Document:

Exhibit 10.02

Exhibit 10.02

GLU MOBILE INC.

2007 Equity Incentive Plan

(adopted by the Board on January 25, 2007)

(as amended and restated on June 3, 2010)

1. PURPOSE. The purpose of this Plan is to provide incentives to attract, retain and
motivate eligible persons whose present and potential contributions are important to the success of
the Company, and any Parents and Subsidiaries that exist now or in the future, by offering them an
opportunity to participate in the Company’s future performance through the grant of Awards.
Capitalized terms not defined elsewhere in the text are defined in Section 27.

2. SHARES SUBJECT TO THE PLAN.

2.1 Number of Shares Available. Subject to Sections 2.6 and 22 and any other
applicable provisions hereof, the total number of Shares reserved and available for grant and
issuance pursuant to this Plan as of the date of adoption of the Plan by the Board, is Four Million
Seven Hundred Sixty-Six Thousand Six Hundred Sixty-Six (4,766,666) Shares plus (i) any reserved shares not
issued or subject to outstanding grants under the Company’s 2001 Stock Option Plan (the “Prior
Plan”) on the Effective Date (as defined below), (ii) shares that are subject to stock options
granted under the Prior Plan that cease to be subject to such stock options after the Effective
Date and (iii) shares issued under the Prior Plan before or after the Effective Date pursuant to
the exercise of stock options that are, after the Effective Date, forfeited or shares issued under
the Prior Plan that are repurchased by the Company at the original issue price.

2.2 Lapsed, Returned Awards. Shares subject to Awards, and Shares issued upon
exercise of Awards, will again be available for grant and issuance in connection with subsequent
Awards under this Plan to the extent such Shares: (i) are subject to issuance upon exercise of an
Option or SAR granted under this Plan but which cease to be subject to the Option or SAR for any
reason other than exercise of the Option or SAR; (ii) are subject to Awards granted under this Plan
that are forfeited or are repurchased by the Company at the original issue price; (iii) are
surrendered pursuant to an Exchange Program; or (iv) are subject to Awards granted under this Plan
that otherwise terminate without such Shares being issued. With respect to SARs, only Shares
actually issued pursuant to a SAR will cease to be available under the Plan; all remaining Shares
under SARs will remain available for future grant or sale under the Plan. Shares used to pay the
exercise price of an Award or to satisfy the tax withholding obligations related to an Award will
become available for future grant or sale under the Plan. To the extent an Award under the Plan is
paid out in cash rather than Shares, such cash payment will not result in reducing the number of
Shares available for issuance under the Plan.

2.3 Minimum Share Reserve. At all times the Company shall reserve and keep available
a sufficient number of Shares as shall be required to satisfy the requirements of all outstanding
Awards granted under this Plan and all other outstanding but unvested Awards granted under this
Plan.

2.4 Automatic Share Reserve Increase. The number of Shares available for grant and
issuance under the Plan shall be increased on January 1, of each of 2008 through 2011, by the
lesser of (i) three percent (3%) of the number of Shares issued and outstanding on each December 31
immediately prior to the date of increase or (ii) such number of Shares determined by the Board.

2.5 Limitations. No more than Sixteen Million Six Hundred Sixty-Six Thousand
Six Hundred Sixty-Six (16,666,666) Shares shall be issued pursuant to the exercise of ISOs.

2.6 Adjustment of Shares. If the number of outstanding Shares is changed by a stock
dividend, recapitalization, stock split, reverse stock split, subdivision, combination,
reclassification or similar change in the capital structure of the Company, without consideration,
then (a) the number of Shares reserved for issuance and future grant under the Plan set forth in
Section 2.1, (b) the Exercise Prices of and number of Shares subject to outstanding Options and
SARs, (c) the number of Shares subject to other outstanding Awards, (d) the maximum
number of shares that may be issued as ISOs set forth in Section 2.5, (e) the maximum number
of Shares that may be issued to an individual or to a new Employee in any one calendar year set
forth in Section 3 and (f) the number of Shares that are granted as Awards to Outside Directors as
set forth in Section 12, shall be proportionately adjusted, subject to any required action by the
Board or the stockholders of the Company and in compliance with applicable securities laws;
provided that fractions of a Share will not be issued.

 

 

 

3. ELIGIBILITY. ISOs may be granted only to Employees. All other Awards may be
granted to Employees, Consultants, Directors and Outside Directors of the Company or any Parent or
Subsidiary of the Company; provided such Consultants, Directors and Outside Directors
render bona fide services not in connection with the offer and sale of securities in a
capital-raising transaction. No Participant will be eligible to receive more than Three Hundred
Thirty-Three Thousand Three Hundred Thirty-Three (333,333) Shares in any calendar year under this Plan pursuant
to the grant of Awards except that new Employees of the Company or of a Parent or Subsidiary of the
Company (including new Employees who are also officers and directors of the Company or any Parent
or Subsidiary of the Company) are eligible to receive up to a maximum of Six Hundred Sixty-Six
Thousand Six Hundred Sixty-Six (666,666) Shares in the calendar year in which they commence their employment.

4. ADMINISTRATION.

4.1 Committee Composition; Authority. This Plan will be administered by the Committee
or by the Board acting as the Committee. Subject to the general purposes, terms and conditions of
this Plan, and to the direction of the Board, the Committee will have full power to implement and
carry out this Plan, except, however, the Board shall establish the terms for the grant of an Award
to Outside Directors. The Committee will have the authority to:

(a) construe and interpret this Plan, any Award Agreement and any other agreement or document
executed pursuant to this Plan;

(b) prescribe, amend and rescind rules and regulations relating to this Plan or any Award;

(c) select persons to receive Awards;

(d) determine the form and terms and conditions, not inconsistent with the terms of the Plan,
of any Award granted hereunder. Such terms and conditions include, but are not limited to, the
exercise price, the time or times when Awards may be exercised (which may be based on performance
criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or
limitation regarding any Award or the Shares relating thereto, based in each case on such factors
as the Committee will determine;

(e) determine the number of Shares or other consideration subject to Awards;

(f) determine the Fair Market Value in good faith, if necessary;

(g) determine whether Awards will be granted singly, in combination with, in tandem with, in
replacement of, or as alternatives to, other Awards under this Plan or any other incentive or
compensation plan of the Company or any Parent or Subsidiary of the Company;

(h) grant waivers of Plan or Award conditions;

(i) determine the vesting, exercisability and payment of Awards;

(j) correct any defect, supply any omission or reconcile any inconsistency in this Plan, any
Award or any Award Agreement;

(k) determine whether an Award has been earned;

(l) determine the terms and conditions of any, and to institute any Exchange Program;

(m) reduce or waive any criteria with respect to Performance Factors;

 

 

 

(n) adjust Performance Factors to take into account changes in law and accounting or tax rules
as the Committee deems necessary or appropriate to reflect the impact of extraordinary or unusual
items, events or circumstances to avoid windfalls or hardships provided that such adjustments are
consistent with the regulations promulgated under Section 162(m) of the Code with respect to
persons whose compensation is subject to Section 162(m) of the Code; and

(o) make all other determinations necessary or advisable for the administration of this Plan.

4.2 Committee Interpretation and Discretion. Any determination made by the Committee
with respect to any Award shall be made in its sole discretion at the time of grant of the Award
or, unless in contravention of any express term of the Plan or Award, at any later time, and such
determination shall be final and binding on the Company and all persons having an interest in any
Award under the Plan. Any dispute regarding the interpretation of the Plan or any Award Agreement
shall be submitted by the Participant or Company to the Committee for review. The resolution of
such a dispute by the Committee shall be final and binding on the Company and the Participant. The
Committee may delegate to one or more executive officers the authority to review and resolve
disputes with respect to Awards held by Participants who are not Insiders, and such resolution
shall be final and binding on the Company and the Participant.

4.3 Section 162(m) of the Code and Section 16 of the Exchange Act. When necessary or
desirable for an Award to qualify as “performance-based compensation” under Section 162(m) of the
Code the Committee shall include at least two persons who are “outside directors” (as defined under
Section 162(m) of the Code) and at least two (or a majority if more than two then serve on the
Committee) such “outside directors” shall approve the grant of such Award and timely determine (as
applicable) the Performance Period and any Performance Factors upon which vesting or settlement of
any portion of such Award is to be subject. When required by Section 162(m) of the Code, prior to
settlement of any such Award at least two (or a majority if more than two then serve on the
Committee) such “outside directors” then serving on the Committee shall determine and certify in
writing the extent to which such Performance Factors have been timely achieved and the extent to
which the Shares subject to such Award have thereby been earned. Awards granted to Insiders must be
approved by two or more “non-employee directors” (as defined in the regulations promulgated under
Section 16 of the Exchange Act).

5. OPTIONS. The Committee may grant Options to Participants and will determine
whether such Options will be Incentive Stock Options within the meaning of the Code (“ISOs”) or
Nonqualified Stock Options (“NQSOs”), the number of Shares subject to the Option, the Exercise
Price of the Option, the period during which the Option may be exercised, and all other terms and
conditions of the Option, subject to the following:

5.1 Option Grant. Each Option granted under this Plan will identify the Option as an
ISO or an NQSO. An Option may be, but need not be, awarded upon satisfaction of such Performance
Factors during any Performance Period as are set out in advance in the Participant’s individual
Award Agreement. If the Option is being earned upon the satisfaction of Performance Factors, then
the Committee will: (x) determine the nature, length and starting date of any Performance Period
for each Option; and (y) select from among the Performance Factors to be used to measure the
performance, if any. Performance Periods may overlap and Participants may participate
simultaneously with respect to Options that are subject to different performance goals and other
criteria.

5.2 Date of Grant. The date of grant of an Option will be the date on which the
Committee makes the determination to grant such Option, or a specified future date. The Award
Agreement and a copy of this Plan will be delivered to the Participant within a reasonable time
after the granting of the Option.

5.3 Exercise Period. Options may be exercisable within the times or upon the
conditions as set forth in the Award Agreement governing such Option; provided,
however, that no Option will be exercisable after the expiration of ten (10) years from the
date the Option is granted; and provided further that no ISO granted to a person who, at
the time the ISO is granted, directly or by attribution owns more than ten percent (10%) of the
total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary
of the Company (“Ten Percent Shareholder”) will be exercisable after the expiration of five (5)
years from the date the ISO is granted. The Committee also may provide for Options to become
exercisable at one time or from time to time, periodically or otherwise, in such number of Shares
or percentage of Shares as the Committee determines.

 

 

 

5.4 Exercise Price. The Exercise Price of an Option will be determined by the
Committee when
the Option is granted; provided that: (i) the Exercise Price of an ISO will be not less than
one hundred percent (100%) of the Fair Market Value of the Shares on the date of grant and (ii) the
Exercise Price of any ISO granted to a Ten Percent Shareholder will not be less than one hundred
ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment for the
Shares purchased may be made in accordance with Section 11. The Exercise Price of a NQSO may be
less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant in the
Committee’s discretion.

5.5 Method of Exercise. Any Option granted hereunder will be exercisable according to
the terms of the Plan and at such times and under such conditions as determined by the Committee
and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An
Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as
the Committee may specify from time to time) from the person entitled to exercise the Option, and
(ii) full payment for the Shares with respect to which the Option is exercised (together with
applicable withholding taxes). Full payment may consist of any consideration and method of payment
authorized by the Committee and permitted by the Award Agreement and the Plan. Shares issued upon
exercise of an Option will be issued in the name of the Participant. Until the Shares are issued
(as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company), no right to vote or receive dividends or any other rights as a stockholder
will exist with respect to the Shares, notwithstanding the exercise of the Option. The Company will
issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment
will be made for a dividend or other right for which the record date is prior to the date the
Shares are issued, except as provided in Section 2.6 of the Plan. Exercising an Option in any
manner will decrease the number of Shares thereafter available, both for purposes of the Plan and
for sale under the Option, by the number of Shares as to which the Option is exercised.

5.6 Termination. The exercise of an Option will be subject to the following (except
as may be otherwise provided in an Award Agreement):

(a) If the Participant is Terminated for any reason except for Cause or the Participant’s
death or Disability, then the Participant may exercise such Participant’s Options only to the
extent that such Options would have been exercisable by the Participant on the Termination Date no
later than three (3) months after the Termination Date (or such shorter time period or longer time
period not exceeding five (5) years as may be determined by the Committee, with any exercise beyond
three (3) months after the Termination Date deemed to be an NQSO), but in any event no later than
the expiration date of the Options.

(b) If the Participant is Terminated because of the Participant’s death (or the Participant
dies within three (3) months after a Termination other than for Cause or because of the
Participant’s Disability), then the Participant’s Options may be exercised only to the extent that
such Options would have been exercisable by the Participant on the Termination Date and must be
exercised by the Participant’s legal representative, or authorized assignee, no later than twelve
(12) months after the Termination Date (or such shorter time period not less than six (6) months or
longer time period not exceeding five (5) years as may be determined by the Committee, with any
exercise beyond (a) three (3) months after the Termination Date when the Termination is for any
reason other than the Participant’s death, or (b) twelve (12) months after the Termination Date
when the Termination is for the Participant’s death, deemed to be an NQSO), but in any event no
later than the expiration date of the Options.

(c) If the Participant is Terminated because of the Participant’s Disability, then the
Participant’s Options may be exercised only to the extent that such Options would have been
exercisable by the Participant on the Termination Date and must be exercised by the Participant (or
the Participant’s legal representative or authorized assignee) no later than twelve (12) months
after the Termination Date (with any exercise beyond (a) three (3) months after the Termination
Date when the Termination is for a Disability that is not a “permanent and total
disability” as defined in Section 22(e)(3) of the Code, or (b) twelve (12) months after the
Termination Date when the Termination is for a Disability that is a “permanent and total
disability” as defined in Section 22(e)(3) of the Code, deemed to be exercise of an NQSO), but in
any event no later than the expiration date of the Options.

(d) If the Participant is terminated for Cause, then Participant’s Options shall expire on
such Participant’s Termination Date, or at such later time and on such conditions as are determined
by the Committee, but in any no event later than the expiration date of the Options.

 

 

 

5.7 Limitations on Exercise. The Committee may specify a minimum number of Shares
that may
be purchased on any exercise of an Option, provided that such minimum number will not prevent
any Participant from exercising the Option for the full number of Shares for which it is then
exercisable.

5.8 Limitations on ISOs. With respect to Awards granted as ISOs, to the extent that
the aggregate Fair Market Value of the Shares with respect to which such ISOs are exercisable for
the first time by the Participant during any calendar year (under all plans of the Company and any
Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated
as NQSOs. For purposes of this Section 5.8, ISOs will be taken into account in the order in which
they were granted. The Fair Market Value of the Shares will be determined as of the time the Option
with respect to such Shares is granted. In the event that the Code or the regulations promulgated
thereunder are amended after the Effective Date to provide for a different limit on the Fair Market
Value of Shares permitted to be subject to ISOs, such different limit will be automatically
incorporated herein and will apply to any Options granted after the effective date of such
amendment.

5.9 Modification, Extension or Renewal. The Committee may modify, extend or renew
outstanding Options and authorize the grant of new Options in substitution therefor, provided that
any such action may not, without the written consent of a Participant, impair any of such
Participant’s rights under any Option previously granted. Any outstanding ISO that is modified,
extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the
Code. Subject to Section 18 of this Plan, by written notice to affected Participants, the
Committee may reduce the Exercise Price of outstanding Options without the consent of such
Participants; provided, however, that the Exercise Price may not be reduced below
the Fair Market Value on the date the action is taken to reduce the Exercise Price.

5.10 No Disqualification. Notwithstanding any other provision in this Plan, no term
of this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or
authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of
the Code or, without the consent of the Participant affected, to disqualify any ISO under Section
422 of the Code.

6. RESTRICTED STOCK AWARDS.

6.1 Awards of Restricted Stock. A Restricted Stock Award is an offer by the Company
to sell to a Participant Shares that are subject to restrictions (“Restricted Stock”). The
Committee will determine to whom an offer will be made, the number of Shares the Participant may
purchase, the Purchase Price, the restrictions under which the Shares will be subject and all other
terms and conditions of the Restricted Stock Award, subject to the Plan.

6.2 Restricted Stock Purchase Agreement. All purchases under a Restricted Stock Award
will be evidenced by an Award Agreement. A Participant accepts a Restricted Stock Award by signing
and delivering to the Company an Award Agreement with full payment of the Purchase Price, within
thirty (30) days from the date the Award Agreement was delivered to the Participant. If the
Participant does not accept such Award within thirty (30) days, then the offer of such Restricted
Stock Award will terminate, unless the Committee determines otherwise.

6.3 Purchase Price. The Purchase Price for a Restricted Stock Award will be
determined by the Committee and may be less than Fair Market Value on the date the Restricted Stock
Award is granted. Payment of the Purchase Price must be made in accordance with Section 11 of the
Plan, and the Award Agreement.

6.4 Terms of Restricted Stock Awards. Restricted Stock Awards will be subject to such
restrictions as the Committee may impose or are required by law. These restrictions may be based
on completion of a specified number of years of service with the Company or upon completion of
Performance Factors, if any, during any Performance Period as set out in advance in the
Participant’s Award Agreement. Prior to the grant of a Restricted Stock Award, the Committee
shall: (a) determine the nature, length and starting date of any Performance Period for the
Restricted Stock Award; (b) select from among the Performance Factors to be used to measure
performance goals, if any; and (c) determine the number of Shares that may be awarded to the
Participant. Performance Periods may overlap and a Participant may participate simultaneously with
respect to Restricted Stock Awards that are subject to different Performance Periods and having
different performance goals and other criteria.

6.5 Termination of Participant. Except as may be set forth in the Participant’s Award
Agreement, vesting ceases on such Participant’s Termination Date (unless determined otherwise by
the Committee).

 

 

 

7. STOCK BONUS AWARDS.

7.1 Awards of Stock Bonuses. A Stock Bonus Award is an award to an eligible person of
Shares (which may consist of Restricted Stock or Restricted Stock Units) for services to be
rendered or for past services already rendered to the Company or any Parent or Subsidiary. All
Stock Bonus Awards shall be made pursuant to an Award Agreement. No payment from Participant will
be required for Shares awarded pursuant to a Stock Bonus Award.

7.2 Terms of Stock Bonus Awards. The Committee will determine the number of Shares to
be awarded to the Participant under a Stock Bonus Award and any restrictions thereon. These
restrictions may be based upon completion of a specified number of years of service with the
Company or upon satisfaction of performance goals based on Performance Factors during any
Performance Period as set out in advance in the Participant’s Stock Bonus Agreement. Prior to the
grant of any Stock Bonus Award the Committee shall: (a) determine the nature, length and starting
date of any Performance Period for the Stock Bonus Award; (b) select from among the Performance
Factors to be used to measure performance goals; and (c) determine the number of Shares that may be
awarded to the Participant. Performance Periods may overlap and a Participant may participate
simultaneously with respect to Stock Bonus Awards that are subject to different Performance Periods
and different performance goals and other criteria.

7.3 Form of Payment to Participant. Payment may be made in the form of cash, whole
Shares, or a combination thereof, based on the Fair Market Value of the Shares earned under a Stock
Bonus Award on the date of payment.

7.4 Termination of Participation. Except as may be set forth in the Participant’s
Award Agreement, vesting ceases on such Participant’s Termination Date (unless determined otherwise
by the Committee).

8. STOCK APPRECIATION RIGHTS.

8.1 Awards of SARs. A Stock Appreciation Right (“SAR”) is an award to a Participant
that may be settled in cash, or Shares (which may consist of Restricted Stock), having a value
equal to (a) the difference between the Fair Market Value on the date of exercise over the Exercise
Price multiplied by (b) the number of Shares with respect to which the SAR is being settled
(subject to any maximum number of Shares that may be issuable as specified in an Award Agreement).
All SARs shall be made pursuant to an Award Agreement.

8.2 Terms of SARs. The Committee will determine the terms of each SAR including,
without limitation: (a) the number of Shares subject to the SAR; (b) the Exercise Price and the
time or times during which the SAR may be settled; (c) the consideration to be distributed on
settlement of the SAR; and (d) the effect of the Participant’s Termination on each SAR. The
Exercise Price of the SAR will be determined by the Committee when the SAR is granted, and may be
less than Fair Market Value. A SAR may be awarded upon satisfaction of Performance Factors, if
any, during any Performance Period as are set out in advance in the Participant’s individual Award
Agreement. If the SAR is being earned upon the satisfaction of Performance Factors, then the
Committee will: (x) determine the nature, length and starting date of any Performance Period for
each SAR; and (y) select from among the Performance Factors to be used to measure the performance,
if any. Performance Periods may overlap and Participants may participate simultaneously with
respect to SARs that are subject to different Performance Factors and other criteria.

8.3 Exercise Period and Expiration Date. A SAR will be exercisable within the times
or upon the occurrence of events determined by the Committee and set forth in the Award Agreement
governing such SAR. The SAR Agreement shall set forth the expiration date; provided that no SAR
will be exercisable after the expiration of ten (10) years from the date the SAR is granted. The
Committee may also provide for SARs to become exercisable at one time or from time to time,
periodically or otherwise (including, without limitation, upon the attainment during a Performance
Period of performance goals based on Performance Factors), in such number of Shares or percentage
of the Shares subject to the SAR as the Committee determines. Except as may be set forth in the
Participant’s Award Agreement, vesting ceases on such Participant’s Termination Date (unless
determined otherwise by the Committee). Notwithstanding the foregoing, the rules of Section 5.6
also will apply to SARs.

8.4 Form of Settlement. Upon exercise of a SAR, a Participant will be entitled to
receive payment from the Company in an amount determined by multiplying (i) the difference between
the Fair Market Value of a
Share on the date of exercise over the Exercise Price; times (ii) the number of Shares with
respect to which the SAR is exercised. At the discretion of the Committee, the payment from the
Company for the SAR exercise may be in cash, in Shares of equivalent value, or in some combination
thereof.

 

 

 

9. RESTRICTED STOCK UNITS.

9.1 Awards of Restricted Stock Units. A Restricted Stock Unit (“RSU”) is an award to
a Participant covering a number of Shares that may be settled in cash, or by issuance of those
Shares (which may consist of Restricted Stock). All RSUs shall be made pursuant to an Award
Agreement.

9.2 Terms of RSUs. The Committee will determine the terms of an RSU including,
without limitation: (a) the number of Shares subject to the RSU; (b) the time or times during which
the RSU may be settled; and (c) the consideration to be distributed on settlement, and the effect
of the Participant’s Termination on each RSU. An RSU may be awarded upon satisfaction of such
Performance Factors (if any) during any Performance Period as are set out in advance in the
Participant’s Award Agreement. If the RSU is being earned upon satisfaction of Performance
Factors, then the Committee will: (x) determine the nature, length and starting date of any
Performance Period for the RSU; (y) select from among the Performance Factors to be used to measure
the performance, if any; and (z) determine the number of Shares deemed subject to the RSU.
Performance Periods may overlap and participants may participate simultaneously with respect to
RSUs that are subject to different Performance Periods and different performance goals and other
criteria.

9.3 Form and Timing of Settlement. Payment of earned RSUs shall be made as soon as
practicable after the date(s) determined by the Committee and set forth in the Award Agreement. The
Committee, in its sole discretion, may settle earned RSUs in cash, Shares, or a combination of
both.

9.4 Termination of Participant. Except as may be set forth in the Participant’s Award
Agreement, vesting ceases on such Participant’s Termination Date (unless determined otherwise by
the Committee).

10. PERFORMANCE SHARES.

10.1 Awards of Performance Shares. A Performance Share Award is an award to a
Participant denominated in Shares that may be settled in cash, or by issuance of those Shares
(which may consist of Restricted Stock). Grants of Performance Shares shall be made pursuant to an
Award Agreement.

10.2 Terms of Performance Shares. The Committee will determine, and each Award
Agreement shall set forth, the terms of each award of Performance Shares including, without
limitation: (a) the number of Shares deemed subject to such Award; (b) the Performance Factors and
Performance Period that shall determine the time and extent to which each award of Performance
Shares shall be settled; (c) the consideration to be distributed on settlement, and the effect of
the Participant’s Termination on each award of Performance Shares. In establishing Performance
Factors and the Performance Period the Committee will: (x) determine the nature, length and
starting date of any Performance Period; (y) select from among the Performance Factors to be used;
and (z) determine the number of Shares deemed subject to the award of Performance Shares. Prior to
settlement the Committee shall determine the extent to which Performance Shares have been earned.
Performance Periods may overlap and Participants may participate simultaneously with respect to
Performance Shares that are subject to different Performance Periods and different performance
goals and other criteria.

10.3 Value, Earning and Timing of Performance Shares. Each Performance Share will
have an initial value equal to the Fair Market Value of a Share on the date of grant. After the
applicable Performance Period has ended, the holder of Performance Shares will be entitled to
receive a payout of the number of Performance Shares earned by the Participant over the Performance
Period, to be determined as a function of the extent to which the corresponding Performance Factors
or other vesting provisions have been achieved. The Committee, in its sole discretion, may pay
earned Performance Shares in the form of cash, in Shares (which have an aggregate Fair Market Value
equal to the value of the earned Performance Shares at the close of the applicable Performance
Period) or in a combination thereof.

10.4 Termination of Participant. Except as may be set forth in the Participant’s
Award Agreement, vesting ceases on such Participant’s Termination Date (unless determined otherwise
by the Committee).

 

 

 

11. PAYMENT FOR SHARE PURCHASES.

Payment from Participant for Shares purchased pursuant to this Plan may be made in cash or by
check or, where expressly approved for the Participant by the Committee and where permitted by law
(and to the extent not otherwise set forth in the applicable Award Agreement):

(a) by cancellation of indebtedness of the Company to the Participant;

(b) by surrender of shares of the Company held by the Participant that have a Fair Market
Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said
Award will be exercised or settled;

(c) by waiver of compensation due or accrued to the Participant for services rendered or to be
rendered to the Company or a Parent or Subsidiary of the Company;

(d) by consideration received by the Company pursuant to a broker-assisted and/or same day
sale (or other) cashless exercise program implemented by the Company in connection with the Plan;

(e) by any combination of the foregoing; or

(f) by any other method of payment as is permitted by applicable law.

12. GRANTS TO OUTSIDE DIRECTORS.

12.1 Types of Awards. Outside Directors are eligible to receive any type of Award
offered under this Plan except ISOs. Awards pursuant to this Section 12 may be automatically made
pursuant to policy adopted by the Board, or made from time to time as determined in the discretion
of the Board.

12.2 Eligibility. Awards pursuant to this Section 12 shall be granted only to Outside
Directors. An Outside Director who is elected or re-elected as a member of the Board will be
eligible to receive an Award under this Section 12.

12.3 Vesting, Exercisability and Settlement. Except as set forth in Section 21,
Awards shall vest, become exercisable and be settled as determined by the Board. With respect to
Options and SARs, the exercise price granted to Outside Directors shall not be less than the Fair
Market Value of the Shares at the time that such Option or SAR is granted.

13. WITHHOLDING TAXES.

13.1 Withholding Generally. Whenever Shares are to be issued in satisfaction of
Awards granted under this Plan, the Company may require the Participant to remit to the Company an
amount sufficient to satisfy applicable federal, state, local and international withholding tax
requirements prior to the delivery of Shares pursuant to exercise or settlement of any Award.
Whenever payments in satisfaction of Awards granted under this Plan are to be made in cash, such
payment will be net of an amount sufficient to satisfy applicable federal, state, local and
international withholding tax requirements.

13.2 Stock Withholding. The Committee, in its sole discretion and pursuant to such
procedures as it may specify from time to time, may require or permit a Participant to satisfy such
tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii)
electing to have the Company withhold otherwise deliverable cash or Shares having a Fair Market
Value equal to the minimum statutory amount required to be withheld, or (iii) delivering to the
Company already-owned Shares having a Fair Market Value equal to the minimum statutory amount
required to be withheld. The Fair Market Value of the Shares to be withheld or delivered will be
determined as of the date that the taxes are required to be withheld.

14. TRANSFERABILITY. Unless determined otherwise by the Committee, an Award may not
be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by
will or by the laws of descent or distribution. If the Committee makes an Award transferable, such
Award will contain such additional
terms and conditions as the Committee deems appropriate. All Awards shall be exercisable: (i)
during the Participant’s lifetime only by (A) the Participant, or (B) the Participant’s guardian or
legal representative; and (ii) after the Participant’s death, by the legal representative of the
Participant’s heirs or legatees

 

 

 

15. PRIVILEGES OF STOCK OWNERSHIP; RESTRICTIONS ON SHARES.

15.1 Voting and Dividends. No Participant will have any of the rights of a
shareholder with respect to any Shares until the Shares are issued to the Participant. After
Shares are issued to the Participant, the Participant will be a shareholder and have all the rights
of a shareholder with respect to such Shares, including the right to vote and receive all dividends
or other distributions made or paid with respect to such Shares; provided, that if such
Shares are Restricted Stock, then any new, additional or different securities the Participant may
become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split
or any other change in the corporate or capital structure of the Company will be subject to the
same restrictions as the Restricted Stock; provided, further, that the Participant
will have no right to retain such stock dividends or stock distributions with respect to Shares
that are repurchased at the Participant’s Purchase Price or Exercise Price, as the case may be,
pursuant to Section 15.2.

15.2 Restrictions on Shares. At the discretion of the Committee, the Company may
reserve to itself and/or its assignee(s) a right to repurchase (a “Right of Repurchase”) a portion
of any or all Unvested Shares held by a Participant following such Participant’s Termination at any
time within ninety (90) days after the later of the Participant’s Termination Date and the date the
Participant purchases Shares under this Plan, for cash and/or cancellation of purchase money
indebtedness, at the Participant’s Purchase Price or Exercise Price, as the case may be.

16. CERTIFICATES. All certificates for Shares or other securities delivered under
this Plan will be subject to such stock transfer orders, legends and other restrictions as the
Committee may deem necessary or advisable, including restrictions under any applicable federal,
state or foreign securities law, or any rules, regulations and other requirements of the SEC or any
stock exchange or automated quotation system upon which the Shares may be listed or quoted.

17. ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a Participant’s Shares,
the Committee may require the Participant to deposit all certificates representing Shares, together
with stock powers or other instruments of transfer approved by the Committee, appropriately
endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until
such restrictions have lapsed or terminated, and the Committee may cause a legend or legends
referencing such restrictions to be placed on the certificates. Any Participant who is permitted
to execute a promissory note as partial or full consideration for the purchase of Shares under this
Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased
as collateral to secure the payment of the Participant’s obligation to the Company under the
promissory note; provided, however, that the Committee may require or accept other
or additional forms of collateral to secure the payment of such obligation and, in any event, the
Company will have full recourse against the Participant under the promissory note notwithstanding
any pledge of the Participant’s Shares or other collateral. In connection with any pledge of the
Shares, the Participant will be required to execute and deliver a written pledge agreement in such
form as the Committee will from time to time approve. The Shares purchased with the promissory
note may be released from the pledge on a pro rata basis as the promissory note is paid.

18. REPRICING; EXCHANGE AND BUYOUT OF AWARDS. The Committee may reprice Options or
SARS without prior stockholder approval. The Committee may, at any time or from time to time
authorize the Company, in the case of an Option or SAR exchange, and with the consent of the
respective Participants (unless not required pursuant to Section 5.9 of the Plan), to pay cash or
issue new Awards in exchange for the surrender and cancellation of any, or all, outstanding Awards.
The Committee may reduce the Exercise Price of outstanding Options or SARs without the consent of
affected Participants by a written notice to them.

19. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. An Award will not be effective
unless such Award is in compliance with all applicable federal and state securities laws, rules and
regulations of any governmental body, and the requirements of any stock exchange or automated
quotation system upon which the Shares may then be listed or quoted, as they are in effect on the
date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any
other provision in this Plan, the Company will have no obligation to issue or deliver certificates
for Shares under this Plan prior to: (a) obtaining any approvals from
governmental agencies that the Company determines are necessary or advisable; and/or (b)
completion of any registration or other qualification of such Shares under any state or federal law
or ruling of any governmental body that the Company determines to be necessary or advisable. The
Company will be under no obligation to register the Shares with the SEC or to effect compliance
with the registration, qualification or listing requirements of any state securities laws, stock
exchange or automated quotation system, and the Company will have no liability for any inability or
failure to do so.

 

 

 

20. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted under this
Plan will confer or be deemed to confer on any Participant any right to continue in the employ of,
or to continue any other relationship with, the Company or any Parent or Subsidiary of the Company
or limit in any way the right of the Company or any Parent or Subsidiary of the Company to
terminate Participant’s employment or other relationship at any time.

21. CORPORATE TRANSACTIONS.

21.1 Assumption or Replacement of Awards by Successor. In the event of a Corporate
Transaction any or all outstanding Awards may be assumed or replaced by the successor corporation,
which assumption or replacement shall be binding on all Participants. In the alternative, the
successor corporation may substitute equivalent Awards or provide substantially similar
consideration to Participants as was provided to stockholders (after taking into account the
existing provisions of the Awards). The successor corporation may also issue, in place of
outstanding Shares of the Company held by the Participant, substantially similar shares or other
property subject to repurchase restrictions no less favorable to the Participant. In the event
such successor or acquiring corporation (if any) refuses to assume, convert, replace or substitute
Awards, as provided above, pursuant to a Corporate Transaction, then notwithstanding any other
provision in this Plan to the contrary, such Awards will expire on such transaction at such time
and on such conditions as the Board will determine; the Board (or, the Committee, if so designated
by the Board) may, in its sole discretion, accelerate the vesting of such Awards in connection with
a Corporate Transaction. In addition, in the event such successor or acquiring corporation (if
any) refuses to assume, convert, replace or substitute Awards, as provided above, pursuant to a
Corporate Transaction, the Committee will notify the Participant in writing or electronically that
such Award will be exercisable for a period of time determined by the Committee in its sole
discretion, and such Award will terminate upon the expiration of such period. Awards need not be
treated similarly in a Corporate Transaction.

Notwithstanding anything to the contrary in this Section 21.1, the Committee, in its sole
discretion, may grant Awards that provide for acceleration upon a Corporate Transaction or in other
events in the specific Award Agreements.

21.2 Assumption of Awards by the Company. The Company, from time to time, also may
substitute or assume outstanding awards granted by another company, whether in connection with an
acquisition of such other company or otherwise, by either; (a) granting an Award under this Plan in
substitution of such other company’s award; or (b) assuming such award as if it had been granted
under this Plan if the terms of such assumed award could be applied to an Award granted under this
Plan. Such substitution or assumption will be permissible if the holder of the substituted or
assumed award would have been eligible to be granted an Award under this Plan if the other company
had applied the rules of this Plan to such grant. In the event the Company assumes an award
granted by another company, the terms and conditions of such award will remain unchanged
(except that the Purchase Price or the Exercise Price, as the case may be, and the number
and nature of Shares issuable upon exercise or settlement of any such Award will be adjusted
appropriately pursuant to Section 424(a) of the Code).

21.3 Outside Directors’ Awards. Notwithstanding any provision to the contrary herein,
in the event of a Corporate Transaction, the vesting of all Awards granted to Outside Directors
shall accelerate and such Awards shall become exercisable (as applicable) in full prior to the
consummation of such event at such times and on such conditions as the Committee determines.

22. ADOPTION AND SHAREHOLDER APPROVAL. This Plan shall be submitted for the approval
of the Company’s shareholders, consistent with applicable laws, within twelve (12) months before or
after the date this Plan is adopted by the Board.

23. TERM OF PLAN. Unless earlier terminated as provided herein, this Plan will become
effective on the
Effective Date and will terminate ten (10) years from the date this Plan is adopted by the
Board. This Plan and all Awards granted hereunder shall be governed by and construed in accordance
with the laws of the State of Delaware.

 

 

 

24. AMENDMENT OR TERMINATION OF PLAN. The Board may at any time terminate or amend
this Plan in any respect, including, without limitation, amendment of any form of Award Agreement
or instrument to be executed pursuant to this Plan; provided, however, that the
Board will not, without the approval of the shareholders of the Company, amend this Plan in any
manner that requires such shareholder approval; provided further, that a Participant’s
Award shall be governed by the version of this Plan then in effect at the time such Award was
granted.

25. NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the
submission of this Plan to the shareholders of the Company for approval, nor any provision of this
Plan will be construed as creating any limitations on the power of the Board to adopt such
additional compensation arrangements as it may deem desirable, including, without limitation, the
granting of stock awards and bonuses otherwise than under this Plan, and such arrangements may be
either generally applicable or applicable only in specific cases.

26. INSIDER TRADING POLICY. Each Participant who receives an Award shall comply with
any policy adopted by the Company from time to time covering transactions in the Company’s
securities by Employees, officers and/or directors of the Company.

27. DEFINITIONS. As used in this Plan, and except as elsewhere defined herein, the
following terms will have the following meanings:

“Award” means any award under the Plan, including any Option, Restricted Stock, Stock Bonus,
Stock Appreciation Right, Restricted Stock Unit or award of Performance Shares.

“Award Agreement” means, with respect to each Award, the written or electronic agreement
between the Company and the Participant setting forth the terms and conditions of the Award, which
shall be in substantially a form (which need not be the same for each Participant) that the
Committee has from time to time approved, and will comply with and be subject to the terms and
conditions of this Plan.

“Board” means the Board of Directors of the Company.

“Cause” means (a) the commission of an act of theft, embezzlement, fraud, dishonesty, (b) a
breach of fiduciary duty to the Company or a Parent or Subsidiary, or (c) a failure to materially
perform the customary duties of Employee’s employment.

“Code” means the United States Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder.

“Committee” means the Compensation Committee of the Board or those persons to whom
administration of the Plan, or part of the Plan, has been delegated as permitted by law.

“Company” means Glu Mobile Inc., or any successor corporation.

“Consultant” means any person, including an advisor or independent contractor, engaged by the
Company or a Parent or Subsidiary to render services to such entity.

“Corporate Transaction” means the occurrence of any of the following events: (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial
owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the
Company representing fifty percent (50%) or more of the total voting power represented by the
Company’s then-outstanding voting securities; (ii) the consummation of the sale or disposition by
the Company of all or substantially all of the Company’s assets; (iii) the consummation of a merger
or consolidation of the Company with any other corporation, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving
entity or its parent) at least fifty percent (50%) of the total voting power represented by
the voting securities of the Company or such surviving entity or its parent outstanding immediately
after such merger or consolidation.

 

 

 

“Director” means a member of the Board.

“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code,
provided, however, that except with respect to Awards granted as ISOs, the Committee in its
discretion may determine whether a total and permanent disability exists in accordance with
non-discriminatory and uniform standards adopted by the Committee from time to time, whether
temporary or permanent, partial or total, as determined by the Committee.

“Effective Date” means the date of the underwritten initial public offering of the Company’s
Common Stock pursuant to a registration statement is declared effective by the SEC.

“Employee” means any person, including Officers and Directors, employed by the Company or any
Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee
by the Company will be sufficient to constitute “employment” by the Company.

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

“Exercise Price” means the price at which a holder of an Option or SAR may purchase the Shares
issuable upon exercise of an Option or SAR.

“Exchange Program” means a program pursuant to which outstanding Awards are surrendered,
cancelled or exchanged for cash, the same type of Award or a different Award (or combination
thereof).

“Fair Market Value” means, as of any date, the value of a share of the Company’s Common Stock
determined as follows:

(a) if such Common Stock is then quoted on the Nasdaq Global Select Market, the Nasdaq Global
Market or the Nasdaq Capital Market (collectively, the “Nasdaq Market”), its closing price on the
Nasdaq Market on the date of determination, or if there are no sales for such date, then the last
preceding business day on which there were sales, as reported in The Wall Street Journal or such
other source as the Board or the Committee deems reliable;

(b) if such Common Stock is publicly traded and is then listed on a national securities
exchange, its closing price on the date of determination on the principal national securities
exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street
Journal or such other source as the Board or the Committee deems reliable;

(c) if such Common Stock is publicly traded but is neither quoted on the Nasdaq Market nor
listed or admitted to trading on a national securities exchange, the average of the closing bid and
asked prices on the date of determination as reported in The Wall Street Journal or such other
source as the Board or the Committee deems reliable;

(d) in the case of an Option or SAR made on the Effective Date, the price per share at which
shares of the Company’s Common Stock are initially offered for sale to the public by the Company’s
underwriters in the initial public offering of the Company’s Common Stock pursuant to a
registration statement filed with the SEC under the Securities Act; or

(e) if none of the foregoing is applicable, by the Board or the Committee in good faith.

“Insider” means an officer or director of the Company or any other person whose transactions
in the Company’s Common Stock are subject to Section 16 of the Exchange Act.

“Option” means an award of an option to purchase Shares pursuant to Section 5.

 

 

 

“Outside Director” means a Director who is not an Employee of the Company or any Parent or
Subsidiary.

“Parent” means any corporation (other than the Company) in an unbroken chain of corporations
ending with the Company if each of such corporations other than the Company owns stock possessing
fifty percent (50%) or more of the total combined voting power of all classes of stock in one of
the other corporations in such chain.

“Participant” means an Employee, Consultant or Director (including Outside Directors) who
receives an Award under this Plan.

“Performance Factors” means the factors selected by the Committee, which may include, but are
not limited to the, the following measures (whether or not in comparison to other peer companies)
to determine whether the performance goals established by the Committee and applicable to Awards
have been satisfied:

	 	•	 	Net revenue and/or net revenue growth;

	 
	 	•	 	Earnings per share and/or earnings per share growth;

	 
	 	•	 	Earnings before income taxes and amortization and/or earnings before
income taxes and amortization growth;

	 
	 	•	 	Operating income and/or operating income growth;

	 
	 	•	 	Net income and/or net income growth;

	 
	 	•	 	Total stockholder return and/or total stockholder return growth;

	 
	 	•	 	Return on equity;

	 
	 	•	 	Operating cash flow return on income;

	 
	 	•	 	Adjusted operating cash flow return on income;

	 
	 	•	 	Economic value added;

	 
	 	•	 	Individual business objectives; and

	 
	 	•	 	Company specific operational metrics.

“Performance Period” means the period of service determined by the Committee, not to exceed
five (5) years, during which years of service or performance is to be measured for the Award.

“Performance Share” means an Award granted pursuant to Section 10 of the Plan.

“Plan” means this Glu Mobile Inc. 2007 Equity Incentive Plan.

“Purchase Price” means the price to be paid for Shares acquired under the Plan, other than
Shares acquired upon exercise of an Option or SAR.

“Restricted Stock Award” means an award of Shares pursuant to Section 6 of the Plan, or issued
pursuant to the early exercise of an Option.

“Restricted Stock Unit” means an Award granted pursuant to Section 9 of the Plan.

“SEC” means the United States Securities and Exchange Commission.

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

 

 

 

“Shares” means shares of the Company’s Common Stock, as adjusted pursuant to Sections 2 and
21, and any successor security.

“Stock Appreciation Right” means an Award granted pursuant to Section 8 of the Plan.

“Stock Bonus” means an Award granted pursuant to Section 7 of the Plan.

“Subsidiary” means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if each of the corporations other than the last corporation
in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain.

“Termination” or “Terminated” means, for purposes of this Plan with respect to a Participant,
that the Participant has for any reason ceased to provide services as an employee, officer,
director, consultant, independent contractor or advisor to the Company or a Parent or Subsidiary of
the Company. An employee will not be deemed to have ceased to provide services in the case of (i)
sick leave, (ii) military leave, or (iii) any other leave of absence approved by the Committee;
provided, that such leave is for a period of not more than 90 days, unless reemployment
upon the expiration of such leave is guaranteed by contract or statute or unless provided otherwise
pursuant to formal policy adopted from time to time by the Company and issued and promulgated to
employees in writing. In the case of any employee on an approved leave of absence, the Committee
may make such provisions respecting suspension of vesting of the Award while on leave from the
employ of the Company or a Parent or Subsidiary of the Company as it may deem appropriate, except
that in no event may an Award be exercised after the expiration of the term set forth in the
applicable Award Agreement. The Committee will have sole discretion to determine whether a
Participant has ceased to provide services and the effective date on which the Participant ceased
to provide services (the “Termination Date”).

“Unvested Shares” means Shares that have not yet vested or are subject to a right of
repurchase in favor of the Company (or any successor thereto).exv10w1

Exhibit 10.1

NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL TREATMENT REQUEST.

INVENTORY FINANCING AGREEMENT

     This Inventory Financing Agreement (as from time to time amended and together with any
Transaction Statements, as hereinafter defined, this “Agreement”) is among GE Commercial
Distribution Finance Corporation (“CDF”), with its chief executive office and principal
place of business at 5595 Trillium Boulevard, Hoffman Estates, Illinois 60192, and the persons
listed in the section of this Agreement entitled “List of Dealers” (each, individually, a
“Dealer” and, collectively, “Dealers”).

RECITALS

     (a) Dealers do business together or are related entities.

     (b) Dealers desire to have one common credit facility instead of separate credit facilities
and have requested that CDF extend such common credit facility.

     1. Extensions of Credit.

     (a) Initial Advances. CDF and Dealers hereby acknowledge, confirm and agree
that Dealers are indebted to CDF and certain other lenders pursuant to the Second Amended
and Restated Credit and Security Agreement, dated as of June 19, 2006, as amended from time
to time (the “Existing Financing Agreement”). Subject to the terms and conditions
of this Agreement, on the date hereof (the “Closing Date”), CDF agrees to make
available to Dealers an advance in an amount sufficient to repay to CDF and the other lender
parties thereto the amount of indebtedness due under the Existing Financing Agreement (the
“Payoff Advance”). In addition, on or before July 2, 2010, CDF agrees to make
available to Dealers an advance in an amount equal to the aggregate invoice amount of
certain open invoices of Dealers with [****] and affiliates thereof identified in an advance
request from Dealers acceptable to CDF, less any curtailment amounts that would have been
required to be made with respect to such units if CDF had financed 100% of the original
invoice amount with respect to such units on or about the applicable invoice date (the
“[****]” and, together with the Payoff Advance, the “Initial Advances”).

     (b) Floor Plan Advances. Subject to the terms and conditions of this Agreement, CDF
agrees to thereafter make available to Dealers extensions of credit on a revolving basis in
such amounts as Dealers may from time to time request up to an aggregate total of one
hundred million dollars ($100,000,000.00) (as such amount may be increased by CDF pursuant
to this Section 1, the “Maximum Credit Amount”), minus (i) the outstanding amount of
Approvals (as defined below), and (ii) the aggregate outstanding amount of any other
obligations of Dealers to CDF and any CDF Affiliates, to purchase inventory, which will be
subject to a purchase money security interest in favor of CDF, from Dealers’ existing
vendors identified on Exhibit A to this Agreement and any additional vendors acceptable to
CDF in its sole discretion (such existing vendors and additional vendors, in each case until
any such vendor shall be disapproved by written notice from CDF due to (x) such vendor’s
failure to comply with any law, rule, regulation, order or decree; (y) such vendor’s failure
to comply with any internal policies and procedures of CDF or any CDF Affiliate (as defined
below) relating to import or export controls, anti-money laundering, anti-terrorism,
securities law, banking law or

Inventory Financing Agreement

1

 

regulation, fraud statutes and other similar laws and regulations and codes of ethical
conduct (collectively, “Internal Policies”); or (z) any circumstance which may make
CDF’s disbursement of any advance to such vendor illegal or otherwise in violation of any
law, rule, regulation, order or decree applicable to CDF or any Internal Policies, each, a
“Vendor” and, collectively, “Vendors”) and for other purposes (including the
Pre-Owned Inventory Sublimit described below); provided, however, that (1)
repayments from time to time of the outstanding balance of the indebtedness hereunder shall
be available to be reborrowed pursuant to the terms and conditions of this Agreement; (2) if
the Obligations hereunder outstanding at any time or from time to time exceed the Maximum
Credit Amount, Dealers shall immediately (but in any event within two (2) Business Days)
repay the Obligations in such amount necessary to eliminate such excess; provided
that, in its reasonable discretion, CDF may immediately cease to make loans and/or to issue
Approvals until such repayment occurs, and (3) notwithstanding anything else contained in
this Agreement, (I) CDF may, in its reasonable discretion, immediately cease to make loans
and/or to issue Approvals (x) upon the occurrence and during the continuance of any Default
or upon the occurrence and during the continuance of any event which, with the giving of
notice, the passage of time, or both would result in a Default, or (y) if any remittance for
any Obligations is dishonored when first presented for payment, until such payment is
honored; and (II) upon termination of this Agreement, Dealers shall repay to CDF all
Obligations hereunder, plus interest accrued to the date of payment. If a Vendor is
disapproved for any reason set forth above, such disapproval will only affect Dealers’
ability to request, and CDF’s obligation to fund, subsequent advances and will not require
immediate repayment of previous advances with respect to inventory purchased from such
disapproved Vendor.

     (c) Pre-Owned Inventory Advances and Sublimits. Subject to the overall Maximum
Credit Amount set forth above and the terms and conditions of this Agreement, on and after
the Closing Date, CDF agrees to make cash advances to Dealers with respect to pre-owned
units of inventory; provided that such cash advances shall not exceed the Pre-Owned
Inventory Sublimit and must comply with the pre-owned inventory advance terms set forth
herein. Regardless of the amount of credit available to Dealers under the Maximum Credit
Amount hereunder, CDF shall not provide extensions of credit to Dealers in excess of twenty
million dollars ($20,000,000.00) with respect to used or pre-owned inventory (the
“Pre-Owned Inventory Sublimit”). Within such Pre-Owned Inventory Sublimit, (A) any
advances with respect to units with applicable valuations of five hundred thousand dollars
($500,000.00) or more shall require unit specific documentation (including an advance
request form), (B) CDF will not advance Dealers more than fifteen million dollars
($15,000,000.00) of such Pre-Owned Inventory Sublimit for used or pre-owned inventory with
applicable valuations of less than five hundred thousand dollars ($500,000.00) (the
“Other Pre-Owned Sublimit”), and (C) CDF will not advance Dealers more than ten
million dollars ($10,000,000.00) of such Pre-Owned Inventory Sublimit for used or pre-owned
inventory with applicable valuations of five hundred thousand dollars ($500,000.00) or more
(the “Specific Pre-Owned Sublimit”).

     (d) Advance Rates; Approvals. The advance rates with respect to pre-owned
inventory as well as additional details of the financing program are set forth in any
program terms letter executed by the parties hereto from time to time (collectively, the
“Program Terms Letter”), the terms of which are incorporated herein by this
reference. An “Approval” shall be defined as CDF’s indication to a Vendor that CDF
is willing to provide financing to Dealers with respect to a particular invoice or invoices.
Notwithstanding the foregoing, if any

Inventory Financing Agreement

2

 

particular Vendor shall be the subject of any bankruptcy, reorganization, arrangement,
insolvency, receivership, dissolution, liquidation or similar proceeding, CDF may reduce the
applicable advance rates set forth in the Program Terms Letter with respect to any inventory
sold by such Vendor after the date of such proceeding by up to ten percent (10%). This
Agreement concerns the extension of credit, and not the provision of goods or services.

     (e) Re-Advances. Subject to the overall Maximum Credit Amount set forth above
and the terms and conditions of this Agreement, on and after the Closing Date, CDF agrees to
make cash advances to Dealers with respect to units of inventory (excluding used or
pre-owned inventory) financed by CDF pursuant to Section 1(a) or 1(b) of this Agreement for
which Dealers may have previously made payments to CDF; provided that such units of
inventory have not previously been repaid in full, and further provided such cash advances
shall not exceed (a) 100% of the original invoice amount with respect to such units, less
(b) any curtailment amounts that have been required to be made with respect to such units
or, if such units were financed by CDF in connection with the Initial Advances, any
curtailment amounts that would have been required to be made with respect to such units if
CDF had financed 100% of the original invoice amount with respect to such units on or about
the applicable invoice date; provided, further, that such cash advances, in
the aggregate, shall not exceed the Re-Advance Sublimit specified in the Program Terms
Letter or, if not specified in such Program Terms Letter, twenty-five percent (25%) of the
Maximum Credit Amount within any thirty (30) day period.

     (f) Increases in Maximum Credit Amount. By delivery to CDF of a written notice
signed by each Dealer, Dealers may request an increase in the Maximum Credit Amount of up to
fifty million dollars ($50,000,000.00) and an increase in the sublimit for cash advances
with respect to used or pre-owned inventory of up to twenty percent (20%) of such
incremental amount; provided that, at the time of any such request and upon the
effectiveness of such increase, (i) no Default shall exist, and (ii) Dealers shall be in
compliance with each of the covenants contained in Section 7(c) of this Agreement. Any such
increase shall be at CDF’s sole and absolute discretion, subject to CDF’s prior written
consent and subject to such terms and conditions as CDF may elect, which shall be evidenced
by an amendment to this Agreement in form and substance acceptable to CDF.

     2. Financing Terms. Certain financial terms of any advance which CDF makes under this
Agreement are set forth in the Program Terms Letter. In connection with financing an item of
inventory for any Dealer, CDF will transmit or otherwise send to Dealer a “Transaction
Statement” which is a record that may be authenticated and transmitted by CDF to such Dealer
from time to time which identifies the Collateral financed and/or the advance made and the terms
and conditions of repayment of such advance as provided in this Agreement. Dealers agree that a
Dealer’s failure to notify CDF in writing of any objection to a Transaction Statement within thirty
(30) days after a Transaction Statement is transmitted or otherwise sent to such Dealer shall
constitute Dealers’ (a) acceptance thereof, (b) agreement that CDF is financing such inventory at
Dealers’ request, and (c) agreement that such Transaction Statement will be incorporated herein by
reference to the extent not inconsistent with the terms hereof. To the extent any Transaction
Statement is inconsistent with the terms hereof, this Agreement (including any applicable Program
Terms Letter) shall govern and control. If any Dealer objects to any Transaction Statement, such
Dealer and CDF will work in good faith to resolve such objection within sixty (60) days after the
applicable Transaction Statement is transmitted or otherwise sent to such Dealer. However,
notwithstanding such objection, Dealers will

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pay CDF for such inventory in accordance with this Agreement. With respect to any advance CDF
makes to a Vendor on behalf of a Dealer, CDF may apply against any such amount owed to Vendor any
amount CDF is owed from such Vendor with respect to Free Floor Periods (each, a “CDF
Credit”) or any other amounts CDF is owed from such Vendor. Notwithstanding the foregoing,
Dealers agree to pay the full amount reflected on any Transaction Statement.

     3. Security Interest.

     (a) Each Dealer hereby grants to CDF a security interest in all of the Collateral as
security for all Obligations to CDF under this Agreement.

     (b) “Collateral” means all personal property of each Dealer, whether such
property or such Dealer’s right, title or interest therein or thereto is now owned or
existing or hereafter acquired or arising, and wherever located, including without
limitation, all Accounts, Inventory, Equipment, other Goods, General Intangibles (including
without limitation, Payment Intangibles), Chattel Paper (whether tangible or electronic),
Instruments (including without limitation, Promissory Notes), Deposit Accounts, Investment
Property and Documents, any cash collateral such Dealer may have paid to CDF, and all
Products and Proceeds of the foregoing; provided that “Collateral” shall exclude (i)
all Fixtures (other than Goods affixed to Inventory) and (ii) all equipment leases and
agreements between Dealers and vendors, but only to the extent such leases and agreements
prohibit or restrict such Dealers from granting a security interest therein and such
prohibition or restriction is not ineffective under Article 9 of the Illinois Uniform
Commercial Code or any other applicable law, rule or regulation; provided,
further, that “Collateral” shall include (x) all Accounts and General Intangibles
arising under such equipment leases and agreements between Dealers and vendors and (y) all
payments and other property received or receivable in connection with any sale or other
disposition of such leases and agreements. Without limiting the foregoing, the Collateral
includes each Dealer’s right to all Vendor Credits (as defined below). Similarly, the
Collateral includes, without limitation, all books and records, electronic or otherwise,
which evidence or otherwise relate to any of the foregoing property, and all computers,
disks, tapes, media and other devices in which such records are stored. For purposes of
this Section 3 only, capitalized terms used in this Section 3, which are not otherwise
defined, shall have the meanings given to them in Article 9 of the Illinois Uniform
Commercial Code.

     (c) “Obligations” means all indebtedness and other obligations of any nature
whatsoever of each Dealer to CDF and/or to any person that at any time directly or
indirectly controls, is controlled by, or is under common control with CDF, any and all
direct and indirect subsidiaries, affiliates and parent companies of CDF and any and all
direct and indirect subsidiaries, affiliates and parent companies of any such person (each,
a “CDF Affiliate”), whether such indebtedness or other obligations arise under this
Agreement or any other existing or future agreement between or among any one or more
Dealers, CDF and/or a CDF Affiliate or otherwise, and whether for principal, interest, fees,
expenses, indemnification obligations or otherwise, and whether such indebtedness or other
obligations are existing, future, direct, indirect, acquired, contractual, noncontractual,
joint and/or several, fixed, contingent or otherwise.

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     (d) “Vendor Credits” means all of each Dealer’s rights to any price protection
payments, rebates, discounts, credits, factory holdbacks, incentive payments and other
amounts which at any time are due a Dealer from a Vendor.

     (e) CDF will not exercise sole dominion and control over any Deposit Account included
in the Collateral except as contemplated by Section 12 of this Agreement after a Default.

     4. Representations and Warranties. Each Dealer represents and warrants that at the
time of execution of this Agreement and at the time of each approval and each advance hereunder:

     (a) such Dealer is in good standing in its jurisdiction of organization and is
qualified to transact business in each other jurisdiction in which the nature of its
business or property requires such qualification, unless failure to so qualify could not
result, individually or in the aggregate, in a Material Adverse Effect (as defined below);

     (b) such Dealer does not conduct business under any trade styles or trade names except
as disclosed by such Dealer to CDF in writing and except to the extent that such conduct
could not result, individually or in the aggregate, in a Material Adverse Effect;

     (c) such Dealer has all the necessary authority to enter into and perform this
Agreement, and the execution, delivery and performance of this Agreement will not violate
(i) such Dealer’s organizational documents, (ii) any agreement binding upon it, unless such
violation could not result, individually or in the aggregate, in a Material Adverse Effect,
or (iii) any law, rule, regulation, order or decree, unless such violation could not result,
individually or in the aggregate, in a Material Adverse Effect;

     (d) such Dealer keeps its records respecting accounts and chattel paper at its chief
executive office identified below and keeps the Collateral only at locations permitted by
Section 5(b)(xiii) of this Agreement;

     (e) this Agreement correctly sets forth such Dealer’s true legal name, the type of its
organization, the jurisdiction in which such Dealer is incorporated or otherwise organized,
and such Dealer’s organizational identification number, if any, in each case, as of the date
hereof;

     (f) all information supplied by such Dealer to CDF, including any financial, credit or
accounting statements or application for credit, in connection with this Agreement is true,
correct and complete in all material respects;

     (g) all advances and other transactions hereunder are for business purposes and not for
personal, family, household or any other consumer purposes;

     (h) such Dealer has good title to all Collateral in which it purports to have any
interest;

     (i) there are no actions or proceedings pending or threatened against Dealers which
could reasonably be expected to result, individually or in the aggregate, in a Material
Adverse Effect; and

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     (j) on the Closing Date, neither a Default nor an event which, with the giving of
notice, the passage of time, or both, would result in a Default has occurred and is
continuing, and, at the time of each approval and each advance hereunder, a Default has not
occurred and is not continuing.

“Material Adverse Effect” means a material adverse effect in (i) Dealers’ business,
operations or financial condition, taken as a whole, (ii) the performance and enforceability of
this Agreement, (iii) any portion of the Collateral in excess of one million dollars
($1,000,000.00), or (iv) the perfection and priority of CDF’s Liens in the Collateral.

     5. Covenants.

     (a) Until sold as permitted by this Agreement, each Dealer shall own all of its
Collateral financed by CDF free and clear of all liens, security interests, claims and other
encumbrances, whether arising by agreement or operation of law (collectively
“Liens”), other than:

     (i) Liens in favor of CDF;

     (ii) purchase money Liens on Dealers’ new inventory manufactured by vendors that
have been disapproved by CDF;

     (iii) Liens on Dealers’ new, used and pre-owned inventory manufactured by
vendors that have been disapproved by CDF; provided that such Liens are
subject to subordination or intercreditor agreements in form and substance acceptable
to CDF, in its sole discretion, whereby CDF subordinates its Liens in such inventory;

     (iv) Liens for taxes, assessments or other governmental charges that are not due
or payable or that are due or payable, but are being diligently contested in good
faith by appropriate proceedings; provided that such contested taxes, assessments or
other governmental charges do not exceed five hundred thousand dollars ($500,000.00)
in aggregate at any time;

     (v) Liens of carriers, warehousemen, mechanics, materialmen and landlords
incurred in the ordinary course of business for sums not yet due or payable;
provided, however, that Liens of landlords are permitted only to the
extent that such Liens are subordinate to the Liens in favor of CDF pursuant to an
agreement in form and substance acceptable to CDF or if such subordination is not
required pursuant to the terms of the Program Terms Letter;

     (vi) Liens incurred in the ordinary course of business in connection with
workers’ compensation, unemployment insurance or other forms of governmental
insurance or benefits;

     (vii) existing Liens identified in Exhibit B to this Agreement, but only to the
extent securing the indebtedness identified in such Exhibit; provided that
the amount of

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such indebtedness does not exceed the outstanding amounts thereof on the date of
this Agreement;

     (viii) Liens for capital leases and equipment financing in a combined aggregate
amount not exceeding ten million dollars ($10,000,000.00), but only to the extent
encumbering the property leased under such capital leases or acquired with the
proceeds of such equipment financing; and

     (ix) Liens on or with respect to cash collateral to secure (a) obligations to
depository institutions with respect to deposit and treasury management services
provided by such institutions to Dealers of up to one million dollars ($1,000,000.00)
in the aggregate, and (b) reimbursement obligations under letters of credit of up to
three million five hundred thousand dollars ($3,500,000.00) in the aggregate;
provided that the amount of cash collateral securing the obligations
described in clauses (a) and (b) of this Section 5(a)(ix) shall not exceed three
million five hundred thousand dollars ($3,500,000.00) in the aggregate at any time.

     (b) Each Dealer will:

     (i) keep all Collateral at locations permitted by Section 5(b)(xiii) of this
Agreement and keep all tangible Collateral in good order, repair and operating
condition and insured as required herein;

     (ii) promptly file all tax returns required by law and promptly pay all taxes,
fees, and other governmental charges for which it is liable, including without
limitation all governmental charges against the Collateral or this Agreement;

     (iii) permit CDF and its designees, without notice, to inspect the Collateral
(including, without limitation, each certificate of title or statement of origin
issued for Collateral financed by CDF) during normal business hours and at any other
time CDF deems desirable (and such Dealer hereby grants CDF and its designees an
irrevocable license to enter such Dealer’s business locations during normal business
hours without notice to such Dealer to account for and inspect all Collateral and to
examine and copy such Dealer’s books and records related to the Collateral);

     (iv) keep complete and accurate records of its business, including inventory,
accounts and sales; and permit CDF and its designees to inspect and copy such records
upon request;

     (v) furnish CDF with such additional information regarding the Collateral and
such Dealer’s business and financial condition as CDF may from time to time
reasonably request (including without limitation financial statements and projections
more frequently than set forth below);

     (vi) immediately notify CDF of any material adverse change in the Dealers’
business, operations or financial condition taken as a whole or any reduction in the
aggregate value of the Collateral of five hundred thousand dollars ($500,000.00) or
more;

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     (vii) execute (or cause any third party in possession of Collateral to execute)
all documents CDF requests to perfect and maintain CDF’s security interest in the
Collateral;

     (viii) upon CDF’s request, (i) at any time the aggregate Obligations with
respect to any Collateral or Dealer located in Ohio exceeds five million dollars
($5,000,000.00), deliver to CDF immediately upon such request (and CDF may retain)
each certificate of title or statement of origin issued for such Collateral financed
by CDF, and (ii) at any time during the continuance of a Default, deliver to CDF
immediately upon such request (and CDF may retain) each certificate of title or
statement of origin issued for Collateral financed by CDF;

     (ix) at all times be duly organized, existing, in good standing, qualified and
licensed to do business in each jurisdiction in which the nature of its business or
property so requires;

     (x) notify CDF of the commencement of any material legal proceedings against
such Dealer;

     (xi) comply with all laws, rules and regulations applicable to such Dealer,
including without limitation, the USA PATRIOT ACT and all laws, rules and
regulations relating to import or export controls or anti-money laundering;

     (xii) conduct business only under such trade styles and trade names as such
Dealer has disclosed to CDF in writing prior to such conduct;

     (xiii) only permit Collateral to be located at locations described in Exhibit C
to this Agreement and at such other locations in the United States disclosed to CDF
in writing at least fifteen (15) days prior to such Dealer’s use of such location
(but excluding the locations of any consigned inventory), unless CDF otherwise agrees
to such location or consignment in writing (collectively, the “Permitted
Locations”); provided that such fifteen (15) day notice and CDF approval
shall not be required for inventory (including consigned inventory not financed by
CDF hereunder) with an aggregate invoice amount of less than five million dollars
($5,000,000.00) located at other locations (including locations outside of the United
States, but excluding boat shows) for up to thirty (30) days per unit and,
provided, further, that such notice shall be reduced to one (1) day
and CDF approval shall not be required for inventory (excluding consigned inventory)
with an aggregate invoice amount of less than five million dollars ($5,000,000.00)
located at boat shows for up to thirty (30) days; and

     (xiv) provide to CDF, when requested by CDF, a copy of such Dealer’s
organizational documents, and will provide to CDF any subsequent amendments thereto
bearing indicia of filing from the appropriate governmental authority, or such other
documents verifying such Dealer’s true and correct legal name as CDF may request from
time to time.

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     (c) Financial Covenants. Dealers covenant and agree that, so long as any of
the Obligations to CDF remain outstanding or this Agreement remains in effect, even if no
Obligations to CDF are outstanding, Dealers shall:

     (i) maintain at all times a ratio of Debt to Tangible Net Worth of not more than
2.75 to 1.0 measured as of fiscal quarter end June 30, 2010 and each successive
fiscal quarter end thereafter; and

     (ii) maintain at all times a Current Ratio of not less than 1.2 to 1.0 as of
fiscal quarter end June 30, 2010 and each successive fiscal quarter end thereafter.

For purposes of this Section 5(c), in each case calculated for Dealers on a consolidated
basis: “Current Ratio” shall mean the ratio, calculated in accordance with
generally accepted accounting principles as of the date hereof (“GAAP”), of (A)
current assets determined in accordance with GAAP to (B) current liabilities determined in
accordance with GAAP less balloon payments due on real estate loans which CDF in its
reasonable discretion expects to be refinanced; “Debt” shall mean all obligations,
contingent or otherwise, which, in accordance with GAAP, should be classified on the balance
sheet as liabilities, and in any event including capital leases, Contingent Liabilities that
are required to be disclosed and quantified in notes to financial statements in accordance
with GAAP, and liabilities secured by any Lien on any property regardless of whether such
secured liability is with or without recourse; “Tangible Net Worth” shall mean the
shareholders’ equity determined in accordance with GAAP, minus items treated as intangible
assets under GAAP, amounts owing by any employee, officer or other affiliate, other than
draws to commissioned and seasonally compensated employees and advances made for customary
travel expenses incurred in the conduct of Dealers’ business, and any other assets that
cannot be identified as tangible assets to CDF’s reasonable satisfaction; and
“Contingent Liabilities” shall mean any obligation, contingent or otherwise, of any
Dealer guaranteeing or having the economic effect of guaranteeing any Debt or obligation of
another in any manner, whether directly or indirectly, including without limitation any
obligation of such Dealer, direct or indirect, (X) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Debt or any security for the payment thereof, (Y)
to purchase property or services for the purpose of assuring the owner of such Debt of its
payment, or (Z) to maintain the solvency, working capital, equity, cash flow, fixed charge
or other coverage ratio, or any other financial condition of the primary obligor so as to
enable the primary obligor to pay any Debt or to comply with any agreement relating to any
Debt or obligation.

     (d) No Dealer will, without CDF’s prior written consent:

     (i) use (except for demonstration purposes), rent, lease, sell, transfer,
consign (except consigned inventory located at locations permitted by Section
5(b)(xiii) of this Agreement), license, encumber or otherwise dispose of any
Collateral except for sales of inventory at retail in the ordinary course of such
Dealer’s business and except for Collateral with an aggregate value not exceeding
five hundred thousand dollars ($500,000.00) in any one calendar year;

     (ii) sell or otherwise transfer inventory to a Dealer Affiliate (as defined
below), except in accordance with Section 5(e) of this Agreement;

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     (iii) engage in any other material transaction not in the ordinary course of
such Dealer’s business with respect to the Collateral or which would result,
individually or in the aggregate, in a Material Adverse Effect;

     (iv) change the nature of its business in any material manner or its legal
structure or be a party to a merger or consolidation (other than a merger or
consolidation of a Dealer with or into another Dealer) or change its type of
organization, its jurisdiction of incorporation or organization, or its
organizational identification number, if any;

     (v) change its name or conduct business under a trade style or trade name other
than those disclosed by such Dealer to CDF in writing without giving CDF at least
thirty (30) days’ prior written notice thereof;

     (vi) change its chief executive office or office where it keeps its records with
respect to accounts or chattel paper;

     (vii) change the state in which it is incorporated or otherwise organized
(except upon thirty (30) days’ prior written notice to CDF);

     (viii) finance on a secured basis with any Vendor or any third party the
acquisition of inventory of the same brand as any new inventory financed or to be
financed by CDF; or

     (ix) store Collateral financed by CDF with any third party except for Collateral
at locations permitted by Section 5(b)(xiii) of this Agreement.

For purposes of this Agreement, a “Dealer Affiliate” means any person that: (i)
directly or indirectly controls, is controlled by or is under common control with a Dealer,
(ii) directly or indirectly owns 5% or more of a Dealer, (iii) is a director, partner,
manager, or officer of a Dealer or an affiliate of a Dealer, or (iv) any natural person
related to a Dealer or an affiliate of a Dealer.

     (e) Notwithstanding the provisions of Section 5(d)(ii) of this Agreement, a Dealer may
sell or otherwise transfer inventory to another Dealer who is a signatory to this Agreement.
The parties agree that any such inventory that is sold or otherwise transferred at any time
by one Dealer to another shall be and remain Collateral and shall continue to secure the
Obligations.

     (f) Each Dealer, within ten (10) days of the end of each calendar year, will provide a
list of all locations where Collateral is or may be kept, including information as to
whether the property is owned or leased, any Liens or other encumbrances on such property,
and if leased, the name of the lessor, the lease term, and any other information CDF shall
request. If any Collateral location is subject to a mortgage, deed of trust, or other Lien
in favor of any person other than CDF, except any Lien permitted by Section 5(a) of this
Agreement, Dealers agree to promptly obtain an agreement from such person, waiving such
person’s Lien on the Collateral and providing CDF reasonable access thereto, in form and
substance acceptable to CDF and duly executed and delivered by such person.

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     (g) Within thirty (30) days after the Closing Date, Dealers shall provide CDF evidence
of the termination or release of all Liens in favor of Bank of America, N.A., as collateral
agent, on any and all property of Dealers and all other Liens on any and all property of
Dealers securing the obligations of Dealers under the Existing Financing Agreement.

     (h) Within thirty (30) days after the date hereof, Dealers shall have delivered to CDF
duly executed originals of tri-party blocked account agreements with respect to each deposit
account maintained by each Dealer other than deposit accounts with less than two hundred
fifty thousand dollars ($250,000.00) in the aggregate on deposit in all such deposit
accounts at any time.

     6. Insurance.

     (a) All risk of loss, damage to or destruction of Collateral shall at all times be on
Dealers. Each Dealer shall keep all of its tangible Collateral insured for full value
against all insurable risks, under policies delivered to CDF, on terms and with insurers
reasonably acceptable to CDF, with CDF as the loss payee (with respect to any claim in
excess of two hundred fifty thousand dollars ($250,000.00) per occurrence), assignee or
additional insured, as appropriate. Such insurance shall be subject to cancellation or
change only (i) upon ten (10) days written notice to CDF for non-payment of premium or (ii)
upon thirty (30) days written notice to CDF for all other reasons, and shall provide that
CDF’s interests will not be impaired by any failure of Dealers to comply with the terms of
such insurance or by any exercise of remedies by CDF with respect to the property insured.
With respect to any claim during the continuance of any Default, CDF is authorized, but not
required, to act as attorney-in-fact for each Dealer in adjusting and settling any insurance
claims under any such policy and in endorsing any checks or drafts drawn by insurers. To
facilitate the exercise of such rights by CDF, each Dealer has executed and delivered to CDF
a Power of Attorney, which CDF agrees not to exercise any rights under unless a Default has
occurred and is continuing. In addition, at any time (before and after the occurrence of
any Default), (A) each Dealer shall promptly remit to CDF in the form received, with all
necessary endorsements, all proceeds of such insurance which such Dealer may receive, and
(B) CDF, at its election, shall either apply any proceeds of insurance it may receive toward
payment of the Obligations or pay such proceeds to such Dealer or any other Dealer.

     (b) Except as otherwise required by Section 6(a) of this Agreement, Dealers shall (i)
keep their insurable property adequately insured at all times by financially sound and
reputable insurers to such extent and against such risks, including fire and other risks
insured against by extended coverage, as is customary with companies similarly situated and
in the same or similar businesses, (ii) maintain in full force and effect public liability
and workers compensation insurance, in amounts customary for such similar companies to cover
normal risks, by insurers reasonably satisfactory to CDF, and (iii) maintain such other
insurance as may be required by law or reasonably requested by CDF. Dealers shall deliver
evidence of renewal of each insurance policy on or before the date of its expiration, and
from time to time shall deliver to CDF, upon demand, evidence of the maintenance of such
insurance. Dealers shall delivery promptly to CDF copies of all reports provided to
insurers by any Dealer.

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     (c) The following notice is given pursuant to Section 180/15 of the Collateral
Protection Act set forth in Chapter 815 Section 180/1 of the Illinois Compiled Statutes;
nothing contained in such notice shall be deemed to limit or modify the terms of this
Agreement: UNLESS DEALER PROVIDES EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY DEALERS’
AGREEMENT WITH CDF, CDF MAY PURCHASE INSURANCE AT DEALERS’ EXPENSE TO PROTECT CDF’S INTEREST
IN SUCH DEALER’S COLLATERAL. THIS INSURANCE MAY, BUT NEED NOT, PROTECT SUCH DEALER’S
INTEREST. THE COVERAGE THAT CDF PURCHASES MAY NOT PAY ANY CLAIM THAT SUCH DEALER MAKES OR
ANY CLAIM THAT IS MADE AGAINST SUCH DEALER IN CONNECTION WITH THE COLLATERAL. SUCH DEALER
MAY LATER CANCEL ANY INSURANCE PURCHASED BY CDF, BUT ONLY AFTER PROVIDING CDF EVIDENCE THAT
SUCH DEALER HAS OBTAINED INSURANCE AS REQUIRED UNDER THIS AGREEMENT. IF CDF PURCHASES
INSURANCE FOR ANY COLLATERAL, DEALERS WILL BE RESPONSIBLE FOR THE COSTS OF THAT INSURANCE,
INCLUDING THE INSURANCE PREMIUM, INTEREST AND ANY OTHER CHARGES CDF MAY IMPOSE IN CONNECTION
WITH THE PLACEMENT OF THE INSURANCE, UNTIL THE EFFECTIVE DATE OF THE CANCELLATION OR
EXPIRATION OF THE INSURANCE. THE COSTS OF THE INSURANCE MAY BE ADDED TO DEALERS’ TOTAL
OUTSTANDING BALANCE OR OBLIGATION. THE COSTS OF THE INSURANCE MAY BE MORE THAN THE COST OF
INSURANCE A DEALER MAY BE ABLE TO OBTAIN ON ITS OWN.

     7. Financial Statements. Unless waived by CDF, Dealers will deliver to CDF, in a form
reasonably satisfactory to CDF: (a) Dealers’ audited year-end balance sheet and audited annual
profit and loss statement for each fiscal year after the date hereof, prepared on a consolidated
basis, within twenty (20) days after the same are prepared but in no event later than one hundred
and twenty (120) days after the end of each fiscal year, accompanied by an unqualified opinion of
independent certified public accountants acceptable to CDF; (b) within sixty (60) days after the
end of each of such Dealers’ fiscal quarters, a reasonably detailed balance sheet and income
statement as of the last day of such quarter covering Dealers’ operations on a consolidated basis
for such quarter; (c) within thirty (30) days after the end of Dealers’ fiscal months, a reasonably
detailed balance sheet and income statement as of the last day of such month covering Dealers’
operations for such month, on a consolidated basis; (d) within forty-five (45) days prior to
Dealers’ year-end, Dealers’ financial projections for the next fiscal year on a consolidated basis;
and (e) within ten (10) days after CDF’s reasonable request, any other information relating to the
Collateral or the financial condition of any Dealer or Dealers. Each Dealer represents that all
financial statements and information which have been or may hereafter be delivered by Dealers are
and will be true and correct in all material respects and, with respect to all quarterly and annual
financial statements, prepared in accordance with GAAP consistently applied in all material
respects, and there has been no material adverse change in the financial or business condition of
Dealers, taken as a whole, since the submission to CDF of such financial statements, and Dealers
acknowledge CDF’s reliance thereon.

     8. Payment Terms. Each Dealer will pay CDF the principal amount of the Obligations
owed CDF on each item of Collateral financed by CDF upon the occurrence of any of the following
events, subject to the Program Terms Letter: (a) when such Collateral is lost, stolen or materially
damaged and such loss or damage is the subject of an insurance claim payable to CDF as loss payee,
(i) a portion of the principal amount of the Obligations with respect to such Collateral equal to
such principal amount, minus the insurance claim amount (net of any applicable deductible)
immediately

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after such loss or damage or after the determination of the claim amount or the deductible
amount, as applicable, and (ii) the remaining principal amount of the Obligations with respect to
such Collateral immediately upon the earlier of (A) receipt of any proceeds of such insurance
(including, without limitation, receipt of any proceeds made payable to such Dealer and CDF
jointly) or rejection or denial of such claim and (B) thirty (30) days (or such later date as CDF
may agree in writing) after such loss or damage; (b) when such Collateral is lost, stolen or
materially damaged and such loss or damage is not the subject of an insurance claim payable to CDF
as loss payee, immediately after such loss or damage; (c) when Collateral is sold, transferred,
rented, leased, consigned (unless Dealer has complied with CDF’s documentation requirements and CDF
has consented in writing to such consignment arrangement), otherwise disposed of, or its payment
term has matured, immediately upon the earlier of (i) Dealer’s receipt of the proceeds thereof, and
(ii) seven (7) calendar days after such occurrence; and (d) when otherwise required under the terms
of this Agreement. In addition, each Dealer will pay CDF the required principal amount of the
Obligations owed CDF on each item of Collateral financed by CDF in strict accordance with any
curtailment schedule or other curtailment or repayment provisions for such Collateral as described
in the Program Terms Letter. The initial payment terms, curtailment terms and advance rates with
respect to Dealers’ financing program hereunder are set forth in the Program Terms Letter.
Subsequent financing program terms, or changes to Dealers’ then current financing program terms,
may be set forth in an amended Program Terms Letter executed by the parties hereto. If a Dealer is
required to make immediate payment to CDF of any past due obligation discovered during any
Collateral review, or at any other time, CDF’s acceptance of such payment shall not be construed to
have waived or amended the terms of its financing program. Each Dealer will send all payments to
CDF as directed. CDF may apply: (1) payments to reduce finance charges first and then principal,
regardless of a Dealer’s instructions; and (2) principal payments to the oldest (earliest) invoice
for Collateral financed by CDF, but, in any event, all principal payments, may, in CDF’s sole
discretion, first be applied to such Collateral which is sold, lost, stolen, damaged, rented,
leased, or otherwise disposed of or unaccounted for. Any Vendor Credit granted to any Dealer for
any Collateral will not reduce the Obligations Dealers owe CDF until CDF has received payment
therefor in cash. Each Dealer will: (A) pay CDF even if any Collateral is defective or fails to
conform to any warranties extended by any third party; and (B) indemnify and hold CDF harmless
against all claims and defenses asserted by any buyer of any Collateral. Each Dealer waives all
rights of setoff such Dealer may have against CDF. Any payment hereunder which would otherwise be
due on a day which is not a Business Day, shall be due on the next succeeding Business Day, with
such extension of time included in any calculation of applicable finance charges. In addition to
the other provisions of this Agreement, in order to adequately secure Dealers’ Obligations to CDF,
Dealers shall, at CDF’s request, immediately pay CDF the amount necessary to reduce the sum of
outstanding advances hereunder to an amount which does not exceed the amount available to be
borrowed pursuant to the provisions of the Program Terms Letter. For purposes of this Agreement,
“Business Day” means any day the Federal Reserve Bank of Chicago is open for the
transaction of business.

     9. Calculation of Charges.

     (a) Dealers shall pay fees, charges and interest (collectively, “Charges”) with
respect to each advance in accordance with the Agreement and pursuant to the terms of the
Program Terms Letter. Dealers shall pay CDF its customary Charges for any check or other
item which is returned unpaid to CDF. Unless otherwise provided in the Agreement, the
following additional provisions shall be applicable to Charges: (i) any reference to
“One month Libor” rate shall mean for any calendar month the “One month Libor” rate
published in the “Money Rates” column of The Wall Street Journal on the first
Business Day of such month; (ii)

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all Charges shall be paid by Dealers monthly pursuant to the terms of the billing
statement in which such Charges appear; (iii) interest on each advance and principal amount
of the Obligations related thereto shall be computed each calendar month on the sum of the
daily balances thereof during such month divided by thirty (30) and (A) in the case where a
monthly rate of interest is provided for, multiplied by the monthly rate provided for in the
Agreement; or (B) in the case where an annual rate of interest is provided for, multiplied
by one-twelfth of the annual rate provided for in the Agreement; or (C) in the case where a
daily rate of interest is provided for, multiplied by such daily rate and multiplied by
thirty (30); (iv) interest on an advance shall begin to accrue on the Start Date which shall
be defined as the earlier of: (A) the invoice date referred to in the Vendor’s invoice; or
(B) the ship date referred to in the Vendor’s invoice; or (C) the date CDF makes such
advance; provided, however, if a Vendor fails to fully pay, by honoring or
paying any CDF Credit or otherwise, the interest or other cost of financing such inventory
during the period between the Start Date and the end of the Free Floor Period (as defined
below), then Dealers shall pay such interest to CDF on demand as if there were no Free Floor
Period with respect to such inventory; (v) for the purpose of computing Charges, any payment
will be credited pursuant to CDF’s payment recognition policy, as in effect from time to
time; and (vi) advances or any part thereof not paid when due (and Charges not paid when
due, at the option of CDF, shall become part of the principal amount of the Obligations and)
shall bear interest at the Default Rate (as defined below). For purposes of this Agreement,
the following definitions shall apply: “Default Rate” shall mean the lesser of 3%
per annum above the rate in effect immediately prior to the Default or the highest lawful
contract rate of interest permitted under applicable law; “Free Floor Period” shall
mean a period equal to the number of days during which a Vendor agrees to assume the cost of
financing Collateral purchased by a Dealer by granting CDF a CDF Credit.

     (b) CDF intends to strictly conform to the usury laws governing this Agreement.
Regardless of any provision contained herein, in any Transaction Statement, or in any other
document, CDF shall never be deemed to have contracted for, charged or be entitled to
receive, collect or apply as interest, any amount in excess of the maximum amount allowed by
applicable law. If CDF ever receives any amount which, if considered to be interest, would
exceed the maximum amount permitted by law, CDF will apply such excess amount to the
reduction of the unpaid principal balance which any Dealer owes, and then will pay any
remaining excess to such Dealer. In determining whether the interest paid or payable
exceeds the highest lawful rate, Dealers and CDF shall, to the maximum extent permitted
under applicable law, (1) characterize any non-principal payment (other than payments which
are expressly designated as interest payments hereunder) as an expense or fee rather than as
interest, (2) exclude voluntary pre-payments and the effect thereof, and (3) spread the
total amount of interest throughout the entire term of this Agreement so that the interest
rate is uniform throughout such term. CDF will recognize and credit payments made by check,
ACH, federal wire, or other acceptable means, according to its payment recognition policies
from time to time in effect, or as otherwise agreed. Information regarding CDF payment
recognition policies is available from Dealers’ CDF representative or the CDF website, or
will be communicated pursuant to Section 10(b) of this Agreement.

     10. Billing Statement/Fees; Right to Modify Charges and Other Terms.

     (a) CDF will transmit or otherwise send to each Dealer a monthly billing statement
identifying all charges due on such Dealer’s account with CDF. The charges specified on
each

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billing statement will be (1) due and payable no later than the fifteenth
(15th) day of the month in which such billing statement is transmitted to or
received by Dealer, and (2) an account stated, unless CDF receives a Dealer’s written
objection thereto within fifteen (15) days after it is transmitted or otherwise sent to
Dealers. If CDF does not receive, by the 25th day of any given month, payment of
all charges accrued to a Dealer’s account with CDF during the immediately preceding month,
Dealers will (to the extent allowed by law) pay CDF a late fee equal to the greater of five
dollars ($5.00) or five percent (5%) of the amount of such charges (payment of such fee does
not waive the default caused by the late payment). CDF may adjust the billing statement at
any time to conform to applicable law and this Agreement.

     (b) CDF may charge one or more fees in connection with the servicing and administration
of a Dealer’s account, as set forth herein and in the Program Terms Letter.

     11. Default. The occurrence of one or more of the following events shall constitute a
default by Dealers (a “Default”):

     (a) a Dealer shall either (1) fail to pay any principal amount of Obligations owed to
CDF when due (without any grace period) or (2) fail to pay any interest or other Obligations
owed to CDF within fifteen (15) days after the due date therefore;

     (b) any representation made to CDF by or on behalf of Dealers shall not be true when
made;

     (c) if a Dealer shall breach any covenant (other than any covenant contained in Section
5(c) of this Agreement), warranty or agreement to or with CDF and such breach shall not be
cured within thirty (30) days after the earlier of (i) knowledge thereof by an officer of
any Dealer and (ii) written notice of such breach is delivered by CDF to any Dealer;
provided that, if such breach is subject to cure and Dealers are diligently pursuing
cure by appropriate means at the end of such thirty (30) days, then Dealers shall have an
additional thirty (30) days thereafter to complete the cure of such breach;
provided, however, that, if such breach is of the covenant contained in
Section 5(h) of this Agreement, the cure periods set forth herein shall not apply and such
breach shall immediately result in a Default hereunder;

     (d) Dealers shall breach any covenant contained in Section 5(c) of this Agreement as of
the end of two (2) consecutive fiscal months or as of the end of more than two (2) months in
any twelve (12) month period;

     (e) a Dealer (including, if a Dealer is a partnership or limited liability company, any
partner or member of a Dealer) shall die, become insolvent or generally fail to pay its
debts as they become due or, if a business, shall cease to do business as a going concern
other than mergers or consolidations permitted by Section 5(d)(iv) of this Agreement;

     (f) any letter of credit provided by a Dealer to CDF with respect to any Obligations or
Collateral shall terminate or not be renewed at least sixty (60) days prior to its stated
expiration or maturity;

     (g) a Dealer abandons any Collateral with an aggregate value exceeding five hundred thousand
dollars ($500,000.00) in any twelve (12) month period;

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NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL TREATMENT REQUEST.

     (h) a Dealer shall make an assignment for the benefit of creditors, or commence a
proceeding with respect to itself under any bankruptcy, reorganization, arrangement,
insolvency, receivership, dissolution or liquidation statute or similar law of any
jurisdiction, or any such proceeding shall be commenced against it or any of its property
and such proceeding commenced against it or any of its property shall not be dismissed or
otherwise discharged within sixty (60) days thereafter (an “Automatic Default”);

     (i) an attachment, sale or seizure shall be issued or shall be executed against assets
of any Dealer with a value exceeding five hundred thousand dollars ($500,000.00) in the
aggregate in any twelve (12) month period;

     (j) a Dealer shall file or authorize the filing of any correction or termination
statement with respect to any Uniform Commercial Code (the “UCC”) filing made by CDF
in connection herewith;

     (k) any third party shall file any correction or termination statement with respect to
any UCC filing made by CDF in connection herewith and Dealers shall fail to perfect CDF’s
security interest in the Collateral and re-establish the first-priority thereof within
thirty (30) days after the filing of such correction or termination statement;

     (l) a material adverse change shall occur in the business, operations or financial
condition of Dealers, taken as a whole;

     (m) (i) a Dealer fails to make any payment in excess of [****] when due with respect to
any debt owed to any third party of [****] or more in the aggregate and such failure shall
continue after any applicable notice, grace or cure period therefor; or (ii) a default shall
occur, or a Dealer shall give or receive notice of default, with respect to any debt owed to
any third party of one million dollars ($1,000,000.00) or more in the aggregate and such
default shall entitle such third party to declare such debt due and payable prior to its
stated maturity or to exercise any other right or remedy or take any adverse action with
respect thereto; or (iii) a default shall occur, or a Dealer shall give or receive notice of
default, with respect to any debt owed to any third party of two hundred fifty thousand
dollars ($250,000.00) or more in the aggregate and such third party shall have declared such
debt due and payable prior to its stated maturity or exercised any other right or remedy or
taken any adverse action with respect thereto;

     (n) (i) a Dealer fails to make any payment in excess of [****] when due with respect to any
debt or other obligation owed to any CDF Affiliate of [****] or more in the aggregate and
such failure shall continue after any applicable notice, grace or cure period therefor; or
(ii) a default shall occur, or a Dealer shall give or receive notice of default, with
respect to any debt or other obligation owed to any CDF Affiliate of one hundred thousand
dollars ($100,000.00) or more in the aggregate and such default shall entitle such CDF
Affiliate to declare such debt due and payable prior to its stated maturity or to exercise
any other right or remedy or take any adverse action with respect thereto; or (iii) a
default shall occur, or a Dealer shall give or receive notice of default, with respect to
any debt or other obligation owed to any CDF Affiliate of twenty-five thousand dollars
($25,000.00) or more in the aggregate and such

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CDF Affiliate shall have declared such debt due and payable prior to its stated
maturity or exercised any other right or remedy or taken any adverse action with respect
thereto; or

     (o) any final judgment against any Dealer for the payment of one million dollars
($1,000,000.00) or more in excess of insurance, and such judgment shall remain unstayed and
unpaid for over thirty (30) days; or

     (p) any events shall occur which, but for the dollar thresholds set forth in this
Section 11, would constitute Defaults hereunder and, in the aggregate, such events relate to
asset values, Collateral values, or payments in excess of two million dollars
($2,000,000.00) in any twelve (12) month period.

     12. Rights and Remedies Upon Default. Upon the occurrence of a Default, CDF shall
have all rights and remedies of a secured party under the UCC as in effect in any applicable
jurisdiction and other applicable law and all the rights and remedies set forth in this Agreement.
Upon the occurrence of a Default, CDF may terminate any obligations it has under this Agreement and
any outstanding credit approvals immediately and/or declare any and all Obligations immediately due
and payable without notice or demand. Each Dealer waives notice of intent to accelerate, and of
acceleration of any Obligations. Upon the occurrence of a Default, CDF may exercise control over
any Deposit Accounts (as defined in Article 9 of the Illinois Uniform Commercial Code) included in
the Collateral and apply any balances on deposit therein to the Obligations in such order and
amount as CDF may elect. Upon the occurrence of a Default, CDF may enter any premises of any one
or more of Dealers, with or without process of law, without force, to search for, take possession
of, and remove the Collateral, or any part thereof. Upon the occurrence of a Default, if CDF
requests, each Dealer shall cease disposition of and shall assemble the Collateral and make it
available to CDF, at Dealers’ expense, at a convenient place or places designated by CDF. Upon the
occurrence of a Default, CDF may take possession of the Collateral or any part thereof on any one
or more of Dealers’ premises and cause it to remain there at Dealers’ expense, pending sale or
other disposition. Each Dealer agrees that the sale of inventory by CDF to a person who is liable
to CDF under a guaranty, endorsement, repurchase agreement or the like shall not be deemed to be a
transfer subject to UCC §9-618 or any similar provision of any other applicable law, and each
Dealer waives any provision of such laws to that effect. Each Dealer agrees that the repurchase of
inventory by a Vendor pursuant to a repurchase agreement with CDF shall be a commercially
reasonable method of disposition. Dealers shall be jointly and severally liable to CDF for any
deficiency resulting from CDF’s disposition of any Collateral, including without limitation a
repurchase by a Vendor, regardless of any subsequent disposition thereof. No Dealer is a
beneficiary of, nor has any right to require CDF to enforce, any repurchase agreement. Any notice
of a disposition shall be deemed reasonably and properly given if given to a Dealer at least ten
(10) days before such disposition. If a Dealer fails to perform any of its obligations under this
Agreement, CDF may perform the same in any form or manner CDF in its reasonable discretion deems
necessary or desirable, and all monies paid by CDF in connection therewith shall be additional
Obligations and shall be immediately due and payable without notice together with interest payable
on demand at the Default Rate. All of CDF’s rights and remedies shall be cumulative. At CDF’s
request, or without request in the event of an Automatic Default, each Dealer shall pay all Vendor
Credits to CDF as soon as the same are received for application to the Obligations. Each Dealer
authorizes CDF to collect such amounts directly from Vendors and, upon request of CDF, shall
instruct Vendors to pay CDF directly. Each Dealer irrevocably waives any requirement that CDF
retain possession and not dispose of any Collateral until after an arbitration
hearing, arbitration award, confirmation, trial or final judgment or appeal thereof. During
the

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continuation of a Default, CDF’s election to extend or not extend credit to a Dealer is solely
at CDF’s discretion. If a Default is in effect, and without regard to whether CDF has accelerated
any Obligations, CDF may, without notice, apply the Default Rate.

     13. Power of Attorney. Each Dealer authorizes CDF to: (a) file financing statements
describing CDF as “Secured Party,” such Dealer as “Debtor” and indicating the Collateral; (b)
authenticate, execute or endorse on behalf of such Dealer any instruments, chattel paper,
certificates of title, manufacturer statements of origin, builder’s certificate, financing
statements and amendments thereto, or other notices or records comprising or related to Collateral
or evidencing financing under the Agreement or evidencing or maintaining the perfection of the
security interest granted hereby, as attorney-in-fact for such Dealer; and (c) supply any omitted
information and correct errors in any documents between CDF and such Dealer. This power of
attorney and the other powers of attorney granted herein are irrevocable and coupled with an
interest.

     14. Collection and Other Costs. Dealers shall pay to CDF on demand all reasonable
attorneys’ fees and legal expenses and other costs and expenses incurred by CDF in connection with
establishing, perfecting, maintaining perfection of, protecting and enforcing its Lien on the
Collateral and collecting any Obligations, or in connection with the negotiation and execution of
this Agreement and any modification thereof, any Default or in connection with any action or
proceeding under any bankruptcy or insolvency laws or incurred pursuant to an arbitration
proceeding involving a Dealer or any Collateral. All fees, expenses, costs and other amounts
described in this Section 14 shall constitute Obligations, shall be secured by the Collateral and
interest shall accrue thereon at the Default Rate.

     15. Information. Each Dealer irrevocably authorizes CDF to investigate and make
inquiries of former, current, or future creditors or other persons and credit bureaus regarding or
relating to Dealers (including, to the extent permitted by law, any equity holders of any Dealer,
unless the equity of such Dealer is publicly-traded on a recognized exchange). CDF may provide to
any CDF Affiliate or any third parties any financial, credit or other information regarding Dealers
that CDF may at any time possess, whether such information was supplied by Dealers to CDF or
otherwise obtained by CDF. Further, each Dealer irrevocably authorizes and instructs any third
parties (including without limitation, any Vendors or customers of Dealers) to provide to CDF any
credit, financial or other information regarding Dealers that such third parties may at any time
possess, whether such information was supplied by any Dealer to such third parties or otherwise
obtained by such third parties.

     16. Dealers’ Claims Against Vendors. No Dealer will assert against CDF any claim or
defense such Dealer may have against any Vendor whether for breach of contract, warranty,
misrepresentation, failure to ship, lack of authority, or otherwise, including without limitation
claims or defenses based upon charge backs, credit memos, rebates, price protection payments or
returns. Any such claims or defenses or other claims or defenses a Dealer may have against a Vendor
shall not affect Dealers’ liabilities or obligations to CDF.

     17. Term and Termination. Unless sooner terminated as provided in this Agreement, the
term of this Agreement shall be for three (3) years from the date hereof and, if CDF provides
written notice to Dealers of CDF’s intent to renew the current term at least (ninety) 90 days prior
to the end of the then current term, at CDF’s sole election, the term of this Agreement shall
automatically renew for
up to two successive one year periods thereafter. Upon termination of this Agreement, all
Obligations to CDF hereunder shall become immediately due and payable without notice or demand.
Upon any

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termination, Dealers shall remain fully and jointly and severally liable to CDF for all
Obligations hereunder, including without limitation all fees, expenses and charges, arising prior
to or after termination, and all of CDF’s rights and remedies and its security interest shall
continue until all Obligations to CDF hereunder are paid and all obligations of Dealers to CDF
hereunder are performed in full. All waivers and indemnifications in CDF’s favor, and the
agreement to arbitrate, set forth in this Agreement will survive any termination of this Agreement.

     18. Binding Effect. No Dealer may assign its interest in this Agreement without CDF’s
prior written consent. CDF may assign or participate CDF’s interest, in whole or in part, without
Dealers’ consent; provided that CDF shall retain a majority interest in this Agreement,
unless a Default or any event which, with the giving of notice, the passage of time, or both would
result in a Default, shall have occurred and be continuing at the time of such assignment or
participation. This Agreement will protect and bind CDF’s and each Dealer’s respective heirs,
representatives, successors and assigns, as the case may be.

     19. Notices. Except as required by law or as otherwise provided herein, all notices
or other communications to be given under the Agreement or under the UCC shall be in writing served
either personally, by deposit with a reputable overnight courier with charges prepaid, or by
deposit in the United States mail, first-class postage prepaid or provided for, addressed to
Dealers at their chief executive offices shown below or to any office to which CDF sends billing
statements, or to CDF at its address shown in the preamble hereto, to the attention of its Credit
Department, or at such other address designated by such party by notice to the other. Any such
communication shall be deemed to have been given upon delivery in the case of personal delivery,
one Business Day after deposit with an overnight courier or three (3) Business Days after deposit
in the United States mail except that any notice of change of address shall not be effective until
actually received.

     20. Severability. If any provision of this Agreement or its application is invalid or
unenforceable, the remainder of this Agreement will not be impaired or affected and will remain
binding and enforceable.

     21. Receipt of Agreement. Each Dealer acknowledges that it has received a true and
complete copy of this Agreement. Each Dealer has read and understands this Agreement.
Notwithstanding anything herein to the contrary, CDF may rely on any facsimile copy, electronic
data transmission, or electronic data storage of: this Agreement, any Transaction Statement,
billing statement, financing statement, authorization to pre-file financing statements, invoice
from a Vendor, financial statements or other reports, which will be deemed an original, and the
best evidence thereof for all purposes.

     22. Acceptance by CDF. CDF may accept this Agreement by issuance of an approval to a
Vendor for the purchase of inventory by Dealers or by making an advance hereunder.

     23. Miscellaneous. Time is of the essence regarding each Dealer’s
performance of its obligations to CDF. Each Dealer’s liability to CDF is direct and
unconditional and will not be affected by the release or nonperfection of any security
interest granted hereunder. CDF may refrain from or postpone enforcement of this
Agreement or any other agreements between CDF and a Dealer without prejudice,
and the failure to strictly enforce these agreements will not create a course
of dealing which waives, amends or modifies such agreements. Any waiver by CDF
of a Default shall only be effective if in writing signed by CDF and
transmitted to a Dealer. The express terms of this Agreement will not

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be modified by any course of dealing, usage of trade, or custom of trade which may
deviate from the terms hereof. If a Dealer fails to pay any taxes, fees or other obligations which
may materially impair CDF’s interest in the Collateral, or fails to keep any Collateral insured,
CDF may, but shall not be required to, pay such amounts. Such paid amounts will be: (a) additional
Obligations which Dealers owe to CDF, which are subject to finance charges as provided herein and
shall be secured by the Collateral; and (b) due and payable immediately in full upon demand to
Dealers. Section titles used herein are for convenience only, and do not define or limit the
contents of any Section. All words used herein shall be understood and construed to be of such
number and gender as the circumstances may require. This Agreement may be validly executed in one
or more multiple counterpart signature pages. This Agreement shall be construed without
presumption for or against any party who drafted all or any portion of this Agreement. No
modification of this Agreement shall bind CDF unless in a writing signed by CDF and transmitted to
Dealers. Among other symbols, CDF hereby adopts “GE Commercial Distribution Finance Corporation,”
“GE Commercial Distribution Finance,” “GECDF” or “CDF” as evidence of its intent to authenticate a
record.

     24. List of Dealers. The following persons are parties to this Agreement as Dealers:

	 	 	 	 	 
	DEALER NAME	 	TYPE OF ENTITY	 	JURISDICTION
	MarineMax, Inc.

	 	corporation
	 	Delaware
	MarineMax East, Inc.

	 	corporation
	 	Delaware
	MarineMax Services, Inc.

	 	corporation
	 	Delaware
	MarineMax Northeast, LLC

	 	limited liability company
	 	Delaware
	Boating Gear Center, LLC

	 	limited liability company
	 	Delaware
	US Liquidators, LLC

	 	limited liability company
	 	Delaware
	Newcoast Financial Services, LLC

	 	limited liability company
	 	Delaware

     25. Limitation of Remedies and Damages. In the event there is any dispute under this
Agreement, the aggrieved party shall not be entitled to exemplary or punitive damages so that the
aggrieved party’s remedy in connection with any action arising under or in any way related to this
Agreement shall be limited to a breach of contract action and any damages in connection therewith
are limited to actual and direct damages, except that CDF may seek equitable relief in connection
with any judicial repossession of, or temporary restraining order with respect to, the Collateral.

     26. BINDING ARBITRATION.

     (a) Arbitrable Claims. Except as otherwise specified below, all actions,
disputes, claims and controversies under common law, statutory law or in equity of any type
or nature whatsoever, whether arising before or after the date of this Agreement, and
whether directly or indirectly relating to: (a) this Agreement and/or any amendments and
addenda hereto, or the breach, invalidity or termination hereof; (b) any previous or
subsequent agreement between CDF and any one or more Dealers; (c) any act committed by CDF
or by any parent company, subsidiary or affiliated company of CDF (the “CDF
Companies”), or by any employee, agent, officer or director of a CDF Company whether or
not arising within the scope and course of employment or other contractual representation of
the CDF Companies provided that such act arises under a relationship, transaction or dealing
between CDF and any one or more Dealers; and/or (d) any other relationship, transaction or
dealing between or among CDF and any one or more Dealers (collectively the
“Disputes”), will be subject to and resolved by binding arbitration.
Notwithstanding the foregoing, the parties agree that either party may pursue

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claims against the other that do not exceed Fifteen Thousand Dollars ($15,000.00) in
the aggregate in a court of competent jurisdiction. Service of arbitration claims shall be
acceptable if made by U.S. mail or overnight delivery to the address for the party described
herein.

     (b) Administrative Body. All arbitration hereunder will be conducted in
accordance with the Commercial Arbitration Rules of either: (a) The American Arbitration
Association (“AAA”); or (b) United States Arbitration & Mediation (“USA&M”).
The party first filing an arbitration claim shall designate which arbitration forum and
rules are to be applied for all disputes between the parties. The arbitration rules are
currently found at www.adr.org for AAA, and at www.usam-midwest.com for USA&M. AAA claims
may be filed in any AAA office. Claims filed with USA&M shall be filed in its Midwest
office located at 720 Olive Street, Suite 2020, St. Louis, Missouri 63101. All
arbitrator(s) selected will be attorneys with at least five (5) years secured transactions
experience. A panel of three arbitrators shall hear all claims exceeding One Million
Dollars ($1,000,000.00), exclusive of interest, costs and attorneys’ fees. The
arbitrator(s) will decide if any inconsistency exists between the rules of the applicable
arbitral forum and the arbitration provisions contained herein. If such inconsistency
exists, the arbitration provisions contained herein will control and supersede such rules.
The arbitrator shall follow the terms of this Agreement and the applicable law, including
without limitation, the attorney-client privilege and the attorney work product doctrine.

     (c) Hearings. Each party hereby consents to a documentary hearing for all
arbitration claims by submitting the dispute to the arbitrator(s) by written briefs and
affidavits, along with relevant documents. However, arbitration claims will be submitted by
way of an oral hearing if any party requests an oral hearing within forty (40) days after
service of the claim and that party remits the appropriate deposit for fees and arbitrator
compensation within ten (10) days of making the request. Each party agrees that failure
to timely pay all fees and arbitrator compensation billed to the party requesting the oral
hearing will be deemed such party’s consent to submitting the Dispute to the arbitrator on
documents and such party’s waiver of its request for an oral hearing. The site of all oral
arbitration hearings will be in the Division of the Federal Judicial District in which the
designated arbitration association maintains a regional office that is closest to Dealers.

     (d) Discovery. Discovery permitted in any arbitration proceeding commenced
hereunder is limited as follows. No later than forty (40) days after the filing and service
of a claim for arbitration, the parties in contested cases will exchange detailed statements
setting forth the facts supporting the claim(s) and all defenses to be raised during the
arbitration, and a list of all exhibits and witnesses. No later than twenty-one (21) days
prior to the oral arbitration hearing, the parties will exchange a final list of all
exhibits and all witnesses, including any designation of any expert witness(es) together
with a summary of their testimony; a copy of all documents and a detailed description of any
property to be introduced at the hearing. Under no circumstances will the use of
interrogatories, requests for admission, requests for the production of documents or the
taking of depositions be permitted. However, in the event of the designation of any expert
witness(es), the following will occur: (i) all information and documents relied upon by the
expert witness(es) will be delivered to the opposing party; (ii) the opposing party will be
permitted to depose the expert witness(es); (iii) the opposing party will be permitted to
designate rebuttal expert witness(es); and (iv) the arbitration hearing will be

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continued to the earliest possible date that enables the foregoing limited discovery to
be accomplished.

     (e) Exemplary or Punitive Damages. The arbitrator(s) will not have the
authority to award exemplary or punitive damages.

     (f) Confidentiality of Awards. All arbitration proceedings, including
testimony or evidence at hearings, will be kept confidential, although any award or order
rendered by the arbitrator(s) pursuant to the terms of this Agreement may be confirmed as a
judgment or order in any state or federal court of competent jurisdiction within the federal
judicial district which includes the residence of the party against whom such award or order
was entered. This Agreement concerns transactions involving commerce among the several
states. The Federal Arbitration Act, Title 9 U.S.C. Sections 1 et seq., as amended
(“FAA”) will govern all arbitration(s) and confirmation proceedings hereunder.

     (g) Prejudgment and Provisional Remedies. Nothing herein will be construed to
prevent CDF’s or a Dealer’s use of bankruptcy, receivership, injunction, repossession,
replevin, claim and delivery, sequestration, seizure, attachment, foreclosure, and/or any
other prejudgment or provisional action or remedy relating to any Collateral for any current
or future debt owed by either party to the other. Any such action or remedy will not waive
CDF’s or a Dealer’s right to compel arbitration of any Dispute.

     (h) Attorneys’ Fees. If either a Dealer or CDF brings any other action for
judicial relief with respect to any Dispute (other than those set forth in Sections 26(a) or
26(g) of this Agreement), the party bringing such action will be liable for and immediately
pay all of the other party’s costs and expenses (including attorneys’ fees) incurred to stay
or dismiss such action and remove or refer such Dispute to arbitration. If either a Dealer
or CDF brings or appeals an action to vacate or modify an arbitration award and such party
does not prevail, such party will pay all costs and expenses, including attorneys’ fees,
incurred by the other party in defending such action. Additionally, if a Dealer sues CDF or
institutes any arbitration claim or counterclaim against CDF in which CDF is the prevailing
party, Dealers will pay all costs and expenses (including attorneys’ fees) incurred by CDF
in the course of defending such action or proceeding.

     (i) Limitations. Any arbitration proceeding must be instituted: (a) with
respect to any Dispute for the collection of any debt owed by either party to the other,
within two (2) years after the date the last payment by or on behalf of the payor was
received and applied in respect of such debt by the payee; and (b) with respect to any other
Dispute, within two (2) years after the date the incident giving rise thereto occurred,
whether or not any damage was sustained or capable of ascertainment or either party knew of
such incident. Failure to institute an arbitration proceeding within such period will
constitute an absolute bar and waiver to the institution of any proceeding, whether
arbitration or a court proceeding, with respect to such Dispute. Notwithstanding the
foregoing, this limitations provision will be suspended temporarily as of the date any of
the following events occur and will not resume until the date following the date either
party is no longer subject to (i) bankruptcy, (ii) receivership, (iii) any proceeding
regarding an assignment for the benefit of creditors, or (iv) any legal proceeding,

Inventory Financing Agreement

22

 

civil or criminal, which prohibits either party from foreclosing any interest it might
have in the collateral of the other party.

     (j) Survival After Termination. The agreement to arbitrate will survive the
termination of this Agreement.

     27. Multiple Dealers; Joint and Several Liability; Designation of Authorized
Representatives.

     (a) All advances by CDF to and all other Obligations of any Dealer shall constitute one
general obligation of all of the Dealers. Notwithstanding anything herein to the contrary,
the Dealers shall be primarily and jointly and severally liable for all Obligations of any
Dealer to CDF. Notwithstanding the foregoing, if and to the extent a Dealer is deemed to be
a guarantor of another Dealer hereunder, such Dealer’s liability for any credit extended to
or for the benefit of such other Dealer shall be deemed to be a guaranty of payment and
performance, and not merely a guaranty of collection. To the fullest extent permitted by
law, each Dealer hereby waives promptness, diligence, notice of acceptance, and any other
notices of any nature whatsoever with respect to any of the Obligations to CDF under this
Agreement, and any requirement that CDF protect, secure, perfect or insure any security
interest or lien or any property subject thereto or exhaust any right or take any action
against any other Dealer, any other person or any Collateral. Each Dealer agrees that any
rights of subrogation, indemnification, reimbursement or any similar rights it may have
against any other Dealer with respect to its liability hereunder or otherwise, whether such
rights arise under an express or implied contract or by operation of law, shall be subject,
junior and subordinate in all respect to all Obligations of such Dealer to CDF hereunder and
that the enforcement of such rights shall be stayed until such time as the Dealers shall
have indefeasibly paid in full all of the Obligations to CDF hereunder and CDF shall be
under no duty to extend credit to or for the benefit of any Dealer. The liability of each
Dealer shall be absolute and unconditional irrespective of (i) any change in the time,
manner or place of payment of, or in any other term of, any of the Obligations, or any other
amendment or waiver of or any consent to departure from this Agreement or any other
agreement between or among any one or more of the Dealers and CDF, (ii) any exchange,
release or non-perfection of any Collateral or any release or amendment or waiver of or
consent to departure from any other guaranty or any release of any guarantor or any other
person liable in whole or in part for all or any of the Obligations to CDF under this
Agreement, (iii) the disallowance or avoidance of all or any portion of CDF’s claim(s) for
repayment of the Obligations of any Dealer to CDF hereunder or of CDF’s interest in any
security for such Obligations, or (iv) any other circumstance which might otherwise
constitute a defense available to, or discharge of, a Dealer or a guarantor or any other
surety.

     (b) Each Dealer (each, a “Principal”) hereby appoints each other Dealer (each,
an “Agent”) as the Principal’s agent and attorney-in-fact (1) to take any action,
(2) to execute any document or instrument, (3) to consent or agree to any amendment or other
modification of this Agreement and/or any other agreements between or among any one or more
of the Dealers and CDF and/or any waiver of or departure from any of the terms hereof or
thereof, (4) to perform any Obligation to CDF under this Agreement of the Principal, and (5)
to give or receive any notice by or to any Dealer hereunder or thereunder; and in each case
without regard to whether

Inventory Financing Agreement

23

 

any such action is done in the name of an Agent or a Principal and, if done in the name
of an Agent, without regard to whether such Agent’s capacity as agent or attorney-in-fact is
so designated. Without limiting the generality of the foregoing, an Agent may request
extensions of credit to or on behalf of any one or more of the Dealers and/or incur any
other Obligations for the account of any one or more of the Dealers, and in any such event
all of the Dealers shall be fully and jointly and severally bound by and liable for the
actions of such Agent. CDF shall be entitled to rely absolutely and without duty of inquiry
or investigation upon any agreement, request, communication or other notice given by an
Agent under this Agreement and/or any other agreements between or among any one or more of
the Dealers and CDF (including without limitation, any request by an Agent to make credit
extensions to or on behalf of itself and/or any one or more other Dealers) until three (3)
Business Days after CDF shall have received written notice from each Principal of the
revocation of this agency and power of attorney, which revocation shall constitute a
Default.

     (c) Pursuant to the Secretary Certificates of the corporate Dealers and the Limited
Liability Company and Member Certificates of the limited liability company Dealers executed
and delivered to CDF on the date hereof, each Dealer identified the names of persons
authorized to act on behalf of such Dealer in connection with this Agreement, the
certificates and documents contemplated hereby, and the transactions referenced herein and
therein. CDF shall be entitled to rely absolutely and without duty of inquiry or
investigation upon any agreement, request, communication or other notice given by such
authorized persons under this Agreement and/or any other agreements between or among any one
or more of the Dealers and CDF (including without limitation, any request by such authorized
representative to make credit extensions to or on behalf of such Dealer) until three (3)
Business Days after CDF shall have received written notice from such Dealer of the
revocation of such person’s authority and the identity of each additional person authorized
to act on behalf of such Dealer thereafter.

     28. Governing Law. This Agreement and all agreements between or among Dealers and CDF
have been substantially negotiated and will be substantially performed in the state of Illinois.
Accordingly, all Disputes will be governed by, and construed in accordance with, the laws of such
state, except to the extent inconsistent with the provisions of the FAA, which will control and
govern all arbitration proceedings hereunder.

     29. INVALIDITY/UNENFORCEABILITY OF BINDING ARBITRATION. IF THIS AGREEMENT IS FOUND TO
BE NOT SUBJECT TO ARBITRATION, ANY LEGAL PROCEEDING WITH RESPECT TO ANY DISPUTE WILL BE TRIED IN A
COURT OF COMPETENT JURISDICTION BY A JUDGE WITHOUT A JURY. DEALERS AND CDF WAIVE ANY RIGHT TO A
JURY TRIAL IN ANY SUCH PROCEEDING. SIMILARLY, IF THIS AGREEMENT OR A PARTICULAR DISPUTE HEREUNDER
IS NOT SUBJECT TO ARBITRATION, DEALERS HEREBY CONSENT TO THE JURISDICTION OF ANY LOCAL, STATE OR
FEDERAL COURT LOCATED WITHIN ILLINOIS AND WAIVES ANY OBJECTION WHICH DEALERS MAY HAVE BASED ON
IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY ACTION OR PROCEEDING IN ANY SUCH
COURT.

[Remainder of page blank]

Inventory Financing Agreement

24

 

THIS CONTRACT CONTAINS BINDING ARBITRATION,

JURY WAIVER AND PUNITIVE DAMAGE WAIVER PROVISIONS.

Dated: June 24, 2010.

	 	 	 	 	 	 	 

	MARINEMAX, INC.
	 
	 	 	 	 	 	 
	By:
	 	/s/ Kurt M. Frahn 	 	 
	 	 	 	 	 
	 

	 	Print Name:
	 	Kurt M. Frahn	 	 
	 

	 	 	 	Vice President of Finance, Treasurer	 	 
	 

	 	Title:
	 	and Assistant Secretary	 	 
	 

	 	Tax ID:
	 	59-3496957	 	 
	 

	 	Org. ID (if any):
	 	2849981 8100	 	 
	 	 	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
	 

	 	 	 	 	 	Suite 300
	 

	 	 	 	 	 	Clearwater, FL 33764
	 
	 	 	 	 	 	 
	MARINEMAX EAST, INC.
	 
	 	 	 	 	 	 
	By:
	 	/s/ Kurt M. Frahn 	 	 
	 	 	 	 	 
	 

	 	Print Name:
	 	Kurt M. Frahn	 	 
	 

	 	Title:
	 	Assistant Secretary	 	 
	 

	 	Tax ID:
	 	94-3382331	 	 
	 

	 	Org. ID (if any):
	 	3332179 8100	 	 
	 	 	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
	 

	 	 	 	 	 	Suite 300
	 

	 	 	 	 	 	Clearwater, FL 33764
	 
	 	 	 	 	 	 
	MARINEMAX SERVICES, INC.
	 
	 	 	 	 	 	 
	By:
	 	/s/ Kurt M. Frahn 	 	 
	 	 	 	 	 
	 

	 	Print Name:
	 	Kurt M. Frahn	 	 
	 

	 	Title:
	 	Assistant Secretary	 	 
	 

	 	Tax ID:
	 	74-2979572	 	 
	 

	 	Org. ID (if any):
	 	3331764 8100	 	 
	 	 	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
	 

	 	 	 	 	 	Suite 300
	 

	 	 	 	 	 	Clearwater, FL 33764

Inventory Financing Agreement

 

 

	 	 	 	 	 	 	 

	MARINEMAX NORTHEAST, LLC
	 
	 	 	 	 	 	 
	By:
	 	/s/ Kurt M. Frahn 	 	 
	 	 	 	 	 
	 

	 	Print Name:
	 	Kurt M. Frahn	 	 
	 

	 	Title:
	 	Assistant Secretary	 	 
	 

	 	Tax ID:
	 	26-0668571	 	 
	 

	 	Org. ID (if any):
	 	4402087 8100	 	 
	 	 	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
	 

	 	 	 	 	 	Suite 300
	 

	 	 	 	 	 	Clearwater, FL 33764
	 
	 	 	 	 	 	 
	BOATING GEAR CENTER, LLC
	 
	 	 	 	 	 	 
	By:	 	MARINEMAX EAST, INC., the sole member of	 	 
	 	 	Boating Gear Center, LLC	 	 
	 
	 	 	 	 	 	 
	By:
	 	/s/ Kurt M. Frahn 	 	 
	 	 	 	 	 
	 

	 	Print Name:
	 	Kurt M. Frahn	 	 
	 

	 	Title:
	 	Assistant Secretary	 	 
	 

	 	Tax ID:
	 	20-2113374	 	 
	 

	 	Org. ID (if any):
	 	3908460 8100	 	 
	 	 	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
	 

	 	 	 	 	 	Suite 300
	 

	 	 	 	 	 	Clearwater, FL 33764
	 
	 	 	 	 	 	 
	US LIQUIDATORS, LLC
	 
	 	 	 	 	 	 
	By:
	 	/s/ Kurt M. Frahn 	 	 
	 	 	 	 	 
	 

	 	Print Name:
	 	Kurt M. Frahn	 	 
	 

	 	Title:
	 	Assistant Secretary	 	 
	 

	 	Tax ID:
	 	20-5817473	 	 
	 

	 	Org. ID (if any):
	 	4242668 8100	 	 
	 	 	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
	 

	 	 	 	 	 	Suite 300
	 

	 	 	 	 	 	Clearwater, FL 33764

Inventory Financing Agreement

 

 

	 	 	 	 	 	 	 

	NEWCOAST FINANCIAL SERVICES, LLC
	 
	 	 	 	 	 	 
	By:
	 	/s/ Kurt M. Frahn 	 	 
	 	 	 	 	 
	 

	 	Print Name:
	 	Kurt M. Frahn	 	 
	 

	 	Title:
	 	Assistant Secretary	 	 
	 

	 	Tax ID:
	 	59-3529057	 	 
	 

	 	Org. ID (if any):
	 	2920730 8100	 	 
	 	 	Chief Executive Office and Principal Place of Business:	 	18167 US Highway 19 North
	 

	 	 	 	 	 	Suite 300
	 

	 	 	 	 	 	Clearwater, FL 33764
	 
	 	 	 	 	 	 
	GE COMMERCIAL DISTRIBUTION FINANCE CORPORATION
	 
	 	 	 	 	 	 
	By:
	 	/s/ Waller Blackwell 	 	 
	 	 	 	 	 
	 

	 	Print Name:	 	Waller Blackwell 	 	 
	 

	 	Title:	 	Wholesale Risk Underwriting Leader 	 	 

Inventory Financing Agreement

 

 

Exhibit A

Existing Vendors

Inventory Financing Agreement

A-1

 

Exhibit B

Existing Liens

Inventory Financing Agreement

B-1

 

Exhibit C

Permitted Locations

Inventory Financing Agreement

C-1

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