock or Restricted Stock Units 

 A Director whose fees for a
Term may be paid in the form of Restricted Stock or Restricted Stock Units may elect to defer such Restricted Stock or Restricted Stock Units in accordance with such guidelines and restrictions as may be established by the Committee and in
accordance with the general terms of this Plan and Section 409A, subject to the following, which shall supersede any provision in the Plan to the contrary with respect to such deferrals: 

 

	 	(a)	An election to defer Restricted Stock or Restricted Stock Units must be made in accordance with Section 2.5 of the Plan and Section 409A. The deferral election may be made for all or a portion of the Restricted
Stock or Restricted Stock Units that would have otherwise been awarded. 

  

	 	(b)	An election to defer Restricted Stock or Restricted Stock Units shall constitute a direction by the Director to have the Company, in lieu of currently issuing shares of Restricted Stock or an award of Restricted Stock
Units, defer under this Plan an amount equal to the value of the Restricted Stock or Restricted Stock Units, subject to the election as determined at the time of the award. The Restricted Stock or Restricted Stock Units deferred by a Director under
this Plan for a Term shall be credited as units of stock to a separate sub-account within the Director’s Deferred Compensation Account. The vesting rules that would have applied to the Restricted Stock or
Restricted Stock Unit award that was deferred under the Plan shall apply to the sub-account attributable to such award. 

  

	 	(c)	Subject to the rules applicable to Predecessor Company stock, Restricted Stock or Restricted Stock Units deferred under the Plan shall be deemed invested in the Company stock fund during the entire deferral period and
the Director shall not have the right to reallocate such deemed investment to any of the other investment options otherwise available under the Plan. 

  

	 	(d)	 At the time an election to defer Restricted Stock or Restricted Stock Units is

  
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made, the Director shall elect the time and form of payment of such deferral and earnings thereon in accordance with Section 2.9 of the Plan. Subject to the rules applicable to Predecessor
Company stock, payments shall be made in shares of Company common stock. 

  

	 	(e)	Any portion of a Director’s Deferred Compensation Account attributable to deferred Restricted Stock or Restricted Stock Units, whether or not vested, shall not be available for early withdrawal under Section 2.9(g)
of the Plan. 

 3.0     ADMINISTRATION OF THE PLAN 

 

	3.1.	Statement of Account 

 Statements setting forth the values of the funds deemed to be held
in a Participant’s Deferred Compensation Accounts will be sent to each Participant quarterly or more often as the Committee may elect. A Participant shall have two years from the date a statement has been sent to question the accuracy of the
statement. If no objection is made to the statement, it shall be deemed to be accurate and thereafter binding on the Participant for all purposes. 
  

	3.2.	Assignability 

 The benefits payable under this Plan shall not revert to the Company or
be subject to the Company’s creditors prior to the Company’s insolvency or bankruptcy, nor, except pursuant to will or the laws of descent and distribution, shall they be subject in any way to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind by the Participant, the Participant’s beneficiary or the creditors of either, including such liability as may arise from the Participant’s bankruptcy. 

 

	3.3.	Business Days 

 In the event any date specified herein falls on a Saturday, Sunday, or
legal holiday, such date shall be deemed to refer to the next business day thereafter or such other date as may be determined by the Committee in the reasonable exercise of its discretion. 

 

	3.4.	Administration 

 This Plan shall be administered by the Committee. The Committee has sole
discretion to interpret the Plan and to determine all questions arising in the administration, interpretation, and application of the Plan. The Committee’s powers include the power, in its sole discretion and consistent with the terms of the
Plan, to determine who is eligible to participate in this Plan, to determine the eligibility for and the amount of benefits payable under the Plan, to determine when and how amounts are allocated to a Participant’s Deferred Compensation
Account, to establish rules for determining when and how elections can be made, to adopt any rules relating to administering the Plan and to take any other action it deems appropriate to administer the Plan. The Committee may delegate its authority
hereunder to one or more persons. Whenever the value of a 

  
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Deferred Compensation Account is to be determined under this Plan as of a particular date, the Committee may determine such value using any method that is reasonable, in its discretion. Whenever
payments are to be made under this Plan, such payments shall begin on or within a reasonable period of time after the designated date, as determined by the Committee and subject to the limitations under Section 409A, and no interest shall be paid on
such amounts for any reasonable delay in making the payments. 
 This Plan is intended to comply with the requirements of Section 409A, and
shall be interpreted and administered in accordance with that intent. If any provision of the Plan would otherwise conflict with or frustrate this intent, that provision will be interpreted and deemed amended so as to avoid the conflict. Any
reference in this Plan to “separation from service”, “retirement”, “cessation of employment”, “termination of employment”, “termination of employment with the Company”, “directorship
termination”, “retirement from the Board”, “Director leaves the Board”, “cessation of employment with the Company or any Participating Affiliate” or similar term shall mean a “separation from service”
within the meaning of Section 409A. 
  

	3.5.	Amendment 

  

	 	(a)	Subject to the requirements of Section 409A, this Plan may at any time and from time to time be amended or terminated by the Board or the Compensation Committee of the Board. No amendment shall, without the consent of a
Participant, adversely affect such Participant’s interest in the Plan, i.e., the Participant’s benefit accrued to the effective date of the amendment (hereinafter referred to as the “Protected Interest”), as determined by the
Committee in its sole discretion. 

  

	 	(b)	An amendment shall be considered to adversely affect a Participant’s interest in the Plan if it has the effect of: 

  

	 	(i)	reducing the Participant’s Protected Interest in his or her Deferred Compensation Accounts; 

  

	 	(ii)	eliminating or restricting a Participant’s right to give investment directions with respect to the Participant’s Protected Interest in his or her Deferred Compensation Accounts under Sections 2.6 and 2.7 of
the Plan, except that a change in the number or type of funds available shall not be considered an amendment of the Plan as long as the funds available to Participants following such change constitute a broad range of investment alternatives under
the standards pertaining to the range of investments set forth in regulations promulgated by the Department of Labor under section 404(c) of ERISA or any successor provision; 

 

	 	(iii)	eliminating or restricting any timing or payment option available with respect to the Participant’s Protected Interest in his or her Deferred Compensation Accounts, or the Participant’s right to make and
change payment elections with respect to such Protected Interest, under Section 2.9, 2.10 or any other provision of the Plan; 

  
 12 

	 	(iv)	reducing or diminishing any of the change in control protections provided to the Participant under Section 3.7 or any other provision of the Plan; or 

 

	 	(v)	reducing or diminishing the rights of the Participant under this Section 3.5 with respect to any amendment or termination of the Plan. 

 

	 	(c)	Notwithstanding anything in the foregoing to the contrary, any amendment made for the purpose of protecting the favorable tax treatment of amounts deferred under the Plan following a change in applicable law, including
for this purpose a change in statute, regulation or other agency guidance, shall not be considered to adversely affect a Participant’s interest in the Plan. 

  

	 	(d)	If the Plan is terminated and if permitted by Section 409A, compensation shall prospectively cease to be deferred as of the date of the termination. To the extent permitted by Section 409A, each Participant will be paid
the value of his or her Deferred Compensation Accounts, including earnings credited through the payment date based on the Participant’s investment allocations, at the time and in the manner provided for in Sections 2.9 and 2.10.

  

	3.6.	Liability 

  

	 	(a)	Except in the case of willful misconduct, no Director or employee of the Company, or person acting as the independent fiduciary provided for in Section 3.7, shall be personally liable for any act done or omitted to
be done by such person with respect to this Plan. 

  

	 	(b)	The Company shall indemnify, to the fullest extent permitted by law, members of the Committee, persons acting as the independent fiduciary and Directors and employees of the Company, both past and present, to whom are
or were delegated duties, responsibilities and authority with respect to the Plan, against any and all claims, losses, liabilities, fines, penalties and expenses (including, but not limited to, all legal fees relating thereto), reasonably incurred
by or imposed upon such persons, arising out of any act or omission in connection with the operation and administration of the Plan, other than willful misconduct. 

 

	3.7.	Change in Control 

  

	 	(a)	Participation. If a change in control occurs, each eligible person who is participating in the Plan on the date of the change in control shall be entitled to continue participating in the Plan and to make
additional deferrals under its terms following the change in control, until he or she ceases to meet the criteria for an “eligible person” specified in Section 2.2 hereof (without regard to designation by the Committee) or the Plan is
terminated pursuant to Section 3.5. No new persons may be designated as eligible to participate in the Plan on or after a change in control. 

  
 13 

	 	(b)	Legal Expense. If, with respect to any alleged failure by the Company to comply with any of the terms of this Plan subsequent to a change in control, other than any alleged failure relating to a matter within the
control of the independent fiduciary and with respect to which the Company is acting pursuant to a determination or direction of the independent fiduciary, a Participant or beneficiary hires legal counsel or institutes any negotiations or institutes
or responds to legal action to assert or defend the validity of, enforce his rights under, obtain benefits promised under or recover damages for breach of the terms of this Plan, then, regardless of the outcome, the Company shall pay, as they are
incurred, a Participant’s or beneficiary’s actual expenses for attorneys’ fees and disbursements, together with such additional payments, if any, as may be necessary so that the net after-tax
payments to the Participant or beneficiary equal such fees and disbursements. The Company agrees to pay such amounts within 10 days following the Company’s receipt of an invoice from the Participant, provided that the Participant shall have
submitted an invoice for such amounts at least 30 days before the end of the calendar year next following the calendar year in which such fees and disbursements were incurred. 

 

	 	(c)	Mandatory Contributions to Rabbi Trust. If a change in control occurs, the Company shall make mandatory contributions to a Rabbi Trust established pursuant to Section 2.6(d), to the extent required by the
provisions of such Rabbi Trust. 

  

	 	(d)	Powers of Independent Fiduciary. Following a change in control, the Plan shall be administered by the independent fiduciary. The independent fiduciary shall assume the following powers and responsibilities from
the Committee and the Company: 

  

	 	(i)	The independent fiduciary shall assume all powers and responsibilities assigned to the Committee under Section 3.4 and all other provisions of the Plan, including, without limitation, the sole power and discretion
to: 

  

	 	(1)	determine all questions arising in the administration and interpretation of the Plan, including factual questions and questions of eligibility to participate and eligibility for benefits; 

 

	 	(2)	adjudicate disputes and claims for benefits; 

  

	 	(3)	adopt rules relating to the administration of the Plan; 

  

	 	(4)	select the investment funds available to Participants under Section 2.6 of the Plan (subject to the requirement that, at all times, such funds constitute a broad range of investment alternatives under the standards
pertaining to the range of investments set forth in regulations promulgated by the Department of Labor under section 404(c) of ERISA or any successor provision); 

  

	 	(5)	determine the amount, timing and form of benefit payments; 

  
 14 

	 	(6)	direct the Company and the trustee of the Rabbi Trust on matters relating to benefit payments; 

  

	 	(7)	engage attorneys, accountants, actuaries and other professional advisors (whose fees shall be paid by the Company), to assist it in performing its responsibilities under the Plan; and 

 

	 	(8)	delegate to one or more persons selected by it, including outside vendors, responsibility for fulfilling some or all of its responsibilities under the Plan. 

 

	 	(ii)	The independent fiduciary shall have the sole power and discretion to (1) direct the investment of assets held in the Rabbi Trust, including the authority to appoint one or more investment managers to manage any
such assets and (2) remove the trustee of the Rabbi Trust and appoint a successor trustee in accordance with the terms of the trust agreement. 

  

	 	(e)	Review of Decisions. 

  

	 	(i)	Notwithstanding any provision in the Plan to the contrary, following a change in control, any act, determination or decision of the Company (including its Board or any committee of its Board) with regard to the
administration, interpretation and application of the Plan must be reasonable, as viewed from the perspective of an unrelated party and with no deference paid to the actual act, determination or decision of the Company. Furthermore, following a
change in control, any decision by the Company shall not be final and binding on a Participant. Instead, following a change in control, if a Participant disputes a decision of the Company relating to the Plan and pursues legal action, the court
shall review the decision under a “de novo” standard of review. 

  

	 	(ii)	Following a change in control, any act, determination or decision of the independent fiduciary with regard to the administration, interpretation and application of the Plan shall be final, binding, and conclusive on all
parties. 

  

	 	(f)	Company’s Duty to Cooperate. Following a change in control, the Company shall cooperate with the independent fiduciary as may be necessary to enable the independent fiduciary to carry out its powers and
responsibilities under the Plan and Rabbi Trust, including, without limitation, by promptly furnishing all information relating to Participants’ benefits as the independent fiduciary may reasonably request. 

 

	 	(g)	Appointment of Independent Fiduciary. The independent fiduciary responsible for the administration of the Plan following a change in control shall be a committee composed of the individuals who constituted the
Company’s Benefit Plans Committee immediately prior to the change in control and the Company’s chief executive officer immediately prior to the change in control. 

  
 15 

 If, following a change in control, any individual serving on such committee resigns, dies or
becomes disabled, the remaining members of the committee shall continue to serve as the committee without interruption. A successor member shall be required only if there are less than three remaining members on the committee. If a successor member
is required, the successor shall be an individual appointed by the remaining member or members of the committee who (i) is eligible to be paid benefits from the assets of the Rabbi Trust or the larger trust of which it is a part and
(ii) agrees to serve on such committee. 
 If at any time there are no remaining members on the committee (including any successor
members appointed to the committee following the change in control), the Trustee shall promptly submit the appointment of the successor members to an arbiter, the costs of which shall be borne fully by the Company, to be decided in accordance with
the American Arbitration Association Commercial Arbitration Rules then in effect. The arbiter shall appoint three successor members to the committee who each meet the criteria for membership set forth above. Following such appointments by the
arbiter, such successor members shall appoint any future successor members to the committee to the extent required above (i.e., if, at any time, there are less than three remaining members on the committee) and subject to the criteria set forth
above. 
 If one or more successor members are required and there are no individuals remaining who satisfy the criteria for membership on the
committee, the remaining committee members or, if none, the Trustee shall promptly submit the appointment of the successor member or members to an arbiter, and the Company shall bear the costs of arbitration as provided for in the preceding
paragraph. 
  

	 	(h)	Change in Control Definition. As used in this Plan, a “change in control” means the first to occur of the following: 

 

	 	(i)	The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”)) (a “Person”) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (1) the then-outstanding shares of common stock of the Company (the “Outstanding Company
Common Stock”) or (2) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however,
that, for purposes of this Section, the following acquisitions shall not constitute a change in control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit
plan (or related trust) sponsored or maintained by the Company or one of its affiliates or (D) any acquisition pursuant to a transaction that complies with clauses (1), (2) and (3) of Section 3.7(h)(iii) below; 

  
 16 

	 	(ii)	Individuals who constitute the Board of Directors of the Company as of the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that
any individual becoming a director subsequent to such date whose election or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

  

	 	(iii)	Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially
all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case, unless, following such Business Combination, (1) all
or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then- outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation or
entity resulting from such Business Combination (including, without limitation, a corporation or entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one
or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no
Person (excluding any employee benefit plan (or related trust) of the Company or any corporation or entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares
of common stock of the corporation or entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation or entity, except to the extent that such ownership existed prior to the
Business Combination, and (3) at least a majority of the members of the board of directors of the corporation or entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial
agreement or of the action of the Board providing for such Business Combination; or 

  
 17 

	 	(iv)	Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding the foregoing, in no event will the Spin-off be treated as a Change in Control. 

 

	 	(i)	Lump Sum Payment. Upon a change in control, the amounts credited in the Deferred Compensation Accounts of each Participant (including retired, active and inactive Participants), whether or not in pay status as of
the date of the Change in Control, shall be paid within 45 days after the Change in Control. 

 For purposes of this
Section 3.7(i), a change in control means a change in control that is also a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Code
Section 409A(a)(2)(A)(v) and the Treasury regulations issued thereunder. 
  

	3.8.	Claims 

  

	 	(a)	Claim Denials. The Committee shall maintain procedures with respect to the filing of claims for benefits under the Plan. Pursuant to such procedures, any Participant or beneficiary (hereinafter called
“claimant”) whose claim for benefits under the Plan is denied shall receive written notice of such denial. The notice shall set forth: 

  

	 	(i)	the specific reasons for the denial of the claim; 

  

	 	(ii)	a reference to the specific provisions of the Plan on which the denial is based; 

  

	 	(iii)	any additional material or information necessary to perfect the claim and an explanation why such material or information is necessary; and 

 

	 	(iv)	a description of the procedures for review of the denial of the claim and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under ERISA following a
denial on review. 

 Such notice shall be furnished to the claimant within a reasonable period of time, but no later than 90
days after receipt of the claim by the Plan unless the Committee determines that special circumstances require an extension of time for processing the claim. In no event shall such an extension exceed a period of 90 days from the end of the initial 90-day period. If such an extension is required, written notice thereof shall be furnished to the claimant before the end of the initial 90-day period, which shall indicate
the special circumstances requiring an extension of time and the date by which the Committee expects to render a decision. 

  
 18 

	 	(b)	Right to a Review of the Denial. Every claimant whose claim for benefits under the Plan is denied in whole or in part by the Committee shall have the right to request a review of the denial. Review shall be
granted if it is requested in writing by the claimant no later than 60 days after the claimant receives written notice of the denial. The review shall be conducted by the Committee. 

 

	 	(c)	Decision of the Committee on Appeal. At any hearing of the Committee to review the denial of a claim, the claimant, in person or by duly authorized representative, shall have reasonable notice, shall have an
opportunity to be present and be heard, may submit written comments, documents, records and other information relating to the claim, and may review documents, records and other information relevant to the claim under the applicable standards under
ERISA. The Committee shall render its decision as soon as practicable. Ordinarily decisions shall be rendered within 60 days following receipt of the request for review. If the need to hold a hearing or other special circumstances requires
additional processing time, the decision shall be rendered as soon as possible, but not later than 120 days following receipt of the request for review. If additional processing time is required, the Committee shall provide the claimant with written
notice thereof, which shall indicate the special circumstances requiring the additional time and the date by which the Committee expects to render a decision. If the Committee denies the claim on review, it shall provide the claimant with written
notice of its decision, which shall set forth (i) the specific reasons for the decision, (ii) reference to the specific provisions of the Plan on which the decision is based, (iii) a statement of the claimant’s right to
reasonable access to, and copies of, all documents, records and other information relevant to the claim under the applicable standards under ERISA, and (iv) and a statement of the claimant’s right to bring a civil action under ERISA. The
Committee’s decision shall be final and binding on the claimant, and the claimant’s heirs, assigns, administrator, executor, and any other person claiming through the claimant. 

 

	 	(d)	Notwithstanding the foregoing, following a change in control, the independent fiduciary shall be responsible for deciding claims and appeals pursuant to the procedures described above. Any decision on a claim by the
independent fiduciary shall be final and binding on the claimant and the claimant’s heirs, assigns, administrator, executor and any other person claiming through the claimant. 

 

	3.9.	Successors 

 The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform the Plan in the same manner and to the same extent that the Company would be required to
perform it if no such succession had taken place. 

  
 19 

 3.10. Governing Law 

To the extent not preempted by federal law, all questions pertaining to the construction, regulation, validity and effect of the provisions of
the Plan shall be determined in accordance with the laws of the State of Delaware without regard to the conflict of laws principles thereof. 

  
 20EX-10.6

 Exhibit 10.6 

CARS.COM, INC. 
 EMPLOYEE
STOCK PURCHASE PLAN 
 ARTICLE 1. PURPOSE 

The purpose of this Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to acquire equity
ownership in the Company and encourage employees to remain in the employ of the Company and its Designated Subsidiaries. It is the intention of the Company to have the Plan qualify as an “employee stock purchase plan” under
Section 423 of the Code. The provisions of this Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of Section 423 of the Code. 

ARTICLE 2. DEFINITIONS 

Certain terms used in this Plan have the meanings set forth in Appendix I. 

ARTICLE 3. ELIGIBILITY REQUIREMENTS 

3.1.    Initial Eligibility. Except as provided in Section 3.2, each Employee shall
become eligible to participate in the Plan in accordance with Article 4 on the first Enrollment Date on or following the later of (a) the date such individual becomes an Employee; or (b) the Effective Date. Participation in the Plan
is entirely voluntary. 
 3.2.    Limitations on Eligibility. The Committee may (but need
not) determine that one or more of the following Employees are not eligible to participate in the Plan: 
  

	 	(a)	Employees who have been employed less than two years or any lesser period established by the Committee; 

  

	 	(b)	Employees whose customary employment is twenty hours or less per week or any lesser number of hours established by the Committee; 

  

	 	(c)	Employees whose customary employment is for not more than five months in any calendar year or any lesser period in any calendar year established by the Committee; and 

 

	 	(d)	Highly compensated employees (within the meaning of Section 414(q) of the Code) or any subgroup of such highly compensated employees. 

No Eligible Employee shall be granted an option under the Plan to the extent that, immediately after the grant, such Eligible Employee, would
own directly or indirectly, an aggregate of five percent or more of the total combined voting power or value of all outstanding shares of all classes of stock of the Company or any Subsidiary (and for purposes of this paragraph, the rules of Section
424(d) of the Code shall apply, and stock which the Employee may purchase under outstanding options shall be treated as stock owned by the Employee). 
  

 ARTICLE 4. ENROLLMENT 

Any Eligible Employee may enroll in the Plan for any Offering Period by completing an enrollment election form or by such other means as the
Committee shall prescribe and submitting such enrollment election to the Company, in accordance with procedures established by the Committee, on or before the Cut-Off Date with respect to such Offering Period.
Unless otherwise determined by the Committee, the enrollment election and the designated rate of payroll deduction shall continue for future Offering Periods unless the Participant changes or cancels, in accordance with procedures established by the
Committee, the enrollment election or designated rate of payroll deduction prior to the Cut-Off Date with respect to a future Offering Period or elects to withdraw from the Plan in accordance with
Section 8.1. 
 ARTICLE 5. GRANT OF OPTIONS ON ENROLLMENT 

5.1.    Option Grant. Enrollment by an Eligible Employee in the Plan as of an Enrollment Date
will constitute the grant by the Company to such Participant of an option on such Enrollment Date to purchase Shares from the Company pursuant to the Plan. 

5.2.    Option Expiration. An option granted to a Participant pursuant to this Plan shall
expire, if not terminated for any reason first, on the earliest to occur of (a) the end of the Offering Period in which such option was granted; (b) the completion of the purchase of Shares under the option under Article 7; or
(c) the date on which participation of such Participant in the Plan terminates for any reason. 

5.3.    Purchase of Shares. Subject to Section 5.4, an option granted to a Participant
under the Plan shall give the Participant a right to purchase on a Purchase Date the largest number of whole Shares, as determined by the Committee, which the funds accumulated in the Participant’s Account as of such Purchase Date will purchase
at the applicable Purchase Price, unless the Committee, in its discretion, limits the number of Shares purchased by a Participant in any Purchase Period. 

5.4.    Share Purchase Limits. 
  

	 	(a)	Notwithstanding any other provision of the Plan to the contrary, unless the Committee determines otherwise for a future Offering Period or Purchase Period, no Participant may purchase during a single Offering Period
more than 10,000 shares of Common Stock, subject to adjustment as provided in the Plan. 

  

	 	(b)	Notwithstanding any other provision of the Plan to the contrary, to the extent required by Section 423 of the Code, no Employee shall be granted an option under the Plan (or any other plan of the Company or a
Subsidiary intended to qualify under Section 423 of the Code) which would permit the Employee to purchase Shares under the Plan (and such other plan) in any calendar year with a Fair Market Value (determined at the time such option is granted)
in excess of the $25,000 annual limit as required by Section 423 of the Code, with no Participant purchasing Common Stock with a Fair Market Value in excess of the following applicable limit: 

  
 -2- 

	 	i.	In the case of Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the Common Stock that the
Participant previously purchased in the current calendar year (under the Plan and all other employee stock purchase plans of the Company or any Parent or Subsidiary of the Company); 

 

	 	ii.	In the case of Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Common Stock
that the Participant previously purchased in the preceding year (under the Plan and all other employee stock purchase plans of the Company or any Parent or Subsidiary of the Company); or 

 

	 	iii.	In the case of Common Stock purchased during an Offering Period that commenced two calendar years prior to the date of purchase, the limit shall be equal to (A) $75,000 minus (B) the Fair Market Value of the Common
Stock that the Participant previously purchased in such preceding years (under the Plan and all other employee stock purchase plans of the Company or any Parent or Subsidiary of the Company). 

For purposes of this Section 5.4(b), the Fair Market Value of Common Stock shall be determined in each case as of the beginning of the Offering
Period in which such Common Stock is purchased. 
  

	 	(c)	The Company shall have the authority to take all necessary action, including but not limited to suspending the payroll deductions or contributions of any Participant or returning excess payroll deductions or
contributions in order to ensure compliance with this Section 5.4. 

 ARTICLE 6. PAYMENT 

The Committee may designate the time and manner for payment of Shares to be purchased during the Purchase Period, including, but not limited
to, through payroll deductions from Compensation, the terms and conditions of which are designated by the Committee. Payment amounts shall be credited on a bookkeeping basis to a Participant’s Account under this Plan. All payment amounts may be
used by the Company for any purpose and the Company shall have no obligation to segregate such funds. No interest accrues on payments by Participants. 

  
 -3- 

 ARTICLE 7. PURCHASE OF SHARES 

7.1.    Option Exercise. Any option held by the Participant which was granted under this Plan
and which remains outstanding as of a Purchase Date shall be deemed to have been exercised on such Purchase Date for the number of whole Shares, as determined by the Committee, which the funds accumulated in the Participant’s Account as of the
Purchase Date will purchase at the applicable Purchase Price (but not in excess of the number of Shares for which options have been granted to the Participant pursuant to Section 5.3 and subject to the limits set forth in Section 5.4).
Options for other Shares for which options have been granted which are not purchased on the last Purchase Date during the Offering Period shall terminate. Shares shall not be issued with respect to an option unless the exercise of such option and
the issuance and delivery of such Shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed. As a condition to the exercise of an option, the Committee may require the person exercising such option
to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares. 

7.2.    Refund of Excess Amount. If, after a Participant’s exercise of an option under
Section 7.1, an amount remains credited to the Participant’s Account as of a Purchase Date, then the remaining amount shall be distributed to the Participant or carried forward in the Account for application to the purchase of Shares on
the next following Purchase Date as determined by the Committee in accordance with uniform procedures established by the Committee. 

7.3.    Employees of Designated Subsidiaries. In the case of Participants employed by a
Designated Subsidiary, the Committee may provide for Shares to be sold through the Subsidiary to such Participants, to the extent consistent with Section 423 of the Code. 

7.4.    Pro Rata Allocation. If the total number of Shares for which options are or could be
exercised on any Purchase Date in accordance with this Article 7, when aggregated with all Shares for which options have been previously exercised under this Plan, exceeds the maximum number of Shares reserved in Article 12, the Company
shall, in accordance with Article 12, allocate the Shares available for delivery and distribution in the ratio that the balance in each Participant’s Account bears to the aggregate balances of all Participants’ Accounts, and the remaining
balance of the amount credited to the Account of each Participant under the Plan shall be returned to him or her as promptly as possible. 

7.5.    Notice of Disposition. If a Participant or former Participant sells, transfers, or
otherwise makes a disposition of Shares purchased pursuant to an option granted under the Plan within two years after the date such option is granted or within one year after the date such Shares were transferred to the Participant, and if such
Participant or former Participant is subject to United States federal income tax, then such Participant or former Participant shall notify the Company or a member of the Employer in writing of such sale, transfer or other disposition within ten days
of the consummation of such sale, transfer, or other disposition. To the extent any Shares purchased under the Plan are not sold or otherwise transferred by Participants and former Participants, such Participants and former Participants must
maintain at the broker designated by the Committee such untransferred Shares for the greater of (i) two years after the date the option with respect to such Shares was granted and (ii) one year after the date such Shares were transferred
to the Participant, unless the Committee determines otherwise. 

  
 -4- 

 ARTICLE 8. WITHDRAWAL FROM THE PLAN, TERMINATION OF 

EMPLOYMENT, AND LEAVE OF ABSENCE 

8.1.    Withdrawal from the Plan. A Participant may withdraw all funds accumulated in the
Participant’s Account from the Plan during any Purchase Period by delivering a notice of withdrawal to the Company or the Employer (in a manner prescribed by the Committee) at such time in advance of the Purchase Date as the Committee may
require. If notice of complete withdrawal from the Plan as described in the preceding sentence is timely received, the Company or the Employer will cease the Participant’s payroll withholding, or other contributions to the Plan, and in
accordance with uniform procedures established by the Committee, either all funds then accumulated in the Participant’s Account shall be used to purchase shares on the Purchase Date for such Purchase Period or all funds then accumulated in the
Participant’s Account shall not be used to purchase shares but shall instead be distributed to the Participant as soon as administratively feasible. An Employee who has withdrawn during a Purchase Period may not return funds to the Company or
Employer during the same Purchase Period and require the Company or Employer to apply those funds to the purchase of Shares. Any Eligible Employee who has withdrawn from the Plan may, however, re-enroll in the
Plan on a subsequent Enrollment Date, if any, in accordance with procedures prescribed by the Committee. 

8.2.    Termination of Participation. Participation in the Plan terminates
(a) immediately on the date on which a Participant ceases to be employed by the Company or the Employer for any reason whatsoever or otherwise ceases to be an Eligible Employee or (b) immediately following the end of the Purchase Period
during which a Participant ceases to be employed by the Company or a member of the Employer for any reason whatsoever or otherwise ceases to be an Eligible Employee or (c) at such other time as determined by the Committee, in the
Committee’s discretion and in accordance with procedures established by the Committee. Notwithstanding the preceding sentence, such Participant may elect to withdraw from the Plan in accordance with Section 8.1 and the procedures
prescribed by the Committee. 
 8.3.    Leave of Absence. If a Participant takes a leave of
absence, such Participant shall have the right, in accordance with procedures prescribed by the Committee, to elect to withdraw from the Plan in accordance with Section 8.1. To the extent determined by the Committee or required by
Section 423 of the Code, certain leaves of absence may be treated as cessations of employment for purposes of the Plan. 
 ARTICLE
9. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, 
 DISSOLUTION, LIQUIDATION, MERGER OR ASSET SALE 

9.1.    Adjustments Upon Changes in Capitalization. Subject to any required action by the
stockholders of the Company, the right to purchase Shares of Common Stock covered by a current Offering Period and the number of Shares which have been authorized for issuance under the Plan for any future Offering Period, the maximum number of
Shares each Participant 

  
 -5- 

 
may purchase each Offering Period or Purchase Period (pursuant to Section 5.3 and 5.4 hereof), as well as the price per Share and the number of Shares covered by each right under the Plan
which have not yet been purchased shall be proportionately adjusted in the discretion of the Committee for any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, extraordinary cash
dividend, combination or reclassification of the Common Stock, or recapitalization, reorganization, consolidation, split-up, spin-off, or any other increase or decrease
in the number of Shares effected without receipt of consideration by the Company. Except as expressly provided otherwise by the Committee, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of
any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares. 

9.2.    Adjustments Upon Dissolution, Liquidation, Merger or Asset
Sale.    Without limitation on the preceding provisions, in the event of any dissolution, liquidation, merger, consolidation, sale of all or substantially all of the Company’s outstanding voting
securities, sale, lease exchange or other transfer of all or substantially all of the Company’s assets, or any similar transaction as determined by the Committee in its discretion, the Committee may make such adjustment it deems appropriate to
prevent dilution or enlargement of rights in the number and class of Shares which may be delivered under Article 12, in the number, class or price of Shares available for purchase under the Plan and in the number of Shares which an Employee is
entitled to purchase and any other adjustments it deems appropriate. Without limiting the Committee’s authority under this Plan, in the event of any transaction, the Committee may elect to have the options hereunder assumed or such options
substituted by a successor entity (or its parent) , to terminate all outstanding options either prior to their expiration or upon completion of the purchase of Shares on the next Purchase Date, or to take such other action deemed appropriate by the
Committee. 
 ARTICLE 10. DEATH 

In the event of a Participant’s death prior to the delivery to him or her of any Shares or cash held by the Company for the account of
the Participant under the Plan, and to the extent permitted by local law, the Company shall deliver such Shares or cash to the Participant’s estate, or if such delivery is not practicable in the Committee’s determination in its discretion,
then to such member(s) of the family of the Participant as the Committee may determine in its discretion.     

ARTICLE 11. ADMINISTRATION 

11.1.    Administration by Committee. The Plan shall be administered by the Committee. The
Committee shall have the authority to delegate duties to officers, directors or employees of the Company as it deems advisable. 

11.2.    Authority of Committee. The Committee shall have the full and exclusive discretionary
authority to construe and interpret the Plan and options granted under it; to establish, amend, and revoke rules and regulations for administration and operation of the Plan (including, without limitation, the determination and change of Offering
Periods, Purchase Periods and payment procedures, the requirement that Shares be held by a specified broker, the 

  
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requirement of a post-purchase holding period and the establishment of the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars); to determine all questions of
eligibility, disputed claims and policy that may arise in the administration of the Plan; to make any changes to the Plan or its operations to reduce or eliminate any unfavorable accounting consequences to the extent deemed appropriate by the
Committee; and, generally, to exercise such powers and perform such acts as the Committee deems necessary or expedient to promote the best interests of the Company, including, but not limited to, designating from time to time which Subsidiaries of
the Company shall be Designated Subsidiaries. The Committee’s determinations as to the interpretation and operation of this Plan shall be final and conclusive and each action of the Committee shall be binding on all persons. 

In exercising the powers described in the foregoing paragraph, the Committee may adopt special or different rules for the operation of the
Plan including, but not limited to, rules which allow employees of any foreign Subsidiary to participate in, and enjoy the tax benefits offered by, the Plan; provided that such rules shall not result in any grantees of options having different
rights and/or privileges under the Plan in violation of Section 423 of the Code nor otherwise cause the Plan to fail to satisfy the requirements of Section 423 of the Code and the regulations thereunder. 

11.3.    Administrative Modification. The Plan provisions relating to the administration of
the Plan may be amended by the Committee from time to time as may be desirable to satisfy any requirements of or under the federal securities and/or other applicable laws of the United States or other jurisdiction, to obtain any exemption under such
laws, or to reduce or eliminate any unfavorable legal, accounting or other consequences or to achieve any other purpose deemed appropriate by the Committee. 

ARTICLE 12. NUMBER OF SHARES 

A total of 3,000,000 Shares are reserved for sale and authorized for issuance pursuant to the Plan. The number of reserved Shares (3,000,000)
shall not be adjusted under Article 9 in connection with the spin-off of the Company from TEGNA Inc.; however, for events described in Article 9 occurring thereafter it will be subject to adjustment as set
forth in Article 9.    If any option granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such option shall again become available for the Plan. If on a given
Purchase Date, the number of Shares with respect to which options are to be exercised exceeds the number of Shares then available under the Plan, the Committee shall make a pro rata allocation of the Shares remaining available for purchase in
as uniform a manner as shall be practical and as it shall determine to be equitable. Shares issued under the Plan may be authorized but unissued Shares or treasury Shares. 

ARTICLE 13. MISCELLANEOUS 

13.1.    Restrictions on Transfer. Options granted under the Plan to a Participant may not be
exercised during the Participant’s lifetime other than by the Participant. Neither amounts credited to a Participant’s Account nor any rights with respect to the exercise of an option or to receive stock under the Plan may be assigned,
transferred, pledged, or otherwise disposed of in any way by the Participant other than by will or the laws of descent and distribution. Any such attempted assignment, transfer, pledge, or other disposition shall be without effect, except that the
Company may treat such act as an election to withdraw from the Plan in accordance with Section 8.1. 

  
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 13.2.    Administrative Assistance. If the Committee in
its discretion so elects, it may retain a brokerage firm, bank, or other financial institution to assist in the purchase of Shares, delivery of reports, or other administrative aspects of the Plan. If the Committee so elects, each Participant shall
(unless prohibited by applicable law) be deemed upon enrollment in the Plan to have authorized the establishment of an account on his or her behalf at such institution. Shares purchased by a Participant under the Plan shall be held in the Account in
the Participant’s name, or if the Participant so indicates in the enrollment form, in the Participant’s name together with the name of his or her spouse in joint tenancy with right of survivorship or spousal community property, or in
certain forms of trust approved by the Committee. The Company may require that Shares be retained with a broker or agent for a designated period of time and/or may establish other procedures to permit tracking of disqualifying dispositions of such
Shares. 
 13.3.    Treatment of Non-U.S. Participants.
Participants who are employed by non-U.S. Designated Subsidiaries, who are paid in foreign currency, and who contribute foreign currency to the Plan through contributions or payroll deductions will have such
contributions converted to U.S. dollars. The exchange rate for such conversion will be determined as prescribed by the Committee. In no event will any procedure implemented for dealing with exchange rate fluctuations that may occur during an
Offering Period result in a purchase price below the Purchase Date Price permitted under the Plan. Each Participant shall bear the risk of any currency exchange fluctuations (if applicable) between the date on which any Participant contributions are
converted to U.S. dollars and the following Purchase Date. 
 13.4.    Withholding. The Company or
any Employer shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company or any member of the Employer, an amount sufficient to satisfy Federal, state and local taxes, domestic or foreign, required by
law or regulation to be withheld with respect to any taxable event arising as a result of this Plan. 

13.5.    Equal Rights and Privileges. Except as provided in Section 13.6, all Eligible Employees
shall have equal rights and privileges with respect to the Plan so that the Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 or any successor provision of the Code and the related regulations.
Notwithstanding the express terms of the Plan, any provision of the Plan other than Section 13.6 which is inconsistent with Section 423 or any successor provision of the Code shall without further act or amendment by the Company or the
Committee be reformed to comply with the requirements of Section 423 of the Code. This Section 13.5 shall take precedence over all other provisions in the Plan except Section 13.6. 

13.6.    Eligible Employees in Other Countries. Without amending the Plan, the Committee may
establish procedures to grant options or otherwise provide benefits to Eligible Employees of Designated Subsidiaries with non-U.S. employees on such terms and conditions different from those specified in this
Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan and shall 

  
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have the authority to adopt such modifications, procedures, separate offerings, subplans and the like as may be necessary or desirable (a) to comply with provisions of the laws or
regulations or conform to the requirements to operate the Plan in a qualified or tax or accounting advantageous manner in other countries or jurisdictions in which the Company or any Designated Subsidiary may operate or have employees, (b) to
ensure the viability of the benefits from the Plan to Eligible Employees employed in such countries or jurisdictions and (c) to meet the objectives of the Plan. Notwithstanding anything to the contrary herein, any such actions taken by the
Committee with respect to Eligible Employees of any Designated Subsidiary may be treated as a separate offering under Section 423 of the Code or a subplan outside of an “employee stock purchase plan” under Section 423 of the
United States Code and not subject to the requirements of Section 423 set forth in the United States Code and this Plan. 

13.7.    Applicable Law. The Plan shall be governed by the substantive laws (excluding the conflict
of laws rules) of the State of Delaware. 
 13.8.    Amendment and Termination. The Board may
amend, alter, or terminate the Plan at any time, subject to the following limitations: (1) The Plan may not be amended in a way that will cause rights issued under the Plan intended to qualify under Section 423 of the Code to fail to meet
the requirements of Section 423 of the Code. (2) No amendment that would amend or modify the Plan in a manner requiring stockholder approval under Section 423 of the Code or the requirements of any securities exchange on which the
Shares are traded shall be effective unless such stockholder approval is obtained. In addition, the Committee may amend the Plan as provided in Section 11.3, subject to the conditions set forth in this Section 13.8. 

If the Plan is terminated, the Committee may elect to terminate all outstanding options either prior to their expiration or upon completion of
the purchase of Shares on the next Purchase Date, or may elect to permit options to expire in accordance with their terms (and participation to continue through such expiration dates). If the options are terminated prior to expiration, all funds
accumulated in Participants’ Accounts as of the date the options are terminated shall be returned to the Participants as soon as administratively feasible. 

13.9.    No Right of Employment. Neither the grant nor the exercise of any rights to purchase Shares
under this Plan nor anything in this Plan shall impose upon the Company or a member of the Employer any obligation to employ or continue to employ any Employee. The right of the Company or a member of the Employer to terminate any Employee shall not
be diminished or affected because any rights to purchase Shares have been granted to such Employee. 

13.10.    Rights as Stockholder. No Participant shall have any rights as stockholder unless and until
Shares of Common Stock have been issued to him or her. 
 13.11.    Governmental Regulation. The
Company’s obligation to sell and deliver Shares of the Company’s common stock under this Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance, or sale of such Shares. 

  
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 13.12.    Code Section 409A. The Plan is intended to be
exempt from the application of Section 409A of the Code, and any ambiguities herein will be interpreted in order to be exempt from Section 409A of the Code. In furtherance of the foregoing and notwithstanding any other provision in the
Plan to the contrary, if the Committee determines that an option granted under the Plan may be subject to Section 409A of the Code or that any provision of the Plan would cause an option under the Plan to be subject to Section 409A of the
Code, the Committee may amend the terms of the Plan and/or of an outstanding option granted under the Plan, or take such other action that the Committee determines is necessary or appropriate, in each case, without the Participant’s consent, to
exempt any outstanding option or future option that may be granted under the Plan from or to allow any such options to comply with, Section 409A of the Code. The Company shall have no liability to a Participant or any other party if the option
to purchase Common Stock under the Plan that is intended to be exempt from or compliant with Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee with respect thereto. The Company makes no
representation that any option to purchase Common Stock under the Plan is compliant with Section 409A of the Code. 

13.13.    Gender. When used herein, masculine terms shall be deemed to include the feminine. 

13.14.    Condition for Participation. As a condition to participation in the Plan, Eligible
Employees agree to be bound by the terms of the Plan (including, without limitation, the notification and holding requirements of Section 7.5) and the determinations of the Committee. 

  
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 APPENDIX I 

DEFINITIONS 

“Account” means a recordkeeping account maintained for a Participant to which Participant contributions and payroll deductions, if
applicable, shall be credited. 
 “Board” means the Board of Directors of the Company. 

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

“Committee” means a committee composed of certain Company employees as may be designated from time to time by the Compensation
Committee of the Board. 
 “Common Stock” means the Common Stock of the Company. 

“Company” means Cars.com, Inc., a Delaware corporation. 

“Compensation” means gross earnings, including such amounts of gross earnings as are deferred by an Eligible Employees (a) under
a qualified cash or deferred arrangement described in Section 401(k) of the Code or (b) under a plan qualified under Section 125 of the Code but excluding severance pay, equity compensation or gain from stock option exercises or imputed
income arising under any Company group insurance or benefit program.    The Committee, in its discretion, may establish a different definition of Compensation for any subsequent Offering Period. 

“Cut-Off Date” means the date established by the Committee from time to time by which
enrollment forms must be received prior to an Enrollment Date. 
 “Designated Subsidiary” means any Subsidiary that has been
designated by the Committee from time to time in its discretion as eligible to participate in the Plan and which has adopted the Plan with the approval of the Committee in its discretion. 

“Eligible Employee” means an Employee eligible to participate in the Plan in accordance with Article 3. 

“Effective Date” means the effective date as determined by the Committee. 

“Employee” means any individual who is an employee of the Employer for tax purposes. 

“Employer” means the Company or any Designated Subsidiary by which an Employee is employed. 

“Enrollment Date” means the first Trading Day of an Offering Period. 

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

  
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 “Fair Market Value” means, as of any date, the closing trading price for the Common Stock
on any given date during regular trading, or if not trading on that date, such price on the last preceding date on which the Common Stock was traded, unless determined otherwise by the Committee using such methods or procedures as it may establish.

 “Grant Date” means a date on which an Eligible Employee is granted an option under the Plan pursuant to Article 5. 

“Grant Price” means the Fair Market Value of a Share on the Grant Date for such option. 

“Offering Period” means each period, if any, designated by the Committee. Each period shall end no later than 27 months from the Grant
Date. The Offering Period may (but need not) be the same as the Purchase Period and may consist of one or more Purchase Periods. 

“Participant” means an Eligible Employee who has enrolled in the Plan pursuant to Article 4. 

“Plan” means this Cars.com, Inc. Employee Stock Purchase Plan. 

“Purchase Date” with respect to a Purchase Period means the last Trading Day in such Purchase Period. 

“Purchase Date Price” means the Fair Market Value of a Share on the applicable Purchase Date. 

“Purchase Period” means each period, if any, designated by the Committee. Each period shall end no later than 27 months from the Grant
Date. 
 “Purchase Price” means the price designated by the Committee at which each Share may be purchased under any option. The
Purchase Price shall in no event be less than 85% of the lesser of: 
  

	 	(1)	The Grant Price and 

  

	 	(2)	The Purchase Date Price. 

 “Shares” means shares of the Company’s Common Stock.

 “Subsidiary” means a corporation, domestic or foreign, of which not less than 50% of the combined voting power is held by the
Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary as defined in Section 424(f) of the Code. 

“Trading Day” means a day on which the New York Stock Exchange, Nasdaq stock market or other alternative exchange or service on which
the Common Stock is traded, listed or quoted is open for trading. 

  
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