Document:

EX-4.5

 Exhibit 4.5 

MIRAGEN THERAPEUTICS, INC. 

and 

                    , AS WARRANT AGENT

 FORM OF COMMON STOCK 

WARRANT AGREEMENT 
 DATED
AS OF                      

 MIRAGEN THERAPEUTICS, INC. 

FORM OF COMMON STOCK WARRANT AGREEMENT 

This COMMON STOCK WARRANT AGREEMENT (this
“Agreement”), dated as of                      between MIRAGEN THERAPEUTICS,
INC., a Delaware corporation (the “Company”) and                     , a [corporation] [national banking
association] organized and existing under the laws of                      and having a corporate trust office in
                    , as warrant agent (the “Warrant Agent”). 

WHEREAS, the Company proposes to sell [if Warrants are sold with other securities—[title of such
other securities being offered] (the “Other Securities”) with] warrant certificates evidencing one or more warrants (the “Warrants” or, individually, a “Warrant”) representing
the right to purchase Common Stock of the Company, par value $0.01 per share (the “Warrant Securities”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the
“Warrant Certificates”; and 
 WHEREAS, the Company desires the Warrant Agent
to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among
other things, the form and provisions of the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced. 

NOW THEREFORE, in consideration of the premises and of the mutual agreements herein
contained, the parties hereto agree as follows: 
 ARTICLE 1 

ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES 

1.1    Issuance Of Warrants. [If Warrants alone—Upon issuance, each Warrant Certificate shall evidence
one or more Warrants.] [If Other Securities and Warrants—Warrant Certificates shall be [initially] issued in connection with the issuance of the Other Securities [but shall be separately transferable on and after
                     (the “Detachable Date”)] [and shall not be separately transferable] and each Warrant Certificate shall
evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Security. [If Other Securities and Warrants—Warrant Certificates shall be
initially issued in units with the Other Securities and each Warrant Certificate included in such a unit shall evidence                      Warrants
for each [$         principal amount] [                 shares] of Other Securities included in such unit.] 

1.2    Execution And Delivery Of Warrant Certificates. Each Warrant Certificate, whenever issued, shall be
in registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such 

  
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letters, numbers, or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may
approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant Certificates shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents, senior
vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers, controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures
may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or
otherwise reproduced on the Warrant Certificates. 
 No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby
shall be exercisable, until such Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the
Warrant Certificate so countersigned has been duly issued hereunder. 
 In case any officer of the Company who shall have signed any of the
Warrant Certificates either manually or by facsimile signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned
and delivered notwithstanding that the person who signed Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of
such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer. 

The term “holder” or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any
Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose [If Other Securities and Warrants are not immediately detachable—or upon the registration of the Other Securities prior to the
Detachable Date. Prior to the Detachable Date, the Company will, or will cause the registrar of the Other Securities to, make available at all times to the Warrant Agent such information as to holders of the Other Securities as may be necessary to
keep the Warrant Agent’s records up to date]. 
 1.3    Issuance Of Warrant Certificates. Warrant
Certificates evidencing the right to purchase Warrant Securities may be executed by the Company and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of
Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company. 

  
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 ARTICLE 2 

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS 

2.1    Warrant Price. During the period specified in Section 2.2, each Warrant shall, subject to the
terms of this Warrant Agreement and the applicable Warrant Certificate, entitle the holder thereof to purchase the number of Warrant Securities specified in the applicable Warrant Certificate at an exercise price of
$         per Warrant Security, subject to adjustment upon the occurrence of certain events, as hereinafter provided. Such purchase price per Warrant Security is referred to in this Agreement as the
“Warrant Price.” 
 2.2    Duration Of Warrants. Each Warrant may be exercised in
whole or in part at any time, as specified herein, on or after [the date thereof] [                    ] and at or before
[        ] p.m., [        ] time, on [                    ] or such
later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each
Warrant not exercised at or before [        ] p.m., [        ] time, on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate
evidencing such Warrant under this Agreement shall cease. 
 2.3    Exercise Of Warrants. 

(a)    During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of
Warrant Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official
bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office,
provided that such exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Securities set forth on the reverse side of the Warrant
Certificate properly completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the
Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Securities purchasable upon the exercise of such Warrants shall be
closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Securities on such date, but shall be
effective to constitute such person as the holder of record of such Warrant Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Securities purchasable upon the exercise of
such Warrants shall be opened, and the certificates for the Warrant Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and
until such date the Company shall be under no duty to deliver any certificate for such Warrant Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with it and
shall advise the Company by 

  
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telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone
advice to the Company in writing. 
 (b)    The Warrant Agent shall, from time to time, as promptly as
practicable, advise the Company of (i) the number of Warrant Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of
the Warrant Securities to which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Securities after such exercise, and (iv) such
other information as the Company shall reasonably require. 
 (c)    As soon as practicable after the exercise of
any Warrant, the Company shall issue to or upon the order of the holder of the Warrant Certificate evidencing such Warrant the Warrant Securities to which such holder is entitled, in fully registered form, registered in such name or names as may be
directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, a new Warrant
Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised. 
 (d)    The Company
shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer involved in the issue of the Warrant Securities, and in the event that any such transfer is involved, the Company
shall not be required to issue or deliver any Warrant Security until such tax or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due. 

(e)    Prior to the issuance of any Warrants there shall have been reserved, and the Company shall at all times
through the Expiration Date keep reserved, out of its authorized but unissued Warrant Securities, a number of shares sufficient to provide for the exercise of the Warrants. 

ARTICLE 3 
 OTHER
PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES 
 3.1    No Rights As Warrant
Securityholder Conferred By Warrants Or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Securities, including, without limitation, the right
to receive the payment of dividends or distributions, if any, on the Warrant Securities or to exercise any voting rights, except to the extent expressly set forth in this Agreement or the applicable Warrant Certificate. 

3.2    Lost, Stolen, Mutilated Or Destroyed Warrant Certificates. Upon receipt by the Warrant Agent of
evidence reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity 

  
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reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in
the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in
exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing Warrants for a like number of Warrant Securities. Upon the issuance of any new Warrant Certificate
under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent)
in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company,
whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly
executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant
Certificates. 
 3.3    Holder Of Warrant Certificate May Enforce Rights. Notwithstanding any of the
provisions of this Agreement, any holder of a Warrant Certificate, without the consent of the Warrant Agent, the holder of any Warrant Securities or the holder of any other Warrant Certificate, may, in such holder’s own behalf and for such
holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by such holder’s
Warrant Certificate in the manner provided in such holder’s Warrant Certificate and in this Agreement. 

3.4    Adjustments. 

(a)    In case the Company shall at any time subdivide its outstanding shares of Common Stock into a greater number
of shares, the Warrant Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Securities purchasable under the Warrants shall be proportionately increased. Conversely, in case the outstanding
shares of Common Stock of the Company shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant Securities purchasable under the
Warrants shall be proportionately decreased. 
 (b)    If at any time or from time to time the holders of Common
Stock (or any shares of stock or other securities at the time receivable upon the exercise of the Warrants) shall have received or become entitled to receive, without payment therefore, 

(i)    Common Stock or any shares of stock or other securities which are at any time directly or indirectly
convertible into or exchangeable for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution; 

  
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 (ii)    any cash paid or payable otherwise than as a cash dividend
paid or payable out of the Company’s current or retained earnings; 
 (iii)    any evidence of the
Company’s indebtedness or rights to subscribe for or purchase the Company’s indebtedness; or 

(iv)    Common Stock or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination of shares or similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of which shall be covered by the terms of
Section 3.4(a) above), then and in each such case, the holder of each Warrant shall, upon the exercise of the Warrant, be entitled to receive, in addition to the number of Warrant Securities receivable thereupon, and without payment of any
additional consideration therefore, the amount of stock and other securities and property (including cash and indebtedness or rights to subscribe for or purchase indebtedness) which such holder would hold on the date of such exercise had he been the
holder of record of such Warrant Securities as of the date on which holders of Common Stock received or became entitled to receive such shares or all other additional stock and other securities and property. 

(c)    In case of (i) any reclassification, capital reorganization, or change in the Common Stock of the
Company (other than as a result of a subdivision, combination, or stock dividend provided for in Section 3.4(a) or Section 3.4(b) above), (ii) share exchange, merger or similar transaction of the Company with or into another person or
entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation and which does not result in any change in the Common Stock other than the issuance of additional shares of Common
Stock) or (iii) the sale, exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a “Reorganization Event”), then, as a
condition of such Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the holders of the Warrants, so that the holders of the Warrants shall
have the right at any time prior to the expiration of the Warrants to purchase, at a total price equal to that payable upon the exercise of the Warrants, the kind and amount of shares of stock and other securities and property receivable in
connection with such Reorganization Event by a holder of the same number of Warrant Securities as were purchasable by the holders of the Warrants immediately prior to such Reorganization Event. In any such case appropriate provisions shall be made
with respect to the rights and interests of the holders of the Warrants so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise the Warrants, and
appropriate adjustments shall be made to the Warrant Price payable hereunder provided the aggregate purchase price shall remain the same. In the case of any transaction described in clauses (ii) and (iii) above, the Company shall thereupon be
relieved of any further obligation hereunder or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to
be signed, and may issue either in its own name or in the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in
fulfillment of its obligations to deliver Warrant Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this 

  
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Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof. In
any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal counsel as
conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4. 

(d)    The Company may, at its option, at any time until the Expiration Date, reduce the then current Warrant Price
to any amount deemed appropriate by the Board of Directors of the Company for any period not exceeding twenty consecutive days (as evidenced in a resolution adopted by such Board of Directors), but only upon giving the notices required by
Section 3.5 at least ten days prior to taking such action. 
 (e)    Except as herein otherwise expressly
provided, no adjustment in the Warrant Price shall be made by reason of the issuance of shares of Common Stock, or securities convertible into or exchangeable for shares of Common Stock, or securities carrying the right to purchase any of the
foregoing or for any other reason whatsoever. 
 (f)    No fractional Warrant Securities shall be issued upon the
exercise of Warrants. If more than one Warrant shall be exercised at one time by the same holder, the number of full Warrant Securities which shall be issuable upon such exercise shall be computed on the basis of the aggregate number of Warrant
Securities purchased pursuant to the Warrants so exercised. Instead of any fractional Warrant Security which would otherwise be issuable upon exercise of any Warrant, the Company shall pay a cash adjustment in respect of such fraction in an amount
equal to the same fraction of the last sales price (or bid price if there were no sales) per Warrant Security, in either case as reported on the principal registered national securities exchange on which the Warrant Securities are listed or admitted
to trading on the business day that next precedes the day of exercise or, if the Warrant Securities are not then listed or admitted to trading on any registered national securities exchange, the average of the closing high bid and low asked prices
as reported on the OTC Bulletin Board Service (the “OTC Bulletin Board”) operated by the Financial Industry Regulatory Authority, Inc. (“FINRA”) or, if not available on the OTC Bulletin Board, then the
average of the closing high bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer quotation system on such date, or if on any such date the Warrant Securities are not listed or admitted to trading on a registered
national securities exchange, are not included in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium or inter-dealer quotation system, an amount equal to the same fraction of the average of the closing bid and asked prices
as furnished by any FINRA member firm selected from time to time by the Company for that purpose at the close of business on the business day that next precedes the day of exercise. 

(g)    Whenever the Warrant Price then in effect is adjusted as herein provided, the Company shall mail to each
holder of the Warrants at such holder’s address as it shall appear on the books of the Company a statement setting forth the adjusted Warrant Price then and thereafter effective under the provisions hereof, together with the facts, in
reasonable detail, upon which such adjustment is based. 

  
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 (h)    Notwithstanding anything to the contrary herein, in no event
shall the Warrant Price, as adjusted in accordance with the terms hereof, be less than the par value per share of Common Stock. 

3.5    Notice To Warrantholders. In case the Company shall (a) effect any dividend or distribution
described in Section 3.4(b), (b) effect any Reorganization Event, (c) make any distribution on or in respect of the Common Stock in connection with the dissolution, liquidation or winding up of the Company, or (d) reduce the then
current Warrant Price pursuant to Section 3.4(d), then the Company shall mail to each holder of Warrants at such holder’s address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date
hereinafter specified, a notice stating (x) the record date for such dividend or distribution, or, if a record is not to be taken, the date as of which the holders of record of Common Stock that will be entitled to such dividend or distribution
are to be determined, (y) the date on which such Reorganization Event, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to
exchange their shares of Common Stock for securities or other property deliverable upon such Reorganization Event, dissolution, liquidation or winding up, or (z) the first date on which the then current Warrant Price shall be reduced pursuant
to Section 3.4(d). No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction or any adjustment in the Warrant Price required by Section 3.4. 

3.6    [If The Warrants Are Subject To Acceleration By The Company, Insert—Acceleration Of Warrants By The
Company.
 (a)    At any time on or after
                    , the Company shall have the right to accelerate any or all Warrants at any time by causing them to expire at the close of
business on the day next preceding a specified date (the “Acceleration Date”), if the Market Price (as hereinafter defined) of the Common Stock equals or exceeds      percent
(    %) of the then effective Warrant Price on any twenty Trading Days (as hereinafter defined) within a period of thirty consecutive Trading Days ending no more than five Trading Days prior to the date on
which the Company gives notice to the Warrant Agent of its election to accelerate the Warrants. 

(b)    “Market Price” for each Trading Day shall be, if the Common Stock is listed or
admitted to trading on any registered national securities exchange, the last reported sale price, regular way (or, if no such price is reported, the average of the reported closing bid and asked prices, regular way) of Common Stock, in either case
as reported on the principal registered national securities exchange on which the Common Stock is listed or admitted to trading or, if not listed or admitted to trading on any registered national securities exchange, the average of the closing high
bid and low asked prices as reported on the OTC Bulletin Board operated by FINRA, or if not available on the OTC Bulletin Board, then the average of the closing high bid and low asked prices as reported on any other U.S. quotation medium or
inter-dealer quotation system, or if on any such date the shares of Common Stock are not listed or admitted to trading on a registered national securities exchange, are not included in the OTC Bulletin Board, and are not quoted on any other U.S.
quotation medium or inter-dealer quotation system, the average of the closing bid and asked prices as furnished by any FINRA member firm selected from time to time by the Company for that purpose. “Trading Day” shall be each
Monday through Friday, other than any day on which securities are not traded in the system or on the exchange that is the principal market for the Common Stock, as determined by the Board of Directors of the Company. 

  
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 (c)    In the event of an acceleration of less than all of the
Warrants, the Warrant Agent shall select the Warrants to be accelerated by lot, pro rata or in such other manner as it deems, in its discretion, to be fair and appropriate. 

(d)    Notice of an acceleration specifying the Acceleration Date shall be sent by mail first class, postage
prepaid, to each registered holder of a Warrant Certificate representing a Warrant accelerated at such holder’s address appearing on the books of the Warrant Agent not more than sixty days nor less than thirty days before the Acceleration Date.
Such notice of an acceleration also shall be given no more than twenty days, and no less than ten days, prior to the mailing of notice to registered holders of Warrants pursuant to this Section 3.6, by publication at least once in a newspaper
of general circulation in the City of New York. 
 (e)    Any Warrant accelerated may be exercised until
[        ] p.m., [        ] time, on the business day next preceding the Acceleration Date. The Warrant Price shall be payable as provided in Section 2.]

 ARTICLE 4 

EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES 

4.1    Exchange And Transfer Of Warrant Certificates. [If Other Securities with Warrants which are
immediately detachable—Upon] [If Other Securities with Warrants which are not immediately detachable—Prior to the Detachable Date, a Warrant Certificate may be exchanged or transferred only together with the Other Security to which the
Warrant Certificate was initially attached, and only for the purpose of effecting or in conjunction with an exchange or transfer of such Other Security. Prior to any Detachable Date, each transfer of the Other Security shall operate also to transfer
the related Warrant Certificates. After the Detachable Date, upon] surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing
such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate number of Warrant Securities as the Warrant Certificates so surrendered. The Warrant
Agent shall keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of
the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all
in form satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax
or other governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an authorized officer of the Warrant
Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the 

  
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Company, as so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing a
Warrant for a fraction of a Warrant Security or a number of Warrants for a whole number of Warrant Securities and a fraction of a Warrant Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates
shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer. 

4.2    Treatment Of Holders Of Warrant Certificates. [If Other Securities and Warrants are not immediately
detachable—Prior to the Detachable Date, the Company, the Warrant Agent and all other persons may treat the owner of the Other Security as the owner of the Warrant Certificates initially attached thereto for any purpose and as the person
entitled to exercise the rights represented by the Warrants evidenced by such Warrant Certificates, any notice to the contrary notwithstanding. After the Detachable Date and prior to due presentment of a Warrant Certificate for registration of
transfer, the] [The] Company, the Warrant Agent and all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the
Warrants evidenced thereby, any notice to the contrary notwithstanding. 
 4.3    Cancellation Of Warrant
Certificates. Any Warrant Certificate surrendered for exchange, registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates
surrendered or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or
in lieu thereof. 
 The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates
in a manner satisfactory to the Company. 
 ARTICLE 5 

CONCERNING THE WARRANT AGENT 

5.1    Warrant Agent. The Company hereby appoints
                     as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the
conditions herein set forth, and                      hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted
to and conferred upon it in the Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to such
powers and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof. 

  
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 5.2    Conditions Of Warrant Agent’s Obligations. The
Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant
Certificates shall be subject: 
 (a)    Compensation And Indemnification. The Company agrees promptly to
pay the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable
out-of-pocket expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the
services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of
the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. 

(b)    Agent For The Company. In acting under this Warrant Agreement and in connection with the Warrant
Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants. 

(c)    Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for
the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel. 

(d)    Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any
action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the
proper parties. 
 (e)    Certain Transactions. The Warrant Agent, and its officers, directors and
employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be
interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Securities or other obligations of the Company as freely as if it were not the
Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party. 

(f)    No Liability For Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no
liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 

(g)    No Liability For Invalidity. The Warrant Agent shall have no liability with respect to any invalidity
of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 

(h)    No Responsibility For Representations. The Warrant Agent shall not be responsible for any of the
recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company. 

  
 12 

 (i)    No Implied Obligations. The Warrant Agent shall be
obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant
Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall
not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the
Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in
the case of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any
proceedings at law or otherwise or, except as provided in Section 6.2 hereof, to make any demand upon the Company. 

5.3    Resignation, Removal And Appointment Of Successors. 

(a)    The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there
shall at all times be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable. 

(b)    The Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention
on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date on which such notice is given unless the Company otherwise agrees. The Warrant Agent
hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended date when it shall become effective. Such resignation or removal shall take
effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers) and the
acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of the Warrant Agent. 

(c)    In case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of
acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or state bankruptcy, insolvency or similar law or
shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit
of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in the premises
shall have 

  
 13 

 
been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy,
insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant
Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent,
qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such
appointment, the Warrant Agent shall cease to be Warrant Agent hereunder. 
 (d)    Any successor Warrant Agent
appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall
become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and
disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as
Warrant Agent hereunder. 
 (e)    Any corporation into which the Warrant Agent hereunder may be merged or
converted or any corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall
sell or otherwise transfer all or substantially all the assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any
paper or any further act on the part of any of the parties hereto. 
 ARTICLE 6 

MISCELLANEOUS 

6.1    Amendment. This Agreement may be amended by the parties hereto, without the consent of the holder of
any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement as
the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the Warrant Certificates. 

6.2    Notices And Demands To The Company And Warrant Agent. If the Warrant Agent shall receive any notice
or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company. 

  
 14 

 6.3    Addresses. Any communication from the Company to the
Warrant Agent with respect to this Agreement shall be addressed to                     , Attention:
                     and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Miragen
Therapeutics, Inc., 6200 Lookout Road, Suite 100, Boulder, CO 80301, Attention: Chief Financial Officer (or such other address as shall be specified in writing by the Warrant Agent or by the Company). 

6.4    Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by and
construed in accordance with the laws of the State of New York. 
 6.5    Delivery Of Prospectus. The
Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Securities deliverable upon exercise of the Warrants (the
“Prospectus”), and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of
the Warrant Securities issued upon such exercise, a Prospectus. 
 The Warrant Agent shall not, by reason of any such delivery, assume any
responsibility for the accuracy or adequacy of such Prospectus. 
 6.6    Obtaining Of Governmental
Approvals. The Company will from time to time take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States
Federal and state laws (including without limitation a registration statement in respect of the Warrants and Warrant Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale,
transfer, and delivery of the Warrant Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable. 

6.7    Persons Having Rights Under Warrant Agreement. Nothing in this Agreement shall give to any person
other than the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement. 

6.8    Headings. The descriptive headings of the several Articles and Sections of this Agreement are
inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

6.9    Counterparts. This Agreement may be executed in any number of counterparts, each of which as so
executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. 

6.10    Inspection Of Agreement. A copy of this Agreement shall be available at all reasonable times at the
principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant Certificate for inspection by it. 

  
 15 

 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed, all as of the day and year first above written. 
  

			
	MIRAGEN THERAPEUTICS, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	[WARRANT AGENT], as Warrant Agent
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 [SIGNATURE PAGE TO COMMON
STOCK WARRANT AGREEMENT] 

  
 16 

 EXHIBIT A 

FORM OF WARRANT CERTIFICATE 

[FACE OF WARRANT CERTIFICATE] 
  

					
	[[Form if Warrants are attached to Other Securities and are not immediately detachable.]	 		 	[Prior to                     , this Warrant Certificate cannot be transferred or exchanged unless attached to a
[Title of Other Securities].]
			
	[Form of Legend if Warrants are not immediately exercisable.]	 		 	[Prior to                     , Warrants evidenced by this Warrant Certificate cannot be
exercised.]

 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN 

VOID AFTER [        ] P.M.,
[        ] TIME, ON                     , 

  
 17 

 MIRAGEN THERAPEUTICS, INC. 

WARRANT CERTIFICATE REPRESENTING 

WARRANTS TO PURCHASE 

COMMON STOCK, PAR VALUE $0.01 PER SHARE 
  

			
	No.                     	  	Warrants

 This certifies that
                     or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner [if
Warrants are attached to Other Securities and are not immediately detachable—, subject to the registered owner qualifying as a “Holder” of this Warrant Certificate, as hereinafter defined),] to purchase, at any time [after
[        ] p.m., [        ] time, [on                      and] on or
before [        ] p.m., [        ] time, on                     ,
                 shares of Common Stock, par value $0.01 per share (the “Warrant Securities”), of Miragen Therapeutics, Inc. (the
“Company”) on the following basis: during the period from                     , through and including
                    , the exercise price per Warrant Security will be $        , subject to adjustment as
provided in the Warrant Agreement (as hereinafter defined) (the “Warrant Price”). The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full, in
lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Security with respect to
which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its
successor as warrant agent (the “Warrant Agent”), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant
Agreement (as hereinafter defined). 
 The term “Holder” as used herein shall mean [if Warrants are attached to
Other Securities and are not immediately detachable prior to             ,          (the “Detachable Date”), the registered
owner of the Company’s [title of Other Securities] to which this Warrant Certificate was initially attached, and after such Detachable Date,] the person in whose name at the time this Warrant Certificate shall be registered upon the books to be
maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement. 
 The Warrants evidenced by this
Warrant Certificate may be exercised to purchase a whole number of Warrant Securities in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new
Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised. 
 This Warrant Certificate is issued
under and in accordance with the Warrant Agreement dated as of             ,          (the “Warrant Agreement”), between the
Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement
are on file at the above-mentioned office of the Warrant Agent. 

  
 18 

 [If Warrants are attached to Other Securities and are not immediately detachable - Prior to the
Detachable Date, this Warrant Certificate may be exchanged or transferred only together with the [Title of Other Securities] (the “Other Securities”) to which this Warrant Certificate was initially attached, and only for the
purpose of effecting or in conjunction with, an exchange or transfer of such Other Security. Additionally, on or prior to the Detachable Date, each transfer of such Other Security on the register of the Other Securities shall operate also to
transfer this Warrant Certificate. After such date, transfer of this] [If Warrants are attached to Other Securities and are immediately detachable - Transfer of this] Warrant Certificate may be registered when this Warrant Certificate is surrendered
at the corporate trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 

[If Other Securities with Warrants which are not immediately detachable - Except as provided in the immediately preceding paragraph, after]
[If Other Securities with Warrants which are immediately detachable or Warrants alone - After] countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate
trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate number of Warrant Securities. 

This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Securities, including, without
limitation, the right to receive payments of dividends or distributions, if any, on the Warrant Securities (except to the extent set forth in the Warrant Agreement) or to exercise any voting rights. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place. 
 This Warrant Certificate shall not be valid or obligatory for any
purpose until countersigned by the Warrant Agent. 

  
 19 

 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers. 
 Dated:
                     
  

			
	MIRAGEN THERAPEUTICS, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	 Countersigned:

	
	 [WARRANT AGENT], as Warrant
Agent

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 20 

 [REVERSE OF WARRANT CERTIFICATE] 

(Instructions for Exercise of Warrant) 

To exercise any Warrants evidenced hereby for Warrant Securities (as hereinafter defined), the Holder must pay, in lawful money of the United
States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [Warrant Agent] [address of
Warrant Agent], Attn:                     , which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In
addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant
Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment. 
 (To be executed
upon exercise of Warrants) 
 The undersigned hereby irrevocably elects to exercise
                     Warrants, evidenced by this Warrant Certificate, to purchase
                 shares of the Common Stock, par value $0.01 per share (the “Warrant Securities”), of Miragen Therapeutics, Inc. and represents
that he has tendered payment for such Warrant Securities, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available
funds], to the order of Miragen Therapeutics, Inc., c/o [insert name and address of Warrant Agent], in the amount of $         in accordance with the terms hereof. The undersigned requests that said Warrant
Securities be in fully registered form in the authorized denominations, registered in such names and delivered all as specified in accordance with the instructions set forth below. 

If the number of Warrants exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate
evidencing the Warrants for the number of Warrant Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions below. 

 

													
	Dated	 	  
	 		 		 		 	Name	 	
                   
                                         
                           

		 		 		 		 		 	Please Print
	Address:	 	  
	 		 		 		 		 	
						
	  
	 		 		 		 		 	

									
				
	  
	 		 		 	
	(Insert Social Security or Other Identifying Number of Holder)	 		 		 	
					
	Signature Guaranteed	 	  
	 		 		 	
		 	Signature	 		 		 	

  
 21 

 (Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate
and must bear a signature guarantee by a FINRA member firm). 
  

					
	This Warrant may be exercised at the following addresses:	 	
			
	By hand at	 	  
	 	
		
	  
	 	
		
	  
	 	
			
	By mail at	 	  
	 	
		
	  
	 	
		
	  
	 	

 [Instructions as to form and delivery of Warrant Securities and, if applicable, Warrant Certificates evidencing Warrants for
the number of Warrant Securities remaining unexercised—complete as appropriate.] 

  
 22 

 ASSIGNMENT 

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant] 

 

			
	FOR VALUE RECEIVED,                      hereby sells, assigns and transfers unto:
		
	  
	  	
		
	  
	  	
		
	  
	  	  

	(Please print name and address including zip code)	  	Please print Social Security or other identifying number

 the right represented by the within Warrant to purchase
                 shares of [Title of Warrant Securities] of Miragen Therapeutics, Inc. to which the within Warrant relates and appoints
                     attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the premises. 

 

									
	Dated	 	  
	 		 		 	  

		 		 		 		 	Signature

 (Signature must conform in all respects to name of holder as specified on the face of the Warrant) 

 

	
	Signature Guaranteed
	
	  

  
 23EX-4.1

 Exhibit 4.1 

SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

THIS SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of [    ],
2017, by and among (i) Carvana Group, LLC, a Delaware limited liability company (the “Company”), (ii) Carvana Co., a Delaware corporation ( “Pubco”), (iii) the Person listed on the Schedule of Investors
attached hereto as of the date hereof, and (iv) each of the other Persons (including Permitted Transferees of the CVAN Investor) set forth from time to time on the Schedule of Investors who, at any time, own securities of the Company or
Pubco and enter into a joinder to this Agreement agreeing to be bound by the terms hereof (each Person identified in the foregoing (iii) and (iv), an “Investor” and, collectively, the “Investors”). Unless
otherwise provided in this Agreement, capitalized terms used herein shall have the meanings set forth in Section 10 hereof. 

WHEREAS, certain of the Investors are parties to a Unit Purchase Agreement, dated as of July 27, 2015 (the “July 2015 Purchase
Agreement”), pursuant to which, among other things, such Investors agreed to purchase certain of the Company’s Units; 

WHEREAS, in order to induce the Investors to enter into the July 2015 Purchase Agreement and consummate the transactions contemplated thereby,
the Company agreed to provide the registration rights set forth in that certain Registration Rights Agreement, dated as of July 27, 2015 (the “Original Agreement”); 

WHEREAS, certain of the Investors are parties to a Unit Purchase Agreement, dated July 12, 2016 (the “July 2016 Purchase
Agreement”), pursuant to which, among other things, such Investors agreed to purchase certain of the Company’s Units; 

WHEREAS, in order to induce the Investors to enter into the July 2016 Purchase Agreement and consummate the transactions contemplated thereby,
the Company agreed to amend and restate the Original Agreement pursuant to that certain Amended and Restated Registration Rights Agreement, dated as of July 12, 2016 (the “Existing Agreement”) to provide the registration rights
set forth in the Existing Agreement; 
 WHEREAS, the Existing Agreement contemplates the reorganization or conversion of the Company into a
corporation prior to the Company’s Initial Public Offering but does not contemplate an “Up-C” structure in connection with which proceeds from Pubco’s Initial Public Offering would be
contributed to a wholly owned subsidiary (“Carvana Co. Sub”) and then used to purchase Units and thereafter Units held by parties other than Carvana Co. Sub would be exchangeable for Common Stock of Pubco (an “Up-C IPO”); 
 WHEREAS, the Company intends to effect an
Up-C IPO; and 
 WHEREAS, the parties hereto desire to amend and restate the Existing Agreement in
its entirety by entering into this Agreement in order to provide for the Up-C IPO and to make certain other changes to the registration rights of the Investors. 

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 Agreement hereby agree as follows: 

 1.    Demand Registrations. 

(a)    Requests for Registration. Subject to the terms and conditions of this Agreement, at any time after 180 days
following the consummation of Pubco’s Initial Public Offering pursuant to an Up-C IPO, the holders of Registrable Securities may request registration under the Securities Act of all or any portion of
their Registrable Securities on Form S-1 or any similar long-form registration statement (“Long-Form
Registrations”) or, if available, on Form S-3 (including a shelf registration pursuant to Rule 415 under the Securities Act) or any similar short-form
registration statement, including an automatic shelf registration statement (as defined in Rule 405) (an “Automatic Shelf Registration Statement”), if available to Pubco
(“Short-Form Registrations”) in accordance with Section 1(b) and Section 1(c) below (such holders being referred to herein as the
“Initiating Investors” and all registrations requested by the Initiating Investors being referred to herein as “Demand Registrations”). Each request for a Demand Registration shall specify the approximate number of
Registrable Securities requested to be registered and the intended method of distribution. Within five days after receipt of any such request, Pubco shall give written notice of such requested registration to all other holders of Registrable
Securities and, subject to the terms and conditions set forth herein, shall include in such registration (and in all related registrations and qualifications under state blue sky laws or in compliance with other registration requirements and in any
related underwriting) all such Registrable Securities with respect to which Pubco has received written requests for inclusion therein within five days after the receipt of Pubco’s notice. Each holder of Registrable Securities agrees that such
holder shall treat as confidential the receipt of the notice of Demand Registration and shall not disclose or use the information contained in such notice of Demand Registration without the prior written consent of Pubco until such time as the
information contained therein is or becomes available to the public generally, other than as a result of disclosure by the holder in breach of the terms of this Agreement. 

(b)    Long-Form Registrations. The holders of a majority of the
Controlling Investor Registrable Securities may request one (1) Long-Form Registration in which Pubco shall pay all Registration Expenses whether or not any such Long-Form Registration has become
effective; provided that, Pubco shall not be obligated to effect, or to take any action to effect, any Long-Form Registration unless the aggregate market price of the Registrable Securities requested to be registered in such Long-Form
Registration exceeds $25,000,000 at the time of request; provided, further, that Pubco shall only be obligated to effect, or take any action to effect, one (1) Long-Form Registration. A registration shall not count as the
sole permitted Long-Form Registration until it has become effective and unless the holders of Registrable Securities are able to register and sell at least 90% of the Registrable Securities requested to be
included in such registration; provided that in any event Pubco shall pay all Registration Expenses in connection with any registration initiated as a Long-Form Registration whether or not it has
become effective and whether or not such registration has counted as one of the permitted Long-Form Registrations hereunder. 

(c)    Short-Form Registrations. In addition to the Long-Form Registration provided pursuant to Section 1(b), any Controlling Investor or the holders of a majority of the CVAN Registrable Securities shall be entitled to request an unlimited
number of Short-Form Registrations in which Pubco shall pay all Registration Expenses whether or not any such Long-Form Registration has become effective; provided, however, that Pubco shall not
be obligated to effect any such Short-Form Registration: (i) if the holders of Registrable Securities, together with the holders of any other securities of Pubco entitled to inclusion in such Short-Form Registration, propose to sell Registrable Securities with an aggregate market price at the time of request of less than $5,000,000, or (ii) if Pubco has, within the twelve (12) month period
preceding the date of such request, already effected two (2) Short-Form Registrations for the holders of Registrable Securities pursuant to this Section 1(c). Demand Registrations shall be Short-Form Registrations whenever Pubco is permitted to use any applicable short form registration and if the managing underwriters (if any) agree to the use of a Short-Form
Registration. After Pubco has become subject to the reporting requirements of the Exchange Act, Pubco shall use its reasonable best efforts to make Short-Form Registrations available for the offer and sale of
Registrable 

  
 - 2 - 

 
Securities. If Pubco is qualified to and, pursuant to the request of the holders of a majority of the Registrable Securities, has filed with the Securities and Exchange Commission a registration
statement under the Securities Act on Form S-3 pursuant to Rule 415 (a “Shelf Registration”), then Pubco shall use its reasonable best efforts to cause the Shelf Registration to be declared
effective under the Securities Act as soon as practicable after filing, and, if Pubco is a WKSI at the time of any such request, to cause such Shelf Registration to be an Automatic Shelf Registration Statement, and once effective, Pubco shall cause
such Shelf Registration to remain effective (including by filing a new Shelf Registration, if necessary) for a period ending on the earlier of (i) the date on which all Registrable Securities included in such registration have been sold or
distributed pursuant to the Shelf Registration or (ii) the date as of which all of the Registrable Securities included in such registration are able to be sold within a 90-day period in compliance with
Rule 144 under the Securities Act. If for any reason Pubco ceases to be a WKSI or becomes ineligible to utilize Form S-3, Pubco shall prepare and file with the Securities and Exchange Commission a registration
statement or registration statements on such form that is available for the sale of Registrable Securities. 

(d)    Shelf Takedowns. At any time when a Shelf Registration for the sale or distribution by holders of
Registrable Securities on a delayed or continuous basis pursuant to Rule 415, including by way of an underwritten offering, block sale or other distribution plan (a “Resale Shelf Registration”) is effective and its use has not been
otherwise suspended by Pubco in accordance with the terms of Section 1(c) above, upon a written demand (a “Takedown Demand”) by any Controlling Investor or the holders of a majority of the CVAN Registrable Securities that is,
in either case, a Shelf Participant holding Registrable Securities at such time (the “Initiating Holder”), Pubco will facilitate in the manner described in this Agreement a “takedown” of Registrable Securities off of such
Resale Shelf Registration (a “take down offering”) and Pubco shall pay all Registration Expenses in connection therewith; provided that Pubco will provide (x) in connection with any
non-marketed underwritten takedown offering (other than a Block Trade), at least two (2) Business Days’ notice of such Takedown Demand to each holder of Registrable Securities (other than the
Initiating Holder) that is a Shelf Participant, (y) in connection with any Block Trade initiated prior to the three (3) year anniversary of the consummation of Pubco’s Initial Public Offering, notice of such Takedown Demand to each
holder of Registrable Securities (other than the Initiating Holder) that is a Shelf Participant no later than noon Eastern time on the Business Day prior to the requested Takedown Demand and (z) in connection with any marketed underwritten
takedown offering, at least five (5) Business Days’ notice of such Takedown Demand to each holder of Registrable Securities (other than the Initiating Holder) that is a Shelf Participant. In connection with (x) any non-marketed underwritten takedown offering initiated prior to the three (3) year anniversary of the consummation of Pubco’s Initial Public Offering and (y) any marketed underwritten takedown
offering, if any Shelf Participants entitled to receive a notice pursuant to the preceding sentence request inclusion of their Registrable Securities (by notice to Pubco, which notice must be received by Pubco no later than (A) in the case of a
non-marketed underwritten takedown offering (other than a Block Trade), the Business Day following the date notice is given to such participant, (B) in the case of a Block Trade, by 10:00 p.m. Eastern
time on the date notice is given to such participant and (C) in the case of a marketed underwritten takedown offering, three (3) Business Days following the date notice is given to such participant), the Initiating Holder and the other
Shelf Participants that request inclusion of their Registrable Securities shall be entitled to sell their Registrable Securities in such offering subject to Section 1(e) below. Each holder of Registrable Securities that is a Shelf Participant agrees
that such holder shall treat as confidential the receipt of the notice of a Takedown Demand and shall not disclose or use the information contained in such notice without the prior written consent of Pubco until such time as the information
contained therein is or becomes available to the public generally, other than as a result of disclosure by the holder in breach of the terms of this Agreement. 

(e)    Priority on Demand Registrations and Takedown Offerings. Pubco shall not include in any Demand
Registration that is an underwritten offering any securities that are not Registrable 

  
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Securities without the prior written consent of the managing underwriters and the holders of a majority of the Registrable Securities then outstanding. If a Demand Registration or a takedown
offering is an underwritten offering and the managing underwriters advise Pubco in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the
number of Registrable Securities and other securities, if any, which can be sold in an orderly manner in such offering within a price range acceptable to the holders of a majority of the Registrable Securities held by Initiating Investors, Pubco
shall include in such offering prior to the inclusion of any securities which are not Registrable Securities (i) first, the Class C Unit Registrable Securities requested to be included in such registration by the holders of
Class C Unit Registrable Securities, excluding the GV Investor (pro rata among the holders of such Class C Unit Registrable Securities on the basis of the number of Class C Unit Registrable Securities owned by each such holder), and
(ii) second, the Controlling Investor Registrable Securities requested to be included in such registration by the Controlling Investors (pro rata among the holders of such Registrable Securities on the basis of the number of Registrable
Securities owned by each such holder). 
 (f)    Restrictions on Demand Registrations and Takedown
Offerings. Any demand for the filing of a registration statement or for a registered offering (including a takedown offering) hereunder will be subject to the constraints of any applicable lock-up
arrangements, and any such demand must be deferred until such lock-up arrangements no longer apply. 

(i)    Pubco shall not be obligated to effect any Demand Registration within 30 days prior to Pubco’s good faith
estimate of the date of filing of an underwritten public offering of Pubco’s securities and for such a period of time after such a filing as the managing underwriters request, provided that such period shall not exceed 180 days from the
effective date of Pubco’s Initial Public Offering or 90 days from the effective date of any subsequent underwritten public offering of Pubco’s securities. Pubco may postpone, for up to 90 days from the date of the request (the
“Suspension Period”), the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of any Shelf Registration (and therefore suspend sales of the
Registrable Securities included therein) by providing written notice to the holders of Registrable Securities if Pubco reasonably determines in good faith that the offer or sale of Registrable Securities would be expected to have a material adverse
effect on any proposal or plan by Pubco or any subsidiary thereof to engage in any material acquisition or disposition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer,
recapitalization, reorganization or similar transaction or would require Pubco to disclose any material nonpublic information which would reasonably be likely to be detrimental to Pubco and its subsidiaries; provided that in such event, the
holders of Registrable Securities initially requesting such Demand Registration or Takedown Demand shall be entitled to withdraw such request. Pubco may delay or suspend the effectiveness of a Demand Registration or takedown offering pursuant
to this Section 1(f)(i) only once in any consecutive twelve-month period; provided that, for the avoidance of doubt, Pubco may in any event delay or suspend the effectiveness of Demand Registration or takedown offering in the case of
an event described under Section 4(f) to enable it to comply with its obligations set forth in Section 4(e). Pubco may extend the Suspension Period for an additional consecutive 60 days with the consent of the Applicable Approving Party. 

(ii)    In the case of an event that causes Pubco to suspend the use of the Resale Shelf Registration or any Shelf
Registration as set forth in Section 1(f)(i) or pursuant to Section 4(f) (a “Suspension Event”), Pubco shall give a notice to the holders of Registrable Securities registered pursuant to such Shelf Registration (a
“Suspension Notice”) to suspend sales of the Registrable Securities and such notice shall state generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is
continuing. A holder of Registrable Securities shall not effect any sales of the Registrable Securities pursuant to such Resale Shelf Registration or Shelf Registration (or such filings) at any time after it has received a Suspension Notice from
Pubco and prior to receipt of an 

  
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End of Suspension Notice (as defined below). Each holder of Registrable Securities agrees that such holder shall treat as confidential the receipt of the Suspension Notice and shall not disclose
or use the information contained in such Suspension Notice without the prior written consent of Pubco until such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by such
holder in breach of the terms of this Agreement. The holders of Registrable Securities may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration (or such filings) following further written notice to such effect
(an “End of Suspension Notice”) from Pubco, which End of Suspension Notice shall be given by Pubco to the holders of Registrable Securities and to such holders’ counsel, if any, promptly following the conclusion of any
Suspension Event. 
 (iii)    Notwithstanding any provision herein to the contrary, if Pubco shall give a Suspension
Notice with respect to any Shelf Registration pursuant to this Section 1(e), Pubco agrees that it shall extend the period of time during which such Shelf Registration shall be maintained effective pursuant to this Agreement by the number of
days during the period from the date of receipt by the holders of the Suspension Notice to and including the date of receipt by the holders of the End of Suspension Notice and provide copies of the supplemented or amended prospectus necessary to
resume sales, with respect to each Suspension Event; provided that such period of time shall not be extended beyond the date that Common Stock covered by such Shelf Registration are no longer Registrable Securities. 

(g)    Selection of Underwriters. In connection with any Demand Registration, the Applicable Approving Party shall
have the right to select the investment banker(s) and manager(s) to administer the offering. If any takedown offering is an underwritten offering, the Applicable Approving Party shall have the right to select the investment banker(s) and manager(s)
to administer such takedown offering. In each case, the Applicable Approving Party shall have the right to approve the underwriting arrangements with such investment banker(s) and manager(s) on behalf of all holders of Registrable Securities
participating in such offering. All Investors proposing to distribute their securities through underwriting shall (together with Pubco and the Company) enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting. 
 (h)    Other Registration Rights. Except as provided in this Agreement, Pubco
shall not grant to any Persons the right to request Pubco to register any equity securities of Pubco, or any securities, options or rights convertible or exchangeable into or exercisable for such securities, without the prior written consent of the
holders of a majority of the Registrable Securities then outstanding; provided that Pubco may grant rights to participate in any Piggyback Registrations so long as such rights are subordinate to the priority rights of the Controlling
Investors and the CVAN Investors with respect to such Piggyback Registrations as provided in Sections 2(c) and 2(d) below. 

(i)    Revocation of Demand Notice or Takedown Notice. At any time prior to the effective date of the Registration
Statement relating to a Demand Registration or the “pricing” of any offering relating to a Takedown Demand, the holders of Registrable Securities that requested such Demand Registration or takedown offering may revoke such request for a
Demand Registration or takedown offering on behalf of all holders of Registrable Securities participating in such Demand Registration or takedown offering without liability to such holders of Registrable Securities, in each case by providing written
notice to Pubco. 
 2.    Piggyback Registrations. 

(a)    Right to Piggyback. Whenever Pubco proposes to register any of its securities under the Securities Act (other
than (i) pursuant to a Demand Registration, (ii) pursuant to a Takedown Demand, (iii) in connection with registrations on Form S-4 or S-8 promulgated by
the Securities and 

  
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Exchange Commission or any successor forms, (iv) a registration relating solely to employment benefit plans, (v) in connection with a registration the primary purpose of which is to
register debt securities, or (vi) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of Registrable Securities) and the
registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), Pubco shall give prompt written notice to all holders of Registrable Securities of its intention to effect such a
Piggyback Registration and, subject to the terms of Sections 2(c) and 2(d) hereof, shall include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws or in compliance
with other registration requirements and in any related underwriting) all Registrable Securities with respect to which Pubco has received written requests for inclusion therein within 10 business days after the delivery of Pubco’s notice;
provided that any such other holder may withdraw its request for inclusion at any time prior to executing the underwriting agreement or, if none, prior to the applicable registration statement becoming effective. 

(b)    Piggyback Expenses. The Registration Expenses of the holders of Registrable Securities shall be paid by
Pubco in all Piggyback Registrations, whether or not any such registration became effective. 
 (c)    Priority on
Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of Pubco, and the managing underwriters advise Pubco in writing that in their opinion the number of securities requested to be included in such
registration exceeds the number of securities which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, Pubco shall include in such registration
(i) first, the securities Pubco proposes to sell, (ii) second, the Class C Unit Registrable Securities requested to be included in such registration by the holders of Class C Unit Registrable Securities which, in
the opinion of such underwriters, can be sold, without any such adverse effect (pro rata among the holders of such Class C Unit Registrable Securities on the basis of the number of Class C Unit Registrable Securities owned by each such
holder), (iii) third, the Controlling Investor Registrable Securities requested to be included in such registration by the Controlling Investors which, in the opinion of such underwriters, can be sold, without any such adverse effect (pro
rata among the holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such holder), and (iv) fourth, other securities requested to be included in such registration which, in the opinion
of such underwriters, can be sold, without any such adverse effect. 
 (d)    Priority on Secondary
Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of Pubco’s securities other than holders of Registrable Securities, and the managing underwriters advise Pubco in writing that in
their opinion the number of securities requested to be included in such registration exceeds the number of securities which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of
distribution of the offering, Pubco shall include in such registration (i) first, the securities requested to be included therein by the holders initially requesting such registration and the Class C Unit Registrable Securities
requested to be included in such registration by the holders of Class C Unit Registrable Securities (pro rata among the holders of such Class C Unit Registrable Securities on the basis of the number of Class C Unit Registrable
Securities owned by each such holder), (ii) second, the Controlling Investor Registrable Securities requested to be included in such registration by the Controlling Investors which, in the opinion of such underwriters, can be sold, without
any such adverse effect (pro rata among the holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such holder), and (iii) third, other securities requested to be included in such
registration which, in the opinion of such underwriters, can be sold, without any such adverse effect. 

  
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 (e)    Other Registrations. If Pubco has previously filed a
registration statement with respect to Registrable Securities pursuant to Section 1 or pursuant to this Section 2, and if such previous registration has not been withdrawn or abandoned, then Pubco
shall not not be required to file or cause to be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-8 or any successor form) at the request of any holder or holders of such securities until a period of at least 90 days has elapsed from the effective date of such previous registration. 

(f)    Right to Terminate Registration. Pubco shall have the right to terminate or withdraw any registration
initiated by it under this Section 2 whether or not any holder of Registrable Securities has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by
Pubco in accordance with Section 6. 
 3.    Holdback Agreements. 

(a)    Holders of Registrable Securities. If required by the Applicable Approving Party, each holder of
Registrable Securities (in the case of Pubco’s Initial Public Offering) and each holder of 1% or more of the outstanding Registrable Securities (in the case of any other underwritten Public Offering) shall enter into lock-up agreements with the managing underwriter(s) of such underwritten Public Offering in such form as agreed to by the Applicable Approving Party. In the absence of any such
lock-up agreement: 
 (i)    each holder of Registrable Securities and each of
the directors and executive officers of Pubco or any of its subsidiaries agrees that in connection with Pubco’s Initial Public Offering, such Person shall not (A) offer, sell, contract to sell, pledge or otherwise dispose of (including
sales pursuant to Rule 144), directly or indirectly, any Capital Stock of Pubco (including Capital Stock of Pubco that may be deemed to be owned beneficially by such Person in accordance with the rules and regulations of the Securities and Exchange
Commission) (collectively, “Securities”), (B) enter into a transaction which would have the same effect as described in clause (A) above, (C) enter into any swap, hedge or other arrangement that transfers, in whole or in part,
any of the economic consequences or ownership of any Securities, whether such transaction is to be settled by delivery of such Securities, in cash or otherwise (each of (A), (B) and (C) above, a “Sale Transaction”), or
(D) publicly disclose the intention to enter into any Sale Transaction, from the date on which Pubco gives notice to the holders of Registrable Securities that a preliminary prospectus has been circulated for such Initial Public Offering to the
date that is 180 days following the date of the final prospectus for such IPO (the “Holdback Period”), unless the Applicable Approving Party and the underwriters managing the IPO otherwise agree in writing; 

(ii)    each holder of at least 1% of the outstanding Registrable Securities and each of the directors and executive
officers of Pubco or any of its subsidiaries agrees that in connection with any non-marketed underwritten takedown offering, such Person shall not effect any Sale Transaction from the date on which Pubco gives
notice to the holders of Registrable Securities of the Public Offering to the earlier of (A) the date that is 45 days following the date of the final prospectus for such Public Offering and (B) the date on which such shelf takedown
offering is otherwise abandoned (a “Block Holdback Period”), unless the Applicable Approving Party and the underwriters managing the such Public Offering otherwise agree in writing; and 

(iii)    each holder of at least 1% of the outstanding Registrable Securities and each of the directors and executive
officers of Pubco or any of its Subsidiaries agrees that in connection with all other underwritten Public Offerings other than those covered by clauses (i) and (ii) above, such Person shall not effect any Sale Transaction from the date
on which Pubco gives notice to the holders of Registrable Securities of the circulation of a preliminary or final prospectus for such Public Offering to 

  
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the date that is 60 days following the date of the final prospectus for such Public Offering (a “Marketed Holdback Period” and, together with a Block Holdback Period, a “Follow-On Holdback Period”), unless, if an underwritten Public Offering, the Applicable Approving Party and the underwriters managing such Public Offering otherwise agree in writing. 

Pubco may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the restrictions set forth in this
Section 3(a) until the end of such period. 
 (b)    Pubco (i) shall not file any registration statement for a
Public Offering or cause any such registration statement to become effective, or effect any public sale or distribution of its equity securities, or any securities, options or rights convertible into or exchangeable or exercisable for such
securities during any Holdback Period or Follow-On Holdback Period, and (ii) shall use its reasonable best efforts to cause (A) each holder of at least 1% (on a fully-diluted basis) of its Common
Stock, or any securities convertible into or exchangeable or exercisable for Common Stock, purchased from Pubco at any time after the date of this Agreement (other than in a Public Offering) and (B) each of its directors and executive officers
to agree not to effect any Sale Transaction or publicly disclose the intention to enter into any Sale Transaction during any Holdback Period or Follow-On Holdback Period, except as part of such underwritten
registration, if otherwise permitted, unless the underwriters managing the Public Offering otherwise agree in writing. 

4.    Registration Procedures. Whenever the holders of Registrable Securities have requested that any Registrable
Securities be registered pursuant to this Agreement or have initiated a takedown offering, Pubco shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of
disposition thereof, and pursuant thereto Pubco shall as expeditiously as reasonably possible: 
 (a)    prepare in
accordance with the Securities Act and all applicable rules and regulations promulgated thereunder and file with the Securities and Exchange Commission a registration statement, and all amendments and supplements thereto and related prospectuses as
may be necessary to comply with applicable securities laws, with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective (provided that before filing a
registration statement or prospectus or any amendments or supplements thereto, Pubco shall furnish to counsel selected by the Applicable Approving Party copies of all such documents proposed to be filed, which documents shall be subject to the
review and comment of such counsel); 
 (b)    notify each holder of Registrable Securities of (A) the issuance by
the Securities and Exchange Commission of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by Pubco or its counsel of any notification with respect
to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each registration statement filed hereunder;

 (c)    prepare and file with the Securities and Exchange Commission such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in
accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration
statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer)
and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth
in such registration statement; 

  
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 (d)    furnish to each seller of Registrable Securities thereunder such
number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free Writing Prospectus and such other documents as such
seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

(e)    use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or
blue sky laws of such jurisdictions as the lead underwriter or the Applicable Approving Party reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that Pubco shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but
for this Section 4(e) (ii) consent to general service of process in any such jurisdiction) or (C) subject itself to taxation in any such jurisdiction; 

(f)    promptly notify in writing each seller of such Registrable Securities (i) after it receives notice thereof, of
the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been
filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (ii) after receipt thereof, of any request by the Securities and Exchange Commission
for the amendment or supplementing of such registration statement or prospectus or for additional information, and (iii) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of
any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the request of any such seller,
Pubco promptly shall prepare, file with the Securities and Exchange Commission and furnish to each such seller a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; 

(g)    cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued
by Pubco are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market makers to register as such with respect to such Registrable Securities
with FINRA; 
 (h)    provide a transfer agent and registrar for all such Registrable Securities not later than the
effective date of such registration statement; 
 (i)    enter into and perform such customary agreements (including
underwriting agreements in customary form) and take all such other actions as the Applicable Approving Party or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities
(including, without limitation, effecting a stock split or a combination of shares and preparing for and participating in such number of “road shows”, investor presentations and marketing events as the underwriters managing such offering
may reasonably request); 
 (j)    make available for inspection by any seller of Registrable Securities, any
underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or 

  
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other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of Pubco as shall be necessary to enable them to
exercise their due diligence responsibility, and cause Pubco’s officers, managers, directors, employees, agents, representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter,
attorney, accountant or agent in connection with such registration statement; 
 (k)    take all reasonable actions to
ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration (including any Shelf Registration) or Piggyback Registration hereunder complies in all material respects with the
Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, shall not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(l)    otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Securities and
Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of Pubco’s first full calendar quarter after
the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158; 

(m)    permit any holder of Registrable Securities who, in its good faith judgment (based on the advice of counsel), could
reasonably be expected to be deemed to be an underwriter or a controlling Person of Pubco to participate in the preparation of such registration or comparable statement and to require the insertion therein of material furnished to Pubco in writing,
which in the reasonable judgment of such holder and its counsel should be included; 
 (n)    in the event of the
issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Common Stock included in such registration
statement for sale in any jurisdiction, Pubco shall use its reasonable best efforts promptly to obtain the withdrawal of such order; 

(o)    use its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 

(p)    cooperate with the holders of Registrable Securities covered by the registration statement and the managing
underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement and enable such securities to be in such
denominations and registered in such names as the managing underwriter, or agent, if any, or such holders may request; 

(q)    cooperate with each holder of Registrable Securities covered by the registration statement and each underwriter or
agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(r)    if such registration includes an underwritten public offering, use its reasonable best efforts to obtain a cold
comfort letter from Pubco’s independent public accountants and addressed to the underwriters, in customary form and covering such matters of the type customarily covered by cold comfort letters as the underwriters in such registration and the
Applicable Approving Party reasonably request; 

  
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 (s)    provide a legal opinion of Pubco’s outside counsel, dated the
effective date of such registration statement (and, if such registration includes an underwritten Public Offering, dated the date of the closing under the underwriting agreement), with respect to the registration statement, each amendment and
supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature, which
opinion shall be addressed to the underwriters and the holders of such Registrable Securities; 
 (t)    if Pubco files
an Automatic Shelf Registration Statement covering any Registrable Securities, use its reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405)) during the period during which such Automatic Shelf
Registration Statement is required to remain effective; 
 (u)    if Pubco does not pay the filing fee covering the
Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; and 

(v)    subject to the terms of Section 1(c) and Section 1(d), if an Automatic Shelf Registration Statement
has been outstanding for at least three years, at the end of the third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when Pubco is required to
re-evaluate its WKSI status Pubco determines that it is not a WKSI, use its reasonable best efforts to refile the registration statement on Form S-3 and keep such
registration statement effective (including by filing a new Resale Shelf Registration or Shelf Registration, if necessary) during the period throughout which such registration statement is required to be kept effective. 

5.    Termination of Rights. Notwithstanding anything contained herein to the contrary, the right of any Investor
to include Registrable Securities in any Demand Registration or any Piggyback Registration shall terminate on such date after the consummation of Pubco’s Initial Public Offering that such Investor may sell all of the Registrable Securities
owned by such Investor pursuant to Rule 144 of the Securities Act without any restrictions as to volume or the manner of sale or otherwise; provided, however, that with respect to any Investor whose rights have terminated pursuant to this
Section 5, if following such a termination, such Investor loses the ability to sell all of its Registrable Securities pursuant to Rule 144 of the Securities Act without any restrictions as to volume or the manner of sale or
otherwise due to a change in interpretive guidance by the Securities and Exchange Commission, then such Investor’s right to include Registrable Securities in any Demand Registration or any Piggyback Registration shall be reinstated until such
time as the Investor is once again able to sell all of its Registrable Securities pursuant to Rule 144 of the Securities Act without any restrictions as to volume or the manner of sale or otherwise. 

6.    Registration Expenses. 

(a)    All expenses incident to Pubco’s performance of or compliance with this Agreement, including, without
limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements of
counsel for Pubco and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by Pubco (all such expenses being herein called “Registration Expenses”),
shall be borne by Pubco as provided in this Agreement and, for the avoidance of doubt, Pubco also shall pay all of its 

  
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internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly
review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by Pubco are then listed. Each Person that sells securities pursuant
to a Demand Registration, a Takedown Demand or Piggyback Registration hereunder shall bear and pay all underwriting discounts and commissions and transfer taxes applicable to the securities sold for such Person’s account. 

(b)    Pubco shall reimburse the holders of Registrable Securities included in such registration for the reasonable fees
and disbursements of one counsel and one local counsel (if necessary) chosen by the Applicable Approving Party for the purpose of rendering a legal opinion on behalf of such holders in connection with any underwritten Demand Registration, takedown
offering or Piggyback Registration. 
 (c)    To the extent Registration Expenses are not required to be paid by Pubco,
each holder of securities included in any registration hereunder shall pay those Registration Expenses allocable to the registration of such holder’s securities so included, and any Registration Expenses not so allocable shall be borne by all
sellers of securities included in such registration in proportion to the aggregate selling price of the securities to be so registered. 

7.    Indemnification. 

(a)    Pubco agrees to (i) indemnify and hold harmless, to the fullest extent permitted by law, each Investor and
their respective officers, directors, members, partners, agents, affiliates and employees and each Person who controls such Investor (within the meaning of the Securities Act or the Exchange Act) against all losses, claims, actions, damages,
liabilities and expenses caused by (A) any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (B) any violation or alleged violation by Pubco of the Securities Act or any other similar federal or state
securities laws or any rule or regulation promulgated thereunder applicable to Pubco and relating to action or inaction required of Pubco in connection with any such registration, qualification or compliance, and (ii) pay to each Investor and
their respective officers, directors, members, partners, agents, affiliates and employees and each Person who controls such Investor (within the meaning of the Securities Act or the Exchange Act), as incurred, any legal and any other expenses
reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, except insofar as the same are caused by or contained in any information furnished in writing to Pubco or any managing
underwriter by such Investor expressly for use therein; provided, however, that the indemnity agreement contained in this Section 7 shall not apply to amounts paid in settlement of any such claim, loss,
damage, liability or action if such settlement is effected without the consent of Pubco (which consent shall not be unreasonably withheld. conditioned or delayed), nor shall Pubco be liable in any such case for any such claim, loss, damage,
liability or action to the extent that it solely arises out of or is based upon an untrue statement of any material fact contained in the registration statement or omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, in each case to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in the registration statement, in reliance upon and in conformity with written
information furnished by such Investor expressly for use in connection with such registration statement. In connection with an underwritten offering, Pubco shall indemnify any underwriters or deemed underwriters, their officers and directors and
each Person who controls such underwriters (within the meaning of the Securities Act or the Exchange Act) to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities. 

  
 -12 - 

 (b)    In connection with any registration statement in which a holder of
Registrable Securities is participating, each such holder shall furnish to Pubco in writing such information and affidavits as Pubco reasonably requests for use in connection with any such registration statement or prospectus and, to the extent
permitted by law, shall indemnify Pubco, its officers, directors, employees, agents and representatives and each Person who controls Pubco (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such holder;
provided that the obligation to indemnify shall be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds actually received by such holder from the sale of Registrable Securities pursuant
to such registration statement. 
 (c)    Any Person entitled to indemnification hereunder shall (i) give prompt
written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent
such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such
claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified
party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties shall have a right to retain one separate counsel, chosen by the holders of a majority of the Registrable Securities
included in the registration, at the expense of the indemnifying party. No indemnifying party, in the defense of such claim or litigation, shall, except with the consent of each indemnified party, consent to the entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

(d)    Each party hereto agrees that, if for any reason the indemnification provisions contemplated by
Sections 7(a) or 7(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to
therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses (or actions in
respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well
as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, relates to information supplied by such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation (even if the
holders or any underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 7(d). The
amount paid or payable by an 

  
 - 13 - 

 
indemnified party as a result of the losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such indemnified party in connection with investigating or, except as provided in Section 7(c), defending any such action or claim. No Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The sellers’ obligations in this Section 7(d) to
contribute shall be several in proportion to the amount of securities registered by them and not joint and shall be limited to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected
pursuant to such registration. 
 (e)    The indemnification and contribution provided for under this Agreement shall
remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities and the
termination or expiration of this Agreement. 
 8.    Participation in Underwritten Registrations. No Person may
participate in any registration hereunder which is underwritten unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to
approve such arrangements (including, without limitation, pursuant to any over-allotment or “green shoe” option requested by the underwriters; provided that no holder of Registrable Securities shall be required to sell more than the number
of Registrable Securities such holder has requested to include) and (b) completes and executes all questionnaires, powers of attorney, custody agreements, stock powers, indemnities, underwriting agreements and other documents required under the
terms of such underwriting arrangements; provided that no holder of Registrable Securities included in any underwritten registration shall be required to make any representations or warranties to Pubco or the underwriters (other than
representations and warranties regarding such holder, such holder’s title to the securities, such Person’s authority to sell such securities and such holder’s intended method of distribution) or to undertake any indemnification
obligations to Pubco or the underwriters with respect thereto that are materially more burdensome than those provided in Section 7. Each holder of Registrable Securities shall execute and deliver such other agreements as
may be reasonably requested by Pubco and the lead managing underwriter(s) that are consistent with such holder’s obligations under Section 3, Section 4 and this
Section 7 or that are necessary to give further effect thereto. To the extent that any such agreement is entered into pursuant to, and consistent with, Section 3 and this
Section 7, the respective rights and obligations created under such agreement shall supersede the respective rights and obligations of the holders, Pubco and the underwriters created pursuant to this
Section 7. 
 9.    Other Agreements. At all times after Pubco has filed a registration
statement with the Securities and Exchange Commission pursuant to the requirements of either the Securities Act or the Exchange Act, Pubco agrees to use best efforts to file all reports required to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations adopted by the Securities and Exchange Commission thereunder and shall take such further action as the Investors may reasonably request, all to the extent required to enable such Persons to sell securities
pursuant to (a) Rule 144 adopted by the Securities and Exchange Commission under the Securities Act (as such rule may be amended from time to time) or any similar rule or regulation hereafter adopted by the Securities and Exchange
Commission or (b) a registration statement on Form S-3 or any similar registration form hereafter adopted by the Securities and Exchange Commission. Upon request, Pubco shall deliver to the Investors a
written statement as to whether it has complied with such requirements. Pubco shall at all times after it has consummated an Initial Public Offering use its reasonable best efforts to cause the securities so registered to be listed on one or more of
the New York Stock Exchange, the American Stock Exchange and the NASDAQ Stock Market. 

  
 - 14 - 

 10.    Definitions. 

(a)    “Agreement” has the meaning set forth in the preamble hereof. 

(b)    “Applicable Approving Party” means (i) if the Controlling Investor is participating in the
applicable offering, the Controlling Investor, or (ii) if the Controlling Investor is not participating in the applicable offering, the holders of a majority of the Registrable Securities participating in the applicable offering. 

(c)     “April 2016 Unit Purchase Agreements” means, together, (a) that certain Unit Purchase
Agreement, dated April 27, 2016, by and between the Company and the Ernest C. Garcia II, and (b) that certain Unit Purchase Agreement, dated April 27, 2016, by and between the Company and the Ernest C. Garcia II. 

(d)    “Block Holdback Period” has the meaning set forth in Section 3(a)(ii). 

(e)    “Block Trade” means any non-marketed underwritten takedown
offering taking the form of a bought deal or block sale to a financial institution. 
 (f)    “Business
Day” means any day that is not a Saturday or Sunday or a legal holiday in the state in which Pubco’s chief executive office is located or in New York, NY. 

(g)    “Capital Stock” means (i) with respect to any Person that is a corporation, any and all
shares, interests or equivalents in capital stock of such corporation (whether voting or nonvoting and whether common or preferred) and (ii) with respect to any Person that is not a corporation, individual or governmental entity, any and all
partnership, membership, limited liability company or other equity interests of such Person that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution of assets of, the issuing Person, including
in each case any and all warrants, rights (including conversion and exchange rights) and options to purchase any of the foregoing. 

(h)    “Class C Unit Registrable Securities” means Registrable Securities issued with respect to
(i) any Units issued to the CVAN Investor in exchange for Company securities purchased pursuant to the July 2015 Purchase Agreement or the July 2016 Purchase Agreement, (ii) any Units issued to the GV Investor in exchange for Company
securities purchased pursuant to the July 2016 Purchase Agreement, and (iii) any Units issued to Ernest C. Garcia II in exchange for Company securities purchased pursuant to the April 2016 Purchase Agreements. 

(i)    “Common Stock” means the Class A Common Stock of Pubco. 

(j)    “Company” has the meaning set forth in the preamble hereof. 

(k)    “Controlling Investors” means Ernest C. Garcia II, Ernest C. Garcia III, Ernest Garcia II
Multi-Generational Trust III and Ernest Irrevocable 2004 Trust, and each of such Person’s Permitted Transferees, in each case only so long as such Person continues to hold Units. 

(l)    “Controlling Investor Registrable Securities” means the Registrable Securities held by the
Controlling Investors to the extent such Registrable Securities are not Class C Unit Registrable Securities. 

(m)    “CVAN Investor” means CVAN Holdings, LLC (f/k/a Carvana Holdings, LLC), a Delaware limited
liability company. 

  
 - 15 - 

 (n)    “CVAN Registrable Securities” means the Registrable
Securities held by the CVAN Investors and their Permitted Transferees other than any Permitted Transferee Without Registration Rights. All CVAN Registrable Securities shall be deemed to be Class C Unit Registrable Securities. 

(o)    “Demand Registrations” has the meaning set forth in Section 1(a). 

(p)    “End of Suspension Notice” has the meaning set forth in Section 2(g)(ii). 

(q)    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any
successor federal law then in force, together with all rules and regulations promulgated thereunder. 

(r)    “FINRA” means the Financial Industry Regulatory Authority. 

(s)    “Free-Writing Prospectus” means a free-writing prospectus,
as defined in Rule 405 of the Securities Act. 
 (t)    “GV Investor” means GV Auto I, LLC, a Delaware
limited liability company. 
 (u)    “Holdback Period” has the meaning set forth in Section
3(a)(i). 
 (v)    “Initial Public Offering” means an initial public offering of equity securities
under the Securities Act. 
 (w)    “Initiating Investors” has the meaning set forth in
Section 1(a). 
 (x)    “Investor” has the meaning set forth in the preamble
hereof. 
 (y)    “IPO Holdback Period” has the meaning set forth in the Section 3(a). 

(z)    “July 2015 Purchase Agreement” has the meaning set forth in the recitals hereof. 

(aa)    “July 2016 Purchase Agreement” has the meaning set forth in the recitals hereof. 

(bb)    “LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of
Carvana Group, LLC, dated as of or about the date hereof, by and among the Company, Pubco and the other members of Carvana Group, LLC (as the same may be amended, supplemented or modified from time to time in accordance with the terms thereof). 

(cc)    “Long-Form Registrations” has the meaning set forth in Section 1(a).

 (dd)    “Marketed Holdback Period” has the meaning set forth in Section 3(a)(iii). 

(ee)    “Permitted Transferee” has the meaning set forth in the LLC Agreement. 

(ff)    “Permitted Transferee Without Registration Rights” means any Permitted Transferee of the CVAN
Investor holding CVAN Registrable Securities that may be sold under Rule 144(b)(1)(i) without limitation under any of the other requirements of Rule 144 (as confirmed by an opinion of Pubco’s counsel). 

  
 - 16 - 

 (gg)    “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 and a governmental entity or any department, agency or political subdivision thereof. 

(hh)    “Piggyback Registration” has the meaning set forth in Section 2(a).

 (ii)    “Public Offering” means any sale or distribution by Pubco and/or holders of Registrable
Securities to the public of Common Stock pursuant to an offering registered under the Securities Act. 

(jj)    “Registration Expenses” has the meaning set forth in Section 6. 

(kk)    “Registrable Securities” means (i) any Common Stock issued with respect to or in exchange
for any Units held by the Controlling Investors, (ii) any Common Stock issued with respect to or in exchange for any Units issued to the CVAN Investor in exchange for Company securities purchased pursuant to the July 2015 Purchase Agreement or
the July 2016 Purchase Agreement, (iii) any Common Stock issued with respect to any Units issued to the GV Investor in exchange for Company securities purchased pursuant to the July 2016 Purchase Agreement, and (iv) any Common Stock issued
or issuable with respect to the securities referred to in clauses (i), (ii) and (iii) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other
reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when they have been sold or distributed to the public pursuant to an offering registered under the Securities Act or sold to the
public through a broker, dealer or market maker in compliance with Rule 144 following the consummation of Pubco’s Initial Public Offering or repurchased by Pubco or any Subsidiary. For purposes of this Agreement, a Person shall be deemed to be
a holder of Registrable Securities, and the Registrable Securities shall be deemed to be in existence, whenever such Person has the right to acquire directly or indirectly such Registrable Securities (upon conversion or exercise in connection with a
transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder
of Registrable Securities hereunder; provided a holder of Registrable Securities may only request that Registrable Securities in the form of Common Stock be registered pursuant to this Agreement. 

(ll)    “Rule 144”, “Rule 158”, “Rule 405”, “Rule 415”
and “Rule 430B” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission, as the same shall be amended from time to time, or any successor rule then in
force. 
 (mm)    “Securities” has the meaning set forth in Section 3(a)(i). 

(nn)    “Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor
federal law then in force, together with all rules and regulations promulgated thereunder. 
 (oo)    “Shelf
Participant” means any holder of Registrable Securities listed as a potential selling stockholder in connection with the Shelf Registration or any such holder that could be added to such Shelf Registration without the need for a
post-effective amendment thereto or added by means of an automatic post-effective amendment thereto. 

(pp)    “Shelf Registrations” has the meaning set forth in Section 1(c). 

  
 - 17 - 

 (qq)    “Short-Form Registrations” has the meaning set forth
in Section 1(a). 
 (rr)    “Suspension Event” has the meaning set forth in
Section 1(f)(ii). 
 (ss)    “Suspension Notice” has the meaning set forth in Section
1(f)(ii). 
 (tt)    “Suspension Period” has the meaning set forth in Section 1(f)(i). 

(uu)    “Takedown Demand” has the meaning set forth in Section 1(d). 

(vv)    “Units” means the Company’s common units, as constituted in the LLC Agreement. 

(ww)    “WKSI” means a “well-known seasoned issuer” as defined under Rule 405. 

11.    Miscellaneous. 

(a)    No Inconsistent Agreements. Neither the Company nor Pubco shall hereafter enter into any agreement with
respect to its securities which is inconsistent with or violates the rights granted to the Investors in this Agreement. 

(b)    Adjustments Affecting Registrable Securities. Pubco shall not take any action, or permit any change to
occur, with respect to its securities which would materially and adversely affect the ability of the holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement or which would
materially and adversely affect the marketability of such Registrable Securities in any such registration (including effecting a split or a combination of securities). 

(c)    Remedies. Any Person having rights under any provision of this Agreement shall be entitled to enforce such
rights specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and acknowledge that money
damages would not be an adequate remedy for any breach of the provisions of this Agreement and that, in addition to any other rights and remedies existing in its favor, any party shall be entitled to specific performance and/or other injunctive
relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

(d)    Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended
or waived only with the prior written consent of Pubco and the holders of a majority of the Registrable Securities then outstanding; provided that no amendment or waiver that has an adverse effect on any rights which specify the CVAN
Investors or the GV Investor (as the case may be) as the beneficiary of such rights shall be binding on such Investors without the prior written consent of the holders of a majority of the related Registrable Securities. Any amendment or waiver
effected in accordance with this Section 11(d) shall be binding upon each Investor, Pubco and the Company. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions
and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

(e)    Successors and Assigns. All covenants and agreements in this Agreement by or on behalf of any of the parties
hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. In addition, whether or not any express 

  
 - 18 - 

 
assignment has been made, the provisions of this Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of, and enforceable by, any
subsequent holder of Registrable Securities. 
 (f)    Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid, illegal or unenforceable in any respect under any applicable law, such
provision shall be ineffective only to the extent of such prohibition, invalidity, illegality or unenforceability, without invalidating the remainder of this Agreement. 

(g)    Counterparts. This Agreement may be executed simultaneously in counterparts (including by means of
telecopied, facsimile or portable data format (PDF) signature pages), any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. 

(h)    Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement. The use of the word “including” herein shall mean “including without limitation.” 

(i)    Governing Law; Jurisdiction. All issues and questions concerning the construction, validity, enforcement and
interpretation of this Agreement and the exhibits and schedules hereto 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. The parties hereto agree that any suit, action or proceeding seeking to enforce any
provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in any federal or state court located in the State of Delaware, and each of the parties hereby
irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or
hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or
proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. 

(j)    Notices. All notices, demands or other communications to be given or delivered under or by reason of the
provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient, but
if not, then on the next business day, (iii) one business day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three days after it is mailed to the recipient by first class mail, return
receipt requested. Such notices, demands and other communications shall be sent to each Investor at the address indicated on the Schedule of Investors attached hereto and to Pubco and the Company at the address indicated below: 

  
 19 

 c/o Carvana Group, LLC 

4020 E. Indian School Road 

Phoenix, Arizona 85018 

Attention: Ernest C. Garcia III and Paul W. Breaux 

Email: ernie.garcia@carvana.com and paul.breaux@carvana.com 

With copies (which shall not constitute notice to the Company) to: 

Kirkland & Ellis LLP 

300 North LaSalle 
 Chicago,
Illinois 60654 
 Attention: Robert M. Hayward, P.C. 

                  Robert E. Goedert 

Email: robert.hayward@kirkland.com 

            robert.goedert@kirkland.com 

or to such other address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. 

(k)    Mutual Waiver of Jury Trial. As a specifically bargained inducement for each of the parties to enter into
this Agreement (with each party having had opportunity to consult counsel), each party hereto expressly and irrevocably waives the right to trial by jury in any lawsuit or legal proceeding relating to or arising in any way from this Agreement or the
transactions contemplated herein, and any lawsuit or legal proceeding relating to or arising in any way to this Agreement or the transactions contemplated herein shall be tried in a court of competent jurisdiction by a judge sitting without a jury.

 (l)    No Strict Construction. The parties hereto 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 hereto, 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 this Agreement. 
 (m)    Information. Ernest C.
Garcia, II (“ECGII”), on behalf of the Controlling Investors, shall be entitled to receive notice of all meetings of the board of directors of Pubco (the “Board”) and any Board committee, including any executive
committee, and all materials and documents distributed to the members of the Board (or Board committee) in connection with such meetings, including at or after such meetings, in each case at such time and as provided to the members of the Board (or
Board committee). In addition to the foregoing, promptly following any Board or Board committee meeting, the Board shall notify ECGII as to any material transaction or action, including any debt or equity offering or material acquisition or
disposition, change in executive officers or Board members, Board nominees, charter or bylaw amendment, annual budget or material change to any annual budget, change to Pubco’s “Up-C” status, or
other significant matter approved at such Board or Committee meeting, whether or not subject to further approval by the stockholders of Pubco. The foregoing provisions of this Section 11(m) are subject in all respects to the right of the Board or
the Chairman thereof to determine not to provide ECGII with Board or Board committee materials or other information if (i) such materials, other information or action relate to transactions in which the Controlling Investors have a material
direct interest (other than solely as a result of their direct or indirect ownership of Pubco), (ii) the Board or Chairman determines in good faith that such omission is appropriate in order to (a) avoid a conflict of interest in connection
with the Board’s discussion of a 

  
 - 20 - 

 
particular matter, (b) fulfill the contractual obligations of Pubco or its subsidiaries with respect to confidential or proprietary information of third parties, (c) protect the
attorney client privilege (including protecting any attorney work product) or (d) satisfy the Board’s fiduciary duties (as advised by outside counsel) and/or (iii) such meeting, materials, other information or action would result in
loss of the protection of trade secrets, provided that with respect to subsections (ii)(b) and (c) and (iii), if despite the following sentence, Pubco determines additional measures are necessary in order to satisfy such sections, ECGII shall
execute a confidentiality agreement in form and substance reasonable acceptable to the parties in order to be able to provide ECGII access to the information. Any information ECGII receives pursuant to this Section 11(m) shall be kept
confidential, and the Controlling Investors agree to and shall hold in confidence and trust all such information. 

*    *    *    *    * 

  
 - 21 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the
date first written above. 
  

			
	COMPANY:
	
	CARVANA GROUP, LLC
		
	By: 	 	  

	Name:	 	Ernest C. Garcia III
	Title:	 	Chief Executive Officer

  

Signature Page to Amended and Restated Registration Rights Agreement 

 
			
	 PUBCO:

	
	 CARVANA CO.

		
	 By: 
	 	  

	Name:	 	Ernest C. Garcia III
	Title:	 	Chief Executive Officer

  
 Signature Page to
Amended and Restated Registration Rights Agreement 

 
			
	CVAN INVESTOR:
	
	CVAN HOLDINGS, LLC
		
	By: 	 	  

	Name:	 	Kelly Van Meter
	Title:	 	Vice President

  
 Signature Page to
Amended and Restated Registration Rights Agreement 

 
			
	GV INVESTOR:
	
	GV AUTO I, LLC
		
	By: 	 	Georgiana Ventures, LLC
	Its: 	 	Manager
		
	By: 	 	  

	Name:	 	Ira J. Platt
	Title:	 	Managing Member

  
 Signature Page to
Amended and Restated Registration Rights Agreement 

 
	
	 CONTROLLING INVESTOR:

	
	ERNEST C. GARCIA II
	
	  

  

  
 Signature Page to
Amended and Restated Registration Rights Agreement 

 
	
	 CONTROLLING INVESTOR:

	
	ERNEST C. GARCIA III
	
	  

  

  
 Signature Page to
Amended and Restated Registration Rights Agreement 

 
			
	CONTROLLING INVESTORS:
	
	ERNEST GARCIA III MULTI-GENERATIONAL TRUST III
		
	By:	 	  

	Name:	 	Steven P. Johnson
	Its:	 	Administrative Trustee
		
	By:	 	  

	Name:	 	Ernest C. Garcia II
	Its:	 	Investment Trustee
	
	ERNEST IRREVOCABLE 2004 TRUST III
		
	By:	 	  

	Name:	 	Steven P. Johnson
	Its:	 	Administrative Trustee
		
	By:	 	  

	Name:	 	Ernest C. Garcia II
	Its:	 	Investment Trustee

  
 Signature Page to
Amended and Restated Registration Rights Agreement 

 SCHEDULE OF INVESTORS 

 

	
	Name and Address
	
	 CVAN Holdings, LLC (f/k/a Carvana Holdings, LLC)

227 W. Monroe, Suite 4800
 Chicago, IL 60606

Attn: Jack Salerno
 Email: J.R.Salerno@guggenheimpartners.com

 
 With a copy to:
  

Winston & Strawn LLP
 1700 K Street, NW

Washington, DC 20006
 Attn: Christopher Zochowski

 
 Email: czochowski@winston.com

	
	 GV Auto I, LLC

65 Sturges Hwy
 Westport, CT 06880

Attn: Ira J. Platt
 Email: platt_ira@yahoo.com

	
	 Ernest C. Garcia II

1720 W. Rio Salado Parkway
 Tempe, Arizona 85281

Attention: Ernest C. Garcia II

	
	 Ernest C. Garcia III

4020 E. Indian School Road, Suite A
 Phoenix, Arizona 85018

Attention: Ernest C. Garcia III
 Email:
ernie.garcia@carvana.com

	
	 Ernest Garcia III Multi-Generational Trust III

c/o Steven Johnson, Investment Trustee
 1720 W. Rio Salado
Parkway
 Tempe, Arizona 85281
 Attention: Steven
Johnson

	
	 Ernest Irrevocable 2004 Trust III

c/o Steven Johnson, Investment Trustee
 1720 W. Rio Salado
Parkway
 Tempe, Arizona 85281
 Attention: Steven
Johnson

 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

JOINDER 
 The undersigned
is executing and delivering this Joinder pursuant to the Amended and Restated Registration Rights Agreement dated as of
                         (as the same may hereafter be amended, the “Registration Rights Agreement”),
among                         , a Delaware limited liability company (the “Company”), and the other
person named as parties therein. 
 By executing and delivering this Joinder to Pubco, the undersigned hereby agrees to become a party to,
to be bound by, and to comply with the provisions of the Registration Rights Agreement as a holder of [Controlling Investor // CVAN] Registrable Securities in the same manner as if the undersigned were an original signatory to the Registration
Rights Agreement, and the undersigned’s                  Units shall be included as [Controlling Investor // CVAN] Registrable Securities under the
Registration Rights Agreement. 
 Accordingly, the undersigned has executed and delivered this Joinder as of the
         day of                     ,
                    . 
  

			
	 INVESTOR:

		
	[●]	 	
		
	By:	 	  

	Its:	 	
	
	Address for Notices:
		
	[●]	 	
	[●]	 	
	[●]	 	
	[●]	 	

  

			
	Agreed and Accepted as of
	
                          
                                         
              .

	
	[COMPANY]
		
	By:	 	  

		
	Its:

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