Document:

EX-10.6

 Exhibit 10.6 

FORM OF 
 TAX RECEIVABLE
AGREEMENT 
 among 

CORE & MAIN, INC., 

CORE & MAIN HOLDINGS, LP 

and 
 EACH LIMITED
PARTNER OF 
 CORE & MAIN HOLDINGS, LP LISTED ON ANNEX A 

Dated as of                 

 

							
	 ARTICLE I. DEFINITIONS
	  	 	2	 
			
	 1.1.
	 	Definitions	  	 	2	 
			
	 1.2.
	 	Terms Generally	  	 	13	 
		
	 ARTICLE II. DETERMINATION OF CERTAIN REALIZED TAX BENEFITS
	  	 	15	 
			
	 2.1.
	 	Tax Benefit Schedule	  	 	15	 
			
	 2.2.
	 	Procedure, Amendments	  	 	16	 
			
	 2.3.
	 	Consistency with Tax Returns	  	 	17	 
		
	 ARTICLE III. TAX BENEFIT PAYMENTS 
	  	 	17	 
			
	 3.1.
	 	Payments	  	 	17	 
			
	 3.2.
	 	Duplicative Payments	  	 	18	 
			
	 3.3.
	 	Pro Rata Payments; Coordination of Benefits	  	 	19	 
		
	 ARTICLE IV. TERMINATION 
	  	 	19	 
			
	 4.1.
	 	Early Termination, Change in Control and Breach of Agreement	  	 	19	 
			
	 4.2.
	 	Early Termination Notice	  	 	22	 
			
	 4.3.
	 	Payment upon Early Termination	  	 	22	 
		
	 ARTICLE V. SUBORDINATION AND LATE PAYMENTS 
	  	 	23	 
			
	 5.1.
	 	Subordination	  	 	23	 
			
	 5.2.
	 	Late Payments by Corporate Taxpayer	  	 	23	 
		
	 ARTICLE VI. NO DISPUTES; CONSISTENCY; COOPERATION 
	  	 	24	 
			
	 6.1.
	 	Participation in Corporate Taxpayer’s and Holdings’ Tax Matters	  	 	24	 
			
	 6.2.
	 	Consistency	  	 	24	 
			
	 6.3.
	 	Cooperation	  	 	24	 
		
	 ARTICLE VII. MISCELLANEOUS 
	  	 	25	 
			
	 7.1.
	 	Notices	  	 	25	 
			
	 7.2.
	 	Counterparts	  	 	26	 
			
	 7.3.
	 	Entire Agreement; Third Party Beneficiaries	  	 	26	 
			
	 7.4.
	 	Severability	  	 	26	 
			
	 7.5.
	 	Successors; Assignment; Amendments; Waivers	  	 	26	 
			
	 7.6.
	 	Titles and Subtitles	  	 	27	 

  
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	 7.7.
	 	Governing Law; Jurisdiction; Waiver of Jury Trial	  	 	27	 
			
	 7.8.
	 	Reconciliation	  	 	29	 
			
	 7.9.
	 	Withholding	  	 	30	 
			
	 7.10.
	 	Admission of Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	  	 	30	 
			
	 7.11.
	 	Confidentiality	  	 	31	 
			
	 7.12.
	 	Change in Law	  	 	31	 
			
	 7.13.
	 	Independent Nature of Partnership Interest Holders’ Rights and Obligations	  	 	32	 
			
	 7.14.
	 	Limited Partnership Agreement/Exchange Agreement	  	 	32	 

  

  
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 This TAX RECEIVABLE AGREEMENT (“Agreement”), dated as of [•] and effective
upon the consummation of the Reorganization Transactions (as defined in the Reorganization Agreement (as defined below)) and prior to the IPO Closing (as defined below), is hereby entered into by and among Core & Main, Inc., a Delaware
corporation (“Corporate Taxpayer”), Core & Main Holdings, LP, a Delaware limited partnership (“Holdings”), each Partnership Interest Holder (as defined below), and each of the successors and assigns thereto. 

RECITALS 
 WHEREAS, in
connection with the initial public offering of Class A Common Stock (as defined below) of Corporate Taxpayer (the “IPO”), Holdings will, pursuant to the Reorganization Agreement, enter into a series of transactions to
reorganize its structure; 
 WHEREAS, the limited partnership interests in Holdings are and will be classified as partnership interests
(“Partnership Interests”); 
 WHEREAS, Holdings is treated as a partnership for U.S. federal income tax purposes; 

WHEREAS, Corporate Taxpayer will be the General Partner of Holdings on or about the date of the IPO Closing (as defined below), and holds or
will hold on or about the date of the IPO Closing, directly or indirectly, Partnership Interests; 
 WHEREAS, each holder of Partnership
Interests listed on Annex A (each a “Partnership Interest Holder”, and, for the avoidance of doubt, such term shall include former holders of Partnership Interests entitled to current or future payments pursuant to this Agreement)
may exchange its Partnership Interests (or, in the case of a “disguised sale” described under Section 707 of the Code (as defined below), be deemed to exchange other interests in Holdings or its assets) for (a) Class A Common
Stock of Corporate Taxpayer, in accordance with and subject to the provisions of the Exchange Agreement (as defined below) and (b) the amounts payable pursuant to and subject to the terms of this Agreement in respect of such exchange (or deemed
exchange); 
 WHEREAS, each Exchanged Owner (as defined below) acquired or will acquire stock in Corporate Taxpayer as a result of a
Contribution (as defined below); 
 WHEREAS, Holdings and any direct or indirect subsidiary (owned through a chain of pass-through entities)
of Holdings that is treated as a partnership for U.S. federal income tax purposes (together with Holdings and any direct or indirect subsidiary (owned through a chain of pass-through entities) of Holdings that is treated as a disregarded entity for
U.S. federal income tax purposes, the “Holdings Group”) will have in effect an election under Section 754 of the Code as provided under Section 2.1(c) for the taxable year in which any Exchange (as
defined below) occurs, which election will result in an adjustment to Corporate Taxpayer’s share of the tax basis of the assets owned by the Holdings Group as of the date of the Exchange, with a consequent result on the taxable income
subsequently derived therefrom; 

  
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 WHEREAS, the income, gain, loss, deduction and other Tax (as defined below) items of
Corporate Taxpayer and its consolidated Subsidiaries may be affected by (i) the Basis Adjustments (as defined below), (ii) the Common Basis (as defined below), (iii) any Interest Amount (as defined below) paid, (iv) the Imputed Interest
(as defined below) and (v) Former Limited Partner Tax Receivable Agreement Items (as defined below); 
 WHEREAS, the parties to this
Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustments, the Common Basis, any Interest Amount paid and the Imputed Interest on the liability for Taxes of Corporate Taxpayer; 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally
bound hereby, the parties hereto agree as follows: 
 ARTICLE I. 

DEFINITIONS 
 1.1.
Definitions. As used in this Agreement, the terms set forth in this ARTICLE I shall have the following meanings. 

“Advisory Firm” means any accounting firm or any law firm that, in either case, is nationally recognized as being expert in
tax matters. 
 “Affiliate” means, with respect to any specified Person, any Person that directly, or indirectly through
one or more intermediaries, Controls, is Controlled by, or is under common Control with the specified Person. 
 “Agreed
Rate” means LIBOR plus 100 basis points. 
 “Agreement” has the meaning set forth in the Preamble of this
Agreement. 
 “Amended Schedule” has the meaning set forth in Section 2.2(b) of this Agreement.

 “Basis Adjustment” means the adjustment to the tax basis of a Reference Asset under Sections 732, 755 and 1012 of the
Code (in situations where, following an Exchange, a Merger, or a merger or liquidation of Corporate Taxpayer’s consolidated Subsidiaries, Holdings becomes an entity that is disregarded as separate from its owner for U.S. federal income tax
purposes) or under Sections 743(b), 754 and 755 of the Code (in situations where, following an Exchange, a Merger ,or a merger or liquidation of Corporate Taxpayer’s consolidated Subsidiaries, Holdings is not an entity that is disregarded as
separate from its owner for U.S. federal income tax purposes) and the Treasury Regulations promulgated thereunder and, in each case, 

  
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comparable sections of state and local tax laws, in each case in respect of which Corporate Taxpayer may be entitled to the deductions as a result of (i) an Exchange by a Partnership
Interest Holder and (ii) the payments made to Partnership Interest Holders pursuant to this Agreement. For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange shall be determined without regard to any Pre-Exchange Transfers (and as if any such Pre-Exchange Transfers had not occurred). As required by Section 2.1(c), Corporate Taxpayer will ensure
that an election under Section 754 of the Code is in effect at all times for Holdings and each of its direct and indirect subsidiaries (until Holdings and each of its direct and indirect subsidiaries becomes an entity that is disregarded as
separate from its owner for U.S. federal income tax purposes). The amount of any Basis Adjustment shall be determined using the Market Value at the time of the Exchange. 

“Blended Rate” means, with respect to any taxable year, the sum of the effective rates of tax imposed on the aggregate net
income of Corporate Taxpayer in each state or local jurisdiction in which Corporate Taxpayer files Tax Returns for such taxable year, with the maximum effective rate in any state or local jurisdiction being equal to the product of: (i) the
apportionment factor on the income or franchise Tax Return filed by Corporate Taxpayer in such jurisdiction for such taxable year, and (ii) the maximum applicable corporate tax rate in effect in such jurisdiction in such taxable year. As
an illustration of the calculation of Blended Rate for a taxable year, if Corporate Taxpayer solely files Tax Returns in State 1 and State 2 in a taxable year, the maximum applicable corporate tax rates in effect in such states in such taxable year
are 6.5% and 5.5%, respectively, and the apportionment factors for such states in such taxable year are 55% and 45%, respectively, then the Blended Rate for such taxable year is equal to 6.05% (i.e., 6.5% times 55% plus 5.5% times 45%). 

“Board” means the Board of Directors of Corporate Taxpayer. 

“Business Day” means any day excluding Saturday, Sunday and any day that is a legal holiday under the laws of the State of
New York or is a day on which banking institutions located in New York are closed. 
 “CD&R Representative” means
Clayton, Dubilier & Rice, LLC or its designated successor. 
 A “Change in Control” shall be deemed to have
occurred upon: 
  

	 	(i)	 the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of
Corporate Taxpayer’s assets (determined on a consolidated basis) to any “person” or “group” (as such term is used in Section 13(d)(3) of the Exchange Act) other than to any Subsidiary of Corporate Taxpayer; provided,
that, for clarity and notwithstanding anything to the contrary, neither the approval of nor consummation of a transaction treated for U.S. federal income tax purposes as a liquidation into Corporate Taxpayer of its consolidated Subsidiaries or
merger of such entities into one another or Corporate Taxpayer will constitute a “Change in Control”; 

  
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	 	(ii)	 the merger or consolidation of Corporate Taxpayer with any other person, other than a merger or consolidation
where both (A) such merger or consolidation would result in the Voting Securities of Corporate Taxpayer outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities
of the surviving entity) more than 50% of the total voting power represented by the Voting Securities of Corporate Taxpayer or such surviving entity outstanding immediately after such merger or consolidation and (B) the Board immediately prior
to the merger or consolidation constitutes at least a majority of the board of directors or Corporate Taxpayer or such surviving entity; 

  

	 	(iii)	 the shareholders of Corporate Taxpayer approve a plan of complete liquidation or dissolution of Corporate
Taxpayer; 

  

	 	(iv)	 the acquisition, directly or indirectly, by any “person” or “group” (as such term is used
in Section 13(d)(3) of the Exchange Act) (other than (a) a trustee or other fiduciary holding securities under an employee benefit plan of Corporate Taxpayer; (b) a corporation or other entity owned, directly or indirectly, by the
stockholders of Corporate Taxpayer in substantially the same proportions as their ownership of stock of Corporate Taxpayer; or (c) Affiliates of Clayton, Dubilier & Rice Fund X, L.P.) of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the aggregate voting power of the Voting Securities of Corporate Taxpayer; or 

 

	 	(v)	 the following individuals cease for any reason to constitute a majority of the number of directors of Corporate
Taxpayer then serving: individuals who, at the IPO Closing, constitute the Board and any new director whose appointment or election by the Board or nomination for election by Corporate Taxpayer’s shareholders was approved or recommended by a
vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the IPO Closing or whose appointment, election or nomination for election was previously so approved or
recommended by the directors referred to in this clause (v). 

 “Class A Common Stock”
means the Class A common stock, par value $0.01 per share, of the Corporate Taxpayer, having the rights to be set forth in the Amended and Restated Certificate of Incorporation. 

“Code” shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time. 

  
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 “Common Basis” means, without duplication, Transferred Basis and IPO Basis.

 “Contribution” means the contribution of Partnership Interests to Corporate Taxpayer by CD&R Waterworks Holdings,
L.P. and Core & Main Management Feeder, LLC in exchange for Class A Common Stock (for the avoidance of doubt, other than pursuant to an Exchange). 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of Voting Securities, by contract or otherwise. 
 “Corporate Taxpayer” has
the meaning set forth in the Preamble of this Agreement and includes any predecessor entities. 
 “Corporate Taxpayer
Return” means the federal, state or local Tax Return, as applicable, of Corporate Taxpayer or any consolidated Subsidiary of Corporate Taxpayer (or any Tax Return filed for a consolidated, affiliated, combined or unitary group of which
Corporate Taxpayer or any consolidated Subsidiary of Corporate Taxpayer is a member) filed with respect to Taxes of any taxable year. 

“Cumulative Net Realized Tax Benefit” means for a taxable year the cumulative amount of Realized Tax Benefits for all taxable
years or portions thereof of (i) Corporate Taxpayer, (ii) its consolidated Subsidiaries, and (iii) without duplication, Holdings and its Subsidiaries, up to and including such taxable year, net of the cumulative amount of Realized Tax
Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each taxable year or portion thereof shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of
such determination. If a Cumulative Net Realized Tax Benefit is being calculated with respect to a portion of a taxable year, then calculations of the Cumulative Net Realized Tax Benefit (including determinations relating to Basis Adjustments,
Common Basis, Former Limited Partner Tax Receivable Agreement Items and Imputed Interest to the extent applicable) shall be made as if there were an interim closing of the books of the relevant entity and its Subsidiaries and the taxable year had
closed on the relevant date. 
 “Default Rate” means LIBOR plus 500 basis points.  
 “Determination” shall have the meaning ascribed to such term in
Section 1313(a) of the Code or similar provision of state and local tax law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the
amount of any liability for Tax. 
 “Early Termination Date” means the date of an Early Termination Notice for purposes of
determining the Early Termination Payment. 

  
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 “Early Termination Effective Date” has the meaning set forth in
Section 4.2 of this Agreement. 
 “Early Termination Notice” has the meaning set forth in
Section 4.2 of this Agreement. 
 “Early Termination Payment” has the meaning set forth in
Section 4.3(b) of this Agreement. 
 “Early Termination Rate” means LIBOR plus 100 basis points.  
 “Early Termination Schedule” has the meaning set forth in
Section 4.2 of this Agreement. 
 “Exchange” means an acquisition or purchase or redemption, as
determined for U.S. federal income tax purposes, of Partnership Interests (or, in the case of a “disguised sale” described under Section 707 of the Code, of other interests in Holdings or its assets) by Corporate Taxpayer, Holdings or
any of Holdings’ consolidated Subsidiaries from a person (other than Corporate Taxpayer or any of its consolidated Subsidiaries) who is party to this Agreement (including a permitted transferee under Section 7.5 who is
a party by reason of a joinder), including by way of an exchange of Corporate Taxpayer shares for Partnership Interests, in each case occurring on or after the date of this Agreement. For the avoidance of doubt, an Exchange includes (i) any
disguised sale of an interest in Holdings under Section 707 of the Code that occurs by reason of the distribution of proceeds from Holdings on or near the date of an Exchange and the contribution of cash by Corporate Taxpayer or any of its
consolidated Subsidiaries on or near the date thereof; and (ii) any disguised sale occurring in connection with the exchange right described in the Limited Partnership Agreement or the Exchange Agreement. Any reference in this Agreement to
Partnership Interests “Exchanged” is intended to denote Partnership Interests that were, or are, the subject of an Exchange. 

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

“Exchange Agreement” means the Exchange Agreement entered into by and among the Corporate Taxpayer, Holdings, and certain
holders of Partnership Interests dated on or about the date hereof, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. 

“Exchange Basis Schedule” has the meaning set forth in Section 2.1(d) of this Agreement. 

“Exchange Date” means the date of any Exchange. 

“Exchanged Owner” has the meaning set forth in the Former Limited Partner Tax Receivable Agreement. 

  
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 “Expert” has the meaning set forth in Section 7.8
of this Agreement. 
 “Former Limited Partner Tax Receivable Agreement” means the Tax Receivable Agreement entered into as
of the date hereof by and among Corporate Taxpayer, Holdings, and certain stockholders of Corporate Taxpayer, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. 

“Former Limited Partner Tax Receivable Agreement Items” means “Exchanged Owner Basis” and “Pre-Merger Tax Attributes” as defined in the Former Limited Partner Tax Receivable Agreement. 

“Holdings Group” has the meaning set forth in the Recitals of this Agreement. 

“Hypothetical Federal Tax Liability” means, with respect to any taxable year or portion thereof, the liability for U.S.
federal income Taxes for such taxable year or portion thereof of (i) Corporate Taxpayer, (ii) its consolidated Subsidiaries and (iii) without duplication, Holdings, but only with respect to Corporate Taxpayer and its consolidated
Subsidiaries’ pro rata shares of the U.S. federal income Tax liability of Holdings and its Subsidiaries for such taxable year or portion thereof, in each case using the same methods, elections, conventions and similar practices used on the
relevant federal Corporate Taxpayer Return but (i) using the Non-Stepped Up Tax Basis, (ii) excluding any deduction attributable to Imputed Interest for the taxable year, (iii) excluding any
deduction attributable to Former Limited Partner Tax Receivable Agreement Items and (iv) deducting the Hypothetical Other Tax Liability (in lieu of any amount for state or local tax liabilities, and only if such a deduction in respect of state
and local tax liabilities is available with respect to the applicable taxable year or portion thereof). For the avoidance of doubt, the Hypothetical Federal Tax Liability shall be determined without taking into account the carryover or carryback of
any Tax item (or portions thereof) that is attributable to or available as a result of any Basis Adjustment, Common Basis, Former Limited Partner Tax Receivable Agreement Item, Imputed Interest or the deduction in respect of any Hypothetical Other
Tax Liability, as applicable. If a Hypothetical Federal Tax Liability is being calculated with respect to a portion of a taxable year, then calculations of the Hypothetical Federal Tax Liability (including determinations relating to Basis
Adjustments, Former Limited Partner Tax Receivable Agreement Basis Adjustments and Imputed Interest to the extent applicable) shall be made as if there were an interim closing of the books of the relevant entity and its Subsidiaries and the taxable
year had closed on the relevant date. 
 “Hypothetical Other Tax Liability” means, with respect to any taxable year or
portion thereof, the U.S. federal taxable income determined in connection with calculating the Hypothetical Federal Tax Liability for such Taxable Year (determined without regard to clause (iv) thereof) multiplied by the Blended Rate for such
taxable year. 

  
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 “Hypothetical Tax Liability” means, with respect to any taxable year, the
Hypothetical Federal Tax Liability for such taxable year, plus the Hypothetical Other Tax Liability for such taxable year. 

“Imputed Interest” means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and any
similar provision of state and local tax law with respect to Corporate Taxpayer’s payment obligations under this Agreement or the Former Limited Partner Tax Receivable Agreement. 

“Initial Debt Documents” has the meaning set forth in Section 4.1(b) of this Agreement. 

“Interest Amount” has the meaning set forth in Section 3.1(b) of this Agreement. 

“IPO” has the meaning set forth in the Recitals of this Agreement. 

“IPO Basis” means the Tax basis of the Reference Assets that are depreciable or amortizable for U.S. federal income tax
purposes, in respect of which Corporate Taxpayer may be entitled to deductions as a result of Corporate Taxpayer’s acquisition of Partnership Interests with the net proceeds from the IPO, in a percentage equal to the percentage of Partnership
Interests held by Partnership Interest Holders immediately prior to the Reorganization. 
 “IPO Closing” means the closing
of the sale of the shares of Class A Common Stock in the IPO (without giving effect to any exercise of the underwriters’ option to acquire additional shares of Class A Common Stock). 

“LIBOR” means during any period, an interest rate per annum equal to the one-year
LIBOR reported, on the date two days prior to the first day of such period, on the Reuters Screen page “LIBOR01” (or if such screen shall cease to be publicly available, as reported by any other publicly available source of such market
rate) for London interbank offered rates for U.S. dollar deposits for such period. If Corporate Taxpayer has made the determination (such determination to be conclusive absent manifest error) that (i) LIBOR is no longer a widely recognized
benchmark rate for newly originated loans in the U.S. loan market in U.S. dollars or (ii) the applicable supervisor or administrator (if any) of LIBOR has made a public statement identifying a specific date after which LIBOR shall no longer be
used for determining interest rates for loans in the U.S. loan market in U.S. dollars, then Corporate Taxpayer shall (as determined by Corporate Taxpayer to be consistent with market practice generally), establish a replacement interest rate (the
“Replacement Rate”), in which case, the Replacement Rate shall, subject to the next two sentences, replace LIBOR for all purposes under this Agreement. In connection with the establishment and application of the Replacement Rate,
this Agreement shall be amended solely with the consent of Corporate Taxpayer and Holdings, as may be necessary or appropriate, in the reasonable judgment of Corporate Taxpayer, to effect the provisions of this Section. The Replacement Rate shall be
applied in a manner consistent with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for Corporate Taxpayer, such Replacement Rate shall be applied as otherwise reasonably determined
by Corporate Taxpayer. 

  
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 “Limited Partnership Agreement” means the Amended and Restated Limited
Partnership Agreement of Holdings, dated on or about the date hereof, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. 

“Market Value” shall mean the closing price per share of the Class A Common Stock on the applicable determination date
on the national securities exchange or interdealer quotation system on which such Class A Common Stock is then traded or listed, as reported by the Wall Street Journal (or other mutually acceptable electronic or print
publication); provided, that if the closing price is not reported by the Wall Street Journal (or such other mutually acceptable electronic or print publication) for the applicable determination date, then the “Market
Value” shall mean the closing price of the Class A Common Stock on the Business Day immediately preceding such determination date on the national securities exchange or interdealer quotation system on which such Class A Common
Stock is then traded or listed, as reported by the Wall Street Journal (or such other mutually acceptable electronic or print publication); provided, further, that if the Class A Common Stock is not then listed on a
national securities exchange or interdealer quotation system, “Market Value” shall mean the fair market value of the Class A Common Stock on the applicable determination date, as determined by the Board in good faith. 

“Member of the Immediate Family” means, with respect to any Person who is an individual, (a) each parent, spouse (but
not including a former spouse or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (b) each trust naming only one or more of the Persons listed in
sub-clause (a) as beneficiaries. 
 “Merger” has the meaning set forth in the
Former Limited Partner Tax Receivable Agreement. 
 “Net Tax Benefit” means for any taxable year the amount equal to 85% of
the Cumulative Net Realized Tax Benefit, if any, as of the end of such taxable year (or portion thereof). 
 “Non-Stepped Up Tax Basis” means, with respect to any Reference Asset at any time, the Tax basis that such asset would have had at such time if no Basis Adjustments had been made and if the Common Basis were
equal to zero. 
 “Objection Notice” has the meaning set forth in Section 2.2(a) of this
Agreement. 
 “Partnership Interest Holder” has the meaning set forth in the Recitals of this Agreement. 

  
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 “Partnership Interests” has the meaning set forth in the Recitals of this
Agreement. 
 “Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means an individual, a partnership (including a limited partnership), a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a governmental entity. 

“Pre-Exchange Transfer” means, with respect to a Partnership Interest (or, in the
case of a “disguised sale” described under Section 707 of the Code, other interests in Holdings or its assets), any transfer (including upon the death of a Partnership Interest Holder) (i) that occurs prior to an Exchange of such
Partnership Interest (or such other interests in Holdings or its assets) and (ii) to which Section 734(b) or 743(b) of the Code applies. 

“Realized Tax Benefit” means, for a taxable year (or portion thereof), the excess, if any, of the Hypothetical Tax Liability
for such taxable year (or portion thereof) over the actual liability for Taxes for such taxable year (or portion thereof) of (i) Corporate Taxpayer, (ii) its consolidated Subsidiaries, and (iii) without duplication, Holdings and its
Subsidiaries, but only with respect to Corporate Taxpayer and its consolidated Subsidiaries’ pro rata shares of the Tax liability of Holdings and its Subsidiaries for such taxable year (or portion thereof). If all or a portion of the actual
liability for such Taxes for the taxable year arises as a result of an audit by a Taxing Authority of any taxable year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. If
an “actual liability” for Taxes is being calculated with respect to a portion of a taxable year, then calculations of such actual liability (including determinations relating to Basis Adjustments, Common Basis, Former Limited Partner Tax
Receivable Agreement Basis Items and Imputed Interest to the extent applicable) shall be made as if there were an interim closing of the books of the relevant entity and its Subsidiaries and the taxable year had closed on the relevant date. 

“Realized Tax Detriment” means, for a taxable year (or portion thereof), the excess, if any, of the actual liability for
Taxes for such taxable year (or portion thereof) of (i) Corporate Taxpayer, (ii) its consolidated Subsidiaries, and (iii) without duplication, Holdings and its Subsidiaries, but only with respect to Corporate Taxpayer and its
consolidated Subsidiaries’ pro rata shares of the Tax liability of Holdings and its Subsidiaries for such taxable year (or portion thereof) over the Hypothetical Tax Liability for such taxable year (or portion thereof). If all or a portion of
the actual liability for such Taxes for the taxable year arises as a result of an audit by a Taxing Authority of any taxable year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a
Determination. If an “actual liability” for Taxes is being calculated with respect to a portion of a taxable year, then calculations of such actual liability (including 

  
 10 

 
determinations relating Basis Adjustments, Common Basis, Former Limited Partner Tax Receivable Agreement Basis Items and Imputed Interest to the extent applicable) shall be made as if there were
an interim closing of the books of the relevant entity and its Subsidiaries and the taxable year had closed on the relevant date. 

“Reconciliation Dispute” has the meaning set forth in Section 7.8 of this Agreement. 

“Reconciliation Procedures” has the meaning set forth in Section 2.2(a) of this Agreement. 

“Reference Asset” means (a) with respect to any Exchange, an asset that is held by the Holdings Group, at the time of
such Exchange and (b) any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset. 

“Reorganization Agreement” means that certain Master Reorganization Agreement dated as of [•], 2021 by and among
Corporate Taxpayer, Holdings, CD&R Associates X Waterworks, L.P., CD&R Waterworks Holdings GP, Ltd., CD&R WW Holdings, L.P., CD&R Waterworks Holdings, L.P., Core & Main Management Feeder, LLC, Core & Main GP, LLC,
CD&R Plumb Buyer, LLC, CD&R Fund X Waterworks B1, L.P., CD&R Fund X-A Waterworks B, L.P., CD&R WW Holdings, LLC, CD&R WW, LLC, CD&R WW Advisor, LLC, Brooks Merger Sub 1, Inc. and Brooks
Merger Sub 2, Inc. 
 “Schedule” means any of the following: (i) a Tax Benefit Schedule, or (ii) the Early
Termination Schedule, and, in each case, any amendments thereto. 
 “Senior Obligations” has the meaning set forth in
Section 5.1 of this Agreement. 
 “Subsidiary” means, with respect to any Person, any
corporation, limited liability company, partnership, association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a
limited liability company, partnership, association or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person
or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity
(other than a corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall control the management of any such limited liability company,
partnership, association or other business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries. 

  
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 “Tax Benefit Payment” has the meaning set forth in
Section 3.1(b) of this Agreement. 
 “Tax Benefit Schedule” has the meaning set forth in
Section 2.1(a) of this Agreement. 
 “Tax Return” means any return, declaration, election, report
or similar statement filed or required to be filed with a Taxing Authority with respect to Taxes (including any attached schedules), including any information return, claim for refund, declaration of estimated Tax, and amendments of any of the
foregoing. 
 “Taxes” means any and all U.S. federal, state, local and foreign taxes, assessments or similar charges that
are based on or measured with respect to net income or profits, and any interest related to such Tax. 
 “Taxing Authority”
shall mean any domestic, federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority
exercising Tax regulatory authority. 
 “Transferred Basis” means the Tax basis of the Reference Assets that are
depreciable or amortizable for U.S. federal income tax purposes, in respect of which Corporate Taxpayer may be entitled to deductions as a result of an Exchange or Contribution by a Partnership Interest Holder. 

“Treasury Regulations” means the final, temporary and (to the extent they can be relied upon) proposed regulations under the
Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“Valuation Assumptions” shall mean, as of an Early Termination Date, the assumptions that (1) in each taxable year
ending on or after such Early Termination Date, Corporate Taxpayer and its consolidated Subsidiaries will have taxable income sufficient to fully use the tax items arising from the Basis Adjustments, Common Basis, Former Limited Partner Tax
Receivable Agreement Items and Imputed Interest) during such taxable year (including, for the avoidance of doubt, Basis Adjustments that would result from post-Early Termination Date Tax Benefit Payments that would be paid in accordance with the
Valuation Assumptions) in which such deductions would become available, (2) the U.S. federal, state and local income tax rates (and, if applicable, foreign income tax rates) that will be in effect for each such taxable year will be those
specified for each such taxable year by the Code and other law as in effect on the Early Termination Date (but taking into account for the applicable taxable years adjustments to the tax rates that have been enacted as of the Early Termination Date
with a delayed effective date), (3) any loss carryovers generated by any Basis Adjustment, Common Basis, Former Limited Partner Tax 

  
 12 

 
Receivable Agreement Items or Imputed Interest, and available as of the Early Termination Date will be used by Corporate Taxpayer on a pro rata basis from the Early Termination Date through the
earlier of the scheduled expiration date of such loss carryovers and the fifth (5th) anniversary of the Early Termination Date, (4) any non-amortizable
assets (other than stock of Corporate Taxpayer’s consolidated Subsidiaries with which Corporate Taxpayer files a consolidated return) will be disposed of in a taxable sale on the fifteenth anniversary of the applicable Basis Adjustment for an
amount sufficient to fully use the Basis Adjustments with respect to such assets and any short-term investments (including cash equivalents) will be disposed of 12 months following the Early Termination Date; provided that, in the event of a Change
in Control which includes a taxable sale of any relevant asset, such non-amortizable assets shall be deemed disposed of at the time of the Change in Control (if earlier than such fifteenth anniversary),
(5) if, on the Early Termination Date, a Partnership Interest Holder has Partnership Interests that have not been Exchanged, then each such Partnership Interest shall be deemed to be Exchanged for the Market Value of the Class A Common
Stock on the Early Termination Date, and such Partnership Interest Holder shall be deemed to receive the amount of cash such Partnership Interest Holder would have been entitled to pursuant to this Agreement had such Partnership Interests actually
been Exchanged on the Early Termination Date , determined using the Valuation Assumptions and (6) any payment obligations pursuant to this Agreement will be satisfied on the date that any Tax Return to which such payment obligation relates is
required to be filed excluding any extensions. 
 “Voting Securities” shall mean any securities of Corporate Taxpayer which
are entitled to vote generally on matters submitted for a vote of Corporate Taxpayer’s stockholders or generally in the election of the Board. 

1.2. Terms Generally. In this Agreement, unless otherwise specified or where the context otherwise requires: 

(a) the headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a part of this
Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement; 
 (b) words importing any gender
shall include other genders; 
 (c) words importing the singular only shall include the plural and vice versa; 

(d) the words “include”, “includes” or “including” shall be deemed to be followed by the words “without
limitation”; 
 (e) the words “hereof”, “herein” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; 

  
 13 

 (f) references to “Articles”, “Exhibits”, “Sections” or
“Schedules” shall be to Articles, Exhibits, Sections or Schedules of or to this Agreement; 
 (g) references to any Person include
the successors and permitted assigns of such Person; 
 (h) the use of the words “or”, “either” and “any”
shall not be exclusive; 
 (i) the word “or” shall be construed to be used in the inclusive sense of “and/or”; 

(j) wherever a conflict exists between this Agreement and any other agreement among parties hereto, this Agreement shall control but solely to
the extent of such conflict; 
 (k) references to “$” or “dollars” means the lawful currency of the United States of
America; 
 (l) references to any agreement, contract or schedule, unless otherwise stated, are to such agreement, contract or schedule as
amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; and 
 (m) the parties hereto have
participated collectively in the negotiation and drafting of this Agreement; accordingly, in the event an ambiguity or question of intent or interpretation arises, it is the intention of the parties that this Agreement shall be construed as if
drafted collectively by the parties hereto, and that no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provisions of this Agreement. 

  
 14 

 ARTICLE II. 

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS 

2.1. Tax Benefit Schedule. 

(a) Tax Benefit Schedule. Within one hundred and twenty (120) calendar days after the due date (taking into account valid
extensions) of the U.S. federal income Tax Return of Corporate Taxpayer (or its consolidated Subsidiaries, as applicable) for any taxable year in which there is a Realized Tax Benefit or Realized Tax Detriment, Corporate Taxpayer shall provide to
the CD&R Representative a schedule showing in reasonable detail the calculation of the Realized Tax Benefit or Realized Tax Detriment for such taxable year and any Tax Benefit Payment in respect of each Partnership Interest Holder (other than
any former Partnership Interest Holder that has no rights to further payments under this Agreement) (a “Tax Benefit Schedule”). The Tax Benefit Schedules provided by Corporate Taxpayer will become final as provided in
Section 2.2(a) and may be amended as provided in Section 2.2(b). 
 (b) Applicable
Principles. Subject to Section 3.3(a), the Realized Tax Benefit or Realized Tax Detriment for each taxable year is intended to measure the decrease or increase in the actual liability for Taxes of Corporate Taxpayer and its consolidated
Subsidiaries (and Holdings and its Subsidiaries, as applicable and without duplication) for such taxable year (or portion thereof) attributable to the Basis Adjustments, Common Basis, Former Limited Partner Tax Receivable Agreement Items and Imputed
Interest, determined using a “with and without” methodology. For the avoidance of doubt, the actual liability for Taxes of Corporate Taxpayer and its consolidated Subsidiaries (and Holdings and its Subsidiaries, as applicable and without
duplication) will take into account any deduction in respect of Imputed Interest. Carryovers or carrybacks of any Tax item attributable to the Basis Adjustments, Former Limited Partner Tax Receivable Agreement Basis Adjustments and Imputed Interest
shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable, governing the use, limitation and expiration of carryovers or
carrybacks of the relevant type. The parties agree that (i) all Tax Benefit Payments to a Partnership Interest Holder attributable to the Basis Adjustments and the Common Basis in respect of a taxable Exchange will be treated as subsequent
upward purchase price adjustments that have the effect of creating additional Basis Adjustments in respect of such Partnership Interest Holder to Reference Assets for Corporate Taxpayer or its consolidated Subsidiaries, as applicable, in the year of
payment and (ii) as a result, such additional Basis Adjustments in respect of such Partnership Interest Holder will be incorporated into the current year calculation and into future year calculations, as appropriate. The parties agree that
(i) all Tax Benefit Payments (other than the portion of the Tax Benefit Payments treated as Imputed Interest thereon) attributable to Common Basis in connection with a Contribution will be treated as other property or money for purposes of
Section 351 of the Code and will not be treated as a dividend and (ii) the actual tax liability will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as Imputed Interest. 

(c) Holdings Group Section 754 Elections. Notwithstanding anything to the contrary, in its capacity as the sole
managing member of Holdings, Corporate Taxpayer will ensure that, on and after the date hereof and continuing throughout the term of this Agreement, Holdings and any other member of the Holdings Group that is treated as a partnership for U.S.
federal income tax purposes will have in effect an election under Section 754 of the Code (and under any similar provisions of applicable U.S. state or local law) for each taxable year. 

(d) Exchange Basis Schedule. If requested by the CD&R Representative no later than 30 days prior to the due date (without taking
into account any permitted extensions) of the U.S. federal income Tax Return of Corporate Taxpayer (or its consolidated Subsidiaries, as applicable), Corporate Taxpayer shall, no later than the date the Tax Benefit Schedule for the applicable year
is delivered, deliver to the CD&R Representative a schedule (the “Exchange Basis Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement for each Partnership Interest Holder,
(i) the Non-Stepped Up Tax Basis of the Reference Assets in respect of such Partnership Interest Holder as of each applicable Exchange Date, (ii) the Basis Adjustment with respect to the Reference
Assets in respect of such Partnership Interest Holder as a result of the Exchanges effected in the taxable year (or, if requested, effected in prior taxable years) by such Partnership Interest Holder, calculated in the aggregate, (iii) the
Common Basis, (iv) the period (or periods) over which the Reference Assets in respect of such Partnership Interest Holder are amortizable and/or depreciable and (v) the period (or periods) over which each Basis Adjustment and the Common
Basis in respect of such Partnership Interest Holder is amortizable and/or depreciable. 

  
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 2.2. Procedure; Amendments. 

(a) Procedure. Every time Corporate Taxpayer delivers to the CD&R Representative an applicable Schedule under this Agreement,
including any Amended Schedule delivered pursuant to Section 2.2(b) and any Early Termination Schedule or amended Early Termination Schedule, Corporate Taxpayer shall also (i) allow the CD&R Representative
reasonable access, at Corporate Taxpayer’s sole cost, to the appropriate representatives, as determined by Corporate Taxpayer, at Corporate Taxpayer and the Advisory Firm that prepared the relevant Corporate Taxpayer Returns in connection with
a review of such Schedule and (ii) provide a copy of the applicable Schedule upon request to any Partnership Interest Holder if such Partnership Interest Holder holds five percent (5%) or more of the present value of all Early Termination
Payments under this Agreement (measured by present value of payments due under this Agreement, using the present value calculation and assumptions described under Section 4.3(b) below assuming for such purpose the Early
Termination Date is the date the applicable Schedule is delivered). Without limiting the application of the preceding sentence, Corporate Taxpayer shall, upon request, deliver to the CD&R Representative the relevant Corporate Taxpayer Returns as
well as any other work papers and supporting schedules but shall be entitled to redact any information that it reasonably believes is unnecessary for purposes of the calculations contemplated by this Agreement. Without limiting the generality of the
foregoing, Corporate Taxpayer shall ensure that any such Schedule, along with any supporting schedules and work papers, provides a reasonably detailed presentation of the calculation of the Actual Tax Liability and the Hypothetical Tax Liability and
identifies any material assumptions or operating procedures or principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall, subject to the final sentence of this Section 2.2(a), become final
and binding on each Partnership Interest Holder and the CD&R Representative thirty (30) calendar days from the first date on which Corporate Taxpayer sent the CD&R Representative the applicable Schedule or amendment thereto unless
(a) the CD&R Representative within thirty (30) calendar days after the date Corporate Taxpayer sent such Schedule or amendment thereto provides Corporate Taxpayer with written notice of a material objection to such Schedule made in
good faith (an “Objection Notice”) or (b) the CD&R Representative provides a written waiver of the right of the CD&R Representative to provide any Objection Notice with respect to such Schedule or amendment thereto
within the period described in clause (i), in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by Corporate Taxpayer. If the parties are unable to resolve the issues raised in such Objection Notice
within thirty (30) calendar days after receipt by Corporate Taxpayer of the Objection Notice, the parties shall employ the reconciliation procedures described in Section 7.8 of this Agreement (the
“Reconciliation Procedures”). If a Schedule (or any “Schedule” (as defined in the Former Limited Partner Tax 

  
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Receivable Agreement)) relating to the calculation of payments payable to any Partnership Interest Holder or any of their respective Affiliates hereunder (or to any recipient under the Former
Limited Partner Tax Receivable Agreement) is amended to reflect a revised calculation methodology that, if utilized in the calculation of amounts payable to one or more other Partnership Interest Holders, would change the amounts payable to such
other Persons hereunder, Corporate Taxpayer shall utilize such revised methodology with respect to all Partnership Interest Holders and make additional payments (or reduce future payments), as applicable. 

(b) Amended Schedule. The applicable Schedule for any taxable year may be amended from time to time by Corporate Taxpayer (i) in
connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified after the date the Schedule was provided to the CD&R Representative, (iii) to comply with an Expert’s determination
under the Reconciliation Procedures applicable to this Agreement, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such taxable year attributable to a carryback or carryforward of a loss or other tax item to
such taxable year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such taxable year attributable to an amended Tax Return filed for such taxable year, or (vi) to take into account payments made pursuant
to this Agreement or under the Former Limited Partner Tax Receivable Agreement (any such Schedule, an “Amended Schedule”). 

2.3. Consistency with Tax Returns. Notwithstanding anything to the contrary herein, all calculations and determinations hereunder,
including Basis Adjustments, Former Limited Partner Tax Receivable Agreement Basis Adjustments the Schedules, and the determination of the Realized Tax Benefit or Realized Tax Detriment, shall be made in accordance with any elections, methodologies
or positions taken on the relevant Corporate Taxpayer Returns. 
 ARTICLE III. 

TAX BENEFIT PAYMENTS 
 3.1.
Payments. 
 (a) Payments. Subject to Section 3.3, within five (5) Business Days after all the Tax Benefit Schedules
with respect to the taxable year delivered to the CD&R Representative and any Partnership Interest Holder entitled to receive a Tax Benefit Schedule pursuant to this Agreement become final in accordance with Article II of this Agreement,
Corporate Taxpayer shall pay or cause to be paid to each applicable Partnership Interest Holder for such taxable year such Partnership Interest Holder’s Tax Benefit Payment (if any) determined pursuant to
Section 3.1(b). Each such payment shall be made, at the sole discretion of Corporate Taxpayer, by wire or Automated Clearing House transfer of immediately available funds to the bank account previously designated by the
applicable Partnership Interest Holder to Corporate Taxpayer or as otherwise agreed by Corporate Taxpayer and the applicable Partnership Interest Holder. [Notwithstanding anything herein to the contrary, the aggregate payments to a Partnership
Interest Holder under this Agreement shall not exceed [•%] in respect of an Exchange and [•%] in respect of a Contribution of the fair market value of the consideration received by a Partnership Interest Holder in connection with the
transactions contemplated by this Agreement and the Reorganization Agreement.] 

  
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 (b) A “Tax Benefit Payment” in respect of a Partnership Interest Holder for
a taxable year means an aggregate amount, not less than zero, which Corporate Taxpayer is required to pay or cause to be paid pursuant to Section 3.1 of this Agreement, equal to the sum of the Net Tax Benefit allocable to
such Partnership Interest Holder and the Interest Amount in respect of such Partnership Interest Holder. For the avoidance of doubt, for Tax purposes, the Interest Amount shall not be treated as interest but instead shall be treated as additional
consideration for the acquisition of Partnership Interests in Exchanges, unless otherwise required by law, as reasonably determined by Corporate Taxpayer. The Net Tax Benefit allocable to such Partnership Interest Holder for a taxable year shall be
an amount equal to the portion of such Net Tax Benefit derived from any Basis Adjustment, Common Basis or Imputed Interest that is attributable to such Partnership Interest Holder as of the end of such taxable year (or portion thereof) over the
total amount of payments previously made under this Section 3.1 in respect of such Partnership Interest Holder (excluding payments of Interest Amounts); provided, for the avoidance of doubt, that a Partnership
Interest Holder shall not be required to return any portion of any previously made Tax Benefit Payment except in the case of manifest error. The “Interest Amount” in respect of such Partnership Interest Holder for a taxable year (or
portion thereof) shall equal the interest on the portion of the Net Tax Benefit allocable to such Partnership Interest Holder with respect to such taxable year (or portion thereof) calculated at the Agreed Rate compounded annually from the due date
(without extensions) for filing the U.S. federal income Tax Return of Corporate Taxpayer for such taxable year until the earlier of (i) the Payment Date or (ii) the date on which Corporate Taxpayer makes the relevant Tax Benefit Payment
due on such Payment Date. The Net Tax Benefit allocable to such Partnership Interest Holder and the Interest Amount shall be determined separately with respect to each separate Exchange on an individual basis by reference to the resulting Basis
Adjustment to Corporate Taxpayer. 
 3.2. Duplicative Payments. It is intended that the provisions of this Agreement will not result
in a duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of (i) this Agreement, subject to ARTICLE IV and Section 7.12 and (ii) the
Former Limited Partner Tax Receivable Agreement, subject to Article IV and Section 7.12 of the Former Limited Partner Tax Receivable Agreement, will result in 85% of the Cumulative Net Realized Tax Benefit (but calculated taking into account
all Exchanges by all Partnership Interest Holders as of any time and all Mergers by all Exchanged Owners) as of any determination date being paid in the aggregate to the Partnership Interest Holders pursuant to this Agreement and the Exchanged
Owners pursuant to the Former Limited Partner Tax Receivable Agreement. The provisions of this Agreement shall be construed in the appropriate manner to ensure such intentions are realized. 

  
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 3.3. Pro Rata Payments; Coordination of Benefits. 

(a) Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate tax benefit of Corporate Taxpayer, or its
consolidated Subsidiaries, as applicable, with respect to the Basis Adjustments, Common Basis, Former Limited Partner Tax Receivable Agreement Items and Imputed Interest is limited in a particular taxable year because Corporate Taxpayer or its
consolidated Subsidiaries, as applicable, do not have sufficient taxable income to utilize the tax benefits with respect to the Basis Adjustments, Common Basis, Former Limited Partner Tax Receivable Agreement Items or Imputed Interest or any other
limitation prevents the use of such tax benefits, the Tax Benefit Payments and “Tax Benefit Payments” (as defined in the Former Limited Partner Tax Receivable Agreement) payable shall be allocated among all parties eligible for payments
hereunder and under the Former Limited Partner Tax Receivable Agreement in proportion to the respective amounts of the Tax Benefit Payment or “Tax Benefit Payment” (as defined in the Former Limited Partner Tax Receivable Agreement) that
would have been paid to each such party if Corporate Taxpayer and, as applicable, its consolidated Subsidiaries, had sufficient taxable income so that there were no such limitation (or such other limitations did not apply). 

(b) After taking into account Section 3.3(a), if for any reason Corporate Taxpayer does not fully satisfy its payment obligations to make
or cause to be made all Tax Benefit Payments due under this Agreement in respect of a particular taxable year, then Corporate Taxpayer and the parties agree that no Tax Benefit Payment shall be made in respect of any taxable year until all Tax
Benefit Payments in respect of prior taxable years have been made in full. If for any reason the Tax Benefit Payments are to be partially but not fully satisfied with respect to a taxable year, such Tax Benefit Payments shall be made in the same
proportion as the Tax Benefit Payments that would have been paid to each Partnership Interest Holder if Corporate Taxpayer were to satisfy its obligation in full. 

ARTICLE IV. 
 TERMINATION

 4.1. Early Termination, Change in Control and Breach of Agreement. 

(a) Corporate Taxpayer may, with the consent of a majority of the disinterested members of the Board in accordance with the Delaware General
Corporation Law, terminate this Agreement with respect to all amounts payable to (i) all of the Partnership Interest Holders (including, for the avoidance of doubt, any transferee pursuant to Section 7.5(a)) at any
time by paying or causing to be paid to each such Partnership Interest Holder an Early Termination Payment and (ii) any Partnership Interest Holder that is a natural person; provided, however, in each case that this Agreement
shall only terminate with respect to any such Partnership Interest Holder upon the payment of such Early Termination Payment to such Partnership Interest Holder, and provided, further, that Corporate Taxpayer may withdraw any notice to
execute its termination rights under this Section 4.1(a) prior to the time at 

  
 19 

 
which any Early Termination Payment has been paid. Upon payment of an Early Termination Payment to any Partnership Interest Holder, neither such Partnership Interest Holder nor Corporate Taxpayer
shall have any further payment obligations under this Agreement, other than for any Tax Benefit Payment (1) agreed to by Corporate Taxpayer and such Partnership Interest Holder as due and payable but unpaid as of the Early Termination Date,
(2) that is the subject of an Objection Notice, which will be payable in accordance with resolution of the issues identified in such Objection Notice pursuant to this Agreement, and (3) due for the taxable year ending with or including the
Early Termination Date (except to the extent that the amounts described in clauses (1), (2) and (3) are included in the calculation of the Early Termination Payment). Notwithstanding the foregoing, Corporate Taxpayer may not terminate this
Agreement pursuant to this Section 4.1(a) unless (i) no further payments are required under the Former Limited Partner Tax Receivable Agreement or (2) the Former Limited Partner Tax Receivable Agreement is terminated pursuant to
Section 4.1(a) of the Former Limited Partner Tax Receivable Agreement concurrently with the termination of this Agreement pursuant to this Section 4.1(a). If an Exchange occurs with respect to Partnership Interests (or other interests in
the company or its assets pursuant to a “disguised sale” transaction for U.S. federal income tax purposes) with respect to which Corporate Taxpayer has previously paid or cause to be paid to the applicable Partnership Interest Holder an
Early Termination Payment, Corporate Taxpayer shall have no obligations under this Agreement with respect to such Exchange. 
 (b) In the
event that there occurs a Change in Control or Corporate Taxpayer (1) breaches any of its material obligations under this Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation
required hereunder, under the Former Limited Partner Tax Receivable Agreement, or by operation of law as a result of the rejection of this Agreement in a case commenced under the United States Bankruptcy Code or otherwise or (2)(A) commences any
case, proceeding or other action (i) under any existing or future law of any jurisdiction , domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect
to it, or seeking to adjudicate a bankruptcy or insolvency, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts
or (ii) seeking an appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or (B) there is commenced against Corporate Taxpayer any case, proceeding or
other action of the nature described in clause (B) above that remains undismissed or undischarged for a period of sixty (60) calendar days, then all obligations hereunder shall be accelerated, and such obligations shall be calculated as if
an Early Termination Notice had been delivered on the date of such Change in Control or breach, as applicable, to each Partnership Interest Holder and shall include (1) each Early Termination Payment calculated as if an Early Termination Notice
had been delivered on the date of such Change in Control or breach (and Corporate Taxpayer shall provide each Partnership Interest Holder with an Early Termination Schedule, which shall become final in accordance with the procedures set forth in
Section 4.2), (2) any Tax Benefit Payment agreed to by 

  
 20 

 
Corporate Taxpayer and any Partnership Interest Holder as due and payable but unpaid as of the date of such Change in Control or breach, as applicable, (3) any Tax Benefit Payment that is
the subject of an Objection Notice, which will be payable in accordance with resolution of the issues identified in such Objection Notice pursuant to this Agreement, and (4) any Tax Benefit Payment due for the taxable year ending with or
including the date of such Change in Control or breach, as applicable (except to the extent that the amounts described in clauses (2), (3) and (4) are included in the calculation of the amount described in clause (1)). Notwithstanding the
foregoing, in the event that Corporate Taxpayer materially breaches this Agreement, each Partnership Interest Holder shall be entitled to elect to receive the amounts set forth in clauses (1), (2), (3) and (4) above or to seek specific
performance of the terms hereof. The parties agree that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three (3) months of the date such payment is
due. Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of this Agreement if Corporate Taxpayer fails to make or cause to be made any Tax Benefit Payment (or portion thereof) when due to the extent that the Board
determines in good faith that Corporate Taxpayer has insufficient funds (taking into account funds of its consolidated Subsidiaries that are permitted to be distributed to Corporate Taxpayer (in contemplation of this Agreement or otherwise) pursuant
to the terms of any applicable credit agreements or other documents evidencing indebtedness (each as interpreted by the Board in good faith), including any available funds under any revolving credit facility of Holdings or its consolidated
Subsidiaries, but not taking into account funds of Subsidiaries that are not permitted to be distributed pursuant to the terms of such credit agreements or other documents and not taking into account funds reasonably reserved for reasonably expected
liabilities or expenses) to make such payment; provided that the interest provisions of Section 5.2 shall apply to such late payment (unless the Board determines in good faith that (x) Corporate Taxpayer does
not have sufficient cash to make such payment as a result of limitations imposed by credit agreements or any other documents evidencing indebtedness to which Holdings or any of its Subsidiaries is a party, guarantor or otherwise an obligor as of the
date of this Agreement (the “Initial Debt Documents”) or any other document evidencing indebtedness to which Holdings or any of its Subsidiaries becomes a party, guarantor or otherwise an obligor thereafter to the extent the terms
of such other documents are not materially more restrictive in respect of Corporate Taxpayer’s ability to receive from its Subsidiaries funds sufficient to make such payments compared to the terms of the Initial Debt Documents (as determined by
the Board in good faith); provided, however, that Corporate Taxpayer uses good faith efforts to remove such limitations to the extent required to make such interest payments unless such efforts could have an adverse
effect on Corporate Taxpayer, Holdings or their Subsidiaries, or (y) such payments could (I) be set aside as fraudulent transfers or conveyances or similar actions under fraudulent transfer laws or (II) could cause Corporate Taxpayer
or its consolidated Subsidiaries to be undercapitalized, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate). 

(c) Refinancing of the Initial Debt Documents. Without the consent of the CD&R Representative, Corporate Taxpayer shall not incur
additional indebtedness, enter into any new credit agreement or refinance any Initial Debt Document that, in each case, has terms more restrictive in respect of Corporate Taxpayer’s ability to make payments under this Agreement than the Initial
Debt Documents. 

  
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 4.2. Early Termination Notice. If Corporate Taxpayer chooses to exercise its right of
early termination under Section 4.1 above, Corporate Taxpayer shall deliver to the CD&R Representative and each Partnership Interest Holder notice of such intention to exercise such right (“Early Termination
Notice”) and a schedule (the “Early Termination Schedule”) specifying Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment for each
Partnership Interest Holder. The Early Termination Schedule provided to a Partnership Interest Holder shall become final and binding on each Partnership Interest Holder and the CD&R Representative thirty (30) calendar days from the first
date on which Corporate Taxpayer sent the CD&R Representative such Early Termination Schedule unless (a) the CD&R Representative within thirty (30) calendar days after the date Corporate Taxpayer sent such Schedule or amendment
thereto provides Corporate Taxpayer with an Objection Notice with respect to such Early Termination Schedule or (b) the applicable Partnership Interest Holder provides a written waiver of the right of the CD&R Representative to provide any
Objection Notice with respect to such Schedule or amendment thereto within the period described in clause (a), in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by Corporate Taxpayer. If Corporate
Taxpayer and the CD&R Representative, for any reason, are unable to resolve the issues raised in such Objection Notice within thirty (30) calendar days after receipt by Corporate Taxpayer of the Objection Notice, Corporate Taxpayer and the
CD&R Representative shall employ the Reconciliation Procedures. The date on which every Early Termination Schedule under this Agreement becomes final with respect to all Partnership Interest Holders in accordance with this
Section 4.2 shall be the “Early Termination Effective Date”. If the Early Termination Schedule relating to the calculation of payments payable to any Partnership Interest Holder or any of its respective
Affiliates hereunder or to any recipient under the Former Limited Partner Tax Receivable Agreement is amended to reflect a revised calculation methodology that, if utilized in the calculation of amounts payable to one or more other Partnership
Interest Holders or such other recipient, would change the amounts payable to such other Persons hereunder or under the Former Limited Partner Tax Receivable Agreement, Corporate Taxpayer shall utilize such revised methodology with respect to all
Partnership Interest Holders and make additional payments (or reduce payments, if any), as applicable. 
 4.3. Payment upon Early
Termination. 
 (a) Within five (5) Business Days after the Early Termination Effective Date, Corporate Taxpayer shall pay or cause
to be paid to each Partnership Interest Holder an amount equal to its Early Termination Payment. Such payment shall be made, at the sole discretion of Corporate Taxpayer, by wire or Automated Clearing House transfer of immediately available funds to
a bank account or accounts designated by the applicable Partnership Interest Holder or as otherwise agreed by Corporate Taxpayer and the Partnership Interest Holder. 

  
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 (b) An “Early Termination Payment” in respect of a Partnership Interest
Holder shall equal the net present value, discounted at the Early Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by Corporate Taxpayer to the applicable Partnership Interest Holder
under Section 3.1(a) of this Agreement beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied. 

ARTICLE V. 
 SUBORDINATION AND
LATE PAYMENTS 
 5.1. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit
Payment (or portion thereof) or Early Termination Payment required to be made to a Partnership Interest Holder under this Agreement shall rank subordinate and junior in right of payment to any principal, interest (including interest which accrues
after the commencement of any case or proceeding in bankruptcy, or the reorganization of Corporate Taxpayer or any Subsidiary thereof), fees, premiums, charges, expenses, attorneys’ fees or other obligations in respect of indebtedness for
borrowed money of Corporate Taxpayer (and its consolidated Subsidiaries, if applicable) (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of Corporate Taxpayer (and its
consolidated Subsidiaries, as applicable) that are not Senior Obligations. Notwithstanding any provision of this Agreement to the contrary, to the extent that Corporate Taxpayer or any of its Affiliates enters into future Tax receivable or other
similar agreements, Corporate Taxpayer shall ensure that the terms of any such Tax receivable agreement (other than the Former Limited Partners Tax Receivable Agreement) shall provide that the payments pursuant to this Agreement are considered
senior in priority to any payments pursuant to any such future Tax receivable agreement. 
 5.2. Late Payments by Corporate Taxpayer.
The amount of all or any portion of any Tax Benefit Payment or Early Termination Payment not made to a Partnership Interest Holder when due under the terms of this Agreement shall be payable promptly following the first time at which Corporate
Taxpayer is permitted to make such Tax Benefit Payment or Early Termination Payment together with any interest thereon, computed at the Default Rate (or the Agreed Rate, to the extent expressly contemplated by this Agreement) and commencing from,
(a) in the case of a Tax Benefit Payment (or portion thereof) due and payable pursuant to Article III, the Payment Date and (b) in the case of an Early Termination Payment or any other payment not described in clause (a) above, from
the date on which such payment was due and payable. 

  
 23 

 ARTICLE VI. 

NO DISPUTES; CONSISTENCY; COOPERATION 

6.1. Participation in Corporate Taxpayer’s and Holdings’ Tax Matters. Except as otherwise
provided herein or in the Reorganization Agreement, Exchange Agreement or Limited Partnership Agreement, Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning Corporate Taxpayer (and its
consolidated Subsidiaries), Holdings and their respective Subsidiaries, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, Corporate
Taxpayer shall notify the CD&R Representative of, and keep the CD&R Representative reasonably informed with respect to, the portion of any audit of Corporate Taxpayer or Holdings by a Taxing Authority the outcome of which is reasonably
expected to affect the rights and obligations of the CD&R Representative, any Partnership Interest Holder or any of their respective Affiliates under this Agreement, and shall provide to the CD&R Representative reasonable opportunity to
provide information and other input to Corporate Taxpayer, Holdings and their respective advisors concerning the conduct of any such portion of such audit; provided, however, that Corporate Taxpayer and Holdings shall not take any
action that is inconsistent with any provision of the Limited Partnership Agreement or Exchange Agreement. 
 6.2. Consistency.
Corporate Taxpayer and each Partnership Interest Holder agree to report and cause to be reported for all purposes, including federal, state and local Tax purposes, all Tax-related items (including the Basis
Adjustments and each Tax Benefit Payment and any Imputed Interest) in a manner consistent with that specified by Corporate Taxpayer in any Schedule provided by or on behalf of Corporate Taxpayer under this Agreement unless otherwise required by law
based on written advice of an Advisory Firm. Corporate Taxpayer shall (and shall cause Holdings and its other Subsidiaries to) use reasonable efforts (for the avoidance of doubt, taking into account the interests and entitlements of all parties
under this Agreement) to defend the Tax treatment contemplated by this Agreement and any Schedule in any audit, contest or similar proceeding with any Taxing Authority. Each Partnership Interest Holder that intends to report inconsistently with any
Schedule provided by or on behalf of Corporate Taxpayer under this Agreement shall provide thirty (30) days advance written notice to Corporate Taxpayer. 

6.3. Cooperation. Each Partnership Interest Holder shall (a) furnish to Corporate Taxpayer in a timely manner such information,
documents and other materials as Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return, complying with any Tax law, or contesting or
defending any audit, examination or controversy with any Taxing Authority or other governmental authority, (b) make itself available to Corporate Taxpayer and its representatives to provide explanations of documents and materials and such other
information as Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably 

  
 24 

 
cooperate in connection with any such matter. Corporate Taxpayer shall reimburse the Partnership Interest Holder for any reasonable third-party costs and expenses incurred pursuant to this
Section 6.3. Upon the request of any Partnership Interest Holder, Corporate Taxpayer shall cooperate in taking any action reasonably requested by such Partnership Interest Holder in connection with its tax or financial
reporting and/or the consummation of any assignment or transfer of any of such Partnership Interest Holder’s rights and/or obligations under this Agreement, including, without limitation, providing any information or executing any
documentation. 
 ARTICLE VII. 

MISCELLANEOUS 
 7.1.
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by electronic mail
or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this
Section 7.1): 
 If to Corporate Taxpayer or Holdings, to: 

Core & Main, Inc. 
 1830
Craig Park Court 
 St. Louis, Missouri 63146 

Email: X 
 Attention: General
Counsel and Secretary 
 with a copy (which shall not constitute notice) to: 

Debevoise and Plimpton LLP 
 919
Third Avenue 
 New York, New York 10022 

E-mail: pmrodel@debevoise.com 

Attention: Paul M. Rodel, Esq. 

If to the CD&R Representative or its Affiliates: 

Clayton, Dubilier & Rice, LLC 

375 Park Avenue,18th Floor 
 New
York, New York 10152 
 Email: X 

Attention: X 

  
 25 

 with a copy (which shall not constitute notice) to: 

Debevoise and Plimpton LLP 
 919
Third Avenue 
 New York, New York 10022 

E-mail: pmrodel@debevoise.com 

Attention: Paul M. Rodel, Esq. 
 If to any
Partnership Interest Holder, to the address and other contact information set forth in the records of Corporate Taxpayer from time to time. 

Any party may change its address or e-mail by giving the other party written notice of its new address
or e-mail in the manner set forth above. 
 7.2. Counterparts. This Agreement may be executed
and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by
e-mail delivery of a “.pdf” format data file or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 7.2. 

7.3. Entire Agreement; Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements
and understandings, both written and oral, among the parties with respect to the subject matter hereof. Except as herein otherwise specifically provided, this Agreement shall be binding upon and inure to the benefit of all of the parties and, to the
extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 
 7.4.
Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain
in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being
enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be
consummated as originally contemplated to the fullest extent possible. 
 7.5. Successors; Assignment; Amendments; Waivers. 

(a) A Partnership Interest Holder shall be permitted to transfer any of its rights in whole or in part only upon execution and delivery by the
transferee of a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement, in which the transferee agrees to become, and accordingly shall be, a “Partnership Interest Holder” for all purposes of
this Agreement, except as otherwise provided in such joinder. If the CD&R Representative or one of its Affiliates assigns its rights under this Agreement, such transferee shall also have the rights provided to the CD&R Representative. 

  
 26 

 (b) No provision of this Agreement may be amended unless such amendment is approved in
writing by (i) Corporate Taxpayer, (ii) each Partnership Interest Holder party to the Agreement that, together with its Affiliates, would be entitled to ten percent (10%) or more of the present value of all Early Termination Payments under
this Agreement (measured by present value of payments due under this Agreement, using the present value calculation and assumptions described under Section 4.3(b) above assuming for such purpose the Early Termination Date
is the date the amendment is proposed to the Partnership Interest Holders) and (iii) the CD&R Representative to the extent such amendment would affect the rights of the CD&R Representative or any of its Affiliates, provided that no
amendment may be effected that adversely and disproportionately affects the interest of any Partnership Interest Holder without the consent of such Partnership Interest Holder. No provision of this Agreement may be waived unless such waiver is in
writing and signed by the party against whom the waiver is to be effective. 
 (c) All of the terms and provisions of this Agreement shall
be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, permitted assigns, heirs, executors, administrators and legal representatives. Corporate Taxpayer shall require and cause
any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Corporate Taxpayer, by written agreement, expressly to assume and agree to perform this Agreement in
the same manner and to the same extent that Corporate Taxpayer would be required to perform if no such succession had taken place (except to the extent expressly provided by this Agreement and provided that, for the avoidance of doubt, if a Change
in Control has occurred and an Early Termination Payment is required to be made then Corporate Taxpayer’s payment obligations shall be determined taking into account the provisions of ARTICLE IV). 

7.6. Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement. 
 7.7. Governing Law; Jurisdiction; Waiver of Jury Trial. 

(a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any
choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction. The parties hereto hereby declare that it is their intention that this Agreement shall be regarded as made under the laws of the
State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees (a) that this Agreement involves at least
$100,000.00, and (b) that this Agreement has been entered into by the parties hereto in express reliance upon 6 Del. C. § 2708. 

  
 27 

 (b) The parties irrevocably consent to the exclusive jurisdiction of the courts of the State
of Delaware and of the federal courts sitting in the state of Delaware in connection with any action relating to this Agreement and each party agrees (i) to the extent such party is not otherwise subject to service of process in the
State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process and notify the other parties hereto of the name and address of such agent, and (ii) that, to the
fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that
service made pursuant to (i) or (ii) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. Any action against any party
relating to the foregoing shall be brought in the Delaware Court of Chancery (or, solely if the Delaware Court of Chancery declines to accept jurisdiction over any action, to the exclusive jurisdiction of the Superior Court of the State of Delaware
(Complex Commercial Division) or, if the subject matter jurisdiction over the action is vested exclusively in the federal courts of the United States of America, the United States District Court for the District of Delaware), and any appellate
courts of any thereof. To the extent not prohibited by applicable law, each party hereto waives and agrees not to assert, by way of motion, as a defense or otherwise, in any such proceeding brought in the above-named courts, any claim that such
party is not subject personally to the jurisdiction of such courts, that such party’s property is exempt or immune from attachment or execution, that such proceeding is brought in an inconvenient forum, that the venue of such proceeding is
improper, or that this Agreement or the subject matter thereof, may not be enforced in or by such courts. 
 (c) TO THE EXTENT NOT
PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION,
CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS
CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 7.7(C) CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING
AND WILL RELY IN ENTERING INTO THIS AGREEMENT. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 7.7(C) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY
TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

  
 28 

 7.8. Reconciliation. In the event that Corporate Taxpayer and the CD&R
Representative are unable to resolve a disagreement with respect to the matters governed by ARTICLE II or ARTICLE IV within the relevant period designated in this Agreement (“Reconciliation
Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to such parties. The Expert shall be a
partner or principal in a nationally recognized accounting or law firm, and (unless Corporate Taxpayer and the CD&R Representative agree otherwise), the Expert shall not, and the firm that employs the Expert shall not, have any material
relationship with Corporate Taxpayer or the CD&R Representative or its Affiliates or other actual or potential conflict of interest. If the applicable parties are unable to agree on an Expert within fifteen (15) calendar days of the end of
the thirty (30) calendar-day period set forth in Section 2.1 or Section 4.2, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The
Expert shall resolve any matter relating to the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen
(15) calendar days or, in each case, as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. If the matter is not resolved before any payment that is the subject of a
disagreement would be due (in the absence of such disagreement), the undisputed amount shall be paid on the date prescribed by this Agreement, subject to adjustment upon resolution. For the avoidance of doubt, this
Section 7.8 shall not restrict the ability of Corporate Taxpayer or its Affiliates to determine when or whether to file or amend any Tax Return. The costs and expenses relating to the engagement of such Expert or amending
any Tax Return shall be borne equally by Corporate Taxpayer and the Partnership Interest Holders participating in the Reconciliation Dispute (on a pro rata basis based on relative proportion of all Early Termination Payments under this Agreement,
measured by present value of payments due under this Agreement, using the present value calculation and assumptions described under Section 4.3(b) above assuming for such purpose the Early Termination Date is the date the
Reconciliation Dispute is resolved). Corporate Taxpayer may withhold payments under this Agreement to collect amounts due under the preceding sentence. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this
Section 7.8 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.8 shall be binding on
Corporate Taxpayer and the CD&R Representative or its Affiliates, as applicable, participating in the Reconciliation Dispute and may be entered and enforced in any court having jurisdiction. 

  
 29 

 7.9. Withholding. Corporate Taxpayer shall be entitled to deduct and withhold or
cause to be deducted and withheld from any payment payable pursuant to this Agreement to a Partnership Interest Holder such amounts as Corporate Taxpayer determines in good faith it is required to deduct and withhold with respect to the making of
such payment under the Code or any provision of state, local or foreign tax law, provided that prior to deducting or withholding any such amounts, Corporate Taxpayer shall notify the applicable Partnership Interest Holder and shall consult in good
faith with such Partnership Interest Holder regarding the basis for such deduction or withholding. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by Corporate Taxpayer, such withheld amounts shall be
treated for all purposes of this Agreement as having been paid to such Partnership Interest Holder. 
 7.10. Admission of Corporate
Taxpayer into a Consolidated Group; Transfers of Corporate Assets. 
 (a) If Corporate Taxpayer and its consolidated Subsidiaries are or
become members of a combined, consolidated, affiliated or unitary group that files a consolidated, combined or unitary income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local
law, then: (i) the provisions of this Agreement shall be applied with respect to the relevant group as a whole; and (ii) Tax Benefit Payments, Net Tax Benefit, Cumulative Net Realized Tax Benefit, Realized Tax Benefit, Realized Tax
Detriment, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated (or combined or unitary, where applicable) taxable income, gain, loss, deduction and attributes of the relevant group as
a whole. 
 (b) If any entity that is or may be obligated to make a Tax Benefit Payment or Early Termination Payment hereunder, or any
entity any portion of the income of which is included in the income of Corporate Taxpayer’s consolidated, combined, affiliated or unitary group, directly or indirectly transfers (as determined for U.S. federal income tax purposes) one or more
assets to a Person classified as a corporation for U.S. income tax purposes with which such entity does not file a consolidated income tax return pursuant to Section 1501 et seq. of the Code (or, for purposes of calculations
relating to state or local taxes, a consolidated, combined or unitary income tax return under applicable state or local law), such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment
(e.g., calculating the gross income of the entity and, if applicable, determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of
such transfer. The consideration deemed to be received by such entity shall be equal to the fair market value of the transferred asset, increased by the amount of debt that would increase the transferor’s “amount realized” for U.S.
federal income tax purposes in connection with such transfer, in the case of a contribution of an encumbered asset (including an interest in an entity classified for U.S. federal income tax purposes as a partnership which has debt outstanding). For
the avoidance of doubt, a transaction treated for U.S. federal income tax purposes as a liquidation into Corporate Taxpayer of one or more of its consolidated Subsidiaries or merger of one or more of such entities into one another or Corporate
Taxpayer will not cause any such Persons to be treated as having disposed of any of its assets for purposes of this Section 7.10(b). In the event there occurs a transaction described in the preceding sentence, the Tax
Benefit Payments and any other amounts due under this Agreement shall be calculated without regard to such transaction. 

  
 30 

 7.11. Confidentiality. Each Partnership Interest Holder and each of its transferees
acknowledge and agree that the information of Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms
of this Agreement, such person shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters acquired pursuant to this Agreement of Corporate Taxpayer and its Affiliates and successors, learned by the
Partnership Interest Holder heretofore or hereafter. This Section 7.11 shall not apply to (i) any information that has been made publicly available by Corporate Taxpayer or any of its Affiliates, becomes public
knowledge (except as a result of an act of the Partnership Interest Holder in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent necessary for the Partnership
Interest Holder to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax Returns.
Notwithstanding anything to the contrary herein or in any other agreement, the Partnership Interest Holders and each of their transferees (and each employee, representative or other agent of the Partnership Interest Holders or their transferees, as
applicable) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure and any related tax strategies of or relating to Corporate Taxpayer and its Affiliates, the Partnership Interest Holder or
transferee, and any of their transactions or agreements, and all materials of any kind (including opinions or other tax analyses) that are provided to the Partnership Interest Holder or transferee relating to such tax treatment and tax structure and
any related tax strategies. 
 If the Partnership Interest Holder or its transferee commits a breach, or threatens to commit a breach, of
any of the provisions of this Section 7.11, Corporate Taxpayer and its Affiliates shall have the right and remedy to have the provisions of this Section 7.11 specifically enforced by injunctive
relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to Corporate Taxpayer or its
Affiliates and the accounts and funds managed by Corporate Taxpayer and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and
remedies available at law or in equity. 
 7.12. Change in Law. Notwithstanding anything herein to the contrary, if, in connection
with an actual or proposed change in law, a Partnership Interest Holder reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such
Partnership Interest Holder (or direct or indirect equity holders in such Partnership Interest Holder) upon the IPO, Reorganization Transactions or any Exchange to be treated as ordinary income rather than capital gain (or otherwise taxed

  
 31 

 
at ordinary income rates) for U.S. federal income tax purposes or could have other material adverse tax consequences to the Partnership Interest Holder or any direct or indirect owner of the
Partnership Interest Holder, then at the election of the Partnership Interest Holder and to the extent specified by the Partnership Interest Holder, this Agreement shall cease to have further effect with respect to such Partnership Interest Holder
and shall for clarity not apply to an Exchange by such Partnership Interest Holder occurring after a date specified by the Partnership Interest Holder. 

7.13. Independent Nature of Partnership Interest Holders’ Rights and Obligations. The rights and obligations of each
Partnership Interest Holder hereunder are independent of the rights and obligations of any other Partnership Interest Holder hereunder. No Partnership Interest Holder shall be responsible in any way for the performance of the obligations of any
other Partnership Interest Holder hereunder, nor shall any Partnership Interest Holder have the right to enforce the rights or obligations of any other Partnership Interest Holder hereunder. The obligations of each Partnership Interest Holder
hereunder are solely for the benefit of, and shall be enforceable solely by, Corporate Taxpayer. The decision of each Partnership Interest Holder to enter into this Agreement has been made by such Partnership Interest Holder independently of any
other Partnership Interest Holder. Nothing contained herein or in any other agreement or document delivered at any closing (other than the Limited Partnership Agreement and any joinder thereto), and no action taken by any Partnership Interest Holder
pursuant hereto or thereto, shall be deemed to constitute the Partnership Interest Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Partnership Interest Holders are in any way
acting in concert or as a group with respect to such rights or obligations or the transactions contemplated hereby, and Corporate Taxpayer acknowledges that the Partnership Interest Holders are not acting in concert or as a group and will not assert
any such claim with respect to such rights or obligations or the transactions contemplated hereby. 
 7.14. Limited Partnership
Agreement/Exchange Agreement. This Agreement shall be treated as part of the Limited Partnership Agreement and Exchange Agreement as described in Section 761(c) of the Code and Sections
1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 

  
 32 

 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the date first
written above. 
  

			
	Core & Main, Inc.
		
	By:	 	 
	Name:	 	Stephen O. LeClair 
	Title:	 	Chief Executive Officer
	
	Core & Main Holdings, LP
	
	By: [•], its sole member
		
	By:	 	 
	Name:	 	Stephen O. LeClair
	Title:	 	Chief Executive Officer

 [Signature Page to Continuing Limited Partners Tax Receivable Agreement] 

 
			
	CD&R Waterworks Holdings, L.P.
	
	By: CD&R Waterworks Holdings GP, Ltd., its general partner
		
	By:	 	 
	 Name: Theresa A. Gore
 Title: Chief
Financial Officer and Vice President

	
	Core & Main Management Feeder LLC
		
	By:	 	 
	 Name: Mark R. Witkowski
 Title:
[Vice President]

 [Signature Page to Continuing Limited Partners Tax Receivable Agreement] 

 Exhibit A 

Joinder 
 This JOINDER
(this “Joinder”) to the Tax Receivable Agreement (as defined below), dated as of [ ], between Core & Main, Inc., a Delaware corporation (“Corporate Taxpayer”), and [ ] (“Permitted
Transferee”). 
 WHEREAS, on [ ], the Permitted Transferee acquired (the “Acquisition”) from [ ]
(“Transferor”) the right to receive any and all payments that may become due and payable to Transferor under the Tax Receivable Agreement (as defined below) with respect to Partnership Interests that have been Exchanged or may in
the future be Exchanged in Core & Main, LP (the “Applicable Interests”); and 
 WHEREAS, Transferor, in connection
with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.5 of the Tax Receivable Agreement, dated as of
                , 2021, between Corporate Taxpayer and each Partnership Interest Holder (as defined therein) (the “Tax Receivable Agreement”); 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, Permitted Transferee hereby agrees as follows: 

Section 1.1. Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall
have the respective meanings set forth in the Tax Receivable Agreement. 
 Section 1.2. Joinder. Permitted Transferee hereby
acknowledges and agrees to become, and accordingly shall be, a “Partnership Interest Holder” (as defined in the Tax Receivable Agreement) for all purposes of the Tax Receivable Agreement with respect to the Applicable Interests. 

Section 1.3. Notice. Any notice, request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted
Transferee shall be delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.1 of the Tax Receivable Agreement. 

Section 1.4. Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by, and
construed, interpreted and enforced in accordance with, the laws of the State of Delaware (without regard to any choice of law rules thereunder). 

IN WITNESS WHEREOF, this Joinder has been duly executed and delivered by Permitted Transferee as of the date first above written. 

 Annex A 

List of Partnership Interest Holders 
  

	1.	 CD&R Waterworks Holdings, L.P. 

 

	2.	 Core & Main Management Feeder LLCEX-10.7

 Exhibit 10.7 
  

 
  

SECOND AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 CORE &
MAIN HOLDINGS, LP 
 Dated as of [•], 2021 

THE PARTNERSHIP INTERESTS OF CORE & MAIN HOLDINGS, LP HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES OF AMERICA SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), THE SECURITIES LAWS OF ANY STATE IN THE UNITED STATES OR ANY OTHER APPLICABLE SECURITIES LAWS, IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH
PARTNERSHIP INTERESTS MAY BE ACQUIRED FOR INVESTMENT ONLY, AND NEITHER SUCH PARTNERSHIP INTERESTS NOR ANY PART THEREOF MAY BE OFFERED FOR SALE, PLEDGED, CHARGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH
(I) THE SECURITIES ACT, ANY APPLICABLE STATE SECURITIES LAWS AND ANY OTHER APPLICABLE SECURITIES LAWS AND (II) THE TERMS AND CONDITIONS OF THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP. THE PARTNERSHIP
INTERESTS WILL NOT BE TRANSFERRED OF RECORD OR OTHERWISE EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP. THEREFORE, PURCHASERS OF SUCH PARTNERSHIP INTERESTS WILL BE REQUIRED TO BEAR THE RISK
OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 
  
  

 
  

 Table of Contents 

 

							
		  	 ARTICLE I
	  			
			
		  	 GENERAL PROVISIONS
	  			
			
	1.1	  	Name of Partnership	  	 	2	
	1.2	  	Registered Agent	  	 	2	
	1.3	  	Registered Office	  	 	2	
	1.4	  	Purpose	  	 	2	
			
		  	ARTICLE II	  			
			
		  	PARTNERSHIP INTERESTS	  			
			
	2.1	  	Partnership Interests	  	 	2	
			
		  	ARTICLE III	  			
			
		  	DISTRIBUTIONS	  			
			
	3.1	  	Distributions Generally	  	 	3	
	3.2	  	Sale of Partnership	  	 	3	
	3.3	  	Tax Distributions	  	 	4	
			
		  	ARTICLE IV	  			
			
		  	LIQUIDATION, TERMINATION AND DISSOLUTION	  			
			
	4.1	  	Winding Up and Dissolution	  	 	4	
			
		  	ARTICLE V	  			
			
		  	RESTRICTIONS ON TRANSFER	  			
			
	5.1	  	Restrictions on Transfer	  	 	5	
	5.2	  	Overriding Provisions	  	 	6	
			
		  	ARTICLE VI	  			
			
		  	MANAGEMENT	  			
			
	6.1	  	Management of the Partnership	  	 	6	
	6.2	  	Officers	  	 	7	

  
 i 

 Table of Contents 

continued 
  

							
	 	  	 	  	Page	 
		  	ARTICLE VII	  			
			
		  	PARTNERS	  			
			
	7.1	  	Admission of Partners	  	 	7	
	7.2	  	Liability of Partners	  	 	8	
	7.3	  	Rights, Duties and Authority of the General Partner	  	 	8	
	7.4	  	Expenses	  	 	10	
	7.5	  	Withdrawal	  	 	10	
	7.6	  	General Partner	  	 	10	
			
		  	ARTICLE VIII	  			
			
		  	LIABILITY, EXCULPATION AND INDEMNIFICATION	  			
			
	8.1	  	Liability	  	 	10	
	8.2	  	Exculpation	  	 	10	
	8.3	  	Fiduciary Duty; Partnership Opportunities	  	 	11	
	8.4	  	Insurance and Indemnification	  	 	12	
	8.5	  	Expenses	  	 	12	
	8.6	  	Severability; Third Party Rights	  	 	13	
			
		  	ARTICLE IX	  			
			
		  	CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; ALLOCATIONS	  			
			
	9.1	  	Capital Contributions	  	 	13	
	9.2	  	Capital Accounts, Adjustments, Allocation of Book Income and Loss	  	 	13	
	9.3	  	Tax Allocations; Other Tax Matters	  	 	14	
			
		  	ARTICLE X	  			
			
		  	BOOKS AND RECORDS	  			
			
	10.1	  	Books and Records; Information	  	 	17	
			
		  	ARTICLE XI	  			
			
		  	MISCELLANEOUS	  			
			
	11.1	  	Notices	  	 	17	
	11.2	  	Power of Attorney	  	 	18	
	11.3	  	Agreement Binding upon Successors and Assigns; Recapitalizations, Exchanges, etc.	  	 	18	
	11.4	  	Fiscal Year	  	 	19	

  
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 Table of Contents 

(continued) 
  

							
	 	  	 	  	Page	 
	11.5	  	Governing Law; Waiver of Trial by Jury	  	 	19	
	11.6	  	Injunctive Relief	  	 	20	
	11.7	  	Consents	  	 	20	
	11.8	  	Miscellaneous	  	 	20	
	11.9	  	Amendments and Waiver	  	 	21	
	11.10	  	Restrictions on Other Agreements	  	 	21	

  

			
	 Annex I
	  	Defined Terms

  
 iii 

 SECOND AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 CORE & MAIN
HOLDINGS, LP 
 THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (this “Agreement”) of Core &
Main Holdings, LP, a Delaware limited partnership (the “Partnership”), is entered into by and among Core & Main, Inc., a Delaware corporation (“C&M Inc.”), as general partner (in such capacity, the
“General Partner”) and a limited partner, CD&R Waterworks Holdings, L.P., a Delaware limited partnership (the “CD&R Partner”), as a limited partner, CD&R WW, LLC, a Delaware limited liability company
(the “Intermediate Partner”), as a limited partner, and Core & Main Management Feeder, LLC, a Delaware limited liability company (the “Management Partner”), as a limited partner. C&M Inc., the CD&R
Partner, the Intermediate Partner and the Management Partner, in their capacities as limited partners of the Partnership, and together with those other Persons who may be admitted to the Partnership in accordance with the provisions hereof from time
to time (excluding the General Partner), are hereinafter referred to as the “Limited Partners”, and each, a “Limited Partner”. The Partnership, the General Partner and the Limited Partners are collectively referred
to as the “Parties” and the General Partner and the Limited Partners are collectively referred to as the “Partners”. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth
in Annex I. 
 W I T N E S S E T H: 

WHEREAS, on August 5, 2019, the Partnership was formed by the filing of the Certificate of Limited Partnership with the office of the
Secretary of State of the State of Delaware and the execution of the Agreement of Limited Partnership of the Partnership, dated as of August 5, 2019 (the “Original Agreement”); 

WHEREAS, on [•], 2021, the Original Agreement was amended and restated by the Amended and Restated Agreement of Limited Partnership of
the Partnership, dated as of [•], 2021 (the “A&R Agreement”); 
 WHEREAS, immediately prior to the effectiveness
of this Agreement, the Partnership and certain of its Affiliates, including the Prior General Partners and one or more limited partners of the Partnership, effected certain reorganizational transactions (the “Reorganization
Transactions”), including multiple Transfers of limited partner interest in the Partnership, and the admission of the assignees thereof as substitute limited partners, and the Transfer by merger of all GP Partnership Interests held by the
Prior General Partners to CD&R WW Advisor, LLC and CD&R WW, LLC, and the admission of such transferees as substitute general partners of the Partnership; 

WHEREAS, it is proposed that, immediately following the effectiveness of this Agreement, C&M, Inc. will undertake an initial underwritten
public offering of shares of Class A Common Stock (the “IPO”); and 

  
 1 

 WHEREAS, each of the Partners hereby desires to amend and restate the A&R Agreement,
including to facilitate the IPO. 
 NOW, THEREFORE, in consideration of the mutual promises and agreements herein made and intending to be
legally bound hereby, the Parties hereby agree to amend and restate the A&R Agreement as follows: 
 ARTICLE I 

GENERAL PROVISIONS 
 1.1
Name of Partnership. The name of the Partnership continued without dissolution hereby is “Core & Main Holdings, LP” or such other name as may be selected by the General Partner from time to time. 

1.2 Registered Agent. The registered agent of the Partnership is [The Corporation Trust Company]. The address of the Partnership’s
registered agent is [1209 Orange Street, in the City of Wilmington, County of New Castle, State of Delaware 19801]. 
 1.3 Registered
Office. The registered office of the Partnership in the state of Delaware is the office address of the Partnership’s registered agent at [1209 Orange Street, in the City of Wilmington, County of New Castle, State of Delaware 19801]. At any
time, the General Partner may designate another registered agent or registered office in the State of Delaware and shall notify the Limited Partners of such change in registered office. 

1.4 Purpose. The Partnership has been formed for the object and purpose of engaging in any lawful act or activity for which limited
partnerships may be formed under the laws of Delaware. 
 ARTICLE II 

PARTNERSHIP INTERESTS 
 2.1
Partnership Interests. 
 (a) The ownership interests in the Partnership shall consist of limited partner interests referred to as
the “LP Partnership Interests” and general partner interests referred to as the “GP Partnership Interests”, all of which shall be uncertificated. At all times, (x) each Limited Partner shall hold one or more LP
Partnership Interests and (y) each General Partner shall hold one or more GP Partnership Interests (and may hold one or more LP Partnership Interests). 

(b) The number of GP Partnership Interests and LP Partnership Interests held by each Partner as of the date of this Agreement is set forth
opposite such Partner’s name on Schedule A hereto in the columns entitled “GP Partnership Interests” and “LP Partnership Interests”, respectively. All such GP Partnership Interests and LP Partnership Interests have
been validly issued, and constitute valid partnership interests in the Partnership. Such schedule shall be updated from time to time by the General Partner, without further action by the Limited Partners, to reflect the changes in the information
thereon that occur pursuant to this Agreement and that otherwise are not in violation of the terms of this Agreement or the Act. Any GP Partnership Interests or LP Partnership Interests sold to any Partner shall be subject to the terms and
conditions of this Agreement. 

  
 2 

 (c) The number and kind of shares or other equity interests to which Partnership Interests
may relate and the number and kinds of securities deliverable shall be proportionally adjusted, as deemed by the General Partner to be equitable and appropriate to the Partners, in the event of any extraordinary dividend, stock split, share
combination, recapitalization, merger, consolidation, reorganization, exchange of shares or other equity interests or any other similar event affecting the Partnership or any of its subsidiaries. 

(d) The Partnership Interests reflected on Schedule A as of the date of this Agreement are intended for U.S. federal income tax purposes to
be, and shall be treated for all purposes of this Agreement (including this Section 2.1) to be, a continuation of the GP Units, Common Units and Profits Units outstanding under the Original Agreement. 

ARTICLE III 

DISTRIBUTIONS 
 3.1
Distributions Generally. Subject to Section 3.2 and Section 4.1, when the General Partner determines that the Partnership shall distribute any cash or other property of the Partnership
(which shall be valued at fair market value), such amounts or property shall be distributed to the Partners in accordance with this Section 3.1. Any amounts distributable to the Partners pursuant to this
Section 3.1 shall be distributed as follows: 
 (a) Subject to the other provisions of this
Section 3.1, to the Partners in proportion to the aggregate number of Partnership Interests held by each Partner as of the time of such distribution. 

(b) The General Partner may increase or decrease a distribution that would otherwise be made to any Partner pursuant to
Section 3.1(a) (including, for the avoidance of doubt, by making distributions to some Partners but not to all) as it reasonably determines to be necessary or appropriate to reduce or eliminate any amount that may otherwise
be taken into account as a Liquidation Adjustment pursuant to Section 4.1. 
 3.2 Sale of Partnership. If a
sale of the Partnership is structured as a direct or indirect disposition of Partnership Interests, whether by a sale of Partnership Interests, merger, consolidation or otherwise, the purchase or other agreement governing such disposition shall
contain provisions, which replicate, and each Partner agrees to apportion the proceeds among the Partners to replicate, to the maximum extent possible, the economic result that would have been attained under Section 3.1 had
the sale been structured as a sale of the Partnership’s assets and a distribution of the net proceeds thereof after transaction expenses related to such sale. For the avoidance of doubt, this Section 3.2 is not applicable to any of the
Reorganization Transactions or the IPO. 

  
 3 

 3.3 Tax Distributions. Notwithstanding Section 3.1, the
Partnership shall, to the extent of available cash, make distributions: 
 (a) To each Partner in amounts intended to enable such Partner (or
any person whose tax liability is determined by reference to the income of any such Partner) to discharge its U.S. federal, state and local (and, as the General Partner shall determine, non-U.S.) tax
liabilities arising from allocations made (or to be made) and any distributions made pursuant to this Section 3.3 (“Tax Distributions”). The amount of each Tax Distribution shall be determined by the
General Partner, taking into account the maximum combined U.S. federal, New York State and New York City tax rate applicable to individuals on ordinary income and capital gain (taking into account the applicable holding period), as the case may be,
the amounts of ordinary income and capital gain (including amounts subject to tax at capital gain rates under Section 1(h)(11) of the Code) allocated to the Partners pursuant to this Agreement, and otherwise based on such reasonable assumptions
as the General Partner determines in good faith to be appropriate, provided that the net taxable income allocated to the Partners shall be determined without taking into account adjustments to basis pursuant to Section 743(b) of the
Code. Tax Distributions made pursuant to the foregoing shall be treated as advances against subsequent distributions payable to the applicable Partner pursuant to Section 3.1 or Section 4.1, as the
case may be. 
 (b) To the General Partner in amounts intended to enable the General Partner to satisfy its payment obligations under the
Continuing Limited Partners Tax Receivable Agreement and the Former Limited Partners Tax Receivable Agreement (“TRA Distributions”). TRA Distributions shall be treated as advances against subsequent distributions payable to the
General Partner pursuant to Section 3.1 or Section 4.1, as the case may be. 
 3.4
Limitations on Distributions. Notwithstanding any other provision of this Agreement, the Partnership shall not make a distribution to a Partner on account of its interest in the Partnership if such distribution would violate the Act or other
applicable law. 
 ARTICLE IV 

LIQUIDATION, TERMINATION AND DISSOLUTION 

4.1 Winding Up and Dissolution. 

(a) The Partnership shall dissolve, and its affairs shall be wound up, at such time as (i) the General Partner of the Partnership
approves in writing, (ii) an event of withdrawal of the General Partner has occurred under the Act (unless the Partnership is continued without dissolution in accordance with this Agreement or the Act), (iii) an entry of a decree
of judicial dissolution has occurred under Section 17-802 of the Act or (iv) the Partnership does not have a Limited Partner (unless the Partnership is continued without dissolution in accordance
with the Act); provided, however, that the Partnership shall not be dissolved or required to be wound up upon an event of withdrawal of the General Partner described in Section 4.1(b) hereof if
(x) at the time of such event of withdrawal, there is at least one (1) other General Partner of the Partnership who carries on the business of the Partnership (any remaining General Partner being hereby authorized to carry on the
business of the Partnership) or (y) within ninety (90) days after the occurrence of such event of withdrawal, all remaining Partners agree in writing to continue the business of the Partnership and to the appointment, effective as
of the event of withdrawal, of one (1) or more additional general partners of the Partnership. For the avoidance of doubt, none of the Reorganization Transactions (including any general partner ceasing to be a general partner of the
Partnership) resulted in the dissolution of the Partnership, and the Partnership is hereby continued without dissolution. 

  
 4 

 (b) Upon dissolution of the Partnership pursuant to this Agreement and the Act, the General
Partner, or if there is none, a Person selected by the Partners holding a majority of the Partnership Interests to act as a liquidating trustee (the “Liquidating Trustee”), shall wind up the affairs of the Partnership and proceed
within a reasonable period of time to sell or otherwise liquidate all of the assets of the Partnership, after paying or making due provisions by the setting up of reserves or otherwise for all liabilities to creditors of the Partnership, and to
distribute the assets among the Partners in accordance with the provisions of this Agreement. Within a reasonable time after the effective date of the commencement of the winding up of the Partnership, the assets of the Partnership, or proceeds
therefrom, shall be distributed or used as follows: (i) first, to the payment and discharge of all of the Partnership’s debts and liabilities (including debts and liabilities to the Partners, to the extent permitted by law) and the
expenses of the liquidation and to the setting up of any reserves which the General Partner (or Liquidating Trustee, as applicable) may deem reasonably necessary for any contingent, conditional or unmatured liabilities or obligations of the
Partnership and (ii) second, to the Partners, in accordance with Section 3.1. Notwithstanding the foregoing, (x) if, prior to making any distribution to the Partners contemplated under clause (ii), a
Partner has received from the Partnership since the date of this Agreement aggregate cumulative distributions pursuant to Section 3.1 and Section 3.3 in an amount that is greater or less than the
distributions such Partner would have been entitled to receive if all previous distributions were made to the Partners pursuant to Section 3.1(a) (such excess or deficit, a “Liquidation Adjustment”), the
General Partner shall make such adjustments to the amounts distributable to the Partners under clause (ii) as the General Partner determines necessary in its reasonable discretion to ensure that the cumulative distributions to the Partners
since the date of this Agreement is consistent with Section 3.1(a). 
 (c) In the event of dissolution of the
Partnership, the Partners shall execute, do or concur in all necessary or proper instruments, acts, matters and things for realizing the outstanding debts of the Partnership and for dividing the surplus assets between the Partners as herein provided
and for notifying the winding up and dissolution of the Partnership to Persons having had dealings with the Partnership. 
 ARTICLE V

 RESTRICTIONS ON TRANSFER 

5.1 Restrictions on Transfer. 

(a) Each Partner, and its respective Transferees, shall be permitted to Transfer its Partnership Interests, including pursuant to Exchange
Transactions, subject to compliance with this Agreement, the Management Subscription Agreements, the Management Partner LLC Agreement and any applicable lock-up agreements then in effect. 

  
 5 

 (b) Notwithstanding anything otherwise to the contrary in this
Section 5.1, each Partner may Transfer any LP Partnership Interests in Exchange Transactions pursuant to, and in accordance with, the Exchange Agreement; provided that in the case of any Partners other than the
CD&R Partner, such Exchange Transaction shall be effected in compliance with reasonable policies that the General Partner may adopt or promulgate from time to time (including policies requiring the use of designated administrators or brokers) in
its sole discretion. Any transferee of such LP Partnership Interests pursuant to the Exchange Agreement shall automatically be admitted as a substitute Limited Partner with respect to such LP Partnership Interests notwithstanding any other provision
of this Agreement to the contrary. 
 (c) The General Partner may in its sole discretion at any time and from time to time, without the
consent of any Partner or other Person, cause to be Transferred in an Exchange Transaction any and all LP Partnership Interests, except for LP Partnership Interests held by the CD&R Partner and/or in which the CD&R Partner has an indirect
interest as set forth in the books and records of the Partnership or the CD&R Partner. Any such determinations by the General Partner need not be uniform and may be made selectively among Partners, whether or not such Partners are similarly
situated. In addition, the General Partner may, with the consent of the CD&R Partner and the consent of Partners holding at least 66 2/3% of the outstanding LP Partnership Interests, require all Partners to Transfer in an Exchange Transaction
all LP Partnership Interests held by them; provided that the prior written consent of the CD&R Partner will be required. 
 5.2
Overriding Provisions. Notwithstanding any contrary provision in this Agreement, in no event may any Partner Transfer all or a portion of such Partner’s Partnership Interests if the General Partner determines such Transfer would pose a
material risk that the Partnership would be treated as a “publicly traded partnership” within the meaning of 7704 of the Code; provided, however, that a Transfer will not be prohibited on this basis so long as the Partnership
satisfies the “private placements” safe harbor under Section 1.7704-1(h) of the Treasury Regulations. In addition, none of the Partnership Interests may be Transferred if such Transfer would
result in the Partnership becoming subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended (or other similar provision of non-U.S. law). To the fullest
extent permitted by law, any purported Transfer in violation of this Section 5.2 shall be void ab initio. For the avoidance of doubt, this Section 5.2 and Section 5.1 do not apply to any Transfers of LP
Partnership Interests or GP Partnership Interests pursuant to or in connection with the Reorganization Transactions (all such Transfers being hereby ratified, approved and confirmed in all respects). 

ARTICLE VI 
 MANAGEMENT

 6.1 Management of the Partnership. 

(a) General. The General Partner shall manage, operate, control and direct the business and affairs of the Partnership. Subject to the
provisions of this Agreement, the General Partner shall have the exclusive power and authority to make all decisions and determinations with respect to the Partnership or affecting the business and affairs of the Partnership, to take all such
actions as it deems necessary, advisable, appropriate or desirable to accomplish the purposes of the Partnership as set forth in this Agreement and shall otherwise possess all rights 

  
 6 

 
and powers as provided in the Act and otherwise by law to the general partner of a limited partnership. Notwithstanding the foregoing, the General Partner shall have the power and authority to
delegate all or any portion of its powers hereunder to such Persons as it may deem appropriate, and no such delegation shall cause the General Partner to cease to be the general partner of the Partnership or limit the General Partner’s rights
to continue to manage, operate, control and direct the business and affairs of the Partnership. The Partnership is hereby authorized to execute, deliver and perform, and the General Partner and each Officer, acting singly, are hereby authorized to
execute and deliver on behalf of the Partnership, any agreements or other documents that are related to, in connection with or in furtherance of the Reorganization Transactions or the IPO, all without any further act, vote or approval of any Partner
or any other Person notwithstanding any other provision of this Agreement to the contrary (such execution, delivery and performance being hereby ratified, approved and confirmed in all respects). 

(b) Participation by Limited Partners. Except as otherwise provided in this Agreement, no Limited Partner (in such capacity) has the
right or power to participate in the management, affairs, conduct or control of the business of the Partnership, nor does any Limited Partner (in such capacity) have the power to sign for or bind the Partnership or deal with third parties on behalf
of the Partnership. In addition, each Limited Partner (in such capacity) agrees that it will not hold itself out as a general partner of the Partnership to any Person transacting business with the Partnership. 

6.2 Officers. The Partnership may have such officers (the “Officers”) as the General Partner in its discretion may
appoint or who may be appointed by the other Officers if specifically authorized to do so by the General Partner. The General Partner may remove any Officer with or without cause at any time. Any such Officers may, subject to the general direction
and control of the General Partner, have responsibility for the management of the normal and customary day-to-day operations of the Partnership to the extent so
delegated by the General Partner or the Officer appointing such Officer, subject to the terms of this Agreement, and will be empowered to engage in all appropriate and necessary activities to accomplish the purposes of the Partnership as set forth
herein. The Partners hereby delegate to each of the Officers the nonexclusive power and authority to act as an agent of the Partnership and, in such capacity, to bind the Partnership in the ordinary course of the Partnership’s business and to
execute any and all documents to be signed by the Partnership, subject to the limitations on the authority of the Officers set forth herein and under the Act. 

ARTICLE VII 
 PARTNERS

 7.1 Admission of Partners. The name, address and number of Partnership Interests held by each Partner are set forth on
Schedule A. The General Partner hereby continues as the sole general partner of the Partnership and each Limited Partner hereby continues as a limited partner of the Partnership. To the extent the Intermediate Partner has not heretofore
ceased to be a general partner of the Partnership, the Intermediate Partner hereby ceases to be a general partner of the Partnership and the Partnership is hereby continued without dissolution with C&M Inc. as the sole general partner of the
Partnership. The General Partner shall amend Schedule A from time to time to reflect (a) the admission of any additional Partners, (b) a change in the 

  
 7 

 
Partnership Interests owned by any Partner, (c) the removal, withdrawal or termination of any Partner or (d) the receipt by the Partnership of notice of any change of name
or address of a Partner, except that Schedule A will not be revised if any of the actions described in clauses (a) through (d) above violates any provision of this Agreement. After the date hereof, a Person shall be admitted as a Limited
Partner of the Partnership only with the consent of the General Partner. One or more additional or substitute general partners of the Partnership may be admitted to the Partnership only with the consent of the General Partner. For the avoidance of
doubt, the admission of any transferee of a Partnership Interest in connection with the Reorganization Transactions is hereby ratified, confirmed and approved in all respects. 

7.2 Liability of Partners. 

(a) The General Partner, in its capacity as general partner of the Partnership, shall not be personally obligated to contribute cash or other
assets to the Partnership to make up deficits in the Capital Accounts of Limited Partners either during the term of the Partnership or after dissolution. 

(b) No Limited Partner shall be liable for the losses, liabilities, debts or obligations of the Partnership beyond the amount such Partner has
contributed to the Partnership in the form of capital contributions, except to the extent otherwise required by or pursuant to applicable Law. A Limited Partner’s obligation to make capital contributions to the Partnership shall be limited to
such Limited Partner’s obligation, if any, to make capital contributions on the terms and conditions set forth in this Agreement. The Limited Partners shall not be obligated personally for any debt, obligation or liability of the Partnership
solely by reason of being Limited Partners of the Partnership. 
 (c) In the event any Limited Partner shall Transfer its entire interest in
the Partnership in compliance with the provisions of this Agreement, without retaining any interest therein, directly or indirectly, then such Limited Partner shall, to the fullest extent permitted by applicable Law, be relieved of any further
liability arising hereunder for events occurring from and after the date of such Transfer and shall cease to be a Limited Partner of the Partnership. 

7.3 Rights, Duties and Authority of the General Partner. 

(a) To the fullest extent permitted by applicable Law, the doing of any act or the failure to do any act by the General Partner or any other
Covered Person, the effect of which causes or may cause or results or may result in loss, liability, damage or expense to the General Partner, the Partnership, any Subsidiary or any other Partner, shall, to the greatest extent permitted by
applicable Law, not subject the General Partner or any such other Covered Person to any liability to the General Partner, the Partnership, any such Subsidiary or to any other Partner, except in the event of Disabling Conduct by the General Partner
or any such other Covered Person. 
 (b) The General Partner may consult with legal counsel, accountants and other experts reasonably
selected by it in connection with its acting as the general partner hereunder, and, to the fullest extent permitted by applicable Law, any act or omission suffered or taken by the General Partner on behalf of the Partnership or believed by the
General Partner to be in 

  
 8 

 
furtherance of the Partnership in good faith in reliance upon and in accordance with the advice of such counsel, accountant or expert, shall be full justification for any such act or omission,
and the General Partner shall, to the fullest extent permitted by applicable Law, be fully protected in so acting or omitting to act, and shall incur no liability to the Partnership or any other Partner as a result thereof. 

(c) The General Partner may rely in good faith upon and, to the fullest extent permitted by applicable Law, shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented by the
proper party or parties, and the General Partner shall not be responsible to the Partnership or any other Partner for any misconduct or negligence on the part of any broker, agent or attorney appointed with reasonable care by it hereunder. 

(d) To the fullest extent permitted by applicable Law, the General Partner acting under this Agreement shall not be liable to the Partnership
or to any other Partner for breach of fiduciary duty for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they expand or restrict or eliminate the duties (including fiduciary duties)
and liabilities of the General Partner otherwise existing at law or in equity, are agreed by the Partners to modify to that extent and, to the fullest extent permitted by applicable Law, such other duties and liabilities of the General Partner. 

(e) The Partnership and the General Partner shall be entitled to treat the record owner of any interest in the Partnership as the absolute
owner thereof in all respects, and shall incur no liability for distributions of cash or other property made in good faith to such owner until such time as a written instrument of assignment of such interest has been received and accepted by the
General Partner and the transferee or assignee (as applicable) has been admitted to the Partnership pursuant to the terms of this Agreement. 

(f) The General Partner shall be entitled to retain any fees or expenses earned in any capacity relating to the Partnership. 

(g) The Partnership and/or the General Partner either in their own names or on behalf of the Partnership shall, in addition to any other
powers set out in this Agreement, have the power to incur indebtedness or to borrow or raise money and to enter into any commitment letter, loan, credit facility or other agreement in connection therewith; to make, issue, accept, endorse and execute
notes and other instruments and evidences of indebtedness; to secure the payment, repayment and performance thereof by any mortgage, charge, assignment by way of security or creation of any other security interest in or over all or any part of the
assets of the General Partner (in its capacity as general partner of the Partnership) and/or the Partnership then owned or thereafter acquired by the General Partner and/or the Partnership, as the case may be; to guarantee or secure the obligations
of any other person; to grant any indemnity in favor of any person; to sell, mortgage, charge, assign by way of security or otherwise dispose of or create security interests over all or any assets of the Partnership and/or the General Partner to
guarantee or secure the obligations of any person (including, to secure any guarantee or indemnity granted by the Partnership and/or the General Partner); and to enter into any subordination arrangements in connection with the foregoing. For the
avoidance of doubt, any arrangements described in, or 

  
 9 

 
obligations incurred pursuant to, this Section 7.3 (including, without limitation, any borrowing, guarantee, indemnify or grant of a security interest) may be entered
into by the Partnership and/or the General Partner on a joint and several basis with, or with respect to the debts and/or obligations of, any other person. 

7.4 Expenses. The Partnership shall bear all its own operating expenses (including the fees and expenses of attorneys, accountants,
consultants, experts and custodians retained by the Partnership). All expenditures in respect of the Partnership, including, without limitation, the emoluments of all employees and agents employed by the Partnership and all expenses, losses or
damages incurred in relation thereto shall be paid out of the assets of the Partnership or, failing that, out of other cash funds of the Partnership (including the capital of the Partnership and/or loans). 

7.5 Withdrawal. Except as otherwise set forth in this Agreement, the General Partner shall not have the right or obligation to force a
withdrawal of any Limited Partner from the Partnership prior to the dissolution of the Partnership. Limited Partners may not withdraw without the specific consent of the General Partner (which may be granted or withheld in the General Partner’s
absolute discretion). 
 7.6 General Partner. The General Partner may (a) transfer its General Partner interest or
(b) voluntarily withdraw as general partner of the Partnership; provided that in each case following such transfer or withdrawal, there shall remain at least one general partner of the Partnership which satisfies the requirements
set out in the Act. Upon a transfer by the General Partner of its GP Partnership Interest as permitted hereunder, the Transferee shall be admitted to the Partnership as the General Partner of the Partnership and shall continue the business of the
Partnership without dissolution. 
 ARTICLE VIII 

LIABILITY, EXCULPATION AND INDEMNIFICATION 

8.1 Liability. Except as otherwise provided by the Act, the debts, obligations and liabilities of the Partnership, whether arising in
contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Partnership, and no Covered Person (other than the General Partner) shall be obligated personally for any such debt, obligation or liability of the
Partnership solely by reason of being a Covered Person. 
 8.2 Exculpation. To the fullest extent permitted by applicable Law, no
Covered Person shall be liable to the Partnership or any Person bound by this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Partnership
and in a manner believed to be within the scope of authority conferred on such Covered Person by this Agreement, except that a Covered Person shall be liable for any such loss, damage or claim incurred by reason of such Covered Person’s
Disabling Conduct. To the fullest extent permitted by applicable Law, each Covered Person shall in the performance of his or her duties be fully protected in relying in good faith upon the records of the Partnership and upon information, opinions,
reports or statements presented to the Partnership by any Officers or employees of the Partnership, or committees 

  
 10 

 
designated by the General Partner, or by any other Person as to the matters the Covered Person reasonably believes are within such other Person’s professional or expert competence and who
has been selected with reasonable care by or on behalf of the Partnership. Without limiting the foregoing, each Limited Partner agrees to waive, to the fullest extent permitted by applicable Law, any claim or right of action it might have, whether
individually or on behalf of the Partnership, against the General Partner or any director of the General Partner on account of any action taken or failure to take any action in its, his or her capacity as a director of the General Partner;
provided that such waiver shall not extend to any matter involving any actual fraud or dishonesty on the part of such director. 

8.3 Fiduciary Duty; Partnership Opportunities. 

(a) Waiver of Fiduciary Duties. Subject to the proviso in the last sentence of Section 8.2, any duties
(including fiduciary duties) of a Covered Person to the Partnership, to any Partner or to any other Person bound by this Agreement that would otherwise apply at law or in equity are hereby eliminated to the fullest extent permitted under the Act and
any other applicable Law, and each Partner waives to the fullest extent permitted by the Act and any other applicable Law, any duty that a Covered Person may have to the Partnership or any other Partner that would otherwise apply at law or in
equity, to the extent such waiver is necessary to give effect to the terms of this Section 8.3(a); provided that the foregoing shall not eliminate (i) the obligation of each Covered Person to act in compliance with the
express terms of this Agreement or (ii) the implied contractual covenant of good faith and fair dealing in construing this Agreement. A Covered Person acting under this Agreement shall not be liable to the Partnership or to any other
Person bound by this Agreement for its good faith reliance on the provisions of this Agreement. Without limiting the generality of the foregoing, to the fullest extent permitted by applicable Law, to the extent that, at law or in equity, a Covered
Person has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or to any other Covered Person, a Covered Person acting under this Agreement shall not be liable to the Partnership or to any Partner or to any other
Person bound by this Agreement for its good faith reliance on the provisions of this Agreement. 
 (b) Partnership Opportunities.
Except as otherwise provided in the last sentence of this Section 8.3(b), to the fullest extent permitted by applicable Law, (i) no Covered Person shall have any duty to communicate or present an investment or
business opportunity or prospective economic advantage to the Partnership or any of its Subsidiaries in which the Partnership or one of its Subsidiaries may, but for the provisions of this Section 8.3(b), have an interest
or expectancy (“Partnership Opportunity”), and (ii) no Covered Person will be deemed to have breached any fiduciary or other duty or obligation to the Partnership, any Partner or any other Person bound by this Agreement
by reason of the fact that any such Person pursues or acquires a Partnership Opportunity for itself or its Affiliates or directs, sells, assigns or transfers such Partnership Opportunity to another Person or does not communicate information
regarding such Partnership Opportunity to the Partnership or any applicable Subsidiary. The Partnership, on behalf of itself and its Subsidiaries, renounces any interest in a Partnership Opportunity and any expectancy that a Partnership Opportunity
will be offered to the Partnership; provided, however, that the Partnership does not renounce any interest or expectancy it may have in any Partnership Opportunity that is offered to an Officer or employee of the Partnership or any of
its Subsidiaries, (x) who is not a director, officer or employee of a Partner, or (y) who is also a director, officer or employee of a Partner, if, in the case of clause (y), such opportunity is expressly offered to such Person in
his or her capacity as an Officer or employee of the Partnership or any of its Subsidiaries, and the Partners recognize that the Partnership reserves such rights. 

  
 11 

 (c) Overriding Provision. The provisions of this Agreement, to the extent that they
restrict or eliminate the duties and liabilities of a Covered Person to the Partnership, any Partner or any other Person bound by this Agreement otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties
and liabilities of such Covered Person to the fullest extent permitted by applicable law. 
 8.4 Insurance and Indemnification. In
addition to the payment of expenses pursuant to Section 8.5, to the fullest extent permitted by applicable Law, the Partnership agrees to indemnify, pay and hold each Covered Person harmless from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including any interest and penalties, out-of-pocket expenses, and the fees and disbursements of counsel for such Covered Person in connection with any investigative, administrative or judicial proceedings, whether or not such Covered Person shall
be designated a party thereto), whether absolute, accrued, conditional or otherwise and whether or not resulting from third-party claims, which may be imposed on, incurred by or asserted against any such Covered Person, in any manner relating to or
arising out of any act or omission performed or omitted by such Covered Person on behalf of the Partnership, except that no Covered Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Covered Person
which is determined by a final, non-appealable decision of a court of competent jurisdiction to have resulted from such Covered Person’s Disabling Conduct; provided that any indemnity under this
Section 8.4 shall be provided out of and to the extent of Partnership assets only, and no Covered Person shall have any personal liability on account thereof. The Partnership shall use its commercially reasonable efforts to
purchase and maintain insurance (including directors and officers liability insurance) for the benefit of any Covered Person who is entitled to indemnification under this Section 8.4 against any liability asserted against
or incurred by such Covered Person in any capacity with respect to or arising out of such Covered Person’s service with the Partnership, whether or not the Partnership would have the power to indemnify such Covered Person against such
liability. 
 8.5 Expenses. To the fullest extent permitted by applicable Law, expenses (including reasonable attorneys’ fees,
disbursements, fines and amounts paid in settlement) incurred by a Covered Person in defending any claim, demand, action, suit or proceeding relating to or arising out of his or her performance of his or her duties on behalf of the Partnership, or
with respect to advice sought regarding his or her rights and responsibilities, or the protection of rights or interests, under this Agreement, shall, from time to time, be advanced by the Partnership prior to the final disposition of such claim,
demand, action, suit or proceeding upon receipt by the Partnership of an undertaking by or on behalf of the Covered Person to repay such amount if it shall ultimately be determined by a court of competent jurisdiction that the Covered Person is not
entitled to be indemnified as authorized in Section 8.4. 

  
 12 

 8.6 Severability; Third Party Rights. To the fullest extent permitted by applicable
Law, if any portion of this Article VIII shall be invalidated on any ground by any court of competent jurisdiction, then the Partnership shall nevertheless indemnify each Covered Person and may indemnify each employee or agent of the
Partnership as to costs, charges and expenses (including reasonable attorneys’ fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, whether civil, criminal, administrative or investigative,
including an action by or in the right of the Partnership, in each case to the fullest extent permitted by any applicable portion of this Article VIII that shall not have been invalidated. A Person who is not a party to this Agreement may
not, in its own right or otherwise, enforce any term of this Agreement. Notwithstanding any other term of this Agreement, the consent of any person who is not a party to this Agreement (including, without limitation, any Covered Person) is not
required for any amendment to, or variation, release, rescission or termination of this Agreement. 
 ARTICLE IX 

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; ALLOCATIONS 

9.1 Capital Contributions. 

(a) Capital Contributions. Each Partner that has made (or is deemed to have made) capital contributions to the Partnership shall have
such capital contributions reflected in its Capital Account. No Partner shall have any obligation to make any capital contributions or other contributions to the Partnership. Except as otherwise set forth in this Agreement, no interest shall accrue
on any capital contribution, and no Partner shall have the right to withdraw or be repaid any capital contribution. 
 (b) Additional
Capital Contributions. No Limited Partner shall be required to make any additional capital contribution or loan in respect of the Partnership Interests then owned by any such Limited Partner. However, a Limited Partner may make additional
capital contributions to the Partnership with, and only with, the written consent of the General Partner and such Limited Partner and in compliance with the other terms and conditions set forth in this Agreement. 

9.2 Capital Accounts, Adjustments, Allocation of Book Income and Loss. 

(a) Capital Accounts. There shall be established on the books and records of the Partnership a capital account (a “Capital
Account”) for each Partner. The Capital Accounts are intended to comply with Treasury Regulations § 1.704-1(b) and shall be interpreted and applied in a manner consistent with such
regulations. 
 (b) Adjustments. Subject to Section 4.1, as of the last day of each Accounting Period, the
balance in each Partner’s Capital Account shall be adjusted by: (i) increasing such balance by (A) such Partner’s allocable share of each item of the Partnership’s income and gain for such Accounting Period
(allocated in accordance with Section 4.1(b)) and (B) the amount of any cash and the fair market value of any property (net of the amount of any liabilities to which such property is subject) contributed by such
Partner during such Accounting Period and (ii) decreasing such balance by (A) such Partner’s allocable share of each item of the Partnership’s loss and deduction for such Accounting Period (allocated in accordance
with 

  
 13 

 
Section 4.1(b)) and (B) the amount of cash or the fair market value of any property (net of the amount of any liabilities to which such property is subject)
distributed to such Partner during such Accounting Period. Each Partner’s Capital Account shall be further adjusted with respect to any special allocations or adjustments made pursuant to this Agreement or otherwise determined by the General
Partner to be necessary or appropriate under the circumstances. 
 (c) Allocation of Book Income and Loss. Except as otherwise
provided herein, each item of income, gain, loss or deduction of the Partnership (determined in accordance with U.S. tax principles as applied to the maintenance of capital accounts) shall be allocated among the Capital Accounts of the Partners with
respect to each Accounting Period, as of the end of such Accounting Period, in such a manner that as closely as possible gives economic effect to the provisions of this Agreement, taking into account the Partners’ varying interests in the
Partnership during the relevant year, including in connection with the Original Agreement and the A&R Agreement. 
 9.3 Tax
Allocations; Other Tax Matters. 
 (a) Tax Allocations. The income, gains, losses, credits and deductions recognized by the
Partnership shall be allocated among the Partners, for U.S. federal, state and local income tax purposes, to the extent permitted under the Code and the Treasury Regulations, in the same manner that each such item is allocated to the Partners’
Capital Accounts in accordance with Section 9.2(c) or as otherwise expressly provided herein. Notwithstanding the foregoing, the General Partner may adjust such allocations for U.S. federal, state and local tax purposes so
long as such adjusted allocations have substantial economic effect or are in accordance with the Partners’ interest in the Partnership, in each case within the meaning of the Code and the Treasury Regulations. In accordance with
Section 704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the Partnership shall, solely for tax purposes, be allocated among the Partners so
as to take account of any variation between the adjusted basis of such property to the Partnership for U.S. federal income tax purposes and its fair market value at the time of contribution. Tax credits and tax credit recapture shall be allocated in
accordance with the interests of the Partners in the Partnership as provided in Treasury Regulations § 1.704-1(b)(4)(ii). All matters concerning allocations for U.S. federal, state and local and non-U.S. income tax purposes, including accounting procedures, not expressly provided for by the terms of this Agreement shall be determined by the General Partner in its sole discretion. 

(b) Withholding Generally. Each Partner shall, to the fullest extent permitted by applicable Law, indemnify and hold harmless the
Partnership and each Person who is or who is deemed to be the responsible withholding agent for U.S. federal, state or local or non-U.S. income tax purposes against all claims, liabilities and expenses of
whatever nature relating to such Person’s obligation to withhold and to pay over, or otherwise pay, any withholding or other taxes payable by the Partnership with respect to such Partner or as a result of such Partner’s participation in
the Partnership. 

  
 14 

 (c) Authority to Withhold; Treatment of Withheld Tax. Notwithstanding any other
provision of this Agreement, each Partner hereby authorizes the Partnership and the General Partner to withhold and to pay over, or otherwise pay, any withholding or other taxes payable or required to be deducted by the Partnership attributable to
such Partner (including taxes attributable to income or gain allocable to such Partner) or resulting from such Partner’s participation in the Partnership. If and to the extent that the Partnership shall be required to withhold or pay any such
withholding or other taxes, such Partner shall be deemed for all purposes of this Agreement to have received a payment from the Partnership as of the time such withholding or other taxes are withheld or required to be paid, whichever is earlier,
which payment shall be deemed to be a distribution with respect to such Partner’s interest in the Partnership to the extent that such Partner (or any successor to such Partner’s interest in the Partnership) would have received a cash
distribution but for such withholding or other taxes. To the extent that such payment exceeds the cash distribution that such Partner would have received but for such withholding, the General Partner shall notify such Partner as to the amount of
such excess and such Partner shall make a prompt payment to the Partnership of such amount by wire transfer, which payment shall not constitute a capital contribution and, consequently, shall not increase the Capital Account of such Partner. For the
avoidance of doubt, references to taxes in this Agreement include interest, penalties and additions to tax. 
 (d) Withholding from
Distributions to the Partnership. In the event that the Partnership receives a distribution or payment from or in respect of which tax has been withheld or other taxes have been paid, the Partnership shall be deemed to have received cash in an
amount equal to the amount of such withholding or other taxes, and each Partner shall be deemed for all purposes of this Agreement to have received a payment from the Partnership as of the time of such distribution or payment equal to the portion of
such amount that is attributable to such Partner’s interest in the Partnership (or attributable to income allocable to such Partner) as determined by the General Partner in its sole discretion, which payment shall be deemed to be a distribution
to such Partner pursuant to Section 3.1 to the extent that such Partner (or any successor to such Partner’s interest in the Partnership) would have received a cash distribution but for such withholding or other taxes.
To the extent that such payment exceeds the cash distribution that such Partner would have received but for such withholding, the General Partner shall notify such Partner as to the amount of such excess and such Partner shall make a prompt payment
to the Partnership of such amount by wire transfer, which payment shall not constitute a capital contribution and, consequently, shall not increase the Capital Account of such Partner. 

(e) Withholding Forms and Information. Each Partner shall furnish the Partnership with any information, representations and
forms as shall reasonably be requested by the Partnership from time to time to assist it in complying with any applicable Law or tax requirements or determining the extent of, and in fulfilling, any withholding obligations in respect of the
Partnership. Each Partner shall furnish the Partnership with any information, representations and forms as shall reasonably be requested by the Partnership to assist it in obtaining any exemption, reduction or refund of any withholding or other
taxes imposed by any taxing authority or other governmental agency upon the Partnership or amounts paid, or allocable, to the Partnership. 

(f) Tax Elections. The General Partner shall (and is hereby authorized to) cause the Partnership and, if applicable, any subsidiary of
the Partnership to make a timely election under Section 754 of the Code, or any similar provision enacted in lieu thereof, and any similar provisions under any state, local or non-U.S. tax law. The
General Partner shall have the power to make any other election on behalf of the Partnership that the General Partner deems appropriate in its sole discretion. 

  
 15 

 (g) Tax Representative. The General Partner shall designate a Person as the
“partnership representative” of the Partnership for each taxable year of the Partnership, in accordance with Section 6223 of the Code and any similar provision under any state or local or
non-U.S. tax laws (such Person with respect to any taxable year, the “Tax Representative”). Each Partner hereby consents to each such designation and agrees that, upon the request of the
General Partner, such Partner will execute, certify, acknowledge, deliver, swear to, file and record at the appropriate public offices such documents as may be necessary or appropriate to evidence such consent. No Limited Partner may revoke any
designation of a Tax Representative. The applicable Tax Representative shall have the sole discretion to determine all matters, and shall be authorized to take any actions necessary, with respect to preparing and filing any U.S. federal, state or
local or non-U.S. tax return of the Partnership and any audit, examination or investigation (including any judicial or administrative proceeding) of the Partnership by any U.S. federal, state or local or non-U.S. taxing authority (including the allocation of any resulting taxes, penalties and interest among the Partners and whether to make an election under Section 6226 of the Code or any similar provision of
any state or local tax laws with respect to any audit or other examination of the Partnership). Each Partner shall promptly upon request furnish to any Tax Representative any information that such Tax Representative may reasonably request in
connection with (i) preparing or filing any tax returns of the Partnership, (ii) any tax election of the Partnership or (iii) any audit, examination or investigation (including any judicial or administrative
proceeding) of the Partnership. If the applicable Tax Representative makes an election under Section 6226 of the Code or any similar provision of any state or local tax laws with respect to any audit adjustment of any item of the
Partnership’s income, gain, loss, deduction or credit (or adjustment of the allocation of any such items among the Partners), each Partner shall comply with the requirements set forth in Section 6226 of the Code or any similar provision of
any state or local or non-U.S. tax laws (and any applicable guidance issued by the applicable taxing authority) with respect to such election. Each Partner shall file all U.S. tax returns with respect to such
Partner’s distributive share of any item of the Partnership’s income, gain, loss, deduction or credit in a manner consistent with the Partnership’s U.S. tax treatment of such item. For the avoidance of doubt, any taxes, penalties or
interest imposed on the Partnership with respect to any audit, examination or investigation (including any judicial or administrative proceeding) of the Partnership by any taxing authority under Section 6225 of the Code (and any similar
provisions under any state or local or non-U.S. tax laws) shall be deemed to be distributions subject to the provisions of Section 3.1. No Partner shall, without the consent of the
General Partner, (A) file a request for administrative adjustment of Partnership items, (B) file a petition with respect to any Partnership item or other tax matters involving the Partnership or (C) enter into a
settlement agreement with any taxing authority with respect to any Partnership items. 
 (h) Schedule
K-1. The Partnership shall cause the preparation and timely filing of all of the Partnership’s tax returns and shall timely file all other writings required by any governmental authority having
jurisdiction to require such filing. Each Partner shall provide such information to the Partnership as may be reasonably necessary for purposes of the Partnership’s preparing any such required tax return or information return. The General
Partner shall use commercially reasonable efforts to provide to each Partner any information or relevant 

  
 16 

 
form, including but not limited to Internal Revenue Service Schedule K-1 to Internal Revenue Service Form 1065, regarding the Partnership’s taxable
income or loss and each item of income, gain, loss, deduction or credit which is relevant to reporting a Partner’s share of the Partnership’s income, gain, loss, deduction or credit for income tax purposes, as soon as practicable after the
close of the Partnership’s Tax Year (as defined below). Upon the written request of any Partner, the Partnership shall provide any information reasonably necessary for (i) the preparation of any U.S. federal, state, local and non-U.S. tax returns which may need to be filed by such Partner or (ii) financial accounting purposes. 

ARTICLE X 
 BOOKS AND
RECORDS 
 10.1 Books and Records; Information. 

(a) Generally. The General Partner shall keep proper books and records pertaining to the Partnership’s business and all of its
assets and liabilities, receipts and disbursements, realized profits and losses, Partners’ Capital Accounts and all transactions entered into by the Partnership, and all such books and records shall be maintained at the Partnership’s
principal place of business and/or registered office, as applicable, and in accordance with the Act. The General Partner shall retain the books and records of the Partnership for a period of at least six (6) years following the filing of the
final Partnership tax returns. 
 (b) Information. Except as provided for by this Agreement or required by the Act, each Limited
Partner shall not have the right to obtain information from the Partnership unless otherwise determined by the General Partner. 
 ARTICLE
XI 
 MISCELLANEOUS 

11.1 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and
shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by electronic mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses
(or at such other address for a party as shall be as specified in a notice given in accordance with this Section 11.1): 
  

	 	(i)	 If to the Partnership, to: 

Core & Main Holdings, LP 

c/o Core & Main, Inc. 

1830 Craig Park Court 
 St.
Louis, Missouri 63146 
 Email: X 

Attention: General Counsel and Secretary 

  
 17 

 with a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Email: pmrodel@debevoise.com 

Attention: Paul M. Rodel, Esq. 
  

	 	(ii)	 If to the General Partner, to: 

Core & Main, Inc. 

1830 Craig Park Court 
 St.
Louis, Missouri 63146 
 Email: X 

Attention: General Counsel and Secretary 

with a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 Email: pmrodel@debevoise.com 

Attention: Paul M. Rodel, Esq. 
  

	 	(iii)	 if to any Limited Partner, to the address of such Limited Partner as shown on Schedule A.

 11.2 Power of Attorney. The Partners, jointly and severally, hereby irrevocably constitute and appoint the
General Partner, with full power of substitution, their true and lawful attorney-in-fact in their name, place and stead to make, execute, sign and acknowledge, record
and file, on behalf of them and on behalf of the Partnership the following: (i) a Certificate of Limited Partnership and any other certificates or instruments which may be required to be filed by the Partnership or the Partners under the
laws of the State of Delaware and any other jurisdiction whose laws may be applicable; and (ii) any and all such other instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this
Agreement in accordance with its terms. Such power of attorney shall be irrevocable and is coupled with an interest. 
 11.3 Agreement
Binding upon Successors and Assigns; Recapitalizations, Exchanges, etc. 
 (a) Except as herein otherwise specifically provided, this
Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

  
 18 

 (b) The provisions of this Agreement shall apply to any and all equity interests in the
Partnership or any successor or assign of the Partnership (whether by conversion, merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for, or in substitution of any Partnership Interests, by reason of a
partnership interest distribution, partnership interest split, partnership interest issuance, reverse partnership interest split, combination, recapitalization, reclassification, conversion, merger, consolidation or otherwise. Upon the occurrence of
any such events, amounts hereunder shall be appropriately adjusted by the General Partner. 
 11.4 Fiscal Year. The fiscal year is a 52- or 53-week period ending on the Sunday nearest to January 31, or such other period as shall be determined by the General Partner. The tax year of the Partnership for
income tax purposes shall be determined by the General Partner in accordance with Section 706 of the Code and the Treasury Regulations thereunder (the “Tax Year”). 

11.5 Governing Law; Waiver of Trial by Jury. 

(a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any
choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction. The Parties hereto hereby declare that it is their intention that this Agreement shall be regarded as made under the laws of the
State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. 

(b) The Parties irrevocably consent to the exclusive jurisdiction of the courts of the State of Delaware and of the federal courts sitting in
the state of Delaware in connection with any action relating to this Agreement and each party agrees (i) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent
in the State of Delaware as such party’s agent for acceptance of legal process and notify the other parties hereto of the name and address of such agent, and (ii) that, to the fullest extent permitted by applicable law, service of
process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (i) or (ii) above shall, to
the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. Any action against any party relating to the foregoing shall be brought in the Delaware Court
of Chancery (or, solely if the Delaware Court of Chancery declines to accept or does not have jurisdiction over any action, to the exclusive jurisdiction of the Superior Court of the State of Delaware (Complex Commercial Division) or, if the subject
matter jurisdiction over the action is vested exclusively in the federal courts of the United States of America, the United States District Court for the District of Delaware), and any appellate courts of any thereof. To the extent not prohibited by
applicable law, each party hereto waives and agrees not to assert, by way of motion, as a defense or otherwise, in any such proceeding brought in the above-named courts, any claim that such party is not subject personally to the jurisdiction of such
courts, that such party’s property is exempt or immune from attachment or execution, that such proceeding is brought in an inconvenient forum, that the venue of such proceeding is improper, or that this Agreement or the subject matter thereof,
may not be enforced in or by such courts. 

  
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 (c) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO
HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY,
PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 11.5(C) CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 11.5(C) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

11.6 Injunctive Relief. The General Partner and the Limited Partners hereby declare that it is impossible to measure in money the
damages that will accrue to the parties hereto by reason of the failure of the General Partner or any Limited Partner to perform any of its obligations set forth in this Agreement. Therefore, to the fullest extent permitted by applicable Law, the
General Partner and the Limited Partners shall have the right to specific performance of such obligations, and if any party hereto shall institute any action or proceeding to enforce the provisions hereof, the General Partner and the Limited
Partners hereby waive, to the fullest extent permitted by applicable Law, the claim or defense that the party instituting such action or proceeding has an adequate remedy at law. 

11.7 Consents. Any and all consents, agreements or approvals provided for or permitted by this Agreement shall be in writing, and a
signed copy thereof shall be filed and kept with the books of the Partnership at the principal place of business of the Partnership. 
 11.8
Miscellaneous. 
 (a) All references to the masculine herein shall include both the neuter and the feminine. Whenever the words
“include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

(b) The titles, captions and headings preceding the text of each Section hereof shall be disregarded in the construction of this Agreement.
Except as otherwise expressly provided, sections cited herein shall refer to sections of this Agreement. 
 (c) This Agreement may be
executed and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different Parties hereto in separate
counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 11.8(c). 

  
 20 

 (d) This Agreement constitutes the entire agreement among the parties with respect to the
subject matter hereof, superseding any prior agreement or understanding among them, oral or written. 
 (e) If any provision, including any
phrase, sentence, clause, section or subsection, of this Agreement is determined by a court of competent jurisdiction to be invalid, inoperative or unenforceable for any reason, such circumstances shall not have the effect of rendering such
provision in question invalid, inoperative or unenforceable in any other case or circumstance, or of rendering any other provision herein contained invalid, inoperative or unenforceable to any extent whatsoever. Upon any such determination, the
General Partner shall reasonably and in good faith modify this Agreement so as to effect the original intent of the parties as closely as possible in order that the transactions contemplated hereby be consummated as originally contemplated to the
fullest extent possible. 
 (f) At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and
at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions
contemplated hereby in accordance with their terms and to otherwise carry out the intent of the parties hereunder. 
 11.9 Amendments and
Waiver. Except as otherwise expressly provided herein, no modification, amendment or waiver of any provision of this Agreement shall be effective without the consent of the General Partner; provided that any Limited Partner may waive (in
writing) the benefit of any provision of this Agreement with respect to itself for any purpose. Any written amendment or waiver to this Agreement that receives the vote or consent of the General Partner need not be signed by all Limited Partners,
but shall be effective in accordance with its terms and shall be binding upon all Limited Partners; provided that this Agreement may not be amended in any manner adversely affecting the rights or obligations of any Limited Partner that does
not, by its terms, adversely affect the rights or obligations of all similarly situated Limited Partners in a substantially similar manner without the consent of such Limited Partner. 

11.10 Restrictions on Other Agreements. Following the date hereof, no Limited Partner shall enter into or agree to be bound by any
Limited Partner agreements or arrangements of any kind with any Person with respect to any Partnership Interests (other than the Indemnification Agreement), to the extent that such agreement or arrangement would conflict with or violate any
provision or term of this Agreement or otherwise be intended to circumvent the provisions set forth herein, except pursuant to the agreements specifically contemplated by the Indemnification Agreement. 

[Remainder of page intentionally left blank.] 

  
 21 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly
executed this Second Amended and Restated Agreement of Limited Partnership effective as of the date first set forth above. 
  

					
	GENERAL AND LIMITED PARTNER
	
	CORE & MAIN, INC., in its capacity as the general partner and a limited partner
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	LIMITED PARTNERS
	
	CD&R WATERWORKS HOLDINGS, L.P., in its capacity as a limited partner
	
	By its general partner, CD&R Waterworks Holdings GP, Ltd.
		
	By:	 	 
		 	Name: Rima Simson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	CD&R WW, LLC, in its capacity as a limited partner
	
	By its managing member, Core & Main, Inc.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 [Signature Page –
Second Amended and Restated Limited Partnership Agreement of Core & Main Holdings, LP] 

 
					
	CORE & MAIN MANAGEMENT FEEDER, LLC, in its capacity as a limited partner
	
	By its managing member, CD&R Waterworks Holdings GP, Ltd.
		
	By:	 	 
		 	Name: Rima Simson	 	
		 	 Title: Vice President, Treasurer and Assistant

Secretary

  
 [Signature Page –
Second Amended and Restated Limited Partnership Agreement of Core & Main Holdings, LP] 

 Annex I 

 

 DEFINED TERMS 

Definitions. The terms defined in this Annex I, whenever used in this Agreement, shall have the following meanings for all purposes of
this Agreement. 
 “A&R Agreement” has the meaning set forth in the recitals to this Agreement. 

“Accounting Period” means, for the first Accounting Period, the period commencing on the day after the closing of the IPO and
ending on the next Adjustment Date. All succeeding Accounting Periods shall commence on the day after an Adjustment Date and end on the next Adjustment Date. 

“Act” means the Delaware Revised Uniform Limited Partnership Act (6 Del. C.
Section 17-101, et seq.), as amended. 
 “Adjustment Date”
means the last day of each Tax Year or any other date determined by the General Partner as appropriate for a closing of the Partnership’s books. 

“Affiliate” means, with respect to a specified Person, any Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with the specified Person. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Business Day” means any day excluding Saturday, Sunday and any day that is a legal holiday under the laws of the State of
New York or is a day on which banking institutions located in New York are closed. 
 “C&M, Inc.” has the meanings set
forth in the preamble to this Agreement. 
 “Capital Account” has the meaning set forth in
Section 9.2(a). 
 “CD&R Partner” has the meaning set forth in the preamble to this
Agreement. 
 “Class A Common Stock” means the Class A common stock, par value $0.01 per share, of
C&M Inc. 
 “Class B Common Stock” means the Class B common stock, par value $0.01 per share,
of C&M Inc. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Continuing Limited Partners Tax Receivable Agreement” means the Tax Receivable Agreement, dated on or about the date hereof,
by and among C&M Inc., the Partnership, the holders of Partnership Interests and shares of Class B Common Stock party thereto and any other person from time to time a party thereto, as such agreement may be amended, restated, supplemented
or otherwise modified from time to time. 

  
 A-1 

 Annex I 

 

 “Covered Person” means a current or former Partner, an Affiliate of a
current or former Partner, any officer, director, shareholder, partner, member, employee, representative or agent of a current or former Partner or any of their respective Affiliates, or any current or former officer, employee or agent of the
Partnership or any of its Affiliates. 
 “Disabling Conduct” means, in respect of any Person, an act or omission
(a) that is a criminal act by such Person that such Person had no reasonable cause to believe was lawful or (b) that constitutes fraud or willful misconduct by such Person. 

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

“Exchange Agreement” means the exchange agreement, dated as of or about the date hereof, by and among C&M Inc., the
Partnership, the holders of Partnership Interests and shares of Class B Common Stock party thereto and any other person from time to time a party thereto, as such agreement may be amended, restated, supplemented or otherwise modified from time
to time. 
 “Exchange Transaction” means an exchange of an LP Partnership Interest for a number of shares of Class A
Common Stock or, at the determination of the General Partner, acting by a majority of the disinterested members of its board of directors in accordance with Delaware General Corporation Law, a cash payment, in each case pursuant to, and subject to
the conditions of, the Exchange Agreement. 
 “Former Limited Partner Tax Receivable Agreement” means the Tax Receivable
Agreement, dated on or about the date hereof, by and among the General Partner, the Partnership and certain stockholders of the General Partner, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. 

“General Partner” has the meanings set forth in the preamble to this Agreement and includes any Person(s) admitted as
additional or substitute General Partner(s) of the Partnership pursuant to this Agreement and in accordance with the Act. 
 “GP
Partnership Interests” has the meaning set forth in Section 2.1(a). 
 “Indemnification
Agreement” means the Indemnification Agreement, dated August 1, 2017, by and among the Prior General Partners, Core & Main LP and the other parties thereto, as modified by that certain letter agreement, dated as of
August 5, 2019, by and among the Partnership, Core & Main Midco, LLC, Core & Main Intermediate GP, LLC, Core & Main LP, Clayton, Dubilier & Rice, LLC and the other parties thereto. 

“Intermediate Partner” has the meaning set forth in the preamble to this Agreement. 

“IPO” has the meaning set forth in the recitals to this Agreement. 

  
 A-2 

 Annex I 

 

 “Law” means any foreign, federal, state or local law, statute, regulation,
ordinance, rule, order, decree, judgment, consent decree or other binding directive issued, enacted, promulgated, entered into, agreed or imposed by any domestic or foreign government, including any foreign, federal, state, provincial, local,
territorial or municipal government or any governmental division, agency or authority thereof, court or judicial authority, tribunal or commission. 

“Limited Partner” and “Limited Partners” have the meanings set forth in the preamble to this Agreement and
include any Person(s) admitted as additional or substitute Limited Partner(s) of the Partnership pursuant to this Agreement. 

“Liquidation Adjustment” has the meaning set forth in Section 4.1(b). 

“Liquidating Trustee” has the meaning set forth in Section 4.1(b). 

“LP Partnership Interests” has the meaning set forth in Section 2.1(a). 

“Management Member” shall mean a member of the Management Partner. 

“Management Partner” has the meaning set forth in the preamble to this Agreement. 

“Management Partner LLC Agreement” shall mean the limited liability company agreement of the Management Partner, as amended,
restated and supplemented from time to time. 
 “Management Subscription Agreement” means a subscription or award agreement
between the Management Partner and a Management Member (among others), embodying the terms of, as applicable, any purchase of interests in the Management Partner by, or grant of interests in the Management Partner to, such Management Member made
pursuant to the Management Partner LLC Agreement and in the form approved by the General Partner and the manager of the Management Partner from time to time for such purpose. 

“Officers” has the meaning set forth in Section 6.2. 

“Original Agreement” has the meaning set forth in the recitals to this Agreement. 

“Parties” has the meaning set forth in the preamble to this Agreement. 

“Partners” means the Limited Partners and the General Partner. 

“Partnership” has the meaning set forth in the preamble to this Agreement. 

“Partnership Interests” means the GP Partnership Interests, LP Partnership Interests and any other class or designation of
interests in the limited partnership denominated in the form of partnership interests authorized by the General Partner. 

“Partnership Opportunity” has the meaning set forth in Section 8.3(b). 

  
 A-3 

 Annex I 

 

 “Person” means an individual, a partnership (including a limited
partnership), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or a governmental entity. 

“Prior General Partners” means CD&R Plumb Buyer, LLC, a Delaware limited liability company, and Core & Main GP,
LLC, a Delaware limited liability company, as the prior general partners of the Partnership. 
 “Reorganization
Transactions” has the meaning set forth in the recitals. 
 “Securities Act” has the meaning set forth on the
cover page. 
 “Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership,
association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership,
association or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that
Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such
Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall control the management of any such limited liability company, partnership, association or other
business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries. 

“Tax Distributions” means distributions made to Partners pursuant to Section 3.3(a). 

“Tax Representative” has the meaning set forth in Section 9.3(g). 

“Tax Year” has the meaning set forth in Section 11.4. 

“TRA Distribution” has the meaning set forth in Section 3.3(b). 

“Transfer” or “Transferred” means any direct or indirect sale, assignment, mortgage, transfer, gift, pledge,
hypothecation or other encumbrance or disposal, the act of effecting any of the foregoing or any of the foregoing having been effected, as the context requires, including derivative or similar transactions or arrangements whereby a portion or all of
the economic interest therein, or risk of loss or opportunity for gain with respect thereto, are transferred or shifted to another Person. 

“Transferee” means any Person to whom any Partner Transfers Partnership Interests in accordance with the terms hereof. 

  
 A-4 

 Annex I 

 

 “Treasury Regulations” means the Regulations of the Treasury Department of
the United States issued pursuant to the Code. 
 “United States” or “U.S.” means the United States of
America. 

  
 A-5

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