Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

PREFERRED STOCK SUBSCRIPTION AGREEMENT 

THIS PREFERRED STOCK SUBSCRIPTION AGREEMENT (as may be amended or modified from time to time in accordance with the terms hereof, this
“Agreement”) is entered into on November 19, 2013, by and among LIGHTING SCIENCE GROUP CORPORATION, a Delaware corporation (the “Company”) and LSGC Holdings II LLC, a Delaware limited liability
company (“Purchaser”). 
 WHEREAS, the Company has authorized a new series of preferred shares designated the
“Series J Convertible Preferred Stock” (“Preferred Shares”), which will be convertible into shares of common Stock, $0.001 par value per share, of the Company (“Common Stock”) in accordance
with the terms of the Certificate of Designation governing the Preferred Shares, in the form attached hereto as Exhibit A (the “Series J Certificate of Designation”); 

WHEREAS, the Company desires to sell to Purchaser, and Purchaser desires to buy from the Company, 1,157 Preferred Shares, at a purchase
price of $1,000 per share and a stated value of $1,000 per share (the “Purchased Shares”), for aggregate consideration of $1,157,000 (the “Purchase Price”) on the terms set forth herein; and 

WHEREAS, certain capitalized terms as used herein shall have the meaning set forth in Section 7(a) hereof. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto hereby agree as follows: 

1. Purchase and Sale of Preferred Shares. 

(a) Payment for Preferred Shares; Delivery of Certificates. Subject to the provisions of this Agreement, and relying
upon the representations, warranties and covenants set forth herein, Purchaser hereby agrees to purchase from the Company, and the Company hereby agrees to sell to Purchaser, the Purchased Shares, free and clear of all Liens (other than restrictions
on transfer or Liens under applicable state and federal securities Laws and pursuant to the Series J Certificate of Designation), for aggregate consideration equal to the Purchase Price, which shall be paid in United States dollars. The closing of
the purchase and sale of the Purchased Shares by Purchaser (the “Closing”) shall occur concurrently with the execution hereof. At the Closing: (i) Purchaser shall transmit, or cause to be transmitted, by wire transfer of
immediately available funds to the Company, in accordance with the wire transfer instructions attached hereto as Annex A an amount equal to the Purchase Price, (ii) the Company will deliver to Purchaser certificates representing the
Purchased Shares, registered in the name of Purchaser in such denominations as Purchaser shall request, (iii) Purchaser shall deliver to the Company each of the Transaction Documents to which Purchaser is a party, duly executed by Purchaser,
(iv) the Company shall deliver or cause to be delivered to Purchaser each of the Transaction Documents to which the Company and Purchaser are parties, duly executed by each party thereto other than Purchaser, and (v) the Company shall
cause to be delivered to Purchaser an opinion of Haynes and Boone, LLP, counsel for the Company, in the form attached hereto as Exhibit B. 

 (b) Use of Purchase Price. The proceeds of the aggregate Purchase Price
paid by Purchaser shall be used by the Company for general corporate purposes. 
 2. Company Representations and Warranties. The
Company hereby represents and warrants to Purchaser as of the date hereof as follows, qualified by any specific disclosures made by the Company in the disclosure schedule of even date herewith delivered by the Company to Purchaser simultaneously
with the execution hereof, referencing the particular subsection of this Section 2 (the “Disclosure Schedule”). The disclosures in any section or subsection of the Disclosure Schedule shall qualify each of the
other sections and subsections in this Section 2 only to the extent it is readily apparent from a reading of the disclosure that such disclosure is applicable to such other sections and subsections:  

(a) Organization and Qualification. The Company is a corporation duly incorporated, validly existing and in good
standing under the Laws of the State of Delaware. The Company has all licenses, Permits and authorizations necessary to own its properties, rights and assets and carry on its business as presently conducted and is duly qualified to do business as a
foreign entity and in good standing in each state or country, if any, in which failure to be so qualified would, individually or in the aggregate, have or reasonably be expected to have a Material Adverse Effect. The Company is not in violation of
its Certificate of Incorporation or Bylaws. 
 (b) Company Power. The Company has the requisite corporate power and
authority to execute, deliver and perform its obligations under the Transaction Documents and all other instruments, documents and agreements contemplated or required by the provisions of any of the Transaction Documents to be executed, delivered or
carried out by the Company hereunder. The Company has the requisite corporate power and authority under the Laws of the State of Delaware to own its properties and carry on its business as presently conducted. 

(c) Authorization; Governmental Approvals. 

i. The execution and delivery of this Agreement and the other Transaction Documents, the consummation by the Company of the
transactions herein and therein contemplated to be consummated by the Company, the issuance, sale and delivery of the Purchased Shares to Purchaser in accordance with this Agreement and the issuance and delivery of the shares of Common Stock
issuable upon conversion of the Purchased Shares (the “Conversion Shares”) in accordance with the terms of the Series J Certificate of Designation have been duly authorized by all necessary corporate action on the part of the
Company. 
 ii. Except as required by the Series H Certificate of Designation, the Series I Certificate of Designation and
the Series J Certificate of Designation and for filings necessary for the sale of the Purchased Shares to qualify for certain exemptions from the registration requirements under state blue sky Laws and federal securities Laws, no authorization,
consent, approval, license or exemption of, and no registration, qualification, designation, declaration or filing with, any court or Governmental Body, and no vote, authorization, consent or approval of

  
 2 

 
the stockholders of the Company, is necessary for (A) the valid execution and delivery of this Agreement by the Company, (B) the execution, issuance and delivery of the Purchased Shares
or Conversion Shares, (C) the execution and delivery by the Company of the other Transaction Documents or (D) the consummation by the Company of the transactions herein and therein contemplated to be consummated by the Company. 

(d) Capital. The Purchased Shares will have the voting powers, designation, preferences, rights and privileges, and the
qualifications, limitations and restrictions thereof, set forth in the Series J Certificate of Designation. The Company has reserved for issuance the Conversion Shares. The Purchased Shares, when issued, sold, and delivered in accordance with the
terms of this Agreement for the consideration expressed herein, will be duly authorized, validly issued and fully paid, and will be free of restrictions on use, voting or transfer or Liens other than restrictions on transfer or Liens under the
applicable state and federal securities Laws and pursuant to the Series J Certificate of Designation. Except as set forth in Section 2(d) of the Disclosure Schedule, the issuance and sale of the Purchased Shares is not subject, and will
not be subject, to any preemptive rights. The Conversion Shares have been duly authorized, validly reserved for issuance, and upon conversion of the Purchased Shares and upon issuance in accordance with the terms hereof and the provisions of the
Series J Certificate of Designation, will be duly authorized, validly issued and fully paid, and will be free of restrictions on use, voting or transfer or Liens other than the restrictions on transfer or Liens under the applicable state and federal
securities Laws and pursuant to the Series J Certificate of Designation. 
 (e) Validity and Binding Effect; No
Conflicts. This Agreement and each of the other Transaction Documents to which the Company is a party have been duly and validly executed and delivered by the Company and constitute the legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with their respective terms. The execution, delivery and performance of this Agreement and the other Transaction Documents by the Company does not (i) conflict with, violate or cause a breach,
termination, acceleration or modification of (with or without the giving of notice or the lapse of time, or both) any of the terms, conditions or provisions of or constitute a default under (A) any provision of the Certificate of Incorporation
or Bylaws of the Company or any Company Subsidiary; (B) any Contract, Permit or Order to which the Company or any Company Subsidiary is a party or by which the Company or any Company Subsidiary or any of their respective properties is bound;
(C) any Law to which the Company or any Company Subsidiary is subject or by which the Company or any Company Subsidiary or any of their respective properties is bound or; (ii) result in the creation or imposition of any Lien upon the
properties or assets of the Company or any Company Subsidiary; other than in the case of the foregoing clauses (i)(B), (i)(C) and (ii), such requirements, conflicts, violations, breaches or rights which would not, individually or in the aggregate,
have or reasonably be expected to have a Material Adverse Effect. Except as set forth in Section 2(e) of the Disclosure Schedule and other than those which have been obtained or made, no Consent of any other Person is required on the
part of the Company or the Company Subsidiaries in connection with the execution and delivery of this Agreement or the Transaction Documents, or the compliance by the Company with any of the provisions hereof or thereof, or the consummation of the
transactions contemplated hereby. 

  
 3 

 (f) Capitalization. 

i. Section 2(f)i of the Disclosure Schedule sets forth, a true, complete and correct listing of the following,
immediately prior to the open of business on the date hereof: (i) the authorized capitalization of the Company, the number of shares of each class of Capital Stock of the Company issued and outstanding and the number of shares reserved for
issuance in connection with the Company’s stock option plans or otherwise, and (ii) all options, warrants, rights to subscribe to, calls, contracts, undertakings, arrangements, Contracts and commitments to issue which may result in the
issuance of Capital Stock of the Company or other securities convertible into or exchangeable for shares of Capital Stock (the “Derivative Securities”), including the applicable conversion or exercise price of such Derivative
Securities. Except as set forth in Section 2(f)i of the Disclosure Schedule, as of the open of business on the date hereof, there are (A) no outstanding shares of Capital Stock of, or other equity or voting interest in, the Company,
(B) no outstanding Derivative Securities, (C) no obligations of the Company to grant, extend or enter into any subscription, warrant, right, convertible or exchangeable security or other similar Contract or commitment relating to any
Capital Stock of, or other equity or voting interest (including any voting debt) in, the Company (the items in clauses (A), (B) and (C), together with the Capital Stock of the Company, being referred to collectively as “Company
Securities”) and (D) no other obligations by the Company or any of Company Subsidiary to make any payments based on the price or value of any Company Securities. Except as set forth in Section 2(f)i of the Disclosure
Schedule, there are no outstanding Contracts of any kind which obligate the Company or any Company Subsidiary to repurchase, redeem or otherwise acquire any Company Securities. All of the issued and outstanding shares of the Company’s Capital
Stock have been and all shares reserved for issuance will on issuance be, duly authorized, validly issued, fully paid and non-assessable. Except as set forth in Section 2(f)i of the Disclosure Schedule, neither the Company nor any
Company Subsidiary is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any of its Capital Stock. Except as set forth in Section 2(f)i of the Disclosure Schedule, neither the Company nor any
Company Subsidiary is a party to any agreement relating to the voting of, transfer of, requiring registration of, or granting any preemptive rights, anti-dilutive rights or rights of first refusal or other similar rights with respect to any
securities of the Company, including any Contract granting any Person the right to require the Company to file a registration statement under the 1933 Act (as defined below) or to require the Company to include any securities in any other
registration statement filed by the Company under the 1933 Act. 
 ii. After giving pro forma effect to the
transactions contemplated hereby, Section 2(f)ii of the Disclosure Schedule sets forth, as of immediately prior to the open of business on the date hereof, a true, complete and correct listing of all the Company’s outstanding:
(i) shares of the Common Stock and 

  
 4 

 
(ii) Derivative Securities, including the applicable exercise price of such Derivative Securities, other than any Derivative Securities issued pursuant to the Company’s Amended and
Restated Equity-Based Compensation Plan or the Company’s 2011 Employee Stock Purchase Plan. 
 (g) Preferred Stock
Exemption. The offer and sale of the Purchased Shares by the Company to Purchaser pursuant to and in the manner contemplated by this Agreement will be exempt from the registration requirements of the 1933 Act. Neither the Company nor any Person
acting at its direction has taken any action (including any offering of any securities or Capital Stock of the Company under circumstances which would require the integration of such offering with the offering of any of the Purchased Shares pursuant
to this Agreement under the 1933 Act and the rules and regulations of the SEC thereunder) which would subject the offering, issuance, exchange or sale of any of the Purchased Shares to any Purchaser pursuant to this Agreement to the registration
requirements of the 1933 Act. 
 3. Purchaser Representations and Warranties. Purchaser hereby represents and warrants to the Company
as follows: 
 (a) Purchaser has the full power and authority to execute and deliver this Agreement and to perform all of its
obligations hereunder and thereunder, and to purchase, acquire and accept delivery of the Purchased Shares. 
 (b) The
Purchased Shares are being acquired for Purchaser’s own account and not with a view to, or intention of, distribution thereof in violation of the 1933 Act, or any applicable state securities Laws. 

(c) Purchaser is knowledgeable in financial matters and is able to evaluate the risks and benefits of an investment in the
Purchased Shares. Purchaser understands and acknowledges that such investment is a speculative venture, involves a high degree of risk and is subject to complete risk of loss. Purchaser has carefully considered and has, to the extent Purchaser deems
necessary, discussed with Purchaser’s professional legal, tax, accounting and financial advisers the suitability of its investment in the Purchased Shares. 

(d) Purchaser is able to bear the economic risk of its investment in the Purchased Shares for an indefinite period of time
because the Purchased Shares have not been registered under the 1933 Act and, therefore, cannot be sold unless subsequently registered under the 1933 Act or an exemption from such registration is available. Purchaser: (i) understands and
acknowledges that the Purchased Shares being issued to Purchaser have not been registered under the 1933 Act, nor under the securities Laws of any state, nor under the Laws of any other country and (ii) recognizes that no public agency has
passed upon the accuracy or adequacy of any information provided to Purchaser or the fairness of the terms of its investment in the Purchased Shares. 

(e) Purchaser has had an opportunity to ask questions and receive answers concerning the terms and conditions of the offering
of the Purchased Shares and has had full access to such other information concerning the Company as has been requested. 

  
 5 

 (f) This Agreement constitutes the legal, valid and binding obligation of
Purchaser, enforceable against Purchaser in accordance with its terms, and the execution, delivery and performance of this Agreement by Purchaser does not and will not conflict with, violate or cause a breach of any agreement, Contract or instrument
to which Purchaser is a party or any judgment, Order or decree to which Purchaser is subject. 
 (g) Purchaser became aware
of the offering of the Purchased Shares other than by means of general advertising or general solicitation. 
 (h) Purchaser
is an “accredited investor” as that term is defined under the 1933 Act and Regulation D promulgated thereunder, as amended by Section 413 of the Private Fund Investment Advisers Registration Act of 2010 and any
applicable rules or regulations or interpretations thereof promulgated by the SEC or its staff. 
 (i) Purchaser acknowledges
that the certificates for the Purchased Shares will contain a legend substantially as follows: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE
STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.” 
 Subject
to any lock-up or other similar agreement that may apply to the Purchased Shares as may be specifically agreed to with Purchaser, the requirement that the Purchased Shares contain the legend set forth in clause (i) above shall cease and
terminate when such shares are transferred pursuant to Rule 144 promulgated under the 1933 Act. Upon the consummation of an event described in the immediately preceding sentence, the Company, upon surrender of certificates containing such legend,
shall, at its own expense (without the need for any opinion of counsel for Purchaser), deliver to the holder of any such securities as to which the requirement for such legend shall have terminated, one or more new certificates evidencing such
securities not bearing such legend. 
 4. Additional Agreements. 

(a) Purchase Covenant. Purchaser agrees not to make any sale, transfer or other disposition of the Purchased Shares in
violation of the 1933 Act, the 1934 Act, the rules and regulations promulgated thereunder or any applicable securities Laws. 

(b) Tax Provision. The Company and Purchaser intend that for U.S. federal, state and local income tax purposes, the
Preferred Shares will be treated as equity and each of the Company and Purchaser agrees that it will not take any position to the contrary with respect to any Preferred Shares it acquires pursuant to the terms of this Agreement. 

  
 6 

 (c) Information Rights. For so long as a Purchaser continues to
beneficially own, in the aggregate, at least 5,000 Preferred Shares, shares of Series H Preferred Stock and/or shares of Series I Preferred Stock (or the equivalent amount of Conversion Shares), during normal business hours, the Company shall
provide to Purchaser reasonable access to customary information, access and inspection rights, including delivering to Purchaser the following information (collectively, the “Public Company Information”): 

i. on an annual basis and promptly after it has been made available (but no later than thirty (30) days before the
beginning of each fiscal year), (A) an annual budget of the Company, (B) a business plan of the Company, and (C) financial forecasts for the next fiscal year of the Company, in each case to the extent and in such manner and form
prepared by or for the board of directors of the Company (the “Board”); 
 ii. on an annual basis and
promptly after it has been made available (but no later than seventy-five (75) days after the end of each fiscal year), annual unaudited financial and operating reports of the Company, to the extent and in such manner and form prepared by or
for the Board; 
 iii. on a quarterly basis and promptly after it has been made available (but in no event later than forty
(40) days after the end of each quarter), unaudited quarterly financial and operating reports of the Company, to the extent and in such manner and form prepared by or for the Board; 

iv. final drafts of monthly management and operating reports of the Company as reasonably requested by Purchaser to the extent
and in such manner and form prepared by or for the Company’s chief executive officer and/or provided to the Board; and 

v. such other financial, management and operating reports and information reasonably requested by Purchaser, including all such
information as required for customary reporting to the limited partners of Purchaser ’s Affiliates and for tax reporting purposes. 
 In
addition, in the event that the Company is no longer obligated to file an annual report on Form 10-K or quarterly reports on Form 10-Q with the SEC, the Company shall also deliver the following to Purchaser (collectively, the “Private
Company Information” and together with the Public Company Information, the “Company Information”): 

vi. as soon as practicable after the end of each fiscal year of the Company, and in any event within ninety (90) days
thereafter (to the extent practicable), a consolidated balance sheet of the Company and the Company Subsidiaries as of the end of such fiscal year and consolidated statements of income and cash flows of the Company and the Company Subsidiaries for
such year, prepared in accordance with GAAP and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and followed promptly thereafter (to the extent it shall be available) with the opinion
of the independent registered public accounting firm selected by the Company’s Audit Committee with respect to such financial statements; and 

  
 7 

 vii. in lieu of providing the information required under the foregoing
Section 4(c)vi, as soon as practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company, and in any event within forty-five (45) days thereafter (to the extent
practicable), an unaudited consolidated balance sheet of the Company and the Company Subsidiaries as of the end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and the Company Subsidiaries
for such period and for the current fiscal year to date, prepared in accordance with GAAP and setting forth in comparative form the figures for the corresponding periods of the previous fiscal year, subject to changes resulting from normal year-end
audit adjustments, all in reasonable detail, except that such financial statements need not contain the notes required by GAAP. 

(d) Purchaser, and each Affiliate of Purchaser, receiving Company Information hereunder shall keep such Company Information
confidential and shall not provide access to such Company Information to any other Person; provided, that Purchaser may provide access to such Company Information (A) to its agents, employees, directors, officers, trustees, partners,
Affiliates, attorneys, accountants, advisors, auditors, portfolio management services and investors having an obligation of confidentiality to Purchaser in the ordinary course of Purchaser’s business; (B) to prospective transferees or
purchasers of any of the Purchased Shares held by Purchaser; provided, that any such prospective transferee or purchaser shall have agreed to keep the same confidential in accordance with the provisions of this Section 4;
(C) as required by Law, subpoena, judicial order or similar legal process; provided, that Purchaser shall notify the Company prior to disclosure if permitted by Law; (D) in connection with any litigation related to any Transaction
Document or other agreement between Purchaser or any of its Affiliates and the Company or any of its Affiliates or in connection with the exercise of any right or remedy under any such Transaction Document or agreement; and (E) as may be
required in connection with the examination, audit or similar investigation of Purchaser or with respect to a request from any Governmental Body having jurisdiction over Purchaser. The foregoing confidentiality restriction shall not apply to any
Company Information that is in the public domain, becomes part of the public domain after disclosure to Purchaser other than due to a breach by Purchaser of this Section 4, was within Purchaser’s possession or developed by it prior
to being furnished with such information as evidenced by Purchaser’s records, or becomes available to Purchaser on a non-confidential basis from a source other than the Company. 

(e) Terms of the Preferred Shares. Each of the parties hereto acknowledges that the Preferred Shares shall have the
powers, preferences and rights, and be subject to the qualifications, limitations or restrictions set forth in the Series J Certificate of Designation. 

  
 8 

 (f) Registration Rights. The Company and Purchaser hereby acknowledge and
agree that all Conversion Shares issuable to Purchaser shall be deemed “Registrable Securities” pursuant to the Registration Rights Agreement. 

(g) Certain Actions. Promptly following the date hereof, the Company shall take all actions required to promptly prepare
and file any required notice of exempt offering of securities, including a Form D, with the SEC pursuant to the 1933 Act and/or other comparable form with state securities regulators with respect to any applicable “blue sky” laws, in each
such case, with respect to the transactions contemplated hereby. 
 (h) U.S. Real Property Holding Corporation Status.
So long as Purchaser beneficially owns any Purchased Shares or any shares of Common Stock issued upon conversion thereof, the Company shall not become a U.S. real property holding corporation within the meaning of Section 897 of the Code. 

5. Subsequent Securities Sales. 

(a) At least five (5) Business Days prior to the closing of a Follow-On Offering, the Company shall give notice of such
Follow-On Offering to Purchaser that owns any Preferred Shares as of such date, setting forth the terms and conditions of such Follow-On Offering. 

(b) To the extent the consent of Purchaser to a Follow-On Offering would be required pursuant to the terms of either the Series
H Certificate of Designation, the Series I Certificate of Designation or the Series J Certificate of Designation, Purchaser hereby agrees to consent to any such Follow-On Offering to the extent (and only to the extent) that such Follow-On Offering
meets all of the following criteria: 
  

	 	i.	it is consummated on or before November 11, 2013; 

  

	 	ii.	it is offered to the holders of the then-outstanding shares of Series H Preferred Stock and Series I Preferred Stock (collectively, the “Existing Investors”) pursuant to Section 14(a) or
Section 14(c) of the Series H Certificate of Designation and Series I Certificate of Designation, as applicable; 

  

	 	iii.	it is not an “Exempt Equity Issuance” as defined in the Series H Certificate of Designation or Series I Certificate of Designation; 

 

	 	iv.	it consists of Preferred Shares or such other security that has terms equivalent in all material respects, and limited to, the provisions set forth in Sections 2 through 8, inclusive, Sections 9(a), 9(b), 10 and 11(a)
and Sections 12 through 15, inclusive of this Series J Certificate of Designation; and 

  

	 	v.	the purchase price results in gross proceeds to the Company in an amount less than, or equal to, $50,000,000.00 in the aggregate together with any and all other such Follow-On Offerings. 

  
 9 

 (c) To the extent that a Follow-On Offering is led by any of the Non-Pegasus
Purchasers (a “Qualified Follow-On”) and in such Qualified Follow-On the Existing Investors purchase Follow-On Securities that results in gross proceeds payable to the Company that is less than, or equal to, $30,000,000.00,
then Purchaser shall have the right to elect to Exchange all or any part of the Preferred Shares held by Purchaser. As used herein, “Exchange” means to exchange Preferred Shares into the equivalent face amount (based on the
original purchase price for the Preferred Shares and the purchase price for such Follow-On Securities) of the Follow-On Securities being offered in a Qualified Follow-On on substantially the same terms and conditions that govern such Qualified
Follow-On. 
 (d) To the extent that in any Qualified Follow-On the Existing Investors purchase Follow-On Securities that
results in gross proceeds payable to the Company that is greater than $30,000,000.00, then: 
 i. each of the Non-Pegasus
Purchasers shall have the right, but not the obligation, to elect to Exchange all or any part of the Preferred Shares held thereby; 

ii. if any of the Non-Pegasus Purchasers elects to Exchange any Preferred Shares pursuant to Section 5(d)i, each of
the other holders of Preferred Shares (other than Pegasus) shall have the right, but not the obligation, to elect to Exchange all or any part of the Preferred Shares held thereby; and 

iii. Pegasus shall have the right, but not the obligation, to elect to Exchange all or any part of the Preferred Shares held
thereby; provided, that to the extent that the gross proceeds to the Company from the sale of the Follow-On Securities purchased in such Qualified Follow-On exceeds $50,000,000.00 (the Follow-On Securities underlying such excess, if any, the
“Excess Follow-On Securities”), such right shall be contingent upon Pegasus purchasing at least thirty percent (30%) of such Excess Follow-On Securities. 

(e) Notwithstanding anything herein to the contrary, if both Riverwood and Pegasus fully exercise their rights to Exchange all
of their respective Preferred Shares in any Qualified Follow-On pursuant to this Section 5, all of the then outstanding Preferred Shares shall be subject to mandatory Exchange. The Company shall take all necessary corporate action to
facilitate any Exchange pursuant to Section 5(c) and Section 5(d). 
 (f) If, in connection with any
Follow-On Offering, either the Series H Certificate of Designation, on the one hand, or Series I Certificate of Designation, on the other, is amended in a manner that is more favorable to the holders of Series I Preferred Stock, on the one hand, or
the holders of Series H Preferred Stock, on the other (any such amendments, the “Improved Terms”), then (i) the applicable certificate of designation that was not amended to contain the Improved Terms shall be amended to
provide the holders of such securities with the benefit of the applicable Improved Terms and (ii) to the extent that, prior to such Follow-On Offering, the Series J Certificate of Designation contained any term that was equivalent to an
Improved Term in the Series H Certificate of Designation or Series I Certificate of Designation, the Series J Certificate of 

  
 10 

 
Designation shall similarly be amended to provide the holders of Preferred Shares with the benefit of the applicable Improved Terms. Notwithstanding the foregoing, no term contained in the Series
H Certificate of Designation and Series I Certificate of Designation in effect immediately following consummation of any Follow-On Offering shall be deemed to be an Improved Term to the extent that the difference between the applicable term in the
Series H Certificate of Designation or Series I Certificate of Designation is substantially similar to the difference in the Series H Certificate of Designation and Series I Certificate of Designation on the date hereof. To the extent that, pursuant
to the terms of the Series H Certificate of Designation, the Series I Certificate of Designation or the Series J Certificate of Designation or otherwise, the consent of any Purchaser would be required to give effect to this Section 5(f),
Purchaser hereby agrees to consent to such action. The Company further agrees to take all necessary corporate action to give effect to this Section 5(f). 

6. Indemnification by the Company. 

(a) Subject to the limitations and other provisions of this Section 6, the Company shall save, defend, indemnify
and hold harmless Purchaser and its affiliates and the respective representatives, directors, officers, employees, members, managers, partners, stockholders, controlling Persons, agents, representatives, successors and assigns of each of the
foregoing from and against any and all losses, damages, liabilities, deficiencies, claims, interest, awards, judgments, penalties, costs and expenses (including reasonable out-of-pocket attorneys’ fees, costs and other out-of-pocket expenses
incurred in investigating, preparing or defending the foregoing), asserted against, incurred, sustained or suffered by any of the foregoing as a result of, arising out of or relating to any breach of any representation, warranty or covenant made by
the Company and contained in this Agreement and the Disclosure Schedule. 
 (b) Purchaser shall give notice to the Company
promptly after Purchaser has actual knowledge of any claim as to which indemnity may be sought, and to the extent such claim is a third party claim, shall permit the Company to assume the defense of any such third party claim or any litigation
resulting therefrom; provided, that counsel for the Company who shall conduct the defense of such third party claim or any litigation resulting therefrom shall be approved by Purchaser (such approval shall not unreasonably be withheld
conditioned or delayed), and Purchaser may participate in such defense at its expense (other than as provided below), and provided further, that the failure of Purchaser to give notice as provided herein shall not relieve the Company
of its obligations under this Agreement, except to the extent that the Company is actually and materially prejudiced thereby. Purchaser, at the Company’s cost and expense, shall furnish such information regarding itself or the claim in question
as the Company may reasonably request and as shall be reasonably required in connection with the defense of any such third party claim and/or litigation resulting therefrom. Purchaser shall have the right to retain its own counsel, with the fees and
expenses to be paid by the Company, if (i) the Company fails to prosecute the applicable third party claim or litigation resulting therefrom in a prompt and timely fashion and/or (ii) representation of Purchaser by the counsel retained by
the Company would be inappropriate due to actual or potential differing interests between Purchaser and any other party represented by such counsel in such proceeding; provided, that in no event shall the Company be required to pay the fees

  
 11 

 
and expenses of more than one such separate counsel (other than foreign counsel) for Purchaser. Notwithstanding anything in this Section 6(b) to the contrary, neither the Company nor
Purchaser shall, without the prior written consent of the other party, settle or compromise any third party claim as to which indemnity may be sought or permit a default or consent to entry of any judgment unless the claimant (or claimants) and such
party provide to such other party an unqualified release from all liability in respect of such third party claim; provided, that the prior written consent of Purchaser shall be required for the Company to take any of such actions if the
taking of such actions could or could reasonably be expected to reduce or limit the rights or indemnification recoveries available to, or otherwise increase the liability of or losses to, either Purchaser, its affiliates and their respective
representatives, directors, officers, employees, members, managers, partners, stockholders, controlling Persons, agents, representatives, successors and assigns. If the Company makes any payment on any claim, the Company shall be subrogated, to the
extent of such payment, to all rights and remedies of Purchaser to any insurance benefits or other claims of Purchaser with respect to such claim. 

(c) Survival. The representations and warranties set forth in Sections 2(a) (Organization), 2(b) (Power),
2(c)i (Authorization), 2(d) (Capital) and 2(f) (Capitalization) shall survive the Closing for the maximum period permitted by applicable Law, and all other representations and warranties of the parties set forth in this
Agreement and the other Transaction Documents shall terminate upon the Closing and thereafter shall be of no further force or effect. Following the expiration of the periods set forth above with respect to any particular representation or warranty,
no party hereto shall have any further liability with respect to such representation or warranty. Except as set forth herein, all of the covenants, agreements and obligations of the parties hereto shall survive the Closing indefinitely (or if
indefinite survival is not permitted by Law, then for the maximum period permitted by applicable Law). A claim for indemnification related to a breach of any of the representations and warranties becomes barred if not filed or noticed during the
survival period; and the parties hereto intend to shorten (in the case of limited survival provisions) the applicable statute of limitations. Notwithstanding anything herein to contrary, any claim for indemnification that is asserted by written
notice within the survival period shall survive until resolved pursuant to a final non-appealable judicial determination or a written agreement between the Company and Purchaser. 

7. General Provisions. 

(a) Definitions. As used herein, the following terms shall have the following meanings: 

“1933 Act” shall mean the Securities Act of 1933, as amended. 

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

“Affiliate” shall mean any Person which directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with such Person or entity; provided, that for purposes of the definition of “Affiliate,” Purchaser shall not be deemed an “Affiliate” of the Company. 

  
 12 

 “Agreement” shall have the meaning set forth in the
preamble. 
 “Business Day” shall mean any day other than a Saturday, Sunday or a day on which the
banks in New York or Florida are authorized by Law to be closed; provided, that with respect to any notice period that is shorter than ten (10) Business Days and includes a Friday, such period shall be extended for one (1) additional
Business Day. 
 “Bylaws” shall mean, when used with respect to a specified Person, the bylaws of a
Person, as the same may be amended from time to time. 
 “Capital Stock” shall mean, with respect to
any Person, any and all shares, shares of beneficial interest, interests, participations, rights in or other equivalents (however designated and whether voting or non-voting) of such Person’s capital stock or any form of membership, ownership
or participation interests, as applicable, including partnership interests, whether now outstanding or hereafter issued and any and all securities, debt instruments, rights, warrants or options exercisable or exchangeable for or convertible into
such capital stock. 
 “Certificate of Incorporation” shall mean, when used with respect to a
specified Person, the articles or certificate of incorporation or other applicable organizational document of such Person, including any certificate of designation, as currently in effect. 

“Closing” shall have the meaning set forth in Section 1(a). 

“Common Stock” shall have the meaning set forth in the recitals. 

“Company” shall have the meaning set forth in the preamble. 

“Company Information” shall have the meaning set forth in Section 4(c). 

“Company Subsidiary” shall mean any Subsidiary of the Company. 

“Contract” shall mean any legally binding contract, agreement, mortgage, deed of trust, bond, loan,
indenture, lease, license, note, option, warrant, right, instrument, commitment or other similar document, arrangement or agreement, whether written or oral, together with all amendments, modifications and/or supplements thereof. 

“Conversion Shares” shall have the meaning set forth in Section 2(c)i. 

“Derivative Securities” shall have the meaning set forth in Section 2(f). 

“Exchange” shall have the meaning set forth in Section 5(c). 

“Follow-On Offering” shall mean any issuance or sale of any security of the Company (whether debt,
equity or otherwise but excluding any security issued pursuant to an Exempt Equity Issuance (as defined in the Series J Certificate of 

  
 13 

 
Designation) or the Preemptive Rights Offering), which offer for issuance or sale is made on or before the earlier of: (i) the consummation of one or more Qualified Follow-Ons that result in
aggregate gross proceeds to the Company equal to or in excess of $30,000,000.00 and (ii) March 11, 2014; provided, that for purposes of this paragraph (ii) only, if the Company has substantially negotiated the material terms of
an issuance or sale by or prior to March 11, 2014, that, but for the fact that such transaction does not actually close by such date would have been a Follow-On Offering, then such transaction, when and if consummated, shall still be considered
a Follow-On Offering to the extent consummated on such terms within forty-five (45) days of March 11, 2014. 

“Follow-On Securities” shall mean, with respect to any Follow-On Offering or Qualified Follow-On, the
securities of the Company issued or sold in such Follow-On Offering or Qualified Follow-On. 
 “GAAP”
shall mean United States generally accepted accounting principles. 
 “Governmental Body” shall mean
any government or governmental or quasi governmental authority including, without limitation, any federal, state, territorial, county, municipal or other governmental or quasi governmental agency, board, branch, bureau, commission, court, arbitral
body (public or private), department or other instrumentality or political unit or subdivision, whether located in the United States or abroad. 

“Late Company Information” shall have the meaning set forth in Section 4(d). 

“Law” shall mean any treaty, statute, ordinance, code, rule, regulation, Order or other legal
requirement enacted, adopted, promulgated, applied or followed by any Governmental Body. 
 “Lien”
shall mean any mortgage, pledge, Lien (statutory or otherwise), security interest, hypothecation, conditional sale agreement, encumbrance or similar restriction or agreement. 

“Material Adverse Effect” shall mean any event, change, effect, condition or contingency that has a
material adverse effect on the business, assets, liabilities (including contingent liabilities), results of operations or financial condition of the Company and the Company Subsidiaries, taken as a whole, other than to the extent resulting from:
(i) changes in general business or economic conditions affecting the industry generally in which the Company and the Company Subsidiaries operate, (ii) changes in national or international political or social conditions, including the
engagement by the United States of America in hostilities, whether or not pursuant to a declaration of a national emergency or war, or any escalation thereof, or the occurrence of any military or terrorist attack upon the Unites States of America or
any of its territories, possessions or diplomatic or consular offices or upon any military installation, equipment or 

  
 14 

 
personnel of the United States of America, (iii) changes generally affecting financial, banking or securities markets (including any disruption thereof and any decline in the price of any
security or any market index), (iv) changes in GAAP, or (v) changes in applicable Laws (including any changes in interpretations thereof), in each case in the foregoing clauses (i) through (v), inclusive, which do not
disproportionately affect the Company or the Company Subsidiaries as compared to other similarly situated participants in the industry in which the Company and the Company Subsidiaries operate. 

“Non-Pegasus Purchasers” shall mean, collectively, Riverwood, Zouk and Portman. 

“Order” shall mean any order, injunction, judgment, decree, ruling, writ, assessment, mediation or
arbitration award (whether temporary, preliminary or permanent). 
 “Pegasus” shall mean PCA LSG
Holdings, LLC, a Delaware limited liability company and LSGC Holdings II, LLC, a Delaware limited liability company. 

“Permits” shall mean any approvals, authorizations, licenses, permits, consents or certificates by or
of any Governmental Body. 
 “Person” shall mean any individual, corporation, partnership, firm,
limited liability company, joint venture, trust, association, unincorporated organization, group, joint stock company, Governmental Body or other entity. 

“Portman” shall mean Portman Limited, a Cayman Islands exempted company and its Affiliates. 

“Preferred Shares” shall have the meaning set forth in the recitals. 

“Private Company Information” shall have the meaning set forth in Section 4(c). 

“Purchase Price” shall have the meaning set forth in the recitals. 

“Purchased Shares” shall have the meaning set forth in the recitals. 

“Purchasers” shall have the meaning set forth in the preamble. 

“Qualified Follow-On” shall have the meaning set forth in Section 5(c). 

“Riverwood” shall mean RW LSG Holdings LLC. 

“Registration Rights Agreement” shall mean that certain Amended and Restated Registration Rights
Agreement, dated as of January 23, 2009, by and between the Company and Pegasus Partners IV, L.P., as amended by that certain Amendment No. 1 to Amended and Restated Registration Rights Agreement, dated as of May 25, 2012, by and
between the Company and Pegasus Partners IV, L.P. 

  
 15 

 “SEC” shall mean the Securities and Exchange Commission.

 “Series H Certificate of Designation” shall mean the Certificate of Designation governing the
Series H Preferred Stock. 
 “Series H Preferred Stock” shall mean the Company’s Series H
Convertible Preferred Stock. 
 “Series I Certificate of Designation” shall mean the Certificate of
Designation governing the Series I Preferred Stock. 
 “Series I Preferred Stock” shall mean the
Company’s Series I Convertible Preferred Stock. 
 “Series J Certificate of Designation” shall
mean have the meaning set forth in the recitals. 
 “Series J Preferred Stock” shall have the meaning
set forth in the recitals. 
 “Subsidiary” shall mean (i) as to any Person, any other Person
more than 50% of the shares of the voting stock, voting interests, membership interests or partnership interests of which are owned or controlled, or the ability to select or elect more than 50% of the directors or similar managers is held, directly
or indirectly, by such first Person or one or more of its Subsidiaries or by such first Person and one or more of its Subsidiaries and/or (ii) any Person with respect to which the Company or a Company Subsidiary is a general partner or managing
member. 
 “Transaction Documents” shall mean this Agreement, the schedules and exhibits hereto, the
Series J Certificate of Designation, certificates evidencing the Purchased Shares and any certificate or other document required to be delivered by or on behalf of the Company or any Purchaser pursuant to this Agreement or in connection with the
transactions contemplated by this Agreement. 
 “Zouk” means Cleantech Europe II (A) LP,
Cleantech Europe II (B) LP and their Affiliates. 
 (b) Choice of Law. The Laws of the State of New York without
reference to any conflict of Laws provisions thereof that would result in the application of the Law of a different jurisdiction, will govern all questions concerning the construction, validity and interpretation of this Agreement. 

(c) Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent
of the Company and the applicable Purchaser, provided, that it is understood and agreed that no amendment or waiver of this Agreement shall be applicable to, or with respect to, any Purchaser without

  
 16 

 
Purchaser’s prior written consent. No delay or failure of any Purchaser in exercising any right, power or remedy hereunder shall affect or operate as a waiver thereof, nor shall any single
or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power or remedy preclude any further exercise thereof or of any other right, power or remedy. The rights and remedies hereunder of Purchaser are
cumulative and not exclusive of any rights or remedies which it would otherwise have. Any waiver, permit, consent or approval of any kind or character on the part of any Purchaser of any breach or default under this Agreement or any such waiver of
any provision or condition of this Agreement must be in writing by Purchaser and shall be effective only to the extent in such writing specifically set forth. 

(d) Counterparts. This Agreement may be executed in counterparts (including via facsimile or e-mail in .pdf format),
each of which shall be an original and all of which shall constitute a single agreement. 
 (e) Effectiveness. It is
understood that this Agreement is not effective and binding upon any of the parties hereto until executed and delivered by each of the parties hereto. 

(f) Headings. The headings contained in this Agreement are inserted for convenience only and will not affect in any way
the meaning or interpretation of this Agreement. 
 (g) Benefit of Agreement, Assignment. This Agreement shall be
binding upon and inure to the benefit of the Company and Purchaser and their respective successors and assigns, heirs, executors and personal representative, as applicable, except that the Company shall not have the right to assign any of its rights
under this Agreement without the prior written consent of Purchaser. Notwithstanding the foregoing, the rights of Purchaser set forth herein shall inure to the benefit of Purchaser and its transferees. This Agreement is made solely for the benefit
of the parties hereto and it is not the intention of the parties to confer third-party beneficiary rights upon any other Person other than any Person entitled to indemnity under Section 5 or as set forth above, and no other Person shall
have any rights, interest or claims hereunder or otherwise be entitled to any benefits under or on account of this Agreement as a third-party beneficiary or otherwise. 

(h) Notices. Any and all notices or other communications required or permitted to be delivered hereunder shall be deemed
properly delivered if (i) delivered personally, (ii) mailed by first class, registered or certified mail, return receipt requested, postage prepaid, (iii) sent by next day or overnight mail or delivery or (iv) sent by electronic
mail, facsimile transmission or other electronic means of transmitting written documents (with a follow up copy under (iii) above), to the parties as set forth below: 

If to the Company: 
 Lighting
Science Group Corporation 
 1227 South Patrick Drive 

Building 2A 
 Satellite Beach, FL
32937 

  
 17 

 
Attention: Tom Shields, Chief Financial Officer 
 Tel: (321) 779-5537 

Fax: (321) 779-5521 
 Email:
Tom.Shields@lsgc.com 
 With a copy (which shall not constitute notice or constructive notice) to: 

Haynes and Boone, LLP 
 2323
Victory Avenue, Suite 700 
 Dallas, TX 75219 

Attention: Greg R. Samuel, Esq. 

Tel: (214) 651-5645 
 Fax:
(214) 200-0577 
 Email: greg.samuel@haynesboone.com 

If to Purchaser: 
 LSGC Holdings
II LLC 
 c/o Pegasus Capital Advisors, L.P. 

99 River Road 
 Cos Cob, CT 06807

 Attention: Steven Wacaster 

Tel: (212) 710-2509 
 Fax:

 Email: SWacaster@pcalp.com 

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

Akin Gump Strauss Hauer & Feld LLP 

399 Park Ave 
 New York, NY 10022

 Attention: Jeffrey Kochian 

Tel: (212) 872-806 
 Fax:
(212) 872-1002 
 Email: jkochian@akingump.com. 

Either party may change the name and address of the designee to whom notice shall be sent by giving written notice of such change to the other
party. All notices or other communications to be, or otherwise, provided by a Purchaser must be sent to such other Purchaser and the Company simultaneously in accordance with the procedures set forth in this Section 6(h) in order to be deemed
properly delivered. 
 (i) Entire Agreement. This Agreement, the Transaction Documents and all Exhibits and Schedules
attached here or thereto constitute the entire agreement and understanding between the Company and the Purchasers and the final expression thereof and supersede any and all prior agreements and understandings, written or oral, formal or informal,
between the Company and Purchasers relating to the subject matter hereof and thereof. 

  
 18 

 (j) Venue. Each of the parties hereto irrevocably consents to the
exclusive jurisdiction and venue of any state or federal court located within New York, New York in connection with any matter based upon or arising out of this Agreement or the transactions contemplated hereby, agrees that process may be served
upon them in any manner authorized by the Laws of the State of New York for such Persons and waives and covenants not to assert or plead any objection which they might otherwise have to such jurisdiction, venue and process. Each party hereto hereby
agrees not to commence any legal proceedings relating to or arising out of this Agreement or the transactions contemplated hereby in any jurisdiction or courts other than as provided herein. 

(k) WAIVER OF JURY TRIAL. PURCHASER AND THE COMPANY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PURCHASER OR THE COMPANY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF. 

(l) Rules of Construction. Words such as “herein,” “hereunder,” “hereof” and the like
shall be deemed to refer to this Agreement as a whole and not to any particular document or Article, Section or other portion in which such words appear. If a term is defined as one part of speech (such as a noun), it shall have a corresponding
meaning when used as another part of speech (such as a verb). Any reference to any federal, state, local or foreign statute, Law or other legal regulation shall be deemed to also to refer to all rules and regulations promulgated thereunder.
References herein to “$” shall be references to United States Dollars. The words “include” and “including” shall be deemed to mean “include, without limitation,” and “including, without limitation”.

 (m) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable Law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable Law in any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating any other provision of this Agreement. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement and the other Transaction Documents be consummated as originally
contemplated to the greatest extent possible. 
 (n) Independent Nature of Purchasers’ Obligations and Rights.
The obligations of Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under
any Transaction Document. Nothing contained herein or in any other Transaction Document, and no 

  
 19 

 
action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as, and the Company acknowledges that the Purchasers do not so constitute, a partnership, an
association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group, and the Company shall not assert any such claim with respect to such obligations or the
transactions contemplated by the Transaction Documents and the Company acknowledges that the Purchasers are not acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. The
Company acknowledges and Purchaser confirms that it has independently participated in the negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors. A default by any Purchaser of its obligations pursuant to
this Agreement shall not constitute a default by any other Purchaser under this Agreement and, except with respect to such defaulting Purchaser, shall not relieve the Company of any of its obligations to any other Purchaser under this Agreement.
Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of any other Transaction Documents to which it is a party, and it shall not be necessary for
any other Purchaser to be joined as an additional party in any proceeding for such purpose. 
 [Remainder of page intentionally left blank]

  
 20 

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

			
	COMPANY:
	
	LIGHTING SCIENCE GROUP CORPORATION
		
	 By:
	 	/s/ Thomas C. Shields
		 	Name: Thomas C. Shields
		 	Title: Chief Financial Officer

 Signature Page to Preferred Stock Subscription Agreement 

 
			
	PURCHASER:
	
	LSGC HOLDINGS II LLC
	
	By: Pegasus Partners IV, L.P., its managing member
	
	 By: Pegasus Investors IV, L.P., its general partner

	
	By: Pegasus Investors IV GP, L.L.C., its general partner
		
	 By:
	 	/s/ Steven Wacaster
		 	Name: Steven Wacaster
		 	Title: VP

 Signature Page to Preferred Stock Subscription AgreementEX-4.3

 Exhibit 4.3 

EXECUTION COPY 

SHAREHOLDERS AGREEMENT (this “Agreement”) dated as of December 31, 2011, between SANTANDER CONSUMER USA
INC., an Illinois corporation (the “Company”) and the purchaser named on the signature page hereof (the “Participant”). 

WHEREAS, the Company has adopted the 2011 Management Equity Compensation Plan (the “Management Equity Plan”); 

WHEREAS, it is a condition to Participant’s participation in the Management Equity Plan that Participant purchase shares of the
Company’s common stock, no par value (“Common Stock”), pursuant to a Subscription Agreement, dated as of the date hereof (the “Subscription Agreement”); 

WHEREAS, in connection with the foregoing, the Company and the Participant desire to establish in this Agreement certain terms and conditions
concerning the Participant’s relationship with and investments in the Company. 
 NOW, THEREFORE, in consideration of the promises,
covenants and conditions set forth herein, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS; RULES OF CONSTRUCTION 

1.1. Definitions.  

The following capitalized terms used in this Agreement have the meanings assigned to them below: 

“Acquired Shares” means, with respect to the Participant, the shares of Common Stock purchased by the Participant pursuant to
its Subscription Agreement. 
 “Action” has the meaning assigned to such term in Section 8.12. 

“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, owns or controls, is
under common ownership or control with, or is owned or controlled by, such specified Person. With respect to any Person, the term “Affiliate” shall include any investment funds, vehicles, holding companies or partnerships managed by such
Person or any Affiliate of such Person, but shall exclude any portfolio company of such Person and any Person controlled by any such portfolio company. As used in this definition, the term “control” means the possession, directly or
indirectly, of the power to direct the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning assigned to such term in the Preamble. 

 “Board” and “Board of Directors” means the Board of Directors
of the Company. 
 “Bring-Along Buyer” has the meaning assigned to such term in Section 2.3(a). 

“Bring-Along Contingent Acquisition Price Adjustment” has the meaning assigned to such term in the Primary Shareholders
Agreement. 
 “Bring-Along Disposition Transaction” has the meaning assigned to such term in Section 2.3(a).

 “Bring-Along Notice” has the meaning assigned to such term in Section 2.3(a). 

“Bring-Along Right” has the meaning assigned to such term in Section 2.3(a). 

“Bring-Along Shareholder” has the meaning assigned to such term in Section 2.3(a). 

“Bring-Along Transaction Closing” has the meaning assigned to such term in Section 2.3(a). 

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which banks are required to be
closed in New York, New York. 
 “Call Option” has the meaning assigned to such term in Section 4.1(b). 

“Call Option Closing Date” has the meaning assigned to such term in Section 4.2(c). 

“Call Option Notice” has the meaning assigned to such term in Section 4.2(c). 

“Cause” means with respect to the Participant: (a) the Participant’s breach of any written agreement entered into
with the Company or any of its affiliates, in any material respect; (b) the Participant’s gross negligence or willful, material malfeasance, misconduct or insubordination in connection with the performance of his or her duties;
(c) the Participant’s willful refusal or recurring failure to carry out written directives or instructions of the Board that are consistent with the scope and nature of Participant’s duties and responsibilities; (d) the
Participant’s willful repeated failure to adhere in any material respect to any material written Company policy or code of conduct; (e) the Participant’s willful misappropriation of a material business opportunity of the Company,
including attempting to secure or securing, any personal profit in connection with any transaction entered into on behalf of the Company; (f) the Participant’s willful misappropriation of any of the Company’s funds or material
property; or (g) the Participant’s conviction of, or the entering of a guilty plea or plea of no contest with respect to, a felony or the equivalent thereof, any other crime involving fraud or theft or

  
 2 

 
any other crime with respect to which imprisonment is a possible punishment or the indictment (or its procedural equivalent) for a felony involving fraud or theft. 

“Commission” means the Securities and Exchange Commission or any other Governmental Authority at the time administering the
Securities Act. 
 “Common Stock” has the meaning assigned to such term in the Preamble. 

“Company” has the meaning assigned to such term in the Preamble. 

“Competitor” means any person or entity (other than the Company or its Affiliates) that engages in the Sub-Prime/Below Prime
Business. 
 “Confidential Information” means all information that is not generally known to the public (and including any
information that is or becomes generally known to the public as a result of any breach of this Agreement or other unauthorized disclosure by the Participant), and that is used, developed or obtained by the Company or its Affiliates in connection
with their respective businesses, including, without limitation, all documents or information, in whatever form or medium, concerning or evidencing sales; products or services; costs; pricing; strategies; forecasts and long range plans; computer
software, operating systems and applications; financial and tax information; personnel information; business, marketing and operational projections, plans and opportunities; and customer, vendor, and supplier information; and all similar or related
information. 
 “Designated Percentage” has the meaning assigned to such term in the Primary Shareholders Agreement. 

“Disability” means and shall be deemed to have occurred if the Participant has been determined under the Company’s
long-term disability plan as in effect from time to time to be eligible for long-term disability benefits. In the absence of the Participant’s participation in such a plan, “Disability” means that, in the Board’s sole judgment,
the Participant is unable to perform any of the material duties of his regular position because of an illness or injury for (i) 80% or more of the normal working days during six consecutive calendar months or (ii) 50% or more of the normal
working days during twelve consecutive calendar months. 
 “Existing Shareholders” means the shareholders of the Company
that are party to the Primary Shareholders Agreement. 
 “Fair Market Value” means the fair market value of the Common Stock
on any given date, as determined reasonably and in good faith by the Board, determined without regard to any discount for minority interest and transfer restrictions imposed on holders thereof; provided, however, that if the Common
Stock is traded on any national securities exchange, the Fair Market Value shall mean the closing trading price on any given date. 

“FINRA” means the United States Financial Industry Regulatory Authority. 

  
 3 

 “First Refusal Offer” has the meaning assigned to such term in
Section 2.2(a). 
 “GAAP” means generally accepted accounting principles in the United States, as in effect from
time to time, consistently applied. 
 “Good Reason” means any of the following actions if taken without the
Participant’s prior consent: (i) any material failure by the Company to pay the Participant his or her base salary; (ii) a substantial reduction or diminution in the Participant’s titles, responsibilities or duties except in
accordance with the terms of any employment agreement entered into with the Participant; or (iii) any relocation of the Company’s principal place of business of 30 miles or more; provided that, in each case, not more than 30 days
following the occurrence of such event the Participant provides written notice to the Company containing (x) such Participant’s belief that Good Reason exists, (y) a description of the circumstances believed to constitute Good Reason
and (z) a description of the actions of the Company that the Participant believes are necessary to remedy such circumstances; provided further that if the circumstances may reasonably be remedied, the Company shall have 30 days to
effect such remedy. If such circumstances are not remedied within that 30-day period, the Participant shall be permitted to terminate his or her service for Good Reason during the 30-day period that ends on the earlier of (x) the end of the
Company’s 30-day cure period and (y) the delivery of written notice from the Company that it does not intend to cure such circumstances. In the event that the Participant does not terminate his or her service during such period, the
Participant will be deemed to have accepted such circumstances and will no longer be permitted to resign for Good Reason. If the Company disputes the existence of Good Reason, the Participant shall have the burden of proof to establish that Good
Reason does exist or that the circumstances that gave rise to Good Reason have not been cured. 
 “Governmental Authority”
means any domestic or foreign government or political subdivision thereof, whether on a federal, state or local level and whether executive, legislative or judicial in nature, including any agency, authority, board, bureau, commission, court,
department or other instrumentality thereof. 
 “Incidental Registration Statement” has the meaning assigned to such term in
Section 3.1. 
 “Indemnified Party” has the meaning assigned to such term in Section 3.8(c). 

“Indemnifying Party” has the meaning assigned to such term in Section 3.8(c). 

“IPO” means the initial firm commitment underwritten offering of shares of Common Stock of the Company (or any successor to
the Company or any other Person substantially all of the assets of which directly or indirectly consist of equity Securities of the Company or any successor to the Company) in a public offering (whether primary or secondary) pursuant to an effective
registration statement under the Securities Act that results in (i) aggregate proceeds (without deducting underwriting discounts, expenses and 

  
 4 

 commissions) to the Company or any such successor to or holding company for the Company and the selling
shareholders of at least $250,000,000.00 and (ii) the shares of Common Stock of the Company (or any successor to or holding company for the Company or any other Person substantially all of the assets of which directly or indirectly consist of
equity Securities of the Company or any successor to the Company) being listed on a national securities exchange or (b) any offering of shares of Common Stock of the Company (or any successor to the Company or any other Person substantially all
of the assets of which, directly or indirectly, consist of equity securities of the Company or any successor to the Company) in connection with the exercise by Sponsor Auto Finance Holdings Series LP of its Demand Registration Rights (as defined in
the Primary Shareholders Agreement). 
 “Joinder Agreement” has the meaning assigned to such term in
Section 2.1(c). 
 “Lapse Date” has the meaning assigned to such term in Section 2.1(b). 

“Law” means any Federal, national, state, provincial, local or foreign statute, law (including common law), ordinance, rule or
regulation of any Governmental Authority. 
 “Lien” means any charge, mortgage, pledge, hypothecation, security interest,
restriction, claim, lien or encumbrance of any type whatsoever. 
 “Lock-Up Securities” has the meaning assigned to such
term in Section 3.5. 
 “Losses” has the meaning assigned to such term in Section 3.8(a). 

“Management Equity Plan” has the meaning assigned to such term in the Preamble. 

“Material Transaction” has the meaning assigned to such term in Section 3.3. 

“Note Documents” means the Promissory Note and any related certificates, instruments or other security documents. 

“Notice of Offer” has the meaning assigned to such term in Section 2.2(a). 

“Offer” has the meaning assigned to such term in Section 2.2(a). 

“Offered Share Price” has the meaning assigned to such term in Section 2.2(a). 

“Offered Shares” has the meaning assigned to such term in Section 2.2(a). 

“Participant” has the meaning assigned to such term in the Preamble. 

  
 5 

 “Participant Piggyback Rights” has the meaning assigned to such term in
Section 3.1. 
 “Participant Put/Call Option Price” has the meaning assigned to such term in
Section 4.2(a). 
 “Participant Trust” means a trust, private foundation or custodianship, the beneficiaries of
which may include only the Participant, his or her spouse (or ex-spouse) or his or her lineal descendants (including adopted children) or, if at any time after any such transfer there shall be no then living spouse or lineal descendants, then to the
ultimate beneficiaries of any such trust or to the estate of a deceased beneficiary. 
 “Permitted Liens” means Liens
created under the Note Documents. 
 “Person” means an individual or natural person, a partnership (including a limited
liability partnership), a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and a Governmental Authority. 

“Primary Shareholders Agreement” means the Shareholders Agreement, dated as of December 31, 2011, among the Company,
Santander Holdings USA, Inc., DDFS LLC, Thomas G. Dundon, Sponsor Auto Finance Holdings Series LP and Banco Santander, S.A. 

“Promissory Note” means the Promissory Note, dated as of December 31, 2011, between the Company and the Participant. 

“Proposed Transferee” has the meaning assigned to such term in Section 2.2(a). 

“Put Option” has the meaning assigned to such term in Section 4.1(a). 

“Put Option Closing Date” has the meaning assigned to such term in Section 4.2(b). 

“Put Option Notice” has the meaning assigned to such term in Section 4.2(b). 

“Registrable Securities” means (a) the Acquired Shares owned by the Participant and any other Shares or other Securities
that are directly or indirectly convertible into, or exercisable or exchangeable for, Shares hereinafter acquired by the Participant, (b) other equity Securities of the Company beneficially owned by the Participant into which the Acquired
Shares shall be reclassified or changed, including by reason of a merger, consolidation, reorganization, recapitalization or statutory conversion and (c) any other Securities of the Company issued or issuable as a distribution with respect to
or in exchange or replacement for or on exercise of any Shares or other Securities referred to in clause (a) or (b) of this definition. As to any particular Registrable Securities, once issued, such Securities shall cease to be Registrable
Securities if (i) such Securities have been registered under the Securities Act, the 

  
 6 

 Registration Statement with respect to the sale of such Securities has become effective under the Securities Act
and such Securities have been disposed of pursuant to such effective Registration Statement, (ii) such Securities have been distributed pursuant to Rule 144 (or any similar provision then in force) under the Securities Act, (iii) such
Securities have been otherwise transferred, if new certificates or other evidences of ownership for them not bearing a legend restricting further transfer and not subject to any stop-transfer order or other restrictions on transfer have been
delivered by the Company and subsequent disposition of such securities does not require registration or qualification of such securities under the Securities Act or any state securities laws then applicable, (iv) following an IPO, such
securities may be sold without restriction under Rule 144(k) (or any similar provision then in force) under the Securities Act, or (v) such securities shall cease to be outstanding. 

“Registration Expenses” shall mean all fees and expenses incident to the Company’s performance of or compliance with
Article III, including all registration and filing fees and expenses (including Commission, stock exchange and FINRA fees), fees and expenses of compliance with state securities or “blue sky” laws (including reasonable fees and
disbursements of counsel for the underwriters in connection with “blue sky” qualifications of the Registrable Securities), printing expenses, messenger and delivery expenses, the fees and expenses incurred in connection with the listing,
if any, of the securities to be registered on each securities exchange or national market system on which the Shares are then listed, fees and disbursements of counsel for the Company and the Participant and of the independent certified public
accountants of the Company (including the expenses of any annual audit, special audit and “cold comfort” letters required by or incident to such performance and compliance), the fees and disbursements of underwriters customarily paid by
issuers or sellers of securities (including, if applicable, the fees and expenses of any “qualified independent underwriter” (and its counsel) that is required to be retained in accordance with the rules and regulations of FINRA), the
reasonable fees and expenses of any special experts retained by the Company in connection with such registration, and fees and expenses of other Persons retained by the Company (but not including any underwriting discounts or commissions or transfer
taxes, if any, attributable to the sale of Registrable Securities by holders of such Registrable Securities). 
 “Repayment
Remedy” has the meaning assigned to such term in Section 5.3. 
 “Restricted Activities” has the
meaning assigned to such term in Section 5.2. 
 “Rule 144” means Rule 144 (including Rule 144(k) and all other
subdivisions thereof) promulgated by the Commission under the Securities Act, as such rule may be amended from time to time, or any similar or successor rule then in force. 

“Securities” means, with respect to any Person, such Person’s “securities” as defined in Section 2(a)(1)
of the Securities Act and includes such Person’s capital stock or other equity interests or any options, warrants or other securities that are directly 

  
 7 

 
or indirectly convertible into, or exercisable or exchangeable for, such Person’s capital stock or other equity or equity-linked interests, including phantom stock and stock appreciation
rights. 
 “Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules
and regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Selling Participants” has
the meaning assigned to such term in Section 3.2. 
 “Selling Shareholders” has the meaning assigned to such
term in Section 2.3(a). 
 “Shares” means the shares of Common Stock and any and all other capital stock or
other equity Securities issued by the Company. 
 “Sub-Prime Business/Below Prime Business” means the business of acquiring
from automobile dealers retail installment contracts originated in the United States whose obligors have on average, at origination, FICO scores of less than 660. 

“Subscription Agreement” has the meaning assigned to such term in the Preamble. 

“Suspension Period” has the meaning assigned to such term in Section 3.3. 

“Transfer” of Securities means any issuance, sale, assignment, transfer, participation, gift, bequest, distribution, or other
disposition thereof, in each case whether voluntary or involuntary or by operation of law or otherwise, other than an original issuance of Securities by the Company. 

“Underwritten Offering” has the meaning assigned to such term in Section 3.2. 

1.2. Rules of Construction.  

The use in this Agreement of the term “including” means “including, without limitation.” The words “herein,”
“hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole, as the same may from time to time amended, modified, supplemented or restated, and not to any particular section, subsection, paragraph,
subparagraph or clause contained in this Agreement. Any accounting term not otherwise defined in this Agreement has the meaning assigned to it in accordance with GAAP. Any reference to “$” or “dollars” or “United States
dollars” or “U.S. dollars” or “U.S.$” refers to the lawful currency of the United States of America. All references to articles and sections mean the articles and sections of this Agreement, except where otherwise stated.
The title of and the article and section headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions of this Agreement. The use herein of the masculine,
feminine or neuter forms shall also denote the other forms, as in each case as 

  
 8 

 
the context may require. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any
manner the construction of the general statement to which it relates. Each of the parties hereto participated in the preparation of this Agreement and consequently any rule of construction construing any provision against the drafter will not be
applicable. 
 ARTICLE II 

TRANSFERS OF SECURITIES 

2.1. General; Certain Transfers. 

(a) The provisions regarding Transfers of Shares contained in this Article II shall apply to all Shares now owned or hereafter acquired
by the Participant, including Shares acquired by reason of original issuance, dividend, distribution, exchange, conversion and acquisition of outstanding Shares from another Person and such provisions shall apply to any Shares obtained upon the
exercise, exchange or conversion of any option, warrant or other derivative Security. 
 (b) The Participant shall not Transfer (or agree or
contract to Transfer) all or any portion of the Shares held by the Participant to any Person prior to the later of (i) December 31, 2016 or (ii) the Company’s consummation of an IPO (the date which is the later of the dates
referred to in the foregoing clause (i) or (ii), the “Lapse Date”). On and after the Lapse Date, the Participant may sell or otherwise dispose of all or any portion of the Shares held by Participant to any Person, subject to
compliance with applicable laws and the terms of this Agreement. During the period commencing on December 31, 2016 through the consummation of an IPO, the Participant may only transfer Shares in compliance with Section 2.2. 

(c) Notwithstanding clause (b) above, the Participant may, in compliance with the federal securities laws, transfer Shares to a
Participant Trust, so long as such transfer is made expressly subject to this Agreement and that the trustee of such Participant Trust executes and delivers to the Company a joinder agreement in substantially the form attached hereto as Exhibit
A (a “Joinder Agreement”), pursuant to which such Participant Trust will thereupon become a party to, and be bound by and obligated to comply with the terms and provisions of, this Agreement, as a Participant hereunder;
provided that it is expressly understood that if such Participant Trust at any point includes any Person other than the Participant, his or her spouse (or ex-spouse) or his or her lineal descendants (including adopted children) such that it
fails to meet the definition thereof set forth in Section 1.1, such transfer shall no longer be deemed to be in compliance with this Agreement. Any Participant Trust that becomes a party to this Agreement pursuant to the foregoing shall
be deemed, solely for purposes of this Agreement, to be the Participant. 
 (d) Prior to the Lapse Date, the Participant shall not, directly
or indirectly, create, incur, issue, assume, suffer to exist or permit to become effective any 

  
 9 

 
Lien upon any of their Shares, now owned or hereafter acquired, other than Permitted Liens. 

2.2. Right of First Refusal on Transfers by the Participant. 

Except pursuant to, or following the consummation of, an IPO, and except as provided in Section 2.3 and Article IV, the
Participant shall not Transfer any Shares permitted to be transferred pursuant to Section 2.1(b) except in compliance with the following procedures set forth in this Section 2.2 (as well as the other applicable provisions of
this Agreement): 
 (a) If the Participant shall receive a bona fide written offer (an “Offer”) from a Person (a
“Proposed Transferee”) to purchase or otherwise Transfer all or a portion of the Shares then owned by it and it desires to accept the Offer, the Participant shall, before accepting the Offer, first deliver to the Company a written
notice (the “Notice of Offer”), which shall be irrevocable for a period of 30 days after delivery thereof, offering (the “First Refusal Offer”) to the Company all (but not less than all) of the Shares proposed to be
Transferred by the Participant (the “Offered Shares”) at the cash price (the “Offered Share Price”) and on the terms and conditions specified in the Offer (which Notice of Offer shall include all relevant terms and
conditions of the Offer). The Participant shall also furnish to the Company such additional information in the Participant’s possession relating to the Offer as the Company may reasonably request. The Company shall have the right and option, at
any time prior to the expiration of the 30 day period provided above, to elect to purchase all (but no fewer than all) of the Shares so offered at the price and on the terms stated in the Notice of Offer. 

(b) If the Company accepts, by notice in writing to the Participant during the 30 days following delivery of the Notice of Offer, the First
Refusal Offer, then (i) the Company shall be legally bound to purchase the Offered Shares and the Participant shall be legally bound to sell the Offered Shares to the Company and (ii) the Participant and the Company shall enter into
agreement(s) reflecting the terms set forth in the Notice of Offer as soon as practicable thereafter. During the 30 days following delivery of the Notice of Offer, if the Company refuses or does not elect to purchase the Offered Shares at the
Offered Share Price and on the terms and conditions specified in the Notice of Offer, the Participant shall have the right, for a period of 75 days thereafter, to Transfer all (but not less than all) the Offered Shares at a price per share not less
than the Offered Share Price and on other terms no less favorable in the aggregate to the Participant than those specified in the Notice of Offer; provided, however, that such 75 day period shall be extended until all necessary
consents from applicable Governmental Authorities to the proposed sale have been received (but in no event more than 90 days after the expiration of such 75 day period). In the event that the Offered Shares are not so Transferred by the Participant
on such terms during such 75 day period (as extended), the restrictions of this Section 2.2 shall again become applicable to any Transfer of Shares by the Participant. 

(c) Transfers of Shares under the terms of this Section 2.2 shall be made at the offices of the Company on a mutually
satisfactory Business Day within 15 days after the expiration of the time period provided for in Section 2.2(a); provided, 

  
 10 

 however, if the Participant and the Company cannot agree on a mutually acceptable date, the closing of
such Transfer shall occur on said 15th day; provided further, that the foregoing references to “15th day” shall mean such later day on which all necessary consents from applicable Governmental Authorities to such sale have
been received if any such required consents were not received prior to such 15th day (but in no event more than 90 days after the expiration of the time period provided for in Section 2.2(b), and if such consents from Governmental
Authorities have not been received by such 90th day then the Company’s rights under Section 2.2(a) shall terminate with respect to the Shares covered by such Notice of Offer). Delivery of certificates or other instruments evidencing
such Shares (if any), duly endorsed for Transfer and free and clear of all Liens, (other than those imposed by this Agreement), shall be made on such date against payment of the price therefor. 

(d) The Company may assign any of its rights or obligations under this Section 2.2 to Sponsor Auto Finance Holdings Series LP or
its designees. 
 2.3. Bring-Along Rights.  

(a) Except pursuant to, or following the consummation of, an IPO, if any shareholder or group of shareholders of the Company holding more than
the Designated Percentage of the issued and outstanding Shares of the Company (the “Selling Shareholders”) intend to effect a Transfer of all of such Selling Shareholders’ Shares to any Person (a “Bring-Along
Buyer”), the Selling Shareholders shall have the right (the “Bring-Along Right”) to require the Participant (in such capacity, the “Bring-Along Shareholder”) to Transfer all of the Shares owned by the
Participant to the Bring-Along Buyer (a “Bring-Along Disposition Transaction”). If the Selling Shareholders elect to exercise their Bring-Along Right, the Selling Shareholders shall deliver written notice (a “Bring-Along
Notice”) to the Participant, which notice shall state (i) that the Selling Shareholders wish to exercise their Bring-Along Right with respect to such Transfer, (ii) the name and address of the Bring-Along Buyer, (iii) the
amount and form of consideration the Selling Shareholders propose to receive for their Shares (and if such consideration consists in part or in whole of property other than cash, the Selling Shareholders will provide such information, to the extent
reasonably available to such Selling Shareholders, relating to such non-cash consideration as each Bring-Along Shareholder may reasonably request in order to evaluate such non-cash consideration), (iv) the terms and conditions of payment of
such consideration and all other material terms and conditions of such Transfer and (v) the anticipated time and place of the closing of such Transfer (a “Bring-Along Transaction Closing”). If such Bring-Along Transaction
Closing does not occur prior to the expiration of the later of (x) 75 days following the delivery of such Bring-Along Notice, which 75 day period shall be extended until all necessary consents from applicable Governmental Authorities to the
proposed sale have been received (but in no event more than 90 days after the expiration of such 75 day period) and (y) the date which is 15 days following the final determination of the Bring-Along Contingent Acquisition Price Adjustment
pursuant to Section 2.4(f) of the Primary Shareholders Agreement, the Participant shall be released from its obligations under this Section 2.3 with respect to such Bring-Along Notice. The Selling Shareholders shall also
furnish to the Participant copies of all transaction documents 

  
 11 

 
relating to the Bring-Along Disposition promptly as the same become available and such additional information in the Selling Shareholders’ possession relating to the Bring-Along Disposition
Transaction as the Participant may reasonably request. 
 (b) In connection with any Bring-Along Disposition Transaction, the Participant
shall be required to Transfer all of the Shares owned by the Participant to the Bring-Along Buyer. The Participant, unless the Participant agrees otherwise, shall receive as consideration upon such sale or disposition for its Shares the same type of
consideration and the same amount of consideration per share and on the same terms and conditions as are applicable to the Shares to be sold by the Selling Shareholders. The Participant shall agree to the same covenants, representations and
warranties as the Selling Shareholders agree to in connection with the proposed sale; provided, however, that the Participant shall not be required to (i) agree to non-compete and non-solicitation provisions or (ii) make
representations and warranties as to any other shareholder of the Company. In addition, to the extent requested by the Bring-Along Buyer, the Participant shall, on or prior to the Bring-Along Transaction Closing, deliver to the Bring-Along Buyer a
consent of the Participant’s spouse, if any, in form and substance reasonably satisfactory to the Bring-Along Buyer, to the Transfer of the Shares pursuant to the Bring-Along Disposition Transaction. The Participant shall bear its pro rata
share of the fees and expenses incurred by the Selling Shareholders in the Bring-Along Disposition Transaction based on the total number of Shares to be sold in the Bring-Along Disposition Transaction. To the extent the Participant is required to
provide indemnification in connection with the Bring-Along Disposition Transaction, the monetary indemnification obligations of the Participant shall be several and not joint and no less favorable to the Participant than that resulting from pro rata
indemnification among all shareholders of the Company which sell Shares in the Bring-Along Disposition Transaction based on the total number of Shares to be sold in the Bring-Along Disposition Transaction and in any event shall not exceed the
proceeds received by the Participant in such Bring-Along Disposition Transaction; provided, however, that the foregoing limitation shall not apply in respect of any representations, warranties or covenants that are personal in nature
to the Participant (e.g., title to shares being transferred). 
 (c) If any Bring-Along Disposition Transaction is structured as a merger,
share exchange, consolidation or other sale of the Company, then the Participant shall consent to, vote in favor of or consent to and waive any dissenter rights, appraisal rights or other similar rights in connection with such Bring-Along
Disposition Transaction. 
 (d) Each of the Selling Shareholders and the Bring-Along Buyer shall have the right, in their sole discretion, at
all times prior to consummation of the proposed Transfer giving rise to the Bring-Along Right, to abandon or otherwise terminate such Transfer, and neither the Selling Shareholders nor the Bring-Along Buyer shall have any liability or obligation to
the Participant with respect thereto by virtue of any such abandonment or termination. 

  
 12 

 ARTICLE III 

REGISTRATION RIGHTS 

3.1. Piggyback Registration. 

Subject to Article II, if at any time following the consummation of an IPO or in connection with an IPO that involves, in whole or in
part, a secondary offering of Shares, the Company intends to file a registration statement under the Securities Act covering a primary or secondary offering of any shares of Common Stock (other than any registration relating to any employee benefit
or similar plan, any dividend reinvestment plan or any acquisition by the Company or pursuant to a registration statement filed in connection with an exchange offer) and Sponsor Auto Finance Holdings Series LP is selling shares of Common Stock in
such offering, the Company shall give written notice to the Participant at least 15 days prior to the initial filing of a registration statement with the Commission pertaining thereto (an “Incidental Registration Statement”)
informing the Participant of its intent to file such Incidental Registration Statement and of such Participant’s rights under this Section 3.1 to request the registration of the Registrable Securities held by the Participant (the
“Participant Piggyback Rights”). Upon the written request of the Participant, made within 10 days after any such notice is given (which request shall specify the Registrable Securities intended to be disposed of by the Participant
and the intended method of distribution thereof), the Company shall use reasonable efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by the Participant, to
the extent required to permit the disposition of the Registrable Securities so requested to be registered, including, if necessary, by filing with the Commission a post-effective amendment or a supplement to the Incidental Registration Statement or
the related prospectus or any document incorporated therein by reference or by filing any other required document, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Incidental
Registration Statement or by the Securities Act or by any other rules and regulations thereunder. The Company may postpone or withdraw the filing or effectiveness of an Incidental Registration Statement at any time in its sole discretion. 

3.2. Underwritten Offering; Priority. 

If a registration pursuant to Section 3.1 involves an underwritten offering of the securities being registered (an
“Underwritten Offering”), which securities are to be distributed on a firm commitment basis by or through one or more underwriters of recognized standing under underwriting terms appropriate for such transaction, and the underwriter
or the managing underwriter, as the case may be, of such Underwritten Offering shall inform the Company and the Participant, as applicable, that, in its opinion, the amount of securities requested to be included in such registration exceeds the
amount which can be sold in (or during the time of) such offering within a proposed price range without adversely affecting the distribution of the securities being offered, then the Company will include in such registration only the amount of
Registrable Securities and other Securities that the Company is so advised can be sold in (or during the time of) 

  
 13 

 
such offering within such price range; provided, however, that, the Company shall be required to include in such registration: first, all the Securities proposed to be sold
pursuant to such Incidental Registration Statement by the Company; second, all the Securities proposed to be sold pursuant to such Incidental Registration Statement by the Existing Shareholders; and third, the amount of Registrable
Securities requested to be included in such registration that the Company is so advised can be sold in (or during the time of) such offering, allocated pro rata among the Participant and any other participants in the Management Equity Plan
(together, the “Selling Participants”) requesting registration, on the basis of the number of Registrable Securities requested to be included by all such Selling Participants. 

3.3. Suspension of Resales. 

The Company shall be entitled to (a) cause any Incidental Registration Statement to be withdrawn and its effectiveness terminated,
(b) postpone amending or supplementing such Incidental Registration Statement or (c) suspend the use of the prospectus forming the part of any Incidental Registration Statement which has theretofore become effective, for up to 60 days (a
“Suspension Period”), if, (A) there is any pending or contemplated material acquisition, corporate reorganization or other material matter involving the Company or there is any pending or contemplated financing by the Company
(each, a “Material Transaction”) and (B) the CEO or CFO of the Company notifies in writing the holders of the Registrable Securities included in such registration statement and not previously sold thereunder that such officer
has reasonably concluded that under such circumstances it would be in the Company’s best interest to suspend the use of such prospectus; provided, however, that the Company may not exercise its rights under this
Section 3.3 more than once in any 12-month period and the duration of such suspension shall not exceed 60 days (unless the holders of a majority of the unsold Registrable Securities included in such Registration Statement and not
previously sold thereunder consent in writing to a longer suspension). Upon notice by the Company to each holder of Registrable Securities included in any such Registration Statement and not previously sold thereunder of any such determination, such
holder of Registrable Securities covenants that it shall keep the fact of any such notice strictly confidential, and, in the case of a Suspension Period pursuant to clause (ii) above, promptly halt any offer, sale, trading or other Transfer by
it or any of its Affiliates of any Registrable Securities for the duration of the Suspension Period set forth in such notice (or until such Suspension Period shall be earlier terminated in writing by the Company) and promptly halt any use,
publication, dissemination or distribution of such Registration Statement, each prospectus included therein, and any amendment or supplement thereto by it and any of its Affiliates for the duration of the Suspension Period set forth in such notice
(or until such Suspension Period shall be earlier terminated in writing by the Company) and, if so directed by the Company, will deliver to the Company any copies then in such holder’s possession of the prospectus covering such Registrable
Securities that was in effect at the time of receipt of such notice. 

  
 14 

 3.4. Registration Expenses. 

The Company shall pay all Registration Expenses in connection with each registration pursuant to Section 3.1. The Participant shall
pay all discounts and commissions payable to underwriters, selling brokers, managers or other similar Persons related to the sale or disposition of the Participant’s Registrable Securities pursuant to any Incidental Registration Statement in
proportion to the respective value of the Participant’s Registrable Securities included in the Incidental Registration Statement. 

3.5. Restrictions on Public Sale. 

If requested by the Company, underwriter or managing underwriter in any Underwritten Offering of the Company’s securities, including an
IPO, the Participant shall (i) agree not to, directly or indirectly, (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the
sale of, or lend or otherwise dispose of or Transfer any Shares or any securities convertible into or exchangeable or exercisable for Shares, whether then owned or thereafter acquired by such holder or with respect to which the holder has or
hereafter acquires the power of disposition (collectively, the “Lock-Up Securities”), or exercise any right with respect to the registration of any of the Lock-Up Securities, or file or cause to be filed any registration statement
in connection therewith, under the Securities Act, or (B) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up
Securities, whether any such swap or transaction described in clause (A) or (B) above is to be settled by delivery of Shares or other securities, in cash or otherwise (other than those securities included by such holder in the offering in
question, if any), without the prior written consent of the Company or such underwriters, as the case may be, during customary periods before and after the date of sale of securities in connection with such Underwritten Offering and (ii) enter
into and be bound by the same form of agreement for all such holders with respect to the foregoing as the Company or such underwriter or managing underwriter may reasonably request; provided, that any release of the holders of Registrable
Securities from a “lock-up” agreement shall be made pro rata among all holders of Registrable Securities on the basis of the number of Registrable Securities owned by each such holder. 

3.6. Obligations of the Participant. 

(a) The Participant shall furnish to the Company such information regarding the Participant, the ownership of Registrable Securities by the
Participant and the proposed distribution by the Participant of such Registrable Securities as the Company may from time to time reasonably request. 

(b) Upon receipt of any notice of the Company of the happening of any event of the kind described in Section 3.3, the Participant
shall forthwith discontinue disposition of Registrable Securities pursuant to the affected Registration Statement until the Participant’s receipt of the copies of the supplemented or amended prospectus. 

  
 15 

 3.7. Free Writing Prospectuses. 

The Participant shall not use any “free writing prospectus” (as defined in Rule 405 under the Securities Act) in connection with the
sale of Registrable Securities without the prior written consent of the Company. Notwithstanding the foregoing, the Participant may use any free writing prospectus prepared and distributed by the Company. 

3.8. Indemnification and Contribution. 

(a) Indemnification by the Company. The Company agrees to indemnify, to the extent permitted by law, the Participant and, as applicable,
each of its trustees, stockholders, members, directors, managers, partners, officers and employees, and each Person who controls such holder, against all losses, claims, damages, liabilities and expenses (including, but not limited to, reasonable
attorneys’ fees and expenses) (collectively, “Losses”) caused by any untrue or alleged untrue statement of material fact contained in any Incidental Registration Statement, prospectus or preliminary prospectus, or any amendment
thereof or supplement thereto (including, in each case, all documents incorporated therein by reference), or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by the Participant expressly for use therein or by the Participant’s failure to deliver a copy of the prospectus or
preliminary prospectus, or any amendments or supplements thereto after the Company has furnished the Participant with a sufficient number of copies of the same. In connection with an Underwritten Offering, the Company will indemnify such
underwriters, their officers and directors and each Person who controls such underwriters to the same extent as provided above with respect to the indemnification of the Participant. The payments required by this Section 3.8 will be made
periodically during the course of the investigation or defense, as and when bills are received or expenses incurred; provided, however, that if a final and non-appealable judicial determination shall be made that such Indemnified Party
(as defined below) is not entitled to indemnification for any such Losses, such Indemnified Party shall repay to the Company the amount of such Losses for which the Company shall have paid or reimbursed such Indemnified Party. 

(b) Indemnification by the Participant. In connection with any Incidental Registration Statement in which the Participant is
participating, the Participant will furnish to the Company in writing such information relating to the Participant as is reasonably necessary for use in connection with any such registration statement or prospectus and, to the extent permitted by
law, will indemnify the Company and, as applicable, each of its directors, employees and officers and each Person who controls the Company against any Losses resulting from any untrue or alleged untrue statement of material fact contained in the
registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto (including, in each case, all documents incorporated therein by reference), or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in 

  
 16 

 
or omitted from any information furnished in writing by such holder for the acknowledged purpose of inclusion in such registration statement, prospectus or preliminary prospectus. In connection
with any Underwritten Offering in which the Participant is participating, the Participant will indemnify such underwriters, their officers and directors and each Person who controls such underwriters to the same extent as provided above with respect
to the indemnification of the Company. 
 (c) Procedure. Each party entitled to indemnification under this Section 3.8
(the “Indemnified Party”) shall give written notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has received written notice of any claim as to
which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, so long as the counsel for the Indemnifying Party who is to conduct the defense of such claim or
litigation is reasonably satisfactory to the Indemnified Party (whose approval shall not be unreasonably withheld or delayed). The Indemnified Party may participate in such defense at such Indemnified Party’s expense; provided,
however, that the Indemnifying Party shall bear the expense of such participation if (i) the Indemnifying Party has agreed in writing to pay such expenses, (ii) the Indemnifying Party shall have failed to assume the defense of such
claim or to employ counsel reasonably satisfactory to the Indemnified Party or (iii) in the reasonable judgment of the Indemnified Party, based upon the written advice of such Indemnified Party’s counsel, representation of both parties by
the same counsel would be inappropriate due to actual or potential conflicts of interest; provided, further, that in no event shall the Indemnifying Party be liable for the fees and expenses of more than one counsel (excluding one
local counsel per jurisdiction as necessary) for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same event, allegations or circumstances. The
Indemnified Party shall not enter into any settlement without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The failure of any Indemnified Party to give notice as provided herein
shall relieve the Indemnifying Party of its obligations under this Section 3.8 only to the extent that such failure to give notice shall materially prejudice the Indemnifying Party in the defense of any such claim or any such litigation.
No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement (a) that does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation in form and substance reasonably satisfactory to such Indemnified Party or
(b) that includes an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Party. 
 (d)
Contribution. If the indemnification provided for in this Section 3.8 from the Indemnifying Party is unavailable to or unenforceable by the Indemnified Party in respect of any Losses, then the Indemnifying Party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Parties in connection with the actions 

  
 17 

 
which resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Parties shall be determined by reference to,
among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such
Indemnifying Party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of any Losses shall be deemed to
include, subject to the limitations set forth in this Section 3.8, any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. The Company and the Participant agree that it
would not be just and equitable if contribution pursuant to this Section 3.8 were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in this
Section 3.8. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 (e) Survival. The indemnification and contribution provisions in this Section 3.8 will remain in full force and effect
regardless of any investigation made by or on behalf of the Indemnified Party or any officer, director or controlling Person of such Indemnified Party and will survive the transfer of securities. 

3.9. Termination of Registration Rights. 

This Article III (other than Sections 3.4, 3.5 and 3.8) will terminate on the date on which all Securities subject
to this Agreement cease to be Registrable Securities. 
 ARTICLE IV 

PUT/CALL OPTIONS 

4.1. Put and Call Rights. 

(a) Subject to and in accordance with the procedures and provisions set forth in this Article IV, in the event Participant’s
employment with the Company is terminated (i) by reason of the Participant’s death or (ii) by reason of the Participant’s Disability, the Participant shall have the right to require that the Company purchase from the Participant,
for a period of 90 days following the date of such termination, its Shares in whole, but not in part, at the Participant Put/Call Option Price (the “Put Option”). 

(b) Subject to and in accordance with the procedures and provisions set forth in this Article IV, (i) following the expiration of
Participant’s employment with the Company or in the event the Participant’s employment with the Company is terminated for any reason or (ii) in the event the Participant breaches any provision of Article II or materially
breaches any provision of Article V, the Company shall have the 

  
 18 

 right to require that the Participant sell to the Company, at any time following such expiration or termination
of employment or breach of this Agreement, its Shares in whole, but not in part, at the Participant Put/Call Option Price (the “Call Option”); provided, however, that solely in the case of Participant’s first
material breach of any of the covenants set forth in Article V, in order for the Company to exercise its Call Option, the Company must first provide the Participant with written notice of the breach and a period of 10 days in order to cure
such breach (to the extent that such violation may be cured). 
 4.2. Participant Put/Call Option Price, Put/Call Option Notice and
Closing. 
 (a) The aggregate price to be paid for Shares being purchased pursuant to Sections 4.1(a) or 4.1(b) shall
be equal to (x) the Fair Market Value multiplied by (y) (A) the number of Shares being purchased, divided by (B) the outstanding number of shares of Common Stock on the day immediately preceding the date of the Put Option Notice
or Call Option Notice, as applicable (the “Participant Put/Call Option Price”), provided, however, that in the event that (i) the Participant’s employment with the Company was terminated by the Company for
Cause or by the Participant without Good Reason or the Participant breached Articles II or V, and (ii) the Participant purchased any of its Shares at a price per Share less than the Participant Put/Call Option Price, the purchase
price of such Shares shall be the price the Participant originally paid for such Shares. 
 (b) If the Participant desires to exercise its
Put Option, it shall deliver written notice thereof to the Company during the applicable period specified in Section 4.1(a). Such notice (a “Put Option Notice”) shall set forth the number of Shares subject to the Put
Option and a description of any consents, approvals or other conditions precedent to such closing known to the Participant. The closing of the purchase by the Company of Shares under this
Article IV shall occur at 10:00 a.m. New York City time on the 15th Business Day from the date of the Put Option Notice or on a date prior to such date that is mutually agreeable to the
Company and the Participant (the “Put Option Closing Date”); provided, however, that the foregoing references to
“15th Business Day” shall mean such later day on which all necessary consents from applicable Governmental Authorities to such sale have been received if any such required consents were
not received prior to such 15th Business Day. The sale rights in Section 4.1(a) may only be exercised for 100% of the Shares then
beneficially owned by the Participant. 
 (c) If the Company desires to exercise its Call Option, it shall deliver written notice thereof to
the Participant. Such notice (an “Call Option Notice”) shall set forth the number of Shares subject to the call, the proposed date for closing such sale and a description of any consents, approvals or other conditions precedent to
such closing known to the Company. The closing of the purchase by the Company of Shares under this Article IV shall occur at 10:00 a.m. New York City time on the 15th Business Day from the date of the Put Option Notice or on a date prior to such date that is mutually agreeable to the Company and the Participant (the
“Call Option Closing Date”); provided, however, that the foregoing references to “15th Business Day” shall mean such later day on which

  
 19 

 
all necessary consents from applicable Governmental Authorities to such sale have been received if any such required consents were not
received prior to such 15th Business Day. The purchase rights in Section 4.1(b) may only be exercised for 100% of the Shares then beneficially owned by the Participant. 

(d) Transfers of Shares under the terms of this Article IV shall be made at the offices of the Company on the Put Option Closing Date or
Call Option Closing Date, as applicable. In connection with any purchase and sale of Shares pursuant to this Article IV, the Participant shall deliver to the Company on or before the Put Option Closing Date or Call Option Closing Date, as
applicable, (i) certificates representing the number of Shares to be purchased and sold on such date, duly endorsed for transfer or accompanied by duly executed stock powers, free and clear of all Liens and (ii) a consent of the
Participant’s spouse, if any, in form and substance reasonably satisfactory to the Company, to the Transfer of the Shares subject to the Put Option or the Call Option, as applicable. The Participant shall also deliver a certificate which shall
contain customary representations and warranties to the effect of the following: (i) the Participant has full power, right and authority to transfer the Shares to be transferred by it, (ii) such transfer will not conflict with, or result
in a violation or breach of, any Law or judgment applicable to the Participant, (iii) no notice to, registration, declaration or filing with, review by, or authorization, consent, order, waiver, authorization or approval of any Governmental
Authority is necessary on the part of the Participant for the consummation of such purchase and sale, (iv) upon delivery of the Shares, the Company will acquire all of the rights of the Participant in such Shares and will acquire its interest
in such Shares free of any “adverse claim” (as defined in Section 8-102 of the Uniform Commercial Code) and (v) delivery of such Shares to the Company will pass title to such Shares free and clear of any Liens. 

(e) The Company may revoke its election to exercise the Call Option by providing written notice thereof to the Participant if the closing of
the purchase by the Company of the Participant’s Shares does not occur within 15 days after the date of the Call Option Notice, which 15 day period shall be extended until all necessary consents from applicable Governmental Authorities to the
proposed purchase have been received (but in no event more than 90 days after the expiration of such 15 day period). The Participant may revoke its election to exercise the Put Option by providing written notice thereof to the Company if the closing
of the purchase by the Company of the Participant’s Shares does not occur within 15 days after the date of the Put Option Notice, which 15 day period shall be extended until all necessary consents from applicable Governmental Authorities to the
proposed purchase have been received (but in no event more than 90 days after the expiration of such 15 day period). 
 (f) Each of the
parties to this Agreement shall use commercially reasonable efforts to secure any necessary consent from applicable Governmental Authorities and to comply with any applicable Law necessary in connection with the exercise of a Put Option or Call
Option. 

  
 20 

 4.3. Termination of Put and Call Rights 

This Article IV shall terminate and be of no further force and effect from and after the Lapse Date. 

ARTICLE V 

RESTRICTIVE COVENANTS 

5.1. Confidentiality. 

The Participant acknowledges and agrees that during his or her employment with the Company and upon execution and delivery of this Agreement
the Participant has received, will receive, and will continue to receive, Confidential Information that is unique, proprietary, and valuable to the Company. Accordingly, the Participant acknowledges and agrees that at all times during his employment
by the Company and thereafter: 
 (a) all Confidential Information shall remain and be the sole and exclusive property of the Company;

 (b) the Participant will protect and safeguard all Confidential Information; 

(c) the Participant will hold all Confidential Information in strictest confidence and not, directly or indirectly, disclose or divulge
any Confidential Information to any person other than an officer, director, or employee of, or legal counsel for, the Company, to the extent necessary for the proper performance of his or her responsibilities unless authorized to do so by the
Company or compelled to do so by law or valid legal process; 
 (d) if the Participant believes he or she is compelled by law or valid
legal process to disclose or divulge any Confidential Information, he or she will notify the Company in writing within 24 hours after receipt of legal process or other writing that causes him or her to form such a belief, or as soon as practicable
if he or she receives less than 24 hours’ notice, so that the Company may defend, limit, or otherwise protect its interests against such disclosure; and 

(e) at the end of his or her employment with the Company for any reason or at the request of the Company at any time, the Participant will
return to the Company all Confidential Information and all copies thereof, in whatever tangible form or medium, including electronic. 

5.2. Non-Compete.  

While performing services for the Company and for 12 months thereafter, the Participant agrees that he or she shall not engage in any of the
following activities (the “Restricted Activities”): 

  
 21 

 (a) whether on his or her own behalf or on behalf of any other Person, either directly or
indirectly, solicit, induce, persuade, or entice, or endeavor to solicit, induce, persuade, or entice, any Person who is then employed by the Company or its Affiliates (or has been employed by the Company or its Affiliates in the 12 months preceding
the Participant’s separation from service with the Company) to leave that employment or cease performing those services or offer employment to or hire any such Person; 

(b) whether on his or her own behalf or on behalf of any other Person, either directly or indirectly solicit, induce, persuade, or entice,
or endeavor to solicit, induce, persuade, or entice, any person who is then a consultant, independent contractor, customer, supplier, or vendor of the Company or any of its Affiliates to cease being a consultant, independent contractor, customer,
supplier, or vendor of the Company or any of its Affiliates or to encourage to cease work or divert all or any part of such person’s or entity’s business from the Company or any of its Affiliates; and 

(c) associate directly or indirectly, as an employee, officer, director, agent, partner, stockholder, owner, member, representative, or
consultant, with any Competitor of the Company or any of its Affiliates in any region of the United States in which the Company, as of the date of the Participant’s separation from service with the Company, engaged in the Sub-Prime/Below Prime
Business. This restriction extends to the performance by the Participant, directly or indirectly, of the same or similar activities the Participant has performed for the Company or any of its Affiliates or such other activities that by their nature
are likely to lead to the disclosure of Confidential Information. 
 5.3. Remedies. 

In the event that the Participant materially breaches any of the covenants set forth in this Article V, in addition to all other
remedies that may be available to the Company, the Participant will be required to pay to the Company any amounts actually paid by the Company to the Participant in respect of any repurchase by the Company of any Shares of the Participant, minus the
amount otherwise payable if the Company had called the Shares as a result of such violation (such payment obligation, the “Repayment Remedy”); provided, however, that solely in the case of Participant’s first
material breach of any of the covenants set forth in this Article V, in order for the Company to exercise the Repayment Remedy, the Company must first provide the Participant with written notice of the breach and a period of 10 days in order
to cure such breach (to the extent that such violation may be cured). 

  
 22 

 ARTICLE VI 

SECURITIES LAW COMPLIANCE; LEGENDS 

6.1. Restrictive Legends. 

Each certificate representing the Shares subject to this Agreement shall be stamped or otherwise imprinted with a legend in substantially the
following terms: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933 OR ANY STATE SECURITIES OR BLUE SKY LAWS. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT OR LAWS.” 

6.2. Removal of Legends. 

Notwithstanding the foregoing provisions of this Article VI, the restrictions imposed by Section 6.1 upon the
transferability of the Shares shall cease and terminate when (i) such Shares are sold or otherwise disposed of in accordance with the intended method of disposition by the seller or sellers thereof set forth in a registration statement under
the Securities Act or (ii) the holder of such Shares has met the requirement of Transfer of such Shares pursuant to subparagraph (b)(1) of Rule 144. Whenever the restrictions imposed by the legend set forth in Section 6.1 shall
terminate as to any Shares, as herein provided, the holder of such Shares shall, upon furnishing the Company with an opinion of counsel, which opinion and counsel shall be reasonably satisfactory to the Company, to the effect that the restrictions
imposed by the legend set forth in Section 6.1 have terminated as to such Shares, be entitled to receive from the Company, without expense, a new certificate not bearing the restrictive legend set forth in Section 6.1 and not
containing any other reference to the restrictions imposed by the legend set forth in Section 6.1.  
 6.3. Additional
Legend. 
 (a) Each certificate evidencing Shares and each certificate issued in exchange for or upon the Transfer of any Shares (if
such shares remain Shares as defined herein after such Transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A SHAREHOLDERS AGREEMENT. THE TERMS OF SUCH SHAREHOLDERS AGREEMENT
INCLUDES, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFERS.” 

  
 23 

 (b) The Company shall imprint such legends on certificates evidencing shares outstanding prior to
the date hereof. The legend set forth above shall be removed from the certificates evidencing any Shares of any shareholder when Transfers of Shares by such shareholder are no longer subject to any restrictions under this Agreement. 

ARTICLE VII 

AMENDMENT; WAIVERS; TERMINATION 

7.1. Amendment. 

Except as expressly set forth herein, the provisions of this Agreement may only be amended or waived with the prior written consent of the
Company and the Participant. 
 7.2. Waivers; Extensions. 

No course of dealing between the Company and the Participant or any delay in exercising any rights hereunder will operate as a waiver of any
rights of any party to this Agreement. The failure of any party to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such party thereafter to enforce each and
every provision of this Agreement in accordance with its terms. 
 7.3. Termination.  

The provisions of this Agreement, except as otherwise expressly provided herein, shall terminate upon the first to occur of (a) the
dissolution, liquidation or winding-up of the Company, (b) the written approval of such termination by the Company and the Participant and (c) the date on which the Participant is no longer a shareholder in the Company or a holder of
options to purchase Common Stock. 
 ARTICLE VIII 

MISCELLANEOUS 

8.1. Severability. 

It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the
laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for
any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of this Agreement or affecting the validity or enforceability of
such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so

  
 24 

 
narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

8.2. Entire Agreement. 

This Agreement and the other agreements referred to herein and to be executed and delivered in connection herewith embody the entire agreement
and understanding among the parties hereto with respect to the subject matter hereof and thereof and supersede and preempt any and all prior and contemporaneous understandings, agreements, arrangements or representations by or among the parties,
whether written or oral, which may relate to the subject matter hereof or thereof in any way. Other than this Agreement, and the other agreements referred to herein and to be executed and delivered in connection herewith, there are no other
agreements continuing in effect relating to the subject matter hereof. 
 8.3. Successors and Assigns. 

Except as expressly permitted herein, no party to this Agreement may assign any of its rights or obligations under this Agreement without the
prior written consent of the other parties. Except as otherwise provided herein, this Agreement will bind and inure to the benefit of and be enforceable by the Company and its successors and assigns and the Participant. 

8.4. Counterparts; Facsimile Signatures. 

This Agreement may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original instrument,
but all such counterparts together shall constitute but one agreement. Facsimile or other electronic counterpart signatures to this Agreement shall be acceptable and binding. 

8.5. Remedies. 

(a) Each party hereto shall have all rights and remedies reserved for such party pursuant to this Agreement and all rights and remedies which
such party has been granted at any time under any other agreement or contract and all of the rights which such holder has under any law or equity. Any Person having any rights under any provision of this Agreement will be entitled to enforce such
rights specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law or equity. 

(b) The parties hereto agree that if any parties seek to resolve any dispute arising under this Agreement pursuant to a legal proceeding, the
prevailing parties to such proceeding shall be entitled to receive reasonable fees and expenses (including reasonable attorneys’ fees and expenses) incurred in connection with such proceedings. 

(c) Each party hereto acknowledges that the other parties would be irreparably damaged in the event of a breach or a threatened breach by such
party of any 

  
 25 

 
of its obligations under this Agreement. As a consequence, each party hereto agrees that, in the event of a breach or a threatened breach by any party of any obligation hereunder, any other party
shall, in addition to any other rights and remedies available to it in respect of such breach, be entitled to an injunction from a court of competent jurisdiction (without any requirement to post bond) granting it specific performance by such
shareholder of its obligations under this Agreement. 
 8.6. Notices. 

(a) All notices or other communications which are required or otherwise delivered hereunder shall be deemed to be sufficient and duly given if
contained in a written instrument (a) personally delivered or sent by telecopier or other electronic delivery, (b) sent by nationally-recognized overnight courier guaranteeing next Business Day delivery or (c) sent by first class
registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
  

	 	(i)	if to the Company, to: 

 Santander Consumer USA Inc. 

8585 N. Stemmons Frwy. 
 Suite
1100-North 
 Dallas, TX 75247 

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

Cravath, Swaine & Moore LLP 

Worldwide Plaza 

825 Eighth Avenue 

New York, NY 10019 

Attention: Joel F. Herold, Esq. 

Facsimile: (212) 474-3700 
  

	 	(ii)	if to the Participant, to: 

 Santander Consumer USA Inc. 

8585 N. Stemmons Frwy. 
 Suite
1100-North 
 Dallas, TX 75247 

Attention: Eldridge Burns 
 (b)
Any such notice or communication shall be deemed to have been received (i) when delivered, if personally delivered or sent by telecopier or other electronic delivery, (ii) on the first Business Day after dispatch, if sent by nationally
recognized, overnight courier guaranteeing next Business Day delivery and (iii) on the 

  
 26 

 
fifth Business Day following the date on which the piece of mail containing such communication is posted, if sent by mail. 

8.7. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.  

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE. 
 (b) EACH PARTY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF (A) THE SUPREME COURT OF THE STATE OF NEW YORK, NEW YORK COUNTY, AND (B) THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER
PROCEEDING ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. EACH PARTY FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE SHALL
BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING IN NEW YORK WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS SECTION 8.7. EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE
LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN (I) THE SUPREME COURT OF THE STATE OF NEW YORK, NEW YORK COUNTY, OR (II) THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. 
 (c) EACH PARTY HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE ANCILLARY AGREEMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.7. 

  
 27 

 8.8. Further Assurances. 

Each party hereto shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all
such other agreements, certificates, instruments, and documents, not inconsistent herewith, as any other party hereto reasonably may request in order to carry out the provisions of this Agreement and the consummation of the transactions contemplated
hereby. 
 8.9. Representations and Warranties of the Participant. 

The Participant represents and warrants to the Company that, as of the time the Participant becomes a party to this Agreement: 

(a) this Agreement (or the separate Joinder Agreement executed by the Participant) has been duly and validly executed and delivered by the
Participant and this Agreement constitutes a legal and binding obligation of the Participant, enforceable against the Participant in accordance with its terms; and 

(b) the execution, delivery and performance by the Participant of this Agreement and the consummation by the Participant of the
transactions contemplated hereby will not, with or without the giving of notice or lapse of time, or both (i) violate any Law applicable to it, or (ii) conflict with, or result in a breach or default under, any term or condition of any
agreement or other instrument to which the Participant is a party or by which the Participant is bound, except for such violations, conflicts, breaches or defaults that would not, in the aggregate, materially affect the Participant’s ability to
perform its obligations hereunder. 
 8.10. Brokers. 

The Participant represents and warrants to the Company that, as of the time the Participant becomes a party to this Agreement, there is no
investment banker, broker, finder or other intermediary that has been retained by or is authorized to act on behalf of the Participant or its Affiliates that is entitled to any fee or commission from the Company or any Affiliate of the Company. 

8.11. No Third Party Reliance. 

Anything contained herein to the contrary notwithstanding, the covenants of the Company contained in this Agreement (a) are being given by
the Company as an inducement to the Participant to enter into this Agreement (and the Company acknowledges that the Participant has expressly relied thereon) and (b) are solely for the benefit of the Participant. This Agreement is for the sole
benefit of the parties hereto and their permitted assigns and nothing herein expressed or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder, except that
the provisions of Section 2.2(d) shall inure to the benefit of the persons referred to in such section. 

  
 28 

 (a) Upon the receipt of any cash dividend, distribution or other release of any cash proceeds or
other amounts from the Company to the Participant, the Participant shall make all payments required to be made to the Company under the Promissory Note. The Company may remit dividends, distributions and other amounts payable in respect of shares of
Common Stock held by the Participant so that such funds can be applied on behalf of the Participant to any amounts then payable by the Participant to the Company or any of its Affiliates pursuant to the Promissory Note. 

(b) The Company may set-off, deduct and withhold from any amounts due to the Participant upon a purchase of Shares pursuant to Article
IV any amounts then payable by the Participant to the Company or any of its Affiliates pursuant to the Promissory Note. The Company may apply such funds on behalf of the Participant to any amounts then payable by the Participant to the Company
or any of its Affiliates pursuant to the Promissory Note. 
 8.12. Certain Waivers. 

The Participant agrees that it shall not, and shall cause each of its Affiliates not to, and hereby waives any right to, bring or participate
in (either as claimant or counterclaimant) any claim, suit, action, arbitration, complaint, charge, investigation or proceeding (each an “Action”) either on its own behalf or by or in the right of the Company, against any person who
is or was serving as a director of the Company or an Affiliate of the Company, for actions taken or omitted to be taken by such director in connection with any Board Reserved Matters or Shareholder Reserved Matters (each as defined in the Primary
Shareholders Agreement) and (b) any Outside Activities (as defined in the Primary Shareholders Agreement) (including the income or profits derived from any Outside Activities), including without limitation in each clause (a) and
(b) any claims based upon breaches or alleged breaches of fiduciary duties under applicable state law. The foregoing shall not limit the ability of the Participant to bring an Action to enforce its express rights under this Agreement. 

[Signature Page Follows] 

  
 29 

 IT WITNESS WHEREOF, the parties hereto have caused this Shareholders Agreement to be executed in
counterparts as of the day and year first above written. 
  

			
	SANTANDER CONSUMER USA INC.
		
	By:	 	 /s/ Jason Kulas

		 	Name: Jason Kulas
		 	Title:   Chief Financial Officer
	
	PARTICIPANT
		
	By:	 	 /s/ Eldridge Burns

		 	Name: Eldridge Burns

  
 30 

 EXHIBIT A  

Form of Joinder Agreement 

The undersigned is executing and delivering this Joinder Agreement dated as of [Ÿ] (this “Agreement”), pursuant to the Shareholders Agreement dated as of December 31, 2011 (as amended or
otherwise modified from time to time, the “Shareholders Agreement”), among Santander Consumer USA Inc., an Illinois corporation (the “Company”) and Eldridge Burns, an individual (the “Participant”).
Capitalized terms used but not defined in this Agreement have the meanings assigned to such terms in the Shareholders Agreement. 
 By
executing and delivering this Agreement to the Company, the undersigned hereby agrees as follows: 
 1. The undersigned (the “New
Shareholder”), is hereby made a party to the Shareholders Agreement, and the New Shareholder hereby agrees to be bound by and obligated to comply with all the terms and provisions of the Shareholders Agreement, as a Shareholder thereunder.

 2. The New Shareholder represents and warrants to the Company and the other Shareholders that: 

 

	 	a.	this Agreement has been duly and validly executed and delivered by such New Shareholder and this Agreement and the Shareholders Agreement constitute legal and binding obligations of such New Shareholder, enforceable
against such New Shareholder in accordance with its terms; 

  

	 	b.	the execution and delivery by such New Shareholder of this Agreement and performance by such New Shareholder of this Agreement and the Shareholders Agreement and the consummation by such New Shareholder of the
transactions contemplated hereby and thereby will not, with or without the giving of notice or lapse of time, or both (A) violate any Law applicable to it, or (B) conflict with, or result in a breach or default under, any term or condition
of any agreement or other instrument to which the New Shareholder is a party or by which the New Shareholder is bound, except for such violations, conflicts, breaches or defaults that would not, in the aggregate, materially affect the New
Shareholder’s ability to perform its obligations hereunder and thereunder; and 

  

	 	c.	there is no investment banker, broker, finder or other intermediary that has been retained by or is authorized to act on behalf of such New Shareholder or its Affiliates that is entitled to any fee or commission from
the Company or any Subsidiary of the Company 

 3. All references in the Shareholders Agreement to “Participant”
shall be deemed to include the New Shareholder. 

  
 2 

 4. The New Shareholder acknowledges and agrees that, in the event that it acquired its Shares
from the Participant, except as expressly set forth in the Shareholders Agreement, it shall not have any of the rights or privileges of the applicable Transferor under this Agreement but will be bound by and obligated to comply with the terms and
provisions of this Agreement as if it were the Transferor. 
 5. All of the terms and conditions of the Shareholders Agreement are unmodified
and shall continue in full force and effect and shall be binding upon the New Shareholder and its assigns in accordance with the terms thereof. 

IN WITNESS WHEREOF, the New Shareholder has executed this Agreement as of the date first above written. 

 

	
	[NEW SHAREHOLDER]
	
	By:                                     
                                         
                  

  
 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]