Document:

Exhibit

Exhibit 10.1

ASSET AND SHARE PURCHASE AGREEMENT  

BY AND BETWEEN

OC SPARTAN ACQUISITION, INC.

and

MILACRON LLC

 

 
 
 
 
 
 

May 11, 2019 
 
 
 
 

TABLE OF CONTENTS
Page
Section 1.    Definitions and Interpretation.1
Section 2.    Divestiture, Closing, and Conditions Precedent.17
Section 3.    Representations and Warranties of Seller.34
Section 4.    Representations and Warranties of Buyer.55
Section 5.    Pre-Closing Covenants.56
Section 6.    Post-Closing Covenants.64
Section 7.    Conditions to Closing.76
Section 8.    Termination.82
Section 9.    Indemnification.83
Section 10.    Miscellaneous.89

EXHIBITS

Exhibit A    U.S. Bill of Sale
Exhibit B    Czech Bill of Sale
Exhibit C    Mexico Bills of Sale
Exhibit D    U.K. Bill of Sale
Exhibit E    Germany Sale and Assignment and Assumption Agreement
Exhibit F    India Asset Transfer Agreements
Exhibit G    U.S. Assignment and Assumption Agreement
Exhibit H    Czech Assignment and Assumption Agreement
Exhibit I    Mexico Assignment and Assumption Agreement
Exhibit J    U.K. Assignment and Assumption Agreement
Exhibit K    India Transferred Employee Documents
Exhibit L    India Tax Invoice
Exhibit M    Italy Deed of Transfer
Exhibit N    Transition Services Agreement
Exhibit O    Uniloy Italy Spin-Off 
Exhibit P    Manufacturing and Supply Agreements
		
	Exhibit Q
	Intellectual Property Assignment and Assumption Agreement and 
 Intellectual Property License Agreement

		
	Exhibit R
	Employment Agreements

ii
25603708.7.BUSINESS 

ASSET AND SHARE PURCHASE AGREEMENT
This Asset and Share Purchase Agreement (this “Agreement”) is entered into as of May 11, 2019, by and among OC Spartan Acquisition, Inc. a Delaware corporation (“Buyer”), and Milacron LLC, a Delaware limited liability company (“Seller”).  Buyer and Seller are referred to herein, individually as a “Party,” and collectively as the “Parties.”  
WHEREAS, Seller and Buyer have agreed that Seller shall sell or, where applicable, cause to be sold, and Buyer shall purchase, the Business (as defined below) (the “Divestiture”);
WHEREAS, the Divestiture will be effected by the execution and consummation of (i) this Agreement (ii) those ancillary transaction documents referred to herein and (iii) a certain Transition Services Agreement by and among Buyer and Seller in substantially the form attached hereto as Exhibit N (the “Transition Services Agreement”);
WHEREAS, Seller and Buyer desire to enter into this Agreement to coordinate the Divestiture. 
NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties, and covenants herein contained, the Parties agree as follows.
Section 1.Definitions and Interpretation. 
(a) Definitions.  In addition to all other terms defined elsewhere in this Agreement, the following terms shall have the meanings set forth below:   
“Acquired Rights Directive” means the Transfers of Undertakings Directive 2001/23/EC and any local laws which derive from such Directive.

“Affiliate” means with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with such Person. As used in this definition, the term “control” (including the terms “controlled by” and  “under common control with”) means possession and exercise, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person whether by means of voting rights, contract or otherwise; provided, however, that the possession, directly or indirectly, of greater than fifty percent (50%) of the voting stock for the election of directors shall always be deemed “control” and provided, however, that such Person shall be deemed to be an Affiliate for purposes of this Agreement only so long as such other Person maintains such ownership or control.  Solely for purposes of (i) the covenants set forth in Sections 5(a)(xvii), 5(i), 6(a)(i), 6(a)(ii), 6(a)(iii), 6(b)(iv), 6(b)(vii), 6(b)(viii), 6(c)(ii), 6(e), 6(g)(iii) and 6(i)(i) and Schedule 6(o) of this Agreement and (ii) the Transition Services Agreement, the term “Affiliates” means, when used with respect to Parent, Seller or any other Seller Company, the following:  Parent and each Subsidiary of Parent, for so long as such Subsidiary is a Subsidiary of Parent.
“Agreement” has the meaning set forth in the preamble.
“Alternate Financing” has the meaning set forth in Section 5(e)(i).

“Asset Transfer Instruments” means the U.S. Bill of Sale, the U.S. Assignment and Assumption Agreement, the Czech Bill of Sale, the Czech Assignment and Assumption Agreement, the U.K. Bill of Sale, U.K. Assignment and Assumption Agreement, the Germany Sale and Assignment and Assumption Agreement, the Mexico Bills of Sale, the Mexico Assignment and Assumption Agreement, and the India Asset Transfer Agreements.
“Assigned Contracts” has the meaning set forth in Section 2(c)(iii).
“Assigned IP” has the meaning set forth in Section 2(c)(iv).
“Assumed Liabilities” has the meaning set forth in Section 2(e).
“Breach” means any breach of, or any inaccuracy in, any representation or warranty or breach of, or failure to perform or comply with, any covenant or obligation in or of any applicable contract in question, or any Event that with the passing of time or the giving of notice, or both, would constitute such a breach, inaccuracy, or failure.
“Business” has the meaning set forth on Schedule 1(a)(ii).  

“Business Day” means any day except Saturday, Sunday or any other day on which commercial banks located in Cincinnati, Ohio are authorized or required by Law to be closed for business.
“Business Transaction Expenses” means all unpaid fees and expenses incurred by or charged to Seller or any Seller Company for services provided through the Closing Date, the Mexico Deferred Closing Date and the India Deferred Closing Date, as the case may be, in connection with Seller’s sale of the Business, Uniloy Italy and the Transferred Assets and the Uniloy Italy Spin-Off, in each case pursuant to this Agreement, including legal fees and related expenses, investment banking fees and related expenses, and accounting fees and related expenses, if any.
“Business Transaction Expenses Adjustment Amount” has the meaning set forth in Section 2(i)(ii)(C).
“Buyer” has the meaning set forth in the preamble.
“Buyer DC Plan” has the meaning set forth in Section 6(b)(vii).
“Buyer Fundamental Representations” has the meaning set forth in the definition of Fundamental Representations.
“Buyer Group” means Buyer, its subsidiaries and any other Person of whom Buyer is a direct or indirect, wholly owned subsidiary.
“Buyer Indemnified Persons” has the meaning set forth in Section 9(b).
“Buyer’s Accountants” means PricewaterhouseCoopers LLP.
“Closing” has the meaning set forth in Section 2(g)

“Closing Date” has the meaning set forth in Section 2(g).
“Closing Indebtedness” means all Indebtedness of the Business or the Transferred Companies outstanding at the Closing.
“Closing Transferred Employees” means those Transferred Employees whose Transfer Date is the Closing Date.
“Closing Working Capital” means the Working Capital of the Business as of the opening of business on the Closing Date calculated in accordance with the Working Capital Methodologies. 
“Closing Working Capital Statement” has the meaning set forth in Section 2(i)(i).
“Code” means the U.S. Internal Revenue Code of 1986, as amended. 
“Commitment Letters” has the meaning set forth in Section 4(e).
“Company Data” has the meaning set forth in Section 3(k)(xiii).
“Contemplated Transactions” means the transactions to be performed prior to and on the Closing Date and, in respect of the Mexico Deferred Business and the India Deferred Business, prior to and on the Mexico Deferred Closing Date and the India Deferred Closing Date, respectively, as contemplated by the Transaction Agreements except for the transactions to be performed after the Closing, the Mexico Deferred Closing or the India Deferred Closing as the case may be, contemplated by the Transition Services Agreement. 
“Contractor/Consultant Non-Disclosure Agreements” has the meaning set forth in Section 3(k)(x).
“Czech Assignment and Assumption Agreement” has the meaning set forth in Section 2(h)(i)(G).
“Czech Bill of Sale” has the meaning set forth in Section 2(h)(i)(C).
“Debt Financing” has the meaning set forth in Section 4(e).
“Debt Financing Provisions” means, collectively, Section 5(e)(ii), Section 5(e)(iii), Section 10(a), Section 10(c), Section 10(g) and Section 10(m), including defined terms used therein.
“Disclosure Schedule” means the disclosure schedule attached hereto.
“Disputed Amounts” has the meaning set forth in Section 2(i)(v).
“Divestiture” has the meaning set forth in the preamble.
“Employee Benefit Plans” means each written (i) “employee benefit plan” as defined in Section 3(3) of ERISA, (ii) other benefit, retirement, pension, deferred compensation, excess benefit, profit sharing, employment, consulting, compensation, incentive, bonus, equity or equity-based, stock option, restricted stock, stock appreciation right, phantom equity, change in control, retention, 

severance, vacation, paid time off, health, life, disability, group insurance, welfare and fringe-benefit agreement, plan, policy, arrangement, program, fund or scheme in effect with respect to the Transferred Employees.
“Employee Non-Disclosure Agreements” has the meaning set forth in Section 3(k)(x).
“Employees” means (i) Brian Marston and (ii) those individuals employed by any Seller Company other than Seller and who work or provide services for the Business, other than those individuals listed on Schedule 1(a)(iv).
“Employment Agreements” has the meaning set forth in Section 2(h)(i)(J).
“End Date” has the meaning set forth in Section 8(a)(iv).
“Environmental Laws” means any applicable Law, and any order or binding agreement with any Governmental Body: (a) relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety, or the environment (including indoor or outdoor ambient air, soil, soil gas, surface water or groundwater, noise or subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, labelling, packaging, registration, disposal or remediation of any Hazardous Materials. 
“Equity Financing” means equity funded by Osgood Capital Group, LLC and Cyprium Investment Partners LLC or Affiliates of each.
“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended. 
“ERISA Affiliate” means any corporation or trade or business (whether or not incorporated) that is treated with Seller or any subsidiary thereof as a single employer under Section 414 of the Code.
“Estimated Closing Indebtedness” has the meaning set forth in Section 2(h)(i)(A).
“Estimated Purchase Price” has the meaning set forth in Section 2(h)(i)(A).
“Estimated Statement” has the meaning set forth in Section 2(h)(i)(A).
“European Employees” means those individuals listed on Schedule 3(n)(i) employed by Milacron U.K. Ltd., Tirad s.r.o., Milacron Czech Republic S.P.O.L. s.r.o. or Uniloy Milacron Germany GmbH and who predominantly work or provide services for the Business in Europe.
“Event” means any event, effect, act, omission, error, change, lapse, fact, incident, situation or circumstance.
“Excluded Assets” has the meaning set forth in Section 2(d).

“Exclusively Licensed IP” has the meaning set forth in Section 3(k)(vii).
“Financing” has the meaning set forth in Section 4(e)
“Financing Sources” means each of the Persons that have committed to provide, or otherwise entered into agreements (including, without limitation, the Commitment Letters) in connection with, the Debt Financing, including the parties to the Commitment Letters, any joinder agreements, credit agreements or loan agreements (or other definitive documentation) relating thereto; provided, that for purposes of this Agreement, the Financing Sources shall also include, on or after the date hereof, any Person who become a party to the Commitment Letters in accordance with the terms herein.
“Fundamental Representations” means representations and warranties of Seller set forth in Sections 3(a), 3(b), 3(c), 3(d), 3(e), 3(f), 3(w) and 3(x),  of this Agreement (the “Seller Fundamental Representations”) and the representations and warranties of Buyer set forth in Sections 4(a), 4(b), 4(c), 4(d) and 4(f) of this Agreement (the “Buyer Fundamental Representations”).
“GAAP” means generally accepted accounting principles in the United States, consistently applied.  
“German Tax Sharing Agreement” means that certain Profit and Loss Pooling Agreement (Gewinnabführungsvertrag), dated as of May 5, 2011, by and between Uniloy Milacron Germany GmbH and Milacron Plastics Holding GmbH.
 “Germany Sale and Assignment and Assumption Agreement” has the meaning set forth in Section 2(h)(i)(E).
“Governmental Body” means any (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature, or any political subdivision thereof, (b) federal, state, local, municipal, foreign or other government, or (c) governmental or quasi-governmental authority of any nature (including any governmental division, department, agency, commission, instrumentality, official, organization, body or other entity and any court, arbitrator or other tribunal).
“Hazardous Materials” means (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral or gas, in each case, whether naturally occurring or man-made, that is hazardous, acutely hazardous, toxic, a pollutant or contaminant or words of similar import or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products, radon, radioactive materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation and polychlorinated biphenyls.
“Indebtedness” means (i) any obligations under any indebtedness for borrowed money (including all obligations for principal, interest, premiums, penalties, fees, expenses, breakage costs and bank overdrafts thereunder); (ii) any indebtedness evidenced by any note, bond, debenture or other debt security; (iii) any credit card liabilities, (iv) any accrued or unpaid payroll (including the employer’s share of any payroll Taxes), employee retirement withholdings, insurance payable, employee payable and sales tax payable for the Closing Transferred Employees; (v) any obligations 

under capitalized leases; (vi) any commitment by which the Business, or Uniloy Italy assures a financial institution against loss (including contingent reimbursement obligations with respect to letters of credit); (vii) any off-balance sheet financing, synthetic leases, project financing or any net Liabilities of the Italy TFR Plan; (viii) all obligations for the deferred and unpaid purchase price of Transferred Assets or services; (ix) any payment obligations in respect of banker’s acceptances or undrawn stand-by letters of credit; (x) any Liability with respect to interest rate swaps, collars, caps and similar hedging obligations; (xi) the indebtedness of any partnership or unincorporated joint venture in which Uniloy Italy is a general partner or joint venture; (xii) any (A) post-retirement health care benefit Liabilities, (B) payments owed to Closing Transferred Employees and, in the case of Uniloy Italy any current or former employees, under any non-compete or consulting arrangement and (C) sale bonus, retention bonus, change of control, severance or other payment, in each case triggered solely as a result of the consummation of the transactions contemplated by this Agreement; and (xiii) any obligation, whether direct or indirect, contingent or otherwise, to guarantee any payment obligation of any other Person as it relates to the Business; provided, that in no event will Indebtedness include (A) indebtedness incurred by one Seller Company that is owed to another Seller Company, or (B) undrawn amounts under existing letters of credit, lines of credit and revolving credit facilities.
“Indebtedness Difference” has the meaning set forth in Section 2(i)(ii)(B).
“Indemnified Person” has the meaning set forth in Section 9(f).
“Indemnifying Party” has the meaning set forth in Section 9(f).
“Independent Accountants” has the meaning set forth in Section 2(i)(v).
“India Asset Transfer Agreements” means (i) the India Delivery Note and (ii) the India Novation Agreements.
“India Buyer” means a to-be-formed entity incorporated under the Laws of India and wholly-owned subsidiary of Buyer, whom Buyer shall cause to acquire the India Deferred Business.
“India Deferred Business” means, collectively, the India Transferred Employees, the India Transferred Contracts, India Inventory and any Assigned IP in India.
“India Deferred Closing” has the meaning set forth in Section 2(n).
“India Deferred Closing Date” has the meaning set forth in Section 2(n).
“India Delivery Note” means the delivery memo in relation to India Inventory in the form set forth in Part B of Exhibit F hereto.
“India Employees Acceptance Letter” has the meaning set forth in Section 2(h)(i)(M).
“India Employees Intimation Letter” has the meaning set forth in Section 5(j).

“India Inventory” means Inventory (whether or not reflected in Closing Working Capital) of the India Seller Company.
“India Novation Agreements” means the duly stamped novation agreements in relation to each India Transferred Contract, in substantially the form set out in Part B of Exhibit F hereto.
“India Seller Company” means Milacron India Private Limited.
“India Tax Invoice” has the meaning set forth in Section 2(h)(i)(L).
“India Transaction Documents” means the India Asset Transfer Agreements, the India Tax Invoice, the Manufacturing and Supply Agreements and the India Employees Acceptance Letters.
“India Transferred Contracts” means such Assigned Contracts that have been entered into by the India Seller Company.
“India Transferred Employees” means Employees of the India Seller Company listed on Section 3(n)(i) of the Disclosure Schedule who are proposed to be employed by India Buyer effective from the applicable Transfer Date pursuant to this Agreement.
“Intellectual Property” means any and all intellectual and industrial property rights and other similar proprietary rights, in any jurisdiction throughout the world, whether registered or unregistered, including all rights pertaining to or deriving from: (a) trademarks, trade names, service marks, certification marks, service names, brands, trade dress and logos, including all applications and registrations therefor and the goodwill connected with the use of and symbolized by the foregoing (collectively, “Trademarks”); (b) copyrights, including all applications and registrations, and works of authorship, whether or not copyrightable (“Copyrights”); (c) trade secrets (including those trade secrets defined in the Uniform Trade Secrets Act and under corresponding foreign statutory Law and common law), non-public information, and confidential information, know-how, business and technical information, and rights to limit the use or disclosure thereof by any Person (collectively, “Trade Secrets”); (d) patents and patent applications (collectively, “Patents”); (e) websites and internet domain name registrations; (f) mask works; (g) proprietary databases and data compilations; (h) computer software and firmware, including data files, source code, object code and software-related specifications and documentation (collectively, “Software”); and (i) all other intellectual property and industrial property rights and assets, and all rights, interests, protections and documentation that are associated with, similar to, or required for the exercise of, any of the foregoing.
“Intellectual Property Agreements” means the Intellectual Property Assignment and Assumption Agreements, and the Intellectual Property License Agreement.
“Intellectual Property Assignment and Assumption Agreements” means (i) an omnibus intellectual property assignment and assumption agreement between Seller and Buyer whereby Seller transfers all right, title and interest to the Assigned IP to Buyer and (ii) recordable intellectual property assignment and assumption agreements between the applicable designees of Seller and Buyer (including any required powers of attorney and other required documents) whereby the 

applicable designee assigns to the other applicable designee all right, title and interest to registrations of and applications to register Assigned IP that can be recorded in the office of the 
relevant Governmental Body.
“Intellectual Property License Agreement” means a license agreement to be entered on the Closing Date between Seller and Buyer whereby Seller grants to Buyer and its Affiliates a non-exclusive, perpetual, royalty-free, worldwide (but not sublicensable, except to suppliers and subcontractors of Buyer and its Affiliates) and transferable (in the event of a sale of all or substantially all of the assets of the Business, an indirect or direct change of control of Buyer or a stock sale of the Buyer or to customers of Buyer or any of its subsidiaries in connection with the sale of products) license (with the right to make and own improvements) to the Intellectual Property related to the Business and the blow-molding business (but excluding Transferred Assets) that is developed, owned, licensed, used or held for use by any Seller Company. 
“Inventory” has the meaning set forth in Section 2(c)(ii).
“IT Assets” has the meaning set forth in Section 3(k)(xii).
“Italian Closing Actions” has the meaning set forth in Section 2(h)(iii).
“Italy Cash” has the meaning set forth in Section 2(b).
“Italy TFR Plan” means the amounts accrued by Uniloy Italy (in compliance with the applicable Laws) in its financial statements as “trattamento di fine rapporto” with respect to its employees (excluding those employees transferred under the Uniloy Italy Spin-Off).
“Italy Deed of Transfer” has the meaning set forth in Section 2(h)(i)(I).
“Key Employees” means Brian Marston and Christopher Peters.

“Laws” means any constitution, statute, code, act, law, ordinance, regulation, injunction, judgment, treaty, order, decree, directive or rule of any Governmental Body, including those covering environmental, energy, safety, health, transportation, bribery, record keeping, zoning, antidiscrimination, antitrust, wage and hour, and price and wage control matters, as well as any applicable principle of common law or civil law.
“Lease” has the meaning set forth in Section 3(j)(ii).
“Leased Real Property” means all real property leased, licensed, subleased or otherwise occupied by a Seller Company and used in connection with the Business, other than those leases listed on Schedule 1(a)(i).
“Liability” means with respect to any Person, any liability or obligation of such Person of any kind, character or description, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, vested or unvested, executory, determined, determinable or otherwise.

“Lien” means any lien, mortgage, deed of trust, deed to secure debt, pledge, encumbrance, charge, security interest, adverse claim, Liability, interest, charge, preference, priority, proxy, transfer restriction (other than restrictions under the Securities Act and state securities Laws), encroachment, Tax, order, community property interest, equitable interest, option, warrant, right of first refusal, easement, profit interest, license, servitude, right of way, covenant, condition or zoning restriction; provided, however, any non-exclusive Intellectual Property license granted in the Ordinary Course of Business shall not be considered a Lien.
“Losses” means all costs, damages, disbursements, obligations, penalties, Liabilities, assessments, judgments, losses, injunctions, orders, decrees, rulings, fines, fees, settlements, deficiencies, Taxes, awards, penalties and expenses (including, without limitation, reasonable attorneys’ fees and expenses and judicial bonds or deposits), and other costs or expenses in connection with the determination, investigation and defense of any of the foregoing, including, for the avoidance of doubt, any Proceeding and amounts paid in settlement suffered or disbursed.  Losses shall not include utilization of net operating loss carryovers (the Parties agree that with respect to Uniloy Italy any reference in this Agreement to “net operating loss carryovers” shall mean “perdite fiscali riportabili”) to offset income tax payable for tax periods up to and including the Closing Date due to earnings from operations or taxable income resulting from the Uniloy Italy Spin-Off, or any other transaction required as part of the Uniloy Italy Spin-Off.  Further, Losses shall not include reductions in net operating loss carryovers resulting from audit adjustments by Italian tax authorities or resulting from a change in control resulting from the Divestiture.
“Manufacturing and Supply Agreements” means (i) the agreement in substantially the form of Part A of Exhibit P hereto, to be executed between the India Buyer and the India Seller Company, pursuant to which the India Seller Company shall supply manufactured goods and supply parts for the benefit of the customers of India Buyer in India and (ii) the agreement in substantially the form of Part B of Exhibit P hereto, to be executed between the Buyer or its non-Indian designee and the Indian Seller Company, pursuant to which the Indian Seller Company shall supply manufactured goods and supply parts (in each case, title of which will transfer outside of India) for the benefit of the customers of Buyer and its non-Indian subsidiaries outside of India. 

“Material Adverse Change” or “Material Adverse Effect” means any Event that is or would reasonably be expected to be materially adverse to the business, assets, conditions, operations, or properties of the Business or Buyer, as relevant, taken as a whole, or to the ability of the Business or Buyer, as relevant, to consummate timely the Contemplated Transactions, other than to the extent of any Event resulting from (a) changes in general economic, financial market, political or geopolitical conditions, natural disasters or other force majeure events except to the extent that such Event affects the Business or Buyer, as relevant, taken as a whole, in a manner disproportionate to the effect of companies in its industry generally and (b) changes or effects directly resulting from any event, occurrence, development or state of circumstances expressly and unequivocally disclosed in the Disclosure Schedules.

“Material Contract” has the meaning set forth in Section 3(l)(i).
“Meaningful Participation Rights” means the right of a Party not performing required Response Actions to have meaningful input in any action, meeting, decision or other activity with 

respect to any Response Action and includes without limitation: (i) the reasonable opportunity to review and comment on initial, new or materially revised plans for investigating and managing the Response Action and on submissions to government authorities or third parties prior to submission; (ii) the good faith consideration of and reasonable attempt to respond to and incorporate reasonable comments from the Party not performing, (iii) the receipt of notification from the Party performing the required Response Actions prior to the commencement or performance of any material Response Action except in cases of emergency, for which notice shall be provided as soon as reasonably possible, (iv) the right to be kept reasonably informed of the progress of any Response Action and provided copies of any final proposed Response Action (including any final status reports of work in progress or other final reports), (v) the receipt of reasonable prior notice and an opportunity to participate in negotiations, meetings and discussions with any Governmental Body or third party regarding the Response Action and (vi) the right to consent to any settlement, which shall not be unreasonably delayed or denied.
“Mexico Asset Transfer Instruments” means the Mexico Bills of Sale, the Mexico Assignment and Assumption Agreement and the Short Form Mexico Intellectual Property Transfer Agreement.
“Mexico Assignment and Assumption Agreement” has the meaning set forth in Section 2(l)(i)(B).
“Mexico Bills of Sale” means the Mexico Tangible Personal Property Bill of Sale and the Mexico Inventory Bill of Sale.
“Mexico Buyers” means to-be-formed entities incorporated under the Laws of Mexico, each a wholly-owned subsidiary of Buyer, whom Buyer shall cause to acquire the Mexico Deferred Business.
“Mexico Deferred Business” means the Business in Mexico as conducted by Seller and the Mexico Seller Companies as of the date of this Agreement.
“Mexico Deferred Closing” has the meaning set forth in Section 2(k).
“Mexico Deferred Closing Date” has the meaning set forth in Section 2(k).
“Mexico Employee Transfer Documents” has the meaning set forth in Section 2(l)(i)(G).
“Mexico Inventory Bill of Sale” has the meaning set forth in Section 2(l)(i)(A).
“Mexico Seller Companies” means Milacron-Mexicana Sales S.A. de C.V. and Milacron Mexico Plastics Services S.A. de C.V.
“Mexico Tangible Personal Property Bill of Sale” has the meaning set forth in Section 2(l)(i)(A).
“Mexico Transaction Agreements” means the Mexico Asset Transfer Instruments and the Mexico Employee Transfer Documents.
“Mexico Transferred Employees” means such Transferred Employees who are Employees of the Mexico Deferred Business, and whose employment is to transfer from Milacron Mexico Plastics Services S.A. de C.V. to Buyer or an Affiliate of Buyer on the applicable Transfer Date.

“Ordinary Course of Business” means any action taken by or on behalf of the Business if such action is consistent in nature, scope, magnitude and frequency with the past practices of the Business and is taken in the ordinary course of the normal day-to-day operations of the Business.
“Organizational Documents” means the memorandum and articles of association, bylaws and the certificate of incorporation of an entity (or other similar organizational document) as currently in effect, including any amendments thereto.
“Owned Real Property” has the meaning set forth in Section 3(j)(i).
“Parent” means Milacron Holdings Corp., a Delaware corporation.  Notwithstanding anything to the contrary in this Agreement or any other Transaction Agreement and for the avoidance of doubt, “Parent” shall not include any Person acquiring directly or indirectly control of Parent (whether by merger, purchase of stock or controlling interest or otherwise).
“Party” and “Parties” have the meaning set forth in the preamble.
“Permit” means any license, import license, export license, franchise, authorization, membership privilege, consent, permit, certificate, certification, certificate of occupancy or order issued by any Governmental Body and related to the Business or required for the normal operations of the Business.
“Permitted Liens” means (a) liens for taxes not yet due and payable or being contested in good faith by appropriate procedures and for which adequate reserves have been established in accordance with GAAP; (b) mechanics’, carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the Ordinary Course of Business consistent with past practice for amounts that are not delinquent and which are not, individually or in the aggregate, material to the Business; (c) easements, rights of way, zoning ordinances and other similar encumbrances of record affecting real property that do not, individually or in the aggregate, materially detract from the value of or materially impair the use or occupancy of such real property; (d) liens arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the Ordinary Course of Business and (e) liens that will be released prior to or simultaneous with the Closing.
“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or any other business entity.
“Personal Data” has the meaning set forth in Section 3(k)(xiii).
“Policka Equipment” means the assets located in Seller’s facility in Policka and set forth on Section 2(c)(xv) of the Disclosure Schedule.
“Post-Closing Adjustment” has the meaning set forth in Section 2(i)(ii)(D).
“Proceeding” means any action, arbitration, mediation, audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative, judicial, or investigative) commenced, brought, conducted, or heard by or before, or otherwise involving any Governmental Body or arbitration panel, work council or similar body.

“Pro Forma Financials” has the meaning set forth in Section 3(s)(i).
“Purchase Price” has the meaning set forth in Section 2(b).
“Queretaro Lease” has the meaning set forth in Section 5(m).
“R&W Insurance Policy” has the meaning set forth in Section 5(l).
“Release” means spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating, dumping, or disposing into the indoor or outdoor environment.
“Response Action” has the meaning set forth in Section 9(k)(vi).
“Resolution Period” has the meaning set forth in Section 2(i)(iv).
“Restricted Machinery” means the blow molding machinery, blow molds, blow molding tooling, and blow molding parts set forth on Schedule 1(a)(ii).
“Restricted Period” has the meaning set forth in Section 6(a)(i).
“Restricted Person” means a Person whose business of designing, manufacturing, marketing or selling, directly or indirectly, Restricted Machinery represents an amount that is greater than 10% of the consolidated revenue of such Person.
“Retained Environmental Liabilities” means any Liabilities arising from or relating to the Business, the Transferred Assets, or Uniloy Italy with respect to: (i) the presence or Release of or exposure to any Hazardous Materials prior to the Closing and, in respect of the Mexico Deferred Business and the India Deferred Business, prior to the Mexico Deferred Closing and the India Deferred Closing, respectively; (ii) the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, labelling, packaging, registration, disposal, or arrangement for disposal of or Response Action conducted with respect to any Hazardous Materials in connection with the Business, the Transferred Assets or Uniloy Italy prior to the Closing and, in respect of the Mexico Deferred Business and the India Deferred Business, prior to the Mexico Deferred Closing and the India Deferred Closing, respectively; (iii) the violation of any Environmental Laws by the Seller Companies with respect to the Business, the Transferred Assets or Uniloy Italy prior to the Closing and, in respect of the Mexico Deferred Business and the India Deferred Business, prior to the Mexico Deferred Closing and the India Deferred Closing, respectively; and (iv) any actions or Proceedings brought or threatened by any Third Party with respect to any of the foregoing.
“Retained Liabilities” has the meaning set forth in Section 2(f).
“Review Period” has the meaning set forth in Section 2(i)(iii).
“Schedule Supplement” has the meaning set forth in Section 5(d).

“Seller” has the meaning set forth in the preamble.
“Seller Benefit Plans” means all Employee Benefit Plans maintained, contributed to, or required to be contributed to, by any Seller, any ERISA Affiliate or any Affiliate of any Seller or with respect to which any Seller, any ERISA Affiliate or any Affiliate of any Seller has any Liability, but in all cases excluding any Transferred Company Benefit Plan. 
“Seller Companies” means each of Seller, Milacron Marketing Company LLC, Milacron Plastics Technologies Group LLC, Milacron B.V., Uniloy Italy, Milacron U.K. Ltd., Tirad s.r.o., Milacron Czech Republic S.P.O.L. s.r.o., Uniloy Milacron Germany GmbH, Milacron-Mexicana Sales S.A. de C.V., Milacron Mexico Plastics Services S.A. de C.V. and Milacron India Private Limited.
“Seller Companies IP Agreements” has the meaning set forth in Section 3(k)(iv).
“Seller DC Plan” has the meaning set forth in Section 6(b)(vii).
“Seller Fundamental Representations” has the meaning set forth in the definition of Fundamental Representations.
“Seller Indemnified Persons” has the meaning set forth in Section 9(d).
“Seller’s Accountants” means Ernst & Young.
“Seller’s Knowledge” means the actual knowledge of the individuals set forth on Schedule 1(a)(v), after due inquiry.

“Shared R&W Costs” has the meaning set forth in Section 5(l).

“Short Form Mexico Intellectual Property Transfer Agreement” has the meaning set forth in Section 2(l)(i)(F)
“Solvent” means, with respect to any Person, that (i) such Person is able to pay its debts and other Liabilities as they mature in the normal course of business, (ii) such Person does not intend to, and does not believe that it will, incur debts or Liabilities beyond such Person’s ability to pay as such debts and Liabilities mature in the normal course of business, (iii) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s assets would constitute unreasonably small capital, (iv) the fair value of the assets (including cash) of such Person is greater than the total amount of Liabilities of such Person and (v) the present fair saleable value of the assets (including cash) of such Person is not less than the amount that will be required to pay the probable Liability of such Person on its debts as they become absolute and matured in the normal course of business.  In computing the amount of contingent Liabilities at any time, it is intended that such Liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured Liability.
“Specified Event” has the meaning set forth on Schedule 1(a)(iii). 

“Statement of Objections” has the meaning set forth in Section 2(i)(iv).
“Subsidiary” means, with respect to any Person, any entity of which securities or other ownership interests (i) having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions are at the time directly or indirectly owned by such Person, (ii) representing more than fifty percent of such securities or ownership interests are at the time directly or indirectly owned by such Person, or (iii) representing more than fifty percent of such Person’s profits are at the time directly or indirectly owned by such Person.
“Tangible Personal Property” has the meaning set forth in Section 2(c)(vii).
“Target Working Capital” means $13,788,000.
“Taxes” means all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, social security, unemployment, estimated, excise, goods and services, severance, environmental, stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever, together with any interest, additions or penalties with respect thereto and any interest in respect of such additions or penalties and including amounts owed as a result of having been a member of a consolidated, affiliated, unitary or similar tax group.
“Tax Returns” means a return, declaration, report, claim for refund, information return or statement or other document required to be filed with respect to Taxes, including any schedule or attachment thereto, and including any amendment thereof.
“Territory” means anywhere in the world.
“Third Party” means any Person other than the Parties or their respective Affiliates.
“Third Party Claim” has the meaning set forth in Section 9(k)(i).
“Third Party Claim Notice” has the meaning set forth in Section 9(k)(i).
“Transaction Agreements” means this Agreement, the Transfer Instrument, the Asset Transfer Instruments, the India Transaction Documents, the Mexico Transaction Agreements, and the Transition Services Agreement.
“Transfer Date” means, (i) in respect of all Employees in the United States, the date following the Closing Date (to be decided by Buyer, provided that Buyer shall provide Seller and any applicable Seller Company with at least 15 calendar days’ prior notice) on which such Employees transfer their Employment from the applicable Seller Company to Buyer or an Affiliate of Buyer; (ii) in respect of the Mexico Transferred Employees, the Mexico Deferred Closing Date; and (iii) in respect of the India Transferred Employees, the India Deferred Closing Date.
“Transfer Instrument” means the Italy Deed of Transfer.

“Transferred Assets” has the meaning set forth in Section 2(c). 
“Transferred Companies” means Uniloy Italy and any direct or indirect subsidiary of any of the foregoing.  
“Transferred Company Benefit Plan” means any Employee Benefit Plan that is maintained solely by one or more Transferred Companies.  
“Transferred Employees” has the meaning set forth in Section 6(b)(ii).
“Transition Services Agreement” has the meaning set forth in the preamble.
“U.K. Assignment and Assumption Agreement” has the meaning set forth in Section 2(h)(i)(H).
“U.K. Bill of Sale” has the meaning set forth in Section 2(h)(i)(D).
“U.K. Pension Plan” means the legacy Milacron U.K. Ltd. defined benefit pension scheme.
“Undisputed Amounts” has the meaning set forth Section 2(i)(v).
“Uniloy-Brand” means any of the following brands: (i) Uniloy, (ii) Rainville, (iii) Comec, (iv) Moretti, (v) Liberty, and (vi) B&W.
“Uniloy Italy” has the meaning set forth in Section 2(c)(xiii).
“Uniloy Italy Quotas” has the meaning set forth in Section 3(f).
“Uniloy Italy Spin-Off” means the divestiture, prior to Closing, of certain assets of Uniloy Italy exclusively related to Seller’s Mold Masters business as well as assets and liabilities exclusively related to the injection molding business, assets and liabilities exclusively related to new manufactured blow molding machinery and certain other accounts payable, accounts receivable, and cash, consummated by Uniloy Italy substantially as described and with respect to the assets and liabilities identified on Exhibit O or in a similar form of spin-off transaction under Italian law providing for materially the same business result as the transaction described on Exhibit O.
“U.S. Assignment and Assumption Agreement” has the meaning set forth in Section 2(h)(i)(F).
“U.S. Bill of Sale” has the meaning set forth in Section 2(h)(i)(B).
“Working Capital” means current assets of the Business minus current liabilities of the Business, in each case calculated in accordance with the Working Capital Methodologies.   
“Working Capital Adjustment Amount” has the meaning set forth in Section 2(i)(ii)(A).
“Working Capital Difference” has the meaning set forth in Section 2(i)(ii)(A).

“Working Capital Methodologies” has the meaning set forth in Section 2(i)(i).
(b) Interpretation.  The following rules of interpretation will apply in this Agreement. 
(i)     The term “including” means “including without limitation”.

(ii)     The words “herein”, “hereof”, “hereto” and “hereunder” refer to this Agreement as a whole, and not to any particular Section or Subsection in this Agreement.

(iii)     Whereas clauses, headings and subtitles included herein are inserted for convenience only and do not affect the construction hereof, words denoting the singular include the plural and vice versa, and words denoting one gender include each gender and all genders.

(iv)     Unless otherwise provided for herein, if a period of time is specified as from a given day or from the day of an act or event, it shall be calculated exclusive of that day and including the relevant last day of this period of time.

(v)     The use of “or” is not intended to be exclusive unless expressly indicated otherwise.

(vi)     Where an expression is defined, another part of speech or grammatical form of that expression has a corresponding meaning.

(vii) Unless the context otherwise requires, references herein to:

		
	(A)
	a month, quarter and year are references to a month, quarter and year of the Gregorian Calendar;

(B)     Whereas, Sections, Subsection, Exhibit or Schedule refer to the appropriate recitals, sections, subsections, exhibits or schedules hereof;
(C)    a document, instrument and agreement are references to such document, instrument and agreement (including schedules thereto and, where applicable, any of its provisions) as amended, modified, varied, supplemented, novated or replaced and in effect at the time any such reference is operative, provided, however, that the foregoing shall not apply to any reference to a document, instrument or agreement contained in Section 3 including, for the avoidance of doubt, Material Contracts;
(D)     a Party includes its permitted successors and assigns; 
		
	(E)
	Laws are construed as references to such Laws as modified, amended, consolidated, extended or re-enacted and in effect at the time any such reference is operative, and include any administrative guidances, orders, 

regulations, instruments or other subordinate legislation made under the relevant Laws; and
		
	(F)
	an authority, association or body whether statutory or otherwise are, if and when any such authority, association or body ceases to exist or being reconstituted, renamed or replaced or the powers or functions thereof being transferred to any other authority, association or body, references respectively to the authority, association or body established or constituted in lieu thereof or as nearly as may be succeeding to the powers or functions thereof.

Section 2.    Divestiture, Closing, and Conditions Precedent.
(a)        Consummation of Divestiture.  On the Closing Date (or in the case of (i) the Mexico Seller Companies, at the Mexico Deferred Closing Date of the Mexico Deferred Business or (ii) the India Seller Company, at the India Deferred Closing Date of the India Deferred Business), Buyer and Seller shall consummate the Divestiture through the execution and consummation of the Transfer Instrument, the Asset Transfer Instruments, India Transaction Documents and the Transition Services Agreement.  
(b)        Purchase Price.  The purchase price payable to Seller for the Divestiture shall be Fifty-Two Million Dollars ($52,000,000) (the “Purchase Price”) (subject to adjustment as set forth in this Section 2(b) and Section 2(i) below and for the avoidance of doubt exclusive of any applicable Taxes).  Buyer shall pay to Seller the Purchase Price, minus the Estimated Closing Indebtedness, minus the amount allocable to the price of the Transferred Assets of the India Deferred Business pursuant to the Allocation Schedule, plus cash in the Italian bank account(s) of Uniloy Italy in an amount not to exceed the net Liabilities of the Italy TFR Plan (the “Italy Cash”).  The Purchase Price, as adjusted pursuant to the foregoing sentence, shall be paid by wire transfer of immediately available funds to such account of Seller as notified to Buyer by Seller, payable on the Closing Date and allocable as described in Section 2(j) of this Agreement.
(c)        Purchase and Sale of Assets.  On and subject to the terms and conditions of this Agreement, effective as of the Closing (or in the case of (i) the Mexico Seller Companies, effective at the Mexico Deferred Closing of the Mexico Deferred Business or (ii) the India Seller Company, effective at the India Deferred Closing of the India Deferred Business) (except as otherwise provided below), Sellers shall (or shall cause its Affiliates to) sell, assign, transfer and convey to Buyer, and Buyer shall (or shall cause its Affiliates to) purchase from Seller or its Affiliates, free and clear of all Liens (other than Permitted Liens, except with respect to the equity interests in Uniloy Italy, which shall be free and clear of all Liens including any Permitted Liens), all Seller’s or such Affiliate’s right, title and interests in and to the following assets used in the Business (the “Transferred Assets”):
(i)    the accounts or notes receivable exclusively related to the Business and reflected in the Closing Working Capital;

(ii)    the inventory, finished goods, raw materials, work in progress, packaging, supplies, parts and other inventories of Seller Companies exclusively related to the Business and reflected in the Closing Working Capital (collectively, “Inventory”);
(iii)    all contracts set forth on Section 2(c) of the Disclosure Schedule, all contracts exclusively related to the Business, all Material Contracts, all Contractor/Consultant Non-Disclosure Agreements, and all Employee Non-Disclosure Agreements (which, for the avoidance of doubt will transfer on the date that the employee who executed such agreement transfers employment from the Seller Companies to the Buyer or an Affiliate of Buyer (collectively, the “Assigned Contracts”);
(iv)    all Intellectual Property owned or purported to be owned, in whole or part, by the Seller Companies which is exclusively used in the Business (collectively, the “Assigned IP”), including:
(A)    Patents exclusively used in the Business (including all provisional applications, continuation and continuation-in-part applications, continued prosecution applications, and substitute and divisional applications claiming the benefit of the filing date of or priority to the foregoing; all patents of addition of the foregoing; all continued examinations, re-examinations, inter partes review and post-grant review certificates of the foregoing; all amendments, reissues, and extensions of the foregoing; all divisional, validations, supplementary perfection certifications and extensions of the foregoing; all patents or patent applications that claim priority to or from the foregoing, including the Patents listed on Section 3(k)(ii) of the Disclosure Schedule; and all inventions claimed by any of the foregoing; all rights to claim priority to the foregoing under any of the International Convention for the Protection of Industrial Property, the Patent Cooperation Treaty and applicable bilateral or multilateral treaties; 
(B)    Trademarks exclusively used in, or necessary for the Business including the Trademarks listed on Section 3(k)(ii) of the Disclosure Schedule, and all the goodwill of the Business connected with the use of and symbolized by the foregoing;
(C)    domain names exclusively used in  the Business, including the domain names listed in Section 3(k)(ii) of the Disclosure Schedule;
(D)    Copyrights exclusively used in the Business, including the Copyrights listed on Section 3(k)(ii) of the Disclosure Schedule ; 
(E)    Software exclusively used in, or necessary for the Business, including all source code, object code, data files, libraries, tools and utilities, functional and business requirements documentation, specifications, and user documentation, including the Software listed on Section 3(k)(ii) of the Disclosure Schedule but excluding the Software listed on Section 2(d)(iv) of the Disclosure Schedule;

(F)    all rights to request, apply for, file and register the foregoing, and all registrations and applications for any of the foregoing with or by any Governmental Body in any jurisdiction throughout the world;
(G)    all beneficial rights pursuant to which an employee or other third party is obligated (whether under contract, fiduciary obligations, statute or otherwise) to assign any of the foregoing Intellectual Property to a Seller Company;
(H)    all rights of action arising from any the foregoing, including all claims for damages or equitable remedies by reason of present, past and future infringement or violation of the foregoing, all defenses relating to or arising from any of the foregoing, and all income, royalties and any other payments now and hereafter due and/or payable to the assignor in respect of the foregoing; 
(I)    any and all: (i) documentation or other tangible embodiments that comprise, embody, disclose or describe the foregoing, including engineering drawings, technical documentation, databases, spreadsheets, business records, inventors’ notebooks, invention disclosures, digital files, software code embodied in media or firmware and (ii) files related to the prosecution or enforcement of any of the foregoing, including such patent, trademark or copyright prosecution or enforcement files in the custody of Seller’s outside legal counsel, and all attorney client privileges and work product immunities associated with such files and such prosecution and enforcement;
(J)    all Intellectual Property related to blow molding developed, owned, licensed, used or held for use by any Seller Company, including all rights to sue for past infringement and all documentation and opinions held in legal files except to the extent set forth on Section 2(d)(iv) of the Disclosure Schedule; and
(v)    all IT Assets exclusively related to the Business and all Company Data  related to the Business or the Transferred Employees (provided that Seller may retain copies and have access to all such Company Data existing prior to the Closing Date to the extent necessary for the Buyer Restricted Business of Seller);
(vi)    all telephone and fax numbers primarily used in the Business;
(vii)    all furniture, fixtures, equipment, supplies and other tangible personal property used by the Business located in Tecumseh, Michigan and, for those located elsewhere, all furniture, fixtures, equipment, supplies and other tangible personal property  used primarily in the Business, except those items listed on Section 2(d)(iv) of the Disclosure Schedule (the “Tangible Personal Property”);
(viii)    all of Seller Companies’ leasehold interests in the Leased Real Property;
(ix)    all Permits required to operate the Business, except for any Permit listed on Section 2(d)(iv) of the Disclosure Schedule;

(x)    all prepaid expenses, credits, advance payments, security, deposits, charges, sums and fees to the extent related to the Business or any Transferred Asset and reflected in the Closing Working Capital;
(xi)    all of Seller’s rights under warranties, indemnities and all similar rights against Third Parties to the extent related to the Business, without prejudice to Seller’s rights against Third Parties to the extent not related to the Business;
(xii)    originals, or where not available, copies, of all books and records, including books of account, ledgers and general, financial and accounting records, machinery and equipment maintenance files, customer lists, customer purchasing histories, price lists, distribution lists, supplier lists, production data, quality control records and procedures, customer complaints and inquiry files, research and development files, records and data (including all correspondence with any Governmental Body), personnel files for the Transferred Employees (effective as of the applicable Transfer Date), sales material and records, strategic plans, internal financial statements and marketing and promotional surveys, material and research, that relate to the Business, Uniloy Italy or the Transferred Assets (provided that Seller Companies may retain copies and have access to each of the foregoing existing prior to the Closing Date and necessary for the Buyer Restricted Business of Seller);
(xiii)    all of the equity interests in Uniloy Milacron s.r.l. (“Uniloy Italy”), free and clear of all Liens; 
(xiv)    for the avoidance of doubt, the Parties acknowledge that all assets in and rights and contracts relating to the Italy TFR Plan will remain with Uniloy Italy and will transfer to Buyer pursuant to the transfer of all of the equity interests in Uniloy Italy; and
(xv)    the other assets set forth on Section 2(c)(xv) of the Disclosure Schedule.
(d)    Excluded Assets.  Notwithstanding anything to the contrary set forth in Section 2(c) or elsewhere in this Agreement, the following assets (the “Excluded Assets”) are not part of  the transaction contemplated herein, are excluded from the Transferred Assets and shall remain the property of Seller or its relevant Affiliate after the Closing (or in the case of (i) Mexico Seller Companies, after the Mexico Deferred Closing and (ii) the India Seller Company, after the India Deferred Closing):
(i)    all assets of Seller and its Affiliates that are not  used in or related to the Business; 
(ii)    all assets related to the U.K. Pension Plan;
(iii)    all Seller Benefit Plans other than the Italy TFR Plan (in each case, including all assets, rights and contracts relating to the relevant Seller Benefit Plan); and
(iv)    all assets listed on Section 2(d)(iv) of the Disclosure Schedule.

(e)    Assumed Liabilities.  On and subject to the terms and conditions of this Agreement, effective as of the Closing (or in the case of any applicable Liabilities of (i) Mexico Seller Companies, after the Mexico Deferred Closing or (ii) the India Seller Company, after the India Deferred Closing), Buyer shall assume and agree to discharge only the following Liabilities (the “Assumed Liabilities”):
(i)    all trade accounts payable of Seller Companies in connection with the Business that remain unpaid as of the Closing Date to the extent reflected in the Closing Working Capital;
(ii)    all Liabilities and obligations arising under or relating to the Assigned Contracts after the Closing Date or, in respect of the Mexico Seller Companies in connection with Assigned Contracts related to the Mexico Deferred Business, after the Mexico Deferred Closing Date, or, in respect of the India Seller Company in connection with the India Assigned Contracts, after the India Deferred Closing Date, or that are otherwise reflected in Working Capital and, for the avoidance of doubt, excluding all Liabilities under contracts with respect to machines manufactured by the Seller Companies outside of North America;
(iii)    all product warranty claims relating to the Business with respect to machines manufactured by the Seller Companies in North America prior to the Closing;
(iv)    for the avoidance of doubt, the Parties acknowledge that all Liabilities in the Italy TFR Plan will remain with Uniloy Italy and will transfer to Buyer pursuant to the transfer of all of the equity interests in Uniloy Italy; and 
(v)    all other Liabilities and obligations arising out of or relating to Buyer’s ownership or operation of the Business and the Transferred Assets after the Closing and, in respect of the Mexico Deferred Business and the India Deferred Business, after the Mexico Deferred Closing and the India Deferred Closing, respectively (other than Retained Liabilities);
(vi)    all Liabilities and obligations set forth on Section 2(e)(vi) of the Disclosure Schedule.
(f)    Retained Liabilities.  The Retained Liabilities shall remain the sole responsibilities of Seller and shall be retained, performed and discharged solely by Seller or its relevant Affiliate. “Retained Liabilities” means every Liability of Seller Companies other than the Assumed Liabilities and every Liability of Uniloy Italy not related to the Business. Without limiting the foregoing, Retained Liabilities shall include the following:
(i)    Liabilities arising out of the termination of employment by Seller, any Seller Company or any of their respective Affiliates of any employee of Seller, any Seller Company or any of their respective Affiliates, including all severance payments;
(ii)    Liabilities arising out of or in connection with (x) the Uniloy Italy Spin-Off or (y) commissions or severance indemnities due to Uniloy Italy dealers (procacciatori d’affari or agenti commerciali);

(iii)    Liabilities arising out of or in connection with the Seller Benefit Plans other than the Italy TFR Plan, including (i) the U.K. Pension Plan and (ii) any underfunded welfare, severance, benefits and/or pension plans;
(iv)    Liabilities arising out of or in connection with the wind down of operations at the Seller’s facility in Policka, Czech Republic;
(v)    Liabilities with respect to machines manufactured by the Seller Companies outside of North America, including, for the avoidance of doubt, any Liabilities with respect to the suit filed in Pau, France by Global Packaging SASU against Uniloy Italy;
(vi)    Liabilities arising out of or in connection with any Business Transaction Expenses of any Seller Company including, for the avoidance of doubt, Uniloy Italy;
(vii)    Retained Environmental Liabilities; and
(viii)    Liabilities and obligations for Taxes relating to any Seller Company other than Uniloy Italy, and Liabilities and obligations for Taxes relating to Uniloy Italy that accrue prior to the Closing Date.
(g)    Closing.  The closing of the Contemplated Transactions (the “Closing”) shall take place on the second Business Day after all of the conditions to Closing set forth in Sections 7(a) and (b) are either satisfied or waived (other than conditions which, by their nature, are to be satisfied on the Closing Date), or at such other time as the Parties may mutually agree.  The date on which the Closing occurs is referred to herein as the “Closing Date”.  The Closing shall take place remotely by electronic or facsimile transmissions (with originals promptly to follow), in either case, commencing at 9 A.M. local time in Cincinnati, Ohio, U.S.A. on the Closing Date.
(h)    Closing Actions.  
(i)    Seller’s Closing Deliveries. At or prior to the Closing, Seller shall deliver (or shall cause to be delivered) to Buyer the following:
(A)    At least three Business Days prior to the Closing Date, a statement reasonably acceptable to Buyer (the “Estimated Statement”) containing (i) the Pro Forma Financials, (ii) a good faith estimate of Closing Indebtedness (the “Estimated Closing Indebtedness”), (iii) the amount of Italy Cash and (iv) Seller’s calculation of the Purchase Price to be paid pursuant to Section 2(b) (the “Estimated Purchase Price”), based on the Estimated Closing Indebtedness and Italy Cash, including wire instructions for all of the payments to be made by Buyer or caused by Buyer to be made pursuant to Section 2(b) and such schedules and data as may be appropriate to support the Estimated Purchase Price.
(B)    A bill of sale in the form of Exhibit A hereto (the “U.S. Bill of Sale”) transferring certain tangible personal property included in the Transferred Assets to 

Buyer, executed by each of Seller, Milacron Marketing Company LLC, and Milacron Plastics Technologies Group LLC;
(C)    A bill of sale in the form of Exhibit B hereto (the “Czech Bill of Sale”) transferring certain tangible personal property included in the Transferred Assets to Buyer, executed by each of Tirad s.r.o. and Milacron Czech Republic S.P.O.L. s.r.o.;
(A)    A bill of sale in the form of Exhibit D hereto (the “U.K. Bill of Sale”) transferring certain tangible personal property included in the Transferred Assets to Buyer, executed by Milacron U.K. Ltd.;
(B)     A Sale and Assignment and Assumption Agreement in the form of Exhibit E hereto (the “Germany Sale and Assignment and Assumption Agreement”) transferring certain tangible personal property included in the Transferred Assets to Buyer and affecting the assignment to and assumption by Buyer of certain of the Transferred Assets and Assumed Liabilities, executed by Uniloy Milacron Germany GmbH;
(C)    an assignment and assumption agreement in the form of Exhibit G hereto (the “U.S. Assignment and Assumption Agreement”) effecting the assignment to and assumption by Buyer of certain of the Transferred Assets and the Assumed Liabilities, executed by Seller, Milacron Marketing Company LLC and Milacron Plastics Technologies Group LLC;
(D)    an assignment and assumption agreement in the form of Exhibit H hereto (the “Czech Assignment and Assumption Agreement”) effecting the assignment to and assumption by Buyer of certain of the Transferred Assets and the Assumed Liabilities, executed by each of Tirad s.r.o. and Milacron Czech Republic S.P.O.L. s.r.o.;
(E)    an assignment and assumption agreement in the form of Exhibit J hereto (the “U.K. Assignment and Assumption Agreement”) effecting the assignment to and assumption by Buyer of certain of the Transferred Assets and the Assumed Liabilities, executed by Milacron U.K. Ltd.;
(F)    a deed of transfer in the form of Exhibit M, Section 1 hereto (the “Italy Deed of Transfer”) transferring the entire quota capital of Uniloy Italy to Buyer, duly executed by Milacron B.V. before an Italian notary public; 
(G)    employment agreements, each in the forms attached as Exhibit R hereto (the “Employment Agreements”) duly executed by the respective Key Employee;
(H)    a certificate, dated the Closing Date, signed on behalf of Seller by a duly authorized officer, to the effect that (1) the representations and warranties of Seller set forth in Section 3 of this Agreement (disregarding all qualifications and 

exceptions contained therein relating to materiality, Material Adverse Effect or similar qualifications), other than the Seller Fundamental Representations, shall be true and correct as of the date hereof and as of the Closing Date as though made on and as of the Closing Date, except (i) that representations and warranties that are made as of a specific date need be true and correct only as of such date; and (ii) for Breaches and inaccuracies the effect of which would not, individually or in the aggregate, have a Material Adverse Effect on Seller’s ability to execute, deliver or perform this Agreement or any of the Transaction Agreements (other than the Mexico Transaction Agreements, which shall be executed on the Mexico Deferred Closing Date, and the India Transaction Documents, which shall be executed on the India Deferred Closing Date), or to timely consummate the Contemplated Transactions, and (2) each of the Seller Fundamental Representations shall be true and correct in all respects as of the date hereof and as of the Closing Date as though made on and as of the Closing Date, except that representations and warranties that are made as of a specific date need to be true and correct in all respects only as of such date;
(I)    a certificate, dated the Closing Date, signed on behalf of Seller, attaching thereto copies of resolutions of each Seller Company authorizing the execution and delivery of all Transaction Agreements to which such Seller Company is a party (other than the Mexico Transaction Agreements, which shall be executed on the Mexico Deferred Closing Date, and the India Transaction Documents, which shall be executed on the India Deferred Closing Date), and the performance of the Contemplated Transactions, on behalf of such Seller Company and certifying, as applicable, that (x) such copies are complete and correct copies of such documents, (y) such documents are in full force and effect and (z) such documents have not been amended, modified or rescinded;
(J)    copies of all authorizations and consents that any Seller Company is required to obtain and notices that any Seller Company is required to provide (x) in connection with the consummation of the Contemplated Transactions and (y) pursuant to applicable Law, if any.
(K)    a certificate of each Seller Company party to the U.S. Assignment and Assumption Agreement acceptable to Buyer in form and substance as required under applicable Treasury Regulations certifying that such Seller Company is not a “foreign person” for purposes of Section 1445 of the Internal Revenue Code; 
(L)    the Intellectual Property Agreements, each in the forms attached as Exhibit Q hereto and duly executed by the applicable Seller Companies; 
(M)    all corporate books of Uniloy Italy; 
(N)    reasonable and customary lien release letters between the applicable Seller Companies and any Person holding a Lien on all or part of the Transferred Assets, in each case, affirmatively stating that all Liens in favor of the secured parties over such Transferred Assets shall be deemed released and such secured parties will 

execute and deliver customary releases and termination statements to the extent reasonably required to evidence such release; 
(O)    a Tax Clearance Certificate from the Michigan Department of Treasury, stating that no applicable Taxes are due with respect to the Business or the Transferred Assets; and
(P)    any equityholder consents of the Seller Companies required under applicable Law as a result of the Contemplated Transactions, including, without limitation, Uniloy Milacron Germany GmbH.
(ii)    Buyer’s Closing Deliveries. Buyer shall deliver (or shall cause to be delivered) to Seller the following:
(A)    the U.S. Assignment and Assumption Agreement, the Czech Assignment and Assumption Agreement, the German Assignment and Assumption Agreement, each duly executed by Buyer or by an Affiliate of Buyer;
(B)    the Intellectual Property Agreements, each in a form mutually agreeable to Seller and Buyer and duly executed by Buyer or by an Affiliate of Buyer;
(C)    each Employment Agreement, duly executed by Buyer or by an Affiliate of Buyer;
(D)    a certificate, dated the Closing Date, signed on behalf of Buyer by an authorized officer, to the effect that the conditions set forth in Section 7(b) have been satisfied and that the representations and warranties in Section 4 are true, correct and accurate in all material respects;
(E)    a certificate, dated the Closing Date, signed on behalf of Buyer attaching thereto copies of the resolutions of Buyer’s board of directors authorizing the execution and delivery of all Transaction Agreements (except for the Mexico Transaction Agreements and the India Transaction Documents), and the performance of the Contemplated Transactions, on behalf of Buyer and certifying, as applicable, that (x) such copies are complete and correct copies of such documents, (y) such documents are in full force and effect and (z) such documents have not been amended, modified or rescinded; and
(F)    the Italy Deed of Transfer transferring the entire quota capital of Uniloy Italy to Buyer, duly executed by Buyer before an Italian notary public. 
(iii)    Additional Documents. Each of the Parties shall execute and deliver such other documents and instruments, provide such materials and information and take such other actions as may reasonably be necessary, proper or advisable, to the extent permitted by applicable Law, to fulfill its obligations under the Transaction Agreements. In particular, on the Closing Date, simultaneously with the execution of the Italy Deed of Transfer pursuant to the above points (i)(N) and (ii)(E) of this letter (h), the Seller and the Buyer shall cause 

the actions listed under Exhibit M, Section 2, to be fulfilled (the actions listed under Exhibit M, Section 2, are hereinafter referred to as the “Italian Closing Actions”). 
(iv)    Payment of Purchase Price.  Buyer shall pay the Purchase Price, as adjusted in accordance with Section 2(b) and Section 2(h)(i)(A), to Seller via wire transfer of immediately available funds to the U.S. account or accounts specified by Seller prior to the Closing.  At the Closing, the amount allocable to the price of the Transferred Assets of the Mexico Deferred Business shall be delivered by Buyer to Seller in escrow, which amount for the avoidance of doubt is part of and included in the Purchase Price. Seller agrees to hold this amount in escrow and shall disburse this escrow amount to the Mexico Seller Companies, as the case may be, at the Mexico Deferred Closing Date and upon consummation of the Mexico Deferred Closing, in accordance with specific price amounts set forth in the Allocation Schedule for the purchase of the Transferred Assets in Mexico and in accordance with the Mexico Bills of Sale.  At the India Deferred Closing, the amount allocable to the price of the Transferred Assets of the India Deferred Business pursuant to the Allocation Schedule shall be delivered by India Buyer to the India Seller Company, in accordance with specific price amounts set forth in the Allocation Schedule for the purchase of the Transferred Assets in India and in accordance with the India Asset Transfer Agreements.  
(i)    Purchase Price Adjustment.
(i)    Post-Closing Adjustment.  Within 90 days after the Closing Date, Buyer shall prepare and deliver to Seller a statement setting forth its calculation of Closing Indebtedness and Closing Working Capital, which statement shall contain a balance sheet of the Business as of the Closing Date (without giving effect to the transactions contemplated herein) (the “Closing Working Capital Statement”), prepared in accordance with the methodologies set forth on Schedule 2(i) (the “Working Capital Methodologies”).
(ii)    The post-closing adjustment shall be an amount determined as follows:
(A)    an amount equal to the Closing Working Capital minus the Target Working Capital (the “Working Capital Difference”), which amount may be positive or negative.  To the extent that the Working Capital Difference is a positive number and its absolute value exceeds $900,000, then the Working Capital Adjustment Amount shall be such positive amount.  To the extent that the Working Capital Difference is a negative number and its absolute value exceeds $900,000, then the Working Capital Adjustment Amount shall be such negative amount.  In the event that the absolute value of the Working Capital Difference exceeds $900,000, then the Working Capital Difference (which amount may be positive or negative) shall be referred to as the “Working Capital Adjustment Amount”.  For the avoidance of doubt, in the event that the absolute value of the Working Capital Difference is less than or equal to $900,000, then the Working Capital Adjustment Amount shall be equal to Zero Dollars ($0).  
(B)    an amount equal to the Closing Indebtedness minus the Estimated Closing Indebtedness (the “Indebtedness Difference”), which amount may be positive or negative.

(C)    an amount (the “Business Transaction Expenses Adjustment Amount”) equal to the aggregate Business Transaction Expenses paid by Buyer or any of its Affiliates following the Closing.
(D)    the amount equal to the Working Capital Adjustment Amount  minus the Indebtedness Difference,  minus the Business Transaction Expenses Adjustment Amount shall be referred to as the “Post-Closing Adjustment.”  If the Post-Closing Adjustment is a positive number, then Buyer shall pay to Seller an amount equal to the Post-Closing Adjustment.  If the Post-Closing Adjustment is a negative number, then Seller shall pay to Buyer an amount equal to the absolute value of the Post-Closing Adjustment.
(iii)    Examination. After receipt of the Closing Working Capital Statement, Seller shall have 30 days (the “Review Period”) to review the Closing Working Capital Statement. During the Review Period, Seller and Seller’s Accountants shall have reasonable access to the books and records, the personnel of, and, subject to entering into customary access letter(s), work papers prepared by, Buyer and/or Buyer’s Accountants to the extent that they relate to the Closing Working Capital Statement and to such historical financial information (to the extent in Buyer’s possession) relating to the Closing Working Capital Statement as Seller may reasonably request for the purpose of reviewing the Closing Working Capital Statement and to prepare a Statement of Objections (defined below), provided, that such access shall be in a manner that does not interfere with the normal business operations of Buyer.
(iv)    Objection. On or prior to the last day of the Review Period, Seller may object to the Closing Working Capital Statement by delivering to Buyer a written statement setting forth Seller’s objections in reasonable detail, indicating each disputed item or amount and the basis for Seller’s disagreement therewith (the “Statement of Objections”). If Seller fails to deliver the Statement of Objections before the expiration of the Review Period, the Closing Working Capital Statement and the Post-Closing Adjustment, as the case may be, reflected in the Closing Working Capital Statement shall be deemed to have been accepted by Seller. If Seller delivers the Statement of Objections before the expiration of the Review Period, Buyer and Seller shall negotiate in good faith to resolve such objections within 30 days after the delivery of the Statement of Objections (the “Resolution Period”), and, if the same are so resolved within the Resolution Period, the Post-Closing Adjustment and the Closing Working Capital Statement with such changes as may have been previously agreed in writing by Buyer and Seller, shall be final and binding.
(v)    Resolution of Disputes. If Seller and Buyer fail to reach an agreement with respect to all of the matters set forth in the Statement of Objections before expiration of the Resolution Period, then any amounts remaining in dispute (“Disputed Amounts” and any amounts not so disputed, the “Undisputed Amounts”) shall be submitted for resolution to the office of BDO USA, LLP or, if BDO USA, LLP is unable to serve, Buyer and Seller shall appoint by mutual agreement the office of an impartial nationally recognized firm of independent certified public accountants other than Seller’s Accountants or Buyer’s 

Accountants (the “Independent Accountants”) who, acting as experts and not arbitrators, shall resolve, based solely on written submissions by Buyer and Seller and their respective representatives, and not by independent review, the Disputed Amounts only and make any adjustments to the Post-Closing Adjustment, as the case may be, and the Closing Working Capital Statement. No Party shall have any ex parte communications with the Independent Accountants without the prior consent of Buyer, in the case of communications by the Seller Companies, or Seller, in the case of communications by Buyer. In resolving any disputed item, the independent accounting firm shall be bound by the applicable definitions set forth in this Agreement and the other requirements of this Section. The Parties agree that all adjustments shall be made without regard to materiality. The Independent Accountants shall only decide the specific items under dispute by the Parties and their decision for each Disputed Amount must be within the range of values assigned to each such item in the Closing Working Capital Statement and the Statement of Objections, respectively.
(vi)    Fees of the Independent Accountants. The fees and expenses of the Independent Accountants shall be paid by Seller, on the one hand, and by Buyer, on the other hand, based upon the percentage that the amount actually contested but not awarded to Seller or Buyer, respectively, bears to the aggregate amount actually contested by Seller and Buyer.
(vii)    Determination by Independent Accountants. The Independent Accountants shall make a determination as soon as practicable within 30 days (or such other time as the Parties shall agree in writing) after their engagement, and their resolution of the Disputed Amounts and their adjustments to the Closing Working Capital Statement and/or the Post-Closing Adjustment shall be conclusive and binding upon the Parties.
(viii)    Payments of Post-Closing Adjustment. Except as otherwise provided herein, any payment of the Post-Closing Adjustment shall (A) be due (x) within fifteen Business Days of acceptance of the applicable Closing Working Capital Statement or (y) if there are Disputed Amounts, then within fifteen Business Days of the resolution described in clauses (iv) or (vii); and (B) be paid by wire transfer of immediately available funds to such U.S. account as is directed by Buyer or Seller, as the case may be. 
(ix)    Adjustments for Tax Purposes. Any payments made pursuant to this Section 2(i) shall be treated as an adjustment to the Purchase Price by the parties for Tax purposes, unless otherwise required by Law.
(j)    Allocation of Purchase Price. Seller and Buyer agree that the Purchase Price shall be allocated among the Transferred Assets for all purposes (including Tax and financial accounting) as shown on the allocation schedule (the “Allocation Schedule”), which shall be prepared in accordance with the principles set forth on Schedule 2(j).  The Allocation Schedule shall be prepared by Buyer and delivered to Seller within ninety days following the Closing Date. If Seller notifies Buyer in writing that Seller objects to one or more items reflected in the Allocation Schedule, Seller and Buyer shall negotiate in good faith to resolve such dispute; provided, however, that if Seller and Buyer are unable to resolve any dispute with respect to the Allocation Schedule within thirty days following delivery to Seller of the Allocation Schedule, such dispute shall be resolved by the 

Independent Accountants. The fees and expenses of such accounting firm shall be borne equally by Seller and Buyer. Buyer and Seller shall file all Tax Returns (including amended returns and claims for refund) and information reports in a manner consistent with the Allocation Schedule.  When in accordance with local Law and/or tax requirements the price allocation of the Transferred Assets at each involved jurisdiction require an itemized price allocation of those specific local Transferred Assets, Buyer and Seller shall agree on a further detailed item by item breakdown purchase allocation under the applicable Asset Transfer Instrument(s).
(k)    Mexico Deferred Closing. Unless otherwise agreed by the Parties to consummate the transfer of the Mexico Deferred Business at Closing instead of at the Mexico Deferred Closing, the closing of the transfer of the Mexico Deferred Business (the “Mexico Deferred Closing”) shall take place on or prior to December 31, 2019 after all of the conditions to the Mexico Deferred Closing set forth in Section 7(c) and (d) are either satisfied or waived (other than conditions which, by their nature, are to be satisfied on the Mexico Deferred Closing Date), or at such other time as the Parties may mutually agree. The date on which the Mexico Deferred Closing occurs is referred to herein as the “Mexico Deferred Closing Date”. The Mexico Deferred Closing shall take place remotely by electronic or facsimile transmissions (with originals promptly to follow), in either case, commencing at 9 A.M. local time in Mexico City, Mexico on the Mexico Deferred Closing Date.
(l)    Mexico Deferred Closing Actions.  
(i)    Seller’s Mexico Deferred Closing Deliveries. At or prior to the Mexico Deferred Closing (as the case may be), Seller shall deliver (or shall cause Mexico Seller Companies to deliver) to Buyer the following:
(A)    (i) A bill of sale in the form of Part A of Exhibit C hereto (the “Mexico Tangible Personal Property Bill of Sale”) transferring certain tangible personal property included in the Mexican Transferred Assets to Buyer, executed by each of Mexico Seller Company, as the case may be; and (ii) a bill of sale in the form of Part B of Exhibit C hereto (the “Mexico Inventory Bill of Sale”) transferring certain inventory included in the Mexican Transferred Assets to Buyer, executed by each Mexico Seller Company, as the case may be, as along with official CFDI tax invoices in PDF and XLM format for the Transferred Assets in Mexico by category of assets, segregating imported Inventory subject to a first sale after their importation into either of the Mexico Seller Companies, as the case may be, from Inventory acquired locally by any Mexico Seller Company, issued by each Mexico Seller Company, as the case may be, and upon payment, an official payment support tax invoice supplement in PDF and XLM format for each CFDI tax invoice, invoices which shall meet all tax requirements applicable in Mexican Law for deductible purposes and  the invoices on the transfer of imported Inventory shall in addition meet the requirements applicable in Mexican Law for imported goods. Not less than 5 (five) Business Days prior to the Mexico Deferred Closing Date, Seller shall provide or shall cause the Mexico Seller Companies, as the case may be, to provide Buyer or its designee with the pro-form invoices each will electronically issue on the Mexico Deferred Closing Date, for review and sign-off of the asset description by Buyer;

(B)    an assignment and assumption agreement in the form of Exhibit N hereto (the “Mexico Assignment and Assumption Agreement”) effecting the assignment to and assumption by Buyer of certain of the Transferred Assets and Assumed Liabilities pertaining to the Mexico Deferred Business, including but not limited to certain clients and suppliers, executed by each Mexico Seller Company;
(C)    a certificate, dated the Mexico Deferred Closing Date, signed on behalf of Seller by a duly authorized officer, to the effect that (1) the representations and warranties of Seller set forth in Section 3 of this Agreement (disregarding all qualifications and exceptions contained therein relating to materiality, Material Adverse Effect or similar qualifications), other than the Seller Fundamental Representations, shall be true and correct as of the date hereof and as of the Mexico Deferred Closing Date in respect of the Mexico Deferred Business as though made on and as of the Mexico Deferred Closing Date, except (i) that representations and warranties that are made as of a specific date need be true and correct only as of such date; and (ii) for Breaches and inaccuracies the effect of which would not, individually or in the aggregate, have a Material Adverse Effect on Seller or Seller Companies’ ability to execute, deliver or perform any of the Mexico Transaction Agreements, or to timely consummate the Mexico Transaction Agreements, and (2) each of the Seller Fundamental Representations shall be true and correct in all respects, in respect of the Mexico Deferred Business, as of the date hereof and as of the Mexico Deferred Closing Date as though made on and as of the Mexico Deferred Closing Date, except that representations and warranties that are made as of a specific date need to be true and correct in all respects only as of such date;
(D)    a certificate, dated the Mexico Deferred Closing Date, signed on behalf of Seller, attaching thereto copies of resolutions of each Mexico Seller Company authorizing the execution and delivery of all Mexico Transaction Agreements to which such Mexico Seller Company is a party, and the performance of the transactions contemplated thereon, on behalf of such Mexico Seller Company and certifying, as applicable, that (x) such copies are complete and correct copies of such documents; (y) such documents are in full force and effect; and (z) such documents have not been amended, modified or rescinded;
(E)    copies of all authorizations and consents that any Mexico Seller Company is required to obtain and notices that any Mexico Seller Company is required to provide (x) in connection with the consummation of the transactions contemplated herein and on the Mexico Transaction Agreements and (y) pursuant to applicable Law, if any;
(F)    a Spanish-language short form Intellectual Property Agreement for recordation of the assignment of Trademarks registered in Mexico, in a form mutually agreeable to Seller and Buyer and duly executed by Seller and Buyer (the “Short Form Mexico Intellectual Property Transfer Agreement”); 

(G)    an employer substitution agreement in a form agreeable to Buyer, duly executed by Milacron Mexico Plastics Services S.A. de C.V. for the transfer of the Mexico Transferred Employees in Mexico along with originally signed copies of the employment agreements executed between Milacron Mexico Plastics Services, S.A. de C.V. and each Mexico Transferred Employee in Mexico, the executed data privacy notice from each of these employees supporting that Milacron Mexico Plastics Services S.A. de C.V. is entitled to transfer their data privacy to a third party, and a notice from Milacron Mexico Plastics Services S.A. de C.V. to each Transferred Employee in Mexico informing such Transferred Employee of the employer substitution, duly executed by the relevant employee (the “Mexico Employee Transfer Documents”); and
(H)    notarial instruments memorializing each Mexico Seller Company corporate resolutions vesting powers of attorney to sign, as the case may be, the Mexico Transaction Agreements.
(ii)    Buyer’s Mexico Deferred Closing Deliveries. At or prior to the Mexico Deferred Closing (as the case may be), Buyer shall deliver (or shall cause to be delivered) to Seller the following:
(A)    the Mexico Assignment and Assumption Agreement, duly executed by Buyer or by an Affiliate of Buyer;
(B)    payment by the Affiliate of Buyer acquiring the assets of the Mexico Deferred Business to the relevant Mexico Seller Company of Impuesto al Valor Agregado (IVA) on the price allocated under the Mexico Bills of Sale;
(C)    a certificate, dated the Mexico Deferred Closing Date, signed on behalf of Buyer by an authorized officer, to the effect that the conditions set forth in Section 7(d) have been satisfied and that the representations and warranties in Section 4, in respect of the closing of the transfer of the Mexico Deferred Business, are true, correct and accurate in all material respects;
(D)    a certificate, dated the Mexico Deferred Closing Date, signed on behalf of Buyer attaching thereto copies of the resolutions of Buyer’s board of directors or shareholders’ meeting, as applicable, authorizing the execution and delivery of all Mexico Transaction Agreements, and the performance of the Contemplated Transactions, on behalf of Buyer and certifying, as applicable, that (x) such copies are complete and correct copies of such documents, (y) such documents are in full force and effect and (z) such documents have not been amended, modified or rescinded;
(E)    the Mexico Bills of Sale, duly executed by an Affiliate of Buyer;
(F)    the Mexico Employee Transfer Documents requiring execution by an Affiliate of Buyer, duly executed by an Affiliate of Buyer; 

(G)    the Short Form Mexico Trademarks Transfer Agreement, duly executed by Buyer; and
(m)    India Deferred Closing. Unless otherwise agreed by the Parties to consummate the transfer of the India Deferred Business at Closing instead of at the India Deferred Closing, the closing of the transfer of the India Deferred Business (the “India Deferred Closing”) shall take place on or prior to December 31, 2019 after all of the conditions to the India Deferred Closing set forth in Section 7(e) and (f) are either satisfied or waived (other than conditions which, by their nature, are to be satisfied on the India Deferred Closing Date), or at such other time as the Parties may mutually agree. The date on which the India Deferred Closing occurs is referred to herein as the “India Deferred Closing Date”. The India Deferred Closing shall take place remotely by electronic or facsimile transmissions (with originals promptly to follow), in either case, commencing at 9 A.M. local time in Mumbai, India on the India Deferred Closing Date.
(n)    India Deferred Closing Actions.
(i)    Seller’s India Deferred Closing Deliveries. At or prior to the India Deferred Closing (as the case may be), Seller shall deliver (or shall cause the India Seller Company to deliver) to Buyer the following:
(A)    each of the India Asset Transfer Agreements, duly stamped and executed by the India Seller Company;
(B)    an assignment and assumption agreement in the form of Exhibit N hereto (the “India Assignment and Assumption Agreement”) effecting the assignment to and assumption by Buyer of certain of the Transferred Assets and Assumed Liabilities pertaining to the India Deferred Business, including but not limited to certain clients and suppliers, duly stamped and executed by each India Seller Company;
(C)    a Tax invoice for sale to India Buyer in relation to the sale and transfer of the India Transferred Assets in the form of Exhibit L hereto (the “India Tax Invoice”) separately indicating the Taxes charged on such invoice, executed by India Seller Company;
(D)    letters executed by each of the India Transferred Employees and India Seller Company recording the commencement of their employment with Indian Buyer and cessation of employment of the India Transferred Employees with India Seller Company, with effect from the Transfer Date in the form of Part B of Exhibit K hereto (the “India Employees Acceptance Letter”);
(E)    a certificate from a chartered accountant (authorized under the Laws of India to practice in India) certifying that for the period up to the Closing Date: (i) no proceedings have been initiated or are pending in relation to India Seller Company and/or any Transferred Assets under the (Indian) Income Tax Act, 1961; and (ii) there are no liabilities for payment of taxes or any other sum in relation to the 

Transferred Assets, as per the provisions of Section 281 of the (Indian) Income Tax Act, 1961;
(F)    a certificate, dated the India Deferred Closing Date, signed on behalf of Seller by a duly authorized officer, to the effect that (1) the representations and warranties of Seller set forth in Section 3 of this Agreement (disregarding all qualifications and exceptions contained therein relating to materiality, Material Adverse Effect or similar qualifications), other than the Seller Fundamental Representations, shall be true and correct as of the date hereof and as of the India Deferred Closing Date in respect of the India Deferred Business as though made on and as of the India Deferred Closing Date, except (i) that representations and warranties that are made as of a specific date need be true and correct only as of such date; and (ii) for Breaches and inaccuracies the effect of which would not, individually or in the aggregate, have a Material Adverse Effect on Seller or Seller Companies’ ability to execute, deliver or perform any of the India Transaction Documents, or to timely consummate the India Transaction Documents, and (2) each of the Seller Fundamental Representations shall be true and correct in all respects, in respect of the India Deferred Business, as of the date hereof and as of the India Deferred Closing Date as though made on and as of the India Deferred Closing Date, except that representations and warranties that are made as of a specific date need to be true and correct in all respects only as of such date;
(G)    a certificate, dated the India Deferred Closing Date, signed on behalf of Seller, attaching thereto copies of resolutions of the India Seller Company authorizing the execution and delivery of all India Transaction Documents to which such India Seller Company is a party, and the performance of the transactions contemplated thereon, on behalf of such India Seller Company and certifying, as applicable, that (x) such copies are complete and correct copies of such documents; (y) such documents are in full force and effect; and (z) such documents have not been amended, modified or rescinded; and
(H)    copies of all authorizations and consents that any India Seller Company is required to obtain and notices that any India Seller Company is required to provide (x) in connection with the consummation of the transactions contemplated herein and on the India Transaction Documents and (y) pursuant to applicable Law, if any.
(ii)    Buyer’s India Deferred Closing Deliveries. At or prior to the India Deferred Closing (as the case may be), Buyer shall deliver (or shall cause to be delivered) to Seller the following:
(A)    India Buyer shall deliver to the India Seller Company via wire transfer of immediately available funds to such account of the India Seller Company as notified to Buyer by Seller prior to the India Deferred Closing the amount allocable to the price of the Transferred Assets of the India Deferred Business pursuant to the Allocation Schedule;

(B)    the India Assignment and Assumption Agreement, duly stamped and executed by Buyer or by an Affiliate of Buyer;
(C)    the India Employees Acceptance Letters, executed by India Buyer;
(D)    the India Asset Transfer Agreements, duly stamped and executed by India Buyer;
(E)    the Manufacturing and Supply Agreements, duly stamped and executed by India Buyer;
(F)    a certificate, dated the India Deferred Closing Date, signed on behalf of Buyer by an authorized officer, to the effect that the conditions set forth in Section 7(e) have been satisfied and that the representations and warranties in Section 4, in respect of the closing of the transfer of the India Deferred Business, are true, correct and accurate in all material respects; and
(G)    a certificate, dated the India Deferred Closing Date, signed on behalf of Buyer attaching thereto copies of the resolutions of Buyer’s board of directors authorizing the execution and delivery of all India Transaction Documents, and the performance of the Contemplated Transactions, on behalf of Buyer and certifying, as applicable, that (x) such copies are complete and correct copies of such documents, (y) such documents are in full force and effect and (z) such documents have not been amended, modified or rescinded.
Section 3.    Representations and Warranties of Seller.  Seller represents and warrants to Buyer that the statements contained in this Section 3 are true, correct and accurate.   
(a)    Organization and Existence.  Each of the Seller Companies is duly organized, validly existing and in good standing under the Laws of its jurisdiction of formation and has all necessary power and authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on the Business as currently conducted.  Uniloy Italy is a limited liability company (società a responsabilità limitata) duly incorporated and validly existing and operating pursuant to Italian law, with full corporate power and authority to conduct its business as currently conducted and to own its assets as currently owned. The by-laws (or statuto) of Uniloy Italy updated as of 18 June 2015 registered with the Register of Enterprises of Milan are in full force and effect and since such date there has not been, and the sole director or the quotaholders’ meeting or any other corporate body of Uniloy Italy has not approved or proposed, any amendment thereto.
(b)    Authorization and Enforceability. Each of the Seller Companies has full power and authority to execute and deliver the Transaction Agreements to which each is a party and to perform its respective obligations thereunder. The Transaction Agreements have been duly executed and delivered by the relevant Seller Companies, and constitute the valid and legally binding obligation of the Seller Companies, enforceable in accordance with their terms and conditions except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar 

Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a Proceeding at Law or in equity). 
(c)    No Notice or Filing, etc. Except as set forth on Section 3(c) of the Disclosure Schedule, no Seller Company needs to give any notice to, make any filing with, or obtain any authorization, consent, or approval of, any Governmental Body in order to consummate the Contemplated Transactions. The execution, delivery and performance of the Transaction Agreements have been duly authorized by each Seller Companies. 
(d)    No Violation and No Contravention. Except as set forth on Section 3(d) of the Disclosure Schedule, neither the execution and delivery of any of the Transaction Agreements, nor the consummation of the Contemplated Transactions, shall (i) conflict with, violate or result in a Breach of any provision of the certificate of incorporation, by-laws or other Organizational Documents of any Seller Company, (ii) conflict with, violate or result in a Breach of any Law to which any Seller Company is subject or (iii) conflict with, violate or result in a Breach of, constitute a default under, result in the acceleration of, create in any Person the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which any Seller Company is a party or parties or by which they are bound or to which any of their respective assets is subject.
(e)    Brokers.  Other than Robert W. Baird & Co. Incorporated, no broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the Contemplated Transactions based upon arrangements made by or on behalf of any Seller Company.  
(f)    Securities.  Milacron B.V. is the full and exclusive owner of record and has legal and beneficial ownership over all of the issued and outstanding quota capital of Uniloy Italy (“Uniloy Italy Quotas”) free and clear of any restrictions on transfer, Taxes, Liens, pledges, options, warrants, purchase rights, contracts, commitments, equities, claims, and demands.  The Uniloy Italy Quotas are duly authorized and validly issued, fully paid and non-assessable, were not issued in violation of the terms of any contract or other understanding binding upon any Seller Company or their Affiliates and were issued in compliance with all applicable Laws, including securities Laws, and represent the entire voting rights and corporate capital (100%) of Uniloy Italy equal to Euro 2,000,000.00 (two million) fully paid-in.  Neither Milacron B.V. nor Uniloy Italy is a party to any option, warrant, purchase right, or other contract or commitment (other than this Agreement) that could require it to sell, transfer, or otherwise dispose of all or any part of the Uniloy Italy Quotas. There are no acts, resolutions, or other obligations regarding issuance of quotas, bonds, warrants, or other instruments giving a right of participation or any other financial interest in Uniloy Italy in favor of third parties. Neither Milacron B.V. nor Uniloy Italy is a party to any voting trust, proxy, rights plans, anti-takeover plans or other agreement or understanding with respect to the voting of the Uniloy Italy Quotas or the exercise of any other right attached thereto.  Upon the execution of the Italy Deed of Transfer before the Italian notary public, full, exclusive and good title to the Uniloy Italy Quotas, free and clear of all restrictions on transfer, Taxes, security interests, Liens, pledges, claims, charges, options, contracts, commitments, equities, demands and encumbrances of every kind and nature whatsoever will pass to Buyer.  There are no (i) convertible, exercisable or 

exchangeable securities relating to the issuance of equity securities of Uniloy Italy, (ii) securities of any subsidiary of Uniloy Italy reserved for issuance for any purpose; (iii) unit appreciation rights, security-based performance units, “phantom” units, profit participation or other similar rights or contracts with respect to the equity securities of Uniloy Italy; (iv) outstanding contracts to make any distribution of any kind with respect to any equity securities of Uniloy Italy or any of its subsidiaries or any securities convertible, exercisable or exchangeable into any such equity securities; or (v) any other commitments pursuant to which Uniloy Italy or any of its subsidiaries is or may become obligated to provide funds to, make an investment in, or contribute capital to, any Person. There is no distribution of dividends of Uniloy Italy which have been declared or resolved and not paid yet.
(g)    Title to Tangible Assets.  The applicable Seller Company has good and marketable title to, or a valid leasehold interest in, its portion of the tangible assets included in the Transferred Assets.  The Transferred Assets are free and clear of all Liens other than Permitted Liens (except with respect to the equity interests in Uniloy Italy, which shall be free and clear of all Liens including any Permitted Liens). A list of the tangible assets included in the Transferred Assets that are each valued at over $100,000 is set forth on Section 3(g) of the Disclosure Schedule.  
(h)    Legal Compliance.  The operation of the Business has complied in all material respects with all applicable Laws.  Section 3(h) of the Disclosure Schedule sets forth a true and correct list of all Permits and other authorizations obtained from or filed with a Governmental Body with respect to the Business, and except as set forth on Section 3(h) of the Disclosure Schedule, all such Permits are in full force and effect.  The Business is in compliance in all material respects with such Permits and there is no pending or, to the Seller’s Knowledge, threatened, revocation, cancellation, or suspension of any such Permit.
(i)    Tax Matters.
(i)    Except as set forth on Section 3(i)(i) of the Disclosure Schedule, each Seller Company has properly paid all Taxes with respect to the Business and Uniloy Italy that have become due prior to the Closing Date and properly prepared and timely filed all Tax Returns that it was required to file with respect to the Business and Uniloy Italy, and all such Tax Returns were complete and correct in all material respects.
(ii)    Except for such items that a Seller Company may be disputing in good faith by proceedings in compliance with applicable Law and such other items described in Section 3(i)(ii) of the Disclosure Schedule, no Seller Company is delinquent in the payment of any Tax with respect to the Business or Uniloy Italy.  
(iii)    There are no Liens for Taxes upon the Transferred Assets. 
(iv)    Except as set forth on Section 3(i)(iv) of the Disclosure Schedule, no Seller Company is a party to any Tax allocation, sharing or indemnification agreement (other than this Agreement and any contract, such as a loan or a lease, entered into in the Ordinary Course of Business the primary purpose of which is unrelated to Taxes).

(v)    All monies required to be withheld by a Seller Company and/or paid to any Governmental Body for social security, unemployment insurance, or any similar program, and all income, value added, sales, excise, use or other Taxes, in each case with respect to the Business or Uniloy Italy, have been or shall be collected or withheld and paid to the appropriate Governmental Body in material compliance with applicable Law.
(vi)    None of the Seller Companies and/or their suppliers for the Business or Uniloy Italy is enrolled or has been enrolled in any disqualified companies list for Tax purposes, nor has been requested information for, notified of or is subject to any investigation in connection therewith.
(vii)    The Taxes indicated by India Seller Company in the India Tax Invoice will be final and exhaustive of all applicable Taxes as of the India Deferred Closing Date. Neither Seller nor India Seller Company is entitled to charge any additional amount from the India Buyer or any of its Affiliates as Taxes, interest, penalty, or otherwise, arising out of or on account of any audit, scrutiny, assessment, recovery or any other proceedings; and any such additional amounts shall be payable by Seller or its Affiliates.
(viii)    No proceedings have been initiated or are pending in relation to India Seller Company that could affect any of the Transferred Assets or Uniloy Italy under the (Indian) Income Tax Act, 1961, and there are no liabilities for payment of Taxes or any other sum, as per the provisions of Section 281 of the (Indian) Income Tax Act, 1961 that could affect any of the Transferred Assets or Uniloy Italy.
(ix)    Except as set forth on Section 3(i)(ix) of the Disclosure Schedule, since January 1, 2016, no Seller Company has been subject to any investigation or non-routine visit by any Governmental Body, and no Governmental Body has notified a Seller Company that it intends to make such an investigation or non-routine visit.
(x)    Except as set forth on Section 3(i)(x) of the Disclosure Schedule, there is no ongoing tax audit, notice of tax audit or pending notice of assessment for Taxes due, nor are there any tax claims (including minutes of tax inspections) or proceedings before any judicial or administrative authority in relation to Taxes of each Seller Company arising from the operation of the Business, or Taxes of Uniloy Italy.
(xi)    All material transactions carried out by each Seller Company with related parties were in line with the arm’s length principle. All applicable transfer pricing rules have been complied with and all transfer pricing documentation required under all applicable Tax Laws has been or will be adequately drafted and, where required, filed.
(xii)    No Seller Company has carried out its business outside of its country of formation in a way that it created or has been deemed to create a branch or a permanent establishment in any other jurisdiction, neither within the meaning of all applicable Tax Laws, double tax treaty nor the Organisation for Economic Co-operation and Development’s principles.

(j)    Owned and Leased Real Property. 
(i)    Owned Real Property.  Section 3(j)(i) of the Disclosure Schedule sets forth a true and complete list of all real properties owned by Uniloy Italy  (the “Owned Real Property”). Uniloy Italy has good, valid and insurable fee simple title to the Owned Real Property free and clear of any Liens, except for Permitted Liens. None of the Owned Real Property is subject to any right or option of any other Person to purchase or lease an interest in such Owned Real Property. Except as set forth on Section 3(j)(i) of the Disclosure Schedule, no Person other than Uniloy Italy has any right to use, occupy or lease any of the Owned Real Property other than any right pursuant to the Permitted Liens. Seller has delivered or made available to Buyer a true and complete copy of all vesting deeds, title insurance policies, title insurance commitments, surveys and evidence of zoning compliance in the possession or control of the Seller Companies with respect to each Owned Real Property.  There are no town planning agreements, deeds of undertakings or other agreements stipulated with any competent authorities concerning the Owned Real Property of Uniloy Italy that have not been completely fulfilled yet and there are no pending obligations connected with the execution of urbanization works or the payments of amounts for any reason.  The Owned Real Property of Uniloy Italy is used in compliance with its town planning use, as provided by the applicable town planning regulations.  With respect to the Owned Real Property of Uniloy Italy (a) there is no pre-emption right or any other right provided by Law in favor of the Republic of Italy and/or any other entity that may affect Buyer’s capacity to consummate the Contemplated Transactions (e.g., Legislative Decree No. 42/2004); (b) the Owned Real Property is, from a de facto perspective, fully compliant with the cadastral data and the maps filed with the competent Land Registry Office; (c) the Owned Real Property complies with all applicable Laws and is not affected by any Breach of construction or zoning Laws which may limit its merchantability; (d) the Owned Real Property is in a good state of repair and condition taking into account its age and level of use and fit for the current use (or agibile, for the purposes of the applicable Italian Law). The occupancy certificates (or certificato di agibilità) issued with reference to Owned Real Property are valid and in full force and no event is occurred which could result in the need to apply for new occupancy certificates; (e) the equipment in use in the Owned Real Property (electrical, gas, water, conditioning, TV) are fully compliant with the current safety and other applicable regulations; (f) there are no pending or threatened (in writing) disputes relating to or in respect of the Owned Real Property which would preclude or impair the use of the Owned Real Property for the purposes for which it is currently used. No administrative proceedings, including self-redress annulment (annullamento in autotutela) and/or revocation proceedings, are pending or have been threatened (in writing) with reference to the permits pursuant to which the Owned Real Property of Uniloy Italy has been constructed/is being used, as well as in respect of the non-conformity of the Owned Real Property of Uniloy Italy, or the use thereof, with any material permits, administrative authorizations and/or encumbrances; (g) the cadastral designation (identificazione catastale) and town planning designation (destinazione urbanistica) of the Owned Real Property of Uniloy Italy are those indicated in Section 3(j)(i) of the Disclosure Schedule.

(ii)    Leased Real Property.  Section 3(j)(ii) of the Disclosure Schedule sets forth a true and complete list of each parcel of Leased Real Property included in the Transferred Assets and the address thereof, and a true and complete list of all leases, licenses, subleases or other occupancy agreements for each such Leased Real Property (together with all amendments and modifications thereto, each a “Lease”) (including the date and name of the parties to such Lease).  Except as set forth in Section 3(j)(ii) of the Disclosure Schedule, with respect to each of the Leases:  
(A)    the applicable Seller Company’s possession and quiet enjoyment of the Leased Real Property under such Lease has not been disturbed;
(B)    no security deposit or portion thereof deposited with respect to such Lease has been applied in respect of a Breach of or default under such Lease that has not been redeposited in full;
(C)    No Seller Company owes any brokerage commissions or finder’s fees with respect to such Lease;
(D)    As of the date hereof, the other party to such Lease is not an Affiliate of any Seller Company;
(E)    the applicable Seller Company has not subleased, licensed or otherwise granted any Person the right to use or occupy the Leased Real Property or any portion thereof; and
(F)    the applicable Seller Company has not collaterally assigned or granted any other Lien in such Lease or any interest therein, other than Permitted Liens.
(iii)    No Seller Company has received written notice of any condemnation, expropriation or other proceeding in eminent domain affecting any parcel of Owned Real Property or Leased Real Property or any portion thereof or interest therein. To Seller’s Knowledge, there is no injunction, decree, order, writ or judgment outstanding, or any claim, litigation, administrative action or similar Proceeding, pending or threatened, relating to the Lease, use or occupancy of the Owned Real Property or the Leased Real Property or any portion thereof, or the operation of the Business as currently conducted thereon.  
(iv)    All improvements located on the Owned Real Property and the Leased Real Property (i) are supplied with utilities and other services required by Law, and no Seller Company has received written notice regarding the termination or material impairment of any such service, and (ii) are in good operating condition and repair in all material respects, ordinary wear and tear excepted, have been reasonably maintained consistent with standards generally followed in the industry, are adequate and suitable for their present uses and to Seller’s Knowledge, have no material defects and, in the case of plants, buildings and other structures (including the roofs thereof), are structurally sound in all material respects.

(k)    Intellectual Property. 
(i)    Except as set forth on Section 3(k)(i) of the Disclosure Schedule, Seller Companies together own and possess (or have the right to use pursuant to a valid and enforceable written contract) all Intellectual Property used in, or necessary for the operation of, the Business, in each case free and clear of all Liens.  No such Intellectual Property will at Closing or, in respect of each of the Mexico Deferred Business and the India Deferred Business, at the Mexico Deferred Closing and the India Deferred Closing, respectively, be subject to any Liens, adverse claims, any requirement of any past (if outstanding), present or future royalty payments, or otherwise encumbered or restricted by any rights of any third party.
(ii)    Section 3(k)(ii) of the Disclosure Schedule sets forth a complete and correct list of all (i) Patents, (ii) registered Trademarks and material unregistered Trademarks, (iii) registered Copyrights, (iv) domain names and social media accounts, and (v) material Software, in each case included in the Assigned IP.  
(iii)    Except as set forth in Section 3(k)(iii) of the Disclosure Schedule, each item of Intellectual Property required to be identified in Section 3(k)(ii) of the Disclosure Schedule: (i) is registered and/or recorded in the name of a Seller Company, is in full force, has been duly applied for and registered in accordance with applicable Law; (ii) has no outstanding deadlines of any patent, copyright or trademark office (or any analogous office or registry anywhere in the world) that will expire within six months of Closing or, in respect of each of the Mexico Deferred Business and the India Deferred Business, at the Mexico Deferred Closing and the India Deferred Closing, respectively, for the purposes of obtaining, maintaining, perfecting or renewing such registration; (iii) has no unsatisfied past or outstanding maintenance or renewal obligation; and (iv) has not been and is not involved in any opposition, cancellation, interference, inter partes review, reissue, reexamination or other similar proceeding.  
(iv)    Section 3(k)(iv) of the Disclosure Schedule sets forth a complete and correct list of all agreements included in the Assigned Contracts under which (i) any Seller Company uses or has been granted any license rights under any Intellectual Property owned by any other Person (other than off-the-shelf software licensed on generally available, standard commercial terms); (ii) any Seller Company has granted any rights to use Intellectual Property used exclusively in the Business to any other Person (other than non-exclusive licenses by any Seller Company in the Ordinary Course of Business in connection with the sale, lease or transfer of finished products or services to customers); and (iii) any Intellectual Property that is or has been developed by or for any Seller Company, assigned to any Seller Company by any other Person, or assigned by any Seller Company to any other Person (including but not limited to all proprietary software applications) (the agreements listed in subsections (i) through (iii) above, the “Seller Companies IP Agreements”).  For purposes of greater certainty, the term “license rights” in the definition of Seller Companies IP Agreements includes any license, sublicense, covenant, non-assert, consent, right, release or waiver, or an option to grant any of the foregoing.  

(v)    The Seller Companies IP Agreements are valid and binding on the Seller Companies in accordance with their terms and are in full force and effect, and, to Seller’s knowledge, binding on the other parties thereto. No Seller Company has given or received any notice of default or any event which with the lapse of time would constitute a default under the Seller Companies IP Agreements or any other agreement relating to the Seller Companies’ Intellectual Property; neither the Seller Companies, nor, to Seller’s Knowledge, any other Person, currently is in default with regard to any agreement relating to the Seller Companies’ Intellectual Property, and there exists no condition or event (including the execution, delivery and performance of this Agreement) which, with the giving of notice or the lapse of time or both, would constitute a default by any Seller Company under any such agreement.
(vi)    The Assigned IP, together with the Intellectual Property licensed to the Seller Companies under the Seller Companies IP Agreements and the Intellectual Property set forth on Section 2(d)(iv) of the Disclosure Schedule, constitutes all of the Intellectual Property that is necessary to conduct the Business as of the Closing. 
(vii)    All registered Intellectual Property disclosed on Section 3(k)(ii) of the Disclosure Schedule is valid and enforceable.  No Assigned IP or any material Intellectual Property exclusively licensed to any Seller Company related to the Business (“Exclusively Licensed IP”) are or have been the subject of any Proceeding that bars or limits the use of such rights (excluding rejections, orders or rulings issued in the context of the application for registration of Assigned IP or Exclusively Licensed IP). No Seller Company is or has been party to any proceeding relating to its use of Intellectual Property, including any proceeding involving any claim that any Seller Company infringed, misappropriated, diluted or otherwise violated the Intellectual Property of any third party.
(viii)    Since January 1, 2016, no Seller Company has received any written communication stating, alleging or suspecting that any Assigned IP or any Seller Companies IP Agreements are invalid or unenforceable, or challenging any Seller Company’s ownership of or right to use any such rights under any Assigned IP or Seller Companies IP Agreements, and to Seller’s Knowledge there is no reasonable basis for any such claim. Since January 1, 2016, no Seller Company has received any claim challenging the validity or effectiveness of the Assigned IP.
(ix)    The operation of the Business has not interfered with, infringed upon, misappropriated,  diluted or otherwise violated any Intellectual Property rights of any other Person, and, since January 1, 2016, none of the Seller Companies nor any of their respective managers, directors or officers has received any charge, complaint, claim, demand, or notice alleging any such interference, infringement, misappropriation,  dilution or other violation by the Business (including any claim that such Seller Company must license or refrain from using any Intellectual Property rights of any Third Party).  To Seller’s Knowledge, no Third Party has or is interfering with, challenging, infringing upon, misappropriating, or violating any Intellectual Property rights of any Seller Company.

(x)    Except as set forth on Section 3(k)(iv) of the Disclosure Schedule, all Assigned IP was developed by (a) employees of Seller Companies within the scope of their employment or (b) independent consultants and contractors who have entered into written agreements with Seller Companies that assigned all right, title and interest in and to any Intellectual Property developed to one or more Seller Companies.  Without limiting the foregoing, each Seller Company has secured from each (i) consultant or contractor described in the previous sentence a written and enforceable agreement providing for the non-disclosure by such Person of confidential information and assigning to the Seller Company all rights to such Assigned IP (“Contractor/Consultant Non-Disclosure Agreements”) and (ii) employee employed by the Business a written and enforceable agreement providing for the non-disclosure by such Person of confidential information and assigning to the Seller Company all rights to any Intellectual Property developed by such employee for the Seller Company (the “Employee Non-Disclosure Agreements”).  All Contractor/Consultant Non-Disclosure Agreements and Employee Non-Disclosure Agreements are set forth on Section 3(k)(x) of the Disclosure Schedule.
(xi)    The Seller Companies have taken all necessary and reasonable steps to protect and preserve the confidentiality of all trade secrets, know-how, source codes, databases, customer lists, schematics, ideas, algorithms and processes used in the Business and all use, disclosure or appropriation thereof by or to any Third Party has been pursuant to the terms of a written agreement between such Third Party and such Seller Company.  No Seller Company has Breached any contracts of non-disclosure or confidentiality with respect to the Business.
(xii)    The material software, hardware and other information technology systems and assets used by the Seller Companies in the Business (“IT Assets”) are fully functional and operate and perform in a manner that permits the Seller Companies to conduct the Business as currently conducted, except as would not reasonably be expected to have, individually or in the aggregate, a material impact on the Business.  The Seller Companies have taken commercially reasonable actions, consistent with industry practices, to protect the confidentiality, integrity, operation and security of the IT Assets (and all material data, information and transactions stored or contained therein or transmitted thereby) against any (a) unauthorized use, access, interruption, modification or corruption, (b) overload, failure, limitation of system capacities,  and manual misuses, (c) fire, explosion, flood,  any other calamity and other interruptions of regular business operations and (d) other interruption of regular business operations. During the three year period prior to Closing or, in respect of each of the Mexico Deferred Business and the India Deferred Business, prior to the Mexico Deferred Closing and the India Deferred Closing, respectively, there has been no unauthorized use, access, interruption, modification or corruption of any IT Assets (or any material data, information or transactions stored or contained therein or transmitted thereby).
(xiii)    Each Seller Company’s practices with regard to the collection, dissemination and use of Company Data are and have been at all times in  conformance with all applicable Laws relating to data protection, Personal Data, contractual commitments of the Seller Company and any published privacy policies. “Company Data” means any Seller 

Company’s proprietary or confidential data related to the Business, including customer data and Personal Data held by the Seller Company. “Personal Data” means any information relating to an identified or identifiable natural person including (i) a natural person’s name, street address, telephone number, email address, photograph, passport number, credit card number, bank information, or account number, and (ii) any other piece of non-publicly available information that allows the identification of such natural person or is otherwise considered personally identifiable information or personal information under applicable Law. Each Seller Company has in place appropriate written internal information security policies, which are published to employees and enforced, and which include guidelines for the use, processing, confidentiality and security of Company Data consistent with applicable Law, contractual commitments of the Seller Company and any published privacy policies.  Since January 1, 2016, (i) no Seller Company has received any notification or allegation from any competent authority (including any information or enforcement notice, or any transfer prohibition notice) alleging that the Seller Company has not complied in any respect with applicable Laws relating to data protection or Personal Data relevant to the Business and (ii) there has been no loss of, or unauthorized access, use, disclosure or modification of any Company Data.
(l)    Material Contracts.
(i)        Section 3(l)(i) of the Disclosure Schedule sets forth a list of all Material Contracts (x) by which Uniloy Italy is bound, (y) that is exclusively related to the business, or (z) that is otherwise an Assigned Contract. For purposes of this Agreement, each of the following shall be deemed to constitute a “Material Contract”:
(A)    any contract relating to, and evidence of, indebtedness for borrowed money or the deferred purchase price of property (whether incurred, assumed, guaranteed or secured by any asset) in excess of Twenty Five Thousand Dollars ($25,000) or relating to any Lien on any material asset or property of the Business other than Permitted Liens;
(B)    any contract pursuant to which a Seller Company has agreed to provide funds to or make any loan, capital contribution or other investment in, or assume, guarantee or act as a surety with respect to any Liability of, any Person;
(C)    any contract that purports to limit, curtail or restrict the ability of a Seller Company in any material respect to compete in any geographic area or line of business, or to make sales to any Person in any manner;
(D)    any executory contract for the sale or purchase of any real property, or for the sale or purchase of any goods or services in an amount in excess of One Hundred Thousand Dollars ($100,000);
(E)    any employment, consulting or services contract with any employee or other Person requiring the payment of total annual compensation in excess of One Hundred Thousand Dollars ($100,000) per annum;

(F)    any reselling, sales,  marketing, merchandising or distribution contract requiring payments in excess of One Hundred Thousand Dollars ($100,000) per annum;
(G)    any joint venture or partnership, joint development, merger, asset or share purchase or divestiture contract relating to the Business with currently outstanding rights or obligations;
(H)    any contract relating to settlement of any administrative or judicial Proceedings since the date two years prior to the date hereof;
(I)    any contract with a Governmental Body with currently outstanding rights or obligations in excess of One Hundred Thousand Dollars ($100,000) per annum;
(J)    any contract relating to capital expenditures in excess of One Hundred Thousand Dollars ($100,000) or the acquisition or disposition of (x) any business (whether by stock or asset purchase, merger or otherwise) or (y) any other asset not in the Ordinary Course of Business entered into since the date two years prior to the date hereof; 
(K)    any Seller Companies IP Agreements;
(L)    any Lease;
(M)    any collective bargaining agreement or other contract with a labor union, works council or other employee representative; 
(N)    any contract with a customer or supplier that involves the payment of money in excess of one and five tenths percent (1.5%) of the Business’s net revenue for either of the fiscal years ending December 31, 2017 or December 31, 2018;
(O)    any contract that includes a power of attorney or proxy, whether limited or general, revocable or irrevocable; 
(P)    any contract that contains any preferential pricing provisions, such as “most favored customer” or “most favored nation” provisions or similar or equivalent price or term protection clauses;
(Q)    any contract that contains any earn-out or similar provision;
(R)    any lease or similar agreement under which any of the Seller Companies is lessee of, or holds or uses, any machinery, equipment or vehicle or other tangible personal property;

(S)    any contract requiring the future purchase of supplies, equipment or materials by a Seller Company that has an aggregate continuing liability in excess of One Hundred Thousand Dollars ($100,000) per year; 
(T)    the India Transferred Contracts; and
(U)    any other contract that is material to the Business taken as a whole.
(ii)    Seller has made available complete and correct copies of the Material Contracts to Buyer, including all modifications, amendments and supplements thereto.  Each of the Material Contracts constitutes the valid and legally binding obligation of the applicable Seller Company and, to Seller’s Knowledge, each other party thereto, enforceable in accordance with its terms (subject to any applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar Laws now or hereafter in effect relating to creditors’ rights generally or to general principles of equity, regardless of whether such enforceability is considered at equity or at Law), and is in full force and effect.  Except as set forth on Section 3(l)(ii) of the Disclosure Schedule, there is no Breach or default under any Material Contract either by the applicable Seller Company or, to Seller’s Knowledge, by any other party thereto, no event has occurred that with the giving of notice, the lapse of time, or both would constitute a Breach or default thereunder by the applicable Seller Company or, to Seller’s Knowledge, any other party, and the applicable Seller Company has not received any written notice of a claim of any such Breach or default.  No party to any Material Contract has repudiated any provision of such Material Contract.  Upon the consummation of the Contemplated Transactions and, in respect of the Mexico Deferred Business and the India Deferred Business, upon consummation of the Mexico Deferred Closing and the India Deferred Closing, each of the Material Contracts will continue to be legal, valid binding and enforceable in accordance with its terms and will continue to be in full force and effect without penalty (subject to any applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar Laws now or hereafter in effect relating to creditors’ rights generally or to general principles of equity, regardless of whether such enforceability is considered at equity or at Law).
(m)    Litigation.  Section 3(m) of the Disclosure Schedule sets forth all instances in which (i) the Business is subject to any outstanding injunction, judgment, order, decree, ruling, or charge (other than those of a procedural nature e.g., scheduling orders) or (ii) any Seller Company is a party to any currently pending action, suit, Proceeding, hearing, or investigation of, in, or before any court, tribunal, board of enquiry, commission or any other administrative body, whether judicial or quasi‐judicial.  There is no action, suit, or other Proceeding pending or, to Seller’s Knowledge, threatened against or affecting the Business, any Company Seller or the Contemplated Transactions that would reasonably be expected to adversely affect the Business in any material respect.
(n)    Employees.  
(i)    Section 3(n)(i) of the Disclosure Schedule sets forth a complete and accurate list of all Employees and, for each such Employee, sets forth his or her job title, work location, date of hire, status (e.g., active or inactive, including any leave of absence), base salary or base wage rate, classification as exempt or nonexempt for purposes of the Fair Labor 

Standards Act and similar state and local laws, and target bonus entitlement and, where applicable, the standard written terms and conditions on which each Employee is employed.  Seller has provided Buyer, in respect of the European Employees, with all employee liability information required under the Acquired Rights Directive.  Section 3(n)(i) of the Disclosure Schedule further sets forth each individual engaged by the Business as a consultant or other independent contractor and, for each such individual, identifies his or her dates of engagement, rate of compensation, scope of services, and whether he or she has signed a written agreement with any Seller Company.
(ii)    Except as set forth in Section 3(n)(ii) of the Disclosure Schedule, (1) there is no collective bargaining agreement or other agreement with any labor union, works council or other employee representative with respect to the Business, (2) no Seller Company has engaged in any unfair labor practice or unlawful employment practice with respect to the Business, and there are no pending  or, to Seller’s Knowledge, threatened grievances or unfair labor practice charges or complaints against the Business, (3) there is no labor strike, slowdown, work stoppage, union election petition, demand for recognition, union organizing activity, or labor dispute relating to any Seller Company pending or, to Seller’s Knowledge, threatened against the Business, (4) the Business has not experienced any strike, lockout, work stoppage, union election petition, demand for recognition, union organizing activity, or labor dispute since January 1, 2015 or been a party to any arbitration proceeding arising out of or under collective bargaining agreements for the three years prior to the date hereof, and (5) the Business has not implemented any “plant closing” or “mass lay-off” of employees that would require any notices or procedures under the Worker Adjustment and Retraining Notification Act (“WARN Act”) or any state, local or foreign laws or regulations.  
(iii)    The Seller Companies are in compliance in all material respects with all applicable Laws relating to labor, social security, employment and employment practices with respect to the conduct of the Business, including but not limited to, all Laws concerning terms and conditions of employment, wages and hours, unemployment insurance, workers’ compensation, termination of employment, plant closings and mass layoffs, equal employment opportunity, employment discrimination, retaliation, leaves of absence, background checks, pay equity, occupational safety and health, the provision of meal and rest breaks, collective bargaining, immigration control, and classification of personnel as employees or independent contractors.  Without limiting the generality of the foregoing, the Seller Companies have accurately classified each Employee as exempt or nonexempt for purposes of the Fair Labor Standards Act and similar state and local laws, and each individual classified as a consultant or other independent contractor is properly classified as such, rather than as an employee, for purposes of all applicable Laws.  None of the relationships of any Seller Company with independent contractors or outsourced personnel with respect to the Business qualifies or may qualify as an employment relationship in accordance with applicable Laws nor may be re-characterized as an employment relationship in accordance with applicable Laws.  A form I-9 has been properly completed and maintained for each Employee that works in the United States, and each Employee is authorized under all applicable Laws to work in the United States or such other country in which such Employee is employed.

(iv)    Except as set forth in Section 3(n)(iv) of the Disclosure Schedule, there are no Proceedings, including any charges or discrimination, pending or, to Seller’s Knowledge, threatened with respect to the Business concerning, relating to or respecting labor, employment or employment practices, and no such Proceeding has been filed within the three years prior to the date of this Agreement. 
(v)    Except as set forth on Section 3(n)(v) of the Disclosure Schedule, with respect to Uniloy Italy: (A) there are no persons who for any reason may lawfully claim (i) the existence of employee status, or (ii) the right to obtain the re-qualification of their fixed-term employment relationship into a permanent-term employment relationship.  No person may lawfully claim unpaid remuneration or social security contributions or higher level of classification; (B) Uniloy Italy is not bound by any enforceable administrative or judicial decision pursuant to which it is obligated to hire, for a fixed or permanent period of time, personnel and/or to reinstate in their position terminated personnel previously employed or increase any employees compensations and there is no ground or circumstance on which similar claims or requests may lawfully be raised by any person against Uniloy Italy; (C) all service contracts comply with applicable Laws on the lending of workmanship, and have at all times been performed in accordance with such Laws; the relationships between Uniloy Italy and the service contractors and their employees and/or collaborators have been based on absolute autonomy and independence and have been conducted in such a way that none of the contractors and/or their employees and/or their collaborators and/or any third party may lawfully claim that he/she is an employee of Uniloy Italy; (D) Uniloy Italy has adopted the “Documento di Valutazione dei Rischi” pursuant to Legislative Decree 81/2008, and such document complies with the applicable Laws; (E) Uniloy Italy has complied in all material respects with applicable provisions on mandatory hiring of disabled workers; (F) all former employees of Uniloy Italy transferred under the Uniloy Italy Spin-Off have worked or provided services for the exclusive benefit of either the Ferromatik business or the business going-concern (ramo d’azienda) transferred under the Uniloy Italy Spin-Off.
(vi)    Except as set forth on Section 3(n)(vi) of the Disclosure Schedule, the European Employees and the employees of Uniloy Italy are the only persons employed by any Seller Company who work or provide services for the Business in Europe immediately prior to the Closing Date.
(vii)    To Seller’s Knowledge, no Transferred Employee is subject to any order, judgement, decree, ruling, or Proceeding that prohibits such Transferred Employee from engaging in or continuing any conduct, activity, or practice relating to Seller, Buyer or any of their respective Affiliates.
(o)    Employee Benefits.  Section 3(o) of the Disclosure Schedule contains a complete and accurate list of, and separately identifies by the country in which they are maintained, (x) all Seller Benefit Plans covering any Employee and (y) all Transferred Company Benefit Plans.  
(i)    None of the Seller Companies, any of their respective subsidiaries or any ERISA Affiliate maintains, contributes to, is required to contribute to, or has any Liability with respect to, (A) any “employee pension benefit plan” (within the meaning of Section 

3(2) of ERISA) that is subject to Title IV or Section 302 of ERISA or Section 412 of the Code, (B) any “multiemployer plan” (within the meaning of Section 3(37) of ERISA), (C) any “multiple employer plan” (within the meaning of Section 413(c) of the Code) or (D) any “multiple employer welfare arrangement” (within the meaning of Section 3(40) of ERISA).
(ii)    Neither the execution of, nor the performance of the transactions contemplated by, this Agreement or any other Transaction Agreement will, either alone or in connection with any other event(s), (A) result in any payment becoming due to (1) any current or former officer, director, employee, manager, consultant or independent contractor of any Transferred Company for which any Buyer Indemnified Person could be liable or (2) any other Transferred Employee, (B) increase any amount of compensation or benefits otherwise payable under any Transferred Company Benefit Plan, (C) result in the acceleration of the time of payment, funding or vesting of any benefits under any Transferred Company Benefit Plan, (D) require any contribution or payment to fund any obligation under any Transferred Company Benefit Plan or (E) limit the right to merge, amend or terminate any Transferred Company Benefit Plan. 
(iii)    Neither the execution of, nor the consummation of the transactions contemplated by this Agreement or any other Transaction Agreement (either alone or when combined with the occurrence of any other event, including without limitation, a termination of employment) will result in the receipt or retention by any Transferred Employee who is a “disqualified individual” (within the meaning of Code Section 280G) of any payment or benefit that is or could be characterized as a “parachute payment” (within the meaning of Code Section 280G), determined without regard to the application of Code Section 280G(b)(5).   
(iv)    Each of the Seller Companies and each of their respective subsidiaries and each ERISA Affiliate has, for purposes of each Transferred Company Benefit Plan, correctly classified all individuals performing services for any of the Seller Companies or any of their respective subsidiaries as common law employees, leased employees or independent contractors, as applicable. 
(v)    With respect to each Employee Benefit Plan required to be listed on Section 3(o) of the Disclosure Schedules (whether or not listed):      
(A)    Each such Employee Benefit Plan (and each related trust, insurance contract, and fund) has been maintained, operated, funded and administered in all material respects in accordance with the terms of such Employee Benefit Plan and any related documents or agreements and the terms of any applicable collective bargaining agreement and complies in form and in operation in all material respects with the applicable requirements of all applicable Laws.  
(B)    All required reports and descriptions have been timely filed and/or distributed in accordance with the applicable requirements with respect to each  such 

Employee Benefit Plan, except for instances that are not reasonably expected to be material with respect to the Business.
(C)    All contributions (including all employer contributions and employee salary reduction contributions) that are due have been made within the applicable time periods to each such Employee Benefit Plan (if applicable), or have otherwise been made without penalty, and all contributions for any period ending on or before the Closing Date and, in respect of each of the Mexico Deferred Business and the India Deferred Business, on or before the Mexico Deferred Closing Date and the India Deferred Closing Date, respectively, that are not yet due have been made to each such Employee Benefit Plan or accrued in the Ordinary Course of Business in the financial statements of the Seller Companies, as applicable.  All premiums or other payments for all periods ending on or before the Closing Date and, in respect of the Mexico Deferred Business and the India Deferred Business, on or before the Mexico Deferred Closing Date and the India Deferred Closing Date, respectively, have been timely paid with respect to each such Employee Benefit Plan, if applicable.
(D)    Seller Companies have provided or made available to Buyer, as applicable with respect to each Transferred Company Benefit Plan, copies of (A) all plan documents (including all amendments thereto, and in the case of an unwritten Employee Benefit Plan, a written description thereof), (B) any administrative forms and (C) all records, notices, filings and other written communications during the last three years concerning any audit or investigation any Governmental Body.  Seller Companies have provided or made available to Buyer copies of each current IRS determination, opinion or advisory letter with respect to each “employee pension benefit plan” within the meaning of Section 3(2) of ERISA that is intended to qualify under Section 401(a) of the Code that covers a Transferred Employee.  To Seller’s Knowledge, no unwritten amendment exists with respect to any Employee Benefit Plan.    
(E)    Each such Employee Benefit Plan that is intended to meet the qualification requirements of Section 401(a) of the Code has received a favorable determination, opinion or advisory letter from the IRS on which it may currently rely to the effect that such Employee Benefit Plan is qualified under Section 401(a) of the Code and the related trusts are tax-exempt under Section 501(a) of the Code, and nothing has occurred that would reasonably be expected to adversely affect the qualification of such Employee Benefit Plan or the tax- exempt status of the related trust.  
(F)    There are no pending, or to Seller’s Knowledge threatened, audits or investigations by any Governmental Body involving any such Employee Benefit Plan, and no pending or, to Seller’s Knowledge, threatened claims (except for individual claims for benefits payable in the normal operation of such Employee Benefit Plans), suits or proceedings involving any such Employee Benefit Plan, any 

fiduciary thereof or service provider thereto, nor to Seller’s Knowledge is there any reasonable basis for any such claim, suit or proceeding. 
(G)    No such Employee Benefit Plan provides death, medical, dental, vision or life insurance benefits beyond termination of service or retirement other than coverage mandated by Law.    
(vi)    The India Seller Company has, or as of the India Deferred Closing Date will have, in relation to Employee Benefit Plans of the India Transferred Employees:
(A)    made all contributions as the employer and completed all payments, as due and applicable; and
(B)    transferred all assets corresponding to the Employee Benefit Plans in relation to India Transferred Employees, which are in the name of the Seller or India Seller Company, to India Buyer, free and clear of encumbrances.
(p)    Environmental Matters.
(i)    The Business, the Seller Companies with respect to the Business, and Uniloy Italy have been and are in compliance in all material respects with all Environmental Laws have obtained and have been incompliance in all material respects with all Permits that are required pursuant to Environmental Laws for the occupation and ownership of their facilities related to the Business and the operation of the Business (“Environmental Permits”). All such Environmental Permits are listed on Section 3(p)(i) of the Disclosure Schedule, are in full force and effect in accordance with Environmental Law, there is no pending or, to the Seller’s Knowledge, threatened, revocation, cancellation, or suspension of any such Environmental Permit, and, except as disclosed on Section 3.(p)(i) of the Disclosure Schedule, no notice to, filing with or authorization, consent or approval from any Governmental Body is required in connection with such Environmental Permits and the Contemplated Transactions.
(ii)    During the last three years or prior to such time if pending and unresolved, neither the Business, the Seller Companies with respect to the Business, nor Uniloy Italy have received any written notice or report regarding any actual or alleged violation of Environmental Laws or any Liabilities or potential Liabilities (whether accrued, absolute, contingent, unliquidated or otherwise) with respect to the Business or Uniloy Italy arising under Environmental Laws.
(iii)    There are no pending or, to Seller’s Knowledge, threatened claims, actions, suits, Proceedings, hearings, investigations or Liens resulting from any actual or alleged Liability or arising under or pursuant to any Environmental Law, with respect to or affecting the Business or Uniloy Italy.  No Hazardous Materials have been Released by or on behalf of the Business, or to Seller’s Knowledge, by any other Person at, on, under or from the Transferred Assets or any other real property now or previously owned, operated or leased by the Seller Companies with respect to the Business or by Uniloy Italy and to Seller’s 

Knowledge no Person has been exposed to any such Hazardous Materials, in material violation of or as would result in material liability to the Business or Uniloy Italy pursuant to Environmental Laws.
(iv)    None of the Seller Companies with respect to the Business, nor Uniloy Italy have assumed by agreement or operation of Law any liability or obligation of any other Person pursuant to Environmental Law.  
(v)    The Seller has provided to Buyer copies of all documents, including Phase I Environmental Site Assessment reports, sampling reports, compliance audits, and environmental claims, in the possession, custody or control of the Seller Companies or any of their Affiliates, including Uniloy Italy, and material to a reasonable understanding of the environmental Liabilities of the Business and Uniloy Italy. 
(q)    Insurance.  Section 3(q)(1) of the Disclosure Schedule contains a complete and correct list of all policies of insurance (including, as applicable, policies providing property, casualty, liability, and workers’ compensation coverage and bond and surety arrangements) maintained by or for the Business.  All such policies are in full force and effect.  The coverage of each insurance policy is not substantially depleted and the Business is not in Breach under any provision contained in any such insurance policy which would reasonably be expected to be material or negatively affect the ability of the Business to collect insurance proceeds under such policy.  Except as set forth in Section 3(q)(2) of the Disclosure Schedule, no claims exist under any insurance policy set forth in Section 3(q)(1) of the Disclosure Schedule. No Seller Company has received any reservation of rights letter, any letter denying coverage or any written notice of cancellation or intent to cancel with respect to the insurance policies. 
(r)    Books and Records.  The minute books and similar records of Uniloy Italy contain true and complete records of all material actions taken at any meeting of such company in the three years prior to the date hereof, including, the holders of the outstanding equity interests in such company, directors or any committees thereof, as the case may be, and of all written consents executed in lieu of the holding of any such meeting.
(s)    Financial Statements.   
(i)    The following unaudited pro forma financial statements (collectively, the “Pro Forma Financials”) of the Business have been provided to Buyer: (1) the unaudited pro forma financial statements of the Business for the fiscal year ended as of December 31, 2016, (2) the unaudited pro forma financial statements of the Business for the fiscal year ended as of December 31, 2017, (3) the unaudited pro forma financial statements of the Business for the fiscal year ended as of December 31, 2018, and (4) the unaudited pro forma financial statements of the Business for the fiscal months ended as of March 31, 2019.  The Pro Forma Financials have been prepared in good faith and represent Seller’s opinion based on the information available to Seller at the time so furnished.  Seller has no reason to believe that the assumptions included in the Pro Forma Financials with respect to the Business on a stand-alone basis are unreasonable.  The Pro Forma Financials are based on the books and records of the Business, and fairly present in all material respects the financial condition of 

the Business as of the dates they were prepared and the results of the operations of the Business for the periods indicated. With respect to the Business in North America and India, the underlying statements on which the Pro Forma Financials are based were prepared in accordance with GAAP.  With respect to the Business outside of North America and India, the unaudited 2018 pro forma financial information Seller provided to Buyer has been derived from the books and records of Seller’s blow molding business unit, which is included in Seller’s audited financial statements that were prepared in accordance with GAAP, and adjusted to reflect Seller’s view of the Business had it been operated on a stand-alone basis.  The Seller Companies maintain a standard system of accounting for the Seller and its subsidiaries established and administered in accordance with GAAP. 
(ii)    The backlog provided to Buyer as of March 31, 2019 fairly presents in all material respects Seller’s good faith determination of the Seller Companies’ backlog as of March 31, 2019.
(iii)    All notes and accounts receivable reflected on the Pro Forma Financials are current and valid notes and accounts receivable, are not presently subject to set-offs or counterclaims, have been prepared from, and are in accordance with, the books and records of the Seller Companies, arose solely out of bona fide sales and delivery of goods and performance of services, subject only to the reserve for bad debts set forth on the Pro Forma Financials, as adjusted for the passage of time through the Closing Date, consistent with past practice.
(iv)    All accounts payable reflected on the Pro Forma Financials are valid accounts payable, have been prepared from, and are in accordance with, the books and records of the Seller Companies, arose solely out of bona fide purchases and receipt of goods and services, are not delinquent and will be paid in accordance with their terms at their recorded amounts, and represent the total amounts payable by the Seller Companies to suppliers and other vendors.
(v)    All Inventory, whether or not reflected in the Pro Forma Financials, consists of a quality and quantity usable and salable in the Ordinary Course of Business consistent with past practice, except for obsolete, damaged, defective or slow-moving items that have been written off or written down to fair market value or for which adequate reserves have been established. All Inventory is owned by the Seller Companies free and clear of all Liens, other than Permitted Liens, and no Inventory is held on a consignment basis. The quantities of each item of Inventory (whether raw materials, work-in-process or finished goods) are not excessive, but are reasonable in the present circumstances of the Business.
(vi)    The Seller Companies have no Liabilities with respect to the Business, except (a) those which are adequately reflected or reserved against in the Pro Forma Financials, and (b) those which have been incurred in the Ordinary Course of Business consistent with past practice since the date of the Pro Forma Financials and which are not, individually or in the aggregate, material in amount.

(t)    Absence of Certain Changes.  Except as set forth on Section 3(t) of the Disclosure Schedule, there has not been, occurred or arisen any of the following as they relate to the Business or Uniloy Italy since December 31, 2018:
(i)    any transaction with respect to the Business or Uniloy Italy except in the Ordinary Course of Business, other than the execution and delivery of this Agreement; 
(ii)    any capital expenditure with respect to the Business or Uniloy Italy other than in the Ordinary Course of Business, and no Seller Company has failed to make capital expenditures consistent with past practice; 
(iii)    any change in, or any event, condition or state of facts of any character peculiar to the Transferred Assets or the operation of the Business that individually or in the aggregate materially and adversely affects the Business or Uniloy Italy or that affects the validity or enforceability of this Agreement;
(iv)    any destruction, damage or loss suffered by the Business or Uniloy Italy, whether or not covered by insurance);
(v)    any sale, lease, abandonment, lapse or other disposition of any asset, material to the conduct of the Business, other than Inventories in the Ordinary Course of Business;
(vi)    any mortgage, pledge or other encumbrance of Uniloy Italy or any Transferred Asset;
(vii)    any forgiveness of any debt related to the Business or Uniloy Italy and owed to Seller or any of its subsidiaries;
(viii)    any amendment or termination (or notice of termination) of any Material Contract;
(ix)    any Breach of the terms of any Material Contract; 
(x)    any commencement, notice of commencement or, to Seller’s Knowledge, threat of commencement or settlement or other resolution of any Proceedings adverse to the Business, Uniloy Italy or the consummation of the Contemplated Transactions;
(xi)    any waiver or release of any right or claim of Seller or any of its subsidiaries as it relates to the Business or Uniloy Italy;
(xii)    any change by Seller in accounting methods or principles applicable to the Business or Uniloy Italy, other than as may be disclosed in the Pro Forma Financials;
(xiii)    any change by Seller in its historical practices with respect to cash management, maintenance of working capital and equipment or payment of account and trade payables as it relates to the Business or Uniloy Italy;

(xiv)    any borrowing of funds, agreement to borrow funds or guaranty by Seller or any of its subsidiaries affecting or relating to the Business or Uniloy Italy, or any termination or amendment of any evidence of indebtedness, contract or other instrument to which the Business, Uniloy Italy or any of the Transferred Assets are bound or to which any of the Business, Uniloy Italy or any of the Transferred Assets are subject, other than in the Ordinary Course of Business;
(xv)    any acquisitions of any assets, equipment or inventory with respect to the Business or Uniloy Italy, outside the Ordinary Course of Business;
(xvi)    any entry into any commitment of any kind or the occurrence of any event known to Seller which could give rise to any contingent Liability not covered by the foregoing that could have a material adverse effect on the Business or Uniloy Italy;
(xvii)    the termination of any employee of a Seller Company working for or providing services to the Business who had a written employment agreement with a Seller Company; 
(xviii)    any failure to satisfy any of its material obligations as the same became due and payable; or
(xix)    any contract to do any of the foregoing.
(u)    Condition and Sufficiency of Assets.  The buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and other items of tangible personal property included in the Transferred Assets are structurally sound, are in good operating condition and repair, and are adequate for the uses to which they are being put by the Business as of the Closing and, in respect of the Mexico Deferred Closing and the India Deferred Closing, as of the Mexico Deferred Closing Date and the India Deferred Closing Date, respectively, and none of such buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and other items of tangible personal property is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not material in nature or cost. The Transferred Assets, together with the services provided under the Transition Services Agreement and the Intellectual Property Agreements, are sufficient for the continued conduct of the Business after the Closing, the Mexico Deferred Closing or the India Deferred Closing, as the case may be, in substantially the same manner as conducted prior to the Closing, the Mexico Deferred Closing or the India Deferred Closing, as the case may be, and constitute all of the rights, property and assets necessary to conduct the Business as currently conducted. 
(v)    Product and Service Warranties; Product Liability; Recalls.  Each product manufactured, sold, delivered, leased, installed or services performed by the Seller Companies with respect to the Business or Uniloy Italy prior to the Closing and, in respect of the Mexico Deferred Business and the India Deferred Business, prior to the Mexico Deferred Closing and the India Deferred Closing, respectively, has in all material respects complied with and conformed to all applicable Laws, contracts and all express and implied warranties, service specifications or documentation, and any representations provided by the Seller Companies.  The Seller Companies 

have provided warnings to their respective customers, employees, agents or distributors of any dangerous condition involving a product or service that was sold or provided by such Seller Company consistent with industry standards.  Except as set forth on Section 3(v) of the Disclosure Schedule, since January 1, 2016 (a) there have been no material warranty occurrences nor any material unreimbursed repair and replacement occurrences affecting the Business or Uniloy Italy, and (b) the Business has not received any written notice relating to any claim or notice of violation relating to or involving any service provided or any product designed, manufactured, serviced, produced, modified, distributed, shipped or sold by or on behalf of any Seller Company related to the Business or Uniloy Italy.  There is no material pending or, to Seller’s Knowledge, threatened, recall or investigation of any product designed, manufactured, shipped, sold, marketed, distributed and/or otherwise introduced into the stream of commerce by or on behalf of the Business or Uniloy Italy.
(a)    Prohibited Payments and Donations.  Neither Seller, any Seller Company, any of the Seller Company’s subsidiaries nor, to Seller’s Knowledge, any of their respective directors, executives, representatives, agents or employees has with respect to the Business or Uniloy Italy (a) used or is using any corporate funds for any illegal contributions, gifts, entertainment or other unlawful expenses relating to political activity, (b) used or is using any corporate funds for any direct or indirect unlawful payments to any foreign or domestic government officials or employees, (c) violated or is violating any provision of the Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act 2010 or any equivalent foreign Law, (d) established or maintained, or is maintaining, any unlawful fund of corporate monies or other properties or (e) made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment of any nature.  Since January 1, 2016, none of the Business or any of the Seller Companies has made any charitable contribution in excess of $10,000 individually or any contribution to any political candidate, campaign, political action committee or political party.
(b)    Affiliate Transactions.  As of the Closing or, in respect of each of the Mexico Deferred Business and the India Deferred Business, as of the Mexico Deferred Closing and the India Deferred Closing, respectively, except for those contracts listed on Section 3(l)(i) of the Disclosure Schedule, none of the Seller Companies (other than Uniloy Italy), any of their subsidiaries or any Person who as of the date hereof is an Affiliate of theirs, or any of their respective officers or directors or any of the foregoing’s family members, will be a party to a Material Contract.
(c)    Solvency.  Uniloy Italy is and, after the consummation of the Contemplated Transactions, will be Solvent.  Uniloy Italy has not resolved its voluntary liquidation and there are no pending or threatened proceedings for the dissolution or liquidation of Uniloy Italy.  Uniloy Italy is not subject or threatened to be subject to any insolvency procedure of any kind, including bankruptcy and has not applied for admission to any such insolvency proceedings.  Uniloy Italy is not in a situation according to which it would be legally required for its managing body to file or have filed a proper petition to start an insolvency procedure or other equivalent or similar procedure, nor has any third party has filed any application with the competent authority in order to put Uniloy Italy under an insolvency procedure or equivalent or similar procedure.  Uniloy Italy is not part of any restructuring agreement or any other agreement that may cause the assignment of its assets to the relevant creditors.

(d)    Customs and International Trade.  The Business, including in respect of its fixed assets and inventory, has, since January 1, 2016, complied in all material respects with all applicable import and export control laws and regulations.
(e)    No Other Representations or Warranties.  Except for the representations and warranties contained in the Transaction Agreements, Seller does not make any other express or implied representation or warranty on behalf of or with respect to the Seller Companies, the Business, or the Transferred Assets.
Section 4.    Representations and Warranties of Buyer.  Buyer represents and warrants to Seller that the statements contained in this Section 4 are true, correct and accurate on the date hereof.
(a)    Organization and Existence. Buyer is a corporation duly organized and validly existing under the Laws of the State of Delaware.
(b)    Authorization and Enforceability. Buyer has full power and authority to execute and deliver the Transaction Agreements and to perform its obligations hereunder and thereunder. The Transaction Agreements constitute the valid and legally binding obligation of Buyer, enforceable in accordance with their terms and conditions except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a Proceeding at Law or in equity). 
(c)    No Notice or Filing, etc. Buyer need not give any notice to, make any filing with, or obtain any authorization, consent, or approval of, any Governmental Body in order to consummate the Contemplated Transactions. The execution, delivery and performance of the Transaction Agreements have been duly authorized by Buyer. 
(d)    No Violation and No Contravention. Neither the execution and delivery of any of the Transaction Agreements, nor the consummation of the Contemplated Transactions, shall (i) conflict with, violate or result in a Breach of any provision of the certificate of incorporation, by-laws or other organizational documents of Buyer, (ii) conflict with, violate or result in a Breach of any Law to which Buyer is subject or (iii) conflict with, violate or result in a Breach of, constitute a default under, result in the acceleration of, create in any Person the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which Buyer is a party or parties or by which they are bound or to which any of their respective assets is subject.
(e)    Availability of Funds.  The Buyer has on the Closing Date, assuming (i) satisfaction of the conditions set forth in Section 7(a) and (ii) the Financing has been funded or will be funded at the Closing, the financial capability to pay in cash all amounts payable by Buyer pursuant to Section 2(h)(iv) on the Closing Date.  As of the date hereof, Buyer has provided Seller with a true and complete copy of the executed commitment letters from the Financing Sources party thereto (the “Commitment Letters”), pursuant to which, and subject to the terms and conditions thereof, the Financing Sources party thereto have committed to provide senior secured debt financing to Buyer for the purposes set forth therein, including the funding of a portion of the Purchase Price at the 

Closing as contemplated by this Agreement (the “Debt Financing” and, together with the Equity Financing, the “Financing”).  The terms of the Debt Financing (including the identities of the respective Financing Sources, the Commitment Letters and the terms thereof) shall not be disclosed to any party that is not party to this Agreement without the prior written consent of each Financing Source that is a party to the Debt Financing (including the Commitment Letters); provided, however, that Section 6(o) shall be applicable and serve as an exception to the foregoing restrictions.  
(f)    Brokers.  No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the Contemplated Transactions based upon arrangements made by or on behalf of Buyer.  
(g)    No Other Representations or Warranties.  Buyer does not make any other express or implied representation or warranty on behalf of or with respect to Buyer.
Section 5.    Pre-Closing Covenants. The Parties agree as follows with respect to the period from the date of this Agreement up until the Closing.
(a)    Conduct of Business Prior to the Closing. From the date hereof until the Closing or, in the case of the Mexico Deferred Business and the India Deferred Business, from the date hereof until the Mexico Deferred Closing or the India Deferred Closing, respectively, except (i) as otherwise provided in this Agreement, (ii) for the wind down of European machine assembly operations at the Seller’s facility in Policka, Czech Republic, (iii) all actions taken in connection with the Uniloy Italy Spin-Off, or (iv) as consented to in writing by Buyer (which consent shall not be unreasonably withheld or delayed), Seller shall (X) conduct the Business in the Ordinary Course of Business (including, without limitation, with respect to management of the Seller’s working capital, capital expenditures and supporting the European aftermarket business); and (Y) use commercially reasonable efforts to maintain and preserve intact the Business and its operations and to preserve the rights, franchises, goodwill and relationships of its employees, customers, lenders, suppliers, regulators and others having relationships with the Business.  Without limiting the foregoing, from the date hereof until the Closing Date or, in respect of the Mexico Deferred Business and the India Deferred Business, from the date hereof until the Mexico Deferred Closing Date or the India Deferred Closing Date, respectively, the Business shall not, and Seller shall not, with respect to the Business, the Transferred Assets and Uniloy Italy, and shall cause the Seller Companies and the Business not to:
(i)    issue or grant any equity securities or any subscriptions, warrants, options or other agreements or rights of any kind whatsoever to purchase or otherwise receive or be issued any equity securities or any securities or obligations of any kind convertible into, or exercisable or exchangeable for, any equity securities of Uniloy Italy; 
(ii)    engage in any practice, take any action, or enter into any transaction outside the Ordinary Course of Business;
(iii)    (1) effect any recapitalization, reclassification, split or like change in the capitalization of the Transferred Companies or (2) enter into or adopt a plan or agreement of recapitalization, reorganization, merger or consolidation, adopt a plan of complete or 

partial liquidation or dissolution or consent to the filing of any bankruptcy petition under any similar Law in respect of the Transferred Companies, except as either of the foregoing may be necessary in connection with the Uniloy Italy Spin-Off;
(iv)     except as required by Law or by the terms of any Seller Benefit Plan as in effect as of immediately prior to the date hereof, increase any compensation or benefits of any Employee or any other current or former officer, director, manager, employee or independent contractor of any Transferred Company, except for increases in base salary to any Employees who will be Transferred Employees as of or following the Closing whose annual compensation is less than $100,000 made in the Ordinary Course of Business consistent with past practice, provided that such increases do not exceed 5% per Employee and are not in the aggregate material;
(v)    hire or terminate the employment or engagement of (or provide a notice of termination of employment or engagement to) any Employee, any person who would be an Employee or any consultant of a Transferred Company, in any case of this clause (iii) whose annual compensation is expected to exceed or exceeded $100,000;
(vi)    subject any of the Transferred Assets to any Lien or permit, grant or take any action that will result in the imposition of any Lien;
(vii)    sell, assign, transfer, convey, lease, license, waive, release or otherwise dispose of or permit the cancellation, abandonment or dedication of any of the Transferred Assets (including Intellectual Property) except (1) in the Ordinary Course of Business or (2) transactions less than or equal to $100,000 for any individual transaction or $500,000 for all transactions in the aggregate;
(viii)    enter into any contract which materially restricts the ability of the Business to compete with, or conduct, any business or line of business in any geographic area; 
(ix)    declare, set aside, make or pay any dividend or other distribution in respect of the capital stock of any Transferred Company (excluding dividends or distributions by their respective subsidiaries to the Transferred Companies) or repurchase, redeem or otherwise acquire any outstanding shares of the capital stock or other securities of, or other ownership interests in the Transferred Companies, except in connection with the Uniloy Italy Spin-Off; 
(x)    fail to maintain its books, records and accounts in the usual manner on a basis consistent with that heretofore employed or change the Business’s methods of accounting, except as required by GAAP; 
(xi)    (1) make any settlement of or compromise any material Tax liability, (2) change or adopt any material Tax election or material Tax method of accounting, (3) file any amended Tax Return, or (4) consent to any extension or waiver of the limitation period applicable to any Tax claim or assessment; 

(xii)    make any acquisitions of (including by merger, consolidation or acquisition of stock or assets or any other business combination) any corporation, partnership, other business organization or any division thereof or equity interests therein or a substantial portion of the assets thereof, or capital contributions to, or equity investments in any other Person (other than a subsidiary of the Transferred Companies); 
(xiii)    as relates to the Business or the Transferred Companies, (1) change in any material respect the policies or practices of the Business with regard to the extension of discounts or credit to customers or collection of receivables from customers, establishment of reserves for uncollectible accounts, accrual of accounts receivable, inventory control, prepayment expenses, payment of trade accounts payable, accrual of other expenses, deferral of revenue or acceptance of customer deposits, (2) delay or defer the payment of any notes or accounts payable beyond the date such payable has historically been paid in the Ordinary Course of Business, (3) discharge any obligations (including accounts payable and sales Tax) other than on a timely basis in the Ordinary Course of Business or (4) artificially boost revenues by inducing customers (including distributors) through special payment incentives or otherwise to buy products in quantities in excess of their current needs, ship products to its customers substantially in excess of historic levels; 
(xiv)    fail to (1) maintain in full force and effect (A) all existing insurance coverage related to the Business and (B) all Permits currently in effect and used in the conduct of the Business, or (2) comply with all applicable Laws, the noncompliance with which would materially affect the Business; 
(xv)    (1) commence, institute, prosecute, compromise or settle any proceeding relating to the Business or obtain the release of any threatened proceeding except (with at least five (5) business days prior written notice to Buyer), as necessary to comply with proceeding deadlines or limitation periods or (2) cancel, compromise or settle any material Proceeding related to the Business;
(xvi)    (1) incur or assume indebtedness that cannot be repaid in full at Closing, (2) make or commit to make any capital expenditure (or series of related capital expenditures) involving more than $100,000 individually or more than $250,000 in the aggregate or (3) enter into any new line of business;
(xvii)    (1) other than in the Ordinary Course of Business, enter into any contract that, had it been entered into prior to the date hereof, would be a Material Contract, (2) other than in the Ordinary Course of Business, materially amend, modify, terminate or cancel (A) any existing Material Contract or (B) any contract that, had it been entered into prior to the date hereof, would be a Material Contract or (3) enter into any transactions with any Person who is an Affiliate provided that the Parties agree and acknowledge that, at or prior to the Closing, with respect to the Comfort Letter to Banca Popolare di Milano, dated July 23, 2012 issued by Seller, Seller will cause the Comfort Letter to be terminated, and, if necessary in order to terminate the Comfort Letter, the underlying credit arrangements to be terminated;

(xviii)    enter into, terminate, adopt or amend any Transferred Company Benefit Plan or any arrangement that would be a Transferred Company Benefit Plan if it were in effect on the date of this Agreement
(xix)    authorize any of, agree or commit to do any of, the actions in the foregoing clauses (i)-(xix).
(b)    Legal Requirements.  Notwithstanding the foregoing, nothing in this Section 5 shall prohibit the Seller Companies or the Business from taking any action or omitting to take any action as required or as contemplated by this Agreement, as required by Law or otherwise approved in writing by Buyer, which approval shall not be unreasonably withheld or delayed.  
(c)    Access to Information.  From the date hereof until the Closing and, in respect of the Mexico Deferred Business and the India Deferred Business, until the Mexico Deferred Closing and the India Deferred Closing, respectively, Seller shall, and shall cause the Seller Companies to (a) afford Buyer reasonable access to and the right to inspect all of the Transferred Assets and other documents and data related to the Business; (b) furnish Buyer with such financial, operating and other data and information related to the Business as Buyer may reasonably request; and (c) cooperate with Buyer in its investigation of the Business; provided, however, that any such investigation shall be conducted during normal business hours upon reasonable advance notice to Seller, under the supervision of Seller’s personnel and in such a manner as not to interfere with the conduct of the Business or any other businesses of Seller. Notwithstanding anything to the contrary in this Agreement, Seller shall not be required to disclose any information to Buyer if such disclosure would, in Seller’s sole discretion: (x) cause significant competitive harm to Seller and its businesses, including the Business, if the transactions contemplated by this Agreement are not consummated; (y) jeopardize any attorney-client or other privilege; or (z) contravene any applicable Law, fiduciary duty or binding agreement entered into prior to the date of this Agreement. Prior to the Closing, without the prior written consent of Seller, which may be withheld for any reason, Buyer shall not contact any suppliers to, or customers of, the Business with respect to any matter related to the Business or the Contemplated Transaction; provided, however, that Buyer shall have the right to conduct phone meetings and/or telephone conference calls with the Business’s customers and suppliers with the consent of Seller and so long as Seller is permitted to participate in such meetings or calls (which consent shall not be unreasonably withheld, delayed or conditioned); provided further, to the extent a condition to any Financing Source’s provision of the Debt Financing is their participation in calls with the Business’s customers, such Financing Source may participate on a listen-only basis in customer phone meetings and/or telephone conference calls that are conducted by Buyer.  Buyer shall have no right to perform invasive or subsurface investigations of any Leased Real Property; provided that nothing herein shall prevent Buyer from undertaking, following the Closing, any investigations reasonably necessary for the Buyer to complete a Baseline Environmental Assessment in compliance with the MI Part 201 Law and regulations.
(d)    Supplement to Disclosure Schedules. From time to time prior to the Closing, the India Deferred Closing and the Mexico Deferred Closing, Seller shall have the obligation to supplement or amend the Disclosure Schedules hereto with respect to any matter hereafter arising or of which it obtains Seller’s Knowledge after the date hereof (each a “Schedule Supplement”). 

Any disclosure in any such Schedule Supplement shall not be deemed to have cured any inaccuracy in or Breach of any representation or warranty, or modify such representation or warranty for purposes of Section 7(a)(i), Section 7(c)(i), Section 7(e)(i) or Section 8(a)(ii), contained in this Agreement, including for purposes of the indemnification or termination rights contained in this Agreement or of determining whether or not the conditions set forth in Section 7(a) have been satisfied; provided, however, that if Buyer has the right to, but does not elect to, terminate this Agreement within five Business Days of its receipt of the last of such Schedule Supplements after taking into account all applicable Schedule Supplements, then Buyer shall be deemed to have irrevocably waived any right to terminate this Agreement with respect to such matter and, further, shall have irrevocably waived its right to indemnification with respect to such matter.
(e)    Financing.  
(i)    Buyer shall use its commercially reasonable efforts to cause the financing contemplated by the Commitment Letters, subject to the terms and conditions set forth therein, to be available at Closing.  If funds in the amount set forth in the Commitment Letters become unavailable to Buyer on the terms and conditions set forth therein, Buyer shall use its commercially reasonable efforts to obtain such funds to the extent available on terms and conditions that (x) would not reduce the aggregate amount of the applicable Financing below the Purchase Price (taking into account any increase in any other Financing) and (y) in respect of certainty of funding, are equivalent in all material respects to (or more favorable to Buyer and Seller/the Business than) the conditions set forth in the Commitment Letters as in effect on the date hereto (any such alternate funds, the “Alternate Financing”).
(ii)    In order to assist Buyer with obtaining the Debt Financing, Seller shall and shall cause the Seller Companies, their subsidiaries and their respective representatives to use commercially reasonable efforts to provide such assistance and cooperation as Buyer, its Affiliates and representatives or the Financing Sources may reasonably request in connection with the Debt Financing or Alternate Financing, as applicable, including but not limited to (i) cooperating with and facilitating access to information for all reasonably necessary due diligence efforts of the Financing Sources, (ii) facilitating the granting, pledging and/or release of any Liens and security interests on the Transferred Assets, (iii) assisting with the preparation of and execution and delivery at Closing of any pledge and security agreements and other definitive financing documentation (including any schedules or exhibits thereto), and to make Brian Marston and Chris Peters available to assist with negotiation of the foregoing, (iv) furnishing Buyer and the Financing Sources with documentation and other information as is required by applicable “know your customer” and anti-money laundering rules and regulations including, but not limited to, the USA PATRIOT and beneficial ownership regulations, at least ten Business Days prior to the Closing Date, (v) causing the taking of any corporate and/or limited liability company action reasonably necessary to permit the consummation of the Debt Financing and to permit the proceeds thereof to be made available to Buyer on the Closing Date and (vi) taking such actions as are reasonably requested by Buyer or the Financing Sources to facilitate the satisfaction on a timely basis of all conditions precedent to obtain the Debt Financing or such Alternate Financing, as applicable; provided that such requested cooperation and 

assistance does not unreasonably interfere with the Business.  Notwithstanding the foregoing, neither the Seller Companies nor Seller shall have an obligation under this Section 5(e)(ii) to enter into any agreement the effectiveness of which is not subject to the consummation of the Closing, the India Deferred Closing or the Mexico Deferred Closing, as applicable.  Notwithstanding anything to the contrary contained herein, and solely with respect to the Mexico Deferred Business and the India Deferred Business the Seller shall, and shall cause the Seller Companies, their Subsidiaries and their representatives to, use commercially reasonable efforts to provide such assistance and cooperation as Buyer, its Affiliates and representatives or the Financing Sources may reasonably request after Closing and prior to the Mexico Deferred Closing, in the case of the Mexico Deferred Business, and the India Deferred Closing, in the case of the India Deferred Business.
(iii)    Seller and each of the Seller Companies hereby expressly authorize the use of the Pro Forma Financials and other information to be provided pursuant to this Section 5(e) for purposes of the Debt Financing and neither Seller nor any Seller Company are aware of any limitation on the use of such financial statements required by the Financing Sources.  The Seller shall promptly supplement the Pro Forma Financials to the extent that any such Pro Forma Financials, to Seller’s Knowledge, contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements made in such Pro Forma Financials, in light of the circumstances under which they were made, not materially misleading.  Seller shall promptly provide Buyer with an electronic version of the trademarks, service marks and corporate logo of the Business and the Seller hereby consents to the use of the Business’s logos in connection with the Debt Financing and in facilitating the syndication of the Debt Financing; provided, that such logos are used solely in a manner that is not intended to nor reasonably likely to harm or disparage any Seller Company or its subsidiaries or the reputation or goodwill thereof.  For the avoidance of doubt in connection with the Financing, the logos and marks of the Business shall not include any logo of or reference to the name “Milacron.”
(iv)    Notwithstanding the foregoing or anything else in this Agreement, in no event shall the commercially reasonable efforts be deemed or construed to require the Buyer to, and the Buyer shall not be required to (i) pay any fees in excess of those contemplated by the commitments under the Commitment Letters, (ii) agree to conditionality or economic terms of the Debt Financing that are less favorable in the aggregate than those contemplated by the Commitment Letters or any related fee letter in effect on the date hereof or (iii) initiate, prosecute or maintain any claim, action, suit, demand, grievance, arbitration or similar proceeding against any Financing Source or other Persons providing the Debt Financing under the Commitment Letters.
(f)    Exclusivity.  From and after the date of this Agreement, until either the Closing or the termination of this Agreement in accordance with Section 8 hereof, the Seller shall not, and shall cause the Seller Companies, the Seller’s and each Seller Company’s respective officers, directors, employees, Affiliates, agents, advisors accountants and attorneys to not, take any action, directly or indirectly, to, other than in respect of a Specified Event (i) solicit or initiate any discussion or negotiation with or (ii) provide any information to, in each case, any person other than Buyer or 

its Affiliates relating to the acquisition of the Business; provided that Seller shall remain, subject to the terms and conditions of this Agreement, obligated to consummate the transactions contemplated by this Agreement and the other Transaction Agreements.
(g)    Confidentiality.  Unless required by Law or the rules and regulations of any securities exchange (in which case each of Buyer and Seller shall use their reasonable best efforts to consult with the other Party prior to any such disclosure as to the form and content of such disclosure), from and after the date hereof through the Closing Date, no press releases, announcements to the employees, customers or suppliers of the Business or other releases of information related to this Agreement or the transactions contemplated hereby will be issued or released without the prior consent of both Buyer and Seller.  Seller and Buyer agree to keep the terms of this Agreement confidential, except to the extent required by applicable Law or the rules and regulations of any securities exchange, or for financial reporting purposes and except that the parties may disclose such terms to their respective employees, accountants, advisors, Financing Sources, limited partners, prospective limited partners and other representatives as necessary in connection with the ordinary conduct of their respective businesses (so long as such Persons agree to or are bound by contract to keep the terms of this Agreement confidential).  
(h)    Commercially Reasonable Efforts.  Buyer, Seller and the Seller Companies shall use their commercially reasonable efforts to promptly (x) take, or cause to be taken, all actions and (y) do, or cause to be done, all other things reasonably necessary, proper or appropriate to satisfy the closing conditions set forth in Section 7 hereof (unless waived) and to consummate and make effective the Contemplated Transactions on the terms and conditions set forth herein (including seeking to remove promptly any injunction or other legal barrier that may prevent such consummation).
(i)    Governmental Filings and Consents.  Each Party hereto shall, as promptly as possible, (i) make, or cause or be made, all filings and submissions required under any Law applicable to such Party or any of its Affiliates; and (ii) use commercially reasonable efforts to obtain, or cause to be obtained, all consents, authorizations, orders and approvals from all Governmental Bodies, in each case that may be or become necessary for its execution and delivery of this Agreement and the performance of its obligations pursuant to this Agreement and the Transaction Agreements. Each Party shall cooperate fully with the other Party and its Affiliates in promptly seeking to obtain all such consents, authorizations, orders and approvals.  Notwithstanding the foregoing, the Seller shall be responsible for obtaining, or causing to be obtained, all consents, authorizations, orders and approvals from all third parties other than Governmental Bodies that may be or become necessary in connection with the Contemplated Transactions.  The Parties hereto shall not willfully take any action that will have the effect of delaying, impairing or impeding the receipt of any required consents, authorizations, orders and approvals.  From the date hereof until the Closing, each Party shall use commercially reasonable efforts to take such actions as are necessary to expeditiously satisfy the closing conditions set forth in Section 7 hereof.
(j)    India Employees.  Seller and the India Seller Company shall provide to each of the India Transferred Employees a letter (collectively the “India Employees Intimation Letters”) informing them regarding the transfer of their employment from the India Seller Company to India 

Buyer.  Seller and the India Seller Company shall use commercially reasonable efforts to cause the India Transferred Employees to accept the employment offer from India Buyer and make available their employment services to India Buyer and/or its Affiliates, on the terms and conditions offered by India Buyer and in accordance with the terms of the India Transferred Employee Documents proposed to be entered into with such India Transferred Employees; for the avoidance of doubt “commercially reasonable efforts” shall not impose on Seller or the India Seller Company any obligation to incur any expenses including with respect to additional compensation payable to India Transferred Employees.
(k)    Employment Loss.  No later than five (5) days prior to the Closing Date, Seller shall provide Buyer with a list of all Employees who have experienced an “employment loss” within the meaning of the WARN Act within ninety (90) days prior to the Closing Date. 
(l)    R&W Insurance Policy.  Prior to the Closing Date, Seller and Buyer shall each use commercially reasonable efforts to obtain a buy-side representation and warranties insurance policy with no less than $10 million of limit of liability, a retention not to exceed $1 million and a premium not to exceed $400,000 (“R&W Insurance Policy”) with respect to the representations and warranties of Seller in this Agreement and the other matters covered by such policy and containing a waiver of subrogation by the insurer in favor of the Seller subject to a customary fraud carve-out.  The premium, surplus line taxes, underwriter due diligence fee and broker fee and commission (collectively, the “Shared R&W Costs”) associated with obtaining the R&W Insurance Policy shall be borne equally by Buyer and Seller and be paid at or prior to the Closing, provided that (1) Seller’s maximum share of the Shared R&W Costs shall not exceed $200,000, (2) all other costs and expenses of obtaining the R&W Insurance Policy outside of the Shared R&W Costs will be borne by Buyer, and (3) if Buyer chooses to obtain a R&W Insurance Policy with a limit of liability in excess of $10 million, Seller will not be responsible for any portion of the incremental increase in premium.  
(m)    Seller shall use commercially reasonable efforts to assist Buyer or its designee in obtaining a lease or sublease (the “Queretaro Lease”) with respect to the portion of the warehouse and offices located in Manzana II, Lotes 1 y 2, Parque Industrial El Marques, Carretera Mexico-Querétaro, Km. 195.5, El Marqués, Estado de Querétaro, México, where the Mexico Deferred Business is currently conducted and in accordance with operational past practices.
Section 6.    Post-Closing Covenants. The Parties agree as follows with respect to the period following the Closing.
(a)    Non-Competition; Non-Solicitation.
(i)    For a period of five years commencing on the Closing Date (the “Restricted Period”), Seller shall not, and shall not permit any of its Affiliates to, directly or indirectly, (i) design, manufacture, market or sell, or knowingly assist any Person in designing, manufacturing, marketing or selling, Restricted Machinery in the Territory; or (ii) have an interest in any Restricted Person in the Territory in any capacity, including as a partner, shareholder, member, employee, principal, agent, trustee or consultant. Notwithstanding anything in this Agreement to the contrary,  (a) Seller may own, directly or indirectly, solely as an investment, securities of any Restricted Person that is traded on any national securities 

exchange if Seller is not a controlling Person of, or a member of a group which controls, such Person and does not, directly or indirectly, own 5% or more of any class of securities of such Person; (b) Buyer may waive, in whole or in part, (x) the five year period for a specific country or state(s) within the Territory and thus, reduce this term of the Restricted Period to a shorter period of time for that specific country or state; and (y) the Territory for Seller and an Affiliate and, thus, narrow the Territory for Seller or an Affiliate to a specific country or state(s), in respect of any of the restrictions in Sections 6(a)(i), 6(a)(ii) or 6(a)(iii);  (c) in the event of and immediately upon the occurrence of any Specified Event, without any action of the parties hereto, the provisions of this Section 6(a)(i) shall terminate immediately, with the sole following exception:  Seller shall not and shall not permit its Affiliates to, design, manufacture, market or sell Restricted Machinery using Seller’s and its Affiliates’ facilities in Afton, Ohio or Ahmedabad, India, and shall not provide access to such facilities for such purposes to any newly-formed entity that would have been considered an Affiliate of Seller had such entity been formed as a Subsidiary of Parent on or prior to the date hereof, with respect to each such facility for a time period equal to the lesser of (A) two years after Seller and its Affiliates use such facility to manufacture and supply machines to Buyer pursuant to the Transition Services Agreement or any Manufacturing and Services Agreement, as applicable, and (B) five years commencing on the Closing Date; and (d) Seller and its Affiliates may invest in, purchase or otherwise acquire, whether by merger, purchase of assets, stock or controlling interest or otherwise, any Person or business or engage in any similar investment, merger and acquisition activity with any Person (such acquired Person, the “Acquired Entity”); provided, that, if more than twenty percent (20%) of the consolidated revenue of any such Acquired Entity is derived from the business of designing, marketing, manufacturing or selling Restricted Machinery in the Territory (that portion of the business of the Acquired Entity, the “Acquired Business”), Seller or the applicable Affiliate (including, if applicable such Acquired Entity) shall, following the consummation of such transaction, offer to Buyer the opportunity to purchase the Acquired Business from Seller or such Affiliate (including, if applicable such Acquired Entity) on terms to be mutually agreed upon.
(ii)    For a period of five years commencing on the Closing Date, Seller shall not, and shall not permit any of its Affiliates to, directly or indirectly, hire or solicit any employee of the Business or encourage any such employee to leave such employment or hire any such employee who has left such employment, except Seller and its Affiliates may solicit (but for the avoidance of doubt, not hire) pursuant to a general solicitation which is not directed specifically to any such employees; provided, that nothing in this Section 6(a)(ii) shall (A) prevent Seller or any of its Affiliates from hiring any such employee after 180 days from the date of termination of employment; or (B) apply to any employee of Buyer or the entities comprising the Buyer Group (other than the Key Employees) who directly approaches Seller or its Affiliates for employment.
(iii)    During the Restricted Period, Seller shall not and shall not permit its Affiliates to provide to direct end user customers unique to Uniloy replacement parts or unique to Uniloy repair services for Uniloy-Brand Restricted Machinery in the Territory; provided, however, that upon the occurrence of any Specified Event, without any action of the parties 

hereto, this Section 6(a)(iii) shall terminate immediately, with the sole following exception:  Seller shall not and shall not permit its Affiliates to, provide to direct end user customers unique to Uniloy replacement parts or unique to Uniloy repair services for Uniloy-Brand Restricted Machinery using Seller’s and its Affiliates’ facilities in Afton, Ohio or Ahmedabad, India, and shall not provide access to such facilities for such purposes to any newly-formed entity that would have been considered an Affiliate of Seller had such entity been formed as a Subsidiary of Parent on or prior to the date hereof, with respect to each such facility for a time period equal to the lesser of (A) two years after Seller and its Affiliates use such facility to manufacture and supply machines to Buyer pursuant to the Transition Services Agreement or any Manufacturing and Services Agreement, as applicable, and (B) five years commencing on the Closing Date.
(iv)    During the Restricted Period, Buyer shall not, and shall not permit any of the entities comprising the Buyer Group to, directly or indirectly, (i) engage in or assist others in engaging in the business of designing, manufacturing or selling (A) plastic processing equipment, auxiliary systems, related parts and services related to injection molding technologies (including low pressure injection molding) and extrusion technologies or (B) hot runner (including co-injection and other multi-layer technologies) or process control systems, mold bases and components or MRO supplies for plastic processing operations, other than the Business (the “Buyer Restricted Business”) in the Territory; provided that the Buyer Restricted Business shall not include the sale of parts or services in the aftermarket with respect to machines used in the businesses described in subclauses (A) and (B) so long as the entities comprising the Buyer Group are not aware that such machines were manufactured by Parent or any of its Subsidiaries; (ii) have an interest in any Person that engages directly or indirectly in the Buyer Restricted Business in the Territory in any capacity, including as a partner, shareholder, member, employee, principal, agent, trustee or consultant; or (iii) intentionally interfere in any material respect with the business relationships (whether formed prior to or after the date of this Agreement) between the Seller and customers or suppliers of Buyer Restricted Business. Notwithstanding the foregoing, (a) the entities comprising the Buyer Group may own, directly or indirectly, solely as an investment, securities of any Person traded on any national securities exchange that engages in the Buyer Restricted Business if Buyer is not a controlling Person of, or a member of a group which controls, such Person and does not, directly or indirectly, own 5% or more of any class of securities of such Person; (b) in the event of and immediately upon any Person acquiring directly or indirectly control (as defined in the definition of “Affiliates”) of the Buyer Group, without any action of the parties hereto, the provisions of this Section 6(a)(iv) shall terminate immediately, with the sole following exception: Neither the entities comprising the Buyer Group nor such controlling Person shall utilize Seller’s current Tecumseh, Michigan facility in connection with a Buyer Restricted Business for a period of five years commencing on the Closing Date; (c) the Buyer Group may invest in, purchase or otherwise acquire, whether by merger, purchase of assets, stock or controlling interest or otherwise, any Person or business or engage in any similar investment, merger and acquisition activity with any Person (such acquired Person, the “Buyer Acquired Entity”); provided, that, if more than twenty percent (20%) of the consolidated revenue of any such Buyer Acquired Entity is derived from the Buyer Restricted Business, Buyer shall, following 

the consummation of such transaction, offer to Seller the opportunity to purchase that business that constitutes the Buyer Restricted Business from the Buyer Group on terms to be mutually agreed upon.
(v)    For a period of five years commencing on the Closing Date, Buyer shall not, and shall not permit any of the entities comprising the Buyer Group to, directly or indirectly, hire or solicit any employee of the Seller or its Affiliates or encourage any such employee to leave such employment or hire any such employee who has left such employment, except solicit (but for the avoidance of doubt, not hire) pursuant to a general solicitation which is not directed specifically to any such employees; provided, that nothing in this Section 6(a)(v) shall (A) prevent Buyer or any of the entities comprising the Buyer Group from hiring after 180 days from the date of termination of employment; or (B) apply to any Transferred Employee, any of the employees set forth on Schedule Y, or any employee of Seller or its Affiliates who directly approaches Buyer or the entities comprising the Buyer Group for employment, or any European Employee who transfers pursuant to the Acquired Rights Directive.
(vi)    Each Party acknowledges that a Breach or threatened Breach of this Section 6(a) would give rise to irreparable harm to the other Party, for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a Breach or a threatened Breach by a Party of any such obligations, the other Party shall, in addition to any and all other rights and remedies that may be available to it in respect of such Breach, be entitled to seek equitable relief, including a temporary restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction, without posting bond or other security.
(vii)    Each Party acknowledges that the restrictions contained in this Section 6(a) are reasonable and necessary to protect the legitimate interests of the other Party and constitute a material inducement to the other Party to enter into this Agreement and consummate the transactions contemplated by this Agreement. In the event that any covenant contained in this Section 6(a) should ever be adjudicated to exceed the time, geographic, product or service, or other limitations permitted by applicable Law in any jurisdiction, then any court is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to the maximum time, geographic, product or service, or other limitations permitted by applicable Law. The covenants contained in this Section 6(a) and each provision hereof are severable and distinct covenants and provisions. The invalidity or unenforceability of any such covenant or provision as written shall not invalidate or render unenforceable the remaining covenants or provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant or provision in any other jurisdiction.
(viii)    For the avoidance of doubt, any services performed by one Party or any of its Affiliates on behalf of or for the benefit of the other Party or any of its Affiliates, including pursuant to the Transition Services Agreement, any Manufacturing and Supply Agreement, or pursuant to a separate written request by the other Party or separate written agreement 

between the Parties, shall not constitute a Breach of this Section 6(a).  The parties also agree to the covenant set forth on Schedule 6(a)(viii).
(b)    Employee Matters for non-European Employees. 
(i)    This section shall apply to all Employees save for the European Employees and the employees of Uniloy Italy.
(ii)    Employees.  Except where other specific employee transfer mechanics or covenants are provided herein, Buyer shall, or shall cause its Affiliate to, offer employment effective on the applicable Transfer Date, to (A) such Employees listed on Schedule 3(n)(i) (for the avoidance of doubt, as updated at Closing), other than any such Employee whose employment with the applicable Seller Company has terminated, and (B) to those Employees hired by a Seller Company following the Closing (with the prior written consent of Buyer) dedicated to provide services exclusively to the Business under the Transition Services Agreement, in each case including Employees who are absent due to vacation, family leave, short-term disability or other approved leave of absence on the applicable Transfer Date, (the Employees who accept such employment and commence such employment within 60 days of the applicable Transfer Date, together with (i) each person employed by a Transferred Company immediately prior to the Closing and (ii) the European Employees, the “Transferred Employees”). On or prior to each applicable Transfer Date, Seller shall pay with respect to each Transferred Employee any accrued or unpaid payroll (including the employer’s share of any payroll Taxes), accrued and unused paid time off, employee retirement withholdings, insurance payable, employee payable, sales, goods and services and Value Added Tax payable for such Transferred Employee, and any other payments owed to such Transferred Employee. 
(iii)    Obligations of Buyer; Comparability of Benefits.  During the period commencing on the applicable Transfer Date and ending on (X) with respect to subsections (A) below, one year from the Transfer Date and (Y) for all other subsections, December 31, 2019 (or, in each case, if earlier, the date of the Transferred Employee’s termination of employment with Buyer or any of its Affiliates), Buyer shall provide each Transferred Employee with (or shall cause each Transferred Employee to be provided with): 
(A)    base salary or hourly wages which are no less than the base salary or hourly wages provided immediately prior to the Closing; 
(B)    target bonus opportunity amounts (excluding equity-based compensation), if any, which are no less than the target bonus opportunity amounts (excluding equity-based compensation) provided immediately prior to the Closing; 
(C)    defined contribution retirement and welfare benefits (excluding retiree welfare benefits) that are no less favorable in the aggregate than those provided immediately prior to the Closing (excluding retiree welfare benefits) and as required under applicable Law; and 

(D)    severance benefits (excluding equity-based compensation and retiree welfare benefits) that are no less favorable than those provided under the practice, plan or policy in effect for such Transferred Employee immediately prior to the Closing (excluding equity-based compensation and retiree welfare benefits) and as required under applicable Law. 
(iv)    Obligations of Seller.  The Seller Companies and their Affiliates shall provide to Buyer and its Affiliates such documents as the Buyer requests in order for Buyer to satisfy its obligations under Section 6(b)(ii), and the failure of the Seller Companies and their Affiliates to timely comply with such requests shall relieve Buyer and its Affiliates of their obligation to comply with Section 6(b)(ii). 
(v)    Pre-Existing Limitations; Service Credit.  With respect to any benefit plans of Buyer in which the Transferred Employees participate after the Closing, Buyer shall recognize all regular employee service of the Transferred Employees with the Seller Companies for purposes of eligibility to participate, vesting, form of payment and calculation of the rate of benefits (if applicable) relating to service after the Closing, but not (A) to the extent such recognition would result in duplication of benefits or (B) for purposes of benefit accrual under any defined benefit pension plan or equity plan, and only to the same extent such service would be taken into account under a comparable Employee Benefit Plan immediately prior to the Closing.
(vi)    Liabilities Following Closing.  Buyer and Seller intend that the transactions contemplated by this Agreement should not constitute a separation, termination or severance of employment of any Transferred Employee, including for purposes of any Employee Benefit Plan that provides for separation, termination or severance benefits, and that each such Transferred Employee will have continuous employment immediately before and immediately after the Closing and, in respect of each Mexico Transferred Employee and each India Transferred Employee, immediately before and immediate after the Mexico Deferred Closing and the India Deferred Closing, respectively.  Buyer shall be liable and hold the Seller harmless for: (i) any statutory or common law severance with respect to any Transferred Employee, other than an employee who has received an offer of employment by Buyer or one of its Affiliates on terms and conditions consistent with Section 6(b)(ii) hereof; and (ii) any claims relating to the employment of any Transferred Employee by Buyer or any of its Affiliates.
(vii)    Defined Contribution Plan. Upon the establishment by Buyer or a subsidiary thereof of a defined contribution plan that is intended to qualify under Section 401(a) of the Code (a “Buyer DC Plan”), each of Seller and Buyer shall (or shall cause their respective Affiliates to) use commercially reasonable efforts to permit each Transferred Employee who participates, as of immediately prior to the Closing, in a defined contribution plan maintained by any Seller Company, any subsidiary thereof or any ERISA Affiliate that is intended to qualify under Section 401(a) of the Code (a “Seller DC Plan”) to make, in accordance with applicable law, rollover contributions of “eligible rollover distributions” (within the meaning of Section 401(a)(31) of the Code) of such Transferred Employee’s account balances 

(including all outstanding loans) from the Seller DC Plan to a Buyer DC Plan.  Nothing contained herein shall be deemed to be the adoption of, or an amendment to, any Employee Benefit Plan.  
(viii)    Seller and Buyer agree to use, or cause their respective Affiliates to use, the “standard procedure” of Rev. Proc. 2004-53, 2004-2 C.B. 320 (and any comparable provisions of applicable state or local law), for purposes of Tax withholding, payment and wage reporting with respect to the Transferred Employees. 
(c)    European Employees.
(i)    Seller and Buyer acknowledge and agree that the contracts of employment of each of the European Employees shall not be terminated as a result of this sale and purchase, but shall continue to have effect as if originally made between each such European Employee and Buyer in accordance with and save as may be otherwise provided by the Acquired Rights Directive.
(ii)    All salaries, wages, bonuses and other emoluments, all statutory contributions and all income tax deductible under PAYE for which Seller or any of its Affiliates is accountable, all employer’s contributions to Seller’s or such Affiliate’s pension and insurance schemes, and all other employment costs in respect of any European Employee shall, in respect of the period:
(A)    up to and including the Closing Date, be borne by the Seller Companies (other than Uniloy Italy); and
(B)    from and after the Closing Date, be borne by the Buyer.
(iii)    Notwithstanding Section 3(n)(vi), if by operation of Law the contract of employment of any employee of any Seller Company (other than Uniloy Italy) shall be transferred to the Buyer or if any other employee of any Seller Company (other than Uniloy Italy) alleges that his employment did so transfer, then Buyer may terminate the contract of employment of such employee as soon as reasonably practicable after becoming aware of such transfer of employment.
(d)    For Parties Only.  Notwithstanding the foregoing, the provisions of Section 6(b) and Section 6(c) are for the sole benefit of the Parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any Person or employee any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of Section 6(b) or Section 6(c).
(e)    Employee Information.  Following the Closing Date and, in respect of the Mexico Deferred Business and the India Deferred Business, following the Mexico Deferred Closing and the India Deferred Closing, respectively, the Seller shall, if the Buyer shall so request in writing, provide such information or documents as the Buyer may reasonably require relating to the terms and conditions of employment, pension and life assurance arrangements, health benefits, welfare 

and any other matter concerning any of the European Employees or any other employees of the Seller or any of its Affiliates or any trade union, staff association, works council or any other appropriate representative(s) of the European Employees or any other employees of the Seller or any of its Affiliates prior to the Closing Date and, in respect of the Mexico Deferred Business and the India Deferred Business, prior to the Mexico Deferred Closing Date and the India Deferred Closing Date, respectively.
(f)    Tax Matters.
(i)    Tax Refunds.  Any refund of Taxes of any Seller Company (other than Uniloy Italy) that are received by Buyer or any Affiliate of Buyer and any amounts credited against any Tax to which Buyer or any Affiliate of Buyer becomes entitled that relate to a pre-Closing Tax period of any Seller Company shall be for the account of Seller, and Buyer shall pay over to Seller any such refund or the amount of any such credit within 10 days after receipt or entitlement thereto.
(ii)    Cooperation on Tax Matters.
(A)    Buyer and Seller shall cooperate fully, as and to the extent reasonably requested by the other Party, in connection with the filing of Tax Returns related to the Business and any audit, litigation or other proceeding with respect to Taxes.  Such cooperation shall include the retention and (upon the other Party’s request) the provision of records and information that are reasonably relevant to any such audit litigation or other proceeding and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder.  Buyer and Seller agree (i) to retain all books and records with respect to Tax matters pertinent to the Business relating to any taxable period beginning before the Closing Date and, in respect of the Mexico Deferred Business and the India Deferred Business, before the Mexico Deferred Closing and the India Deferred Closing, respectively, until the expiration of the statute of limitations (and, to the extent notified by Buyer or Seller, any extensions thereof) of the respective taxable periods, and to abide by all record retention agreements entered into with any taxing authority, and (ii) to give the other Party reasonable written notice prior to transferring, destroying or discarding any such books and records and, if the other Party so requests, the Buyer or Seller, as the case may be, shall allow the other Party to take possession of such books and records.
(B)    Buyer and Seller further agree, upon request, to use their commercially reasonable efforts to obtain any certificate or other document from any Governmental Body or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed (including, but not limited to, with respect to the transactions contemplated hereby).
(C)    Buyer and Seller further agree, upon request, to provide the other Party with all information in such Party’s possession, custody or control that either Party may be required to report pursuant to any applicable Law.

(iii)    Certain Taxes and Fees. All conveyance, transfer, documentary, sales, use, registration, value-added, stamp and other similar Taxes or fees, recording charges, and other fees and charges (including any penalties and interest) incurred in connection with the consummation of the Contemplated Transactions shall be paid by Seller when due, provided that, Seller shall only be responsible for any Value Added Tax (or equivalent) to the extent Buyer is not otherwise entitled to reimbursement, input tax credit or refund of such Value Added Tax (or equivalent).  In addition, Seller shall hold Buyer Indemnified Persons harmless with respect to the loss of any input Tax credit as a result of Seller’s failure to comply with applicable Tax Laws or as a result of successor Tax Liability as a result of Seller’s failure to comply with applicable Tax Laws.
(iv)    Tax Sharing Agreements. All Tax sharing agreements, Tax allocation agreements, Tax indemnity obligations, and similar agreements, arrangements, understandings, and practices with respect to Taxes to which any of the Transferred Companies is a party or bound, and all powers of attorney with respect to Taxes relating to the Transferred Companies, shall be terminated as of the Closing and, after the Closing, no Transferred Company shall be bound thereby or have any Liability thereunder.
(g)    Confidentiality.  
(i)    Unless required by Law or the rules and regulations of any securities exchange (in which case each of Buyer and Seller shall use their reasonable best efforts to consult with the other Party prior to any such disclosure as to the form and content of such disclosure), from and after the Closing Date, no press releases, announcements to the employees, customers or suppliers of the Business or other releases of information related to this Agreement or the transactions contemplated hereby will be issued or released without the prior consent of both Buyer and Seller.  Seller and Buyer agree to keep the terms of this Agreement confidential, except to the extent required by applicable Law or the rules and regulations of any securities exchange, or for financial reporting purposes and except that the parties may disclose such terms to their respective employees, accountants, advisors, Financing Sources, limited partners, prospective limited partners and other representatives as necessary in connection with the ordinary conduct of their respective businesses (so long as such Persons agree to or are bound by contract to keep the terms of this Agreement confidential).  
(ii)    Seller agrees, and agrees to cause each of its Affiliates, following the date of this Agreement and for a period of five (5) years thereafter, not to disclose without the prior consent of Buyer any Confidential Information. “Confidential Information” means non-public information of or concerning Uniloy Italy, the Transferred Assets or the Business sold to Seller hereunder and the Buyer Group; provided that Confidential Information shall not include any information that has become generally available to the public (other than by virtue of a breach of this Section 6(g)).  Notwithstanding the foregoing, Seller and each applicable Affiliate of Seller may disclose Confidential Information (i) to such Person’s employees, agents, representatives, auditors, advisors, partners or counsel, on a need-to-know basis and to the extent such Person is bound to confidentiality, including by professional rules of conduct (ii) as may be required in respect of any summons or subpoena or in connection with any Legal Proceeding, (iii) in order to comply with any Law, including reporting obligations, and (iv) to enforce this Agreement; provided that, with respect to 

clauses (ii), (iii) and (iv), such Person shall only disclose Confidential Information to the minimum extent necessary to comply with any such requirement and such Person shall in each such case, to the extent permitted to do so under any applicable Law, promptly inform Buyer of such requirement and shall cooperate with Buyer in attempting to obtain a protective order or to otherwise restrict such disclosure.  Seller understands that the restrictions set forth in this Section 6(g) will survive and continue to apply after the Closing Date.
(iii)    Seller hereby releases and waives, and agrees to cause its Affiliates (other than Uniloy Italy) to release and waive, the right to enforce any covenants regarding non-competition and non-solicitation of customers for Seller’s or its Affiliates’ benefit that would prohibit, limit or restrict any Transferred Employee from becoming employed by, or any independent contractor currently engaged by the Business from being engaged by (or from otherwise performing, in each case, any of their duties for), Buyer or any of its Affiliates on or after the Closing.  Seller acknowledges and agrees that it shall not require any Transferred Employee to take any action to cause any Intellectual Property developed or invented by such Transferred Employee that is related to the Business to vest in Seller or its Affiliates.  In addition, Seller acknowledges and agrees that any restriction in an agreement between any Transferred Employee and Seller or any of its Affiliates (other than Uniloy Italy) relating to the use or disclosure of confidential, proprietary or trade secret information shall apply only to the confidential, proprietary or trade secret information of Seller or any of its Affiliates (other than Uniloy Italy or the Business).
(h)    Payment of the Purchase Price under the Asset Transfer Instruments.  Whereas the purchase price under each of the Asset Transfer Instruments is included in the Purchase Price that is paid by the Buyer to the Seller, or by India Buyer to the India Seller Company, as applicable, in each case hereunder, the Seller shall procure that no Seller Company, as the respective sellers, assignors or equivalents under the Asset Transfer Instruments (or their successors as the case may be), will claim at any time in the future against Buyer or any Affiliate of Buyer that is a purchaser, assignee or equivalent under the Asset Transfer Instruments the payment of purchase price (or unjust enrichment, as the case may be) thereunder. 
(i)    Use of Name.  
(i)    Seller covenants and agrees not to, and to cause each of its Affiliates not to, use the name “Uniloy,” any of the other names included in the Uniloy-Brand or any component thereof, or any name (or brand or other business or source identifier) that consists of, contains, is derivative of, or is similar to “Uniloy,” any of the other names included in the Uniloy-Brand or any component thereof, in the course or conduct of any business, from and after the Closing Date, other than in communication with and providing services to Buyer or its Affiliates.  Each Person that is an Affiliate of Seller and that uses “Uniloy,” any of the other names included in the Uniloy-Brand or any component or derivation thereof as part of its corporate name agrees to change its corporate name no later than thirty (30) Business Days following the Closing, or at such time prior to the Closing as reasonably requested by Buyer in connection with the assumption, transfer, or reissuance of any Permit required for the operation of the Business, and such name shall not include “Uniloy,” any other name included in the Uniloy-Brand or any component or derivation thereof.
(ii)    Buyer covenants and agrees, and shall cause the entities comprising the Buyer Group (which, for the avoidance of doubt, includes Uniloy Italy, following the Closing), in each case not to use the name “Milacron” or any component thereof, or any name (or brand or other business or source identifier) that consists of, contains, is derivative of, or is similar 

to “Milacron” or any component thereof, in the course or conduct of any business, from and after the Closing Date; provided, however, that Buyer shall be permitted to use existing equipment, machinery, parts, letterhead, manuals, brochures and marketing materials, in each case with the “Milacron” name on them and included in the Transferred Assets from the date of Closing through December 31, 2019.  Buyer agrees it will not create any new manuals, brochures, marketing materials or other materials using the name “Milacron” or any component or derivative thereof.  Buyer agrees to cause Uniloy Italy to change its corporate name no later than thirty (30) Business Days following the Closing, and such name shall not include “Milacron” or any component or derivation thereof.
(j)    Payments Received.  
(i)    Each of the Seller Companies agrees that after the Closing Date (except (i) in the case of the Mexico Deferred Business, after the Mexico Deferred Closing Date and (ii) in the case of the India Deferred Business, after the India Deferred Closing Date) it will hold and will promptly transfer and deliver to Buyer, from time to time as and when received by them, any cash, checks with appropriate endorsements (using their commercially reasonable efforts not to convert such checks into cash), or other property that they may receive on or after the Closing Date (or the Mexico Deferred Closing Date or India Deferred Closing Date, as applicable) which properly belongs to Buyer or its designee and will account to Buyer or its designee for all such receipts.
(ii)    Buyer agrees that after the Closing Date (except (i) in the case of the Mexico Deferred Business, after the Mexico Deferred Closing Date and (ii) in the case of the India Deferred Business, after the India Deferred Closing Date) it will hold and will promptly transfer and deliver to Seller, from time to time as and when received by it, any cash, checks with appropriate endorsements (using their commercially reasonable efforts not to convert such checks into cash), or other property that it may receive on or after the Closing Date (or the Mexico Deferred Closing Date or India Deferred Closing Date, as applicable) which properly belongs to Seller, Seller Companies or their respective designee and will account to Seller, Seller Companies or their respective designee for all such receipts.
(k)    Obligations with Respect to the Mexico Deferred Closing
(i)    For the period commencing from the Closing Date until the Mexico Deferred Closing Date, the Mexico Deferred Business shall be held for the account of Buyer, and Buyer and Seller shall, to the extent permitted by applicable Law, use commercially reasonable efforts to cooperate in a mutually agreeable arrangement under which Buyer (or one or more of its Affiliates) would obtain the benefits, assume the obligations and bear the economic burdens (including any Liability for Taxes for the period until the Mexico Deferred Closing Date) associated with operating the Mexico Deferred Business; provided that, Seller and its Affiliates shall have no obligation to make any investment in, or to make any loan or other capital contribution towards or in relation to, the Mexico Deferred Business; provided, further, that, for the avoidance of doubt, the foregoing shall not entitle Buyer or any of its Affiliates to the benefit of any payments (including under any “cost-plus” arrangement) made by Buyer or its Affiliates to Seller or its Affiliates, whether under the Transition Services Agreement or otherwise, in respect of the operation thereof.  From and 

after the Closing Date through the Mexico Deferred Closing Date, Seller shall and shall cause its Affiliates and their officers and representatives not to, without the prior written consent of the Buyer, incur or assume any material Liability with respect to the Mexico Deferred Business other than in the Ordinary Course of Business and other than a Liability that would be released on or before the Mexico Deferred Closing Date.  For the avoidance of doubt, Seller and its Affiliates shall not be liable for the failure of the Mexico Deferred Business to meet projections or estimates used to prepare any Mexico Deferred Business budget.
(ii)    For Tax and legal purposes, ownership of the Mexico Deferred Business will be considered to transfer from Seller or the applicable Seller Company to Buyer or the applicable subsidiary of Buyer on the Mexico Deferred Closing Date.  Nothing in this Section 6(k)(ii) shall affect the arrangement with respect to the economic burden for any Liability for Taxes set forth in Section 6(k)(i).
(iii)    From and after the Closing Date until the Mexico Deferred Closing Date, the Seller and Buyer shall, and shall cause their respective officers, employees and representatives to, cooperate with each other and use commercially reasonable efforts to facilitate and expedite the identification and resolution of any issues arising with respect to the Mexico Deferred Business at the earliest practicable dates. Such commercially reasonable efforts and cooperation include (i) keeping each other appropriately informed of communications from and to personnel of the reviewing Governmental Bodies and (ii) conferring with each other regarding appropriate contacts with and response to personnel of such Governmental Body and the content of any such contacts or presentations, in each case with respect to any material matter. Neither Seller nor Buyer nor any of their respective officers, employees or representatives shall participate in any material meeting or discussion with any Governmental Body without giving the other party prior notice of the meeting or discussion and the opportunity to attend and participate in such meeting or discussion.  Buyer shall use commercially reasonable efforts to establish one or more subsidiaries in Mexico reasonably promptly following the Closing.
(l)    Obligations with Respect to the India Deferred Closing
(i)    For the period commencing from the Closing Date until the India Deferred Closing Date, the India Deferred Business shall be held for the account of Buyer, and Buyer and Seller shall, to the extent permitted by applicable Law, use commercially reasonable efforts to cooperate in a mutually agreeable arrangement under which Buyer (or one or more of its Affiliates) would obtain the benefits, assume the obligations and bear the economic burdens (including any Liability for Taxes for the period until the India Deferred Closing Date) associated with operating the India Deferred Business; provided that, Seller and its Affiliates shall have no obligation to make any investment in, or to make any loan or other capital contribution towards or in relation to, the India Deferred Business; provided, further, that, for the avoidance of doubt, the foregoing shall not entitle Buyer or any of its Affiliates to the benefit of any payments (including under any “cost-plus” arrangement) made by Buyer or its Affiliates to Seller or its Affiliates, whether under the Transition Services 

Agreement or otherwise, in respect of the operation thereof.  From and after the Closing Date through the India Deferred Closing Date, Seller shall and shall cause its Affiliates and their officers and representatives not to, without the prior written consent of the Buyer, incur or assume any material Liability with respect to the India Deferred Business other than in the Ordinary Course of Business and other than a Liability that would be released on or before the India Closing Date.  For the avoidance of doubt, Seller and its Affiliates shall not be liable for the failure of the India Deferred Business to meet projections or estimates used to prepare any India Deferred Business budget.  
(ii)    For Tax and legal purposes, ownership of the India Deferred Business will be considered to transfer from Seller or the applicable Seller Company to Buyer or the applicable subsidiary of Buyer on the India Deferred Closing Date.  Nothing in this Section 6(l)(ii) shall affect the arrangement with respect to the economic burden for any Liability for Taxes set forth in Section 6(l)(i).
(iii)    From and after the Closing Date until the India Deferred Closing Date, the Seller and Buyer shall, and shall cause their respective officers, employees and representatives to, cooperate with each other and use commercially reasonable efforts to facilitate and expedite the identification and resolution of any issues arising with respect to the India Deferred Business at the earliest practicable dates. Such commercially reasonable efforts and cooperation include (i) keeping each other appropriately informed of communications from and to personnel of the reviewing Governmental Bodies and (ii) conferring with each other regarding appropriate contacts with and response to personnel of such Governmental Body and the content of any such contacts or presentations, in each case with respect to any material matter. Neither Seller nor Buyer nor any of their respective officers, employees or representatives shall participate in any material meeting or discussion with any Governmental Body without giving the other party prior notice of the meeting or discussion and the opportunity to attend and participate in such meeting or discussion.  Buyer shall use commercially reasonable efforts to (x) establish a subsidiary in India as the India Buyer reasonably promptly following the date of this Agreement, and (y) and cause that subsidiary to open a bank account in India into which the amount allocable to the price of the Transferred Assets of the India Deferred Business pursuant to the Allocation Schedule can be wired as of the India Deferred Closing.
(m)    Equipment in Policka.  Buyer shall remove at Buyer’s option all or any part of the Policka Equipment within 60 days following the Closing Date and transfer the Policka Equipment to Buyer’s designated location, in each case at Buyer’s cost.  Any Policka Equipment not removed by Buyer within 60 days following the Closing Date shall be retained by Seller.  For the avoidance of doubt, Buyer shall have title to and risk of loss with respect to the Policka Equipment that Buyer elects to remove from and after the Closing Date. 
(n)    Further Actions. In case at any time after the Closing any further action is necessary or desirable to carry out the purposes of this Agreement, each of the Parties shall take such further action (including the execution and delivery of such further instruments and documents) as any other Party reasonably may request, all at the sole cost and expense of the requesting Party.

(o)    Schedule 6(o).  Buyer and Seller hereby agree to the matters set forth on Schedule 6(o).
(p)    In the event Seller is required to defend against any action, suit or proceeding arising out of a product liability or product warranty claim pertaining to the Business or the Retained Liabilities, Buyer shall provide such assistance and cooperation, including, without limitation, witnesses and documentary or other evidence as may reasonably be requested by Seller in connection with its defense.  Seller shall (i) pay Buyer or its respective Affiliate the agreed-upon rates in the Transition Services Agreement for similar services and for other services mutually agreed-upon compensations, and (ii) reimburse Buyer or its respective Affiliate for its reasonable out-of-pocket expenses incurred in providing such assistance and cooperation.
Section 7.    Conditions to Closing.
(a)    Conditions Precedent to Buyer’s Obligations to Close.  The obligations of Buyer to close the Contemplated Transactions are subject to the satisfaction, at or prior to the Closing of each of the following conditions (any of which may be waived in whole or in part by Buyer): 
(i)    Seller’s Representations and Warranties.  The representations and warranties of Seller set forth in Section 3 of this Agreement (disregarding all qualifications and exceptions contained therein relating to materiality, Material Adverse Effect or similar qualifications), other than the Seller Fundamental Representations, shall be true and correct in all material respects as of the date hereof and as of the Closing Date as though made on and as of the Closing Date, except that representations and warranties that are made as of a specific date need be true and correct only as of such date.  Each of the Seller Fundamental Representations shall be true and correct in all respects as of the date hereof and as of the Closing Date as though made on and as of the Closing Date, except that Seller Fundamental Representations that are made as of a specific date need to be true and correct in all respects only as of such date.
(ii)    Seller’s Performance.  The covenants and obligations that Seller is required to perform or comply with pursuant to the Transaction Agreements at or prior to the Closing Date shall have been duly performed or complied with in all material respects.
(iii)    No Proceedings.  No Proceeding shall have been commenced or threatened against Buyer (A) involving any challenge to, or seeking relief (monetary or otherwise) in connection with, any Contemplated Transaction or (B) that would be reasonably likely to have the effect of preventing, delaying, making illegal, imposing limitations or conditions on, or otherwise interfering with, any such Contemplated Transaction.
(iv)    No Material Adverse Change.  The Business shall not have suffered any Material Adverse Change and no event shall have occurred, and no circumstance shall exist, that could result in a Material Adverse Change with respect to the Business.
(v)    Delivery of Documents.  All documents evidencing the actions to be carried out by Seller pursuant to the Transaction Agreements shall have been delivered to Buyer including, for the avoidance of doubt, all of Seller’s closing deliverables required under Section 2(h)(i).

(vi)    Transaction Agreements.  Seller or the relevant Affiliate of Seller, as the case may be, shall have executed the Transaction Agreements.
(vii)    Financing.  Buyer shall have received the Financing and, with respect to the Debt Financing, on the terms provided for in the Commitment Letters or any Alternate Financing.
(viii)    No Conflict.  Neither the consummation nor the performance of any Contemplated Transaction, shall directly or indirectly (with or without notice or lapse of time), contravene, conflict with, or violate, or cause Buyer to suffer any material Loss under any applicable Law that did not exist prior to the date of this Agreement.
(ix)    Acquired Rights Directive.  Each Seller Company shall have complied with all applicable obligations to inform and consult under the Acquired Rights Directive and all waiting and other periods with respect thereto shall have expired at least two (2) Business Days prior to the Closing Date, unless otherwise agreed to by Buyer and Seller.
(x)    Assigned Contracts.  Seller shall have obtained the third-party consents set forth on Schedule 7(a)(x).
(xi)    Uniloy Italy Spin-Off.  Seller shall have consummated the Uniloy Italy Spin-Off in accordance with Exhibit O and otherwise on terms and conditions reasonably satisfactory to Buyer.
(b)        Conditions Precedent to Seller’s Obligations to Close.  The obligations of Seller to consummate the Contemplated Transactions and to perform the other actions at the Closing Date under the Transaction Agreements are subject to the satisfaction, at or prior to the Closing of each of the following conditions (any of which may be waived in whole or in part by Seller): 
(i)    Buyer’s Representations and Warranties.  The representations and warranties of Buyer set forth in Section 4 of this Agreement, other than the Buyer Fundamental Representations, shall be true and correct in all material respects as of the date hereof and as of the Closing Date as though made on and as of the Closing Date, except that representations and warranties that are made as of a specific date need be true and correct in all material respects only as of such date. Each of the Buyer Fundamental Representations shall be true and correct in all respects as of the date hereof and as of the Closing Date as though made on and as of the Closing Date, except that Buyer Fundamental Representations that are made as of a specific date need to be true and correct in all respects only as of such date.
(ii)    Buyer’s Performance.  The covenants and obligations that Buyer is required to perform or comply with pursuant to the Transaction Agreements at or prior to the Closing Date shall have been duly performed or complied with in all material respects.
(iii)    No Proceedings.  No Proceeding shall have been commenced or threatened against any Seller Company, (A) involving any challenge to, or seeking relief (monetary or otherwise) in connection with, any Contemplated Transaction or (B) that would be 

reasonably likely to have the effect of preventing, delaying, making illegal, imposing limitations or conditions on, or otherwise interfering with, any such Contemplated Transaction.
(i)    No Material Adverse Change.  Buyer shall not have suffered any Material Adverse Change and no event shall have occurred, and no circumstance shall exist, that could result in a Material Adverse Change with respect to Buyer.
(ii)    Delivery of Documents.  All documents evidencing the actions to be carried out by Buyer pursuant to the Transaction Agreements shall have been delivered to Seller, including, for the avoidance of doubt, all of Buyer’s closing deliverables required under Section 2(h)(ii).
(iii)    Transaction Agreements.  Buyer shall have executed the Transaction Agreements.
(iv)    No Conflict.  Neither the consummation nor the performance of any Contemplated Transaction, shall directly or indirectly (with or without notice or lapse of time), contravene, conflict with, or violate, or cause Seller to suffer any material Loss under any applicable Law that did not exist prior to the date of this Agreement.
(v)    Acquired Rights Directive.  Buyer shall have provided Seller with all information required for Seller Companies to comply with all their applicable obligations to inform and consult under the Acquired Rights Directive.
(c)    Conditions Precedent to Buyer’s Obligations to Close the Mexico Deferred Closing. The obligations of Buyer to consummate the Mexico Deferred Closing, execute the Mexico Transaction Agreements and to perform the other actions at the Mexico Deferred Closing Date hereunder are subject to the satisfaction, at or prior to the Mexico Deferred Closing of each of the following conditions (any of which may be waived in whole or in part by Buyer): 
(i)    Seller’s Representations and Warranties. The representations and warranties of Seller set forth in Section 3 of this Agreement (disregarding all qualifications and exceptions contained therein relating to materiality, Material Adverse Effect or similar qualifications) in respect of the Mexico Deferred Business, other than the Seller Fundamental Representations, shall be true and correct in all material respects as of the date hereof and as of the Mexico Deferred Closing Date as though made on and as of the Mexico Deferred Closing Date, except that representations and warranties that are made as of a specific date need be true and correct in all material respects only as of such date. Each of the Seller Fundamental Representations, in respect of the Mexico Deferred Business, shall be true and correct in all respects as of the date hereof and as of the Mexico Deferred Closing Date as though made on and as of the Mexico Deferred Closing Date, except that Seller Fundamental Representations that are made as of a specific date need to be true and correct in all respects only as of such date.

(ii)    Seller’s Performance.  The covenants and obligations that Seller is required to perform or comply with pursuant to the Transaction Agreements at or prior to the Mexico Deferred Closing Date shall have been duly performed or complied with in all material respects.
(iii)    No Proceedings.  No Proceeding shall have been commenced or threatened against any Mexico Seller Company, (A) involving any challenge to, or seeking relief (monetary or otherwise) in connection with, any Contemplated Transaction in respect of the Mexico Deferred Business or (B) that would be reasonably likely to have the effect of preventing, delaying, making illegal, imposing limitations or conditions on, or otherwise interfering with, any such Contemplated Transaction in respect of the transfer of the Mexico Deferred Business.
(iv)    No Material Adverse Change.  Seller shall not have suffered any material adverse change in respect of the Mexico Deferred Business and no event shall have occurred, and no circumstance shall exist, that could result in a material adverse change with respect to Seller in respect of the Mexico Deferred Business.
(v)    Delivery of Documents.  All documents evidencing the actions to be carried out by Seller pursuant to this Agreement and Mexico Transaction Agreements, as due as of the Mexico Deferred Closing Date, shall have been delivered to Buyer, including, for the avoidance of doubt, all of Seller’s closing deliverables required under Section 2(l)(i).
(vi)    Mexico Transaction Agreements.  Seller or an Affiliate of Seller, as the case may be, shall have executed the Mexico Transaction Agreements.
(vii)    Incorporation of Mexico Buyers.  The Buyer shall have duly incorporated Mexico Buyers as private companies in accordance with applicable Law.
(d)    Conditions Precedent to Seller’s Obligations to Close the Mexico Deferred Closing. The obligations of Seller to consummate the Contemplated Transactions in respect of the Mexico Deferred Closing, execute the Mexico Transaction Agreements and to perform the other actions at the Mexico Deferred Closing Date hereunder under the Transaction Agreements, are subject to the satisfaction, at or prior to the Mexico Deferred Closing of each of the following conditions (any of which may be waived in whole or in part by Seller): 
(i)    Buyer’s Representations and Warranties. The representations and warranties of Buyer set forth in Section 4 of this Agreement, as they relate to the acquisition of the Mexico Deferred Business, other than the Buyer Fundamental Representations, shall be true and correct in all material respects as of the date hereof and as of the Mexico Deferred Closing Date as though made on and as of the Mexico Deferred Closing Date, except that representations and warranties that are made as of a specific date need be true and correct in all material respects only as of such date. Each of the Buyer Fundamental Representations, in respect of the acquisition of the Mexico Deferred Business, shall be true and correct in all respects as of the date hereof and as of the Mexico Deferred Closing Date as though made on and as of the Mexico Deferred Closing Date, except that Buyer 

Fundamental Representations that are made as of a specific date need to be true and correct in all respects only as of such date.
(ii)    Buyer’s Performance.  The covenants and obligations that Buyer is required to perform or comply with pursuant to the Transaction Agreements at or prior to the Mexico Deferred Closing Date shall have been duly performed or complied with in all material respects.
(iii)    No Proceedings.  No Proceeding shall have been commenced or threatened against Buyer, (A) involving any challenge to, or seeking relief (monetary or otherwise) in connection with, any Contemplated Transaction in respect of the Mexico Deferred Business or (B) that would be reasonably likely to have the effect of preventing, delaying, making illegal, imposing limitations or conditions on, or otherwise interfering with, any such Contemplated Transaction in respect of the acquisition of the Mexico Deferred Business.
(iv)    No Material Adverse Change.  Buyer shall not have suffered any material adverse change in respect of the acquisition of the Mexico Deferred Business and no event shall have occurred, and no circumstance shall exist, that could result in a material adverse change with respect to Buyer in respect of the acquisition of the Mexico Deferred Business.
(v)    Delivery of Documents.  All documents evidencing the actions to be carried out by Buyer pursuant to this Agreement and the Mexico Transaction Agreements, as due as of the Mexico Deferred Closing Date, shall have been delivered to Seller, including, for the avoidance of doubt, all of Buyer’s closing deliverables under Section 2(l)(ii).
(vi)    Mexico Transaction Agreements. Buyer or an Affiliate of Buyer, as the case may be, shall have executed the Mexico Transaction Agreements to which Buyer shall a signatory in accordance hereunder and therewith.
(e)    Conditions Precedent to Buyer’s Obligations to Close the India Deferred Closing. The obligations of Buyer to consummate the India Deferred Closing, execute the India Transaction Documents  and to perform the other actions at the India Deferred Closing Date hereunder are subject to the satisfaction, at or prior to the India Deferred Closing of each of the following conditions (any of which may be waived in whole or in part by Buyer): 
(i)    Seller’s Representations and Warranties. The representations and warranties of Seller set forth in Section 3 of this Agreement (disregarding all qualifications and exceptions contained therein relating to materiality, Material Adverse Effect or similar qualifications) in respect of the India Deferred Business, other than the Seller Fundamental Representations, shall be true and correct in all material respects as of the date hereof and as of the India Deferred Closing Date as though made on and as of the India Deferred Closing Date, except that representations and warranties that are made as of a specific date need be true and correct in all material respects only as of such date. Each of the Seller Fundamental Representations, in respect of the India Deferred Business, shall be true and correct in all respects as of the date hereof and as of the India Deferred Closing Date as though made on 

and as of the India Deferred Closing Date, except that Seller Fundamental Representations that are made as of a specific date need to be true and correct in all respects only as of such date.
(ii)    Seller’s Performance.  The covenants and obligations that Seller is required to perform or comply with pursuant to the Transaction Agreements at or prior to the India Deferred Closing Date shall have been duly performed or complied with in all material respects.
(iii)    No Proceedings.  No Proceeding shall have been commenced or threatened against the India Seller Company, (A) involving any challenge to, or seeking relief (monetary or otherwise) in connection with, any Contemplated Transaction in respect of the India Deferred Business or (B) that would be reasonably likely to have the effect of preventing, delaying, making illegal, imposing limitations or conditions on, or otherwise interfering with, any such Contemplated Transaction in respect of the transfer of the India Deferred Business.
(iv)    No Material Adverse Change.  Seller shall not have suffered any Material Adverse Change in respect of the India Deferred Business and no event shall have occurred, and no circumstance shall exist, that could result in a Material Adverse Change with respect to Seller in respect of the India Deferred Business.
(v)    Delivery of Documents.  All documents evidencing the actions to be carried out by Seller pursuant to this Agreement and India Transaction Documents, as due as of the India Deferred Closing Date, shall have been delivered to Seller, including, for the avoidance of doubt, all of Sellers’s closing deliverables required under Section 2(n)(i).
(vi)    India Employees Intimation Letter.  The India Seller Company shall have provided notice to India Transferred Employees informing them of the transfer of India Transferred Assets to India Buyer and shall have used commercially reasonable efforts to obtain acceptance from each India Transferred Employee to the transfer, cessation of their employment with the India Seller Company and commencement of their employment with India Buyer effective from the applicable Transfer Date in the form of Part A of Exhibit K hereto, for the avoidance of doubt “commercially reasonable efforts” shall not impose on Seller or the India Seller Company any obligation to incur any expenses including with respect to additional compensation payable to India Transferred Employees. 
(vii)    India Transaction Documents.  Seller or an Affiliate of Seller, as the case may be, shall have executed the India Transaction Documents.
(viii)    Incorporation of India Buyer.  Buyer shall have duly incorporated the India Buyer as a private company in accordance with applicable Law.
(f)    Conditions Precedent to Seller’s Obligations to Close the India Deferred Closing. The obligations of Seller to consummate the Contemplated Transactions in respect of the India Deferred Closing, execute the India Transaction Documents and to perform the other actions at the 

India Deferred Closing Date hereunder under the Transaction Agreements, are subject to the satisfaction, at or prior to the India Deferred Closing of each of the following conditions (any of which may be waived in whole or in part by Seller): 
(i)    Buyer’s Representations and Warranties. The representations and warranties of Buyer set forth in Section 4 of this Agreement, as they relate to the acquisition of the India Deferred Business, other than the Buyer Fundamental Representations, shall be true and correct in all material respects as of the date hereof and as of the India Deferred Closing Date as though made on and as of the India Deferred Closing Date, except that representations and warranties that are made as of a specific date need be true and correct in all material respects only as of such date. Each of the Buyer Fundamental Representations, in respect of the acquisition of the India Deferred Business, shall be true and correct in all respects as of the date hereof and as of the India Deferred Closing Date as though made on and as of the India Deferred Closing Date, except that Buyer Fundamental Representations that are made as of a specific date need to be true and correct in all respects only as of such date.
(ii)    Buyer’s Performance.  The covenants and obligations that Buyer is required to perform or comply with pursuant to the Transaction Agreements at or prior to the India Deferred Closing Date shall have been duly performed or complied with in all material respects.
(iii)    No Proceedings.  No Proceeding shall have been commenced or threatened against Buyer, (A) involving any challenge to, or seeking relief (monetary or otherwise) in connection with, any Contemplated Transaction in respect of the India Deferred Business or (B) that would be reasonably likely to have the effect of preventing, delaying, making illegal, imposing limitations or conditions on, or otherwise interfering with, any such Contemplated Transaction in respect of the acquisition of the India Deferred Business.
(iv)    No Material Adverse Change.  Buyer shall not have suffered any Material Adverse Change in respect of the acquisition of the India Deferred Business and no event shall have occurred, and no circumstance shall exist, that could result in a Material Adverse Change with respect to Buyer in respect of the acquisition of the India Deferred Business.
(v)    Delivery of Documents.  All documents evidencing the actions to be carried out by Buyer pursuant to this Agreement and the India Transaction Documents, as due as of the India Deferred Closing Date, shall have been delivered to Seller, including, for the avoidance of doubt, all of Buyer’s closing deliverables under Section 2(n)(ii).
(vi)    India Transaction Documents. Buyer or an Affiliate of Buyer, as the case may be, shall have executed the India Transaction Documents to which Buyer shall a signatory in accordance hereunder and therewith.
Section 8.    Termination.  

(a)         Cause for Termination. By notice given prior to the Closing, all of the Transaction Agreements may be terminated as follows:
(i)    by mutual consent of Buyer and Seller;
(ii)    by Buyer if a material Breach of any provision of the Transaction Agreements has been committed by Seller and such Breach has not been cured by Seller within twenty (20) Business Days of Seller’s receipt of written notice of such Breach from Buyer;
(iii)    by Seller if a material Breach of any provision of the Transaction Agreements has been committed by Buyer and such Breach has not been cured by Buyer within twenty (20) Business Days of Buyer’s receipt of written notice of such Breach from Seller;
(iv)    by Buyer if satisfaction of any condition in Section 7(a) by August 9, 2019 or such later date as the Parties may agree upon (the “End Date”) becomes impossible (other than through the failure of Buyer to comply with its material obligations under the Transaction Agreements);
(v)    by Seller if satisfaction of any condition in Section 7(b) by the End Date becomes impossible (other than through the failure of Seller to comply with its obligations under the Transaction Agreements);
(vi)    by Buyer if the Closing has not occurred on or before the End Date, unless Buyer is in material Breach of the Transaction Agreements; 
(vii)    by Seller if the Closing has not occurred on or before the End Date, unless Seller is in material Breach of the Transaction Agreements;
(viii)    by Seller if the India Deferred Closing has not occurred on or before December 31, 2019; provided, however, that such termination shall only apply with respect to (a) Transaction Agreements that are exclusively related to the India Deferred Business and (b) the provisions of Transaction Agreements that apply to the India Deferred Business; or 
(ix)    by Seller if the Mexico Deferred Closing has not occurred on or before December 31, 2019; provided, however, that such termination shall only apply with respect to (a) Transaction Agreements that are exclusively related to the Mexico Deferred Business and (b) the provisions of Transaction Agreements that apply to the Mexico Deferred Business. 
(b)         Effect of Termination. Buyer’s or Seller’s right of termination under this Section 8 is in addition to any other right it may have under the Transaction Agreements, at Law or in equity, and the exercise of such right of termination will not constitute an election of remedies.
Section 9.    Indemnification.   
(a)    Survival.  Subject to the limitations and other provisions of this Agreement, the representations and warranties contained herein shall survive the Closing and shall remain in full 

force and effect until April 30, 2021 except that (i) the Fundamental Representations shall survive until the date that is 48 months from the Closing Date; and (ii) the representations and warranties contained in Section 3(i) and Section 3(o) shall survive until the date that is 60 days after the applicable statute of limitations.  None of the covenants or other agreements contained in this Agreement shall survive the Closing Date or, in respect of the Mexico Deferred Business and the India Deferred Business, the Mexico Deferred Closing Date and the India Deferred Closing Date, respectively, other than those which by their terms contemplate performance after the Closing Date or, in respect of the Mexico Deferred Business and the India Deferred Business, after the Mexico Deferred Closing Date and the India Deferred Closing Date, respectively, and each such surviving covenant and agreement shall survive the Closing and, in respect of the Mexico Deferred Business and the India Deferred Business, shall survive the Mexico Deferred Closing and the India Deferred Closing, respectively, for the period contemplated by its terms. Notwithstanding the foregoing, any claims asserted in good faith  and in writing by notice from the Indemnified Person to the Indemnifying Party on or prior to the expiration date of the applicable survival period shall not thereafter be barred by the expiration of such survival period and such claims shall survive until finally resolved.
(b)    Indemnification by Seller.  Subject to the limitations set forth herein, Seller shall indemnify and hold Buyer, its Affiliates and their respective officers, directors, employees and agents, successors and assigns (“Buyer Indemnified Persons”), harmless from and against:
(i)    any Losses incurred related to the Transferred Assets or the Business, if and to the extent that any such Losses arise out of an Event occurring on or prior to the Closing Date or, in respect of the Mexico Deferred Business and the India Deferred Business, on or prior to the Mexico Deferred Closing Date and the India Deferred Closing Date, respectively;
(ii)    any Losses incurred related to the Excluded Assets and the Retained Liabilities;
(iii)    any Losses incurred due to any  Breach of the representations and warranties of Seller contained in Section 3 of this Agreement without regard to the terms “material,” “materiality,” “Material Adverse Effect,” and other similar or correlative qualifications, both with respect to the determination of a Breach and the determination of any Loss; 
(iv)    any Losses incurred due to Breach of any covenant or undertaking by Seller pursuant to this Agreement, the Transfer Instrument or any of the Asset Transfer Instruments;
(v)    any Losses incurred related to Indebtedness of the Business or Uniloy Italy or related to Business Transaction Expenses; 
(vi)    any Losses incurred related to the German Tax Sharing Agreement or the Uniloy Italy Spin-Off; 
(vii)    any Losses incurred as a result of any act or omission of the Seller or any of its Affiliates in relation to any European Employee or any other person employed or engaged by the Business or any trade union, staff association, works council or any other appropriate 

representative(s) of the European Employees or any other persons employed or engaged by the Business prior to the Closing Date; 
(viii)    any Losses incurred as a result of any failure by the Seller or any Seller Company to comply with its obligations, including obligations to inform and consult under the Acquired Rights Directive (save where the reason for such failure was a failure by the Buyer to comply with its obligations under the Acquired Rights Directive); or
(ix)    any Losses occurring in connection with any transfer of an employee by operation of law as described in Section 6(c)(iii) unless such employee was a European Employee intended by the Parties to transfer as part of the Divestiture.
(c)    Limitations of Seller’s Indemnity. 
(i)    Seller shall not be liable to any Buyer Indemnified Persons for indemnification under Section 9(b)(iii) until the aggregate amount of all Losses in respect of indemnification under Section 9(b)(iii) (except to the extent of a Breach of a Fundamental Representation) exceeds Three Hundred Ninety Thousand Dollars ($390,000), at which point, Seller will be obligated to indemnify Buyer Indemnified Persons from and against all such Losses suffered in excess of such threshold amount.  
(ii)    In no event shall the amount payable under Seller’s obligation to indemnify the Buyer Indemnified Persons under Section 9(b)(iii) exceed an amount equal to the difference between the initial retention amount under the R&W Insurance Policy, minus Three Hundred Ninety Thousand Dollars ($390,000), and in no event shall the amount payable under Seller’s obligations to indemnify the Buyer Indemnified Persons under Section 9(b)(i), Section 9(b)(ii), Section 9(b)(iv), Section 9(b)(v), Section 9(b)(vi), Section 9(b)(vii), Section 9(b)(viii) or Section 9(b)(ix) exceed the Purchase Price.
(iii)    Seller shall only be liable for Losses in respect of indemnification under Section 9(b)(vi) to the extent a Buyer Indemnified Person experiences additional out-of-pocket income tax liability after full utilization of any available net operating losses.  In addition, the provisions of Section 9(j) (Net Recovery) shall not apply to any Losses in respect of indemnification under Section 9(b)(vi).
(d)    Indemnification by Buyer.  Following the Closing and, in respect of the Mexico Deferred Business and the India Deferred Business, following the Mexico Deferred Closing and the India Deferred Closing, respectively, Buyer shall indemnify and hold Seller, its Affiliates and their respective officers, directors, employees and agents, successors and assigns (“Seller Indemnified Persons”) harmless from and against:
(i)    any Losses related to the Transferred Assets or the Business, if and to the extent that any such Losses arise out of Events occurring on or after the Closing Date or, in respect of the Mexico Deferred Business and the India Deferred Business, on or prior to the Mexico Deferred Closing Date and the India Deferred Closing Date, respectively, and with respect to which Seller is not obligated to indemnify Buyer under Section 9(b);

(ii)    any Losses incurred due to a  Breach of the representations and warranties made by Buyer under this Agreement, without regard to the terms “material,” “materiality,” “Material Adverse Effect,” and other similar or correlative qualifications, both with respect to the determination of a Breach and the determination of any Loss; 
(iii)    any Losses incurred due to  Breach of any covenant or undertaking by Buyer pursuant to this Agreement or any of the Transaction Agreements;
(iv)    any Losses incurred due to any act or omission of the Buyer or its Affiliates (or any other event or occurrence) on or after or proposed to occur on or after the Closing Date or, in respect of the Mexico Deferred Business and the India Deferred Business, on or after the Mexico Deferred Closing Date and the India Deferred Closing Date, respectively (including, for the avoidance of doubt, any change or proposed change to terms and conditions of employment or the dismissal of any Employee); or
(v)    any Losses incurred due to any failure by the Buyer to comply with its obligations under the Acquired Rights Directive; or
(e)    Limitation of Buyer’s Indemnity. 
(i)    Buyer shall not be liable to any Seller Indemnified Persons for indemnification until the aggregate amount of all Losses in respect of indemnification under Section 9(d)(ii) (except to the extent of a Breach of a Fundamental Representation) exceeds Three Hundred Ninety Thousand Dollars ($390,000), at which point, Buyer will be obligated to indemnify Seller Indemnified Persons from and against all such Losses suffered in excess of such threshold amount.
(ii)    In no event shall the amount payable under Buyer’s obligations to indemnify the Seller Indemnified Persons (except to the extent of a Breach of a Fundamental Representation) exceed an amount equal to the difference between the initial retention amount under the R&W Insurance Policy, minus Three Hundred Ninety Thousand Dollars ($390,000), and in no event shall the amount payable under Buyer’s obligations to indemnify the Seller Indemnified Persons under Section 9(d)(i), Section 9(d)(iii), Section 9(d)(iv) or Section 9(d)(v) or for any Breach of a Fundamental Representation exceed the Purchase Price. 
(f)    Notices and Cure Time. In the event that a Buyer Indemnified Person or Seller Indemnified Person, as applicable (the “Indemnified Person”) has a direct claim against Seller or Buyer, as relevant (the “Indemnifying Party”) for a Loss under Section 9(b) or Section 9(d), the Indemnified Person shall reasonably promptly notify the Indemnifying Party in writing of such claim; provided, that the failure to so notify the Indemnifying Party shall not limit the indemnification rights under this Agreement except to the extent that the Indemnified Person is materially prejudiced by such failure.  To the extent feasible and practicable, such written notice shall include (i) a reasonable description of the facts and circumstances giving rise to an alleged Loss, and (ii) to the extent reasonably ascertainable or estimable, the aggregate amount being claimed with respect to the Loss, if any; provided, that failure to include any such detail or any such amount shall not affect 

the validity of such claim or the time at which such claim is made. If a Breach giving rise to such Loss is capable of remedy, the Indemnified Person shall only be entitled to indemnification if it gives such written notice of the Breach and the Breach is not remedied within 30 days from the date on which such written notice is received by the Indemnifying Party (or, if remedy is not possible within 30 days, then if the Indemnifying Party cannot show good faith effort to commence such remedy during that 30 day period).   
(g)    WAIVER.  NOTWITHSTANDING ANYTHING IN THIS SECTION 9 TO THE CONTRARY, ON OR AFTER THE CLOSING, NO INDEMNIFYING PARTY OR ITS AFFILIATES SHALL BE LIABLE TO ANY INDEMNIFIED PERSON FOR PUNITIVE DAMAGES, WHETHER OR NOT SUCH LOSSES WERE REASONABLY FORESEEABLE, OTHER THAN WITH RESPECT TO ANY SUCH LOSSES INCLUDED IN A THIRD PARTY CLAIM.
(h)    Exclusive Remedy.  Each Party hereto acknowledges and agrees that on or after the Closing, the indemnification provisions in this Section 9 shall, absent fraud or intentional or willful misconduct, be the exclusive remedy of the Indemnified Person with respect to all claims arising under or related to any of the Transaction Agreements or the Contemplated Transactions other than the Transition Services Agreement, provided, however, that this Section 9(h) shall in no way limit any Party’s right to recover under the R&W Insurance Policy.  With respect to any claim for Losses under Section 9(b)(iii), absent fraud, the Indemnified Person shall seek recovery (1) first, from the R&W Insurance Policy, and (2) second, directly from the Seller, up to an amount equal to the difference between the initial retention amount under the R&W Insurance Policy, minus Three Hundred Ninety Thousand Dollars ($390,000).  
(i)    Mitigation.  Nothing in this Agreement shall affect Buyer’s obligation to mitigate any Losses under any applicable Law.  
(j)    Net Recovery.  The indemnified amount under this Section 9 shall be calculated net of: (A) any Tax benefit; and (B) the amount of any insurance proceeds (excluding, for the avoidance of doubt, any proceeds received pursuant to the R&W Insurance Policy), indemnification payments, contribution payments or reimbursements actually received by the Buyer Indemnified Person for the Losses, net of any applicable premium increases that are the direct result of such Losses.  The Indemnified Person shall be deemed to recognize a Tax benefit in any taxable year if, and to the extent that, the Indemnified Person’s cumulative liability for Taxes through the end of such taxable year, calculated by excluding any Tax items attributable to the Losses from such taxable year, exceeds the Indemnified Person’s actual cumulative liability for Taxes through the end of such taxable year, calculated by taking into account any Tax items attributable to the Losses for such taxable year (to the extent permitted by relevant Tax law and not already taken into account for a previous taxable year pursuant to this Section 9(i) and treating such Tax items as the last items claimed for any taxable year).  The Indemnified Person shall seek recovery under applicable insurance policies covering any Loss.  For the avoidance of doubt, absent fraud, Buyer Indemnified Persons shall not be able to recover any Loss from Seller to the extent the Buyer Indemnified Persons have recovered such Loss under the R&W Insurance Policy.
(k)    Third Party Claim.   

(i)    Indemnification regarding Third Party Claim. If an Indemnified Person receives notice of the assertion by any Third Party of any Loss or claim or commencement of any Loss (a “Third Party Claim”) with respect to which an Indemnifying Party is or may be obligated to provide indemnification hereunder, the Indemnified Person shall reasonably promptly notify the Indemnifying Party in writing of the Third Party Claim, provided , that no failure or delay on the part of the Indemnified Person in notifying the Indemnifying Party shall relieve from, or otherwise affect, the obligation of the Indemnifying Party to provide indemnification under this Section 9, except to the extent that any Liabilities directly resulted from or were caused by such failure, or the Indemnifying Party is materially prejudiced thereby, which notice shall set forth: (i) a detailed description of the facts and circumstances giving rise to the Third Party Claim, and (ii) the aggregate amount of the Losses being claimed with respect to the Third Party Claim, if any (the “Third Party Claim Notice”) and.
(ii)    Terms of Defense of Third Party Claim.  The Indemnifying Party shall have 30 days after receipt of the Third Party Claim Notice (unless the claim or action requires a response before the expiration of such 30-day period, in which case the Indemnifying Party shall have until ten (10) Business Days before the required response date) to undertake, conduct and control, through counsel of its own choosing, the settlement or defense of the Third Party Claim, provided, however, that (x) prior to the Indemnifying Party assuming control of any defense in a Third Party Claim, the Indemnifying Party shall (1) first demonstrate to the Indemnified Person in writing the Indemnifying Party’s financial ability to provide full indemnification to the Indemnified Person with respect to such Thirty Party Claim and (2) unconditionally agree in writing to be fully responsible for all Losses relating to such Third Party Claim, in each case without regard for the monetary limitation set forth herein, and (y) the Indemnifying Party will not admit liability, consent to the entry of any judgment, compromise, discharge, enter into any settlement with respect to the Third Party Claim or cease to defend a Third Party Claim without the prior written consent of the Indemnified Person (not to be unreasonably withheld, delayed or conditioned). The Indemnified Person shall cooperate with the Indemnifying Party in connection with the Indemnifying Party assuming control of any defense in a Third Party Claim; provided, however, that (i) the Indemnifying Party shall permit the Indemnified Person to participate in such settlement or defense through counsel chosen by the Indemnified Person, provided that the fees and expenses of such counsel shall not be borne by the Indemnifying Party, (ii) the Indemnifying Party shall not settle any Third Party Claim without the Indemnified Person’s consent if the settlement requires the Indemnified Person to admit wrongdoing, pay any fines or refrain from any material action and (iii) if, on the advice of outside counsel to the Indemnified Person, the Indemnified Person has separate defenses from the Indemnifying Party and there is a conflict of interest between the Indemnified Person and Indemnifying Parties or if there is any danger of criminal Liability of the Indemnified Person, then the Indemnified Person shall be permitted to retain special counsel of its own choosing at the sole expense of the Indemnified Person.  Notwithstanding the foregoing, the Indemnifying Party is not entitled to participate in the defense (A) if the claim for indemnification relates to or arises in connection with any criminal proceeding, action, indictment, allegation or investigation, (B) if the Indemnified Person reasonably believes an adverse determination with respect to the Third Party Claim giving rise to such claim for 

indemnification would have an adverse effect on the Indemnified Person’s reputation or future business prospects, (C) if the claim seeks an injunction or equitable relief against the Indemnified Person, (D) if a conflict of interest exists between the Indemnified Person and the Indemnifying Party, (E) if the Indemnifying Party is failing to vigorously prosecute or defend such claim or (F) with respect to any claim for which a Buyer Indemnified Person seeks recovery under the R&W Insurance Policy which, for the avoidance of doubt, Buyer and/or the insurer under the R&W Insurance Policy shall have the right to control (whether directly or indirectly) the defense thereof.
(iii)    Failure to Undertake Defense. In the event that the Indemnifying Party fails to undertake the defense of a Third Party Claim in the manner and within the period provided in this Section 9(k), the Indemnified Person may conduct the defense of the Third Party Claim at the expense of the Indemnifying Party, and the Indemnifying Party shall be bound by any determination resulting from such Third Party Claim or any compromise or settlement made by the Indemnified Person.
(iv)    Settlement of Claims. Regardless of whether the Indemnifying Party is undertaking the defense of the Third Party Claim, the Indemnified Person shall not pay or settle such claim without the Indemnifying Party’s consent, which consent shall not be unreasonably withheld, conditioned or delayed, unless any such payment or settlement of a Third Party Claim shall include a full, complete and irrevocable release for the benefit of the Indemnifying Party.
(v)    Reimbursement. Any claim under this Section 9(k) for any matter involving a Third Party Claim shall be indemnified, paid, or reimbursed promptly.  If the Indemnified Person shall assume the defense of a Third Party Claim in accordance with the provisions of this Section 9(k), the Indemnifying Party shall advance or reimburse, as applicable, the Indemnified Person for the costs of investigation and the reasonable fees and expenses of counsel retained by the Indemnified Person.
(vi)    Notwithstanding anything herein to the contrary, in the event that any claim for indemnification by Buyer Indemnified Persons under this Section 9 requires that environmental investigation, remediation or other response action (“Response Action”) be conducted at any Transferred Asset or real property owned, operated or leased by the Business or Uniloy Italy after Closing, the Buyer Indemnified Persons shall be entitled to elect, in their sole discretion, to perform such Response Action or have the Indemnifying Party perform in either case at the Indemnifying Party’s sole cost and expense, provided the Party performing the Response Action shall give the non-performing Party Meaningful Participation Rights.
Section 10.    Miscellaneous.
(a)    No Third-Party Beneficiaries.  This Agreement shall not confer any rights or remedies upon any Person other than the Parties, their Affiliates, and their respective successors and permitted assigns and, with respect to Section 9 only, the Indemnified Persons.  Notwithstanding 

the foregoing, the Financing Sources shall be third-party beneficiaries of the Debt Financing Provisions.
(b)    Entire Agreement.  This Agreement and the other Transaction Agreements (including the documents referred to herein and therein) constitutes the entire agreement among the Parties and supersedes any prior understandings, agreements, or representations by or among the Parties, written or oral, to the extent they relate in any way to the subject matter hereof.
(c)    Succession and Assignment.  This Agreement shall be binding upon and inure to the benefit of the Parties named herein and their respective successors and permitted assigns.  No Party may assign either this Agreement or any of his, her, or its rights, interests, or obligations hereunder without the prior written approval of the other Party except in connection with the purchase of substantially all the assets of such Party; provided, however, that Seller may not sell substantially all of its assets unless the purchaser of such assets assumes all of Seller’s obligations under this Agreement. Notwithstanding the foregoing, Buyer may (i) assign any or all of its rights and interests hereunder (A) to one or more of its Affiliates, (B) as security to any lender providing financing for the Contemplated Transactions (and any replacement thereof), and (C) in connection with a sale of all or any portion of the Business, and (ii) designate one or more of its Affiliates to perform its obligations hereunder (in any or all of which cases Buyer nonetheless shall remain responsible for the performance of all of its obligations hereunder).  
(d)    Counterparts.  This Agreement may be executed in one or more counterparts (including by means of facsimile or electronic mail), each of which shall be deemed an original but all of which together will constitute one and the same instrument.
(e)    Headings.  The Section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.
(f)    Notices.  All notices, requests, demands, claims, and other communications hereunder shall be in writing.  Any notice, request, demand, claim, or other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid), or (iii) four Business Days after being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and addressed to the intended recipient as set forth below:  
If to Seller:
Milacron LLC 
                    10200 Alliance Road, Suite 200
Cincinnati, Ohio 45343
Attention: Hugh O’Donnell, Esq.

Copies (that shall not constitute notice) to:

Dinsmore & Shohl LLP
227 W. Monroe Street #3850
Chicago, IL 60606

Attention: Robert Lucas, Esq.

If to Buyer (prior to Closing):
OC Spartan Acquisition, Inc.
11410 Chartreuse Court
Houston, Texas 77082
Attention: Joseph S Levy
    
If to Buyer (following the Closing):    
OC Spartan Acquisition, Inc.
5550 South Occidental Highway
Tecumseh, Michigan 49286
Attention: Joseph S Levy

Copies (that shall not constitute notice) to:

Dechert LLP
1095 6th Avenue
New York, NY 10036
Attention: Markus P. Bolsinger

Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other Party notice in the manner herein set forth.
(g)    Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.  This Agreement shall be governed by the laws of the State of Delaware, without regard to Delaware’s conflicts of law rules.  Notwithstanding anything herein to the contrary, the Parties agree that any claim, allegation, demand, charge, complaint, action, suit or other proceeding involving any Financing Source that is in any way related to this Agreement or the Contemplated Transactions, including any claim, allegation, demand, charge, complaint, action, suit or other proceeding relating to the Debt Financing in connection herewith or any document relating to the Debt Financing shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any law or rule that would cause the laws of any jurisdiction other than the State of New York to be applied.
EACH PERSON BOUND BY THIS AGREEMENT HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR IN THE EVENT (BUT ONLY IN THE EVENT) THAT SUCH DELAWARE COURT OF CHANCERY DOES NOT HAVE SUBJECT MATTER JURISDICTION OVER ANY SUCH MATTER, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, OR IN THE EVENT SUCH UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE ALSO DOES NOT HAVE SUBJECT MATTER JURISDICTION OVER SUCH MATTER, ANY DELAWARE 

STATE COURT SITTING IN NEW CASTLE COUNTRY, DELAWARE AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER SUCH ACTIONS OR PROCEEDINGS ARE BASED IN STATUTE, TORT, CONTRACT OR OTHERWISE), SHALL BE LITIGATED IN SUCH COURTS. EACH PERSON BOUND BY THIS AGREEMENT (A) CONSENTS TO SUBMIT ITSELF TO THE PERSONAL JURISDICTION OF SUCH COURTS FOR SUCH ACTIONS OR PROCEEDINGS, (B) AGREES THAT IT WILL NOT ATTEMPT TO DENY OR DEFEAT SUCH PERSONAL JURISDICTION BY MOTION OR OTHER REQUEST FOR LEAVE FROM ANY SUCH COURT, AND (C) AGREES THAT IT WILL NOT BRING ANY SUCH ACTION OR PROCEEDING IN ANY COURT OTHER THAN SUCH COURTS. EACH PERSON BOUND BY THIS AGREEMENT ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE AND IRREVOCABLE JURISDICTION AND VENUE OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY NON-APPEALABLE JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH ACTIONS OR PROCEEDINGS. SERVICE OF PROCESS MAY BE EFFECTED BY CERTIFIED MAIL TO THE RESPECTIVE PARTY AT THE ADDRESS PROVIDED FOR NOTICE HEREIN OR ON FILE WITH THE BOOKS AND RECORDS OF THE BUSINESS. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PERSON BOUND BY THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.  NOTWITHSTANDING THE OTHER PROVISIONS OF THIS SECTION 10(g), WITH RESPECT TO ANY CLAIM OF ANY KIND OR DESCRIPTION (WHETHER IN LAW OR IN EQUITY AND WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) INVOLVING ANY FINANCING SOURCE OR ANY OF THEIR RESPECTIVE FORMER, CURRENT OR FUTURE DIRECT OR INDIRECT OFFICERS, DIRECTORS, GENERAL OR LIMITED PARTNERS, MEMBERS, MANAGERS, STOCKHOLDERS, OTHER EQUITYHOLDERS, CONTROLLING PERSONS, EMPLOYEES, AGENTS, SUCCESSORS, ASSIGNS, AFFILIATES, OR REPRESENTATIVES ARISING OUT OF OR RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE DEBT FINANCING, THE COMMITMENT LETTERS, OR THE PERFORMANCE OF SERVICES THEREUNDER, THE PARTIES AGREE THAT (I) SUCH CLAIMS SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN AND ANY APPELLATE COURT THEREFROM, AND (II) THEY SHALL NOT BRING OR PERMIT ANY OF THEIR RESPECTIVE AFFILIATES TO BRING ANY CLAIM REFERRED TO IN THIS SECTION 10(g), OR VOLUNTARILY SUPPORT ANY OTHER PERSON IN BRINGING ANY SUCH CLAIM, IN ANY OTHER COURTS. IT IS EXPRESSLY AGREED THAT THE FINANCING SOURCES ARE THIRD PARTY BENEFICIARIES OF THIS SECTION 10(g).

EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE OTHER TRANSACTION AGREEMENTS IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION AGREEMENTS OR THE CONTEMPLATED TRANSACTIONS, INCLUDING ANY ACTION AGAINST THE FINANCING SOURCES ARISING OUT OF, OR RELATING TO, THE TRANSACTIONS CONTEMPLATED HEREBY OR THE DEBT FINANCING. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10(G).
(h)    Amendments and Waivers.  No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by Buyer and Seller; provided that none of the Debt Financing Provisions may be amended, modified or waived without the prior written consent of the Financing Sources.  It is expressly agreed that the Financing Sources are third party beneficiaries of this Section 10(h).  No waiver by either Party of any provision of this Agreement or of any default, misrepresentation, or Breach of warranty or covenant hereunder, whether intentional or not, shall be valid unless the same shall be in writing and signed by the Party making such waiver, nor shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation, or Breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.
(i)    Severability.  Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.
(j)    Expenses.  Each of Buyer and Seller will bear their own costs and expenses (including legal fees and expenses) incurred in connection with this Agreement and the Contemplated Transactions; provided, that at Closing Buyer will bear all of the expenses of Cyprium Investment Partners LLC and Osgood Capital Group, LLC incurred in connection with this Agreement and the Contemplated Transactions.
(k)    Construction.  The Parties have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of 

proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of the Transaction Agreements.  
(l)    Currency.  Any reference to currency contained in this Agreement shall be interpreted to mean United States Dollars unless specifically stated otherwise on an instance by instance basis.  All payments made under this Agreement will be made in United States Dollars, translated, if necessary, using the exchange rates consistent with GAAP. 
(m)    Financing Sources.  Notwithstanding anything herein to the contrary, no Financing Source under the Commitment Letters or any other agreements entered into in connection with the Debt Financing shall have any liabilities (whether in contract or in tort, in law or in equity, or granted by statute) for any claims, causes of action, obligations or liabilities arising under, out of, in connection with or related in any manner to this Agreement or based on, in respect of or by reason of this Agreement, any other Transaction Agreement, their negotiation, execution, performance or Breach or the Contemplated Transactions.  Each Seller Company agrees, on behalf of itself and its Affiliates, that none of the Financing Sources shall have any liability or obligations to any Seller Company or any of its Affiliates relating to this Agreement, any of the other Transaction Agreements or any of the transactions contemplated herein or therein (including with respect to the Debt Financing).  Each Seller Company and its Affiliates waive any and all claims and causes of action (whether in contract or in tort, in law or in equity, or granted by statute) against any Financing Sources that may be based upon, arise out of or relate to this Agreement, any other Transaction Agreement, their negotiation, execution, performance or Breach or the Contemplated Transactions, any financing commitment or the transactions contemplated hereby or thereby (including the Debt Financing).  The Parties agree that only the Buyer shall be permitted to bring or support any claim against any financing source under the Commitment Letters or any other agreements entered into in connection with the Debt Financing for failing to satisfy any obligation to fund the Debt Financing pursuant to the terms of the applicable Commitment Letter for the purpose of funding the transactions contemplated by this Agreement.  This Section 10(m) is intended to benefit and may be enforced by the Financing Sources and shall be binding on all successors and assigns of Seller Companies.
(n)    Time of the Essence.  Time is of the essence of this Agreement. Whenever the last day for the exercise of any privilege or the discharge of any duty hereunder shall fall upon a Saturday, Sunday, or any date on which banks in New York City, New York are authorized or required to be closed, the party having such privilege or duty may exercise such privilege or discharge such duty on the next succeeding day which is a Business Day. When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period will be excluded.
(o)    Remedies Cumulative; Specific Performance.  The rights and remedies of the parties hereto shall be cumulative (and not alternative).  The parties agree that irreparable damage will occur in the event that any of the provisions of this Agreement are not performed in accordance with their specific terms or were otherwise Breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent Breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement and this right shall include the right of the parties to cause the Contemplated Transactions to be consummated on the terms set forth in this 

Agreement, in each case without posting a bond or undertaking, this being in addition to any other remedy to which they are entitled at law or in equity or pursuant to this Agreement. Each of the parties hereto hereby waives any defenses in any action for specific performance, including the defense that a remedy at law would be adequate.  Notwithstanding anything to the contrary, it is agreed that the right of Seller to seek specific performance to cause Buyer to fund the Purchase Price and to consummate the Closing shall be subject to the requirements that (i) all of the conditions set forth in Section 7(a) are satisfied (other than those conditions that by their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions at the Closing) and Buyer fails to consummate the Closing on the date required pursuant to Section 2(g), (ii) the Debt Financing has been funded in accordance with the terms thereof or will be funded in accordance with the terms thereof at the Closing if the Equity Financing is funded at the Closing and (iii) Seller has delivered written notice to Buyer irrevocably confirming that the conditions set forth in Section 7(a) have been satisfied or waived, that it is ready, willing and able to complete the Closing if specific performance is granted and the Equity Financing and the Debt Financing are funded, and that Seller will take all actions that are within its control to cause the Closing to occur.  It is expressly agreed that the Financing Sources are third party beneficiaries of this Section 10(o).
(p)    Incorporation of Exhibits and Schedules.  Exhibits and Schedules identified in this Agreement are incorporated herein by reference and made a part hereof.

[SIGNATURE PAGE TO IMMEDIATELY FOLLOW]

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written, in as much originals as there are Parties to this Agreement.
BUYER:
OC SPARTAN ACQUISITION, INC. 

By:      /s/ Joseph S. Levy            
Name:     Joseph S. Levy
Title:  President

SELLER:
MILACRON LLC

By:      /s/ Thomas J. Goeke            
Name: Thomas J. Goeke
Title:  President and Chief Financial OfficerExhibit

Exhibit 10.2

GM CRUISE HOLDINGS LLC  
THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

Dated May 7, 2019
THE SHARES REPRESENTED BY THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS.  SUCH SHARES MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR AN EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.
CERTAIN OF THE SHARES REPRESENTED BY THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS SET FORTH IN ANY SHARE GRANT, SHARE PURCHASE OR OTHER SIMILAR AGREEMENT BETWEEN THE COMPANY AND CERTAIN PURCHASERS OR HOLDERS OF SHARES.

TABLE OF CONTENTS

Page
ARTICLE I ORGANIZATIONAL MATTERS AND CERTAIN DEFINITIONS................................6
1.01    Organization of Company..............................................................................................6
1.02    Legal Status....................................................................................................................6
1.03    Name..............................................................................................................................6
1.04    Registered Office and Registered Agent; Principal Office............................................6
1.05    Purpose...........................................................................................................................6
1.06    Term...............................................................................................................................6
1.07    Certain Definitions.........................................................................................................6
1.08    No State‐Law Partnership..............................................................................................6
1.09    Limited Liability Company Agreement.........................................................................7

ARTICLE II CAPITAL CONTRIBUTIONS; ISSUANCES OF SHARES...........................................7
2.01    Shares Generally..............................................................................................................7
2.02    Class A Preferred Shares; Class C Common Shares.......................................................8
2.03    Class B Common Shares................................................................................................11
2.04    Additional Classes of Shares.........................................................................................12
2.05    Other Contributions.......................................................................................................12
2.06    Issuances of Shares........................................................................................................13
2.07    Preemptive Rights..........................................................................................................13
2.08    Certificates.....................................................................................................................15
2.09    Repurchase Rights.........................................................................................................15
2.10    Optional A-1 Conversion...............................................................................................16
2.11    Optional A-2 Conversion...............................................................................................16
ARTICLE III DISTRIBUTIONS..........................................................................................................16
		
	3.01
	Distributions..................................................................................................................16

		
	3.02
	Distributions Upon Liquidation or a Deemed Liquidation Event.................................18

		
	3.03
	Unvested Class B Common Shares...............................................................................19

		
	3.04
	Distributions In-Kind....................................................................................................19

ARTICLE IV TAX MATTERS.............................................................................................................20
		
	4.01
	Corporate Status............................................................................................................20

		
	4.02
	Withholding...................................................................................................................20

		
	4.03
	Tax Sharing....................................................................................................................20

		
	4.04
	Transfer Taxes...............................................................................................................26

ARTICLE V MEMBERS......................................................................................................................27
		
	5.01
	Voting Rights of Members.............................................................................................27

		
	5.02
	Quorum; Voting.............................................................................................................27

		
	5.03
	Written Consent.............................................................................................................28

		
	5.04
	Meetings........................................................................................................................28

-i-

TABLE OF CONTENTS
(continued)                 
Page

		
	5.05
	Place of Meeting...........................................................................................................28

		
	5.06
	Notice of Meeting.........................................................................................................28

		
	5.07
	Withdrawal; Partition....................................................................................................28

		
	5.08
	Business Opportunities; Performance of Duties...........................................................29

		
	5.09
	Limitation of Liability...................................................................................................30

		
	5.10
	Authority........................................................................................................................31

		
	5.11
	Sale of the Company; IPO.............................................................................................31

		
	5.12
	Honda Minority Consent Right.....................................................................................31

		
	5.13
	Class F Minority Consent Right....................................................................................31

ARTICLE VI MANAGEMENT...........................................................................................................32
		
	6.01
	Management..................................................................................................................32

		
	6.02
	Number of Directors.....................................................................................................32

		
	6.03
	Board Designation Rights and Composition; Proxies..................................................32

		
	6.04
	Board Observer.............................................................................................................34

		
	6.05
	Director Appointee Screening.......................................................................................35

		
	6.06
	Tenure of Directors.......................................................................................................36

		
	6.07
	Committees...................................................................................................................36

		
	6.08
	Director Compensation.................................................................................................36

		
	6.09
	Director Resignation.....................................................................................................36

		
	6.10
	Vacancies.......................................................................................................................36

		
	6.11
	Meetings........................................................................................................................37

		
	6.12
	Meetings by Telephone.................................................................................................37

		
	6.13
	Quorum; Actions of Board of Directors; SoftBank Minority Consent Rights..............37

		
	6.14
	Competitively Sensitive Information............................................................................39

		
	6.15
	Officers..........................................................................................................................40

ARTICLE VII EXCULPATION AND INDEMNIFICATION.............................................................40
		
	7.01
	Exculpation...................................................................................................................40

		
	7.02
	Indemnification.............................................................................................................40

		
	7.03
	No Personal Liability....................................................................................................42

ARTICLE VIII BOOKS AND RECORDS; INFORMATION; RELATED MATTERS;
COMPLIANCE....................................................................................................................................42
		
	8.01
	Generally.......................................................................................................................42

		
	8.02
	Delivery of Financial Information................................................................................42

		
	8.03
	Technical Information...................................................................................................43

		
	8.04
	Applicable ABAC/AML/Trade Laws...........................................................................44

		
	8.05
	Notice to Honda of an OEM Investment......................................................................44

		
	8.06
	Material Non-Public Information.................................................................................44

ARTICLE IX TRANSFERS OF COMPANY INTERESTS; ADMISSION OF NEW 
MEMBERS; GM CALL......................................................................................................................45
		
	9.01
	Limitations on Transfer................................................................................................45

		
	9.02
	Permitted Transfers......................................................................................................48

		
	9.03
	Assignee’s Rights and Obligations..............................................................................48

		
	9.04
	Admission of Members................................................................................................49

-ii-

TABLE OF CONTENTS
(continued)                 
Page

		
	9.05
	Certain Requirements of Prospective Members..........................................................50

		
	9.06
	Status of Transferred Shares........................................................................................50

		
	9.07
	Tag-Along Rights........................................................................................................50

		
	9.08
	Sale of the Company....................................................................................................52

		
	9.09
	Drag-Along..................................................................................................................55

		
	9.10
	Public Offering............................................................................................................57

		
	9.11
	Registration Rights; “Market Stand-Off” Agreement; Volume Restrictions...............58

		
	9.12
	GM Call Right.............................................................................................................60

		
	9.13
	Optional SoftBank Conversion....................................................................................61

ARTICLE X DISSOLUTION..............................................................................................................63
		
	10.01
	Events of Dissolution...................................................................................................63

		
	10.02
	Liquidation and Termination........................................................................................63

		
	10.03
	Cancellation of Certificate...........................................................................................64

ARTICLE XI EXCLUSIVITY; NON-COMPETE..............................................................................64
		
	11.01
	Exclusivity....................................................................................................................64

		
	11.02
	Non-Compete...............................................................................................................65

ARTICLE XII GENERAL PROVISIONS...........................................................................................66
		
	12.01
	Expenses.......................................................................................................................66

		
	12.02
	No Third-Party Rights..................................................................................................67

		
	12.03
	Legend on Certificates for Certificated Shares............................................................67

		
	12.04
	Confidentiality..............................................................................................................67

		
	12.05
	Power of Attorney.........................................................................................................68

		
	12.06
	Notices..........................................................................................................................69

		
	12.07
	Facsimile and E-Mail...................................................................................................70

		
	12.08
	Amendment..................................................................................................................70

		
	12.09
	Tax and Other Advice...................................................................................................70

		
	12.10
	Acknowledgments........................................................................................................70

		
	12.11
	Miscellaneous...............................................................................................................71

		
	12.12
	Title to Company Assets...............................................................................................73

		
	12.13
	Creditors.......................................................................................................................73

		
	12.14
	Remedies......................................................................................................................73

		
	12.15
	Time is of the Essence; Computation of Time.............................................................74

		
	12.16
	Notice to Members of Provisions.................................................................................74

		
	12.17
	Further Assurances.......................................................................................................74

		
	12.18
	Termination...................................................................................................................74

-iii-

GM CRUISE HOLDINGS LLC 
THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
This THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT for GM Cruise Holdings LLC (the “Company”), dated as of May 7, 2019, is entered into by and among the Company, General Motors Holdings LLC, a Delaware limited liability company (“GM”), SoftBank Vision Fund (AIV M2) L.P., a Delaware limited partnership (“SoftBank”), Honda Motor Co., Ltd., a Japanese company (“Honda”), The Growth Fund of America, T. Rowe Price Growth Stock Fund, Inc., Seasons Series Trust - SA T. Rowe Price Growth Stock Portfolio, Voya Partners, Inc. - VY T. Rowe Price Growth Equity Portfolio, Brighthouse Funds Trust II - T. Rowe Price Large Cap Growth Portfolio, Lincoln Variable Insurance Products Trust - LVIP T. Rowe Price Growth Stock Fund, Penn Series Funds, Inc. - Large Growth Stock Fund, T. Rowe Price Growth Stock Trust, Sony Master Trust, Prudential Retirement Insurance and Annuity Company, Aon Savings Plan Trust, Caleres, Inc. Retirement Plan, Colgate Palmolive Employees Savings and Investment Plan Trust, Brinker Capital Destinations Trust - Destinations Large Cap Equity Fund, Alight Solutions LLC 401K Plan Trust, MassMutual Select Funds - MassMutual Select T. Rowe Price Large Cap Blend Fund, Legacy Health Employees' Retirement Plan, Legacy Health, T. Rowe Price Science & Technology Fund, Inc., VALIC Company I - Science & Technology Fund and any and all Persons who are Members as of the date hereof or who hereafter become Members.  Certain capitalized terms used herein are defined in Appendix I.
R E C I T A L S
A.    The Company was formed as a Delaware limited liability company effective on May 23, 2018 by the filing of a Certificate of Formation with the Delaware Secretary of State.
B.    On May 23, 2018, GM, the initial and sole member of the Company, entered into a Limited Liability Company Agreement of the Company (the “Original Agreement”).
C.    On May 24, 2018, GM made an election under Treasury Regulations Section 301.7701-3 to treat the Company as a corporation for U.S. federal income tax purposes, effective as of May 23, 2018.
D.    On June 28, 2018 (the “Original Closing Date”), GM, SB Investment Holdings (UK) Limited (“SoftBank UK”) and the Company amended and restated the Original Agreement (as amended and restated, the “First A&R Agreement”).
E.    On October 3, 2018, the Company and Honda, entered into that certain Purchase Agreement (the “Honda Purchase Agreement”), pursuant to which the Company issued certain Shares to Honda in exchange for the Honda Commitment on and subject to the terms and conditions therein.
F.    On October 3, 2018, concurrently with entering into the Honda Purchase Agreement, GM, Honda, SoftBank UK and the Company amended and restated the First A&R Agreement (as amended, the “Second A&R Agreement”).

iv

G.    On January 16, 2019, SoftBank UK Transferred all of its interests in the Company to SoftBank.
H.    On May 7, 2019, the Company, The Growth Fund of America, T. Rowe Price Growth Stock Fund, Inc., Seasons Series Trust - SA T. Rowe Price Growth Stock Portfolio, Voya Partners, Inc. - VY T. Rowe Price Growth Equity Portfolio, Brighthouse Funds Trust II - T. Rowe Price Large Cap Growth Portfolio, Lincoln Variable Insurance Products Trust - LVIP T. Rowe Price Growth Stock Fund, Penn Series Funds, Inc. - Large Growth Stock Fund, T. Rowe Price Growth Stock Trust, Sony Master Trust, Prudential Retirement Insurance and Annuity Company, Aon Savings Plan Trust, Caleres, Inc. Retirement Plan, Colgate Palmolive Employees Savings and Investment Plan Trust, Brinker Capital Destinations Trust - Destinations Large Cap Equity Fund, Alight Solutions LLC 401K Plan Trust, MassMutual Select Funds - MassMutual Select T. Rowe Price Large Cap Blend Fund, Legacy Health Employees' Retirement Plan, Legacy Health, T. Rowe Price Science & Technology Fund, Inc. and VALIC Company I - Science & Technology Fund (each, together with any other person that the Board of Directors designates as such, a “Class F New Member” and collectively, the “Class F New Members”), SoftBank, Honda and GM entered into that certain Purchase Agreement (the “Class F Purchase Agreement”), pursuant to which the Company agreed to issue certain Class F Preferred Shares to such Class F New Members, SoftBank, Honda and GM on and subject to the terms and conditions therein.  
I.    For U.S. federal income tax purposes, the GM Commitment and the SoftBank Commitment, taken together, were intended to qualify as a contribution under Section 351(a) of the Code.
J.    Immediately following the contributions of property and issuance of Shares contemplated by the GM Commitment, the SoftBank Commitment, the Honda Commitment, and the contributions of property and issuance of Shares contemplated by the Class F Commitment (together with the issuance of any additional Shares contemplated by the Class F Purchase Agreement), GM shall continue to own, an amount of Equity Securities that (i) constitutes “control” within the meaning of Section 368(c) of the Code and the Treasury Regulations thereunder and (ii) allows the Company to be a member of the GM Affiliated Group under Section 1504 of the Code.
K.    A Majority of the Members (for this purpose only, as defined in the Second A&R Agreement) and the Board of Directors desire to amend and restate the Second A&R Agreement and to effect this Agreement to set forth, among other things, the rights and obligations of the Members.
A G R E E M E N T S
NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the Second A&R Agreement is hereby amended and restated in its entirety as follows:

v

Article I 
ORGANIZATIONAL MATTERS AND CERTAIN DEFINITIONS

1.01    Organization of Company.  The Company was formed as a limited liability company on May 23, 2018.

1.02    Legal Status.  The Company is a limited liability company organized and existing under the Delaware Limited Liability Company Act (the “Act”).  The Members shall take such steps as are necessary to permit the Company to conduct business, to maintain its status as a limited liability company formed under the laws of the State of Delaware and qualified to conduct business in any jurisdiction where the Company does so.

1.03    Name.  The name of the Company shall be “GM Cruise Holdings LLC” or such other name as the Board of Directors shall, from time to time, hereafter designate.

1.04    Registered Office and Registered Agent; Principal Office.
(a)    The address of the registered office of the Company in the State of Delaware shall be c/o Corporation Service Company, 251 Little Falls Drive, New Castle County, Wilmington, Delaware 19808, and the initial registered agent for service of process on the Company in the State of Delaware at such registered office shall be Corporation Service Company.  The Board of Directors may, in its discretion, change the registered office and/or registered agent from time to time by filing the address of the new registered office and/or the name of the new registered agent with the Secretary of State of the State of Delaware pursuant to the Act.
(b)    The principal office of the Company shall be located at such place (whether inside or outside the State of Delaware) as the Board of Directors may from time to time designate.  The Company may have such other offices (whether inside or outside the State of Delaware) as the Board of Directors may from time to time designate.

1.05    Purpose.  The Company is formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is to, engage in any lawful act or activity for which limited liability companies may be formed under the Act, including carrying on the AVCo Business.  The Company shall have the power and authority to take any and all actions that are necessary, appropriate, advisable, convenient or incidental to, or for the furtherance of, the purposes set forth in this Section 1.05.

1.06    Term.  Unless terminated in accordance with Article X, the existence of the Company shall be perpetual.

1.07    Certain Definitions.  Certain capitalized terms used in this Agreement are defined in Appendix I hereto.

1.08    No State‐Law Partnership.  The Members intend that the Company not be a partnership (including a limited partnership), and that no Member or Assignee be a partner of any other Member or Assignee by virtue of this Agreement for any purposes, and neither this Agreement nor any other document entered into by the Company or any Member or Assignee relating to the subject matter hereof shall be construed to suggest otherwise.

1.09    Limited Liability Company Agreement.  The Members hereby execute this Agreement to conduct the affairs and the business of the Company in accordance with the provisions of the Act.  The Members hereby agree that, during the term of the Company set forth in Section 1.06, the rights, powers and obligations of the Members and Assignees with respect to the Company will be determined in accordance with the terms and conditions of this Agreement and the Act; provided, that to the fullest extent permitted by the Act, the terms of this Agreement shall control and, notwithstanding anything to the contrary, Section 18-210 of the Act (entitled “Contractual Appraisal Rights”) and Section 18-305(a) of the Act (entitled “Access to and Confidentiality of Information; Records”) shall not apply or be incorporated into this Agreement.  This Agreement hereby supersedes and preempts the Second A&R Agreement in all respects, and the Second A&R Agreement shall hereafter be null and void.

ARTICLE II     
CAPITAL CONTRIBUTIONS; ISSUANCES OF SHARES

2.01    Shares Generally.
(a)    All interests of the Members in Distributions and other amounts specified in this Agreement, as well as the rights of the Members to vote on, consent to or approve any matter for which a vote of Members is required under this Agreement or the Act, shall be denominated in shares of membership interests in the Company (each a “Share” and collectively, the “Shares”), and the relative rights, privileges, preferences and obligations of the Members with respect to Shares shall be determined under this Agreement to the extent provided herein.  As of the date of this Agreement, the classes of Shares that the Company is authorized to issue are as follows: “Class A-1-A Preferred Shares”, “Class A-1-B Preferred Shares” (collectively with the Class A-1-A Preferred Shares, the “Class A-1 Preferred Shares”), “Class A-2 Preferred Shares”, “Class B Common Shares”, “Class C Common Shares”, “Class D Common Shares”, “Class E Common Shares” and “Class F Preferred Shares”.  Subject to the limitations (in each case to the extent applicable) set forth in Section 2.02, Section 2.07 and Section 6.13, the Company may, from time to time following the date of this Agreement, create and issue other classes and series of Shares or Equity Securities.  Subject to approval by the Board of Directors, the Company is hereby authorized to issue an unlimited number of Class A-1-A Preferred Shares, Class A-1-B Preferred Shares, Class A-2 Preferred Shares, Class B Common Shares, Class C Common Shares, Class D Common Shares, Class E Common Shares, Class F Preferred Shares, and any new class or series of Shares or Equity Securities in the Company.  The Company may issue fractional Shares, and all Shares shall be rounded to the nearest fourth decimal place.  Ownership of a Share (or a fraction thereof) shall not entitle a Member to call for a partition or division of any property of the Company or for any accounting.
(b)    The Members, their respective Commitments and Capital Contributions and their respective classes and numbers of Shares issued, sold, granted or Transferred to them shall be set forth on a ledger maintained by the Company (the “Members Schedule”), as the same may be amended and restated from time to time in accordance with the provisions of this Agreement.  Absent manifest error, the ownership interests recorded on the Members Schedule shall be a conclusive record of the Shares that are issued and outstanding.
(c)    A partial copy of the Members Schedule as of the date of the First A&R Agreement showing only the aggregate number of each class of Shares held by the Members as at such time (but not any identifying information about the Persons holding any Shares) was provided to SoftBank prior to the execution of the SoftBank Purchase Agreement. A partial copy of the Members Schedule as of the date of the Second A&R Agreement showing only the aggregate number of each class of Shares held by the Members (but not any identifying information about the Persons holding any Shares) was provided to Honda prior to the execution of the Honda Purchase Agreement.  A partial copy of the Members Schedule as of the date of this Agreement showing only the aggregate number of each class of Shares held by the Members (but not any identifying information about the Persons holding any Shares (other than the Class F Preferred Shares)) was provided to the Class F Preferred Members prior to the execution of the Class F Purchase Agreement. Any amendment or revision to the Members Schedule made to reflect an action taken in accordance with this Agreement shall not be deemed an amendment to this Agreement.  A current copy of the Members Schedule shall be held in confidence by the Company and maintained in a separate file conspicuously marked as confidential.  A redacted version of the Members Schedule shall be made available to any Member at the request of such Member, which such redacted version will show only the Shares held by such Member and the aggregate number of issued and outstanding Shares held by other Members (and not, for clarity, any other identifying information about any other Person holding Shares).  Notwithstanding the foregoing, each of the GM Investor, SoftBank, and Honda shall be entitled to request a full and complete unredacted copy of the Members Schedule from time to time.

2.02    Class A Preferred Shares; Class C Common Shares.
(a)    Pursuant to the SoftBank Purchase Agreement, and subject to the terms and conditions thereof, SoftBank UK made Capital Contributions totaling $900,000,000 in the aggregate (the “SoftBank Commitment”), pursuant to which the Company issued to SoftBank UK 900,000 Class A-1-A Preferred Shares, which Class A-1-A Preferred Shares were subsequently Transferred by Softbank UK to SoftBank.
(b)    
(i)    At any time that the Company determines, acting in good faith, that it is reasonably likely to be ready to commercially deploy vehicles in fully driverless operation (the date of readiness for such initial deployment, the “Commercial Deployment”) within the following one hundred twenty (120) day period, the Company shall be entitled to deliver written notice of such determination to SoftBank (it being understood that delivery of such written notice (or failure to deliver such written notice) shall not be binding in any respect and the failure of Commercial Deployment to occur on such timetable shall not constitute a breach of this Agreement by any Member or the Company).  Following delivery of any such written notification, the Company and SoftBank (each acting reasonably and in good faith) will cooperate to identify and mutually agree upon, as promptly as reasonably practicable, whether any approvals, consents, registrations, permits or authorizations (or the expiration of any waiting periods) are required under the HSR Act or any comparable laws in any foreign jurisdiction (the “A-1-B Antitrust Approvals”) in connection with the issuance of Class A-1-B Preferred Shares pursuant to Section 2.02(c).
(ii)    If any A-1-B Antitrust Approvals are identified and agreed pursuant to Section 2.02(b)(i) then each Class A-1 Preferred Member and each Class A-2 Preferred Member will (and will cause its Affiliates to) (A) make (as promptly as reasonably practicable) such notifications, registrations and filings necessary or advisable in connection with obtaining the A-1-B Antitrust Approvals and (B) without limiting the foregoing, use its reasonable best efforts to obtain (as promptly as reasonably practicable) the A-1-B Antitrust Approvals.  If the A-1-B Antitrust Approvals are not obtained (or, as applicable, any waiting period has not expired or early termination of any waiting period has not been granted) prior to end of the Payment Period, then the Payment Period will be extended until such A-1-B Antitrust Approvals are obtained or until the waiting periods with respect to such A-1-B Antitrust Approvals have expired or been terminated (as applicable); provided that, in order to obtain such A-1-B Antitrust Approvals, (1) none of GM nor any of its Subsidiaries or other Affiliates shall be required to offer or commit to hold separate, sell, divest or dispose, or suffer any restriction on the operation, of any assets, properties or businesses of GM Parent or any of its Subsidiaries or other Affiliates (including the Company), and (2) none of SoftBank nor any of its Subsidiaries or other Affiliates shall be required to offer or commit to hold separate, sell, divest or dispose, or suffer any restriction on the operation, management, or governance of, any assets, properties or businesses of SoftBank or any portfolio companies (as such term is commonly understood in the private equity industry) of SoftBank or its Subsidiaries or Affiliates or, with the sole exception of the Company, any companies in which SoftBank or any of SoftBank’s Subsidiaries or other Affiliates hold a minority equity position. 
(c)    
(i)    Within three (3) Business Days of the date on which Commercial Deployment has occurred, the Company will provide written notice to SoftBank and the GM Investor of the same (such notice, the “CD Notice”).  Subject to the satisfaction of the Second Tranche Conditions, within fifty (50) days (or such shorter period contemplated by the immediately following sentence) of the delivery of the CD Notice (such applicable period, the “Payment Period”), SoftBank will purchase and acquire from the Company, and the Company will issue, sell and deliver to SoftBank, a number of Class A-1-B Preferred Shares equal to $1,350,000,000 (the “Subsequent SoftBank Commitment”) divided by the Class A-1-B Preferred Capital Value, in consideration for payment by SoftBank in full of such amount paid by wire transfer of immediately available funds to an account designated by the Company and free and clear of any withholding.  If GM, prior to the date that Commercial Deployment occurs, confirms (by way of a binding and irrevocable written notice to SoftBank (the “Advance Notice”)) the definitive date on which Commercial Deployment will occur, then the Payment Period will be reduced by the aggregate number of days between the date the Advance Notice is delivered to SoftBank in accordance with the terms of this Agreement and the date of Commercial Deployment; provided, that in no event will the Payment Period be reduced to fewer than twenty five (25) days following the date on which Commercial Deployment occurs.
(ii)    If the Second Tranche Conditions have been satisfied but the Subsequent SoftBank Commitment is not fully paid by start of the Business Day following the final day of the Payment Period, then, automatically and without any further action by the Company or any Member (and without any recourse by any Member): (A) the provisions of Section 6.13(a) through 6.13(d) will be suspended and cease to apply for such time as any amount of the Subsequent SoftBank Commitment is due and payable but remains unpaid, (B) the Class A-1 Preferred Return will cease to accrue on each Class A-1 Preferred Share (with, subject to the immediately following proviso, no catch-up right or right to be made whole if the Subsequent SoftBank Commitment is later paid in full; provided, that if the Subsequent SoftBank Commitment is paid in full within fifteen (15) days of the final day of the Payment Period (such fifteen (15) day period, the “Cure Period”), each Class A-1 Preferred Share will be entitled to the Class A-1 Preferred Return accrued during the period beginning on the final day of the Payment Period and ending on the date that the Subsequent SoftBank Commitment is fully paid), and (C) in the event that the Subsequent SoftBank Commitment is not paid in full by the end of the Cure Period, the amendments to this Agreement contemplated by Sections 2.02(d)(i) and Section 2.02(d)(ii) will apply and become effective from and after the final day of the Cure Period. 
(iii)    The remedies provided for in Section 2.02(c)(ii) are in addition to, and not in limitation of, any other right of the Company or any other Member provided by law, this Agreement or any other agreement entered into by or among any one or more of the Members (or their Affiliates) or the Company (including any rights arising as a result of or in connection with a breach by SoftBank of its obligations under Section 5.1 of the SoftBank Purchase Agreement).  Each Member further acknowledges that any actions taken or not taken by the Company pursuant to Section 2.02(c)(ii) shall not constitute a breach of this Agreement or any other duty stated or implied in law or equity to any Member.
(d)    If the SoftBank CFIUS Condition has not been satisfied prior to the occurrence of Commercial Deployment, then (without prejudice to the rights of GM or the Company arising as a result of or in connection with any breach by SoftBank of its obligations under Section 5.1 of the SoftBank Purchase Agreement) upon the occurrence of Commercial Deployment, automatically and without any further action by the Company or any Member (and without any recourse by any Member):
(i)    the Class A-1 Preferred Return will (effective on and after the date of Commercial Deployment) be permanently reduced from a rate of seven percent (7%) per annum to a rate of three and a half percent (3.5%) per annum;
(ii)    the denominator in the definition of A-1-A Preferred Share Conversion Ratio will be permanently increased from $1,000 to $1,600; 
(iii)    the conversion ratio for the Class A-2 Preferred Shares pursuant to Section 2.11(a), Section 9.07(a)(i), Section 9.10(a), clause (ii) of the definition of “Control Period”, the definition of “SoftBank Floor Amount”, clause (i) of the definition of “Optional SoftBank Conversion Share Price”, the definition of “Per Class A-1 Preferred Share FMV” and clause (i) of the definition of “Preemptive Proportion” shall be adjusted from a 1:1 ratio to 0.625 of a Class C Common Share per one Class A-2 Preferred Share (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event); and
(iv)    Section 6.13(c) will be amended to read, in its entirety, as follows:
“issue any Equity Securities that have rights, preferences or privileges with respect to Distributions, senior to the rights of the Class A-1 Preferred Shares in Sections 3.01(b)(i) or 3.02(a)(i) (“Senior Securities”); provided, that this Section 6.13(c) will not apply to the first $1,350,000,000 of new Senior Securities issued after the occurrence of Commercial Deployment (with such amount being calculated based on the consideration paid by the recipient(s) of such Senior Securities).”
(e)    Pursuant to the SoftBank Purchase Agreement and the IPMA, and subject to the terms and conditions thereof, on the Original Closing Date, GM (i) made, (A) a Capital Contribution totaling $1,100,000,000 in the aggregate and (B) a contribution of the Transferred Entities (as defined in the SoftBank Purchase Agreement) pursuant to the Restructuring (as defined in the SoftBank Purchase Agreement) and (ii) granted certain rights to the Company under the IPMA (together with the contributions in clause (i), the “GM Commitment”), in exchange for which the Company issued to GM 1,100,000 Class A-2 Preferred Shares and 5,500,000 Class C Common Shares.
(f)    As promptly as reasonably practicable following the consummation of the Subsequent SoftBank Commitment, the Company shall deliver to Honda an updated Members Schedule.

2.03    Class B Common Shares.
(a)    Awards of Class B Common Shares (“Share Awards”), options to purchase Class B Common Shares (“Options”) and rights to receive Class B Common Shares (“RSUs”, and collectively with Share Awards and Options, “Equity Awards”) may be granted or issued, as applicable, on or after the Original Closing Date to Employee Members pursuant to the terms of a Share Grant Agreement and in accordance with the 2018/2019 Incentive Plan or any successor employee incentive plan.
(b)    With respect to Fiscal Years 2018 and 2019, the Company may grant or issue to Employee Members (pursuant to Share Grant Agreements) Equity Awards that may be issued, exercised or settled into, in the aggregate, up to that maximum number of Class B Common Shares set forth in the 2018/2019 Incentive Plan.  From and after Fiscal Year 2020, the Company (acting upon the approval of the Board of Directors) may issue additional Equity Awards to Employee Members. 
(c)    The Board of Directors shall have the authority to determine the terms and conditions of the Share Grant Agreement to be executed by any Employee Members in connection with the grant of Equity Awards to such Employee Members (including terms and conditions relating to vesting, forfeiture, options to purchase and/or sell Class B Common Shares upon termination of employment and purchase prices and terms of any purchase and/or sale with respect thereto).
(d)    Each Share Grant Agreement with respect to Equity Awards is intended to qualify as a compensatory benefit plan within the meaning of Rule 701 of the Securities Act and the issuance of Class B Common Shares, from time to time, pursuant to the terms of this Agreement and the applicable Share Grant Agreement is intended to qualify for the exemption from registration under the Securities Act provided by Rule 701 thereof; provided, that, subject to Section 2.03(b), the foregoing shall not restrict or limit the Company’s ability to issue any Class B Common Shares pursuant to any other exemption from registration under the Securities Act available to the Company and to designate any such issuance as not being subject to Rule 701.
(e)    Subject, in each case, to the terms and conditions of the applicable Share Grant Agreement:
(i)    Class B Common Shares that would be issued as a result of the exercise of a right to purchase pursuant to an issued Option shall be deemed, prior to their actual issuance, to be issued unvested Class B Common Shares for the purposes of Section 3.01(b)(ii) (and the holder of the Option shall be deemed a Class B Member solely for such purpose); provided, that, for clarity, no Distributions will actually be made with respect to such deemed unvested Class B Common Shares and Section 3.03 will not apply to such deemed unvested Class B Common Shares; and 
(ii)    Class B Common Shares that would be issued as a result of the right to receive such Shares pursuant to an RSU shall be deemed, prior to their actual issuance, to be issued unvested Class B Common Shares for the purposes of Sections 3.01(b)(ii) and 3.01(b)(iii) (and the holder of the RSU shall be deemed a Class B Member solely for such purposes) and Section 3.03. 

2.04    Additional Classes of Shares. 
(a)    Class E Common Shares. Pursuant to the Honda Purchase Agreement, and subject to the terms and conditions thereof, Honda made Capital Contributions totaling $750,000,000 in the aggregate (the “Honda Commitment”), pursuant to which the Company has issued to Honda 495,000 Class E Common Shares.
(b)    Class F Preferred Shares. Pursuant to the Class F Purchase Agreement, and subject to the terms and conditions thereof, each Class F New Member, SoftBank, Honda and GM has committed to make, and substantially concurrently with the execution of this Agreement (or, at such other time as contemplated by the Class F Purchase Agreement) has made, the Capital Contributions shown against the name of such Class F Preferred Member on Exhibit III, totaling $1,100,661,150 in the aggregate (the “Class F Commitment”), pursuant to which the Company has issued to such Class F Preferred Members the Class F Preferred Shares shown against the name of such Class F Preferred Member on Exhibit III. 

2.05    Other Contributions.  No Member shall be required to make any contributions to the Company other than the Capital Contributions as provided in this Article II or as otherwise expressly set forth in this Agreement.  Subject to Section 2.07, the Company shall not accept any Capital Contributions, other than Capital Contributions in respect of the Commitments, from a Member or any other Person unless the terms and conditions of any such Capital Contribution and related issuance of Shares have been approved by the Board of Directors.

2.06    Issuances of Shares.  Subject to the limitations set forth in this Agreement (including Section 2.02, Section 2.07 and Section 6.13), the Board of Directors shall have sole and complete discretion in determining whether to issue any Equity Securities, the number and type of Equity Securities to be issued (including the creation of new series or classes of Shares) at any particular time and all other terms and conditions governing any such Equity Securities (including the issuance thereof); provided, that (a) the parties hereto acknowledge and agree that the Subsequent SoftBank Commitment shall be on the terms set forth in this Agreement and shall not require any additional approval of the Board of Directors and (b) the Company shall not issue any Equity Securities (whether denominated as Shares or otherwise) to any Person unless such Person shall have agreed to be bound by this Agreement and shall have executed such documents or instruments as the Board of Directors determines to be necessary or appropriate to effect such Person’s admission as a Member.

2.07    Preemptive Rights.
(a)    Except as provided in Section 2.07(e) or Section 2.07(f), if the Company wishes to issue any Equity Securities to any Person or Persons (all such Equity Securities, collectively, the “New Securities”), then the Company shall promptly deliver a written notice of intention to sell (the “Company’s Notice of Intention to Sell”) to each holder of Preemptive Shares setting forth a description of the New Securities to be sold, the proposed purchase price, the aggregate number of New Securities to be sold and the terms and conditions of sale.  Upon receipt of the Company’s Notice of Intention to Sell, each holder of Preemptive Shares shall have the right, during the Acceptance Period, to elect to purchase, at the price and on the terms and conditions stated in the Company’s Notice of Intention to Sell, up to the number of New Securities equal to the product of (i) such holder’s Preemptive Proportion, multiplied by (ii) the aggregate number of New Securities to be issued; provided, that if the New Securities consist of more than one class, series or type of Equity Securities, then any holder of Preemptive Shares who elects to purchase such New Securities pursuant to this Section 2.07 must purchase the same proportionate mix of all of such securities; provided, further, that if the New Securities are issued in connection with any debt financing undertaken by the Company or any of its Subsidiaries and to which preemptive rights otherwise apply pursuant to this Section 2.07, then any Class A-1 Member, Class D Member, Class E Member or Class F Preferred Member who elects to purchase such New Securities pursuant to this Section 2.07 must, to be eligible to receive such New Securities, participate in the underlying debt instrument for such financing (A) with and on the same terms as the other lenders thereunder and (B) in the same percentage as their Preemptive Proportion of New Securities that such Member wishes to purchase pursuant to this Section 2.07.  If one or more holders of Preemptive Shares do not elect to purchase their entire share of the New Securities (such aggregate portion of New Securities that has not been so elected, the “Excess New Securities”), then the Company will offer, by written notice (the “Supplemental Notice of Intention to Sell”), to each holder of Preemptive Shares who has elected to purchase his, her or its entire proportion of the New Securities pursuant to this Section 2.07 (the “Full Participants”) the right to elect to purchase, at the price and on the terms and conditions stated in the Company’s Notice of Intention to Sell:
(i)    in relation to Class F Preferred Shares held by Full Participants, their Class F Preemptive Proportion (the “Class F Excess Process”); and
(ii)    following completion of the Class F Excess Process, in relation to all other Preemptive Shares held by Full Participants their Preemptive Proportion (calculated as if (A) Class F Preferred Shares are excluded from the determination of Preemptive Proportion (including the Total Conversion Shares used therefor) and (B) the Total Conversion Shares excludes all Shares of each holder of Preemptive Shares that did not elect to purchase their entire share of the New Securities) of the Excess New Securities remaining after the Class F Excess Process, such that all of the Excess New Securities remaining after the Class F Excess Process may be purchased by such holders, if so elected.  
All elections under this Section 2.07(a) must be made by written notice to the Company within fifteen (15) days (or such later date determined by the Board of Directors) after receipt by such holder of Preemptive Shares of (as applicable) the Company’s Notice of Intention to Sell or the Supplemental Notice of Intention to Sell (the “Acceptance Period”).

(b)    If the holders of Preemptive Shares have not elected to purchase all of the New Securities described in a Company’s Notice of Intention to Sell, then the Company may, at its election, during the period of ninety (90) days immediately following the expiration of the Acceptance Period therefor (or the expiration of the Acceptance Period relating to the Supplemental Notice of Intention to Sell, if the same is issued), sell and issue any of the New Securities not elected for purchase pursuant to Section 2.07(a) to any Person(s) at a price and upon terms and conditions no more favorable, in the aggregate, to such Person(s) than those stated in the Company’s Notice of Intention to Sell.
(c)    In the event the Company has not sold the New Securities to be issued within such ninety (90) day period, the Company shall not thereafter issue or sell any such New Securities without once again offering such securities to each holder of Preemptive Shares in the manner provided in Section 2.07(a).
(d)    If a holder of Preemptive Shares elects to purchase any of the New Securities, payment therefor shall be made by wire transfer against delivery of such New Securities at the principal office of the Company within fifteen (15) days of such election unless a later date is mutually agreed between the Company and such holder of Preemptive Shares; provided, that if SoftBank elects to purchase any of the New Securities, to the extent necessary in order to accommodate the time required to call capital to purchase the Preemptive Shares, payment therefor shall be made by wire transfer against delivery of such New Securities at the principal office of the Company within thirty five (35) days of such election by SoftBank.
(e)    Notwithstanding anything to the contrary in this Agreement, (i) no holder of Preemptive Shares shall have a right to purchase New Securities pursuant to this Section 2.07, if such purchase will, in the good faith determination of the Board of Directors, violate any applicable laws (whether or not such violation may be cured by a filing of a registration statement or any other special disclosure) and (ii) in lieu of offering any New Securities to any holder of Preemptive Shares prior to the time such New Securities are offered or sold to any other Person or Persons, the Company may comply with the provisions of this Section 2.07 by first issuing New Securities to such other Person or Persons, and promptly after such issuance (or acceptance) (and, in any event, within thirty (30) days thereafter) making an offer to sell (or causing such other Person or Persons to offer to sell), to the holders of Preemptive Shares, New Securities in such a manner so as to enable such holders of Preemptive Shares to effectively exercise their respective rights pursuant to Section 2.07(a) with respect to their purchase, for cash, of such New Securities as they would have been entitled to purchase pursuant to Section 2.07(a).
(f)    Notwithstanding anything to the contrary in this Section 2.07, the preemptive rights contained in this Section 2.07 shall not apply to:
(i)    any Equity Securities issued pursuant to the funding of the GM Commitment, the SoftBank Commitment and the Subsequent SoftBank Commitment;
(ii)    any Equity Securities issued pursuant to Sections 2.10 or 2.11;
(iii)    any Class B Common Shares that may be issued to Employee Members, including upon the exercise or settlement of any Equity Award;
(iv)    any Equity Securities issued in connection with an IPO (including pursuant to Section 9.10(c));
(v)    any Equity Securities issued upon any subdivision, split, recapitalization, reclassification, combination or similar reorganization; and
(vi)    any Equity  Securities issued in connection with any merger, consolidation, acquisition for stock, business combination, purchase of assets or business(es) of, or any similar extraordinary transaction with a third party (each an “M&A Transaction”); provided that the value (measured as of the date of issuance) of such Equity Securities issued by the Company pursuant to the exemption set forth in this Section 2.07(f)(vi) does not exceed an aggregate of $250,000,000 with respect to any individual calendar year (it being understood that in the event such $250,000,000 cap is exceeded in any given calendar year, the preemptive rights contained in this Section 2.07 will apply (subject to the other limitations set forth in this Agreement) solely with respect to that portion of Equity Securities issued in excess of such cap in such calendar year).

2.08    Certificates.  The Company may, but shall not be required to, issue certificates representing Shares (“Certificated Shares”).

2.09    Repurchase Rights.  If an Employee Member ceases to be employed by or provide services to the Company or any of its Subsidiaries for any reason, then the Company shall have the right (but not the obligation) to repurchase all or any portion of the Class B Common Shares held by such Employee Member and his or her Permitted Transferees and not otherwise forfeited (pursuant to this Agreement, the relevant employee incentive plan in place at the time or the applicable Share Grant Agreement or other agreement (or agreements) with the Company) at a price per Class B Common Share specified by, on the timeline provided by, and otherwise on the terms and conditions contained within, a Share Grant Agreement or other agreement (or agreements) between an Employee Member and the Company.

2.10    Optional A-1 Conversion.
(a)    Each Class A-1 Preferred Member shall have the right, at such Member’s option, at any time and from time to time to convert all or any portion of the Class A-1 Preferred Shares held by such Member into Class D Common Shares by providing the Company with written notice of such conversion.  A conversion of Class A-1 Preferred Shares pursuant to this Section 2.10(a) shall be effective as of the close of business on the first (1st) Business Day after the Company’s receipt of the conversion notice.
(b)    In connection with any conversion pursuant to Section 2.10(a), (i) each Class A-1-A Preferred Share will be converted into Class D Common Shares at the A-1-A Preferred Share Conversion Ratio and (ii) each Class A-1-B Preferred Share will be converted into Class D Common Shares at the A-1-B Preferred Share Conversion Ratio.
(c)    Notwithstanding anything in this Agreement to the contrary, each Class A-1 Preferred Share that has been converted into a Class D Common Share under this Section 2.10 shall cease to have the rights, preferences and privileges provided under this Agreement for the Class A-1 Preferred Shares and shall thereafter be treated as a Class D Common Share for all purposes.

2.11    Optional A-2 Conversion.
(a)    Each Class A-2 Preferred Member shall have the right, at such Member’s option, at any time and from time to time, to convert all or any portion of the Class A-2 Preferred Shares held by such Member into Class C Common Shares, at a 1:1 ratio (as adjusted to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event) by providing the Company with written notice of such conversion.  A conversion of Class A-2 Preferred Shares pursuant to this Section 2.11 shall be effective as of the close of business on the first (1st) Business Day after the Company’s receipt of the conversion notice.
(b)    Notwithstanding anything in this Agreement to the contrary, each Class A-2 Preferred Share that has been converted into a Class C Common Share under this Section 2.11 shall cease to have the rights, preferences and privileges provided under this Agreement for the Class A-2 Preferred Shares and shall thereafter be treated as a Class C Common Share for all purposes.

ARTICLE III     
DISTRIBUTIONS

3.01    Distributions. 
(a)    Except as otherwise expressly contemplated by this Agreement, all Distributions shall be made to the Persons who are the holders of Shares at the time such Distributions are made.
(b)    Subject to Section 3.02 and Section 3.03, and in accordance with the provisions of this Section 3.01, Distributions pursuant to this Article III shall be made Quarterly in arrears (on the final day of each Quarter) in the following order of priority:
(i)    First, Distributions shall be made to the Class A-1 Preferred Members in respect of their Class A-1 Preferred Shares (ratably among such Members based upon, for the relevant Quarter, the aggregate Class A-1 Preferred Return with respect to the Class A-1 Preferred Shares held by each such Member immediately prior to such Distribution) until each Class A-1 Preferred Member has received Distributions in respect of such Member’s Class A-1 Preferred Shares in an amount equal to the aggregate Class A-1 Preferred Return for such Quarter (and not, for clarity, the full Class A-1 Preferred Unpaid Return) with respect to the Class A-1 Preferred Shares held by such Class A-1 Preferred Member immediately prior to such Distribution.  The Company may, at its option, with respect to all or any portion of the Distributions on the Class A-1-A Preferred Shares and Class A-1-B Preferred Shares pursuant to this Section 3.01(b)(i) for any Quarter, elect to pay such Distribution in (A) cash or (B) by the accretion (with respect to such Quarter) of the Class A-1 Preferred Return on such Shares (which such accretion in the Class A-1 Preferred Return, and resultant increase in the Class A-1 Preferred Unpaid Return for such Shares, shall constitute a Distribution hereunder).
(ii)    Second, Distributions shall be made to the Non-A-1 Members until the cumulative amount received in cash by each of the Members pursuant to this Section 3.01(b)(ii) and Section 3.01(b)(i) with respect to all such Distributions made after June 28, 2018 to the relevant calculation date (including, for clarity, any Distributions made in such applicable Quarter pursuant to Section 3.01(b)(i)), equals the amount such Member would have received if all such Distributions had been distributed ratably on an as-converted basis (for the purpose of such calculation with (A) the Class A-1 Preferred Shares being deemed converted to Class D Common Shares pursuant to Section 2.10(b), and (B) Class F Preferred Shares being being deemed converted to Class D Common Shares at the Class F Preferred Share Conversion Ratio) among such Members based upon the number of Non-A-1 Interests held by each such Non-A-1 Member and the number of Class A-1 Preferred Shares held by each such Class A-1 Preferred Member, in each case, immediately prior to such Distribution.  For the avoidance of doubt, the Class A-1 Preferred Shares shall not be entitled to any Distributions pursuant to this Section 3.01(b)(ii). 
(iii)    Third, all further Distributions shall be made to each Non-A-1 Member and Class A-1 Preferred Member ratably on an as-converted basis among such Members based upon the number of Non-A-1 Interests held by each such Non-A-1 Member and the number of Class A-1 Preferred Shares held by each such Class A-1 Preferred Member, in each case, immediately prior to such Distribution; provided, that, for the purposes of this Section 3.01(b)(iii), the (A) Class A-1 Preferred Shares shall be deemed converted to Class D Common Shares pursuant to Section 2.10(b) without (for the purposes of calculating such conversion) any reduction in the Class A-1-A Preferred Unpaid Return or Class A-1-B Preferred Unpaid Return due to Distributions for such Quarter made pursuant to this Section 3.01(b)(iii), and (B) Class F Preferred Shares being being deemed converted to Class D Common Shares at the Class F Preferred Share Conversion Ratio.
(c)    No later than five (5) Business Days prior to the end of each Quarter, the Company will send written notice to each Class A-1 Preferred Member stating whether the Distribution pursuant to Section 3.01(b)(i) for such Quarter will be paid in cash.  If the Company fails to timely send such written notice then, with respect to such Quarter, the Company will be deemed to have irrevocably elected to pay the Distribution pursuant to Section 3.01(b)(i) by the accretion of the Class A-1 Preferred Return.  For clarity, (i) the Company may elect, independently as to each class, to pay cash Distributions with respect to a Quarter on either, or both, of the Class A-1-A Preferred Shares and Class A-1-B Preferred Shares and (ii) so long as the full Distribution has been made on each Class A-1 Preferred Share pursuant to Section 3.01(b)(i), the Company may (but shall not be required to) make Distributions pursuant to Section 3.01(b)(ii) and Section 3.01(b)(iii).
(d)    No distributions shall be made in respect of a Vested Class B Common Share pursuant to Section 3.01(b)(ii), Section 3.01(b)(iii) or Section 3.02(a)(iii), until such time that an aggregate amount of Distributions (since the date of grant of such Class B Common Share) pursuant to Section 3.01(b) or 3.02(a), as applicable, equal to the Class B Floor Amount shall have been Distributed on each Class C Common Share.  For the avoidance of doubt, no holder of any Class B Common Share will later have the right to receive any amount foregone pursuant to the preceding sentence of this Section 3.01(d).  
(e)    Any reference in this agreement to a Distribution to a Substituted Member shall include any Distributions previously made to the predecessor Member on account of the interest of such predecessor Member transferred to such Substituted Member.
(f)    Notwithstanding any provision to the contrary contained in this Agreement the Company shall not make any Distribution to Members if such Distribution would violate Section 18-607 of the Act or other applicable law.

3.02    Distributions Upon Liquidation or a Deemed Liquidation Event.
(a)    Notwithstanding Section 3.01, upon a liquidation (pursuant to Article X) or a Deemed Liquidation Event, the Company shall distribute the net proceeds or assets available for distribution, whether in cash or in other property, to the Members as follows:
(i)    First, Class A-1 Preferred Members and Class F Preferred Members shall receive, on a pro rata basis (proportional to their share of the aggregate (A) Class A-1 Liquidation Preference Amount for all Class A-1 Preferred Shares, plus (B) Class F Liquidation Preference Amount for all Class F Preferred Shares) for each Class A-1 Preferred Share and Class F Preferred Share, as applicable, the greater of (1) (x) for each Class A-1 Preferred Share held by such Class A-1 Preferred Member, the applicable Class A-1 Liquidation Preference Amount, and (y) for each Class F Preferred Share held by such Class F Preferred Member, the Class F Liquidation Preference Amount, and (2) the amount distributable pursuant to Section 3.02(a)(iii) with respect to such Class A-1 Preferred Share or Class F Preferred Share, as applicable, as if such Share had converted into a Class D Common Share (pursuant to Section 2.10, in the case of a Class A-1 Preferred Share, and at the Class F Preferred Share Conversion Ratio, in the case of a Class F Preferred Share) immediately prior to the event giving rise to a Distribution pursuant to this Section 3.02. If upon any such liquidation or Deemed Liquidation Event, the net proceeds or assets available for distribution to the Members shall be insufficient to pay the holders of Class A-1 Preferred Shares and Class F Preferred Shares the full amount to which they shall be entitled under this Section 3.02(a)(i), the holders of Class A-1 Preferred Shares and Class F Preferred Shares shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of such shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full pursuant to this Section 3.02(a)(i).
(ii)    Second, Class A-2 Preferred Members shall receive, for each Class A-2 Preferred Share, the greater of (A) the Class A-2 Liquidation Preference Amount and (B) the amount distributable pursuant to Section 3.02(a)(iii) with respect to such Class A-2 Preferred Share as if such Share had converted into a Class C Common Share (pursuant to Section 2.11) immediately prior to the event giving rise to a Distribution pursuant to this Section 3.02.
(iii)    Third, to Non-A-1 Members (other than the Class A-2 Preferred Members and Class F Preferred Members), ratably among such Members based upon the number of Non-A-1 Interests held by each such Non-A-1 Member (other than Class A-2 Preferred Shares and Class F Preferred Shares).
(b)    A “Deemed Liquidation Event” shall occur upon either of a Sale of the Company or a Drag-Along Sale Transaction.

3.03    Unvested Class B Common Shares.  Notwithstanding anything in this Agreement to the contrary, (a) no Distribution shall be made in respect of any Class B Common Share that is not a Vested Class B Common Share, (b) any amount that would otherwise be distributable in cash in respect of a Class B Common Share pursuant to Section 3.01 or Section 3.02 but for the fact that such Class B Common Share is not a Vested Class B Common Share shall be withheld by the Company and Distributed with respect to such Class B Common Share, without interest, at the time of the first cash Distribution to the Non-A-1 Members following the date on which such Class B Common Share becomes a Vested Class B Common Share and (c) if a Class B Common Share that is not a Vested Class B Common Share is repurchased or forfeited (or otherwise becomes incapable of vesting), then such Class B Common Share shall not be entitled to receive or retain any Distributions.

3.04    Distributions In-Kind.  Distributions of property other than cash, including securities (but, for the avoidance of doubt, Distributions in respect of the Class A-1 Preferred Shares pursuant to Section 3.01(b)(i) shall not include stock or securities issued by the Company and may only be made in cash or accretion pursuant to Section 3.01(b)(i)), may be made under this Agreement with the approval of the Board of Directors.  Distributions of property other than cash shall be valued at Fair Market Value.  Except as otherwise required by the Act or this Agreement, and subject in all respects to Section 3.01 and Section 3.02, no Member shall be entitled to Distributions of property other than cash and the Board of Directors may make a determination to distribute property to one Member or group of Members and cash to the remaining Members so long as no Member is adversely affected in a manner which is disproportionate to the other Members as a result of such determination.  The Company shall not make any in-kind distributions in respect of the Class F Preferred Shares of property that is not an equity security or debt security of an entity classified as a corporation for U.S. federal income tax purposes without the consent of the Class F Preferred Members to whom such distribution is to be made.

ARTICLE IV     
TAX MATTERS

4.01    Corporate Status.  The Members intend that the Company be treated as a corporation for U.S. federal, and, as applicable, state and local, income tax purposes, and neither the Company nor any of the Members shall take any reporting position inconsistent with such treatment.  In furtherance of the foregoing, the Company has elected, pursuant to Treasury Regulations Section 301.7701-3(c), to be treated as an association taxable as a corporation, effective as of May 23, 2018.  The Company will not make any other entity classification elections with respect to the Company without the prior written consent of all Members; provided that, if the Entity is eligible to make an entity classification election, it shall elect to be treated as an association taxable as a corporation, unless the prior written consent of all Members has been obtained. 

4.02    Withholding.  The Company is authorized to withhold from any payment made to a Member any amounts required to be withheld by the Company under applicable law and, if so required, remit any such amounts to the applicable governmental authority.  Upon request by the Company in writing, each Member shall provide the Company with a properly completed and duly executed Internal Revenue Service (“IRS”) Form W-9 or applicable IRS Form W-8, or any other information, form or certificate reasonably necessary to determine whether and the extent to which any such withholding is required.  If the Company, or the Board of Directors or any Affiliate of the Company, becomes liable as a result of a failure to withhold and remit taxes in respect of any Member and such failure was attributable to such Member’s failure to timely provide the Company with the appropriate information requested in writing by the Company regarding such Member’s tax status or tax payment obligations, then such Member shall indemnify and hold harmless the Company, or the Board of Directors or any Affiliate of the Company, as the case may be, in respect of any such tax that should have been withheld and remitted (including any interest or penalties assessed or imposed thereon and any expenses incurred in any examination, determination, resolution and payment of such tax) but was not so withheld and remitted as a result of such Member’s failure to timely provide the Company with such information.  The provisions contained in this Section 4.02 shall survive the termination of the Company and the withdrawal of any Member.

4.03    Tax Sharing.
(a)    GM Consolidated Group.  For the 2018 Tax Period of the GM Consolidated Group, the Company shall timely deliver to GM Parent a properly completed and duly executed IRS Form 1122 (Authorization and Consent of Subsidiary Corporation To Be Included in a Consolidated Income Tax Return) and any similar or corresponding forms required for state or local income or franchise tax purposes.  The Company acknowledges and agrees that GM Parent shall act as sole agent (within the meaning of Treasury Regulations Section 1.1502-77) for the Company with respect to any Tax Period for which the Company joins one or more members of the GM Consolidated Group in filing a GM Consolidated Return, provided that the GM Investor shall cause GM Parent to not take any action with respect to any tax matters, including any action in its role as sole agent (within the meaning of Treasury Regulation Section 1.1502-77) that has a material and disproportionate adverse impact on the Company or SoftBank, without the Company’s or SoftBank’s consent, as applicable, not to be unreasonably withheld, conditioned or delayed.
(b)    Payment from the GM Investor to the Company for Use of Company NOLs and Tax Credits.  
(i)    If upon a Deconsolidation the NOL Deficit Amount exceeds zero, the GM Investor shall pay to the Company, with respect to each Tax Period of the Company, the Excess NOL Tax Increase with respect to such Tax Period.  The GM Investor shall pay the Excess NOL Tax Increase with respect to each such Tax Period no later than ten (10) Business Days following delivery of written notice by the Company to the GM Investor of the amount of Excess NOL Tax Increase for such Tax Period. 
(ii)    In addition to the payments described in Section 4.03(b)(i) above (and without duplication of such payments or any other payments required to be made by the GM Investor hereunder), the GM Investor shall make payments to the Company with respect to any R&D Tax Credits or Other Tax Credits generated by the Company or any of its Subsidiaries in the same manner and using the same principles as described in Section 4.03(b)(i) and in the definitions of NOL Deficit Amount and Hypothetical Deconsolidated Company NOL Amount; provided, however, that in applying such principles, (A) clause (ii) of the definition of NOL Deficit Amount shall not apply and (B) in applying the Company standalone concept of the Hypothetical Deconsolidated Company NOL Amount, the Company and its Subsidiaries shall be assumed to utilize the same tax accounting methods, elections, conventions, practices, policies and principles regarding the R&D Tax Credits or Other Tax Credits actually utilized by the GM Consolidated Group and the Company and its Subsidiaries shall otherwise be assumed to take into account the GM Consolidated Group’s history in its use of R&D Tax Credits or Other Tax Credits; provided, further, that no such payment with respect to Other Tax Credits will be required unless and until such Other Tax Credits generated by the Company and its Subsidiaries exceed, in the aggregate, taking into account any Other Tax Credits referenced in Section 4.03(e), $12,000,000 with respect to any calendar year. 
(iii)    The GM Investor and its advisors shall calculate the NOL Deficit Amount and the deficit amount in respect of R&D Tax Credits and Other Tax Credits upon a Deconsolidation and shall deliver such calculations, certified by the chief tax officer of GM Parent, to the Company and, subject to Section 4.03(f), such calculations shall be conclusive, binding and final for all purposes.  The Company shall calculate the Excess NOL Tax Increase and the tax increase in respect of R&D Tax Credits and Other Tax Credits in each Tax Period and shall deliver such calculations, certified by the chief tax officer of the Company, along with reasonably detailed supporting documentation, to the GM Investor and, subject to Section 4.03(f), such calculation shall be conclusive, binding and final for all purposes. 
(c)    Payment from the Company to the GM Investor for Inclusion of Company Income.
(i)    Following the filing of the final GM Consolidated Return for each Tax Period prior to a Deconsolidation, the Company shall calculate the Aggregate Company Hypothetical Pre-Deconsolidation Tax Amount with respect to such Tax Period.  
(ii)    Following the filing of the final GM Consolidated Return for each Tax Period ending after the Original Closing Date, the GM Investor shall calculate the Incremental GM Tax Amount.  The GM Investor shall deliver to the Company a certification by the chief tax officer of GM Parent with respect to such amount and such calculation shall be conclusive, binding and final for all purposes.  No certification shall be required in any year in which the GM Investor has determined that the Incremental GM Tax Amount is zero. 
(iii)    With respect to each Tax Period of the GM Consolidated Group ending after the Original Closing Date, the Company shall make a payment to the GM Investor equal to the excess, if any, of (A) the lesser of (1) the Aggregate Company Hypothetical Pre-Deconsolidation Tax Amount with respect to such Tax Period and (2) the Incremental GM Tax Amount with respect to such Tax Period over (B) the aggregate net payment made by the Company to the GM Investor pursuant to this Section 4.03(c)(iii) and Section 4.03(c)(iv) for prior Tax Periods.
(iv)     With respect to each Tax Period of the GM Consolidated Group ending after the Original Closing Date, the GM Investor shall make a payment to the Company equal to the excess, if any, of (A) the aggregate net payment made by the Company to the GM Investor pursuant to Section 4.03(c)(iii) and this Section 4.03(c)(iv) for prior Tax Periods over (B) the lesser of (1) the Aggregate Company Hypothetical Pre-Deconsolidation Tax Amount with respect to such Tax Period and (2) the Incremental GM Tax Amount with respect to such Tax Period;
(d)    Payments between GM Investor and the Company if a Section 59(e) Election is Made.  If prior to a Deconsolidation, GM makes one or more elections under Section 59(e) of the Code (a “Section 59(e) Election”) with respect to the Company and/or its Subsidiaries, then: 
(i)    with respect to each Tax Period for which a Section 59(e) Election is made, and any subsequent Tax Period, any payment otherwise required to be made by the Company to the GM Investor pursuant to Section 4.03(c) shall be (A) reduced (but not below zero) by the Section 59(e) Detriment Amount with respect to such Tax Period and (B) shall be increased by the Section 59(e) Benefit Amount with respect to such Tax Period; provided, any adjustment pursuant to this Section 4.03(d)(i)(B) shall be deferred and shall only be made when and to the extent that, immediately prior to giving effect to such adjustment, the aggregate adjustments under Section 4.03(d)(i)(A) and Section 4.03(d)(ii)(A) exceed the aggregate adjustments under this Section 4.03(d)(i)(B) and Section 4.03(d)(ii)(B); and   
(ii)    with respect to each Tax Period for which a Section 59(e) Election is made, and any subsequent Tax Period, any payment otherwise required to be made by the GM Investor to the Company pursuant to Section 4.03(b) shall be (A) increased by the Section 59(e) Detriment Amount with respect to such Tax Period and shall be (B) reduced (but not below zero) by the Section 59(e) Benefit Amount with respect to such Tax Period; provided, any adjustment pursuant to this Section 4.03(d)(ii)(B) shall be deferred and shall only be made when and to the extent that, immediately prior to giving effect to such adjustment, the aggregate adjustments under Section 4.03(d)(i)(A) and Section 4.03(d)(ii)(A) exceed the aggregate adjustments under Section 4.03(d)(i)(B) and this Section 4.03(d)(ii)(B). 
For the avoidance of doubt, for purposes of Sections 4.03(d)(i) and (ii) above, a required payment of $0 under Section 4.03(b) or Section 4.03(c) for any Tax Period constitutes a “payment otherwise required to be made”.
(e)    State and Local Income and Franchise Taxes.  With respect to state and local income and franchise tax benefits and detriments in any jurisdictions that have consolidated, combined or unitary tax regimes, the GM Investor and the Company shall have similar payment obligations to each other, under the same principles, as the payment obligations for U.S. federal income tax benefits and detriments described in paragraphs (b), (c) and (d) of this Section 4.03; provided, that no such payment with respect to Other Tax Credits will be required unless and until such Other Tax Credits generated by the Company and its Subsidiaries exceed, in the aggregate, taking into account any Other Tax Credits referenced in Section 4.03(b)(ii), $12,000,000 with respect to any calendar year.
(f)    Dispute Resolution.  In the event of any dispute between the GM Investor and the Company as to any amount payable under this Section 4.03, the GM Investor and the Company shall attempt in good faith to resolve such dispute.  If the GM Investor and the Company are unable to resolve such dispute within thirty (30) days, they shall jointly retain a mutually agreed upon nationally recognized independent accounting firm (the “Accounting Firm”) to resolve the dispute.  The GM Investor and the Company may make written submissions to the Accounting Firm, and the Accounting Firm’s resolution shall be based solely upon the actual terms of this Agreement, the written submissions of the GM Investor and the Company, and the application of federal income tax law (or, in the case of any payment obligation Section 4.03(e), applicable state or local income tax law).  Each of the GM Investor and the Company shall be bound by the determination of the Accounting Firm and shall bear one-half of the fees and expenses of the Accounting Firm.
(g)    Indemnification for Taxes.  Other than payments required under this Agreement, the GM Investor shall indemnify and hold harmless the Company and any of its Subsidiaries from any Taxes (as such term is defined in the Purchase Agreement) imposed on the Company or any of its Subsidiaries pursuant to Treasury Regulations Section 1.1502-6 (or any analogous or similar provision of U.S. state or local, or non-U.S. law) as a result of being a member of (i) the GM Consolidated Group or (ii) any other affiliated, consolidated, combined or unitary group of which (A) the GM Investor, (B) the GM Parent, (C) any Affiliate or direct or indirect Subsidiary of the GM Parent (other than the Company or any of its Subsidiaries) or (D) any member of the GM Consolidated Group (other than the Company or any of its Subsidiaries) was a member prior to a Deconsolidation. 
(h)    Net Payments.  Without limiting any other provision in this Section 4.03, if as of any date each of the GM Investor and the Company is obligated to make a payment to the other under this Section 4.03, then the amount of such payments shall be netted, the offsetting amounts shall be treated as having been paid by the applicable payors for all purposes of this Section 4.03, and the party having the net payment obligation shall make such pay such net amount to the other party.
(i)    Intended Tax Treatment.  Any payments made by the GM Investor to the Company following a Deconsolidation pursuant to this Section 4.03 shall be treated as a Capital Contribution for all applicable tax purposes, unless otherwise required by applicable law.  Any payments made by the Company to the GM Investor following a Deconsolidation pursuant to this Section 4.03 shall be treated as distribution under Section 301 of the Code for all applicable tax purposes, unless otherwise required by applicable law.
(j)    Examples.    Any ambiguity in the provisions of this Section 4.03 shall be resolved (where possible) by reference to the examples delivered by the GM Investor and acknowledged by SoftBank and the Company pursuant to that certain letter provided to SoftBank UK prior to the execution of the SoftBank Purchase Agreement (and subsequently acknowledged and agreed to by SoftBank) and acknowledged by Honda pursuant to that certain letter provided to Honda prior to the execution of the Honda Purchase Agreement; provided, however, that in the event of a conflict with such letter, this Section 4.03 shall control.
(k)    Consistent Reporting Covenant.  
(i)    Notwithstanding anything to the contrary contained herein, the Class A-1 Preferred Shares are intended to be treated as common stock for all purposes of the Code (and not as preferred stock within the meaning of Treasury Regulations Section 1.305-5).  Absent a relevant change in law or administrative, regulatory or judicial authority or guidance, unless otherwise required pursuant to a “determination” within the meaning of Section 1313 of the Code, neither the Company nor any of the Members shall report any Distribution with respect to the Class A-1 Preferred Shares that is paid by accretion of the Class A-1 Preferred Return on such Shares (in accordance with Section 3.01(c) hereof) as a taxable distribution pursuant to Section 305(b)(2) of the Code or take any position inconsistent with the intended tax treatment described in this Section 4.03(k).
(ii)    Notwithstanding anything to the contrary contained herein, the Class A-2 Preferred Shares and the Class F Preferred Shares are intended to be treated as common stock for all purposes of the Code.
(l)    Audit Adjustments.  Notwithstanding anything to the contrary herein, in the event there is an adjustment to any GM Consolidated Return or any Company tax return for any Tax Period as a result of an audit, the computations described in this Section 4.03 will be adjusted to reflect the results of such audit and any amounts payable hereunder shall be increased or decreased to reflect the revised computations.
(m)    Tax Materials.  For the avoidance of doubt, neither the Company nor any other Member shall be permitted to review any of the GM Investor’s tax returns, workpapers or other tax information (“Tax Materials”), or any Tax Materials of or related to the GM Consolidated Group.
(n)    Definitions.  For purposes of this Section 4.03, the following terms shall be defined as follows:
(i)    “Aggregate Company Hypothetical Pre-Deconsolidation Tax Amount” means, with respect to a Tax Period, the sum of the Company Hypothetical Pre-Deconsolidation Tax Amount for such Tax Period and all prior Tax Periods.
(ii)    “Company Hypothetical Pre-Deconsolidation Tax Amount” means, with respect to a Tax Period prior to a Deconsolidation, the amount of U.S. federal income tax that would have been owed by the Company and its Subsidiaries if the Company and its Subsidiaries had not been members of the GM Consolidated Group and instead were a separate U.S. consolidated group (but had utilized the same tax accounting methods, elections, conventions, practices, policies and principles actually utilized by the GM Consolidated Group).
(iii)    “Deconsolidation” means any event pursuant to which the Company ceases to be included in the GM Consolidated Group.
(iv)    “Excess NOL Tax Increase” means, with respect to each Tax Period of the Company after a Deconsolidation, an amount equal to the excess, if any, of (A) the actual U.S. federal income tax payable by the Company and its Subsidiaries in respect of such Tax Period over (B) the U.S. federal income tax that would have been payable by the Company and its Subsidiaries in respect of such Tax Period if upon a Deconsolidation the Company had an amount of net operating losses, as defined in Section 172(c) of the Code, equal to the NOL Deficit Amount.
(v)    “GM Consolidated Group” means the consolidated group of corporations of which GM Parent is the “common parent” within the meaning of Treasury Regulations Section 1.1502-1(h).
(vi)    “GM Consolidated Return” means the consolidated U.S. federal income tax return of GM Parent filed pursuant to Section 1501 of the Code.
(vii)    “Hypothetical Deconsolidated Company NOL Amount” shall mean the amount of net operating losses, as defined in Section 172(c) of the Code, that the Company and its Subsidiaries would have had upon a Deconsolidation had the Company and its Subsidiaries never been members of the GM Consolidated Group (but had utilized the same tax accounting methods, elections, conventions, practices, policies and principles actually utilized by the GM Consolidated Group and had closed its Tax Period as of the date of a Deconsolidation), provided that Hypothetical Deconsolidated Company NOL Amount shall be reduced by the amount of any such net operating losses that were previously included in the computation of Incremental GM Tax Amount and resulted in a reduction in the Incremental GM Tax Amount.
(viii)    “Incremental GM Tax Amount” means with respect to a Tax Period, the excess, if any, of (A) the total U.S. federal income tax actually owed by the GM Consolidated Group for such Tax Period and all prior Tax Periods ending after the Original Closing Date, over (B) the total U.S. federal income tax that would have been owed by the GM Consolidated Group for such Tax Period and all prior Tax Periods ending after the Original Closing Date had the Company and its Subsidiaries never been members of the GM Consolidated Group, determined on a with and without basis and ignoring any state apportionment differences resulting from the inclusion of the Company and its Subsidiaries in the GM Consolidated Group; provided, the amount in clause (A) shall be determined assuming any net operating losses for which the Company has been compensated for pursuant to Section 4.03(b) were not available to the GM Consolidated Group (determined by assuming that such net operating losses are the last losses that would have otherwise been taken into account in clause (A)).
(ix)    “NOL Deficit Amount” shall mean an amount equal to the excess, if any, of (A) the Hypothetical Deconsolidated Company NOL Amount over (B) $1,300,000,000.
(x)    “Other Tax Credits” shall mean any U.S. federal, state or local income or franchise tax credits other than R&D Tax Credits as defined herein.
(xi)    “R&D Tax Credits” shall mean any U.S. federal income tax credits for research activities under Section 41 of the Code, and, for the purpose of applying Section 4.03(e), any state or local income or franchise tax credits that are directly analogous to tax credits for research activities under Section 41 of the Code.
(xii)    “Section 59(e) Benefit Amount” with respect to a Tax Period means the amount by which the payment (A) required by the Company to GM under Section 4.03(c) for such Tax Period would have been more or (B) by GM to the Company under Section 4.03(b) would have been less, in each case, had no Section 59(e) Election been made; provided, for purposes of determining such difference under (A) or (B) with respect to any Section 59(e) Benefit Amount that corresponds to a prior correlative Section 59(e) Detriment Amount (using the earliest Section 59(e) Detriment first), such Section 59(e) Benefit Amount shall be determined assuming that the U.S. federal income tax rates applicable at the time of such Section 59(e) Detriment were still in effect.
(xiii)    “Section 59(e) Detriment Amount” with respect to a Tax Period means the amount by which the payment (A) required by the Company to GM under Section 4.03(c) for such Tax Period would have been less or (B) by GM to the Company under Section 4.03(b) would have been more, in each case, had no Section 59(e) Election been made. 
(xiv)    “Tax Period” means a taxable year as defined in Section 441(b) of the Code.  

4.04    Transfer Taxes.  Any Transfer Taxes (as defined in the SoftBank Purchase Agreement) incurred in connection with any issuance of any Equity Securities to SoftBank, SoftBank UK or any of their Affiliates or Permitted Transferees pursuant to this Agreement or the SoftBank Purchase Agreement or in relation to the issuance of any Class F Preferred Shares shall, in each case, be paid by SoftBank when due. Any Transfer Taxes (as defined in the Honda Purchase Agreement) incurred in connection with any issuance of any Equity Securities to Honda or any of its Affiliates or Permitted Transferees pursuant to this Agreement or the Honda Purchase Agreement or in relation to the issuance of any Class F Preferred Shares shall be paid by Honda when due. Any Transfer Taxes (as defined in the Class F Purchase Agreement) incurred in connection with any issuance of Class F Preferred Shares to a Class F Preferred Member or any of their Affiliates or Permitted Transferees pursuant to this Agreement, the Class F Purchase Agreement, or any subscription agreement shall be paid by such Class F Preferred Members when due. The Company shall file all necessary tax returns and other documentation with respect to all Transfer Taxes and, if required by applicable law, the GM Investor, SoftBank, Honda and the Class F New Members (as applicable) will, and will cause their Affiliates, to join in the execution of any such tax returns and other documentation.
The provisions contained in this Article IV, and any payments required to be made pursuant hereto, shall survive the termination of the Company and the withdrawal of any Member.

ARTICLE V     
MEMBERS

5.01    Voting Rights of Members.  Subject to Section 2.02 and Section 9.10:
(a)    Each Class A-1 Preferred Member shall be entitled to ten (10) votes for each Class A-1 Preferred Share held by such Member on any matter which is submitted to the Members for a vote or consent.
(b)    Each Class A-2 Preferred Member shall be entitled to ten (10) votes for each Class A-2 Preferred Share held by such Member on any matter which is submitted to the Members for a vote or consent.
(c)    Each Class B Member shall be entitled to one (1) vote for each Class B Common Share held by such Member on any matter which is submitted to the Members for a vote or consent.
(d)    Each Class C Member shall be entitled to ten (10) votes for each Class C Common Share held by such Member on any matter which is submitted to the Members for a vote or consent.
(e)    Each Class D Member shall be entitled to one (1) vote for each Class D Common Share held by such Member on any matter which is submitted to the Members for a vote or consent.
(f)    Each Class E Member shall be entitled to one (1) vote for each Class E Common Share held by such Member on any matter which is submitted to the Members for a vote or consent.
(g)    Each Class F Preferred Member shall be entitled to one (1) vote for each Class F Preferred Share held by such Member on any matter which is submitted to the Members for a vote or consent. 
(h)    Each other class or series of Shares shall be entitled to such votes as the Board of Directors shall determine with respect to such class or series on any matter which is submitted to the Members for a vote or consent.
For the avoidance of doubt, the provisions and rights with respect to voting set forth in this Section 5.01 and Section 6.03 are intended to provide GM with “control” of the Company as defined in Section 368(c) of the Code and the Treasury Regulations thereunder, and shall be interpreted consistent therewith.  Neither the Company nor any of the Members shall take any reporting position inconsistent with the intended tax treatment described in this Section 5.01.

5.02    Quorum; Voting.  A quorum shall be present with respect to a meeting of the Members if a Majority of the Members are represented in person or by proxy at such meeting.  Once a quorum is present at a meeting of the Members, the subsequent withdrawal from the meeting of any Member (other than the GM Investor, whose withdrawal from the meeting shall cause a quorum to no longer be present) prior to the meeting’s adjournment or the refusal of any Member to vote on any matter that is open to vote by the Members at the meeting shall not affect the presence of a quorum at the meeting.  Each of the Members hereby consents and agrees that one or more Members may participate in a meeting of the Members by means of conference telephone or similar communications equipment by which all Persons participating in the meeting can hear each other at the same time, and such participation shall constitute presence in person at the meeting.  If a quorum is present, except as otherwise expressly provided herein, the affirmative vote of the Members representing a Majority of the Members represented at the meeting and entitled to vote on the subject matter shall be the act of the Members.

5.03    Written Consent.  Any action required or permitted to be taken at a meeting of the Members may be taken without a meeting if the action is evidenced by a written consent describing the action taken signed by a Majority of the Members.  Action taken under this Section 5.03 is effective when a Majority of the Members have signed the consent, unless the consent specifies a different effective date.  Promptly following the effectiveness of any action taken by written consent by a Majority of the Members, the Company shall provide written notice of such action to any Member who was otherwise entitled to vote on such matter or action and whose consent was not solicited in connection therewith.

5.04    Meetings.  Meetings of the Members may be called by (a) the Board of Directors or (b) a Majority of the Members.

5.05    Place of Meeting.  The Board of Directors may designate the place of meeting for any annual meeting and the Person(s) calling a special meeting pursuant to Section 5.04 may designate the place for such special meeting.  If no designation is made, the place of meeting shall be the principal office of the Company.

5.06    Notice of Meeting.  Written notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, shall be provided to each Member not less than three (3) Business Days prior to the date of the applicable meeting and otherwise in accordance with Section 12.06.  Any Member may waive notice of any meeting.  The attendance of a Member at a meeting shall constitute a waiver of notice of such meeting except where a Member attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened.  Neither the business to be transacted at nor the purpose of any regular meeting of Members need be specified in the notice or waiver of notice of such meeting.

5.07    Withdrawal; Partition.  No Member shall have the right to resign or withdraw as a member of the Company.  No Member shall have the right to seek or obtain partition by court decree or operation of law of any Company property, or the right to own or use particular or individual assets of the Company, except as may be expressly set forth in the Commercial Agreements, the Honda Commercial Agreements or any other written agreement between such Member and the Company.

5.08    Business Opportunities; Performance of Duties.
(a)    Subject to Article XI, any agreement entered into with any Employee Member and any restriction on any Class E Member in any written agreement entered into by the Company with a Class E Member, each Member and its Affiliates and its and their respective officers, directors, equityholders, partners, members, managers, agents, employees and investment advisers (and other funds and accounts advised or sub-advised by such investment advisers) (the “Member Group Persons”) (i) is permitted to have, and may presently or in the future have, investments or other business relationships with entities engaged in other, complementary or competing lines of business other than through the Company and its Subsidiaries (an “Other Business”), (ii) may have or may develop a strategic relationship with businesses that are and may be competitive or complementary with the Company and its Subsidiaries, (iii) is not prohibited by virtue of their investment in the Company or any of its Subsidiaries or, if applicable, their service on the Board of Directors or the board of directors (or similar governing body) of any of the Company’s Subsidiaries from pursuing and engaging in any such activities and (iv) is not obligated to inform the Company or any of its Subsidiaries of any such opportunity, relationship or investment.  Subject to Article XI and any agreement entered into with any Employee Member, the involvement of any Member Group Person in any Other Business will not constitute a conflict of interest by such Persons with respect to the Company or its Members or any of its Subsidiaries. 
(b)    Without prejudice to Section 5.08(a), each Director shall, in his or her capacity as a Director, and not in any other capacity, have the same fiduciary duties to the Company and the Members as a director of a Delaware corporation; provided, that, notwithstanding the foregoing: 
(i)    the Directors shall not have, or be deemed to have, any duties or implied duties (including fiduciary duties) to the Company or its Subsidiaries, any Member or any other Person (and each Director may act in and consider the best interests of the Member who designated such Director and shall not be required to act in or consider the best interests of the Company and its Subsidiaries or the other Members) and any duties or implied duties (including fiduciary duties) of a Director to any other Member or the Company or its Subsidiaries that would otherwise apply at law or in equity are hereby disclaimed and eliminated to the fullest extent permitted under the Act and any other applicable law, and each Member hereby disclaims and waives all rights to, and releases each other Member and each Director from, any such duties, in each case with respect to or in connection with any of the following circumstances:
(A)    any transaction or arrangement, or any proposed transaction or arrangement, between the Company or its Subsidiaries, on the one hand, and SoftBank or any SoftBank Party, on the other hand, including the decision to engage, or not to engage in, such transaction or arrangement; and
(B)    any decision to engage or not to engage in any transaction or arrangement, or any proposed transaction or arrangement contemplated by the Transaction Documents or the Commercial Agreements (as the same may be amended from time to time in accordance with the provisions thereof), or which is otherwise on terms consistent with the Commercial Agreements; and
(C)    the issuance of Equity Securities to the GM Investor or any of its Affiliates pursuant to Section 2.06; and
(ii)    without limiting the requirements of Section 6.13(b), in connection with any transaction or arrangement, or any proposed transaction or arrangement, between the Company or any of its Subsidiaries, on the one hand, and GM or any of its Affiliates, on the other hand, (A) there will be no requirement for any non-Independent Director to approve such a transaction or for any independent or non-Board of Director review process, and (B) such transaction or arrangement and decision of the Board of Directors in connection therewith shall not be subject to any heightened standard of review or approval (including any review under an “entire fairness” standard).
(c)    To the maximum extent permitted by law, no Member Group Person (other than any Director in their capacity as the same to the extent expressly provided in this Agreement) shall owe any fiduciary or similar duties or obligations to the Company or its Subsidiaries, the Members or any Person, and any such duties (fiduciary or otherwise) of such Member Group Person are intended to be modified and limited to those expressly set forth in this Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or exist against any such Member Group Person.  For purposes of clarification and the avoidance of doubt and notwithstanding the foregoing, nothing contained in this Section 5.08 or elsewhere in this Agreement shall, nor shall it be deemed to, eliminate (i) the obligation of the Members to act in compliance with the express terms of this Agreement, any Transaction Document, any Commercial Agreement or any Honda Commercial Agreement, or (ii) the implied contractual covenant of good faith and fair dealing of the Members.
(d)    In performing its, his or her duties, each of the Members, Directors and Officers shall be entitled to rely in good faith on the provisions of this Agreement and on information, opinions, reports or statements (including financial statements and information, opinions, reports or statements as to the value or amount of the assets, liabilities, profits or losses of the Company and its Subsidiaries), of the following other Persons or groups: (i) (A) in relation to such Member, one or more officers or employees of such Member or by the Company or any of its Subsidiaries, or (B) in relation to an Officer or Director, one or more Officers or employees of the Company or its Subsidiaries, (ii) (A) in relation to such Member, any attorney, independent accountant, investment adviser or other Person employed or engaged by such Member or by the Company or any of its Subsidiaries, or (B) in relation to an Officer or Director, any attorney, independent accountant or other Person employed or engaged by the Company or any of its Subsidiaries, or (iii) any other Person who has been selected with reasonable care by or on behalf of such Member (in relation to a Member only) or by or on behalf of the Company or any of its Subsidiaries, in each case, as to matters which such relying Person reasonably believes to be within such other Person’s professional or expert competence.  The preceding sentence shall in no way limit any Person’s right to rely on information to the extent provided in Section 18-406 of the Act.

5.09    Limitation of Liability.  Except as otherwise required by applicable law or as expressly set forth in this Agreement, no Member shall have any personal liability whatsoever in such Member’s capacity as a Member, whether to the Company, to any of the other Members, to the creditors of the Company or to any other Person for the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise (including those arising as a Member or an equityholder, an owner or a shareholder of another Person).  Each Member shall be liable only to make such Member’s Capital Contribution to the Company, if applicable, and the other payments provided for expressly herein, in each case, in accordance with the applicable terms of this Agreement and any Transaction Document (and, in the case of Honda, the Honda Purchase Agreement) to which it is a party.

5.10    Authority.  Except as otherwise expressly set forth in this Agreement, no Member, in its capacity as a Member, shall have the power to act for or on behalf of, or to bind the Company.

5.11    Sale of the Company; IPO.  Notwithstanding anything to the contrary in this Agreement, the prior written consent of the GM Investor (acting in its sole discretion and in its capacity as a Member) will be required prior to entering into or consummating any Sale of the Company or any IPO. 

5.12    Honda Minority Consent Right. Without Honda’s prior written consent, for so long as Honda owns the Honda Floor Amount, the Company shall not make any alteration or amendment or waiver to this Agreement that would have a material and disproportionate adverse effect on the terms of the Class E Common Shares; provided, that this Section 5.12 will not apply to any of the following: (i) the addition of Members to the Company or the issuance of Shares or other Equity Securities of the Company (whether of a new or an existing class), in each case, in accordance with the terms of this Agreement, and any amendment(s) to this Agreement in connection with implementing such issuance or addition of such Member(s) (including the updating of the Members Schedule in connection therewith) or the granting of any rights to one or more Members in connection with such issuance in accordance with the terms of this Agreement, (ii) any amendment(s) to this Agreement in connection with the preparation for or consummation of an IPO that do not have a material and disproportionate effect on the terms of the Class E Common Shares (except as contemplated by Section 9.10) or (iii) to correct any typographical or similar ministerial errors.  In determining whether an amendment has a material and disproportionate adverse effect on the terms of the Class E Common Shares, only the terms related thereto shall be considered, and any other relationship(s) the Class E Members may have with the Company, any of its Subsidiaries or the other Members shall not be considered and no characteristic of the Class E Members other than the terms of the Class E Common Shares shall be considered.

5.13    Class F Minority Consent Right. Without the prior written consent of a Majority of the Class F Preferred, the Company shall not make any alteration or amendment or waiver to this Agreement that would (a) have a material and disproportionate adverse effect on the terms of the Class F Preferred Shares, (b) alter the definitions of Class F Liquidation Preference Amount or Class F Preferred Capital Value, (c) alter the definitions of Deemed Liquidation Event, Sale of the Company or Drag-Along Sale Transaction in a manner that would adversely affect in any material respect the rights of the Class F Preferred Shares, or (d) result in the net proceeds or assets available for distribution upon a liquidation or Deemed Liquidation Event not being applied in accordance with Section 3.02 (as the same may be amended from time to time, pursuant to the terms and conditions hereof); provided, that this Section 5.13 will not apply to any of the following: (i) the addition of Members to the Company or the issuance of Shares or other Equity Securities of the Company (whether of a new or an existing class), in each case, in accordance with the terms of this Agreement, and any amendment(s) to this Agreement in connection with implementing such issuance or addition of such Member(s) (including the updating of the Members Schedule in connection therewith) or the granting of any rights to one or more Members in connection with such issuance in accordance with the terms of this Agreement, (ii) any amendment(s) to this Agreement in connection with the preparation for or consummation of an IPO that do not have a material and disproportionate effect on the terms of the Class F Preferred Shares (except as contemplated by Section 9.10) or (iii) to correct any typographical or similar ministerial errors.  In determining whether an amendment has a material and disproportionate adverse effect on the terms of the Class F Preferred Shares, only the terms related thereto shall be considered, and any other relationship(s) the Class F Preferred Members may have with the Company, any of its Subsidiaries or the other Members shall not be considered and no characteristic of the Class F Preferred Members other than the terms of the Class F Preferred Shares shall be considered.

ARTICLE VI     
MANAGEMENT

6.01    Management.
(a)    Without prejudice to Section 5.12, to the fullest extent permitted by law, the business and affairs of the Company shall be managed by a board of directors (the “Board of Directors”), which shall direct, manage and control the business of the Company.  Except as otherwise expressly set forth herein (or if required by a non-waivable provision of the Act), no Member shall have the right to manage the Company or to reject, override, overturn, veto or otherwise approve or pass judgement upon any action taken by the Board of Directors or an authorized Officer of the Company.  Except as otherwise expressly set forth herein, the Board of Directors shall have full and complete authority, power and discretion to manage and control the business, affairs and properties of the Company and make any and all decisions and to take any and all actions which the Board of Directors deems necessary or desirable for that purpose.
(b)    Each Director shall constitute a “manager” within the meaning of the Act.  However, no individual Director, in his or her capacity as such, shall have the authority to bind the Company.

6.02    Number of Directors.  At the date of this Agreement, the Board of Directors shall consist of seven (7) Directors.  The Board of Directors may, from time to time following the date of this Agreement, determine the size of the Board of Directors; provided, however, that the size of the Board of Directors shall not be decreased to less than six (6) Directors.

6.03    Board Designation Rights and Composition; Proxies.
(a)    (i) The Class A-2 Preferred Members shall, by vote of a Majority of the Class A-2 Preferred, have the exclusive right to designate, appoint, remove and replace all Directors (including any Director vacancies created by virtue of an increase in the size of the Board of Directors pursuant to Section 6.02) other than the SoftBank Director (if applicable) and the Common Director (the “A-2 Preferred Directors”); provided, that if there are no Class A-2 Preferred Shares outstanding, the A-2 Preferred Directors will be appointed by a Majority of the Class C Common, (ii) the Members holding Common Shares and Class F Preferred Shares shall, by vote of a Majority of the Common Shares, have the exclusive right to designate, appoint, remove and replace one (1) Director (the “Common Director”), and (iii) following the receipt of SoftBank CFIUS Approval and subject to Section 6.05, SoftBank shall have the exclusive right (exercisable by written notification to the Company and the GM Investor), for so long as SoftBank owns the SoftBank Floor Amount, to designate, appoint, remove and replace one (1) Director (the “SoftBank Director”).  The initial A-2 Preferred Directors are such five (5) natural Persons as were notified in writing to the Company and SoftBank by GM and the initial Common Director is such one (1) natural Person as was notified in writing to the Company and SoftBank by GM.  If at any time any Director ceases to serve on the Board of Directors (whether due to resignation, removal or otherwise), the Member(s) entitled to designate and appoint such Director pursuant to this Section 6.03 shall designate and appoint a replacement for such Director by written notice to the Board of Directors (it being further understood and agreed that the failure by any party to designate and appoint a representative to fill a vacant Director position pursuant to this Section 6.03(a) shall not give rights to, or otherwise entitle, the Board of Directors or any other Member (other than the Member(s) entitled to designate and appoint such Director pursuant to this Section 6.03(a), including the penultimate sentence hereof) to fill such vacant position without the prior written consent of the Member(s) originally entitled to designate and appoint such Director pursuant to this Section 6.03(a)).  Except as otherwise expressly stated herein, only the Member(s) entitled to designate and appoint a specific Director may remove such Director, at any time and from time to time, with or without cause (subject to applicable law), in such Member(s) sole discretion, and such Member(s) shall give written notice of such removal to the Board of Directors.  Notwithstanding the foregoing, upon such time as SoftBank owns less than the SoftBank Floor Amount, the SoftBank Director shall be immediately and automatically removed, and the right of SoftBank to designate, appoint, remove and replace a Director shall be null and void and, for clarity, Class A-2 Preferred Members shall, by vote of a Majority of the Class A-2 Preferred (or a Majority of the Class C Common, if no Class A-2 Preferred Shares are outstanding), have the exclusive right to fill such vacant Director position (and, thereafter, designate, appoint, remove and replace such Director).  Except as otherwise expressly stated herein, this Section 6.03 is the exclusive means by which Directors may be removed or replaced.
(b)    The GM Investor may elect any one (1) of the Directors to be the Chairman of the Board of Directors (the “Chairman”).  The Chairman, if any, may be removed from his or her position as Chairman at any time by the GM Investor.  The Chairman, in his or her capacity as the Chairman, shall not have any of the rights or powers of an Officer.  The Chairman shall preside at all meetings of the Board of Directors and at all meetings of the Members at which he or she shall be present.  The Chairman may be the chief executive officer, or have another officer position, at GM (or any of its Affiliates) or the Company (or any of its Subsidiaries).
(c)    To the extent permitted by law, each Member shall vote all voting securities of the Company over which such Member has voting control, and shall take all other necessary or desirable actions within such Member’s control (whether in such Member’s capacity as a Member, Director, member of a board committee or Officer of the Company or otherwise, and including attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings), and the Company shall take all necessary and desirable actions within its control (including calling special Board of Directors or member meetings), so that the provisions of this Section 6.03 are promptly complied with and that the composition of the Board of Directors is consistent with the terms and conditions of this Section 6.03.
(d)    Any A-2 Preferred Director or Common Director may authorize any other Director to act for such Director by proxy on any matter brought before the Board of Directors for a vote, which proxy may be granted orally or in writing by the applicable Director.  Any such proxy shall be revocable at the pleasure of the Director granting it, provided that such right to revocation shall not invalidate or otherwise affect actions taken under such proxy prior to such revocation.

6.04    Board Observer.  Following the receipt of SoftBank CFIUS Approval and subject to Section 6.05, SoftBank shall have the exclusive right, for so long as SoftBank owns the SoftBank Floor Amount, to designate one natural person to attend all meetings of the Board of Directors in a non-voting observer capacity (the “SoftBank Board Observer”).  Following the receipt of Honda CFIUS Approval and subject to Section 6.05, Honda shall have the exclusive right, for so long as Honda owns the Honda Floor Amount, to designate one natural person to attend all meetings of the Board of Directors in a non-voting observer capacity (the “Honda Board Observer”, and together with the SoftBank Board Observer, the “Board Observers”). The following terms and conditions will apply to the Board Observers:
(a)    The Company shall deliver to (i) the SoftBank Board Observer copies of all reports, notices, minutes, consents, actions taken or proposed to be taken without a meeting and other materials in each case (and to the extent) that the Company provides the same to the SoftBank Director, each such delivery to be made concurrently with the delivery of such materials to the SoftBank Director and (ii) the Honda Board Observer copies of all reports, notices, minutes, consents, actions taken or proposed to be taken without a meeting and other materials in each case (and to the extent) that the Company provides the same to the Board of Directors, subject to the restrictions set forth in Section 6.14, each such delivery to be made concurrently with the delivery of such materials to the Board of Directors; provided, that failure to deliver any such notice or materials to any Board Observer shall not impair the validity of any action taken by the Board of Directors;
(b)    the Board Observers shall be entitled to attend all meetings of the Board of Directors in person or by telephone, and the Company shall ensure that appropriate arrangements are made such that the Board Observers will be able to hear everyone during any meeting of the Board of Directors at which the Board Observers participate by telephone; provided, that (i) the SoftBank Board Observer may be excluded from access to any portion of any meeting to the same extent as the SoftBank Director (or, in the event the SoftBank Director is not appointed, as if the SoftBank Director were so appointed) would be so excluded (or recused) pursuant to the terms hereof and (ii) the Honda Board Observer may be excluded from access to any portion of any meeting to the extent that matters with respect to which Honda Competitively Sensitive Information is shared, presented or discussed;
(c)    the Board Observers shall be observers only, shall not be actual members of the Board of Directors and shall not have any of the rights, duties or obligations of a Director (including that the Board Observers shall not have the right to vote on any matter that may come before the Board of Directors).  The Board Observers shall not count towards any quorum;
(d)    subject to Section 6.04(f), SoftBank has the right to remove and replace or substitute the SoftBank Board Observer from time to time by providing written notice to the Company;
(e)    subject to Section 6.04(g), Honda has the right to remove and replace or substitute the Honda Board Observer from time to time by providing written notice to the Company;
(f)    upon such time as SoftBank owns less than the SoftBank Floor Amount, the SoftBank Board Observer shall be automatically removed and shall cease to have any of the rights contemplated by this Section 6.04, and the right of SoftBank to designate, appoint, remove and replace the SoftBank Board Observer shall be null and void;
(g)    upon such time as Honda owns less than the Honda Floor Amount, the Honda Board Observer shall be automatically removed and shall cease to have any of the rights contemplated by this Section 6.04, and the right of Honda to designate, appoint, remove and replace the Honda Board Observer shall be null and void; and
(h)    prior to appointment, the Board Observers will each enter into a confidentiality agreement with the Company, on terms mutually acceptable to the Board of Directors and the Board Observers.

6.05    Director Appointee Screening.  Unless otherwise agreed in writing by SoftBank and the GM Investor in the case of the SoftBank Director and SoftBank Board Observer, or Honda and the GM Investor in the case of the Honda Board Observer, each Person selected pursuant to Section 6.03(a) from time to time to serve as the SoftBank Director or a Board Observer (a) (i) in the case of the Softbank Director or Softbank Board Observer must be a U.S. citizen and (ii) in the case of the Honda Board Observer must be a U.S. or Japanese citizen; (b) (i) in the case of the SoftBank Director or SoftBank Board Observer, must not be (A) an employee, director (or board observer), manager, officer or consultant of any SoftBank Restricted Person or (B) a Person who has direct or indirect control, influence or management oversight of Persons who are employees, directors (or board observer), managers, officers or consultants of a SoftBank Restricted Person and (ii) in the case of the Honda Board Observer, must not be (A) an employee of or a consultant of Honda R&D Co., Ltd. (“Honda R&D Co”) or any successor thereof or (B) have direct or indirect control, influence or management oversight of employees, directors, managers, officers or consultants of Honda R&D Co or any successor thereof; (c) in the case of the SoftBank Director or SoftBank Board Observer, must not be a member of any investment committee (or similar body) of any Person whose other members include one or more Persons that are described in subsection (b)(i); (d) must not (i) be a “bad actor” as defined in Rule 506(d)(1) of the Securities Act or (ii) have been convicted of a felony (excluding driving under the influence) or any crime involving moral turpitude; and (e) shall be subject to the prior written approval of the Majority of the Class A-2 Preferred.  If any nominee for the position of SoftBank Director or either of the Board Observers is rejected by the Majority of the Class A-2 Preferred, such Person shall not be nominated or appointed as a Director or either Board Observer, as applicable.  If, at any time following the appointment of any SoftBank Director or any Board Observer, the Majority of the Class A-2 Preferred believes that such SoftBank Director or Board Observer no longer satisfies the applicable criteria described in clauses (a) through (d) above, the Majority of the Class A-2 Preferred may deliver written notice thereof to the Majority of the Class A-1 Preferred in the case of the SoftBank Director or SoftBank Board Observer or Honda, in the case of the Honda Board Observer and the Board of Directors in any case.  If, following reasonable consultation with SoftBank or Honda, as applicable, the Board of Directors determines that such criteria are not met, such SoftBank Director or Board Observer (as applicable) will be deemed automatically removed, without recourse, as a Director or Board Observer (as applicable) and SoftBank or Honda, as applicable, shall have the right to fill the resulting vacancy as contemplated by Section 6.03 and Section 6.04 but subject to this Section 6.05. If no Class A-2 Preferred Shares are outstanding, references in this Section 6.05 to a Majority of the Class A-2 Preferred will be deemed to be to a Majority of the Class C Common.

6.06    Tenure of Directors.  Each Director shall hold office until the earliest of such Person’s death, resignation, removal or replacement (or, in the case of the SoftBank Director, such time as SoftBank owns less than the SoftBank Floor Amount).

6.07    Committees.  The Board of Directors may establish one or more committees, each committee to consist of one or more of the Directors.  Each Director serving on any such committee shall have one (1) vote.  Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the power and authority of the Board of Directors.  The vote of a Majority of a Committee is required for any action or decision of a committee requiring the consent or approval of such committee, unless determined by the Board of Directors or the applicable committee (by vote of a Majority of a Committee).  The procedures governing the meetings and actions of any committee shall be the same as those governing the Board of Directors pursuant to this Article VI (including quorum, voting, notice and other similar requirements), unless otherwise determined by the Board of Directors or the applicable committee (by a vote of a Majority of a Committee).

6.08    Director Compensation.  No Director shall be entitled to compensation for acting as a Director.  However, the Company shall reimburse each Director for all reasonable out-of-pocket expenses which such Director shall incur in connection with the performance of such Person’s duties as a Director.  Notwithstanding the foregoing, nothing contained in this Agreement shall be construed to preclude any Director from serving the Company or any of its Subsidiaries in any other capacity and receiving compensation for such service.

6.09    Director Resignation.  Any Director may resign at any time by giving written notice to the Board of Directors and the secretary of the Company.  The resignation of any Director shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

6.10    Vacancies.  When any Director shall resign or otherwise cease to serve as Director, such vacancy shall be filled in accordance with Section 6.03.  Unless otherwise provided by the Member(s) entitled to designate such replacement Director, the replacement shall take effect when such resignation or cessation shall become effective.  No vacancy on the Board of Directors shall prevent the operation and functioning of the Board of Directors subject to the terms and conditions hereof.

6.11    Meetings.  The Board of Directors shall meet at such times and at such places (either within or outside of the State of Delaware) as determined in accordance with this Section 6.11.  Minutes of any formal meeting of the Board of Directors shall be kept and placed in the Company’s records.  Notwithstanding anything to the contrary in this Agreement, any action which may be taken at a meeting of the Board of Directors may be taken without a meeting if written consent(s) setting forth the action so taken shall be signed by a Majority of the Board, such written consent(s) to be provided as promptly as reasonably practicable by the Company to the SoftBank Board Observer (only in the event that the SoftBank Director is not serving on the Board of Directors) and the Honda Board Observer.  Meetings of the Board of Directors shall be held on the call of the Chairman, the Board of Directors or at the request of either the Majority of the Class A-2 Preferred or a Majority of the Class C Common upon at least three (3) Business Days written notice to the Directors and the SoftBank Board Observer (only in the event that the SoftBank Director is not serving on the Board of Directors) and the Honda Board Observer (or upon such shorter notice as may be approved by all of the Directors) and such notice shall include the place, day and hour of such meeting, it being acknowledged and agreed that whether such meeting is to be held by telephone communications or video conference shall be determined by the Chairman; provided, that the Board of Directors shall meet (whether in person or by any other means contemplated by Section 6.12) no less frequently than four (4) times per Fiscal Year (or less frequently as may be approved by all of the Directors).  Meetings of the Directors or any committee designated by the Directors may be held without notice at any time that all Directors are present in person (each such meeting, an “Emergency Meeting”), and presence of any Director at a meeting constitutes waiver of notice of such meeting except as otherwise provided by law. Any resolutions passed at an Emergency Meeting shall be provided as promptly as reasonably practicable by the Company to the SoftBank Board Observer (only in the event that the SoftBank Director is not serving on the Board of Directors) and the Honda Board Observer.

6.12    Meetings by Telephone.  Directors may participate in a meeting of the Board of Directors or a committee thereof by means of conference telephone, videoconference or similar communications equipment by which all Persons participating in the meeting can hear each other at the same time.  Such participation shall constitute presence in person at the meeting.

6.13    Quorum; Actions of Board of Directors; SoftBank Minority Consent Rights.  A quorum at all meetings of the Directors shall consist of members of the Board of Directors constituting a Majority of the Board (present in person or by proxy), but a smaller number may adjourn any such meeting from time to time without further notice until a quorum is secured.  The quorum for the holding of a meeting of a committee of the Board of Directors shall be a Majority of a Committee of such committee.  Each Director shall have one (1) vote on all matters submitted to the Board of Directors (whether the consideration of such matter is taken at a meeting, by written consent or otherwise).  The vote of (or written consent signed by) a Majority of the Board shall be required for any action, decision or approval by the Board of Directors; provided, that for so long as SoftBank owns the SoftBank Floor Amount, the Company shall not, and shall not permit any Subsidiary of the Company to, take any of the following actions without the approval of a Majority of the Board which majority shall include the vote in favor of the SoftBank Director, or by written consent signed by the Majority of the Board which shall also include the signature of the SoftBank Director:
(a)    make any alteration or amendment or waiver to this Agreement or the organizational documents of any Subsidiary of the Company in a manner that is adverse to rights of the Class A-1 Preferred Shares; provided, that this Section 6.13(a) will not apply to any of the following: (i) the addition of Members to the Company or the issuance of Shares or other Equity Securities of the Company (whether of a new or an existing class), in each case, in accordance with the terms of this Agreement, and any amendment(s) to this Agreement in connection with implementing such issuance or addition of such Member(s) (including the updating of the Members Schedule in connection therewith) or the granting of any rights to one or more Members in connection with such issuance in accordance with the terms of this Agreement, (ii) any amendment(s) to this Agreement in connection with the preparation for or consummation of an IPO that do not adversely affect the Class A-1 Preferred Shares in a manner which is disproportionate to the other Shares (except as contemplated by Section 9.10) or (iii) to correct any typographical or similar ministerial errors.  In determining whether an amendment adversely affects the rights of the Class A-1 Preferred Shares, only the rights related thereto shall be considered, and any other relationship(s) the Class A-1 Preferred Members may have with the Company, any of its Subsidiaries or the other Members shall not be considered and no characteristic of the Class A-1 Preferred Members other than the rights relating to the Class A-1 Preferred Shares shall be considered;
(b)    without prejudice to Sections 5.08(b)(i)(B), 5.08(b)(i)(C) and 5.08(b)(ii), enter into any transaction, arrangement or agreement between the Company or any of its Subsidiaries, on the one hand, and GM or any of its Affiliates on the other hand, except in each case for any such transaction, arrangement or agreement, (i) on terms, as determined by the Board of Directors acting in good faith, that are no less favorable, in all material respects, than those the Company would agree to with any Person who is not GM or any of its Affiliates; provided, that for any such transaction, arrangement or agreement, the Board of Directors may (but shall not be obligated to) obtain (A) an opinion of an independent auditor or independent outside counsel that the requirements of subsection (i) have been satisfied or (B) approval of a majority of the Independent Directors (to the extent any are appointed), and such opinion or approval shall be conclusive evidence that the requirements of subsection (i) have been satisfied and shall be binding on the Members (it being understood that failure to obtain such opinion or approval shall not, in and of itself, be evidence that the requirements of subsection (i) have not been satisfied); (ii) contemplated by the Transaction Documents or the Commercial Agreements (as the same may be amended from time to time in accordance with the provisions thereof), or which is otherwise on terms consistent with the Commercial Agreements; or (iii) providing for the issuance of Equity Securities pursuant to Section 2.06;
(c)    issue any Equity Securities that have rights, preferences or privileges with respect to Distributions, (i) senior to the rights of the Class A-1 Preferred Shares in Sections 3.01(b)(i) or 3.02(a)(i) or (ii) at any time prior to the first (1st) anniversary of Commercial Deployment, pari passu with the rights of the Class A-1 Preferred Shares in Sections 3.01(b)(i) or 3.02(a)(i) (the “Par Securities”); provided, that this subsection (ii) will not apply to (A) the Class F Preferred Shares issued to the Class F Preferred Members pursuant to the Class F Purchase Agreement and (B) the first $1,000,000,000 of new Par Securities issued in addition to the Class F Preferred Shares (with such amount being calculated based on the consideration paid by the recipient(s) of such Par Securities); or
(d)    consummate an IPO, prior to June 28, 2021, pursuant to which Class A-1 Preferred Members would receive Low-Vote IPO Shares that, at the time of the IPO, had (i) with respect to Class A-1-A Preferred Shares a per share market value less than the Class A-1-A Liquidation Preference Amount or (ii) with respect to Class A-1-B Preferred Shares a per share market value less than the Class A-1-B Liquidation Preference Amount (such aggregate shortfall for each Class A-1 Preferred Member, the “IPO Shortfall”); provided, that this Section 6.13(d) will not apply if:
(i)    the Board of Directors, at or prior to the consummation of such an IPO (other than an IPO with no primary issuance or that constitutes a spin-off), causes the Company to make an irrevocable written commitment to each Class A-1 Preferred Member pursuant to which the Company will provide to such Class A-1 Preferred Member additional Low-Vote IPO Shares and/or cash equal to the aggregate IPO Shortfall that would be suffered by such Class A-1 Preferred Member; or
(ii)    in the case of such an IPO with no primary issuance or that constitutes a spin-off, at or prior to the consummation of such IPO the IPO’d entity enters into a binding agreement providing that, if based on the thirty (30)-day variable weighted average share price of the IPO’d entity immediately following such IPO there exists an IPO Shortfall, such entity will issue to the former Class A-1 Preferred Members additional Low-Vote IPO Shares and/or cash equal to the aggregate IPO Shortfall.
Notwithstanding anything to the contrary in this Agreement, if at any time the SoftBank Director has not been appointed to the Board of Directors or there is otherwise a vacancy with respect to the SoftBank Director and, in each case, SoftBank continues to own the SoftBank Floor Amount, none of the foregoing actions in this Section 6.13 shall be taken without the approval of the Majority of the Class A-1 Preferred.  For clarity, if the rights in this Section 6.13(a) through (d) are amended or cease to apply pursuant to Sections 2.02(c)(ii) or 2.02(d), such rights will also be amended or cease to apply (as applicable) with respect to the Majority of the Class A-1 Preferred (to the extent rights were granted pursuant to the prior sentence). 

6.14    Competitively Sensitive Information.  
(a)    Notwithstanding anything to the contrary in this Agreement (and subject further, and without prejudice, to Section 8.03), in the event that any written or oral materials that contain SoftBank Competitively Sensitive Information will be shared with or presented to the Board of Directors, the Company shall withhold any such materials such that the SoftBank Competitively Sensitive Information is only shared or discussed with, or presented for review only to, the A-2 Preferred Directors and the Common Director (and decisions relating thereto), and each other Director (and the SoftBank Board Observer) shall recuse himself or herself from the portion(s) of the meeting at which any such matters are shared, presented or discussed; provided, that the Company will (a) only redact that portion of any written materials which constitutes SoftBank Competitively Sensitive Information, provide the redacted document to the recused Directors and permit the recused Directors to participate in such portion of any meeting or discussion that relates solely to the unredacted sections of such materials, and (b) inform each Director that SoftBank Competitively Sensitive Information will be shared with or presented to the Board of Directors at least one (1) Business Day in advance of such materials being shared or presented
(b)     Notwithstanding anything to the contrary in this Agreement (and subject further, and without prejudice, to Section 8.03), in the event that any written or oral materials that contain Honda Competitively Sensitive Information will be shared with or presented to the Board of Directors, the Company shall withhold any such materials such that the Honda Competitively Sensitive Information is only shared or discussed with, or presented for review only to, the Directors (and decisions relating thereto) (provided, that, this Section 6.14(b) is without prejudice to Section 6.14(a)), and the Honda Board Observer shall recuse himself or herself from the portion(s) of the meeting at which any such matters are shared, presented or discussed; provided, that the Company will (a) only redact that portion of any written materials which constitutes Honda Competitively Sensitive Information, provide the redacted document to the recused Honda Board Observer and permit the recused Honda Board Observer to participate in such portion of any meeting or discussion that relates solely to the unredacted sections of such materials, and (b) inform each Director and the Honda Board Observer that Honda Competitively Sensitive Information will be shared with or presented to the Board of Directors at least one (1) Business Day in advance of such materials being shared or presented.

6.15    Officers.  The Board of Directors may from time to time appoint individuals as officers of the Company (“Officers”).  The Officers of the Company shall have such titles, duties, authority and compensation (if any) as shall be fixed by the Board of Directors from time to time.  Any Officer may be removed, with or without cause, at any time by the Board of Directors.

ARTICLE VII     
EXCULPATION AND INDEMNIFICATION

7.01    Exculpation.  No Officer shall be liable to any other Officer, the Company or any Member for any loss suffered by the Company or any Member; provided, that subject to the other limitations contained in this Agreement, this sentence shall not apply with respect to losses caused by such Person’s fraud, gross negligence, intentional misconduct or intentional breach of this Agreement or breach of any duty owed to the Company or to any other Member.  Without limiting the foregoing, the Officers shall not be liable for any acts or omissions that do not constitute fraud, gross negligence, intentional misconduct or intentional breach of this Agreement or breach of any duty owed to the Company or to any other Member.  No Director shall be liable to any other Director, the Company or any Member for any loss suffered by the Company or any Member to the maximum extent permitted pursuant to the DGCL (as the same exists or may hereafter be amended (but in the case of any amendment, only to the extent such amendment permits the Company to provide broader exculpation than the Company was permitted to provide prior to such amendment)) with respect to directors of corporations (assuming such corporation had in its certificate of incorporation a provision eliminating the liabilities of directors and officers to the maximum extent permitted by Section 102(b)(7) of the DGCL).

7.02    Indemnification.
(a)    Subject to the limitations and conditions as provided in this Article VII, each Covered Person who was or is made a party or is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, claim, dispute, litigation, complaint, charge, claim, grievance, hearing, audit, arbitration, or mediation, whether civil, criminal, administrative or arbitrative, at law or at equity, or any appeal therefrom, or any inquiry, or investigation that could lead to any of the foregoing (each of the foregoing, a “Proceeding”), by reason of the fact that he, she or it, or a Person of whom he or she is the legal representative, is or was a Member (in the case of a Member for all purposes of this Section 7.02, solely by reason of such Member’s status as a Member and not with respect to any actions taken, or the failure to take an action, by such Person as a Member) or other Covered Person, shall be indemnified by the Company to the fullest extent permitted by the Act or, in the case of Directors, to the fullest extent permitted by the DGCL for a director of a Delaware corporation (assuming such corporation had in its certificate of incorporation a provision eliminating the liabilities of directors and officers to the maximum extent permitted by Section 102(b)(7) of the DGCL), as (in the case of each of the DGCL and the Act) the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment) against judgments, penalties (including excise and similar taxes and punitive damages), fines, settlements and reasonable expenses (including attorneys’ fees) or any other amounts incurred by such Person in connection with such Proceeding, and indemnification under this Article VII shall continue as to a Covered Person who has ceased to serve in the capacity which initially entitled such Person to indemnity hereunder; provided, that except to the extent a Person is entitled to or receives exculpation pursuant to Section 7.01 or as expressly provided for in any Commercial Agreement or Transaction Document, no Covered Person shall be indemnified for any judgments, penalties (including excise and similar taxes and punitive damages), fines, settlements or reasonable expenses (including attorneys’ fees) actually incurred by such Covered Person that are attributable to: (i) Proceedings initiated by such Covered Person or Proceedings by such Covered Person against the Company, (ii) economic losses or tax obligations incurred by a Covered Person as a result of owning Shares or (iii) Proceedings initiated by the Company or any of its Subsidiaries against any such Covered Person, including Proceedings to enforce any rights against such Covered Person under any employment, consulting, services or other agreement between such Person, on the one hand, under the Transaction Documents, Share Grant Agreement, the Honda Commercial Agreements, the Honda Purchase Agreement or the Class F Purchase Agreement.
(b)    Expenses (including attorneys’ fees) incurred by a Covered Person in defending any civil, criminal, administrative or investigative action, suit or proceeding with respect to a Designated Matter shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Covered Person to repay such amount to the extent it shall ultimately be determined that such Covered Person is not entitled to indemnity under this Section 7.02.
(c)    Recourse by a Covered Person for indemnity under this Section 7.02 shall be only against the Company as an entity and no Member shall by reason of being a Member be liable for the Company’s obligations under this Section 7.02 or otherwise be required to make additional Capital Contributions to help satisfy such indemnity obligations of the Company.
(d)    The Company may enter into a separate agreement to indemnify any Covered Person as to any matter (whether or not a Designated Matter) to the extent such agreement is approved by the Board of Directors.  Any such separate agreement shall be in addition to (and not in limitation of) the rights set forth in this Section 7.02 or elsewhere in this Agreement and shall not, unless expressly set forth in such separate agreement, be subject to any limitations or conditions set forth in this Section 7.02 or elsewhere in this Agreement.
(e)    The indemnification and advancement of expenses provided by, or granted pursuant to, the other provisions of this Section 7.02 shall not be deemed to be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any agreement, both as to action in his, her or its official capacity and as to action in another capacity while holding such position or related to the Company, and shall continue as to any Person who has ceased to be a Covered Person (or successor or assignee of a Covered Person) and shall inure to the benefit of the heirs, representatives, successors and assigns of such Covered Person.
(f)    The Company may purchase and maintain insurance for the benefit of any Covered Person with respect to any Designated Matter, whether or not the Company must or could indemnify such Covered Person under this Section 7.02.
(g)    This Article VII shall inure to the benefit of the Covered Persons and their heirs, representatives, successors and assigns, and it is the express intention of the parties hereto that the provisions of this Article VII for the indemnification and exculpation of the Covered Persons may be relied upon by such Covered Persons and may be enforced by such Covered Person against the Company pursuant to this Agreement or to a separate indemnification agreement, as if such Covered Persons were parties hereto.

7.03    No Personal Liability.  No individual who is a Director or an Officer, or any combination of the foregoing, shall be personally liable under any judgment of a court, or in any other manner, for any debt, obligation or liability of the Company, whether that liability or obligation arises in contract, tort or otherwise solely by reason of being a Director or an Officer or any combination of the foregoing.

ARTICLE VIII     
BOOKS AND RECORDS; INFORMATION; RELATED MATTERS; COMPLIANCE

8.01    Generally.  The Company shall (and shall cause it Subsidiaries to) maintain books and records of account in which full and correct entries shall be made of all of their business transactions pursuant to a system of accounting established and administered in accordance with GAAP.  The Company shall (and shall cause its Subsidiaries to) implement financial controls reasonably designed to provide adequate assurance that payments will be made by or on behalf of the Company and its Subsidiaries only in accordance with the instructions of the Board of Directors or, as applicable, management to whom the Board of Directors has delegated such authority.

8.02    Delivery of Financial Information.
(a)    The Company shall deliver to (i) (A) SoftBank, for so long as SoftBank owns the SoftBank Floor Amount and (B) Honda, for so long as Honda owns the Honda Floor Amount, and (C) to each New Class F Preferred Member, for so long as such Member owns the Class F Floor Amount, and, in each case of clauses (A),(B) and (C), subject to Section 8.03, and (ii) the GM Investor:
(i)    as soon as practicable, but in any event within one hundred twenty (120) days (or, with respect to the Fiscal Year ending December 31, 2018, one hundred fifty (150) days), following the end of each Fiscal Year beginning with the Fiscal Year ending December 31, 2018, audited annual financial statements (including balance sheet, income statement, statement of cash flow and statement of members’ equity) and accompanying notes of the Company and its Subsidiaries (on a consolidated basis), prepared in accordance with GAAP (except as may be indicated in the notes thereto);
(ii)    as soon as practicable, but in any event within forty-five (45) days, following the end of each of the first three fiscal quarters of each Fiscal Year of the Company beginning with the fiscal quarter ending September 30, 2018, unaudited financial statements (including balance sheet, income statement, statement of cash flow and statement of members’ equity) of the Company and its Subsidiaries (on a consolidated basis), prepared in accordance with GAAP (except as may be indicated in the notes thereto and subject to the absence of footnote disclosures, normal year-end adjustments and such other departures from GAAP as the Board of Directors may authorize); provided, that quarterly information provided before delivery of the first annual audited financial statements is subject to revision as part of the implementation of standalone financial reporting capabilities;
(iii)    as soon as practicable, but in any event within thirty (30) days after the end of each month, unaudited trial balances of the Company and its Subsidiaries (on a consolidated basis); provided, that such management accounts will only be required to be delivered to the extent they are otherwise prepared by management of the Company in the ordinary course of business (and in such case shall only be required to be in such form as so otherwise prepared) and, for the avoidance of doubt, any monthly financial information may not include all adjustments necessary to reflect the Company and its Subsidiaries (on a consolidated basis) on a standalone basis in accordance with GAAP and any monthly information provided before the delivery of the first annual audited financial statements is subject to revision as part of the implementation of standalone financial reporting capabilities;
(iv)    as soon as practicable, but in any event within thirty (30) days after the end of each fiscal quarter of each Fiscal Year of the Company, the Members Schedule; and
(v)    as soon as reasonably practicable following the end of each Fiscal Year beginning with the Fiscal Year ending December 31, 2018, a budget and business plan for the Company for the then current Fiscal Year.  Such budget and business plan will be the same as was shared with the Board of Directors and will include a level of detail reasonably customary for entities of a size and nature similar to the Company. For clarity, this Section 8.02(a)(v) will be subject to Section 8.06. 

8.03    Technical Information.  Except to the extent required pursuant to the Honda Commercial Agreements, but notwithstanding anything else to the contrary in this Agreement, the Company will not provide (and nothing in this Article VIII or otherwise in this Agreement will require the Company or any of its Directors or employees to provide) any Technical Information to any Class A-1 Preferred Member, Class D Member, Class E Member, Class F Preferred Members, the SoftBank Director or either of the Board Observers.

8.04    Applicable ABAC/AML/Trade Laws.
(a)    The Company covenants and agrees that the Company, any Subsidiaries it establishes and any Associated Person of either the Company or any of its Subsidiaries shall comply with all Applicable ABAC Laws, Applicable AML Laws and Applicable Trade Laws.
(b)    The Company covenants and agrees that the Company, any Subsidiaries it establishes and any Associated Person of either the Company or any of its Subsidiaries shall not use any funds received from GM, SoftBank, Honda or any Class F New Member in violation of Applicable Trade Laws, including, directly or indirectly, for the benefit of any Blocked Person.
(c)    If it has not already done so, the Company shall adopt and implement within forty-five (45) days of executing this Agreement policies and procedures designed to prevent the Company and its Affiliates as well as any Associated Person of either the Company or any of its Affiliates from engaging in any activity, practice or conduct that would violate any of the Applicable ABAC Laws, Applicable AML Laws or Applicable Trade Laws.  Such policy and procedures shall be consistent with the guidance that has been provided by government authorities in the United Kingdom and United States of America having authority to administer and prosecute violations of such laws and regulations.
(d)    The Company shall confirm in writing to SoftBank upon written request (which such request shall be made no more frequently than once each fiscal year) that it and any Subsidiaries it establishes have complied with the undertakings in this Section 8.04.
(e)    If the Company or any Subsidiaries it establishes has knowledge or reasonable cause to believe after reasonable investigation that the Company, any of its Subsidiaries or any Associated Person of the Company or any of its Subsidiaries has materially violated any of the Applicable ABAC Laws, Applicable AML Laws and/or Applicable Trade Laws, it shall notify SoftBank promptly in writing of its suspicion or belief and keep SoftBank apprised of material developments concerning such violation; provided further, for the avoidance of doubt, that neither the Company nor any of the Company’s Subsidiaries shall be obligated to waive their attorney-client privilege to satisfy the foregoing obligation.

8.05    Notice to Honda of an OEM Investment. The Company shall provide the Class E Member with written notice of an OEM Investment through the Honda Board Observer prior to the execution of the definitive agreement with respect to the consummation of such OEM Investment.

8.06    Material Non-Public Information. Notwithstanding anything to the contrary herein, (a) the Company will not provide any Class F New Member with any Material Non-Public Information, and (b) the Company shall not be deemed to be in breach of any obligation under this Agreement as a result of withholding Material Non-Public Information or failing to comply with any of its covenants or obligations herein as a result of the failure to provide Material Non-Public Information (including its obligations to provide a Company’s Notice of Intention to Sell, or any other notice, pursuant to Section 2.07). 

ARTICLE IX     
TRANSFERS OF COMPANY INTERESTS; 
ADMISSION OF NEW MEMBERS; GM CALL

9.01    Limitations on Transfer.
(a)    
(i)    Prior to the SoftBank Trigger Date, (A) no Class A-1 Preferred Shares, Class D Common Shares or any other Equity Securities held by SoftBank or any of its Affiliates (other than any Class F Preferred Shares held by SoftBank or any of its Affiliates) and (B) no Class B Common Shares, may be Transferred or offered to be Transferred without the prior written approval of each of the GM Investor and the Board of Directors and any such Transfer or offer to Transfer such Shares, other Equity Securities or interests therein or rights relating thereto shall be null and void ab initio and of no effect whatsoever. 
(ii)    Prior to the Honda Trigger Date, no Class E Common Shares or any other Equity Securities held by Honda or any of its Affiliates (except any Class F Preferred Shares held by Honda or any of its Affiliates), may be Transferred or offered to be Transferred without the prior written approval of each of the GM Investor and the Board of Directors and any such Transfer or offer to Transfer such Shares, other Equity Securities or interests therein or rights relating thereto shall be null and void ab initio and of no effect whatsoever. 
(iii)    Prior to the Class F Trigger Date, no Class F Preferred Shares or any other Equity Securities held by Class F New Members or any of their respective Affiliates, and no Class F Preferred Shares held by Honda, SoftBank or any of their respective Affiliates, may be Transferred or offered to be Transferred without the prior approval of each of the GM Investor and the Board of Directors and any such Transfer or offer to Transfer such Shares, other Equity Securities or interests therein or rights relating thereto shall be null and void ab initio and of no effect whatsoever. 
(iv)    Sections 9.01(a)(i), 9.01(a)(ii) and 9.01(a)(iii) (A) will not apply to any Transfer pursuant to Sections 2.02(c), 2.10, 9.02, 9.07, 9.08, 9.09, 9.10 or 9.12 (such Transfer, an “Excluded Transfer”) and (B) will cease to apply upon consummation of an IPO.  For clarity, except as set forth in Section 9.01(b) (and notwithstanding Sections 9.01(a)(iii) and 9.01(a)(v)), no Class A-2 Preferred Member, Class C Member or the GM Investor or its Affiliates with respect to its or their respective Class F Preferred Shares is subject to any restrictions on Transfer of its Class A-2 Preferred Shares, Class C Common Shares or Class F Preferred Shares.
(v)    From and after the SoftBank Trigger Date, the limitations on Transfer set forth in Sections 9.01(a)(i) will cease to apply; provided, that following the SoftBank Trigger Date and prior to the consummation of an IPO no Transfer of Class A-1 Preferred Shares, Class D Common Shares, or any other Equity Securities held by SoftBank or any of its Affiliates (other than any Class F Preferred Shares held by SoftBank or any of its Affiliates) will be permitted unless the holder of such Shares shall have first complied with the provisions of Section 9.01(a)(vi). From and after the Honda Trigger Date, the limitations on Transfer set forth in Section 9.01(a)(ii) will cease to apply; provided, that following the Honda Trigger Date, and prior to the consummation of an IPO no Transfer of Class E Common Shares or any other Equity Securities (other than Class F Preferred Shares) held by Honda or any of its Affiliates will be permitted unless the holder of such Shares shall have first complied with the provisions of Section 9.01(a)(vi). From and after the Class F Trigger Date, the limitations on Transfer set forth in Section 9.01(a)(iii) will cease to apply; provided, that following the Class F Trigger Date, and prior to the consummation of an IPO no Transfer of Class F Preferred Shares or any other Equity Securities held by a Class F New Member, or any Class F Preferred Shares held by SoftBank, Honda or any of their respective Affiliates, will be permitted unless the holder of such Shares shall have first complied with the provisions of Section 9.01(a)(vi).  Notwithstanding anything to the contrary in this Agreement (including the expiration of the limitations on Transfer set forth in Sections 9.01(a)(i), 9.01(a)(ii) and 9.01(a)(iii) from and after the SoftBank Trigger Date, the Honda Trigger Date or the Class F Trigger Date, as applicable, but prior to the consummation of the IPO), at no time may (a) Class A-1 Preferred Shares, Class D Common Shares or any other Equity Securities  held by SoftBank or any of its Affiliates (other than any Class F Preferred Shares held by SoftBank or any of its Affiliates), be Transferred to a SoftBank Restricted Person without the prior written approval of each of the GM Investor and the Board of Directors, (b) Class E Common Shares or any other Equity Securities (including Class F Preferred Shares) held by Honda or any of its Affiliates, be Transferred to a Honda Restricted Person without the prior written approval of each of the GM Investor and the Board of Directors or (c) Class F Preferred Shares or any other Equity Securities held by a Class F New Member, or any Class F Preferred Shares held by SoftBank or any of its Affiliates, be Transferred to a Class F Preferred Member Restricted Person without the prior written approval of each of the GM Investor and the Board of Directors.
(vi)    At least fifteen (15) days (or such shorter period as may be consented to by the Board of Directors) prior to entering into any definitive agreement (a “Binding Transaction Agreement”) providing for, or entered into in connection with, a proposed Transfer (other than an Excluded Transfer) of (A) Class A-1 Preferred Shares, Class D Common Shares or any other Equity Securities held by SoftBank or any of its Affiliates (other than any Class F Preferred Shares held by SoftBank or any of its Affiliates), in each case from and after the SoftBank Trigger Date, (B) Class E Common Shares or any other Equity Securities (other than Class F Preferred Shares) held by Honda or any of their Affiliates from and after the Honda Trigger Date, or (C) Class F Preferred Shares or any other Equity Securities held by Class F New Members or their Affiliates or Class F Preferred Shares held by SoftBank, Honda or their respective Affiliates, in each case from and after the Class F Trigger Date, such Member proposing to make such a Transfer (the “Transferor”) shall deliver a written notice (the “ROFR Notice”) to the Board of Directors and the GM Investor, specifying in reasonable detail the identity of the prospective transferee(s), the number and class of Shares or other Equity Securities proposed to be Transferred (the “ROFR Offered Shares”) and the price and other terms and conditions of the proposed Transfer.  No Transferor shall enter into a Binding Transaction Agreement or consummate such proposed Transfer before the GM ROFR Date (or such shorter period as consented to by the Board of Directors).  Following receipt of the ROFR Notice, the GM Investor may elect to purchase all (but not less than all) of the ROFR Offered Shares at the price set forth in the ROFR Notice and otherwise on Equivalent Terms, by delivering (or one of its Affiliates delivering) written notice (a “GM ROFR Notice”) of such election to the relevant Transferor(s) within ten (10) days after delivery of the ROFR Notice (such 10th day, the “GM ROFR Date”).  If the GM Investor (or one of its Affiliates) does not deliver a GM ROFR Notice electing to purchase all of the ROFR Offered Shares at the price set forth in the ROFR Notice and otherwise on Equivalent Terms on or prior to the GM ROFR Date, then the applicable Transferor(s) may sell all, but not less than all, of the ROFR Offered Shares to the Person identified in the ROFR Notice for a per Share amount equal to or greater than, and on other terms no less favorable to Transferor than, the price and other terms set forth in the ROFR Notice, in each case within one hundred twenty (120) days following the GM ROFR Date. Any ROFR Offered Shares not Transferred within such one hundred twenty (120)-day period shall again be subject to the provisions of this Section 9.01(a)(vi) prior to any subsequent Transfer.  If the GM Investor has elected to purchase the ROFR Offered Shares in accordance with this Section 9.01(a)(vi), then such purchase shall be consummated as soon as practicable after the delivery of the GM ROFR Notice to the Transferor(s), but in any event within one hundred twenty (120) days after the delivery of such GM ROFR Notice.  If the consideration proposed to be paid for the ROFR Offered Shares in the ROFR Notice is in property, services or other non-cash consideration, then the fair market value of such non-cash consideration shall be equal to the Fair Market Value thereof.  The GM Investor shall pay the cash equivalent of such Fair Market Value of any such property, services or other non-cash consideration proposed to be paid in the ROFR Notice.
(b)    Notwithstanding any other provision in this Agreement to the contrary, no Transfer of Shares may be made unless, in the opinion of counsel for the Company, satisfactory in form and substance to the Board of Directors (which opinion requirement, or one or more components thereof, may be waived, in whole or in part by the Board of Directors), such Transfer would not result in (i) a violation of any applicable United States federal or state securities laws, (ii) unless waived by the Board of Directors, the Company being required to register as an investment company under the Investment Company Act of 1940 or any other federal or state securities laws or (iii) other than pursuant to Section 9.10, the Company being required to register under Section 12(g) of the Securities Exchange Act of 1934.  As a condition to the Company recognizing the effectiveness of any Transfer of Shares, the Board of Directors may require the transferor and/or transferee, as the case may be, to execute, acknowledge and deliver to the Company such instruments of transfer, assignment and assumption and such other certificates, representations and documents, and to perform all such other acts, which the Board of Directors may reasonably deem necessary or desirable to (A) verify the Transfer, (B) confirm that the proposed transferee has accepted, assumed and agreed to be subject and bound by all of the terms, obligations and conditions of this Agreement (whether or not such Person is to be admitted as a new Member) and (C) assure compliance with applicable state and federal laws, including securities laws and regulations.  For the purposes of this Article IX, any transfer, sale, assignment, pledge, encumbrance or other direct or indirect disposition of shares or other interests of any Person which is an entity and a substantial portion of the assets of which are, directly or indirectly, Shares or other Equity Securities, or which is intentionally designed to, or has the effect of, circumventing the intention of the Transfer restrictions in this Agreement, shall be deemed to be a Transfer of Shares or Equity Securities (as applicable).  Each Member as to which the immediately preceding sentence applies shall cause its direct and indirect interest holders to comply with the provisions of this Article IX.
(c)    No Transfer of Class A-1 Preferred Shares may be consummated (and any process pursuant to Section 9.01(a)(vi) shall be suspended if a Call Notice is delivered pursuant to Section 9.12) until such time as the Class A-1/D Purchase pursuant to such Call Notice has been consummated.
(d)    Until such time as SoftBank has paid, in full, the Subsequent SoftBank Commitment pursuant to Section 2.02(c), SoftBank (i) shall not make any Transfer if the effect of such Transfer would be that SoftBank ceases to be a Member hereunder and (ii) shall ensure that it has uncalled capital commitments sufficient to pay the Subsequent SoftBank Commitment in full.

9.02    Permitted Transfers.
(a)    Notwithstanding Section 9.01(a), Class A-1 Preferred Shares, Class D Common Shares, Class B Common Shares, Class E Common Shares and Class F Preferred Shares may be Transferred by the holder thereof without obtaining the approval of the Board of Directors or the GM Investor: (i) in the case of an Employee Member, to a member of the Family Group of the Person to whom such Shares were originally issued (a Transfer pursuant to this clause (i), an “Exempt Employee Member Transfer”), (ii) in the case of a Class A-1 Preferred Member, Class D Member or Class F Preferred Shares held by SoftBank or its Affiliates, to an Affiliate (other than SoftBank Group Corp. or its Subsidiaries) of such Member that (A) is owned and controlled, directly or indirectly, by such Class A-1 Preferred Member or such Class D Member, and (B)(1) with respect to Shares (other than any Class F Preferred Shares) is not a SoftBank Restricted Person and (2) with respect to Class F Preferred Shares, is not a Class F Preferred Member Restricted Person (a Transfer pursuant to this clause (ii), an “Exempt SoftBank Transfer”), (iii) in the case of a Class E Member or Class F Preferred Shares held by Honda or its Affiliates, (A) to an Affiliate that is not a Honda Restricted Person or (B) subject to compliance with Section 9.01(a)(v), following the consummation of an OEM Restricted Investment, to a Person that is not a Honda Restricted Person (a Transfer pursuant to this clause (iii), an “Exempt Honda Transfer”); provided, that any Transfer by the Class E Member must be a Transfer of all of such Class E Member’s Equity Securities in the Company, or (iv) in the case of a Class F New Member, to an Affiliate of such Class F New Member that is not a Class F Preferred Member Restricted Person (an “Exempt Class F Transfer”).  If a Permitted Transferee ceases to meet the criteria set forth in (i), (ii) or (iii) of the preceding sentence (as applicable), such Permitted Transferee shall re-transfer (within ten (10) Business Days) the Shares Transferred to such Permitted Transferee to the original transferor (in the case of an Exempt SoftBank Transfer, an Exempt Honda Transfer or an Exempt Class F Transfer) or to another member of the Family Group of such transferring Person (in the case of an Exempt Employee Member Transfer) and, pending the completion of such re-transfer, such Permitted Transferee shall not have any rights under this Agreement in respect of such Shares held by him, her or it.
(b)    As used herein, a “Permitted Transferee” shall constitute any Person, other than the Company, to whom Shares are Transferred pursuant to this Section 9.02.

9.03    Assignee’s Rights and Obligations.
(a)    A Transfer of a Share permitted pursuant to this Agreement shall be effective as of the date of assignment and compliance with the conditions to such Transfer, and such Transfer shall be shown on the books and records of the Company.  Prior to the date that the Transfer is consummated and the transferee becomes a Member hereunder, such proposed transferee shall be referred to herein as an “Assignee”.  Distributions made before the effective date of such Transfer, shall be paid to the transferor, and Distributions made after such date shall be paid to the Assignee.
(b)    Unless and until an Assignee becomes a Member pursuant to this Article IX, the Assignee shall not be entitled to any of the rights granted to a Member hereunder or under applicable law, other than the rights granted specifically to Assignees pursuant to this Agreement and rights granted to Assignees pursuant to the Act.  Further, such Assignee shall be bound by any limitations and obligations contained herein with respect to Members.
(c)    Any Member who shall Transfer any Shares or other interest in the Company shall cease to be a Member with respect to such Shares or other interest and shall no longer have any rights or privileges of a Member with respect to such Shares or other interest, except that, unless and until the Assignee is admitted as a Substituted Member in accordance with the provisions of Section 9.04 (the “Admission Date”), (i) such assigning Member shall retain all of the duties, liabilities and obligations of a Member with respect to such Shares or other interest and (ii) the Board of Directors may reinstate all or any portion of the rights and privileges of such Member with respect to such Shares or other interest for any period of time prior to the Admission Date.  Nothing contained herein shall relieve any Member who Transfers any Shares or other interest in the Company from any liability of such Member to the Company or the other Members with respect to such Shares or other interest that may exist on the Admission Date or that is otherwise specified in the Act and incorporated into this Agreement or for any liability to the Company or any other Person for any breaches of any representations, warranties or covenants by such Member (in its capacity as such) contained herein or in the other agreements with the Company.
(d)    For clarity (and notwithstanding anything to the contrary herein), the respective rights of SoftBank and Honda hereunder are personal to SoftBank and Honda, as applicable, (for so long as SoftBank or Honda, as applicable, is a Member), do not attach to the Class A-1 Preferred Shares or Class E Common Shares, or any other class of Shares or Equity Securities, and cannot be assigned by SoftBank or Honda to any other Person, except in connection with an Exempt SoftBank Transfer or an Exempt Honda Transfer pursuant to Section 9.02(a)(iii)(A) (but not, for clarity, Section 9.02(a)(iii)(B)).

9.04    Admission of Members.
(a)    In connection with the Transfer of a Share of a Member permitted under the terms of this Agreement, the transferee shall not become a Member (a “Substituted Member”) until the later of (i) the effective date of such Transfer and (ii) the date on which the Board of Directors approves such transferee as a Substituted Member (such approval not to be unreasonably withheld, conditioned or delayed), and such admission shall be shown on the books and records of the Company
(b)    Notwithstanding anything to the contrary that may be expressed or implied in this Agreement, a Person may be admitted to the Company as a Member by the Board of Directors (an “Additional Member”).  Such admission shall become effective on the date on which such admission is shown on the books and records of the Company.

9.05    Certain Requirements of Prospective Members.  As a condition to admission to the Company as a Member, each Assignee and Additional Member shall execute and deliver a joinder to this Agreement in the form attached hereto as Exhibit I or otherwise acceptable to the Board of Directors.

9.06    Status of Transferred Shares.  Shares that are Transferred shall thereafter continue to be subject to all restrictions and obligations imposed by this Agreement with respect to Shares and Transfers thereof.

9.07    Tag-Along Rights.
(a)    If any Class A-2 Member, Class C Member or the GM Investor or its Affiliates in their capacity as a Class F Preferred Member (the “Transferring Holder”) proposes to Transfer Class A-2 Preferred Shares, Class C Common Shares or Class F Preferred Shares (or any other Equity Securities held by such Member) to an Independent Third Party prior to an IPO (other than any Transfer (i) as provided in Section 9.08, (ii) as provided in Section 9.09, (iii) in connection with Section 9.10 or (iv) as provided in Section 9.12), then the Transferring Holder(s) shall deliver a written notice (such notice, the “Tag Notice”) to the Company, each Class D Member, each Class A-1 Preferred Member, each Class E Member and each Class F Preferred Member (the “Participation Members,” provided that, for clarity, such Transferring Holder will not be a Participation Member in its capacity as a Class F Preferred Member, notwithstanding that such Transferring Holder may hold Class F Preferred Shares) at least thirty (30) days prior to making such Transfer, specifying in reasonable detail the identity of the prospective transferee(s), the number of Class A-2 Preferred Shares or Class C Common Shares (or any other Equity Securities held by such Members) to be Transferred and the price and other terms and conditions of the Transfer.  Each Participation Member may elect to participate in the contemplated Transfer in the manner set forth in this Section 9.07 by delivering an irrevocable written notice to the Transferring Holder(s) within fifteen (15) days after delivery of the Tag Notice, which notice shall specify the number of Class A-1 Preferred Shares, Class D Common Shares, Class E Common Shares and Class F Preferred Shares (or any other Equity Securities held by such Members) that such Participation Member desires to include in such proposed Transfer.  If none of the Participation Members gives such notice prior to the expiration of the fifteen (15) day period for giving such notice, then the Transferring Holder(s) may Transfer such Class A-2 Preferred Shares or Class C Common Shares (or any other Equity Securities held by such Members) to any Person at the same price and on other terms and conditions that are no more favorable, in the aggregate, to the Transferring Holder(s) than those set forth in the Tag Notice.  If any Participation Members have irrevocably elected to participate in such Transfer prior to the expiration of the fifteen (15) day period for giving notice, each Participation Member shall be entitled to sell in the contemplated Transfer a total number of Class A-1 Preferred Shares with respect to Class A-1 Preferred Members, Class D Common Shares with respect to Class D Members, Class E Common Shares with respect to Class E Members, Class F Preferred Shares with respect to Class F Preferred Members (the “Tagged Shares”) to be sold in the Transfer, to be calculated according to the following methodology:
(i)    First, all Non-A-1 Interests owned by the Transferring Holder are deemed converted (on a Fully Diluted Basis) to Class D Common Shares on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event), all Class A-1 Preferred Shares held by all Participation Member(s) are deemed converted to Class D Common Shares pursuant to Section 2.10(b), all Class E Common Shares held by all Participation Member(s) are deemed converted to Class D Common Shares on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event) and all Class F Preferred Shares held by all Participation Member(s) are deemed converted to Class D Common Shares at the Class F Preferred Share Conversion Ratio (collectively the number of Class D Common Shares resulting from the deemed conversion, plus the number of Class D Common Shares held by the Participation Members prior to such deemed conversion, the “Total Conversion Shares”).  For clarity, such “deemed” conversion pursuant to this Section 9.07(a) shall solely be for the purposes of calculating the Tagged Shares, and no actual conversion shall occur pursuant to this Section 9.07(a).
(ii)    Second, the total number of Shares that are subject to Transfer is determined (the “Total Tagged Shares”).
(iii)    Third, the Tagged Shares will be:
(A)    a number of Class A-1-A Preferred Shares equal to: (1) Total Tagged Shares multiplied by a fraction, (x) the numerator of which is the number of Class D Common Shares into which the Class A-1-A Preferred Shares of such Participation Member were deemed converted pursuant to subsection (i) above, and (y) the denominator of which is the Total Conversion Shares divided by, (2) the A-1-A Preferred Share Conversion Ratio;
(B)    a number of Class A-1-B Preferred Shares equal to: (1) Total Tagged Shares multiplied by a fraction, (x) the numerator of which is the number of Class D Common Shares into which the Class A-1-B Preferred Shares of such Participation Member were deemed converted pursuant to subsection (i) above, and (y) the denominator of which is the Total Conversion Shares divided by, (2) A-1-B Preferred Share Conversion Ratio; 
(C)    a number of Class D Common Shares equal to: Total Tagged Shares multiplied by a fraction, (1) the numerator of which is the number of Class D Common Shares held by such Participation Member prior to the deemed conversion pursuant to subsection (i) above, and (2) the denominator of which is the Total Conversion Shares;
(D)    a number of Class E Common Shares equal to: Total Tagged Shares multiplied by a fraction, (1) the numerator of which is the number of Class E Common Shares held by such Participation Member prior to the deemed conversion pursuant to subsection (i) above, and (2) the denominator of which is the Total Conversion Shares; and
(E)    a number of Class F Preferred Shares equal to: Total Tagged Shares multiplied by a fraction, (1) the numerator of which is the number of Class F Preferred Shares held by such Participation Member prior to the deemed conversion pursuant to subsection (i) above, and (2) the denominator of which is the Total Conversion Shares.
(b)    Immediately prior to the consummation of the Transfer to the Independent Third Party, the Tagged Shares (other than Class E Common Shares and Class F Preferred Shares) will be automatically, and without any further action, be actually converted into Class D Common Shares pursuant to Section 2.10(b).  The Transferring Holder(s) and each participating Participation Member shall receive the same form of consideration and the aggregate net consideration (after such aggregate net consideration is adjusted for Company expenses, purchase price adjustments, escrow amounts, purchase price holdbacks, indemnity obligations and other similar items) shall be divided ratably among the Transferring Holder and each participating Participation Member based upon their respective numbers of Shares included in the Transfer.
(c)    Notwithstanding anything to the contrary in this Section 9.07, the Transferring Holder(s) shall not consummate the Transfer contemplated by the Tag Notice at a higher price or on other terms and conditions more favorable to them, in the aggregate, than the terms set forth in the Tag Notice (including as to price per Class A-1 Preferred Share or form of consideration to be received) unless the Transferring Holder(s) shall first have delivered a second notice setting forth such more favorable terms (the “Amended Tag Notice”) to each Participation Member who had not elected to participate in the contemplated Transfer.  Each Participation Member receiving an Amended Tag Notice may elect to participate in the contemplated Transfer on such amended terms by delivering written notice to the Transferring Holder(s) not later than ten (10) Business Days after delivery of the Amended Tag Notice.
(d)    Each Participation Member shall pay his, her or its own costs of any sale and a pro rata share (based upon the reduction in proceeds that would have been allocated to such Member if the amount of such expense were not included in the aggregate consideration) of the expenses incurred by the Members (to the extent such costs are incurred for the benefit of all of such Members and are not otherwise paid by the Transferee) and the Company in connection with such Transfer and shall be obligated to provide the same customary representations, warranties, covenants, agreements, indemnities and other obligations that the Transferring Holder(s) agrees to provide in connection with such Transfer; provided, that in no event will a Participation Member be required to enter into a non-competition agreement or be subject to any similar covenant or provision.  Except as contemplated by the preceding sentence, each Participation Member shall execute and deliver all documents required to be executed in connection with such tag-along sale transaction.
(e)    Without limiting the generality of the other provisions of this Section 9.07, the Transferring Holder(s) shall decide whether or not to pursue, consummate, postpone or abandon any Transfer and, subject to the limitations set forth in this Section 9.07, the terms and conditions thereof.  None of the Transferring Holder(s) nor any of their respective Affiliates shall have any liability to any Member arising from, relating to or in connection with the pursuit, consummation, postponement, abandonment or terms and conditions of any such Transfer except to the extent the Transferring Holder(s) shall have failed to comply with any of the other provisions of this Section 9.07.

9.08    Sale of the Company.
(a)    Provided that a Drag-Along Notice has not been delivered and the procedures in Section 9.09 are not then currently in effect, notwithstanding anything to the contrary in this Agreement, the Board of Directors may (subject to Section 5.11) elect to cause a Sale of the Company at any time.  The Board of Directors shall direct and control all decisions in connection with a Sale of the Company (including the hiring or termination of any investment bank or professional adviser and making all decisions regarding valuation and consideration and the percentage of the Equity Securities in the Company to be sold) and, subject to Section 9.08(b) and Section 9.08(d), and without prejudice to Section 5.11, each Member shall vote for, consent to and not object to such Sale of the Company or the sale process associated therewith.  If such Sale of the Company is structured as a sale of assets, merger or consolidation, then each Member shall, to the extent applicable to such transaction, vote for or consent to, and waive any dissenter’s rights, appraisal rights or similar rights in connection with, such sale, merger or consolidation.  If such Sale of the Company is structured as a Transfer of Shares, and the Sale of the Company involves less than all of the Shares in the Company, then each Member shall Transfer the same percentage of each class or series of Shares (or rights to acquire Shares of any class or series) that it holds.  Each Member and the Company shall take all reasonable and necessary actions in connection with the consummation of such Sale of the Company as may be requested by the Board of Directors, including (i) in the case of the Company only, engaging one or more investment banks and legal counsel selected by the Board of Directors to establish procedures acceptable to the Board of Directors to effect and to otherwise assist in connection with a Sale of the Company, (ii) taking such commercially reasonable actions and providing such commercially reasonable cooperation and assistance as may be necessary to consummate the Sale of the Company in an expeditious and efficient manner and not taking any action or engaging in any activity designed to hinder, prevent or delay the consummation of the Sale of the Company, (iii) in the case of the Company only, facilitating the due diligence process in respect of any such Sale of the Company, including establishing, populating and maintaining an online “data room”, (iv) in the case of the Company only, providing any financial or other information or audit required by the proposed buyer’s financing sources and (v) the execution of such agreements and such instruments and other actions reasonably necessary in connection with the Sale of the Company, including to provide customary representations, warranties, indemnities and escrow arrangements relating thereto, in each case in accordance with and subject to the limitations set forth in Section 9.08(d).
(b)    The obligations of the Members with respect to a Sale of the Company are subject to the satisfaction of the following conditions: (i) upon the consummation of such Sale of the Company, each holder of Shares, to the extent such holder is receiving any consideration, shall receive the same form(s) of consideration as each other holder of Shares receives (or the option to receive the same form of consideration), and (ii) the Sale of the Company will be a Deemed Liquidation Event and the aggregate consideration payable upon consummation of such Sale of the Company to all holders of Shares in respect of their Shares shall be apportioned and distributed (after such aggregate consideration is adjusted for Company expenses, purchase price adjustments, escrow amounts, purchase price holdbacks, indemnity obligations and other similar items) as between the classes of Shares in accordance with the relevant provisions of Section 3.02 (assuming that, if such Sale of the Company is structured as a Transfer of Shares and less than all of the Shares are being Transferred, the Shares included in the Transfer are all of the Shares outstanding).  For clarity, the application of Section 3.02 may result in some Shares included in the Transfer not receiving any consideration with respect to such Sale of the Company.
(c)    If the Company, or if the holders of any Shares, enter into any negotiation or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the SEC may be available with respect to such negotiation or transaction (including a merger, consolidation, or other reorganization), each holder of Equity Securities will, at the request of the Company, appoint either a purchaser representative (as such term is defined in Rule 501) designated by the Company, in which event the Company will pay the fees of such purchaser representative, or another purchaser representative (reasonably acceptable to the Company), in which event such holder will be responsible for the fees of the purchaser representative so appointed.  Notwithstanding anything to the contrary, in connection with any Sale of the Company where the consideration in such Sale of the Company consists of or includes securities, if the issuance of such securities to the Member would require either a registration statement under the Securities Act, or preparation of a disclosure statement pursuant to Regulation D (or any successor regulation) under the Securities Act, or preparation of a disclosure document under a similar provision of any state securities law, and such registration statement or disclosure statement or other disclosure document is not otherwise being prepared in connection with the Sale of the Company, then, at the option of the Board of Directors, the Member may receive, in lieu of such securities, the Fair Market Value of such securities in cash.
(d)    In connection with any Sale of the Company, each Member shall (i) make such customary representations and warranties, including, as applicable, as to due organization and good standing, power and authority, due approval, no conflicts and ownership and title of Shares (including the absence of liens with respect to such Shares) and no litigation pending or threatened against or affecting such Member relating to its ownership of Shares, agree to such covenants and enter into such definitive agreements, in each case as are customary for transactions of the nature of the Sale of the Company; provided, that no Member shall be required to make any representation or warranty or agree to any covenant that is more extensive or burdensome than those made by the other Members (provided, that (A) in no event will the GM Investor or any of its Affiliates, SoftBank or any of its Affiliates, Honda or any of its Affiliates or any Class F New Member or any of its Affiliates be required to enter into a non-competition agreement or be subject to any similar covenant or provision and (B) the Employee Members may be required to enter into certain covenants, including non-compete and non-solicit obligations) and (ii) be obligated to join on a several, and not joint, basis (determined in accordance with such Member’s proportionate share of the proceeds from the Sale of the Company) in any indemnification or other obligations that are part of the terms and conditions of the Sale of the Company (other than to the extent of any escrows or holdbacks established in connection with such Sale of the Company); provided, that no Member shall be obligated (A) to provide indemnification with respect to the representations, warranties, covenants or agreements of any other Member (other than to the extent of any escrows or holdbacks established in connection with such Sale of the Company), or (B) to incur liability to any Person in connection with such Sale of the Company, including under any indemnity, in excess of the consideration received by such Person in the Sale of the Company (other than for fraud or breach of a covenant).
(e)    Each Member will bear his, her or its proportionate share of the costs incurred in connection with a Sale of the Company to the extent such costs are incurred for the benefit of all such holders of Shares and are not otherwise paid by the Company or the acquiring party.  Costs incurred by the holders of Shares on their own behalf will not be considered costs of the Sale of the Company.
(f)    Any contingent consideration (whether as a result of a release of an escrow or the payment of an “earn out” or otherwise) to be paid in connection with a Sale of the Company shall be allocated among the Members such that each Member receives the amount which such Member would have received if such consideration had been received by the Company and distributed as the next incremental dollars following the Distribution of any amounts previously paid under this Agreement or paid in connection with such Sale of the Company (assuming for such purposes that the Shares Transferred constitute all of the Shares).  In the event any Member is liable in such Sale of the Company for amounts in excess of any escrow or holdback (other than any such obligations that relate specifically to a particular Member, such as indemnification with respect to representations and warranties given by a Member regarding such Person’s title to and ownership of Shares), such amounts shall be treated as a deduction to the consideration payable in such Sale of the Company and the aggregate consideration shall be re-allocated among the Members in accordance with Section 9.08(b).  The Members agree that to the extent, as a result of such re-allocation, a Member has received more than its share of the consideration pursuant to such re-allocation, such Member shall deliver such excess to the appropriate Member(s) in order for each Member to receive its appropriate share of the consideration.
(g)    Without limiting the generality of the other provisions of this Section 9.08 but subject to Section 5.11, the Board of Directors shall determine whether or not to pursue, consummate, postpone or abandon any Sale of the Company and, subject to the limitations expressly set forth in this Section 9.08, the terms and conditions thereof.  
(h)    The provisions of this Section 9.08 shall not apply to any transaction pursuant to Sections 9.10 or 9.12.

9.09    Drag-Along.
(a)    If the GM Investor proposes to Transfer more than fifty percent (50%) of the issued and outstanding Equity Securities to an Independent Third Party prior to an IPO (other than any Transfer (i) as provided in Section 9.08, (ii) in connection with Section 9.10, or (iii) pursuant to Section 9.12), the GM Investor shall have the right (but not the obligation) to deliver a written notice (such notice, the “Drag-Along Notice”) of its intention to do so to each other Member (the “Dragees”).  The Drag-Along Notice shall set forth the aggregate consideration to be paid by the Independent Third Party and the other material terms and conditions of such transaction (a “Drag-Along Sale Transaction”), which shall be the same (in all but de minimis and immaterial respects) for the GM Investor and the other Members except as otherwise contemplated by this Agreement.  Upon receipt of the Drag-Along Notice, each Dragee shall be required to participate in the proposed Transfer in accordance with the terms and conditions of this Section 9.09; provided, that if such Drag-Along Sale Transaction involves less than one hundred percent (100%) of the Shares held by the GM Investor, then each Dragee will only be required to participate in the proposed Transfer to the Independent Third Party with respect to such percentage of each class of its Shares as equals the percentage of the GM Investor’s total Shares being sold in such Drag-Along Sale Transaction (the “Drag Percentage”).  If the GM Investor is given an option as to the form and amount of consideration to be received under this Section 9.09, all Dragees shall be given the same option and, otherwise, the ratio of both (i) any cash to any non-cash consideration and (ii) among any type of non-cash property or asset consideration to any other type of non-cash property or asset consideration shall be equal (to the extent reasonably practicable) for each of the GM Investor and the Dragees.  Within ten (10) Business Days following receipt of the Drag-Along Notice, each Dragee shall deliver to a representative of the Company or the GM Member designated in the Drag-Along Notice such certificates (if certificated) representing all Shares (or the Drag Percentage of each class of its Shares, as applicable) held by such Dragee or in other cases mutually acceptable instruments of transfer duly endorsed, together with a limited power-of-attorney authorizing the Company and the GM Investor to sell or otherwise dispose of such Shares pursuant to the proposed Transfer to the Independent Third Party, as well as any other documents required to be executed in connection with such transaction.  In the event that any Dragee should fail to deliver such certificates (if certificated) or other documentation to the Company or the GM Investor’s representative, the Company shall cause the books and records of the Company to show that the Shares of such Dragee are bound by the provisions of this Section 9.09 and that such Shares may be Transferred only to the Independent Third Party.
(b)    The Company and the GM Investor shall have ninety (90) days following delivery of the Drag-Along Notice to complete the Transfer of the Shares in accordance with this Section 9.09; provided, that if such Transfer would require the GM Investor, any Dragee, the Independent Third Party, the Company or an Affiliate of any of the foregoing to obtain any regulatory approval prior to consummating such sale, such ninety (90) day period shall be extended to the date that is five (5) Business Days after such regulatory approval has been obtained or finally denied.  If, within such ninety (90) day period (as it may be extended) after the Company or the GM Investor has given the Drag-Along Notice, it shall not have completed the Transfer of all the Shares of the GM Investor and the Dragees in accordance with this Section 9.09 the Company or the GM Investor shall return to each of the Dragees all certificates (if certificated) representing Shares, or in other cases, mutually acceptable instruments of transfer, that the Dragees delivered for Transfer pursuant hereto and that were not purchased in accordance with this Section 9.09; provided, that (i) if any one or more of the Dragees defaults, the Company or the GM Investor shall be permitted, but not obligated, to complete the sale by all non-defaulting Dragees, and (ii) the completion of the sale by the Company or the GM Investor and such non-defaulting Dragees shall not relieve a defaulting Dragee of liability for its breach.  All reasonable out-of-pocket costs and expenses incurred by the Company, the GM Investor and the Dragees in connection with the Transfers set forth in this Section 9.09 shall be paid by the Company.
(c)    A Drag-Along Sale Transaction will be a Deemed Liquidation Event and the aggregate consideration payable upon consummation of such Drag-Along Sale Transaction to all holders of Shares in respect of their Shares included in such Drag-Along Sale Transaction shall be apportioned and distributed (after such aggregate consideration is adjusted for Company expenses, purchase price adjustments, escrow amounts, purchase price holdbacks, indemnity obligations and other similar items) as between the classes of Shares included in such Drag-Along Sale Transaction in accordance with the relevant provisions of Section 3.02 (it being understood that, if less than all of the Shares are being Transferred, for purposes of such calculations, it shall be assumed that the Shares included in such Drag-Along Sale Transaction constitute all of the Shares outstanding).  For clarity, the application of Section 3.02 may result in some Shares included in the Drag-Along Sale Transaction not receiving any consideration with respect to such Drag-Along Sale Transaction.
(d)    The provisions of this Section 9.09 shall not apply to any Transfer to a Permitted Transferee in accordance with Section 9.02.
(e)    The obligations of a Member in connection with a Drag-Along Sale shall be subject to the limitations set forth in Section 9.08(d) as if such Drag-Along Sale was a Sale of the Company thereunder.

9.10    Public Offering.
(a)    If the Board of Directors authorizes (subject to Section 5.11 and Section 6.13(d)) the Company to undertake an IPO (which may be abandoned at any time prior to its consummation by the Board of Directors), or the GM Investor notifies the Company that it wishes to consummate an IPO that takes the form of distribution of IPO Shares to the stockholders of GM Parent pursuant to a Form 10 (or any successor form), then each of the Company, the Members and any holder of Equity Securities agrees to, and agrees to cause its Affiliates to, take such commercially reasonable actions and provide such commercially reasonable cooperation and assistance as may be necessary to consummate the IPO in an expeditious and efficient manner and not to take any action or engage in any activity designed to hinder, prevent or delay the consummation of the IPO.  Subject to Section 9.10(b), in connection with the IPO, each Share will be exchanged on an as-converted basis as if all Non-A-1 Interests are converted on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event) and all Class A-1 Preferred Shares are converted in accordance with Section 2.10(b), for one share or unit (as applicable) of the single type of equity security of the Company that is listed and admitted for trading on the New York Stock Exchange, the NASDAQ Stock Market or other nationally recognized exchange (the “IPO Shares”).  For purposes of this Section 9.10 and Section 9.11, all references to “Company” shall also refer to (i) any corporate successor to the Company or (ii) any parent or Subsidiary of the Company, in each case which effects the IPO.
(b)    The IPO Shares issued to (i) each Class A-1 Preferred Member with respect to each Class A-1 Preferred Share, each Class B Member with respect to each Class B Common Share, each Class D Member with respect to each Class D Common Share, each Class E Member with respect to each Class E Common Share and each Class F Preferred Member with respect to each Class F Preferred Share and (ii) any other Investor in respect of Equity Securities issued pursuant to Section 2.06 (if such Equity Securities are designated as low-vote Equity Securities by the Board of Directors at the time of issuance or at any time thereafter) (collectively, the “Low-Vote IPO Shares”) will be of a different class to each other IPO Share.  The Low-Vote IPO Shares will be identical to each other IPO Share, except that they will be entitled only to the number of votes (including a fraction of a vote) per Low-Vote IPO Share on all matters on which stockholders of the Company may vote (including the election of directors) as will be reasonably determined by the GM Investor to enable the GM Investor to establish or maintain “control” (within the meaning of Section 368(c) of the Code) of the Company at the time of the consummation of the IPO (in the case of an IPO effected by a “spin-off” or “split-off” transaction), or immediately after the consummation of the IPO (in the case of any other IPO), in each case taking into account any other planned issuances or transfers of IPO Shares.  Each Member, including each Class A-1 Preferred Member, will take all reasonable action requested by the Company to give effect to this Section 9.10(b) and to cause GM to have “control” within the meaning of Section 368(c) of the Code immediately prior to any “spin-off” or “split-off” transaction.
(c)    Without limiting (and without prejudice to) the other subsections of this Section 9.10, if immediately prior to an IPO the Board of Directors determines that it is in the best interests of the Company and its Members (taken as a whole) to engage in a reorganization pursuant to which a new corporation, limited liability company, partnership or other entity (the “Entity”) is formed and the Equity Securities of the company are recapitalized or reorganized into classes of Equity Securities of the Entity, then each Member will (i) consent (and, to the extent required, vote in favor of) such recapitalization, reorganization or exchange of the existing Equity Securities of the Company into the Equity Securities of the Entity, and (ii) take all such reasonable actions that are necessary in connection with the consummation of the recapitalization, reorganization or exchange, including entering into a new stockholders’ agreement, members’ agreement, limited liability company agreement, employee equity arrangements and/or other agreements and arrangements in respect of the Equity Securities of the Entity, in each case, on terms and conditions substantially similar to such agreements and arrangements in respect of the Equity Securities of the Company that are in effect immediately prior to such recapitalization or reorganization; provided, that the Board of Directors shall not be permitted to approve, the Company shall not be permitted to engage in, and no Member shall be required to provide any consent to or to take any action in connection with, any such formation, recapitalization or reorganization, in each case if (A) such formation, recapitalization or reorganization was undertaken in bad faith, (B) the intent or direct result of such formation, recapitalization or reorganization is or would be to impair, in any material respect, the express rights of any Member hereunder or (C) such formation, recapitalization or reorganization adversely affects any Member in a manner which is disproportionate to the other Members (except as contemplated by this Section 9.10).  For the avoidance of doubt, any reorganization or recapitalization undertaken pursuant to this Section 9.10(c) shall include provision for an Equity Security analogous to the Low-Vote IPO Shares described in Section 9.10(b) above.  

9.11    Registration Rights; “Market Stand-Off” Agreement; Volume Restrictions.
(a)    After the consummation of an IPO pursuant to Section 9.10, the Company shall grant to (i) the GM Investor an unlimited number of demand registration rights (including underwritten offerings), (ii) each Class A-1 Preferred Member that, together with its Affiliates, beneficially owns more than ten percent (10%) of the Equity Securities in the Company, demand registration rights (including underwritten offerings) and (iii) (A) all Members that, together with its Affiliates, beneficially own more than five percent (5%) of the Equity Securities in the Company, piggyback registration rights and shelf registration rights and (B) each of The Growth Fund of America, T. Rowe Price Growth Stock Fund, Inc., Seasons Series Trust - SA T. Rowe Price Growth Stock Portfolio, Voya Partners, Inc. - VY T. Rowe Price Growth Equity Portfolio, Brighthouse Funds Trust II - T. Rowe Price Large Cap Growth Portfolio, Lincoln Variable Insurance Products Trust - LVIP T. Rowe Price Growth Stock Fund, Penn Series Funds, Inc. - Large Growth Stock Fund, T. Rowe Price Growth Stock Trust, Sony Master Trust, Prudential Retirement Insurance and Annuity Company, Aon Savings Plan Trust, Caleres, Inc. Retirement Plan, Colgate Palmolive Employees Savings and Investment Plan Trust, Brinker Capital Destinations Trust - Destinations Large Cap Equity Fund, Alight Solutions LLC 401K Plan Trust, MassMutual Select Funds - MassMutual Select T. Rowe Price Large Cap Blend Fund, Legacy Health Employees' Retirement Plan, Legacy Health, T. Rowe Price Science & Technology Fund, Inc., VALIC Company I - Science & Technology Fund for so long as they, together with their Affiliates, beneficially own more than one half of a percent (0.50%) of the Equity Securities in the Company, piggyback registration rights, in each case, subject to customary terms and conditions as at the time of the IPO; provided, that the Class A-1 Preferred Members may collectively exercise up to three (3) demands, the Company shall not be required to consummate more than one (1) demand registration (including underwritten offering) per ninety (90) day period, the Company shall not be required to consummate any demand registration (including underwritten offering) expected to realize less than $100,000,000 of gross proceeds (before deduction of any underwriting discount, fees or expenses) and the Company may suspend registration rights for up to one hundred twenty (120) days in any calendar year if the filing or maintenance of a registration statement would, if not so suspended, adversely affect a proposed corporate transaction or adversely affect the Company by requiring premature disclosure of confidential information.
(b)    Each Member hereby agrees that (i) during the period of duration (up to, but not exceeding, one hundred eighty (180) days) specified by the Company and an underwriter of Equity Securities of the Company or its successor, following the date of the final prospectus distributed in connection with the IPO, it shall not, to the extent requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell (including any short sale or other hedging transaction), grant any option to purchase or otherwise Transfer or dispose of (other than to donees who agree to be similarly bound) any Equity Securities held by it at any time during such period except for such Equity Securities as shall be included in such registration or any Equity Securities acquired by such Member in the IPO or following the completion of the IPO and (ii) it shall, if requested by the managing underwriter or underwriters in connection with the IPO, execute a customary “lockup” agreement in the form requested by the managing underwriter or underwriters with a duration not to exceed one hundred eighty (180) days.
(c)    Each Member hereby agrees that (i) during the period of duration (up to, but not exceeding, ninety (90) days) specified by the Company and an underwriter of Equity Securities of the Company or its successor, following the date of the final prospectus distributed in connection with an underwritten public follow-on offering, it shall not, to the extent requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell (including any short sale or other hedging transaction), grant any option to purchase or otherwise Transfer or dispose of (other than to donees who agree to be similarly bound) any Equity Securities held by it at any time during such period except for such Equity Securities as shall be included in such registration and (ii) it shall, if requested by the managing underwriter or underwriters in connection with an underwritten public follow-on offering, execute a customary “lockup” agreement in the form requested by the managing underwriter or underwriters with a duration not to exceed ninety (90) days. 
(d)    All Members shall be treated similarly with respect to any release prior to the termination of the time periods for the transfer restrictions contemplated by Section 9.11(b) and Section 9.11(c) (including any extension thereof) such that if any such persons are released, then all Members shall also be released to the same extent on a pro rata basis.  In order to enforce the foregoing covenant in connection with the IPO or an underwritten public follow-on offering, the Company may impose stop-transfer instructions with respect to the Equity Securities of each Member and its Affiliates (and the Equity Securities of every other Person subject to the foregoing restriction) until the end of such period, and each Member agrees that, if so requested, such Member will execute, and will cause its Affiliates to execute, an agreement in the form provided by the underwriter containing terms which are essentially consistent with the provisions of Section 9.11(a), Section 9.11(b) and Section 9.11(c). Notwithstanding the foregoing, the obligations described in Section 9.11(a), Section 9.11(b) and Section 9.11(c) shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms which may be promulgated in the future, or a registration relating solely to an SEC Rule 145 transaction on Form S-4 or similar forms which may be promulgated in the future.

9.12    GM Call Right.
(a)    At any time after the SoftBank Trigger Date the Company will have the right, by providing written notice to each Class A-1 Preferred Member, each Class D Member and the Board of Directors (a “SoftBank Call Notice”), to purchase from each Class A-1 Preferred Member and each Class D Member all (but not less than all) of the Class A-1 Preferred Shares and Class D Common Shares then owned by such Members (and any other Equity Securities, excluding any Class F Preferred Shares, held by such Members) in exchange for a cash purchase price (i) per Class A-1 Preferred Share equal to the greater of (A) the applicable Class A-1 Liquidation Preference Amount, and (B) the Per Class A-1 Preferred Share FMV, and (ii) per Class D Common Share (or any other Equity Securities, excluding any Class F Preferred Shares, held by such Members) equal to the Per Class A-1 Preferred Share FMV (collectively, the “Class A-1/D Purchase”). If an Optional SoftBank Conversion Notice has been delivered pursuant to Section 9.13 and, subsequent to the delivery of such Optional SoftBank Conversion Notice, a SoftBank Call Notice is delivered to a Class A-1 Preferred Member or Class D Member, then the process contemplated by Section 9.13 shall be suspended (it being understood that if the Class A-1/D Purchase is subsequently terminated or otherwise fails to be consummated, the process contemplated by Section 9.13 shall resume); provided, that if, at the time the SoftBank Call Notice is delivered to a Class A-1 Preferred Member or Class D Member, the calculation of Call Notice/Optional SoftBank Conversion Notice Fair Market Value is ongoing pursuant to Section 9.13 (but has not yet been finalized), such calculation shall continue and shall be utilized to calculate the Per Class A-1 Preferred Share FMV required by this Section 9.12.
(b)    At any time after the Honda Call Trigger Date, the Company will have the right, by providing written notice to each Class E Member and the Board of Directors (a “Honda Call Notice” and, together with the SoftBank Call Notice, a “Call Notice”), to purchase from each Class E Member all (but not less than all) of the Class E Common Shares then owned by such Members (and any other Equity Securities, excluding Class F Preferred Shares, held by such Members) in exchange for a cash purchase price per Class E Common Share (or any other Equity Securities, excluding Class F Preferred Shares, held by such Members) equal to the Per Class E FMV (the “Class E Purchase”).  
Delivery of a Call Notice with respect to the Class A-1 Preferred Shares, Class D Common Shares or Class E Common Shares will commence the process set forth on Exhibit II (provided, that in the event of a Honda Call Notice, (1) references to “SoftBank” and the “Majority of the Class A-1 Preferred” on Exhibit II shall be replaced with “Honda” and (2) the Qualified Appraisers will only calculate the Standardized FMV and not the IP Upsized FMV). 
(c)    The Company and each Class A-1 Preferred Member, Class D Member and Class E Member will consummate the Class A-1/D Purchase or the Class E Purchase, as applicable, as soon as reasonably practicable and, in any event, within thirty (30) days following the date of determination of the Per Class A-1 Preferred Share FMV or Per Class E FMV (as applicable).  The Class A-1/D Purchase or the Class E Purchase, as applicable, shall be memorialized in a written agreement containing customary terms for a transaction of this type; provided, that no Class A-1 Preferred Member, Class D Member or Class E Member shall be required to make any representations or warranties other than representations and warranties as to due organization and good standing, power and authority, due approval, no conflicts and ownership and title of Shares (including the absence of liens with respect to such Shares), no brokers and no litigation pending or threatened against or affecting such Member relating to its ownership of Shares.
(d)    Each Class A-1 Preferred Member, Class D Member and Class E Member, as applicable, shall take all commercially reasonable actions and provide such other commercially reasonable cooperation and assistance as may be necessary to consummate the Class A-1/D Purchase or Class E Purchase, as applicable, in an expeditious and efficient manner and will not take any action or engage in any activity designed to hinder, prevent or delay the consummation of the Class A-1/D Purchase or Class E Purchase, as applicable.
(e)    At any time after the SoftBank Trigger Date or the Honda Call Trigger Date, as applicable, the GM Investor (or one of its Affiliates) may issue a Call Notice in lieu of the Company, in which event all references to the Company in this Section 9.12 (other than this Section 9.12(e)) shall be deemed to be references to the GM Investor.

9.13    Optional SoftBank Conversion.
(a)    If an IPO, Sale of the Company or dissolution (pursuant to Article X) has not been consummated prior to the SoftBank Trigger Date then, at any time after the SoftBank Trigger Date and subject to Section 9.12(a), SoftBank or its Permitted Transferee shall be entitled to deliver to the Board of Directors an irrevocable written notice (the “Optional SoftBank Conversion Notice”) requiring the Company to, at the election of the GM Investor (i) use its reasonable best efforts to redeem all, but not less than all, of SoftBank’s Class A-1 Preferred Shares and Class D Common Shares for common stock of GM Parent, or (ii) redeem all, but not less than all of SoftBank’s Class A-1 Preferred Shares and Class D Common Shares for cash, in each case on the terms set forth herein and, in the case of sub-section (i), on the terms set forth in the Exchange Agreement.  Delivery of the Optional SoftBank Conversion Notice will commence the process set forth on Exhibit II.
(b)    Within ten (10) Business Days of the date of determination of the final Call Notice/Optional SoftBank Conversion Notice Fair Market Value pursuant to Exhibit II, the Company will deliver written notice to SoftBank, informing SoftBank of the Call Notice/Optional SoftBank Conversion Notice Fair Market Value and whether the GM Investor has elected to have the Company redeem SoftBank’s Class A-1 Preferred Shares and Class D Common Shares (i) for cash, at a per Share value equal to the applicable Optional SoftBank Conversion Share Price (the “Cash Election”), or (ii) in exchange for common stock of GM Parent on the terms and subject to the conditions set forth in the Exchange Agreement in which case GM Parent and SoftBank or its Permitted Transferee will enter into the Exchange Agreement (the “Stock Election”).  If, upon consummation of the Sale of GM Parent, GM Parent (it being understood that if GM has merged or consolidated into any other Person or sold all or substantially all of its assets in any one or a series of related to transactions to such other Person, GM Parent shall include such successor or other Person) is not listed or traded on the New York Stock Exchange or the NASDAQ Stock Market or any successor exchange or market thereof, any national securities exchange (registered with the SEC under Section 6 of the Securities Exchange Act of 1934, as amended) or any other established non-U.S. exchange, then the GM Acquirer shall be required to settle any Stock Election pursuant to this Section 9.13 in cash. 
(c)    If the Cash Election is made, the Company and SoftBank or its Permitted Transferee will consummate the redemption by the Company of the Class A-1 Preferred Shares and Class D Common Shares (the “Optional SoftBank Conversion Purchase”) as soon as reasonably practicable and in any event within thirty (30) days of the Cash Election.  The place for closing shall be the principal office of the Company or at such other place as the Company may reasonably determine.  In the event of a Cash Election, at the closing thereof SoftBank shall deliver to the Company certificates (if certificated) for its Class A-1 Preferred Shares and Class D Common Shares or, in other cases, mutually acceptable instruments of transfer, in exchange for payment (per Class A-1 Preferred Share and Class D Common Share held by SoftBank) of the relevant Optional SoftBank Conversion Share Price.  The Optional SoftBank Conversion Purchase shall be memorialized in a written agreement containing representations and warranties as to due organization and good standing, power and authority, due approval, no conflicts and ownership and title of Shares (including the absence of liens with respect to such Shares), no brokers and no litigation pending or threatened against or affecting SoftBank relating to its ownership of Shares.  Each of the Company and SoftBank or its Permitted Transferee shall bear its own costs and expense incurred in connection with the Optional SoftBank Conversion Purchase.
(d)    If the Stock Election is made, SoftBank or its Permitted Transferee will (and the Company and the GM Investor will cause GM Parent to) promptly (and in any event within five (5) days) enter into the Exchange Agreement.
(e)    If the Company, acting reasonably and in good faith, determines that a filing, notice, approval, consent, registration, permit, authorization or confirmation from any Governmental Authority may be required to consummate the transactions set forth in the Exchange Agreement, then the Company and SoftBank or its Permitted Transferee shall (and SoftBank shall cause its Affiliates to) reasonably cooperate in good faith during the pendency of the calculation of the Call Notice/Optional SoftBank Conversion Notice Fair Market Value to seek to obtain such approvals as promptly as practicable such that in the event a Stock Election is made the period between signing the Exchange Agreement and closing the transaction thereunder would be reduced.  For clarity, nothing in this Section 9.13(e) will require the Company to make a Stock Election (as opposed to a Cash Election) and the intention of this Section 9.13(e) is solely to take such actions as may reduce (in the event a Stock Election is made) the period between the execution of the Exchange Agreement and the consummation of the transactions contemplated thereby.
(f)    In lieu of a redemption of the Class A-1 Preferred Shares and Class D Common Shares by the Company pursuant to this Section 9.13, the GM Investor will have the right to have such Class A-1 Preferred Shares and Class D Common Shares transferred to the GM Investor (or its Affiliates) and, if a Cash Election has been made, to have the GM Investor (or its Affiliates) make the applicable cash payments.
(g)    If an Optional SoftBank Conversion Notice has been delivered and an IPO or a Sale of the Company is pending, but has not yet been consummated, SoftBank will, and will cause its Affiliates to, reasonably cooperate with the Company and each other Member to ensure that the IPO or Sale of the Company, as applicable, is carried out in an expeditious manner and minimizing the effect (economically or otherwise) on such IPO or Sale of the Company of this Section 9.13.

ARTICLE X     
DISSOLUTION

10.01    Events of Dissolution.  The Company shall be dissolved upon the occurrence of any of the following events and its business and affairs shall thereafter be liquidated and wound up pursuant to the Act:
(a)    upon the approval of the Board of Directors or a Majority of the Members;
(b)    upon the issuance of a final and nonappealable judicial decree of dissolution; or
(c)    as otherwise required by the Act, except that the death, retirement, resignation, expulsion, bankruptcy or dissolution of a Member shall not result in dissolution of the Company.

10.02    Liquidation and Termination.  On dissolution of the Company, the Board of Directors shall act as the liquidator or may appoint one or more Members as liquidator.  The liquidator shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The costs of liquidation shall be borne as a Company expense.  Until final distribution, the liquidator shall continue to operate the Company properties with all of the power and authority of the Board of Directors.  The steps to be accomplished by the liquidator are as follows:
(a)    as promptly as possible after dissolution and again after final liquidation, the liquidator shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable;
(b)    the liquidator shall cause the notice described in the Act to be mailed to each known creditor of and claimant against the Company in the manner described thereunder;
(c)    the liquidator shall pay, satisfy or discharge from Company funds all of the debts, liabilities and obligations of the Company (including all expenses incurred in liquidation) or otherwise make adequate provision for payment and discharge thereof;
(d)    the liquidator shall make reasonable provision to pay all contingent, conditional or unmatured contractual claims known to the Company;
(e)    the liquidator shall make such provision as will be reasonably likely to be sufficient to provide compensation for any claim against the Company which is the subject of a pending action, suit or proceeding to which the Company is a party;
(f)    the liquidator shall make such provision as will be reasonably likely to be sufficient for claims that have not been made known to the Company or that have not arisen but that, based on facts known to the Company, are likely to arise or to become known to the Company after the date of dissolution;
(g)    the liquidator shall distribute all remaining assets of the Company by the end of the taxable year of the Company during which the liquidation of the Company occurs (or, if later, 90 days after the date of the liquidation) in accordance with Section 3.02 (but subject to the other applicable provisions in this Agreement); and
(h)    all distributions in kind to the Members shall be made subject to the liability of each distributee for costs, expenses and liabilities theretofore incurred or for which the Company has committed prior to the date of termination, and those costs, expenses and liabilities shall be allocated to the distributees pursuant to this Section 10.02.  The distribution of cash and/or property to a Member in accordance with the provisions of this Section 10.02 constitutes a complete return to the Member of its Capital Contributions and a complete distribution to the Member of its interest in the Company and all of the Company’s property and constitutes a compromise to which all Members have consented within the meaning of the Act.  To the extent that a Member returns funds to the Company, it has no claim against any other Member for those funds.

10.03    Cancellation of Certificate.  On completion of the distribution of Company assets as provided herein, the Company shall be terminated, and the Board of Directors (or such other Person or Persons as the Act may require or permit) shall file a certificate of cancellation with the Secretary of State of Delaware, and take such other actions as may be necessary to terminate the Company.

ARTICLE XI     
EXCLUSIVITY; NON-COMPETE

11.01    Exclusivity.  During the Control Period, other than pursuant to the Commercial Agreements (or any other agreement entered into between GM or its Affiliates, on the one hand, and the Company or its Subsidiaries, on the other hand, in each case in accordance with the terms of this Agreement) and activities in furtherance of their obligations thereunder:
(a)    the GM Investor and its Subsidiaries (excluding the following international joint ventures: SAIC General Motors Corp., Ltd. (“SGM”), Pan Asia Technical Automotive Center Co. Ltd. (“PATAC”), and FAW-GM Light Duty Commercial Vehicle Co., Ltd. (“FAW-GM”)) shall conduct the AVCo Business exclusively through the Company.  Notwithstanding the foregoing, nothing in this Section 11.01 will prohibit or otherwise restrict the GM Investor or its Subsidiaries from engaging in the GM Business in any manner whatsoever;
(b)    without the prior written consent of the GM Investor, the Company and its Subsidiaries shall not, directly or indirectly, engage in the GM Business; provided, that nothing in this Section 11.01(b) will prevent the Company and its Subsidiaries from engaging in the AVCo Business in any manner whatsoever; and
(c)    the Company and its Subsidiaries shall exclusively (i) obtain, purchase, source, license, lease, or otherwise acquire assets, services or rights that are of the type contemplated by the Commercial Agreements, the IPMA, the EDSA or the AGSA (including autonomous vehicles and other related products and services) from the GM Investor and its Affiliates, and (ii) provide AV technology and network services to GM and its Affiliates.

11.02    Non-Compete.
(a)    During the three (3) year period immediately following the end of the Control Period (the “Non-Compete Period”), other than pursuant to the terms and conditions of any agreement entered into between the Company (or its Affiliates), on the one hand, and the GM Investor (or its Affiliates) on the other hand (in each case in accordance with the terms of this Agreement, as applicable, and to the extent such agreement by its terms remains effective subsequent to the end of the Control Period) and subject to the exceptions set forth in Section 11.02(b), (i) the GM Investor and its Subsidiaries (excluding SGM, PATAC and FAW-GM) shall not, directly or indirectly, and (ii) the Company and its Subsidiaries shall not, directly or indirectly, in each case whether alone or in conjunction with any Person or as a holder of an equity or debt interest of any Person or as a principal, agent or otherwise (and, in each case, without the prior written consent of the Other Party), engage in, carry on, participate in or have any interest in the applicable Restricted Business.
(b)    Notwithstanding anything herein to the contrary, during the Non-Compete Period, nothing in Section 11.02(a) shall restrict:
(i)    the GM Investor’s or any of its Subsidiaries’ ability to engage in, carry on or participate in the GM Business; 
(ii)    the Company’s or any of its Subsidiaries’ ability to engage in, carry on or participate in the AVCo Business;
(iii)    the GM Investor and its Subsidiaries or the Company and its Subsidiaries from operating its business as conducted at any time prior to the end of the Control Period (to the extent that such prior operation or conduct did not violate Section 11.01);
(iv)    the GM Investor or any of its Subsidiaries from consummating an OEM Acquisition;
(v)    the GM Investor or any of its Subsidiaries (collectively), or the Company or any of its Subsidiaries (collectively), from consummating a Change of Control transaction involving a Target (the “Acquired Person”); provided, that, in the event such Acquired Person either (each tested at the time of consummation of the Change of Control) (A) derived more than twenty percent (20%) of its consolidated net revenue (calculated on a trailing twelve month basis) from the conduct of the Restricted Business or (B) had meaningful research and development costs and expenses for activities relating to the Restricted Business, the GM Investor or any of its Subsidiaries (collectively), or the Company or any of its Subsidiaries (collectively), as applicable, on or prior to the twelve (12) month anniversary of the date of consummation of such Change of Control transaction, shall either (1) dispose of the Restricted Business (or the assets used in connection therewith) of such Acquired Person or (2) cause such Acquired Person to cease to engaging in the Restricted Business;
(vi)    the GM Investor or any of its Subsidiaries (collectively), or the Company or any of its Subsidiaries (collectively) from acquiring, owning or holding ten percent (10%) or less of the outstanding shares of capital stock, which capital stock is regularly traded on a recognized domestic or foreign securities exchange, of any Person engaged in the Restricted Business, so long as the GM Investor and its Subsidiaries (collectively) or the Company and its Subsidiaries (collectively), as applicable, is a passive investor and does not exercise any influence over or participate in the management or operation of such Person (and, for clarity, exercising rights as a stockholder or member will not constitute influence or participation);
(vii)    the GM Investor or any of its Subsidiaries from engaging in or consummating any transaction that would constitute a Change of Control; 
(viii)    General Motors Ventures LLC (and not the GM Investor or any of its Subsidiaries) from acquiring capital stock or other ownership interests, or owning or holding capital stock or other ownership interests, in the normal course of its business and investing activities, in any Person engaged in the Restricted Business; 
(ix)    the GM Investor or any of its Subsidiaries from owning or holding capital stock or other ownership interests in the entity (and its Subsidiaries or any successor entity) previously identified to SoftBank by the GM Investor;  or
(x)    the GM Investor or its Subsidiaries from engaging in internal activities relating to the AVCo Business, including business planning and research, development, design and testing activities (provided, that neither GM nor its Subsidiaries may commercialize or otherwise monetize such activities, or any results therefrom, prior to the end of the Non-Compete Period). 
(c)    Immediately prior to the end of the Control Period, GM and the Company will enter into and deliver a standalone agreement memorializing (and containing terms consistent with) this Section 11.02, the intention being to enable the terms and conditions of this Section 11.02 to survive if this Agreement is terminated or materially amended at such time or any time thereafter.
(d)    For the purposes of this Article XI, the Company and its Subsidiaries are not Subsidiaries of the GM Investor. 

ARTICLE XII     
GENERAL PROVISIONS

12.01    Expenses.  Each Member and its Affiliates will be responsible for its own expenses in connection with the preparation and negotiation of this Agreement.

12.02    No Third-Party Rights.  Except as otherwise expressly set forth herein (including Sections 4.03 and 7.02), nothing in this Agreement shall be construed to grant rights to any Person who is not a party to this Agreement.

12.03    Legend on Certificates for Certificated Shares.  If Certificated Shares are issued, such Certificated Shares will bear the following legend:
“THE SHARES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON _______________, _____, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS (“STATE ACTS”) AND MAY NOT BE SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR STATE ACTS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.
THE TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN A THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT, DATED AS OF May 7, 2019, AS AMENDED AND MODIFIED FROM TIME TO TIME, GOVERNING THE ISSUER (THE “COMPANY”), AND BY AND AMONG ITS MEMBERS (THE “LLC AGREEMENT”).  THE SHARES REPRESENTED BY THIS CERTIFICATE MAY ALSO BE SUBJECT TO ADDITIONAL TRANSFER RESTRICTIONS, CERTAIN VESTING PROVISIONS, REPURCHASE OPTIONS, OFFSET RIGHTS AND FORFEITURE PROVISIONS SET FORTH IN THE LLC AGREEMENT AND/OR A SHARE GRANT AGREEMENT WITH THE INITIAL HOLDER.  A COPY OF SUCH CONDITIONS, REPURCHASE OPTIONS AND FORFEITURE PROVISIONS SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.”
If a Member holding Certificated Shares delivers to the Company an opinion of counsel, satisfactory in form and substance to the Board of Directors (which opinion may be waived by the Board of Directors), that no subsequent Transfer of such Shares will require registration under the Securities Act, the Company will promptly upon such contemplated Transfer deliver new Certificated Shares which do not bear the portion of the restrictive legend relating to the Securities Act set forth in this Section 12.03.

12.04    Confidentiality.
(a)    Each Member expressly agrees to maintain, and to cause its Director and Board Observer nominees (as applicable) to maintain, the confidentiality of, and not to disclose to any Person other than (i) the Company (and any successor of the Company or any Person acquiring all or a material portion of the assets or Equity Securities of the Company or any of its Subsidiaries), (ii) another Member, (iii) such Member’s or, in the case of SoftBank any of its or its Affiliate’s, financial planners, accountants, attorneys, investment advisers or other advisors or employees or representatives that need to know such information in connection with the monitoring of the Company, the Member or his, her or its Affiliates or in the normal course of operations of such Member or (iv) in the case of SoftBank or any of its Affiliates, disclosure of information (or any information derived from or based upon such information) of the type specified to SoftBank UK prior to the execution of the SoftBank Purchase Agreement (and subsequently acknowledged and agreed to by SoftBank) to its current or prospective investors in the ordinary course of business (provided that, in the case of clauses (iii) and (iv), the Member advises any such Person of the confidential nature of such information and such Person is directed to keep such information confidential, it being understood and agreed that such Member shall be responsible for any breach by any such Person of this Section 12.04), any information relating to the business, financial structure, intellectual property, assets, liabilities, data, financial position or financial results, borrowers, contract counterparties, clients or affairs of the Company or any of its Subsidiaries that shall not be generally known to the public, except as otherwise required by applicable law, stock exchange requirements or required or requested by any Governmental Authority having jurisdiction, in which case (except with respect to disclosure that is required in connection with the filing of federal, state and local tax returns or to the extent that the receiving party agrees to keep any such information confidential) prior to making such disclosure such Member shall, to the extent permitted by applicable law or by such Governmental Authority, give written notice to the Company, permit the Company to review and comment upon the form and substance of such disclosure and allow the Company to seek confidential treatment therefor, and in the case of any Member who is employed by the Company or any of its Subsidiaries, in the ordinary course of his or her duties to the Company or any of its Subsidiaries.  This Section 12.04 will not apply to the GM Investor, any A-2 Preferred Director or the Common Director.
(b)    The terms of this Section 12.04 shall apply to a Member during the time that such Person is a Member and for a period of two (2) years after such Person ceases to be a Member.

12.05    Power of Attorney.  Each of the Members does hereby constitute and appoint the Board of Directors and the liquidator with full power to act without the others, as such Member’s true and lawful representative and attorney in-fact, in such Member’s name, place and stead, solely for the purpose of making, executing, signing, acknowledging and delivering or filing in such form and substance as is approved by the Board of Directors or the liquidator (as the case may be): (a) all instruments, documents and certificates which may from time to time be required by any law to effectuate, implement and continue the valid and subsisting existence of the Company, or to qualify or continue the qualification of the Company in the State of Delaware and in all jurisdictions in which the Company may conduct business or own property, and any amendment to, modification to, restatement of or cancellation of any such instrument, document or certificate, and (b) all conveyances and other instruments, documents and certificates which may be required to effectuate the dissolution and termination of the Company approved in accordance with the terms of this Agreement.  The powers of attorney granted herein shall be deemed to be coupled with an interest, shall be irrevocable, and shall survive the death, disability, incompetency, bankruptcy, insolvency or termination of any Member and the Transfer of all or any portion of such Member’s Shares, and shall extend to such Member’s heirs, successors, assigns, and personal representatives.

12.06    Notices.  Notices shall be addressed and delivered:
(a)    If to the Company, to:
GM Cruise Holdings LLC 
1201 Bryant Street 
San Francisco, CA 94103 
Attention:     Matt Gipple 
    Geoff Richardson 
Email:    mgipple@getcruise.com 
    geoff.richardson@getcruise.com
with copies to:
General Motors Holdings LLC
300 GM Renaissance Center
Mail Code: 482-C22-A68
Detroit, Michigan, 48265
Attention: Deputy General Counsel, Commercial, TaaS, Regulation & 
 Litigation
Email:        ann.cathcartchaplin@gm.com    

and

Kirkland & Ellis LLP 
601 Lexington Avenue 
New York, NY 10016 
Facsimile: (212) 446-4900 
Attention:    Peter Martelli 
     Jonathan L. Davis 
Email:    Peter.Martelli@kirkland.com 
    Jonathan.Davis@kirkland.com
(b)    If to a Member, to such Member or his personal representative at his or their last address known to the Company as disclosed on the records of the Company.  Notices shall be in writing and shall be sent by facsimile or pdf e-mail (if promptly confirmed by personal delivery, telephone call or mail), by mailed postage prepaid, registered or certified, by United States mail, return receipt requested, by nationally recognized private courier or by personal delivery.  Notices shall be effective, (i) if sent by facsimile or pdf e-mail, on the day sent, if sent before 5:00 p.m. New York, New York time, or on the next Business Day, if sent after 5:00 p.m. New York, New York time, in each case, subject to acknowledgement of receipt (not to be unreasonably withheld, conditioned or delayed), (ii) if sent by nationally recognized private courier, on the next Business Day, (iii) if mailed, three (3) Business Days after mailing or (iv) if personally delivered, when delivered.

12.07    Facsimile and E-Mail.  This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or electronic transmission in portable document format (“pdf”), shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.  At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties hereto.  No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic transmission in pdf to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or electronic transmission in pdf as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.  The words “writing”, “written” and comparable terms contained in this Agreement refer to printing, typing and other means of reproducing words (including electronic media or transmission) in visible form.

12.08    Amendment.  Subject to Sections 5.12, 5.13 and 6.13(a), this Agreement may be amended, modified, or waived only by the approval of both a Majority of the Members and the Board of Directors.

12.09    Tax and Other Advice.  Each Member has had the opportunity to consult with such Member’s own tax and other advisors with respect to the consequences to such Member of the purchase, receipt or ownership of the Shares, including the tax consequences under federal, state, local, and other income tax laws of the United States or any other country and the possible effects of changes in such tax laws.  Such Member acknowledges that none of the Company, its Subsidiaries, Affiliates, successors, beneficiaries, heirs and assigns and its and their past and present directors, officers, employees, and agents (including their attorneys) makes or has made any representations or warranties to such Member regarding the consequences to such Member of the purchase, receipt or ownership of the Shares, including the tax consequences under federal, state, local and other tax laws of the United States or any other country and the possible effects of changes in such tax laws.

12.10    Acknowledgments.  Upon execution and delivery of a counterpart to this Agreement or a joinder to this Agreement, each Member (including any of its successors or assigns, each Assignee and each Additional Member) shall be deemed to acknowledge to the Company as follows: (i) the determination of such Member to acquire Shares pursuant to this Agreement or any other agreement has been made by such Member independent of any other Member and independent of any statements or opinions as to the advisability of such purchase or as to the properties, business, prospects or condition (financial or otherwise) of the Company and its Subsidiaries which may have been made or given by any other Member or by any agent or employee of any other Member, (ii) no other Member has acted as an agent of such Member in connection with making its investment hereunder and that no other Member shall be acting as an agent of such Member in connection with monitoring its investment hereunder, (iii) each of the GM Investor and GM Parent has retained Kirkland & Ellis LLP in connection with the transactions contemplated hereby and expect to retain Kirkland & Ellis LLP as legal counsel in connection with the management and operation of the investment in the Company and its Subsidiaries, (iv) Kirkland & Ellis LLP is not representing and will not represent any other Member in connection with the transactions contemplated hereby or any dispute which may arise between the GM Investor, on the one hand, and any other Member, on the other hand, (v) such Member will, if it wishes counsel on the transactions contemplated hereby, retain its own independent counsel, (vi) Kirkland & Ellis LLP may represent the GM Investor, GM Parent and/or the Company in connection with any and all matters contemplated hereby (including any dispute between the GM Investor, GM Parent and/or the Company, on the one hand, and any other Member, on the other hand) and (vii) Kirkland & Ellis LLP has represented and may represent the Company on matters affecting the Company and its Subsidiaries, and such Member waives any conflict of interest in connection with all such representations by Kirkland & Ellis LLP.

12.11    Miscellaneous.
(a)    Descriptive Headings.  The article or section titles or captions contained in this Agreement are for convenience only and shall not be deemed a part of this Agreement.
(b)    Severability.  Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law and references to any law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law, but if any provision of this Agreement shall be unenforceable or invalid under applicable law in any jurisdiction or with respect to any Member, such provision shall be ineffective only to the extent of such unenforceability or invalidity and shall not affect the enforceability of any other provision in such jurisdiction or the enforcement of the entirety of this Agreement in any other jurisdiction or with respect to any other Member, but this Agreement will be reformed, construed and enforced in such jurisdiction and with respect to the applicable Member as if such invalid or unenforceable provision had never been contained herein.  Notwithstanding the foregoing, if any court determines that any of the covenants or agreements set forth in this Agreement are overbroad under applicable law in time, geographical scope or otherwise, the Members specifically agree and authorize such court to rewrite this Agreement to reflect the maximum time, geographical and/or other restrictions permitted under applicable law to be reasonable and enforceable.
(c)    Waiver.  The failure of any Person to insist in one or more instances on performance by another Person of any obligation, condition or other term of this Agreement in strict accordance with the provisions hereof shall not be construed as a waiver of any right granted hereunder or of the future performance of any obligation, condition or other term of this Agreement in strict accordance with the provisions hereof, and no waiver with respect thereto shall be effective unless contained in a writing signed by or on behalf of the waiving party.  The remedies in this Agreement shall be cumulative and are not exclusive of any other remedies provided by law.
(d)    Successors and Assigns.  This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective heirs, representatives, successors and permitted assigns.  Notwithstanding the foregoing or anything in this Agreement to the contrary, none of the Members may, without the prior written approval of the Board of Directors, assign or delegate any of his, her or its rights or obligations under this Agreement to any Person other than a Permitted Transferee (provided that, for clarity, SoftBank may not assign its obligations in Section 2.02(c)(i)); provided, however that the foregoing shall not prohibit or otherwise affect the ability of a Member to effect a Transfer of Shares in accordance with this Agreement.
(e)    Entire Agreement.  This Agreement (including the appendices, exhibits and schedules attached hereto, which are hereby incorporated herein by reference) and the other agreements referred to in or contemplated by this Agreement constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof and supersedes all prior agreements, negotiations or representations with respect to the subject matter hereof and thereof.
(f)    Governing Law. This Agreement shall be governed by the laws of the State of Delaware, including the Act, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.
(g)    Construction.  The parties hereto acknowledge and agree that each has negotiated and reviewed the terms of this Agreement, assisted by such legal and tax counsel as they desired, and has contributed to its revisions.  The parties hereto further agree that the rule of construction that any ambiguities are resolved against the drafting party will be subordinated to the principle that the terms and provisions of this Agreement will be construed fairly as to all parties hereto and not in favor of or against any party.  The word “including” and other words of similar import means “including, without limitation” and where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates.  All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the Person may require in the context thereof.  The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole, and not to any particular section, subsection, paragraph, subparagraph or clause contained in this Agreement.  Any law, statute, rule or regulation defined or referred to herein means such law, statute, rule or regulation as from time to time amended, modified or supplemented.  The terms “$” and “dollars” means United States Dollars.  A reference herein to this Agreement refers to this Agreement as it may hereafter be amended, modified, extended, restated or replaced from time to time in accordance with the provisions hereof and a reference to any other agreement refers to such other agreement as it may hereafter be amended, modified, extended, restated or replaced from time to time in accordance with the provisions thereof and the applicable limitations (if any) set forth in this Agreement.  With respect to any matter requiring the approval, decision, determination or consent of any Person(s) hereunder (including the Members and the Board of Directors), if no other standard for granting, denying or making such approval, decision, determination or consent is provided in this Agreement, such approval, decision, determination or consent shall be made by such Person(s) in their sole discretion.
(h)    Venue; Waiver of Jury Trial.  This Agreement has been executed and delivered in and shall be deemed to have been made in Delaware.  Each Member agrees to the exclusive jurisdiction of any state or federal court within Delaware, with respect to any claim or cause of action arising under or relating to this Agreement (provided that any order from any such court may be enforced in any other jurisdiction), and waives personal service of any and all process upon it, and consents that all services of process be made by registered mail, directed to it at its address as set forth in Section 12.06, and service so made shall be deemed to be completed when received.  Each Member waives any objection based on forum non conveniens and waives any objection to venue of any action instituted hereunder.  Nothing in this paragraph shall affect the right to serve legal process in any other manner permitted by law.  EACH OF THE PARTIES HERETO (INCLUDING EACH MEMBER) IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF ITS, HIS OR HER OBLIGATIONS HEREUNDER.
(i)    Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.
(j)    Third Parties.  The agreements, covenants and representations contained herein are for the benefit of the Company and the Members and are not for the benefit of any third parties, including any creditors of the Company, except to the extent that any other Person is expressly granted any rights under this Agreement.

12.12    Title to Company Assets.  Company assets shall be deemed to be owned by the Company as an entity, and no Member, individually or collectively, shall have any ownership interest in such Company assets or any portion thereof.  Legal title to any or all Company assets may be held in the name of the Company or one or more nominees, as the Board of Directors may determine.  The Board of Directors hereby declares and warrants that any Company assets for which legal title is held in the name of any nominee shall be held in trust by such nominee for the use and benefit of the Company in accordance with the provisions of this Agreement.  All Company assets shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such Company assets is held.

12.13    Creditors.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any non-Member creditors of the Company or any of its Affiliates, and no non-Member creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in Distributions, capital or property or the rights of the Board of Directors to require Capital Contributions other than as a secured creditor.  Notwithstanding anything to the contrary in this Agreement, any Member who is, or whose Affiliates are, a creditor or lender of the Company or its Subsidiaries (including a trade creditor pursuant to any Commercial Agreement) shall be entitled to exercise all of its rights as a creditor of lender of the Company or its Subsidiaries, as set forth in the applicable credit document or other agreement between such Member (or its Affiliates) and the Company or its Subsidiaries, or otherwise available to such Member (or its Affiliates) in such capacity.  Without limiting the generality of the foregoing, any such Member (or its Affiliates), in exercising its rights as a creditor or lender, will have no duty to consider (i) its or its Affiliates’ status as a direct or indirect equity owner of the Company or its Subsidiaries, (ii) the interests of the Company or its Subsidiaries, or (iii) any duty it or any of its Affiliates may have hereunder or otherwise to any other Member, except as may be required under the applicable credit or other documents or by commercial law applicable to creditors generally.

12.14    Remedies.  The Company and the Members shall be entitled to enforce their respective rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement (including costs of enforcement) and to exercise any and all other rights at law or at equity existing in their respective favor.  The Company and each Assignee and Member further agrees and acknowledges that money damages shall not be an adequate remedy for any breach of the provisions of this Agreement (and thus waive as defense that there is an adequate remedy at law), and that, accordingly, the Company or any Member shall, in the event of any breach or threatened breach of this Agreement, be entitled (without posting a bond or other security) to seek an injunction or injunctions to prevent or restrain threatened breaches of, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations under this Agreement.  The Company and each Member and Assignee hereby waives any right to claim that specific performance should not be ordered to prevent or remedy a breach or threatened breach of this Agreement, and agrees not to raise any objections on the basis that a remedy at laws would be adequate or on any other basis, (a) to the availability or appropriateness of the equitable remedy of specific performance, or (b) to the rights of the Company and the Members to specifically enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations of this Agreement.  The remedies in this Agreement shall be cumulative and are not exclusive of any other remedies provided by law.

12.15    Time is of the Essence; Computation of Time.  Time is of the essence for each and every provision of this Agreement.  Whenever the last day for the exercise of any privilege or the discharge of any duty hereunder shall fall upon a day other than a Business Day, the party having such privilege or duty may exercise such privilege or discharge such duty on the next succeeding day which is a Business Day.

12.16    Notice to Members of Provisions.  By executing this Agreement, each Member acknowledges that it has actual notice of (i) all of the provisions hereof (including the restrictions on transfer set forth in Article IX) and (ii) all of the provisions of the Certificate of Formation.

vi

12.17    Further Assurances.  In connection with this Agreement and the transactions contemplated hereby, each Member shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary to effectuate and perform the provisions of this Agreement and those transactions.

12.18    Termination.  Upon consummation of an IPO or a Sale of the Company, this Agreement will be terminated (and replaced, in the case of an IPO, by a suitable replacement stockholders’ agreement as reasonably determined by the Board of Directors immediately prior to the IPO) and each of the Members will be fully, finally and forever discharged and released from any and all agreements, terms, covenants, conditions, representations, warranties and other obligations arising under this Agreement and all rights and benefits of the Members arising under this Agreement shall be fully, finally and forever terminated and extinguished; provided, that Article VII, Article XI and this Article XII (and, solely in the case of a Sale of the Company, Section 9.08 to the extent any obligations thereunder have not been fully performed) shall survive and continue to apply in accordance with the their terms.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
COMPANY:
GM CRUISE HOLDINGS LLC
	
		
	By:
	/s/ Daniel Ammann

	Name:
	Daniel Ammann

	Title:
	Chief Executive Officer

vii

MEMBER:
GENERAL MOTORS HOLDINGS LLC
	
		
	By:
	/s/ Rocky Gupta

	Name:
	Rocky Gupta

	Title:
	Treasurer

[Signature Page to Third A&R LLC Agreement]

MEMBER:
SOFTBANK VISION FUND (AIV M2), L.P 
By: SB Investment Advisers UK Limited, acting in its capacity as Manager of SoftBank Vision Fund (AIV M2), L.P.
	
		
	By:
	/s/ Ruwan Weerasekera

	Name:
	Ruwan Weerasekera

	Title:
	Director

[Signature Page to Third A&R LLC Agreement]

MEMBER:
HONDA MOTOR CO., LTD.
	
		
	By:
	/s/ Seiji Kuraishi

	Name:
	Seiji Kuraishi

	Title:
	Executive Vice President and Representative Director

[Signature Page to Third A&R LLC Agreement]

MEMBER:
T. Rowe Price Growth Stock Fund, Inc.
Seasons Series Trust - SA T. Rowe Price Growth Stock Portfolio
Voya Partners, Inc. - VY T. Rowe Price Growth Equity Portfolio
Brighthouse Funds Trust II - T. Rowe Price Large Cap Growth Portfolio
Lincoln Variable Insurance Products Trust - LVIP T. Rowe Price Growth Stock Fund
Penn Series Funds, Inc. - Large Growth Stock Fund
T. Rowe Price Growth Stock Trust 
Sony Master Trust
Prudential Retirement Insurance and Annuity Company
Aon Savings Plan Trust 
Caleres, Inc. Retirement Plan
Colgate Palmolive Employees Savings and Investment Plan Trust
Brinker Capital Destinations Trust - Destinations Large Cap Equity Fund 
Alight Solutions LLC 401K Plan Trust
MassMutual Select Funds - MassMutual Select
T. Rowe Price Large Cap Blend Fund 
Legacy Health Employees' Retirement Plan 
Legacy Health
Each account, severally not jointly

	
		
	By:
	T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as applicable

	 
	 

	 
	 

	By:
	/s/ Joseph Fath

	Name:
	Joseph Fath

	Title:
	Vice President

[Signature Page to Third A&R LLC Agreement]

MEMBER:
T. Rowe Price Science & Technology Fund, Inc.
VALIC Company I – Science & Technology Fund
Each account, severally not jointly

	
		
	By:
	T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as applicable

	 
	 

	 
	 

	By:
	/s/ Alan Tu

	Name:
	Alan Tu

	Title:
	Vice President

[Signature Page to Third A&R LLC Agreement]

MEMBER:
THE GROWTH FUND OF AMERICA
	
		
	By:
	Capital Research and Management Company, as investment adviser for and on behalf of The Growth Fund

	 
	 

	 
	 

	By:
	/s/ Kenneth R. Gorvetzian

	Name:
	Kenneth R. Gorvetzian

	Title:
	Authorized Signatory

 

[Signature Page to Third A&R LLC Agreement]

Appendix I
For the purposes of this Agreement:
(a)    “2018/2019 Incentive Plan” shall mean that employee incentive plan as established in accordance with the terms and conditions of the plan set forth on Section 5.2 of the Disclosure Letter to the SoftBank Purchase Agreement, as the same may be amended from time to time.
(b)    “A-1-A Preferred Share Conversion Ratio” shall mean a multiple (which, for the avoidance of doubt, unless, and solely to the extent, Section 2.02(d)(ii) applies, may not be less than one (1)) equal to (i) the sum of the Class A-1-A Preferred Unpaid Return and the Class A-1-A Preferred Capital Value divided by (ii) $1,000 (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event).
(c)    “A-1-B Preferred Share Conversion Ratio” shall mean a multiple (which, for the avoidance of doubt, may not be less than one (1)) equal to (i) the sum of the Class A-1-B Preferred Unpaid Return and the Class A-1-B Preferred Capital Value divided by (ii) $1,515.15 (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event).
(d)    “Affiliate” shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person, and the term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through voting securities, by contract or otherwise.  Notwithstanding the foregoing or anything in this Agreement to the contrary, (i) none of the Members shall be deemed to be an “Affiliate” of any other Member solely by virtue of owning Shares, (ii) none of the Members shall be deemed to be an “Affiliate” of the Company and (iii) neither the Company nor any of its Subsidiaries shall be deemed to be an “Affiliate” of any of the Members or any of their Affiliates.
(e)    “Agreement” shall mean this Third Amended and Restated Limited Liability Company Agreement, including all appendices, exhibits and schedules hereto, as it may be amended, supplemented or otherwise modified from time to time.
(f)    “AGSA” shall mean the Administrative and General Services Agreement entered into between GM and the Company dated as of June 28, 2018.
(g)    “Applicable ABAC Laws” means all laws and regulations applying to the Company, any of its Subsidiaries or an Associated Person of either the Company or any of its Subsidiaries prohibiting bribery or some other form of corruption, including fraud and tax evasion.

App. I-1

(h)    “Applicable AML Laws” means all laws and regulations applying to the Company, any of its Subsidiaries or an Associated Person of either the Company or any of its Subsidiaries prohibiting money laundering, including attempting to conceal or disguise the identity of illegally obtained proceeds.
(i)    “Applicable Trade Laws” means all import and export laws and regulations, including economic and financial sanctions, export controls, anti-boycott and customs laws and regulations applying to the Company, any of its Subsidiaries or an Associated Person of either the Company or any of its Subsidiaries.
(j)    “Associated Person” means, in relation to a company or other entity, an individual or entity (including a director, officer, employee, consultant, agent or other representative) who or that has acted or performed services for or on behalf of that company or other entity but only with respect to actions or the performance of services for or on behalf of that company or other entity.
(k)    “AVCo Business” shall have the meaning given to it in the IPMA.
(l)    “Blocked Person” means any of the following: (a) a Person included in a restricted or prohibited list pursuant to one or more of the Applicable Trade Laws, including any Sanctioned Person; (b) an entity in which one or more Sanctioned Persons has in the aggregate, whether directly or indirectly, a fifty percent (50%) or greater equity interest; or (c) an entity that is controlled by a Sanctioned Person such that the entity, itself, would be considered a Sanctioned Person.
(m)    “Business Day” shall mean a day other than a Saturday, a Sunday, or any day on which commercial banks New York City, New York, Detroit, Michigan or Tokyo, Japan are permitted to be closed.
(n)    “Call Notice/Optional SoftBank Conversion Notice Fair Market Value” has the meaning given to it in Exhibit II.
(o)    “Capital Contribution” shall mean a transfer of money or property by a Member to the Company, either as consideration for Shares or as additional capital without a requirement for the issuance of additional Shares.
(p)    “Cause” shall mean, with respect to an Employee Member, the definition of “Cause” set forth in such Employee Member’s Share Grant Agreement, but will also include a breach of this Agreement by such Employee Member.
(q)    “CFIUS” means the Committee on Foreign Investment in the United States.
(r)    “Change of Control” means (i) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than fifty percent (50%) of the outstanding voting securities of a Person (the “Target”), (ii) any reorganization, merger or consolidation of a Person, other than a transaction or series of related transactions in which the 

App. I-2

holders of the voting securities of such Person outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding voting securities of such Person or such other surviving or resulting entity, or (iii) a sale, lease or other disposition of a majority of the assets of the Target and its Subsidiaries.
(s)    “Class A-1 Liquidation Preference Amount” shall mean, as applicable, (i) the sum of the Class A-1-A Preferred Unpaid Return and the Class A-1-A Preferred Capital Value applicable to a Class A-1-A Preferred Share (the “Class A-1-A Liquidation Preference Amount”), and (ii) the sum of the Class A-1-B Preferred Unpaid Return and the Class A-1-B Preferred Capital Value applicable to a Class A-1-B Preferred Share (the “Class A-1-B Liquidation Preference Amount”).
(t)    “Class A-1 Preferred Capital” shall mean the Class A-1-A Preferred Capital Value and the Class A-1-B Preferred Capital Value (as applicable).
(u)    “Class A-1 Preferred Capital Value” shall mean the weighted average of the Class A-1-A Liquidation Preference Amount and the Class A-1-B Liquidation Preference Amount, based on the relative numbers of Class A-1-A Preferred Shares and Class A-1-B Preferred Shares.
(v)    “Class A-1 Preferred Member” shall mean each Person admitted to the Company as a Member and who holds Class A-1-A Preferred Shares and/or Class A-1-B Preferred Shares.
(w)    “Class A-1 Preferred Return” shall mean, with respect to each Class A-1 Preferred Share, the amount accruing for a particular Quarter on such Class A-1 Preferred Share at the rate of seven percent (7%) per annum, compounded on the last day of such Quarter, on (i) the Class A-1 Preferred Capital of such Class A-1 Preferred Share plus (ii) as the case may be, the Class A-1 Preferred Unpaid Return thereon.  In calculating the amount of any Distribution to be made during a period, the portion of the Class A-1 Preferred Return with respect to such Class A-1 Preferred Share for the portion of the Quarterly period elapsing before such Distribution is made shall be taken into account in determining the amount of such Distribution.
(x)    “Class A-1 Preferred Unpaid Return” shall mean the Class A-1-A Preferred Unpaid Return and the Class A-1-B Preferred Unpaid Return (as applicable).
(y)    “Class A-1-A Preferred Capital Value” shall mean $1,000 for each Class A-1-A Preferred Share issued with respect to the SoftBank Commitment, subject to appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event.
(z)    “Class A-1-A Preferred Member” shall mean each Person admitted to the Company as a Member and who holds Class A-1-A Preferred Shares.
(aa)    “Class A-1-A Preferred Unpaid Return” shall mean, with respect to any Class A-1-A Preferred Share as of any determination date, an amount not less than zero equal to (i) 

App. I-3

the aggregate Class A-1 Preferred Return for all prior Quarterly periods on such Class A-1-A Preferred Share as of such date, less (ii) the aggregate amount of cash Distributions made in respect of such Class A-1-A Preferred Share pursuant to Section 3.01(b)(i) and Section 3.01(b)(iii).
(bb)    “Class A-1-B Preferred Capital Value” shall mean $1,515.15 for each Class A-1-B Preferred Share issued with respect to the Subsequent SoftBank Commitment, subject to appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event.
(cc)    “Class A-1-B Preferred Member” shall mean each Person admitted to the Company as a Member and who holds Class A-1-B Preferred Shares.
(dd)    “Class A-1-B Preferred Unpaid Return” shall mean, with respect to any Class A-1-B Preferred Share as of any determination date, an amount not less than zero equal to (i) the aggregate Class A-1 Preferred Return for all prior Quarterly periods on such Class A-1-B Preferred Share as of such date, less (ii) the aggregate amount of cash Distributions made in respect of such Class A-1-B Preferred Share pursuant to Section 3.01(b)(i) and Section 3.01(b)(iii).
(ee)    “Class A-2 Liquidation Preference Amount” shall mean the Class A-2 Preferred Capital Value applicable to such Class A-2 Preferred Share.
(ff)    “Class A-2 Preferred Capital Value” shall mean $1,000 for each Class A-2 Preferred Share issued with respect to the GM Commitment, subject to appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event.
(gg)    “Class A-2 Preferred Member” shall mean each Person admitted to the Company as a Member and who holds Class A-2 Preferred Shares.
(hh)    “Class B Floor Amount” means, with respect to any Class B Common Share, an aggregate amount determined by the Board of Directors in its sole discretion and set forth in the applicable Share Grant Agreement (which such amount may be zero). 
(ii)    “Class B Member” shall mean each Person admitted to the Company as a Member and who holds Class B Common Shares.
(jj)    “Class C Member” shall mean each Person admitted to the Company as a Member and who holds Class C Common Shares.
(kk)     “Class D Member” shall mean each Person admitted to the Company as a Member and who holds Class D Common Shares.
(ll)    “Class E Member” shall mean each Person admitted to the Company as a Member and who holds Class E Common Shares.

App. I-4

(mm)     “Class F Floor Amount” shall mean, for each Class F New Member, the number of Class F Preferred Shares shown against such Class F New Member’s name on Exhibit III (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event). 
(nn)    “Class F Preferred Member” shall mean each Person admitted to the Company as a Member and who holds Class F Preferred Shares.
(oo)    “Class F Preferred Member Restricted Person” shall mean any Person who, either directly or indirectly or through an Affiliate, is a competitor of either (i) the Company or any of its Subsidiaries as reasonably determined by the Board of Directors, or (ii) the GM Investor or any of its Affiliates as reasonably determined by the GM Investor in good faith; provided, however, that a Person who is not otherwise (either directly or indirectly or through an Affiliate) a competitor shall not be deemed a Class F Preferred Member Restricted Person solely as a result of owning, directly or indirectly, less than five percent (5%) of the outstanding capital stock of a publicly traded company that is a competitor of the Company, the GM Investor or any of their respective Affiliates.  Class F Preferred Member Restricted Person shall include: (A) those Persons on the list provided to the Class F New Members and SoftBank prior to the execution of the Class F Purchase Agreement and (B) any Person that is developing or commercializing or selling autonomous vehicles for any use. 
(pp)    “Class F Liquidation Preference Amount” shall mean the Class F Preferred Capital Value applicable to such Class F Preferred Share.
(qq)    “Class F Preemptive Proportion” shall mean an amount, expressed as a decimal equal to (i) the number of Class F Preferred Shares held by such Member as if all such Class F Preferred Shares are deemed converted to Class D Common Shares at the Class F Preferred Share Conversion Ratio divided by (ii) the total number of issued and outstanding Shares of the Company calculated on an as-converted basis as if all Non-A-1 Interests are converted on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event) and all Class A-1 Preferred Shares are converted in accordance with Section 2.10(b) (excluding, for the purpose of calculating the total number of issued and outstanding Shares of the Company, any Class B Common Share, including any Vested Class B Common Share).
(rr)    “Class F Preferred Capital Value” shall mean $1,825 for each Class F Preferred Share issued with respect to the Class F Commitment (and any other Class F Preferred Shares issued pursuant to the Class F Purchase Agreement), subject to appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event.

App. I-5

(ss)    “Class F Preferred Share Conversion Ratio” shall mean 1:1 (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event).
(tt)    “Class F Trigger Date” shall mean May 7, 2023; provided, that with respect to a Class F Member, solely in its capacity as a holder of Class F Preferred Shares, such date will be reduced to the Maximum Permitted Lockup Date if such Class F Member can provide evidence reasonably satisfactory to the Company that it is prohibited (across investments in U.S. private companies generally) from agreeing to Transfer restrictions with respect to its holding of shares in private companies that have a duration of at least four (4) years (the “Lockup Evidence”); provided, further, that  a reduction in the Class F Trigger Date for a Class F Member with respect to its Class F Preferred Shares will not be applicable to any other Class F Member with respect to its Class F Preferred Shares unless such other Class F Member provides Lockup Evidence.  For the purpose of this definition, “Maximum Permitted Lockup Date” shall mean the longest period such Class F Member can be subject to the transfer restrictions in Section 9.01(a) taking into account restrictions applicable to its holding of shares in U.S. private companies generally; provided, that in no event shall the Maximum Permitted Lockup Date be sooner than May 7, 2021.
(uu)    “Code” shall mean the Internal Revenue Code of 1986, as amended.
(vv)    “Commercial Agreements” shall have the meaning given to “Commercial Agreements” in the SoftBank Purchase Agreement.
(ww)    “Commitments” shall mean, collectively, the GM Commitment, the SoftBank Commitment, the Subsequent SoftBank Commitment, the Honda Commitment, the Class F Commitment and any additional commitment from an existing or new Investor (which, in each case, represents (or in the case of any additional commitments, will represent) the aggregate amount of Capital Contributions that such Investor has committed (or in the case of any additional commitments, will commit) to make to the Company in exchange for the issuance of Shares and subject in all respects to the terms and conditions set forth in this Agreement and the SoftBank Purchase Agreement, Honda Purchase Agreement, the Class F Purchase Agreement or the applicable subscription agreement, as applicable).
(xx)    “Common Shares” shall mean, collectively, the Class B Common Shares, Class C Common Shares, Class D Common Shares and Class E Common Shares.
(yy)    “Control Period” shall mean the period from the date of this Agreement until the earlier of (i) the consummation of an IPO, and (ii) the date on which the GM Investor holds less than fifty percent (50%) of the total number of Shares (on an as-converted basis as if all Non-A-1 Interests are deemed converted (on a Fully Diluted Basis) to Class D Common Shares on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, 

App. I-6

combination of shares or similar event) and all Class A-1 Preferred Shares are deemed converted to Class D Common Shares pursuant to Section 2.10(b)).
(zz)    “Covered Person” shall mean a Person who is or was (i) a Member or a Director, Officer, director, shareholder, partner, member, trustee, investment adviser, fiduciary or beneficiary of the Company or any Subsidiary of the Company or of a Member, or (ii) a director, officer, shareholder, partner, trustee, fiduciary or beneficiary of another Person serving as such at the request of the Company or any Subsidiary of the Company, for the Company’s or any of its Subsidiary’s benefit.
(aaa)    “Designated Matter” with respect to a Covered Person shall mean a matter that is or is claimed to be a matter related to his or her duties to the Company, any of its Subsidiaries or any related entity or the performance of (or failure to perform) duties for the Company or any of its Subsidiaries.
(bbb)    “DGCL” shall mean the State of Delaware General Corporation Law, as amended from time to time.
(ccc)    “Director” shall mean a Person designated to the Board of Directors pursuant to Section 6.03.
(ddd)    “Distribution” shall mean each distribution made by the Company to a Member with respect to such Person’s Shares, whether in cash, property or securities of the Company and whether by dividend, redemption, repurchase or otherwise; provided, that none of the following shall be deemed a Distribution: (i) any redemption or repurchase by the Company of any securities of the Company in connection with the termination of employment of an employee of the Company or any of its Subsidiaries or otherwise pursuant to a Share Grant Agreement and (ii) any recapitalization, exchange or conversion of Shares, and any subdivision (by share split or otherwise) or any combination (by reverse share split or otherwise) of any outstanding Shares.
(eee)    “EDSA” shall mean the Engineering and Design Services Agreement entered into between GM Global Technology Operations LLC and the Company dated as of June 28, 2018.
(fff)    “Employee Member” shall mean a Member who is or was an employee, officer, director, manager or other service provider of the Company or one of its Subsidiaries or who is wholly owned by or is a Family Trust or other similar entity of one or more of the current or former employees, officers, directors, managers or other services providers of the Company or one of its Subsidiaries.  Any reference in this Agreement to an Employee Member shall mean, in the case of a Member who is wholly owned by or is a member of the Family Group of one or more of the current or former employees, officers, directors, managers or other service providers of the Company or one of its Subsidiaries, the current or former employee, officer, director, manager or other service provider of the Company or one of its Subsidiaries, or such Member that is wholly owned or is a member of the Family Group or other similar entity of such Person (regardless of whether such current or former employee, officer, director, manager or other service provider or such wholly 

App. I-7

owned entity, member of the Family Group or other similar entity is a Member), as the context so requires.
(ggg)    “Equity Securities” shall mean all forms of equity securities in the Company, its Subsidiaries or their successors (including Shares), all securities convertible into or exchangeable for equity securities in the Company, its Subsidiaries or their successors, and all options, warrants, and other rights to purchase or otherwise acquire equity securities, or securities convertible into or exchangeable for equity securities, from the Company, its Subsidiaries or their successors.
(hhh)    “Equivalent Terms” shall mean a proposal on terms, including all legal, financial, regulatory and other aspects of such proposal, including termination fee and/or expense reimbursement provisions, conditionality, financing, antitrust, timing, indemnification and post-closing limitations of liability and such other factors, events or circumstances as the Board of Directors considers in good faith to be appropriate, that is (i) reasonably likely to be consummated in accordance with its terms and (ii) at least as favorable to the Transferor(s) pursuant to Section 9.01(a)(vi) as the terms set forth in the ROFR Sale Notice.
(iii)    “Exchange Agreement” shall mean the Exchange Agreement in the form agreed to by the then existing Members and the Company on the date of the SoftBank Purchase Agreement.
(jjj)    “Fair Market Value” with respect to securities traded on a stock exchange or over-the-counter market as of any date shall be the mean between the highest and lowest quoted selling prices, or if none, the mean between the bona fide bid and asked prices, on the valuation date, or if the foregoing is not applicable, otherwise determined in a manner not inconsistent with Treasury Regulation §20.2031-2.  Fair Market Value of any other assets shall be their fair market value as determined in good faith by the Board of Directors.
(kkk)    “Family Group” shall mean, for any individual, such individual’s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) and the spouses of such descendants, and any trust, limited partnership, corporation or limited liability company established solely for the benefit of such individual or such individual’s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of such descendants.
(lll)    “Fiscal Year” shall mean the calendar year.
(mmm)    “Fully Diluted Basis” shall mean the number of Shares which would be outstanding, as of the date of computation, if all convertible obligations, options, RSUs, warrants and like rights, and other instruments to acquire Shares had been converted or exercised (or, if not then granted and reserved for grant or issuance, all such obligations, options, RSUs, warrants and other instruments which are so reserved for grant or issuance, calculated in accordance with the treasury method).
(nnn)    “GAAP” shall mean generally accepted accounting principles applied in the United States.

App. I-8

(ooo)    “GM Affiliated Group” means the affiliated group of corporations of which GM Parent is the “common parent,” within the meaning of Section 1504 of the Code.
(ppp)    “GM Business” shall have the meaning given to it in the IPMA. 
(qqq)    “GM Consolidated Return” means the consolidated U.S. federal income tax return of GM Parent filed pursuant to Section 1501 of the Code.
(rrr)    “GM Investor” shall mean (i) GM, (ii) to the extent they are Members, any of Affiliate of GM, and (iii) any other Person not an Affiliate of GM to whom GM or any of its Affiliates have transferred Shares and who has been admitted as a Member of the Company.
(sss)    “GM Parent” means General Motors Company or, if General Motors Company has merged or consolidated into any other Person (or sold all or substantially all of its assets in any one or a series of related to transactions to such other Person), then the parent company of such other Person.
(ttt)    “Governmental Authority” shall mean any government or governmental or regulatory body thereof, or political subdivision thereof, whether foreign, federal, state, or local or any agency, instrumentality or authority thereof or any court.
(uuu)    “Honda Call Trigger Date” means the date on which (i) Honda terminates all of the Honda Commercial Agreements, excluding the Marketing and Network Access Fee Agreement, to which the Company is a party or (ii) the Company and/or GM terminate all of the Honda Commercial Agreements, excluding the Marketing and Network Access Fee Agreement, to which the Company is a party pursuant to the terms and conditions thereof due to a breach of such agreements by Honda.
(vvv)    “Honda CFIUS Approval” means any of the following: (i) CFIUS shall have concluded that the relevant transaction does not constitute a “covered transaction” and are not subject to review under Section 721 of the U.S. Defense Production Act of 1950; (ii) CFIUS shall have issued a written notification that it has concluded its review (and, if applicable, any investigation) of the notice filed with it in connection with the relevant transaction and determined that there are no unresolved national security concerns with respect to such transactions; (iii) if CFIUS has sent a report to the President of the United States requesting the President’s decision with respect to the relevant transaction and either (A) the period under Section 721 of the Defense Production Act of 1950 during which the President may announce his decision to take action to suspend or prohibit the relevant transaction shall have expired without any such action being announced or taken, or (B) the President shall have announced a decision not to take any action to suspend or prohibit the relevant transaction; or (iv) Honda and GM, following consultation with CFIUS, shall have agreed to proceed without filing a formal notice to CFIUS.  For the purpose of this definition, “relevant transaction” shall mean the grant to Honda of the rights and obligations granted to its hereunder for which CFIUS Approval is required.

App. I-9

(www)    “Honda Commercial Agreements” means, collectively, (i) that certain Shared Autonomous Vehicle Development Agreement, dated October 3, 2018, by and among the Company, GM, GM Global Technology Operations LLC, Honda and Honda R&D Co, (ii) that certain ZEV Credit Agreement, dated October 3, 2018, by and between General Motors LLC and American Honda Motor Co., Inc., (iii) the Marketing and Network Access Fee Agreement and (iv) any other agreement that the Company and Honda agree will be a Honda Commercial Agreement.
(xxx)    “Honda Competitively Sensitive Information” shall mean any information that is determined by the chief executive officer or the chief legal officer of the Company or the Board of Directors (in each case as determined in his, her or its reasonable judgment) to be competitively sensitive with respect to the AVCo Business (which shall include any information of the type identified to Honda prior to the execution of the Honda Purchase Agreement).
(yyy)    “Honda Floor Amount” shall mean 495,000 Class E Common Shares (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event).
(zzz)     “Honda Restricted Person” shall mean any Person who, either directly or indirectly or through an Affiliate, is a competitor of either (i) the Company or any of its Subsidiaries as reasonably determined by the Board of Directors, or (ii) the GM Investor (or its Affiliates) as reasonably determined by the GM Investor in good faith; provided, however, that a Person shall not be deemed a Honda Restricted Person solely as a result of owning, directly or indirectly, less than five percent (5%) of the outstanding capital stock of a publicly traded company that is a competitor of the Company or the GM Investor (or its Affiliates).  Honda Restricted Person shall include: (A) those Persons on the list provided to Honda prior to the execution of the Honda Purchase Agreement and (B) any Person that is developing or commercializing or selling autonomous vehicles for any use. 
(aaaa)    “Honda Trigger Date” shall mean the later of (i) October 3, 2025 and (ii) the termination (or expiration, pursuant to their terms) of all of the Honda Commercial Agreements to which the Company is a party; provided that if any Honda Commercial Agreement was terminated by the Company or GM pursuant to the terms and conditions thereof due to breach by Honda of its obligations thereunder, the Honda Trigger Date will be October 3, 2025.
(bbbb)    “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.
(cccc)    “Indemnity Agreement” shall mean the Indemnity Agreement entered into between GM and the Company dated the date as of June 28, 2018.
(dddd)    “Independent Director” shall mean a Director who is not an executive officer or employee of the Company and its Subsidiaries or the GM Investor and who has no relationship which would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

App. I-10

(eeee)    “Independent Third Party” shall mean any Person who, immediately before the contemplated transaction, (i) is not a Member (ii) is not an Affiliate of any Member, (iii) is not the spouse or descendent (by birth or adoption) or the spouse of a descendant of any Member, and (iv) is not a trust for the benefit of any Member and/or such other Persons.
(ffff)    “Investors” shall mean, collectively, the GM Investor, SoftBank, Honda and any other Person that makes an Additional Commitment or acquires Shares in exchange for a Capital Contribution.
(gggg)    “IPMA” shall mean the Intellectual Property Matters Agreement entered into between GM and the Company dated June 28, 2018.
(hhhh)    “IPO” shall mean (i) an initial public offering of the Company’s, or any parent’s or successor entity’s, securities of any class (other than debt securities containing no equity features and not convertible into equity securities) in accordance with the provisions of the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form, (ii) a distribution of IPO Shares to the stockholders of GM’s ultimate parent company pursuant to a Form 10 (or successor form), or (iii) the registration of the resale of IPO Shares by certain Members of the Company pursuant to a Form S-1 (or successor form) filed by the Company.
(iiii)     “Majority of a Committee” shall mean, with respect to any committee of the Board of Directors, as of any given time, the members of such committee having a majority of the votes of such committee.
(jjjj)    “Majority of the Board” shall mean as of any given time, the Directors having the right to cast a majority of the votes of the Board of Directors.
(kkkk)    “Majority of the Class A-1 Preferred” shall mean, as of any given time, the Class A-1 Preferred Members holding a majority of the then outstanding Class A-1 Preferred Shares.  For clarity, a written consent, signed by Class A-1 Preferred Members holding a majority of the then outstanding Class A-1 Preferred Shares, shall constitute a Majority of the Class A-1 Preferred.
(llll)    “Majority of the Class A-2 Preferred” shall mean, as of any given time, the Class A-2 Preferred Members holding a majority of the then outstanding Class A-2 Preferred Shares.  For clarity, a written consent, signed by Class A-2 Preferred Members holding a majority of the then outstanding Class A-2 Preferred Shares, shall constitute a Majority of the Class A-2 Preferred.
(mmmm)    “Majority of the Class C Common” shall mean, as of any given time, the Members holding a majority of the then outstanding Class C Common Shares.
(nnnn)    “Majority of the Class F Preferred” shall mean, as of any given time, the Members (other than GM and its Affiliates) holding a majority of the then outstanding Class F Preferred Shares (excluding Class F Preferred Shares held by GM and its Affiliates).

App. I-11

(oooo)    “Majority of the Common Shares” shall mean, as of any given time, the Members holding a majority of the votes of the then outstanding Class F Preferred Shares, Class E Common Shares, Class D Common Shares, Class C Common Shares and Class B Common Shares.  For clarity, (i) a written consent, signed by Members holding a majority of the votes of the then outstanding Class F Preferred Shares, Class E Common Shares, Class D Common Shares, Class C Common Shares and Class B Common Shares, shall constitute a Majority of the Common Shares, and (ii) pursuant to Section 5.01, in determining the Majority of the Common Shares each Class B Common Share, each Class D Common Share, each Class E Common Share and each Class F Preferred Shares will carry one (1) vote per Share and each Class C Common Share will carry ten (10) votes per Share.
(pppp)    “Majority of the Members” shall mean, as of any given time, the Members holding the majority of the voting rights with respect to then outstanding Shares, as such voting rights are allocated pursuant to Section 5.01.
(qqqq)    “Marketing and Network Access Fee Agreement” means that certain Marketing and Network Access Fee Agreement, dated October 3, 2018, by and between the Company and Honda.
(rrrr)    “Material Non-Public Information” shall mean any material non-public information (as the same relates to GM Parent), as determined in the discretion of the Company or GM Parent (each acting reasonably and in good faith). 
(ssss)    “Member” shall mean the GM Investor, SoftBank, Honda, The Growth Fund of America, T. Rowe Price Growth Stock Fund, Inc., Seasons Series Trust - SA T. Rowe Price Growth Stock Portfolio, Voya Partners, Inc. - VY T. Rowe Price Growth Equity Portfolio, Brighthouse Funds Trust II - T. Rowe Price Large Cap Growth Portfolio, Lincoln Variable Insurance Products Trust - LVIP T. Rowe Price Growth Stock Fund, Penn Series Funds, Inc. - Large Growth Stock Fund, T. Rowe Price Growth Stock Trust, Sony Master Trust, Prudential Retirement Insurance and Annuity Company, Aon Savings Plan Trust, Caleres, Inc. Retirement Plan, Colgate Palmolive Employees Savings and Investment Plan Trust, Brinker Capital Destinations Trust - Destinations Large Cap Equity Fund, Alight Solutions LLC 401K Plan Trust, MassMutual Select Funds - MassMutual Select T. Rowe Price Large Cap Blend Fund, Legacy Health Employees' Retirement Plan, Legacy Health, T. Rowe Price Science & Technology Fund, Inc., VALIC Company I - Science & Technology Fund and any other Person that is a Member as of the date hereof and each other Person admitted as a Substituted Member or Additional Member in accordance with this Agreement, but in each case only so long as such Person continually holds any Shares.
(tttt)    “Non-A-1 Interests” shall mean the Class A-2 Preferred Shares, the Class B Common Shares, the Class C Common Shares, the Class D Common Shares, the Class E Common Shares, the Class F Preferred Shares and any other Equity Securities designated as Non-A-1 Interests by the Board of Directors.

App. I-12

(uuuu)    “Non-A-1 Members” shall mean the Class A-2 Preferred Members, the Class B Members, the Class C Members, the Class D Members, the Class E Members and the Class F Preferred Members and any other Members designated as Non-A-1 Members by the Board of Directors.
(vvvv)    “OEM Acquisition” shall mean (i) the GM Investor, together with its Subsidiaries, becoming the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than fifty percent (50%) of the outstanding voting securities of an automotive OEM having the right to vote for the election of members of the board of directors (or equivalent body) of the automotive OEM or (ii) a sale, lease or other disposition to the GM Investor and its Subsidiaries (collectively) of all or substantially all of the assets of an automotive OEM.
(wwww)    “OEM Investment” shall mean the acquisition of a material percentage of the outstanding Shares of the Company by any automotive OEM.
(xxxx)    “OEM Restricted Investment” shall mean the acquisition of a number of Shares of the Company greater than or equal to the lesser of (i) Honda’s fully diluted ownership, as of the date of the signing of the definitive agreement for such acquisition, and (ii) 5% of the Shares of the Company (on a Fully Diluted Basis), in each case by any automotive OEM previously identified to Honda prior to the execution of the Honda Purchase Agreement.
(yyyy)    “Optional SoftBank Conversion Share Price” shall mean the value, per Class A-1 Preferred Share or Class D Common Share (as applicable), calculated as follows:
(i)    First, all Non-A-1 Interests shall be deemed converted (on a Fully Diluted Basis) to Class D Common Shares on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event) and all Class A-1 Preferred Shares are deemed converted to Class D Common Shares pursuant to Section 2.10(b) (collectively the number of Class D Common Shares resulting from the deemed conversion, the “Total Optional Conversion Shares”).  For clarity, such “deemed” conversion pursuant to this definition shall solely be for the purposes of calculating the Optional SoftBank Conversion Share Price, and no actual conversion shall occur pursuant to this definition.
(ii)    Second, the Optional SoftBank Conversion Share Price shall be: (A) for each Class A-1-A Preferred Share, the Call Notice/Optional SoftBank Conversion Notice Fair Market Value, multiplied by a fraction (1) the numerator of which is the number of Class D Common Shares into which each Class A-1-A Preferred Share of such Class A-1 Preferred Member was deemed converted pursuant to subsection (i) above, and (2) the denominator of which is the Total Optional Conversion Shares; (B) for each Class A-1-B Preferred Share, the Call Notice/Optional SoftBank Conversion Notice Fair Market Value, multiplied by a fraction (1) the numerator of which is the number of Class D Common Shares into which each Class A-1-B Preferred Share of such Class A-1 Preferred Member was deemed converted pursuant to subsection (i) above, and (2) the denominator of which is the Total Optional Conversion Shares; and (C) for each Class D Common Share, the 

App. I-13

Call Notice/Optional SoftBank Conversion Notice Fair Market Value multiplied by a fraction (1) the numerator of which is such number of Class D Common Shares and (2) the denominator of which is the Total Optional Conversion Shares.
(zzzz)    “Other Party” shall mean (i) with respect to the Company or any of its Subsidiaries, the GM Investor and (ii) with respect to the GM Investor, the Company.
(aaaaa)    “Per Class A-1 Preferred Share FMV” shall mean the Standardized FMV (as defined in, and determined in accordance with, Exhibit II) divided by the total outstanding Shares as of the time of the determination of the Call Notice/Optional SoftBank Conversion Notice Fair Market Value as if each Share (on a Fully Diluted Basis) was converted into a Class D Common Share (with Non-A-1 Interests being converted on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event) and Class A-1 Preferred Shares being converted pursuant to Section 2.10(b)).
(bbbbb)    “Per Class E FMV” shall mean the Standardized FMV (as defined in, and determined in accordance with, Exhibit II) divided by the total outstanding Shares as of the time of the determination of the Call Notice/Optional SoftBank Conversion Notice Fair Market Value as if each Share (on a Fully Diluted Basis) was converted into a Class D Common Share (with Non-A-1 Interests being converted on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event) and Class A-1 Preferred Shares being converted pursuant to Section 2.10(b)).
(ccccc)    “Person” shall mean an individual, a partnership, a corporation, a limited liability company or limited partnership, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or the United States of America or any other nation, any state or other political subdivision thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government.
(ddddd)    “Preemptive Proportion” shall mean, with respect to a holder of Preemptive Shares as of any given time, an amount, expressed as a decimal, equal to (i) the number of Class D Common Shares held by such Member as if all Non-A-1 Interests owned by such holder of Preemptive Shares are deemed converted (on a Fully Diluted Basis) to Class D Common Shares on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event) and all Class A-1 Preferred Shares held by such holder of Preemptive Shares are converted to Class D Common Shares pursuant to Section 2.10(b), divided by (ii) the Total Conversion Shares (excluding, for the purpose of calculating the Total Conversion Shares, any Class B Common Share, including any Vested Class B Common Share); provided, that, with respect to any Excess New Securities subject to a Supplemental Notice of Intention to Sell pursuant to Section 2.07(e)(ii), the Class F Preferred Shares will not be taken into 

App. I-14

account in the determination of Preemptive Proportion (including the Total Conversion Shares used therefor).
(eeeee)    “Preemptive Shares” shall mean each class of Shares other than the Class B Common Shares; provided, that, with respect to any Excess New Securities subject to a Supplemental Notice of Intention to Sell pursuant to Section 2.07(e)(ii), the Class F Preferred Shares will not be Preemptive Shares.
(fffff)    “Prime Rate” shall mean the prime rate in effect at the time at the New York City offices of Citibank, N.A.
(ggggg)    “Qualified Appraiser” shall mean a globally recognized investment banking firm; provided, however, if such firm is the third “Qualified Appraiser” referred to in Exhibit II, then it shall not have (i) been engaged for any M&A advisory or other similar services or (ii) served as a lead or co-lead “bookrunner” for a debt or equity issuance in excess of $500,000,000 by or for the GM Investor, SoftBank, SoftBank UK or any Affiliate of the foregoing during the three (3) year period preceding such firm’s appointment.
(hhhhh) “Quarter” shall mean each calendar quarter.
(iiiii)    “Registrable Equity Securities” shall mean, at any time, any Equity Securities of the Company, or any corporate successor to the Company by way of conversion, or any of their respective Subsidiaries which effects the IPO held by any Member until (i) a registration statement covering such Equity Securities has been declared effective by the SEC and such Equity Securities have been disposed of pursuant to such effective registration statement, (ii) such Equity Securities are sold under Rule 144 under the Securities Act or (iii) such Equity Securities are otherwise Transferred, the Company has delivered a new certificate or other evidence of ownership for such Equity Securities not bearing the legend required pursuant to this Agreement and such Equity Securities may be resold without subsequent registration under the Securities Act.
(jjjjj)    “Restricted Business” shall mean, (i) with respect to the Company or any of its Subsidiaries, the GM Business and (ii) with respect to the GM Investor or any of its Subsidiaries, the AVCo Business.
(kkkkk)    “Sale of GM Parent” shall mean a transaction with an Independent Third Party or group of Independent Third Parties acting in concert, pursuant to which such Person or Persons acquire (the “GM Acquirer”), in any single transaction or series of related transactions, (i) more than fifty percent (50%) of the issued and outstanding voting securities of GM Parent (or any surviving or resulting company) or (ii) all or substantially all of the GM Parent’s assets determined on a consolidated basis (in either case, whether by merger, consolidation, sale, exchange, issuance, Transfer or redemption of GM Parent’s equity securities, by sale, exchange or Transfer of the GM Parent’s consolidated assets or otherwise).
(lllll)    “Sale of the Company” shall mean any transaction or series of related transactions with an Independent Third Party or group of Independent Third Parties acting in concert, pursuant 

App. I-15

to which such Person or Persons acquire (i) more than fifty percent (50%) of the issued and outstanding Equity Securities or (ii) all or substantially all of the Company’s assets determined on a consolidated basis (in either case, whether by merger, consolidation, sale, exchange, issuance, Transfer or redemption of the Company’s Equity Securities, by sale, exchange or Transfer of the Company’s consolidated assets or otherwise).  For clarity, an IPO will not be a Sale of the Company.
(mmmmm)    “Sanctioned Person” shall mean (i) (A) any Persons identified in the List of Specially Designated Nationals and Blocked Persons, the Foreign Sanctions Evaders List, the E.O. 13599 List, or the Sectoral Sanctions Identifications List, in each case administered by OFAC, and any other sanctions or similar lists administered by any agency of the U.S. Government, including the U.S. Department of State and the U.S. Department of Commerce and (B) any Persons owned or controlled, directly or indirectly, by such Person or Persons; (ii) any Persons identified on any sanctions lists of the European Union, the United Kingdom or any other jurisdiction; (iii) Persons identified on any list of sanctioned parties identified in a resolution of the United Nations Security Council; and (iv) any Persons located, organized or a resident in a Sanctioned Territory.
(nnnnn)    “Sanctioned Territory” shall mean, at any time, a country or geographic region that is itself the subject or target of any comprehensive Sanctions within the past five years, which includes: Crimea, Cuba, Iran, North Korea, Sudan, and Syria.
(ooooo)    “Sanctions” shall mean (i) the economic sanctions and trade embargo laws, rules, regulations, and executive orders of the United States, including those administered or enforced from time to time by OFAC or the U.S. Department of State, the International Emergency Economic Powers Act (50 U.S.C. §§1701 et seq.), and the Trading with the Enemy Act (50 App. U.S.C. §§1 et seq.); and (ii) any other similar and applicable economic sanctions and trade embargo laws, rules, or regulations of any foreign Governmental Authority, including but not limited to, the European Union, the United Kingdom, and the United Nations Security Council.
(ppppp)    “SEC” shall mean the United States Securities and Exchange Commission.
(qqqqq)    “Second Tranche Conditions” shall mean the following conditions: (i) the SoftBank CFIUS Condition, and (ii) there shall not, at the time of consummation of the transactions contemplated by Section 2.02(c)(i), be in effect and Law or Order (each as defined in the Purchase Agreement) enacted or entered by a Governmental Authority of competent jurisdiction restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated by Section 2.02(c)(i).
(rrrrr)    “Securities Act” shall mean the Securities Act of 1933, as amended.
(sssss)    “Share Grant Agreements” shall mean any written agreement entered into between the Company and any Person issued Class B Common Shares, evidencing the terms and conditions of an individual grant of Class B Common Shares.
(ttttt)    “SoftBank CFIUS Approval” means any of the following: (i) CFIUS shall have concluded that the relevant transaction does not constitute a “covered transaction” and are not subject 

App. I-16

to review under Section 721 of the U.S. Defense Production Act of 1950; (ii) CFIUS shall have issued a written notification that it has concluded its review (and, if applicable, any investigation) of the notice filed with it in connection with the relevant transaction and determined that there are no unresolved national security concerns with respect to such transactions; or (iii) if CFIUS has sent a report to the President of the United States requesting the President’s decision with respect to the relevant transaction and either (A) the period under Section 721 of the Defense Production Act of 1950 during which the President may announce his decision to take action to suspend or prohibit the relevant transaction shall have expired without any such action being announced or taken, or (B) the President shall have announced a decision not to take any action to suspend or prohibit the relevant transaction.  For the purpose of this definition, “relevant transaction” shall mean (i) the grant to SoftBank (and its Affiliates) of the rights and obligations granted to them hereunder for which CFIUS Approval is required, and (ii) the consummation of the transactions contemplated by Section 2.02(c)(i).
(uuuuu)    “SoftBank CFIUS Condition” shall mean: (i) SoftBank CFIUS Approval has been received and (ii) unless waived by SoftBank, CFIUS shall not have required or imposed any Burdensome Conditions (as defined in the SoftBank Purchase Agreement).
(vvvvv)    “SoftBank Competitively Sensitive Information” shall mean any information that is determined by the chief executive officer or the chief legal officer of the Company or the Board of Directors (in each case as determined in his, her or its reasonable judgment) to be competitively sensitive with respect to the AVCo Business (which shall include any information of the type identified to SoftBank UK prior to the execution of the SoftBank Purchase Agreement (and subsequently acknowledged and agreed to by SoftBank)).
(wwwww)    “SoftBank Floor Amount” shall mean the lesser of (i) five percent (5%) of the total outstanding Shares in the Company as of the relevant date, and (ii) eighty percent (80%) of the total outstanding Shares in the Company held by SoftBank as at May 8, 2019, in each case of (i) and (ii) calculated as if each Share was converted into a Class D Common Share (with Non-A-1 Interests being converted on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar event) and Class A-1 Preferred Shares being converted pursuant to Section 2.10). 
(xxxxx)    “SoftBank Group Corp.” shall mean SoftBank Group Corp., a corporation incorporated under the laws of Japan.
(yyyyy)    “SoftBank Party” shall mean (i) any investment fund, investment vehicle or other account that is, directly or indirectly, managed or advised by SB Investment Holdings (UK) Limited or any of its Affiliates, and shall include SoftBank Vision Fund (AIV M2) L.P., a Delaware limited partnership, and SoftBank Vision Fund (AIV S1) L.P., a Delaware limited partnership (each, a “SoftBank Fund”), (ii) each Affiliate of each SoftBank Fund, (iii) SoftBank Group Corp. and each Affiliate of SoftBank or SoftBank Group Corp., (iv) each portfolio company of any SoftBank Fund, SoftBank, SoftBank Group Corp. or any of their Affiliates and (v) any Person in which any SoftBank 

App. I-17

Fund, SoftBank, SoftBank Group Corp. or any of their Affiliates holds a non-controlling and minority position.
(zzzzz)    “SoftBank Purchase Agreement” shall mean that certain Purchase Agreement, dated as of May 31, 2018, by and among the Company, GM and SoftBank.
(aaaaaa)    “SoftBank Restricted Person” shall mean any Person who, either directly or indirectly or through an Affiliate, is a competitor of either (i) the Company or any of its Subsidiaries as reasonably determined by the Board of Directors, or (ii) the GM Investor (or its Affiliates) as reasonably determined by the GM Investor in good faith; provided, however, that a Person shall not be deemed a SoftBank Restricted Person solely as a result of owning, directly or indirectly, less than five percent (5%) of the outstanding capital stock of a publicly traded company that is a competitor of the Company or the GM Investor (or its Affiliates).  SoftBank Restricted Person shall include: (A) those Persons on the list provided to SoftBank prior to the execution of the SoftBank Purchase Agreement and (B) any Person that is developing or commercializing or selling autonomous vehicles for any use. 
(bbbbbb)    “SoftBank Trigger Date” shall mean June 28, 2025.
(cccccc)    “Subsidiary” shall mean with respect to any Person, any corporation, partnership, limited liability company, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof or (ii) if a partnership, limited liability company, association or other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof.  For the purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a partnership, limited liability company, association or other business entity if such Person or Persons shall be allocated a majority of partnership, limited liability company, association or other business entity gains or losses or shall be or control or have the right to appoint, as the case may be, the managing director, manager, board of advisors, a company or other governing body of such partnership, limited liability company, association or other business entity by means of ownership interest, agreement or otherwise.
(dddddd)    “Technical Information” shall mean all information of the Company or any of its Subsidiaries that is related to the technology, intellectual property, data, know-how, software, trade secrets, hardware, algorithms, technical processes, source code, and any other information that could reasonably enable a third party to reverse engineer any of the foregoing; provided, that Technical Information shall not include information pertaining to the performance and general characteristics of the technology, software, and hardware of the Company or any of its Subsidiaries.

App. I-18

(eeeeee)    “Transaction Documents” shall mean this Agreement, the SoftBank Purchase Agreement, the IPMA, the EDSA, the AGSA, the Indemnity Agreement and the Share Grant Agreements entered into in connection herewith.
(ffffff)     “Transfer” shall mean any transfer, sale, assignment, pledge, encumbrance or other disposition, directly or indirectly (including by merger or sale of equity in any direct or indirect holding company (including a corporation) or otherwise), irrespective of whether any of the foregoing are effected voluntarily or involuntarily, by operation of law or otherwise, or whether inter vivos or upon death.
(gggggg)    “Treasury Regulations” shall mean the income tax regulations promulgated under the Code and effective as of the date hereof.
(hhhhhh)    “Unvested Class B Common Share” shall mean any such Class B Common Share that, under the provisions of the Share Grant Agreement applicable to such Class B Common Share, is not a Vested Class B Common Share.
(iiiiii)    “Vested Class B Common Share” shall mean, as of any time of determination, any Class B Common Share that is vested pursuant to the terms of the Share Grant Agreement applicable to such Class B Common Share and this Agreement.
Other defined terms are contained in the following sections of this Agreement:
	
		
	Defined Term
	Section Where Found

	A-1-B Antitrust Approvals
	Section 2.02(b)(i)

	A-2 Preferred Directors
	Section 6.03(a)

	Acceptance Period
	Section 2.07(a)

	Accounting Firm
	Section 4.03(f)

	Acquired Person
	Section 11.02(b)(v)

	Act
	Section 1.02

	Additional Member
	Section 9.04(b)

	Admission Date
	Section 9.03(c)

	Advance Notice
	Section 2.02(c)(i)

	Aggregate Company Hypothetical Pre-Deconsolidation Tax Amount
	Section 4.03(n)(i)

	Amended Tag Notice
	Section 9.07(c)

	Applicable FMV Parties
	Exhibit II

	Assignee
	Section 9.03(a)

	Binding Transaction Agreement
	Section 9.01(a)(vi)

	Board Observers
	Section 6.04

	Board of Directors
	Section 6.01(a)

	Call Notice
	Section 9.12(b)

	Cash Election
	Section 9.13(b)

	CD Notice
	Section 2.02(c)(i)

	Certificated Shares
	Section 2.08

	Chairman
	Section 6.03(b)

App. I-19

	
		
	Defined Term
	Section Where Found

	Class A-1 Preferred Shares
	Section 2.01(a)

	Class A-1/D Purchase
	Section 9.12(a)

	Class A-1-A Liquidation Preference Amount
	Appendix I

	Class A-1-A Preferred Shares
	Section 2.01(a)

	Class A-1-B Liquidation Preference Amount
	Appendix I

	Class A-1-B Preferred Shares
	Section 2.01(a)

	Class A-2 Preferred Shares
	Section 2.01(a)

	Class B Common Shares
	Section 2.01(a)

	Class C Common Shares
	Section 2.01(a)

	Class D Common Shares
	Section 2.01(a)

	Class E Common Shares
	Section 2.01(a)

	Class E Purchase
	Section 9.12(b)

	Class F Commitment
	Section 2.04(b)

	Class F Preferred Shares
	Section 2.01(a)

	Class F Purchase Agreement
	Recitals

	Commercial Deployment
	Section 2.02(b)(i)

	Common Director
	Section 6.03(a)

	Company
	Preamble; Section 12.03

	Company Hypothetical Pre-Deconsolidation Tax Amount
	Section 4.03(n)(ii)

	Company’s Notice of Intention to Sell
	Section 2.07(a)

	Cure Period
	Section 2.02(c)(ii)

	Deconsolidation
	Section 4.03(n)(iii)

	Deemed Liquidation Event
	Section 3.02(b)

	Drag Percentage
	Section 9.09(a)

	Drag-Along Notice
	Section 9.09(a)

	Drag-Along Sale Transaction
	Section 9.09(a)

	Dragees
	Section 9.09(a)

	Emergency Meeting
	Section 6.11

	Entity
	Section 9.10(c)

	Equity Awards
	Section 2.03(a)

	Excess New Securities
	Section 2.07(a)

	Excess NOL Tax Increase
	Section 4.03(n)(iv)

	Excluded Transfer
	Section 9.01(a)(iv)

	Exempt Class F Transfer
	Section 9.02(a)

	Exempt Employee Member Transfer
	Section 9.02(a)

	Exempt Honda Transfer
	Section 9.02(a)

	Exempt SoftBank Transfer
	Section 9.02(a)

	FAW-GM
	Section 11.01(a)

	First A&R Agreement
	Recitals

	GM
	Preamble

	GM Acquirer
	Appendix I

	GM Commitment
	Section 2.02(e)

	GM Consolidated Group
	Section 4.03(n)(v)

App. I-20

	
		
	Defined Term
	Section Where Found

	GM Consolidated Return
	Section 4.03(n)(v)

	GM Cruise Holdings LLC
	Section 1.03

	GM ROFR Date
	Section 9.01(a)(vi)

	GM ROFR Notice
	Section 9.01(a)(vi)

	Holder Shares
	Exhibit I

	Honda
	Preamble

	Honda Board Observer
	Section 6.04

	Honda Call Notice
	Section 9.12(b)

	Honda Commitment
	Section 2.04

	Honda Purchase Agreement
	Recitals

	Honda R&D Co
	Section 6.05

	Hypothetical Deconsolidated Company NOL Amount
	Section 4.03(n)(vii)

	Incremental GM Tax Amount
	Section 4.03(n)(viii)

	IP Upsized FMV
	Exhibit II

	IP Upsizing
	Exhibit II

	IPO Shares
	Section 9.10(a)

	IPO Shortfall
	Section 6.13(d)

	IRS
	Section 4.02

	Joinder
	Exhibit I

	LLC Agreement
	Section 12.03

	Low-Vote IPO Shares
	Section 9.10(b)

	Member Group Persons
	Section 5.08(a)

	Members Schedule
	Section 2.01(b)

	New Securities
	Section 2.07(a)

	NOL Deficit Amount
	Section 4.03(n)(ix)

	Non-Compete Period
	Section 11.02(a)

	Officers
	Section 6.15

	Optional SoftBank Conversion Notice
	Section 9.13(a)

	Optional SoftBank Conversion Purchase
	Section 9.13(c)

	Options
	Section 2.03(a)

	Original Agreement
	Recitals

	Original Closing Date
	Recitals

	Other Business
	Section 5.08(a)

	Other Tax Credits
	Section 4.03(n)(x)

	Par Securities
	Section 6.13(c)

	Participation Members
	Section 9.07(a)

	PATAC
	Section 11.01(a)

	Payment Period
	Section 2.02(c)(i)

	Permitted Transferee
	Section 9.02(b)

	Proceeding
	Section 7.02(a)

	R&D Tax Credits
	Section 4.03(n)(xi)

	ROFR Notice
	Section 9.01(a)(vi)

	ROFR Offered Shares
	Section 9.01(a)(vi)

App. I-21

	
		
	Defined Term
	Section Where Found

	RSUs
	Section 2.03(a)

	Second A&R Agreement
	Recitals

	Section 59(e) Benefit Amount
	Section 4.03(n)(xii)

	Section 59(e) Detriment Amount
	Section 4.03(n)(xiii)

	Section 59(e) Election
	Section 4.03(d)

	Senior Securities
	Section 2.02(d)(iv)

	SGM
	Section 11.01(a)

	Share and/or Shares
	Section 2.01(a)

	Share Awards
	Section 2.03(a)

	SoftBank
	Recitals

	SoftBank Board Observer
	Section 6.04

	SoftBank Call Notice
	Section 9.12(a)

	SoftBank Commitment
	Section 2.02(a)

	SoftBank Director
	Section 6.03(a)

	SoftBank Fund
	Appendix I

	Standardized FMV
	Exhibit II

	State Acts
	Section 12.03

	Stock Election
	Section 9.13(b)

	Subsequent SoftBank Commitment
	Section 2.02(c)(i)

	Subsequent SoftBank Commitment
	Section 2.02(c)(i)

	Substituted Member
	Section 9.04(a)

	Supplemental Notice of Intention to Sell
	Section 2.07(a)

	SoftBank
	Preamble

	Tag Notice
	Section 9.07(a)

	Tagged Shares
	Section 9.07(a)

	Target
	Appendix I

	Tax Materials
	Section 4.03(m)

	Tax Period
	Section 4.03(n)(xiv)

	Total Optional Conversion Shares
	Appendix I

	Total Conversion Shares
	Section 9.07(a)(i)

	Total Tagged Shares
	Section 9.07(a)(ii)

	Transferor
	Section 9.01(a)(vi)

	Transferring Holder
	Section 9.07(a)

App. I-22

EXHIBIT I
JOINDER TO THE THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF GM CRUISE HOLDINGS LLC
THIS JOINDER (this “Joinder”) to that certain Third Amended and Restated Limited Liability Company Agreement, dated as of [●], 2019 by and among GM Cruise Holdings LLC, a Delaware limited liability company (the “Company”), and certain Members of the Company (the “Limited Liability Company Agreement”), is made and entered into as of [●], by and between the Company and [●] (“Holder”).  Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Limited Liability Company Agreement.
WHEREAS, Holder has acquired certain [class] Shares of the Company (“Holder Shares”) and Holder is required, as a holder of the Holder Shares, to become a party to the Limited Liability Company Agreement, and Holder agrees to do so in accordance with the terms hereof.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Joinder hereby agree as follows:
1.    Agreement to be Bound.  Holder hereby agrees that upon execution of this Joinder, it shall become a party to the Limited Liability Company Agreement as a [class] Member, and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Limited Liability Company Agreement as though an original party thereto and shall be deemed a holder of Shares of [class] and a Member for all purposes thereof.
2.    Successors and Assigns.  This Joinder shall bind and inure to the benefit of and be enforceable by the Company and its successors and assigns and Holder and any subsequent holders of Shares and the respective successors and assigns of each of them, so long as they hold any Shares.
3.    Counterparts.  This Joinder may be executed in any number of counterparts (including by facsimile or electronic copy), each of which shall be an original and all of which together shall constitute one and the same agreement.
4.    Notices.  For purposes of Section 12.06 of the Limited Liability Company Agreement, all notices, demands or other communications to the Holder shall be directed to the address set forth on the signature page hereto for such Holder.
5.    Governing Law.  All issues and questions concerning the construction, validity, enforcement and interpretation of the Limited Liability Company Agreement, including this Joinder, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.  Any dispute relating hereto shall be heard in the state or federal courts of Delaware, and the parties agree to jurisdiction and venue therein.

Exh. I-1

6.    Descriptive Headings.  The descriptive headings of this Joinder are inserted for convenience only and do not constitute a part of this Joinder.
IN WITNESS WHEREOF, the parties hereto have executed this Joinder as of the date first above written.

Exh. I-2

EXHIBIT II
Call Notice/Optional SoftBank Conversion Notice Fair Market Value of the Company
The Call Notice/Optional SoftBank Conversion Notice Fair Market Value of the Company will be the total value, in dollars, of the consideration that would be received by the Members in a sale of one hundred percent (100%) of the Shares (on a Fully Diluted Basis), calculated in accordance with the process, and consistent with the methodologies, set forth below.  The calculation of Call Notice/Optional SoftBank Conversion Notice Fair Market Value will consist of two independent valuations, the Standardized FMV and the IP Upsized FMV each calculated, contemporaneously (using the same Qualified Appraisers), in accordance with the process below.
Process
(a)    One Qualified Appraiser shall be selected by the GM Investor and the other Qualified Appraiser shall be selected by the Majority of the Class A-1 Preferred (such Members, the “Applicable FMV Parties”).
(b)    Each of the Qualified Appraisers so selected by the Applicable FMV Parties must be engaged by the Applicable FMV Parties within fifteen (15) days of the delivery of the Call Notice or Optional SoftBank Conversion Notice (as applicable) and the Board of Directors shall, within one (1) Business Day of delivery of the Call Notice or Optional SoftBank Conversion Notice (as applicable), notify each of the Applicable FMV Parties of such event.
(c)    Each Qualified Appraiser shall be (i) required to determine the Call Notice/Optional SoftBank Conversion Notice Fair Market Value within forty-five (45) days after being notified of its selection, (ii) provided with the same access to the management of the Company and its Subsidiaries and the same source documents, books and records (including financial and operating data) and information regarding the Company and its Subsidiaries and (iii) required to determine a single point estimate of Call Notice/Optional SoftBank Conversion Notice Fair Market Value and not a range of values.
(d)    Following each Qualified Appraiser’s determination of Call Notice/Optional SoftBank Conversion Notice Fair Market Value (which determination shall be provided to each Applicable FMV Party together with a customary valuation report setting forth in reasonable detail such Qualified Appraiser’s calculation of Call Notice/Optional SoftBank Conversion Notice Fair Market Value prepared consistently with the methodologies set forth below), (i) if the lower of the two determinations by the two Qualified Appraisers is within ten percent (10%) of the higher of the determinations, then the Call Notice/Optional SoftBank Conversion Notice Fair Market Value shall be the average of the two determinations, and will be final and binding on the relevant parties or (ii) if the lower of the two determinations is not within ten percent (10%) of the higher of the determinations, then (A) the Applicable FMV Parties shall negotiate in good faith for a period of thirty (30) days (or such longer period as to which the Applicable FMV Parties may mutually agree) to agree upon the Call Notice/Optional SoftBank Conversion Notice Fair Market Value, any such agreement to be made by each Applicable FMV Party and to be set forth in writing signed by each 

Exh. II-1

of the Applicable FMV Parties (and any such agreement will be final and binding on the relevant parties), and (B) if no such agreement is reached by the Applicable FMV Parties within such thirty (30)-day time period, then a third Qualified Appraiser (acting as expert and not arbitrator) that is selected (within fifteen (15) days following the expiration of the thirty (30)-day time period for good faith negotiations) by mutual agreement of the original two Qualified Appraisers will determine its own valuation of the Call Notice/Optional SoftBank Conversion Notice Fair Market Value in accordance with the methodologies set forth below within forty-five (45) days following its appointment and the Call Notice/Optional SoftBank Conversion Notice Fair Market Value will be the average of (1) such third Qualified Appraiser’s determination of the Call Notice/Optional SoftBank Conversion Notice Fair Market Value and (2) the valuation of the original Qualified Appraiser that is numerically closest to the third Qualified Appraiser’s valuation.
(e)    The third Qualified Appraiser shall have the same access to the Company, its Subsidiaries, their employees and officers and the source documents, books and records (including financial and operating data) and information as the original Qualified Appraisers.
(f)    Each Applicable FMV Party will bear the cost of the Qualified Appraiser selected by it and one-half of the cost of any third Qualified Appraiser that may be required in accordance with the preceding sentence (and, if an Applicable FMV Party consists of more than one Member, then such costs will be shared equally by such Members).
Methodologies
In calculating Call Notice/Optional SoftBank Conversion Notice Fair Market Value, each Qualified Appraiser will utilize customary valuation methodologies in their respective professional judgments, subject to such instructions mutually agreed by the Applicable FMV Parties within ten (10) days following the selection of the initial Qualified Appraisers, which shall include at a minimum the following:
(a)    The Qualified Appraisers shall take into consideration the Company’s and its Subsidiaries’ historic financial and operating results, current balance sheet, future business prospects and projected financial and operating results, public market and industry conditions, prior financing transactions and the valuation of the Company as of such transaction (if the same is considered relevant, and requested, by the Qualified Appraisers), the valuation and performance of comparable companies and such other factors as they may determine relevant to such determination, in each case as existing as of the date the appraisal process was initiated;
(b)    The future business prospects and projected financial and operating results of the Company and its Subsidiaries provided to the Qualified Appraisers shall (i) be prepared by the Company’s management in good faith based on assumptions consistent with those used in the Company’s ordinary course forecasting, (ii) if the projected financial and operating results of the Company and its Subsidiaries provided to the Qualified Appraisers cover a period of ten (10) years or less, and the Qualified Appraisers so request, be extended (in the case of the projected financial and operating results) for reasonable period exceeding ten (10) years, and (iii) take into account, 

Exh. II-2

consistent with the Company’s ordinary course forecasting and subject to the restrictions in Article XI (except as otherwise expressly stated in this Exhibit II in connection with the IP Upsizing), the scope of the intellectual property portfolio of the Company and its Subsidiaries.  SoftBank will have opportunity to review the future business prospects and projected financial and operating results for a reasonable period of time (not to exceed ten (10) days) before such projections are submitted to the Qualified Appraisers and to discuss such projections with the Company. 
(c)    The Qualified Appraisers shall value the Company as a going concern, including taking into consideration the remainder of the term, if any, of the Commercial Agreements and any agreements that the Commercial Agreements require to be put into place upon termination or amendment of the Commercial Agreements;
(d)    The Qualified Appraisers shall assume an arms-length sale between a willing buyer and a willing seller;
(e)    Except as otherwise contemplated by section (a) under “Methodologies,” the Qualified Appraisers shall disregard any prior appraisals or valuations of the Company or its Subsidiaries, including any such appraisals or valuations conducted for the purpose of valuing any rights associated with or tied or indexed to the value of the Shares of the Company or its Subsidiaries;
(f)    The Qualified Appraisers shall value the Company as at the date of delivery of the Call Notice or Optional SoftBank Conversion Notice (as applicable); and
(g)    The Qualified Appraisers shall take into account only such tax depreciation and amortization as would be allowable to the Company in respect of the Company’s assets immediately prior to such deemed sale.
The Qualified Appraisers shall contemporaneously calculate two valuations: (A) a valuation based on the Commercial Agreements as in force at the time (the “Standardized FMV”), and (B) a valuation (the “IP Upsized FMV”) as if the Transferred Assets (as defined in the IPMA) had been assigned, transferred, conveyed, and delivered to the Company (pursuant to Section 2.2 of the IPMA) immediately prior to the calculation of Call Notice/Optional SoftBank Conversion Notice Fair Market Value and Section 11.01 does not apply (the “IP Upsizing”).  The Standardized FMV and the IP Upsized FMV shall be identical other than the value attributable to the IP Upsizing.
For purposes of the definition of Optional SoftBank Conversion Share Price, if the Standardized FMV is less than the Class A-1 Liquidation Preference Amount, then the Call Notice/Optional SoftBank Conversion Notice Fair Market Value will equal the IP Upsized FMV; provided, that, following the application of the IP Upsized FMV, in no event will, with respect to each Class A-1-A Preferred Share and Class A-1-B Preferred Share, the Optional SoftBank Conversion Share Price be greater than the applicable Class A-1 Liquidation Preference Amount.

Exh. II-3

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