Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 $370,000,000

 NAVISTAR INTERNATIONAL CORPORATION 

4.75% Senior Subordinated Convertible Notes due 2019 

Purchase Agreement 

March 18, 2014         

J.P. Morgan Securities LLC 
 As Representative of
the 
 several Initial Purchasers listed 

in Schedule 1 hereto 
 c/o J.P. Morgan Securities
LLC 
 383 Madison Avenue 
 New York, New York 10179 

Ladies and Gentlemen: 
 Navistar International
Corporation, a Delaware corporation (the “Company”), proposes to issue and sell to the several initial purchasers listed in Schedule 1 hereto (the “Initial Purchasers”), for whom you are acting as representative
(the “Representative”), $370,000,000 aggregate principal amount (the “Firm Securities”) of its 4.75% Senior Subordinated Convertible Notes due 2019 (the “Notes”) and, at the option of the Initial
Purchasers, up to an additional $55,500,000 aggregate principal amount (the “Option Securities”) of Notes as set forth in Section 2 below. The Firm Securities and the Option Securities are herein referred to as the
“Securities”. Upon the satisfaction of certain conditions, the Securities are convertible, at the option of the holders, at a conversion rate (the “Conversion Rate”) set forth and as described in the Time of Sale
Information (as defined below) and the Offering Memorandum (as defined below), and upon any such conversion the Company may elect to satisfy its conversion obligation through the delivery of shares of common stock, par value $0.10 per share, of the
Company (“Common Stock”), cash or a combination of cash and shares of Common Stock. The Securities will be issued pursuant to an indenture to be dated as of March 24, 2014 (the “Indenture”) between the Company
and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). 
 The Securities will be sold to the
Initial Purchasers without being registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom. The Company has prepared a preliminary offering memorandum dated
March 18, 2014 (the “Preliminary Offering Memorandum”) and will prepare an offering memorandum dated the date hereof (the “Offering Memorandum”) setting forth information concerning the Company and the
Securities. Copies of the Preliminary Offering Memorandum have been, and copies of the Offering Memorandum will be, delivered by the Company to the Initial Purchasers pursuant to the terms of this purchase agreement (the
“Agreement”). The Company hereby confirms that it has authorized the 

 
use of the Preliminary Offering Memorandum, the other Time of Sale Information (as defined below) and the Offering Memorandum in connection with the offering and resale of the Securities by the
Initial Purchasers in the manner contemplated by this Agreement. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Preliminary Offering Memorandum. References herein to the Preliminary Offering
Memorandum, the Time of Sale Information and the Offering Memorandum shall be deemed to refer to and include any document incorporated by reference therein and any reference to “amend,” “amendment” or “supplement” with
respect to the Preliminary Offering Memorandum or the Offering Memorandum shall be deemed to refer to and include any documents filed after such date and incorporated by reference therein. References herein to the Preliminary Offering Memorandum,
the Time of Sale Information and the Offering Memorandum also shall be deemed to refer to and include the preliminary Canadian offering memorandum dated March 18, 2014 (the “Preliminary Canadian Offering Memorandum”) and the
Canadian offering memorandum dated the date hereof (the “Final Canadian Offering Memorandum”), respectively. 
 At or prior
to the time when sales of the Securities were first made (the “Time of Sale”), the Company had prepared the following information (collectively, the “Time of Sale Information”): the Preliminary Offering Memorandum,
as supplemented and amended by the written communications listed on Annex A hereto. 
 The Company will use the net proceeds of the offering
of the Securities to retire at maturity or to repurchase a portion of its 3.0% Senior Subordinated Convertible Notes due October 2014 (the “2014 Convertible Notes”). The Company does not have the right to redeem the 2014 Convertible
Notes prior to their maturity on October 15, 2014. As a result, it expects that any repurchases of convertible notes would be made from time to time in open market, privately negotiated or other similar transactions or some combination thereof
at various prices based on market conditions. The Company may deposit net proceeds of the offering of the Securities with the trustee for the 2014 Convertible Notes to be used to repurchase the 2014 Convertible Notes in open market and/or privately
negotiated transactions or to repay any 2014 Convertible Notes that remain outstanding at their maturity. 
 The Company hereby confirms its
agreement with the several Initial Purchasers concerning the purchase and resale of the Securities, as follows: 
 1. Purchase and Resale
of the Securities. 
 (a) The Company agrees to issue and sell the Firm Securities to the several Initial Purchasers as provided in this
Agreement, and each Initial Purchaser, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective
principal amount of Firm Securities set forth opposite such Initial Purchaser’s name in Schedule 1 hereto at a price equal to 98.0% of the principal amount thereof (the “Purchase Price”) plus accrued interest, if any, from
March 24, 2014 to the Closing Date (as defined below). The Company will not be obligated to deliver any of the Securities except upon payment for all the Securities to be purchased as provided herein. 

  
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 In addition, the Company agrees to issue and sell the Option Securities to the several Initial
Purchasers as provided in this Agreement, and the Initial Purchasers, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, shall have the option to purchase, severally and
not jointly, from the Company the Option Securities at the Purchase Price plus accrued interest, if any, from March 24, 2014 to the date of payment and delivery. 

If any Option Securities are to be purchased, the amount of Option Securities to be purchased by each Initial Purchaser shall be the amount of
Option Securities that bears the same ratio to the aggregate amount of Option Securities being purchased as the amount of Firm Securities set forth opposite the name of such Initial Purchaser in Schedule 1 hereto (or such amount increased as set
forth in Section 10 hereof) bears to the aggregate amount of Firm Securities being purchased from the Company by the several Initial Purchasers, subject, however, to such adjustments to securities in denominations other than $1,000 as the
Representative in its sole discretion shall make. 
 The Initial Purchasers may exercise the option to purchase Option Securities at any
time in whole, or from time to time in part, on or before the thirtieth day following the date of the Offering Memorandum, by written notice from the Representative to the Company. Such notice shall set forth the aggregate amount of Option
Securities as to which the option is being exercised and the date and time when the Option Securities are to be delivered and paid for, which may be the same date and time as the Closing Date (as hereinafter defined) but shall not be earlier than
the Closing Date or later than the tenth full business day (as hereinafter defined) after the date of such notice (unless such time and date are postponed in accordance with the provisions of Section 10 hereof). Any such notice shall be given
at least two business days prior to the date and time of delivery specified therein; provided, however, that in the event that such date and time of delivery is to be the Closing Date, the requirement in this sentence shall be waived.

 (b) The Company understands that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in the Time of
Sale Information. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 
 (i) it is a
qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”) and an accredited investor within the meaning of Rule 501(a) of Regulation D under the Securities Act (“Regulation
D”); 
 (ii) it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell,
the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and

 (iii) it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the
Securities as part of their initial offering except within the United States to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under the 

  
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Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is aware that such
sale is being made in reliance on Rule 144A. 
 (c) Each Initial Purchaser acknowledges and agrees that the Company and, for purposes of the
“no registration” opinions to be delivered to the Initial Purchasers pursuant to Sections 6(f) and 6(h), counsel for the Company and counsel for the Initial Purchasers, respectively, may rely upon the accuracy of the representations and
warranties of the Initial Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph (b) above, and each Initial Purchaser hereby consents to such reliance. 

(d) The Company acknowledges and agrees that the Initial Purchasers may offer and sell Securities to or through any affiliate of an Initial
Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser. 
 (e) The Company
acknowledges and agrees that each Initial Purchaser is acting solely in the capacity of an arm’s length contractual counterparty to the Company with respect to the offering of Securities contemplated hereby (including in connection with
determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person. Additionally, neither the Representative nor any other Initial Purchaser is advising the Company or any other
person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and
appraisal of the transactions contemplated hereby, and neither the Representative nor any other Initial Purchaser shall have any responsibility or liability to the Company with respect thereto. Any review by the Representative or any Initial
Purchaser of the Company and the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Representative or such Initial Purchaser, as the case may be, and shall not be on behalf
of the Company or any other person. 
 2. Payment and Delivery. 

(a) Payment for and delivery of the Securities shall be made at the offices of Cravath, Swaine & Moore LLP at 10:00 A.M., New York
City time, on March 24, 2014, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representative and the Company may agree upon in writing or, in the case of the Option
Securities, on the date and at the time and place specified by the Representative in the written notice of the Initial Purchasers’ election to purchase such Option Securities. The time and date of such payment and delivery for the Firm
Securities is referred to herein as the “Closing Date”, and the time and date for such payment for the Option Securities, if other than the Closing Date, is herein referred to as the “Additional Closing Date”. 

(b) Payment for the Securities to be purchased on the Closing Date or the Additional Closing Date, as the case may be, shall be made by wire
transfer in 

  
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immediately available funds to the account specified by the Company to the Representative against delivery to the nominee of The Depository Trust Company (“DTC”), for the
respective accounts of the several Initial Purchasers of the Securities to be purchased on such Closing Date or Additional Closing Date, as the case may be, of one or more global notes representing the Securities (collectively, the “Global
Note”), with any transfer taxes payable in connection with the sale of such Securities duly paid by the Company. A copy of the Global Note will be made available for inspection by the Representative at the office of Cravath,
Swaine & Moore LLP not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date or the Additional Closing Date, as the case may be. 

3. Representations and Warranties of the Company. The Company represents and warrants to each Initial Purchaser that: 

(a) Preliminary Offering Memorandum, Time of Sale Information and Offering Memorandum. The Preliminary Offering Memorandum, as of its
date, did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and the Offering Memorandum, in the form first used by the Initial Purchasers to confirm sales of the Securities and as of the Closing
Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that
the Company makes no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser
through the Representative expressly for use in the Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum, it being understood and agreed that the only such information furnished by any Initial Purchaser consists
of the information described as such in Section 7(b) hereof. 
 (b) Additional Written Communications. The Company (including
its agents and representatives, other than the Initial Purchasers in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any written communication
that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Company or its agents and representatives (other than a communication referred to in clauses (i) and (ii) below) an
“Issuer Written Communication”) other than (i) the Preliminary Offering Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Annex
B hereto (the “Pricing Supplement”), which constitute part of the Time of Sale Information, and (iv) any electronic road show and any other written communications approved in writing in advance by the Representative, in each
case used in accordance with Section 4(c). Each such Issuer Written Communication, when taken together with the Time of Sale Information at the Time of Sale, did not, and at the Closing Date and as of the Additional Closing Date, as the case
may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that
the Company makes no representation or warranty with respect to any statements or omissions made in each such Issuer Written Communication in reliance 

  
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upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative expressly for use in any Issuer
Written Communication, it being understood and agreed that the only such information furnished by any Initial Purchaser consists of the information described as such in Section 7(b) hereof. 

(c) Incorporated Documents. The documents incorporated by reference in each of the Time of Sale Information and the Offering
Memorandum, when filed with the Securities and Exchange Commission (the “Commission”), complied as to form in all material respects with the requirements of the Exchange Act, and the rules and regulations of the Commission
thereunder, and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; and any further documents so filed and incorporated by reference in the Time of Sale Information or the Offering Memorandum, when such documents are filed with the Commission, will conform in all material respects to the
requirements of the Exchange Act and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading. 
 (d) Financial Statements. The financial statements and the related notes thereto included or
incorporated by reference in each of the Time of Sale Information and the Offering Memorandum comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and present fairly the
consolidated financial position, results of operations and cash flows of the Company and its consolidated subsidiaries, as of the dates and for the periods indicated, and said financial statements have been prepared in conformity with generally
accepted accounting principles in the United States (“GAAP”) applied on a consistent basis throughout the periods covered thereby, and any supporting schedules included or incorporated by reference in the Offering Memorandum present
fairly the information required to be stated therein; and the other financial information included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum has been derived from the accounting records of the
Company and its consolidated subsidiaries, as applicable, and presents fairly the information shown thereby. 
 (e) No Material Adverse
Change. Since the respective dates as of which information is given in each of the Time of Sale Information and the Offering Memorandum (exclusive of any amendment or supplement thereto), except as disclosed therein, there has not been
(A) any material change in the issued capital stock, warrants or options except pursuant to the terms of the instruments governing the same or pursuant to the exercise of such options or warrants, or the issuance of certain options of the
Company or any of its Subsidiaries (as defined herein), or (B) any material adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs, the management, business, financial position,
stockholders’ equity or results of operations, of the Company and its Subsidiaries, taken as a whole (a “Material Adverse Change”). Since the respective dates as of which information is given in each of the Time of Sale
Information and the Offering Memorandum (exclusive of any 

  
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amendment or supplement thereto), except as disclosed therein, (i) there have been no transactions entered into by the Company or any of its Subsidiaries, including those entered into in the
ordinary course of business, that are material to the Company and its Subsidiaries taken as a whole; and (ii) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock, except
for quarterly dividends in accordance with the past practices of the Company. 
 (f) Organization and Good Standing of the Company and
its Subsidiaries. The Company and each Subsidiary has been duly incorporated or organized under the laws of its jurisdiction of incorporation or organization; is validly existing and in good standing under the laws of its jurisdiction of
incorporation or organization; is duly qualified to do business and is in good standing in each other jurisdiction in which it owns or leases property or conducts any business so as to require such qualification, except where the failure to be so
qualified or in good standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties, management, financial position, stockholders’ equity, results of operations
or prospects of the Company and its Subsidiaries taken as a whole or on the performance by the Company of its obligations under the Transaction Documents (as defined below) (a “Material Adverse Effect”). 

(g) Capitalization. The Company has an authorized capitalization as set forth in each of the Time of Sale Information and the Offering
Memorandum under the heading “Capitalization”; all the outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and are not subject to any pre-emptive or
similar rights; and except as described in or expressly contemplated by the Time of Sale Information and the Offering Memorandum (including all outstanding equity awards granted under the Company’s employee benefit plans), there are no
outstanding rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or instruments convertible into or exchangeable for, any shares of capital stock or other equity interest in the Company or any of its
Subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any capital stock of the Company or any such Subsidiary, any such convertible or exchangeable securities or any such rights,
warrants or options; the capital stock of the Company conforms in all material respects to the description thereof contained in the Time of Sale Information and the Offering Memorandum; and except as described in the Time of Sale Information and the
Offering Memorandum, the Company owns, directly or indirectly, free and clear of any mortgage, pledge, security interest, lien, claim or other encumbrance or restriction on transferability or voting (other than as may be imposed by the Securities
Act and the various state securities laws or under the Company’s Term Loan Facility), all of the outstanding capital stock of each of its Significant Subsidiaries. All of the outstanding capital stock of each Subsidiary of the Company has been
duly authorized and validly issued and is fully paid and non-assessable. 
 (h) Due Authorization. The Company has the requisite
power and authority to execute and deliver this Agreement, the Indenture and the Securities (collectively, the “Transaction Documents”) and to perform its obligations hereunder and thereunder; and all action required to be taken for
the due and proper authorization, execution and delivery by it of each of the Transaction Documents and the consummation by it of the transactions contemplated hereby and thereby has been duly and validly taken. 

  
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 (i) The Indenture. The Indenture has been duly authorized by the Company and on the
Closing Date and on the Additional Closing Date, as the case may be, when duly executed and delivered in accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Company enforceable
against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by equitable principles relating to enforceability
(collectively, the “Enforceability Exceptions”). 
 (j) Purchase Agreement. This Agreement has been duly authorized,
executed and delivered by the Company. 
 (k) The Securities. The Securities to be issued and sold by the Company hereunder have been
duly authorized for issuance and, when duly executed, authenticated, issued and delivered as provided in the Indenture and paid for by the Initial Purchasers in accordance with the terms hereof, will be duly and validly issued and will constitute
valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture. 

(l) Underlying Securities. Upon the issuance and delivery of the Securities in accordance with this Agreement and the Indenture, upon
the satisfaction of certain conditions, the Securities are convertible, at the option of the holders, at the Conversion Rate; upon any such conversion, the Company may elect to satisfy its conversion obligation through the delivery of shares of
Common Stock, cash or a combination of cash and shares of Common Stock (all such shares of Common Stock issuable upon conversion of the Securities being referred to herein as the “Underlying Securities”); the Underlying Securities
reserved for issuance upon conversion of the Securities have been duly authorized and, when issued upon conversion of the Securities in accordance with the terms of the Securities, will be validly issued, fully paid and non-assessable, and the
issuance of the Underlying Securities will not be subject to any pre-emptive or similar rights. 
 (m) Descriptions of the Transaction
Documents. Each Transaction Document conforms in all material respects to the description thereof contained in each of the Time of Sale Information and the Offering Memorandum. 

(n) No Violation or Default. None of the Company or any of its Subsidiaries is (i) in violation of its Certificate of
Incorporation, by-laws or similar organizational documents (in the case of the Company’s Subsidiaries that are not Significant Subsidiaries only, in any material respect); (ii) in breach or violation of any of the terms or provisions of,
or with the giving of notice or lapse of time, or both, would be in default under, any contract, indenture, mortgage, deed of trust, loan agreement, note, lease, partnership agreement or other agreement or instrument to which the Company or any
Subsidiary is a party or by which any of them may be bound or to which any of their 

  
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properties or assets may be subject; except, in the case of this clause (ii), for any such breach, violation or default that would not reasonably be expected, individually or in the aggregate, to
have a Material Adverse Effect. 
 (o) No Conflicts. The execution and delivery by the Company and the performance by the Company of
all of the provisions of, and its obligations under, the Transaction Documents and the consummation by the Company of the transactions herein and therein contemplated and as set forth in the Time of Sale Information and the Offering Memorandum will
not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any properties or assets of the
Company or of any Subsidiary pursuant to, any indenture, mortgage, deed of trust, loan agreement, note, lease, partnership agreement or other agreement or instrument to which the Company or any such Subsidiary is a party or by which any of them is
bound or to which any of their respective properties or assets may be subject; (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of the Company or any of its Subsidiaries; or
(iii) result in the violation of any applicable law or statute, rule or regulation (other than the securities or Blue Sky laws of the various states of the United States of America) or any judgment, order or decree of any government,
governmental instrumentality, agency, body or court, domestic or foreign, having jurisdiction over the Company or any such Subsidiary or any of their respective properties or assets, except, in the case of clauses (i) and (iii) above, for
any such violation, conflict, breach or default that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

(p) No Consents Required. No authorization, approval, consent, order, registration, qualification or license of, or filing with, any
court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company of each of the Transaction Documents, the issuance and sale of the Securities and the consummation of the transactions
contemplated by the Time of Sale Information and the Offering Memorandum, other than such authorizations, approvals, consents, orders and registrations or qualifications as may be required under applicable state securities or Blue Sky laws in
connection with the purchase and distribution of the Securities by the Initial Purchasers, except where the failure to obtain such authorization, approval, consent, order, registration, qualification or license or to make any such filing would not
reasonably be expected, individually or in the aggregate, to have a material adverse effect on the consummation of the transactions contemplated by, or the fulfillment of the terms of, this Agreement or the Time of Sale Information and the Offering
Memorandum. 
 (q) Legal Proceedings. Except as described in each of the Time of Sale Information and the Offering Memorandum, there
is no action, suit or proceeding before or by any government, governmental instrumentality, agency, body or court, domestic or foreign, now pending or, to the best knowledge of the Company, threatened against or affecting the Company or any of its
Subsidiaries, that could reasonably be expected to have a Material Adverse Effect or that could have a material adverse effect on the consummation of the transactions contemplated by, or the fulfillment of the terms of, this Agreement or the Time of
Sale Information and the Offering Memorandum; there is no 

  
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action, suit or proceeding before or by any government, governmental instrumentality, agency, body or court now pending or, to the best knowledge of the Company, threatened against or affecting
the Company or any of its Subsidiaries that would be required to be described by Item 103 of Regulation S-K under the Securities Act if the issuance of the Notes was being registered under the Securities Act, but is not described in the Time of
Sale Information and the Offering Memorandum. 
 (r) Independent Accountants. KPMG LLP, which has certified certain financial
statements of the Company and its Subsidiaries, is an independent registered public accounting firm with respect to the Company and its Subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company
Accounting Oversight Board (United States) (the “PCAOB”) and as required by the Securities Act. 
 (s) Title to Real and
Personal Property. The Company and its Subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them, in each case, that is material to the business of the
Company and its Subsidiaries and, in each case, free and clear of all liens, encumbrances and defects except (i) as described in the Time of Sale Information and the Offering Memorandum, (ii) to the extent the failure to have such title,
or the existence of such liens, encumbrances or defects, would not reasonably be expected to have a Material Adverse Effect and (iii) for such liens and encumbrances granted under the Term Loan Facility and the ABL Facility (as defined in the
Preliminary Offering Memorandum). 
 (t) Title to Intellectual Property. The Company and its Subsidiaries own, possess or can acquire
on reasonable terms, adequate trademarks, trade names and other rights to inventions, know how, patents, copyrights, confidential information and other intellectual property (collectively, “intellectual property rights”) necessary
to conduct the business now operated by them, or presently employed by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any intellectual property rights that would individually or
in the aggregate reasonably be expected to have a Material Adverse Effect. 
 (u) No Undisclosed Relationships. No relationship,
direct or indirect, exists between or among the Company or any of its Subsidiaries, on the one hand, and the directors, officers, stockholders, customers, suppliers or other affiliates of the Company or any of its Subsidiaries, on the other, that
would be required by the Securities Act to be described in a registration statement on Form S-1 to be filed with the Commission and that is not so described in each of the Time of Sale Information and the Offering Memorandum. 

(v) Investment Company Act. The Company is not, and after giving effect to the offering and sale of the Securities and the application
of the proceeds thereof as described in the Time of Sale Information and the Offering Memorandum will not be, an “investment company” or an entity “controlled” by an “investment company” as such terms are defined in the
Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Investment Company Act”). 

  
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 (w) Taxes. The Company and its Subsidiaries have satisfied all federal, state, local and
foreign taxes and filed all tax returns required to be paid or filed through the date hereof; and except as otherwise disclosed in the Time of Sale Information and the Offering Memorandum, there is no material tax deficiency that has been, or could
reasonably be expected to be, asserted against the Company or any of its Subsidiaries or any of their respective properties or assets. 

(x) Licenses and Permits. Each of the Company and its Subsidiaries has all licenses, franchises, permits, authorizations, approvals and
orders and other concessions of and from all governmental or regulatory authorities that are necessary to own or lease its properties and conduct its businesses as described in the Time of Sale Information and the Offering Memorandum, except where
the failure to have such licenses, franchises, permits, authorizations, approvals and orders would not, individually or in the aggregate, have a Material Adverse Effect. 

(y) No Labor Disputes. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge of the
Company, is imminent that could have a Material Adverse Effect. 
 (z) Compliance with Environmental Laws. Except as described in the
Time of Sale Information and the Offering Memorandum, there has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission or other release of any kind of toxic or other wastes or other hazardous substances by,
due to or caused by, to the best knowledge of the Company, the Company and each of its Subsidiaries or any other entity (including any predecessor) for whose acts or omissions any of the Company or its Subsidiaries is or could reasonably be expected
to be liable, upon any of the property now or previously owned or leased by the Company or its Subsidiaries, or upon any other property, in violation of any statute or any ordinance, rule, regulation, order, judgment, decree or permit or that would,
under any statute or any ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability that could not reasonably be expected to have, singularly
or in the aggregate with all such violations and liabilities, a Material Adverse Effect; and except as described in the Time of Sale Information and the Offering Memorandum, there has been no disposal, discharge, emission or other release of any
kind onto such property or into the environment surrounding such property of any toxic or other wastes or other hazardous substances with respect to which the Company has knowledge, except for any such disposal, discharge, emission or other release
of any kind that could not reasonably be expected to have, singularly or in the aggregate with all such discharges and other releases, a Material Adverse Effect. 

(aa) Compliance with ERISA. Except as set forth in the Time of Sale Information and the Offering Memorandum or as would not reasonably
be expected to have a Material Adverse Effect, (i) each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which the Company or any
member of its “Controlled Group” (defined as any organization that is (x) a member of a controlled group of corporations or (y) a trade or business that is under common control within the meaning of Section 414 of the
Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability 

  
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(each, a “Plan”) has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations including, without limitation,
ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant to a statutory or
administrative exemption; (iii) neither the Company nor any member of the Controlled Group has failed to make any required contribution to any Plan that is subject to Title IV of ERISA when due under Section 412 and 430 of the Code and
Sections 303 and 304 of ERISA, the conditions for imposition of a lien under Section 430(k) of the Code and Section 303(k) of ERISA have not been met with respect to any Plan and, except with respect to the Navistar, Inc. Non-Contributory
Retirement Plan and the Navistar, Inc. Retirement Plan for Salaried Employees, no determination that a Plan is in “at risk” status (within the meaning of Section 430(i) of the Code and Section 303(i) of ERISA) has been made;
(iv) no “reportable event” (within the meaning of Section 4043(c) of ERISA or the regulations thereunder for which the reporting requirements have not been waived) has occurred or is reasonably expected to occur (for which the
reporting requirements are not reasonably expected to be waived); and (v) neither the Company nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions
to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan”, within the meaning of Section 4001(a)(3) of ERISA). 

(bb) Disclosure Controls. The Company maintains and will maintain “disclosure controls and procedures” (as defined in Rule
13a-15(e) of the Exchange Act) designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported in accordance with the Exchange
Act and the rules and regulations thereunder. The Company has carried out and will carry out evaluations, under the supervision and with the participation of the Company’s management, of the effectiveness of the design and operation of the
Company’s disclosure controls and procedures in accordance with Rule 13a-15 of the Exchange Act. 
 (cc) Accounting
Controls. Except as disclosed in the Time of Sale Information and the Offering Memorandum, the Company maintains a system of internal controls, including, without limitation, internal controls over accounting matters and financial reporting, an
internal audit function and legal and regulatory compliance controls (collectively, “Internal Controls”) that comply with (a) the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”), (b) the Securities Act,
(c) the Exchange Act, (d) the auditing principles, rules, standards and practices applicable to auditors of “issuers” (as defined in Sarbanes-Oxley) promulgated or approved by the PCAOB and (e) as applicable, the rules of
the New York Stock Exchange (the “Exchange” and, such rules, the “Exchange Rules”) (clauses (a) through (e), collectively, the “Securities Laws”) and are sufficient to provide reasonable
assurances that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to
maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, (iv) the recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action 

  
 12 

 
is taken with respect to any differences and (v) interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Time of Sale Information and the
Offering Memorandum fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto. The Internal Controls are, and upon consummation of the
offering of the Securities will be, overseen by the Audit Committee (the “Audit Committee”) of the Board of Directors of the Company (the “Board”) in accordance with the Exchange Rules. Except as disclosed in the
Time of Sale Information and the Offering Memorandum, the Company has not publicly disclosed or reported to the Audit Committee or the Board, and has no plans or current intentions to publicly disclose or report to the Audit Committee or the Board,
any material weakness, material change in Internal Controls or fraud involving management or other employees who have a significant role in Internal Controls (each, an “Internal Control Event”), any material violation of, or
material failure to comply with, the Securities Laws or any other matter that, if determined adversely, would have a Material Adverse Effect. 

(dd) Absence of Accounting Issues. Except as set forth in the Time of Sale Information and the Offering Memorandum, the Audit Committee
is not reviewing or investigating, and neither the Company’s independent auditors nor its internal auditors have recommended that the Audit Committee review or investigate, (i) adding to, deleting, changing the application of or changing
the disclosure of the Company with respect to, any of the material accounting policies of the Company, (ii) any matter that could result in a restatement of the financial statements of the Company for any annual or interim period during the
current fiscal year or the three prior fiscal years or (iii) any Internal Control Event. 
 (ee) eXtensible Business Reporting
Language. The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Time of Sale Information and the Offering Memorandum fairly presents the information called for in all material respects and
has been prepared in accordance with the Commission’s rules and guidelines applicable thereto. 
 (ff) Insurance. The Company
and its Significant Subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including business interruption insurance, which insurance is in amounts and insures against such losses and risks as are
adequate to protect the Company and its Significant Subsidiaries and their respective businesses; and neither the Company nor any of its Significant Subsidiaries has (i) received notice from any insurer or agent of such insurer that capital
improvements or other material expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business. 
 (gg) (i)
No Unlawful Payments. Neither the Company nor any of its subsidiaries nor any director, officer, or employee of the Company or any of its subsidiaries nor, to the knowledge of the Company, any agent, affiliate or other person associated with
or acting on behalf of the Company or any of its subsidiaries has (a) used 

  
 13 

 
any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (b) made or taken an act in furtherance of an offer, promise or
authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including of any government-owned or controlled entity or of a public international organization, or any
person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (c) violated or is in violation of any provision of the Foreign Corrupt Practices Act of
1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom,
or any other applicable anti-bribery or anti-corruption laws; or (d) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence
payment, kickback or other unlawful or improper payment or benefit. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance
with all applicable anti-bribery and anti-corruption laws. 
 (ii) Compliance with Money Laundering Laws. The operations of the
Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the
applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or
enforced by any governmental or regulatory agency (collectively, the “Anti-Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator
involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

(iii) No Conflicts with Sanctions Laws. Neither the Company nor any of its subsidiaries, directors, officers or employees, nor, to the
knowledge of the Company, any agent, or affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. Government,
(including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State and including, without limitation, the designation as a “specially designated
national” or “blocked person”), the United Nations Security Council (“UNSC”), the European Union, Her Majesty’s Treasury (“HMT”), or other relevant sanctions authority (collectively,
“Sanctions”), nor is the Company, any of its subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Cuba, Burma (Myanmar), Iran, North
Korea, Sudan and Syria (each, a “Sanctioned Country”); and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to
any subsidiary, joint venture partner or other person or entity (a) to fund or facilitate 

  
 14 

 
any activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (b) to fund or facilitate any activities of or
business in any Sanctioned Country or (c) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as Initial Purchaser, advisor, investor or otherwise) of Sanctions. For
the past 5 years, the Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was the
subject or the target of Sanctions or with any Sanctioned Country. 
 (hh) Solvency. On and immediately after the Closing Date, the
Company and its Subsidiaries taken as a whole (after giving effect to the issuance and sale of the Securities and the other transactions related thereto as described in each of the Time of Sale Information and the Offering Memorandum) will be
Solvent. As used in this paragraph, “Solvent” means, with respect to a particular date and entity, that on such date (i) the fair value (and present fair saleable value) of the assets of such entity is not less than the total
amount required to pay the probable liability of such entity on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured; (ii) such entity is able to realize upon its assets and pay its
debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business; (iii) assuming consummation of the issuance and sale of the Securities as contemplated by this Agreement, the
Time of Sale Information and the Offering Memorandum, such entity does not have, intend to incur or believe that it will incur debts or liabilities beyond its ability to pay such debts and liabilities as they mature; (iv) such entity is not
engaged in any business or transaction for which its property would constitute unreasonably small capital; and (v) such entity is not a defendant in any civil action that would result in a judgment that such entity is or would become unable to
satisfy. 
 (ii) No Broker’s Fees. Except as disclosed in the Time of Sale Information and the Offering Memorandum, there are no
contracts, agreements or understandings between the Company and any person that would give rise to a valid claim against the Company or any Initial Purchaser for a brokerage commission, finder’s fee or other like payment in connection with this
offering. 
 (jj) Rule 144A Eligibility. On the Closing Date, the Securities will not be of the same class as securities listed on a
national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the Preliminary Offering Memorandum and the Offering Memorandum, as of its respective date,
contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act. 

(kk) No Integration. Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through
any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require
registration of the Securities under the Securities Act. 

  
 15 

 (ll) No General Solicitation or Directed Selling Efforts. None of the Company or any of
its affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered or sold, the Securities by means of any form of general
solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engaged in any directed selling efforts
within the meaning of Regulation S under the Securities Act (“Regulation S”), and all such persons have complied with the offering restrictions requirement of Regulation S. 

(mm) Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in
Section 1(b) and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers and the offer, resale and delivery of the Securities by the
Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, to register the Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act. 

(nn) No Stabilization. Except as the Initial Purchasers may stabilize as described in the Offering Memorandum, the Company has not
taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or
resale of the Securities. 
 (oo) Margin Rules. Neither the issuance, sale and delivery of the Securities nor the application of the
proceeds thereof by the Company as described in the Time of Sale Information and the Offering Memorandum will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.

 (pp) Statistical and Market Data. Any third-party statistical and market-related data included or incorporated by reference in the
Time of Sale Information and the Offering Memorandum is based on or derived from sources that the Company believes to be reliable and accurate. 

(qq) Sarbanes-Oxley Act. The Company is in compliance in all material respects with the applicable provisions of Sarbanes-Oxley that
are effective and the rules and regulations of the Commission that have been adopted and are effective thereunder. 
 4. Further
Agreements of the Company. The Company covenants and agrees with each Initial Purchaser that: 
 (a) Delivery of Copies. The
Company will deliver, without charge, to the Initial Purchasers as many copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including all amendments and
supplements thereto) as the Representative may reasonably request. 

  
 16 

 (b) Offering Memorandum, Amendments or Supplements. Before finalizing the Offering
Memorandum or making or distributing any amendment or supplement to any of the Time of Sale Information or the Offering Memorandum or filing with the Commission any document that will be incorporated by reference therein, the Company will furnish to
the Representative and counsel for the Initial Purchasers a copy of the proposed Offering Memorandum or such amendment or supplement or document to be incorporated by reference therein for review, and will not distribute any such proposed Offering
Memorandum, amendment or supplement or file any such document with the Commission to which the Representative reasonably objects. 
 (c)
Additional Written Communications. Before making, preparing, using, authorizing, approving or referring to any Issuer Written Communication, the Company will furnish to the Representative and counsel for the Initial Purchasers a copy of such
written communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to which the Representative reasonably objects. 

(d) Notice to the Representative. The Company will advise the Representative promptly, and confirm such advice in writing, (i) of
the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or the initiation or threatening of any
proceeding for that purpose; (ii) of the occurrence of any event at any time prior to the completion of the initial offering of the Securities as a result of which any of the Time of Sale Information, any Issuer Written Communication or the
Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when such Time
of Sale Information, Issuer Written Communication or the Offering Memorandum is delivered to a purchaser, not misleading; and (iii) of the receipt by the Company of any notice with respect to any suspension of the qualification of the
Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order preventing or suspending the use of
any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or suspending any such qualification of the Securities and, if any such order is issued, will obtain as soon as possible the withdrawal thereof. 

(e) Time of Sale Information. If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a
result of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to comply with law, the Company will immediately notify the Initial Purchasers thereof and forthwith prepare
and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Time of Sale Information (or any document to be filed 

  
 17 

 
with the Commission and incorporated by reference therein) as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented (including such
documents to be incorporated by reference therein) will not, in the light of the circumstances under which they were made, be misleading or so that any of the Time of Sale Information will comply with law. 

(f) Ongoing Compliance of the Offering Memorandum. If at any time prior to the completion of the initial offering of the Securities
(i) any event shall occur or condition shall exist as a result of which the Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances existing when the Offering Memorandum is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Offering Memorandum to comply with law, the Company
will promptly notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Offering Memorandum (or any document to be filed with the
Commission and incorporated by reference therein) as may be necessary so that the statements in the Offering Memorandum as so amended or supplemented (including such document to be incorporated by reference therein) will not, in the light of the
circumstances existing when the Offering Memorandum is delivered to a purchaser, be misleading or so that the Offering Memorandum will comply with law. 

(g) Blue Sky Compliance. The Company will qualify the Securities for offer and sale under the securities or Blue Sky laws of such
jurisdictions as the Representative shall reasonably request and will continue such qualifications in effect so long as required for the offering and resale of the Securities; provided that the Company shall not be required to
(i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction
or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject. 
 (h) Clear Market. For a
period of 90 days after the date of the Offering Memorandum, the Company will not (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, any shares of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock, or publicly disclose the intention to make any such offer, sale, pledge, disposition or filing or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences
of ownership of Common Stock or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, in each case without
the prior written consent of the Representative, other than (1) the Securities to be sold hereunder; (2) any shares of Common Stock granted or issued upon the exercise of options granted under the Company’s equity benefit plans;
(3) any shares issued in accordance with the terms of any convertible securities outstanding on the date of this Agreement; and (4) the filing of any registration statement as required under the Registration Rights Agreement, dated as of
October 5, 2012, among the Company and other persons and entities signatory thereto (the “Registration Rights Agreement”). 

  
 18 

 (i) Use of Proceeds. The Company will apply the net proceeds from the sale of the
Securities as described in each of the Time of Sale Information and the Offering Memorandum under the heading “Use of proceeds” and, except as disclosed in the Time of Sale Information and the Offering Memorandum, the Company does not
intend to use any of the proceeds from the sale of the Securities hereunder to repay any outstanding debt owed to any affiliate of any Initial Purchaser. 

(j) Supplying Information. While the Securities remain outstanding and are “restricted securities” within the meaning of Rule
144(a)(3) under the Securities Act, the Company will, during any period in which the Company is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities and prospective purchasers of
the Securities designated by such holders, upon the request of such holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(k) DTC. The Company will assist the Initial Purchasers in arranging for the Securities to be eligible for clearance and settlement
through DTC. 
 (l) No Resales by the Company. During the period of one year after the Closing Date, the Company will not, and will
not permit any of its affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by the Company or any of its affiliates and resold in a
transaction registered under the Securities Act. 
 (m) No Integration. Neither the Company nor any of its affiliates (as defined in
Rule 501(b) of Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the
Securities in a manner that would require registration of the Securities under the Securities Act. 
 (n) No General Solicitation or
Directed Selling Efforts. None of the Company or any of its affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no covenant is given) will (i) solicit offers for, or offer or sell,
the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or
(ii) engage in any directed selling efforts within the meaning of Regulation S, and all such persons will comply with the offering restrictions requirement of Regulation S. 

(o) No Stabilization. Except as the Initial Purchasers may stabilize as described in the Offering Memorandum, the Company will not
take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of
the Securities. 

  
 19 

 (p) Underlying Securities. The Company will reserve and keep available at all times, free
of pre-emptive rights, shares of Common Stock for the purpose of enabling the Company to satisfy all obligations to issue the Underlying Securities upon conversion of the Securities (assuming for the purposes of the determination of the applicable
number of Underlying Securities that, upon conversion, the conversion obligation is settled solely in shares of Common Stock based upon the Conversion Rate and the maximum number of additional shares issuable pursuant to the “make whole
fundamental change” provisions of the Indenture). The Company will use its best efforts to list the Underlying Securities, subject to notice of issuance, on the Exchange. 

5. Certain Agreements of the Initial Purchasers. Each Initial Purchaser hereby represents and agrees that it has not and will not use,
authorize use of, refer to, or participate in the planning for use of, any written communication that constitutes an offer to sell or the solicitation of an offer to buy the Securities other than (i) the Preliminary Offering Memorandum and the
Offering Memorandum, (ii) any written communication that contains either (a) no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) or (b) “issuer information” that was included (including
through incorporation by reference) in the Time of Sale Information or the Offering Memorandum, (iii) any written communication listed on Annex A or prepared pursuant to Section 4(c) above (including any electronic road show),
(iv) any written communication prepared by such Initial Purchaser and approved by the Company in advance in writing or (v) any written communication relating to or that contains the terms of the Securities and/or other information that was
included (including through incorporation by reference) in the Time of Sale Information or the Offering Memorandum. 
 6. Conditions of
Initial Purchasers’ Obligations. The obligation of each Initial Purchaser to purchase Firm Securities on the Closing Date or the Option Securities on the Additional Closing Date, as the case may be, as provided herein is subject to the
performance by the Company of its covenants and other obligations hereunder and to the following additional conditions: 
 (a)
Representations and Warranties. The representations and warranties of the Company contained herein shall be true and correct on the date hereof and on and as of the Closing Date or the Additional Closing Date, as the case may be; and the
statements of the Company and its officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date or the Additional Closing Date, as the case may be. 

(b) No Downgrade. Except as otherwise disclosed in the Time of Sale Information and the Offering Memorandum, subsequent to the earlier
of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by the
Company or any of its Subsidiaries by any “nationally recognized statistical rating organization,” as such term is defined in Section 3(a)(62) of the Exchange Act, and (ii) no such organization shall have publicly announced that
it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by the Company or any of its Subsidiaries (other than an
announcement with positive implications of a possible upgrading). 

  
 20 

 (c) No Material Adverse Change. No event or condition of a type described in
Section 3(e) hereof shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Information (excluding any amendment or supplement thereto) and the Offering Memorandum (excluding any amendment or
supplement thereto) and the effect of which in the judgment of the Representative makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the Closing Date or the Additional Closing Date, as the case
may be, on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum. 
 (d)
Officer’s Certificate. The Representative shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, a certificate of the chief financial officer or chief accounting officer of the Company and
one additional senior executive officer of the Company who is satisfactory to the Representative (i) confirming that such officers have carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the knowledge of such
officers, the representations set forth in Sections 3(a) and 3(b) hereof are true and correct, (ii) confirming that the other representations and warranties of the Company in this Agreement are true and correct and that the Company has complied
in all material respects with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date or the Additional Closing Date, as the case may be, and (iii) to the effect set forth
in paragraphs (b) and (c) above. 
 (e) Comfort Letters. On the date of this Agreement and on the Closing Date or the
Additional Closing Date, as the case may be, KPMG LLP shall have furnished to the Representative, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance
reasonably satisfactory to the Representative, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial
information of the Company and its Subsidiaries contained or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum; provided that the letter delivered on the Closing Date or the Additional Closing Date,
as the case may be, shall use a “cut-off” date no more than three business days prior to such Closing Date or such Additional Closing Date, as the case may be. 

(f) Opinion and 10b-5 Statement of Counsel for the Company. Kirkland & Ellis LLP, counsel for the Company, shall have
furnished to the Representative, at the request of the Company, their written opinion and 10b-5 statement, dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Initial Purchasers, in form and substance
reasonably satisfactory to the Representative, substantially to the effect set forth in Annex C hereto. 
 (g) Opinion of General Counsel
for the Company. Steven K. Covey, as General Counsel for the Company, shall have furnished to the Representative, at the 

  
 21 

 
request of the Company, his written opinion and 10b-5 statement, dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Initial Purchasers, in form and
substance reasonably satisfactory to the Representative, substantially to the effect set forth in Annex D hereto. 
 (h) Opinion and
10b-5 Statement of Counsel for the Initial Purchasers. The Representative shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, an opinion and 10b-5 statement, addressed to the Initial Purchasers,
of Cravath, Swaine & Moore LLP, counsel for the Initial Purchasers, with respect to such matters as the Representative may reasonably request, and such counsel shall have received such documents and information as they may reasonably
request to enable them to pass upon such matters. 
 (i) No Legal Impediment to Issuance. No action shall have been taken and no
statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent the
issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent the issuance or sale of the
Securities. 
 (j) Good Standing. The Representative shall have received on and as of the Closing Date or the Additional Closing
Date, as the case may be, satisfactory evidence of the good standing of the Company and its Subsidiaries in their respective jurisdictions of organization and their good standing as foreign entities in such other jurisdictions as the Representative
may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions. 

(k) DTC. The Securities shall be eligible for clearance and settlement through DTC. 

(l) Indenture and Securities. The Indenture shall have been duly executed and delivered by a duly authorized officer of the Company and
the Trustee, and the Securities shall have been duly executed and delivered by a duly authorized officer of the Company and duly authenticated by the Trustee. 

(m) Exchange Listing. The Underlying Securities shall have been listed on the Exchange, subject only to notice of issuance. 

(n) Lock-up Agreements. The “lock-up” agreements, each substantially in the form of Exhibit A hereto (with such exceptions as
shall have been agreed upon by the Representative), between you and the executive officers and directors of the Company relating to sales and certain other dispositions of shares of Common Stock or certain other securities, delivered to you on or
before the date hereof, shall be in full force and effect on the Closing Date or Additional Closing Date, as the case may be. 
 (o)
Additional Documents. On or prior to the Closing Date or the Additional Closing Date, as the case may be, the Company shall have furnished to the Representative such further certificates and documents as the Representative may reasonably
request. 

  
 22 

 All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement
shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 

7. Indemnification and Contribution. 

(a) Indemnification of the Initial Purchasers. The Company agrees to indemnify and hold harmless each Initial Purchaser, its
affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages
and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are
based upon, any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any
amendment or supplement thereto) or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case
except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any
Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative expressly for use therein, it being understood and agreed that the only such information furnished by any Initial Purchaser consists of the
information described as such in subsection (b) below. 
 (b) Indemnification of the Company. Each Initial Purchaser agrees,
severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with any information relating to such Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative expressly for use in the Preliminary Offering
Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto), it being understood and agreed that the only such information furnished by any Initial
Purchaser consists of the following information in the Offering Memorandum furnished on behalf of each Initial Purchaser: the information contained in the fourth and fifth sentences of the eighth paragraph under the caption “Plan of
distribution” and the information contained in the thirteenth and fourteenth paragraphs under the caption “Plan of distribution”, in each case in the Preliminary Offering Memorandum and the Offering Memorandum. 

  
 23 

 (c) Notice and Procedures. If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the “Indemnified
Person”) shall promptly notify the person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from
any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further,
that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted
against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person,
be counsel to the Indemnifying Person) to represent the Indemnified Person in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary;
(ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available
to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and
representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be paid or reimbursed as they are
incurred. Any such separate firm for any Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing by J.P. Morgan Securities LLC and any such separate firm for the
Company, its directors, its officers and any control persons of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if
settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the
foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable
for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall

  
 24 

 
not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement
(x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not
include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d)
Contribution. If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each
Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in
such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Initial Purchasers on the other, from the offering of the Securities or (ii) if the allocation provided by clause (i) is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company, on the one hand, and the Initial Purchasers on the other, in
connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Initial
Purchasers on the other, shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the Securities and the total discounts and commissions received by the Initial
Purchasers in connection therewith, as provided in this Agreement, bear to the aggregate offering price of the Securities. The relative fault of the Company, on the one hand, and the Initial Purchasers on the other, shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Initial Purchasers and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 (e) Limitation on
Liability. The Company and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to paragraph (d) above were determined by pro rata allocation (even if the Initial Purchasers were
treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the
losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such
action or claim. Notwithstanding the provisions of paragraphs (d) and (e), in no event shall an Initial Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Initial
Purchaser with respect to the offering of the Securities exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason 

  
 25 

 
of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations to contribute pursuant to paragraphs (d) and (e) are several in proportion to their respective
purchase obligations hereunder and not joint. 
 (f) Non-Exclusive Remedies. The remedies provided for in this Section 7 are not
exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
 8.
Termination. This Agreement may be terminated in the absolute discretion of the Representative, by notice to the Company, if after the execution and delivery of this Agreement and prior to the Closing Date or, in the case of the Option
Securities, prior to the Additional Closing Date (i) trading generally shall have been suspended or materially limited on or by any of the Exchange, the Nasdaq Stock Market, the Chicago Board Options Exchange, the Chicago Mercantile Exchange or
the Chicago Board of Trade; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall
have been declared by federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States; or (iv) there shall have occurred any outbreak or escalation of
hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representative, is material and adverse and makes it impracticable or inadvisable to proceed with the
offering, sale or delivery of the Securities on the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum. 

9. Defaulting Initial Purchaser. 

(a) If, on the Closing Date or the Additional Closing Date, as the case may be, any Initial Purchaser defaults on its obligation to purchase
the Securities that it has agreed to purchase hereunder on such date (the “Defaulting Initial Purchaser”), the non-defaulting Initial Purchasers may in their discretion arrange for the
purchase of such Securities by other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the
purchase of such Securities, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such Securities on such terms. If other persons
become obligated or agree to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Company may postpone the Closing Date or the Additional Closing Date,
as the case may be, for up to five full business days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Initial Purchasers may be necessary in the Time of Sale Information, the Offering Memorandum or in
any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Time of 

  
 26 

 
Sale Information or the Offering Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless
the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 9, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase. 

(b) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial Purchasers by
the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased on the Closing Date or the Additional Closing Date, as the case may be, does
not exceed one-eleventh of the aggregate principal amount of all the Securities to be purchased on such date, then the Company shall have the right to require each non-defaulting Initial Purchaser to purchase the aggregate principal amount of
Securities that such Initial Purchaser agreed to purchase hereunder on such date plus such Initial Purchaser’s pro rata share (based on the aggregate principal amount of Securities that such Initial Purchaser agreed to purchase on
such date) of the Securities of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements have not been made. 

(c) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial Purchasers by
the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased on the Closing Date or the Additional Closing Date, as the case may be, exceeds
one-eleventh of the aggregate principal amount of all the Securities to be purchased on such date, or if the Company shall not exercise the right described in paragraph (b) above, then this Agreement or, with respect to any Additional Closing
Date, the obligation of the Initial Purchasers to purchase Securities on such Additional Closing Date, as the case may be, shall terminate without liability on the part of the non-defaulting Initial Purchasers. Any termination of this Agreement
pursuant to this Section 9 shall be without liability on the part of the Company, except that the Company will continue to be liable for the payment of expenses as set forth in Section 10 hereof and except that the provisions of
Section 7 hereof shall not terminate and shall remain in effect. 
 (d) Nothing contained herein shall relieve a defaulting Initial
Purchaser of any liability it may have to the Company or any non-defaulting Initial Purchaser for damages caused by its default. 
 10.
Payment of Expenses. 
 (a) Whether or not the transactions contemplated by this Agreement are consummated or this Agreement
is terminated, the Company will pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation and
delivery of the Securities and any taxes payable in that connection; (ii) the costs incident to the preparation and printing of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the
Offering Memorandum (including all exhibits, amendments and supplements thereto) and the distribution thereof; 

  
 27 

 
(iii) the costs of reproducing and distributing each of the Transaction Documents; (iv) the fees and expenses of the Company’s counsel and independent accountants; (v) the
fees and expenses incurred in connection with the registration or qualification of the Securities under the state or foreign securities or blue sky laws of such jurisdictions as the Representative may designate and the preparation, printing and
distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel for the Initial Purchasers); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and expenses of the Trustee and
any paying agent (including related fees and reasonable expenses of any counsel to such parties); (viii) all expenses and application fees incurred in connection with any filing with, and clearance of the offering by, FINRA, if any, and the
approval of the Securities for book-entry transfer by DTC; (ix) all expenses incurred by the Company in connection with any “road show” presentation to potential investors (other than costs incurred by employees of the
Representative); (x) any fees charged by investment rating agencies for rating the Securities; and (xi) all expenses and application fees related to the listing of the Underlying Securities on the Exchange. 

(b) If (i) this Agreement is terminated pursuant to Section 8(ii), (ii) the Company for any reason fails to tender the
Securities for delivery to the Initial Purchasers or (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted under this Agreement (other than upon a termination of this Agreement under Section 8), the
Company agrees to reimburse the Initial Purchasers for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Initial Purchasers in connection with this Agreement and the offering
contemplated hereby; provided that the Company shall not be required to reimburse any out-of-pocket costs or expenses of a Defaulting Initial Purchaser. It is understood, however, that, except as provided in this Section 10 and Sections
7 and 12, the Initial Purchasers will pay the fees of their counsel. 
 11. Persons Entitled to Benefit of Agreement. This Agreement
shall inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and any controlling persons referred to herein, and the affiliates of each Initial Purchaser referred to in
Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of
Securities from any Initial Purchaser shall be deemed to be a successor merely by reason of such purchase. 
 12. Survival. The
respective indemnities, rights of contribution, representations, warranties and agreements of the Company and the Initial Purchasers contained in this Agreement or made by or on behalf of the Company or the Initial Purchasers pursuant to this
Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf
of the Company or the Initial Purchasers. 
 13. Certain Defined Terms. For purposes of this Agreement, (a) except where
otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than a day on

  
 28 

 
which banks are permitted or required to be closed in New York City; (c) the term “Subsidiary” means the Company’s consolidated subsidiaries (each a Subsidiary, and
collectively, the “Subsidiaries”); (d) the term “Significant Subsidiary” has the meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act; (e) the term “Exchange Act” means
the Securities Exchange Act of 1934, as amended; and (f) the term “written communication” has the meaning set forth in Rule 405 under the Securities Act. 

14. Miscellaneous. 
 (a)
Authority of the Representative. Any action by the Initial Purchasers hereunder may be taken by the Representative, on behalf of the Initial Purchasers, and any such action taken by the Representative shall be binding upon the Initial
Purchasers. 
 (b) Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly
given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Initial Purchasers shall be given to the Representative c/o J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179 (fax:
212-270-1063); Attention: Santosh Sreenivasan. Notices to the Company shall be given to it at Navistar International Corporation, 2701 Navistar Drive, Lisle, Illinois, 60532, (fax:
331-332-2573); Attention: Treasurer. 
 (c) Governing
Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in
such state. 
 (d) Submission to Jurisdiction. The Company hereby submits to the exclusive jurisdiction of the U.S. federal and New
York state courts in the Borough of Manhattan in the City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Company waives any objection that it may now or hereafter have
to the laying of venue of any such suit or proceeding in such courts. The Company agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and may be enforced in any
court to the jurisdiction of which the Company is subject by a suit upon such judgment. 
 (e) Waiver of Jury Trial. Each of the
parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out of or relating to this Agreement. 
 (f)
Counterparts. This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same
instrument. 
 (g) Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to
any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 

  
 29 

 (h) Headings. The headings herein are included for convenience of reference only and are
not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 
 (i) Patriot Act. In accordance with the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Company,
which information may include the name and address of their respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients. 

[Remainder of this page intentionally left blank] 

  
 30 

 If the foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by
signing in the space provided below. 
  

					
	Very truly yours,
	
	NAVISTAR INTERNATIONAL CORPORATION
		
	By:	 	 /s/ Walter G. Borst

		 	Name:	 	Walter G. Borst
		 	Title:	 	Executive Vice President and Chief Financial Officer

 [Signature Page to Purchase Agreement] 

 The foregoing Purchase Agreement is hereby 

confirmed and accepted as of the date first above 
 written. 

J.P. MORGAN SECURITIES LLC 
 For itself and on behalf of the

 several Initial Purchasers listed 
 in Schedule 1 hereto.

  

					
	By:	 	 /s/ Tim Oeljeschlager

		 	Name:	 	Tim Oeljeschlager
		 	Title:	 	Executive Director

 [Signature Page to Purchase Agreement] 

 SCHEDULE 1 
  

					
	 Initial Purchaser
	  	Principal Amount
of Securities	 
		
	 J.P. Morgan Securities LLC
	  	$	111,000,000	  
		
	 Goldman, Sachs & Co.
	  	$	111,000,000	  
		
	 Credit Suisse Securities (USA) LLC
	  	$	74,000,000	  
		
	 Merrill Lynch, Pierce, Fenner & Smith

   Incorporated
	  	$	74,000,000	  
		  	  
	  
	 
	 Total
	  	$	370,000,000	  

 ANNEX A 

Additional Time of Sale Information 

1. Pricing term sheet containing the terms of the Securities, dated March 18, 2014, substantially in the form of Annex B (the “Pricing
Supplement”). 

 ANNEX B 

Pricing Term Sheet 

[See attached] 

 PRICING TERM SHEET 

DATED MARCH 18, 2014 
 NAVISTAR INTERNATIONAL
CORPORATION 
 $370,000,000 principal amount of 

4.75% Senior Subordinated Convertible Notes due 2019 

(the “Convertible Notes Offering”) 

The information in this pricing term sheet supplements Navistar International Corporation’s preliminary offering memorandum, dated March 18, 2014
(the “Preliminary Offering Memorandum”), and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. In all other respects, this term sheet
is qualified in its entirety by reference to the Preliminary Offering Memorandum. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum. 

 

			
	Issuer:	  	Navistar International Corporation, a Delaware corporation (the “Issuer”).
		
	Ticker / Exchange for Common Stock:	  	NAV / The New York Stock Exchange.
		
	Pricing Date:	  	March 18, 2014.
		
	Expected Settlement Date:	  	March 24, 2014 (T+3).
		
	Notes:	  	4.75% Senior Subordinated Convertible Notes due 2019 (the “Notes”).
		
	Distribution:	  	Rule 144A without registration rights.
		
	Aggregate Principal Amount:	  	$370,000,000 principal amount of Notes (or a total of $425,500,000 principal amount of Notes if the initial purchasers’ over-allotment option to purchase up to $55,500,000 principal amount of Notes is exercised in
full).
		
	Maturity:	  	April 15, 2019, unless earlier converted, redeemed or repurchased.
		
	Interest Payment Dates:	  	Interest will accrue from the Settlement Date and will be payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2014, to holders of record as of the close of business on the immediately
preceding April 1 or October 1, as the case may be.
		
	Reference Price:	  	$34.33 per share of the Issuer’s common stock (“Common Stock”), the last reported sale price of the Common Stock on March 18, 2014.
		
	Conversion Premium:	  	57.5% above the Reference Price.
		
	Initial Conversion Price:	  	Approximately $54.0698 per share of Common Stock.
		
	Initial Conversion Rate:	  	18.4946 shares of Common Stock per $1,000 principal amount of the Notes.
		
	Conversion Trigger Price:	  	Approximately $70.2908, which is 130% of the Initial Conversion Price.
		
	Joint Book-Running Managers:	  	 J.P. Morgan Securities LLC
 Goldman, Sachs &
Co.
 Merrill Lynch, Pierce, Fenner & Smith

     Incorporated

Credit Suisse Securities (USA) LLC

		
	CUSIP / ISIN Numbers:	  	63934E AR9 / US63934EAR99
		
	Optional Redemption:	  	On or after April 20, 2017, the Notes will be subject to redemption, in whole or in part, at the Issuer’s option, at a redemption price equal to 100% of the principal amount of Notes to be redeemed, plus accrued and unpaid
interest (including any additional interest) to, but excluding, the redemption date, if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days
ending within 10 trading days immediately prior to the date of the redemption notice exceeds 130% of the applicable conversion price for the Notes on each applicable trading day. If the Issuer calls any or all of the Notes for redemption, holders of
the Notes will have the right to convert their Notes at any time until the close of business on the

			
		  	business day preceding the redemption date. If a holder elects to convert its notes in connection with a redemption notice, the Issuer will increase the conversion rate as set forth under “Description of notes—Conversion
rights—Adjustment to shares delivered upon conversion upon a make-whole fundamental change or a notice of redemption” in the Preliminary Offering Memorandum.
		
	Repurchase at Option of Holders:	  	If a fundamental change (as defined in the Preliminary Offering Memorandum) occurs, holders may, at their option, require the Issuer to purchase for cash all or any portion of their Notes. The fundamental change purchase price will
equal 100% of the principal amount of the Notes to be purchased plus accrued and unpaid interest (including any additional interest) to but excluding the fundamental change purchase date.
		
	Adjustment to Shares Delivered upon Certain Conversions:	  	The following table sets forth the number of additional shares of the Common Stock by which the conversion rate shall be increased for certain conversions in connection with a make-whole fundamental change or a notice of redemption
based on the stock price and effective date or date of occurrence for such make-whole fundamental change or the date of the notice of redemption:

  
  

																																													
	 Effective Date
	  	$34.33	 	  	$40.00	 	  	$45.00	 	  	$50.00	 	  	$60.00	 	  	$75.00	 	  	$100.00	 	  	$125.00	 	  	$150.00	 	  	$200.00	 	  	$250.00	 
	 March 24, 2014
	  	 	10.6344	  	  	 	8.9887	  	  	 	7.4135	  	  	 	6.2282	  	  	 	4.5949	  	  	 	3.1633	  	  	 	1.9644	  	  	 	1.3665	  	  	 	1.0190	  	  	 	0.6392	  	  	 	0.4380	  
	 April 15, 2015
	  	 	10.6344	  	  	 	8.8509	  	  	 	7.1888	  	  	 	5.9506	  	  	 	4.2722	  	  	 	2.8440	  	  	 	1.7016	  	  	 	1.1607	  	  	 	0.8581	  	  	 	0.5373	  	  	 	0.3702	  
	 April 15, 2016
	  	 	10.6344	  	  	 	8.4959	  	  	 	6.7345	  	  	 	5.4555	  	  	 	3.7495	  	  	 	2.3605	  	  	 	1.3268	  	  	 	0.8774	  	  	 	0.6408	  	  	 	0.4009	  	  	 	0.2782	  
	 April 15, 2017
	  	 	10.6344	  	  	 	7.9412	  	  	 	6.0764	  	  	 	4.7315	  	  	 	3.0120	  	  	 	1.7115	  	  	 	0.8607	  	  	 	0.5446	  	  	 	0.3948	  	  	 	0.2510	  	  	 	0.1770	  
	 April 15, 2018
	  	 	10.6344	  	  	 	7.1327	  	  	 	5.0804	  	  	 	3.6431	  	  	 	1.9276	  	  	 	0.8293	  	  	 	0.3124	  	  	 	0.1880	  	  	 	0.1404	  	  	 	0.0939	  	  	 	0.0676	  
	 April 15, 2019
	  	 	10.6344	  	  	 	6.4556	  	  	 	3.7044	  	  	 	1.6611	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 The exact stock prices and effective dates may not be set forth in the table above, in which case: 

 

	 	•	 	if the stock price is between two stock prices in the table or the effective date is between two effective dates in the table, the number of additional shares will be determined by a straight-line interpolation between
the number of additional shares set forth for the higher and lower stock prices and the earlier and later effective dates, as applicable, based on a 365-day year; 

 

	 	•	 	if the stock price is greater than $250.00 per share (subject to adjustment in the same manner as the stock prices set forth in the column headings of the table above), no additional shares will be added to the
conversion rate; and 

  

	 	•	 	if the stock price is less than $34.33 per share (subject to adjustment in the same manner as the stock prices set forth in the column headings of the table above), no additional shares will be added to the conversion
rate. 

 Notwithstanding the foregoing, in no event will the total number of shares of Common Stock issuable upon conversion exceed 29.1290
shares per $1,000 principal amount of Notes, subject to adjustments in the same manner as the conversion rate set forth under “Description of notes—Conversion rate adjustments” in the Preliminary Offering Memorandum. 

Additional Information 
 1. The principal amount of Notes
to be issued in this offering has increased from $350.0 million (or a total of $402.5 million principal amount of Notes if the initial purchasers’ over-allotment option to purchase up to $52.5 million principal amount of Notes is exercised in
full) to $370.0 million (or a total of $425.5 million principal amount of Notes if the initial purchasers’ over-allotment option to purchase up to $55.5 million principal amount of Notes is exercised in full) (the “Additional Notes”).

 2. Additional conforming changes are made throughout the Preliminary Offering Memorandum to reflect the issuance of the Additional Notes. 

  
 2 

 ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE
DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. 

  
 3 

 ANNEX C 

Form of Kirkland & Ellis LLP Opinion and 10b-5 Statement 

[See attached] 

 300 North LaSalle 

Chicago, Illinois 60654 
  

	               www.kirkland.com 
	 Facsimile:   

312 862-2200 
 [DRAFT - SUBJECT
TO OPINION COMMITTEE REVIEW] 
 March [    ], 2014 

J. P. Morgan Securities LLC 
 As Representative of the 

several Initial Purchasers listed 

in Schedule 1 to the Purchase Agreement (as defined below) 

c/o J. P. Morgan Securities LLC 
 383 Madison Avenue 

New York, New York 10179 
  

	 	Re:	Navistar International Corporation 

 Ladies and Gentlemen: 

We are issuing this letter in our capacity as special counsel for Navistar International Corporation, a Delaware corporation (the
“Company”), in response to the requirement in Section 6(f) of the Purchase Agreement, dated March [    ], 2014 (the “Purchase Agreement”), among the Company and you, as representative of the
several Initial Purchasers listed in Schedule 1 thereto (the “Initial Purchasers”). Every term that is defined or given a special meaning in the Purchase Agreement and that is not given a different meaning in this letter has the
same meaning whenever it is used in this letter as the meaning it is given in the Purchase Agreement. 
 In connection with the preparation
of this letter, we have, among other things, read: 
  

	 	(a)	the Preliminary Offering Memorandum, dated March [    ], 2014, covering the offer and sale of the Notes, as supplemented or amended by the Pricing Supplement, dated March [    ],
2014, containing the terms of the Notes (in each case including all documents specifically incorporated by reference therein) (collectively, the “Time of Sale Information”); 

 

	 	(b)	the Final Offering Memorandum, dated March [    ], 2014, covering the offer and sale of the Notes (including all documents specifically incorporated by reference therein) (the “Offering
Memorandum”); 

  

	 	(c)	an executed copy of the Purchase Agreement; 

  

	 	(d)	an executed copy of the Indenture; 

  

	 	(e)	a specimen certificate of the Notes; 

  

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Munich    New York    Palo Alto    San Francisco    Shanghai    Washington, D.C. 

 

 
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March [    ], 2014 
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	 	(f)	certified copies of resolutions adopted by (i) the finance committee of the Company’s board of directors and the Company’s board of directors on March 14, 2014; and (ii) the pricing committee of
the Company’s board of directors on March [    ], 2014; 

  

	 	(g)	a certificate, dated March 14, 2014, from the Secretary of the State of Delaware as to the good standing of the Company, together with a facsimile bringdown thereof dated March [    ], 2014;

  

	 	(h)	documents listed on Exhibit A hereto (the “Specified Contracts”); 

  

	 	(i)	copies of all certificates and other documents delivered today at the closing of the purchase and sale of the Notes under the Purchase Agreement; and 

 

	 	(j)	such other documents, records and other instruments as we have deemed necessary or appropriate in order to deliver the opinions set forth herein. 

The Purchase Agreement, the Indenture and the Notes are collectively referred to herein as the “Transaction Documents.” 

Subject to the assumptions, qualifications, exclusions and other limitations which are identified in this letter, we advise you that: 

 

	1.	Each Transaction Document has been duly authorized, executed and delivered by the Company. 

  

	2.	The Indenture is a valid instrument, legally binding on the Company and enforceable against the Company in accordance with its terms. 

 

	3.	When paid for by the Initial Purchasers in accordance with the terms of the Purchase Agreement (assuming due authorization, execution and delivery of the Indenture by the Trustee and due authentication and delivery of
the Notes by the Trustee in accordance with the Indenture), the Notes will constitute valid and binding obligations of the Company, and will be enforceable against the Company in accordance with their terms. 

 

	4.	When the Notes are delivered to the Initial Purchasers, (i) the Notes will be convertible, at the option of the holders, into shares of the Company’s common stock, par value $0.10 per share (the
“Common Stock”), in accordance with the terms of the Indenture, (ii) the shares of such Common Stock initially issuable upon conversion of the Notes have been duly authorized and reserved, (iii) when issued upon such
conversion, such shares of Common Stock will be validly issued, fully paid and nonassessable, and (iv) the stockholders of the Company will have no preemptive rights with respect to the Notes or the Common Stock under the General Corporation
Law of the State of Delaware, the Certificate of Incorporation, the By-laws or any contract set forth on Exhibit A attached hereto. 

 

 
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March [    ], 2014 
 Page 3 

 

	5.	The execution and delivery by the Company of the Transaction Documents and the consummation of the transactions contemplated thereby (including, without limitation, the issuance and sale of the Notes to the Initial
Purchasers) do not conflict with or constitute or result in a breach or default under (or an event which with notice or the passage of time or both would constitute a default under) or violation of any of, (i) the Certificate of Incorporation
or the By-laws, (ii) any of the Specified Laws (as defined below), or (iii) the terms or provisions of any contract set forth on Exhibit A attached hereto (provided that we express no opinion with respect to any financial test
or the triggering of a cross default provision in any such contract as a result of a default caused under any other contract), except for, in the case of clause (iii), any such conflict, breach, violation, default or event which would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the condition, financial or otherwise, results of operations, earnings or business of the Company and its subsidiaries, taken as a whole. (The advice in
this paragraph is referred to herein as the “No Conflicts Opinion”). 

  

	6.	The Company is not required to obtain any consent, approval, authorization or order of any governmental authority (including, without limitation, the New York Stock Exchange (the “NYSE”) or the Trust
Indenture Act of 1939, as amended (the “Trust Indenture Act”)) for the Company’s execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated thereby (including the
issuance of the Shares of Common Stock issuable upon conversion of the Notes), except for the NYSE’s authorization of the listing of the shares of Common Stock that the Notes will be convertible into, which the Company obtained on March
[    ], 2014. (The advice in this paragraph is referred to herein as the “No Consent Opinion.”) 

  

	7.	No registration under the Securities Act of 1933, as amended (the “Securities Act”), of the Notes is required in connection with the sale of the Notes to the Initial Purchasers in the manner
contemplated by the Purchase Agreement, the Time of Sale Information and the Offering Memorandum or in connection with the initial resale of the Notes by the Initial Purchasers in the manner contemplated by the Purchase Agreement, the Time of Sale
Information and the Offering Memorandum, and the Indenture is not required to be qualified under the Trust Indenture Act of 1939, as amended, in each case assuming: (i) that the Initial Purchasers reasonably believed the purchasers who buy such
Notes in the initial resale thereof are “qualified institutional buyers” as defined in Rule 144A promulgated under the Securities Act; (ii) the accuracy and completeness of the Initial Purchaser’s representations set forth in
Section 1(b) of the Purchase Agreement, and those of the Company set forth in Sections 3(b), 3(kk) and 3(ll) of the Purchase Agreement regarding, among other things, the absence of a general solicitation or general advertising in connection
with the sale of such Notes to the Initial Purchaser and the initial resales thereof; and (iii) the compliance with the procedures set forth in the Purchase Agreement by the Initial Purchasers and the Company. 

 

	8.	The statements set forth under the caption “Description of notes” in the Time of Sale Information and in the Offering Memorandum, to the extent that such statements purport to summarize certain terms and
provisions of the Indenture and the Notes, are correct in all material respects. 

 

 
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March [    ], 2014 
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	9.	We have no knowledge about any legal or governmental proceeding that is pending against the Company or its Significant Subsidiaries that has caused us to conclude that such proceeding would be required to be described
by Item 103 of Regulation S-K under the Securities Act if the issuance of the Notes was being registered under the Securities Act, but is not so described in the Time of Sale Information and the Offering Memorandum. 

 

	10.	The statements in the Time of Sale Information and the Offering Memorandum under the caption “Certain U.S. federal income tax considerations,” insofar as such statements constitute a summary of the legal
matters or documents referred to therein, are accurate in all material respects. 

  

	11.	The Company is not and, immediately after the sale of the Notes to the Initial Purchasers and application of the net proceeds therefrom as described in the Time of Sale Information and the Offering Memorandum under the
caption “Use of proceeds,” will not be an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

  

	12.	Neither the sale, issuance, execution or delivery of the Notes nor the application of proceeds therefrom as set forth under the caption “Use of proceeds” in the Time of Sale Information and the Offering
Memorandum will contravene Regulation T (12 C.F.R. Part 220), Regulation U (12 C.F.R. Part 221) or Regulation X (12 C.F.R. Part 224) of the Board of Governors of the Federal Reserve System. 

********* 
 We have not
undertaken any investigation to determine the facts or assumptions upon which the advice in this letter is based. We have not undertaken any investigation or search of any records of any court or any governmental agency or body for purposes of this
letter. 
 We have assumed for purposes of this letter: that each document we have reviewed for purposes of this letter is accurate and
complete, each such document that is an original is authentic, each such document that is a copy conforms to an authentic original, and all signatures on each such document are genuine; that the parties thereto, other than the Company, had the
power, corporate or other, to enter into and perform all obligations thereunder; that each such document was duly authorized by all requisite corporate action of the parties and that such documents were duly executed and delivered by each party
thereto, other than the Company; and that the Purchase Agreement and every other agreement we have examined for purposes of this letter constitutes a valid and binding obligation of each party to that document (except that we make no such assumption
with respect to the Company) and that each such party has satisfied all legal requirements that are applicable to such party to the extent necessary to entitle such party to 

 

 
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March [    ], 2014 
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enforce such agreement and that each party to any document is in good standing and duly incorporated or organized under the laws of the state of its incorporation and that you have acted in good
faith and without notice of any fact that has caused you to reach any conclusion contrary to any of the advice provided in this letter. We have also made other assumptions which we believe to be appropriate for purposes of this letter. 

In preparing this letter we have relied without independent verification upon: (i) information contained in certificates obtained from
governmental authorities; (ii) factual information represented to be true in the Purchase Agreement and other documents specifically identified at the beginning of this letter as having been read by us including certificates from officers of
the Company; (iii) factual information provided to us by the Company or its representatives; and (iv) factual information we have obtained from such other sources as we have deemed reasonable. We have assumed that there has been no
relevant change or development between the dates as of which the information was given and the date of this letter and that the information cited in the preceding sentence upon which we have relied is accurate and does not omit disclosures necessary
to prevent such information from being misleading. 
 While we have reviewed certain corporate records and other documents specifically
identified at the beginning of this letter as having been read by us, we have not, except as explicitly indicated in numbered paragraphs 8 and 10 above, undertaken any other investigation to determine the facts upon which the advice in this letter
is based. We can, however, confirm that we do not have knowledge that has caused us to conclude that our reliance and assumptions cited in the two immediately preceding paragraphs are unwarranted. Whenever this letter provides advice about (or based
upon) our knowledge of any particular information or about any information which has or has not come to our attention such advice is based entirely on the actual knowledge obtained in acting as legal counsel to the Company at the time this letter is
delivered on the date it bears by the lawyers with Kirkland & Ellis LLP at that time who spent substantial time representing the Company in connection with the offering of the Notes effected pursuant to the Offering Memorandum, after
consultation with other lawyers in our firm who spent substantial time representing the Company on other matters. 
 Each opinion (an
“enforceability opinion”) in this letter that any particular contract is a valid and binding obligation or is enforceable in accordance with its terms is subject to: (i) the effect of bankruptcy, insolvency, fraudulent conveyance and
other similar laws and judicially developed doctrines in this area such as substantive consolidation and equitable subordination; (ii) the effect of general principles of equity; and (iii) other commonly recognized statutory and judicial
constraints on enforceability including statutes of limitations. In addition, we do not express any opinion as to the enforceability of any rights to contribution or indemnification which may be violative of public policy underlying any law, rule or
regulation (including federal or state securities law, rule or regulation). “General principles of equity” include but are not limited to: principles limiting the availability of specific performance and injunctive relief; principles which
limit the availability of a remedy under certain circumstances where another remedy has been elected; principles requiring reasonableness, good faith and fair dealing in the performance and enforcement of an agreement by the party seeking
enforcement; principles 

 

 
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March [    ], 2014 
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which may permit a party to cure a material failure to perform its obligations; and principles affording equitable defenses such as waiver, laches and estoppel. It is possible that terms in a
particular contract covered by our enforceability opinion may not prove enforceable for reasons other than those explicitly cited in this letter should an actual enforcement action be brought, but (subject to all the exceptions, qualifications,
exclusions and other limitations contained in this letter) such unenforceability would not in our opinion prevent the party entitled to enforce that contract from realizing the principal benefits purported to be provided to that party by the terms
in that contract which are covered by our enforceability opinion. 
 Our advice on every legal issue addressed in this letter is based
exclusively on the internal laws of the State of New York, the General Corporation Law of the State of Delaware and the federal laws of the United States (except that we do not opine as to the federal securities laws with respect to the No Conflicts
Opinion and the No Consent Opinion) (the “Specified Laws”) which, in our experience, are normally applicable to general business corporations which are not engaged in regulated business activities and to transactions of the type
contemplated under the Purchase Agreement (but without our having made any investigation as to any other laws), and represents our opinion as to how that issue would be resolved were it to be considered by the highest court in the jurisdiction which
enacted such law. We note that issues addressed by this letter may be governed in whole or in part by other laws, but we express no opinion as to whether any relevant difference exists between the laws upon which our advice is based or any other
laws which may actually govern. The manner in which any particular issue would be treated in any actual court case would depend in part on facts and circumstances particular to the case and would also depend on how the court involved chose to
exercise the wide discretionary authority generally available to it. This letter is not intended to guarantee the outcome of any legal dispute. In addition, none of the opinions or other advice contained in this letter covers or otherwise addresses
any of the following types of provisions which may be contained in the Transaction Documents: (i) provisions mandating contribution towards judgments or settlements among various parties; (ii) waivers of benefits and rights to the extent
they cannot be waived under applicable law; (iii) provisions providing for liquidated damages, additional interest and redemption premiums, in each case if deemed to constitute penalties; (iv) provisions which might require indemnification
or contribution in violation of general principles of equity or public policy, including, without limitation, indemnification or contribution obligations which arise out of the failure to comply with applicable state or federal securities laws; or
(v) requirements in the Transaction Documents specifying that provisions thereof may only be waived in writing (these provisions may not be valid, binding or enforceable to the extent that an oral agreement or an implied agreement by trade
practice or course of conduct has been created modifying any provision of such documents). We express no opinion with respect to any laws, statutes, governmental rules or regulations or decisions which in our experience are not considered for or
covered by opinions like those contained in this letter or are not generally applicable to transactions of the kind covered by the Purchase Agreement or covered by opinions typically delivered in connection with transactions of the kind covered by
the Purchase Agreement or, except as otherwise stated in paragraph 9 hereof, to compliance with any disclosure requirement or any prohibition against fraud or misrepresentation. None of the opinions or other advice contained in this letter considers
or covers (i) any antifraud laws, rules or regulations, (ii) any 

 

 
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foreign or state securities (or “blue sky”) laws, rules or regulations, (iii) laws, rules or regulations with respect to any financial statements or supporting schedules (or any
notes to any such statements or schedules) or other financial, accounting or statistical information set forth in (or omitted from) the Time of Sale Information or the Offering Memorandum, (iv) any laws, rules or regulations of the Financial
Industry Regulatory Authority, Inc. relating to the compensation of underwriters; or (v) any laws, statutes, governmental rules or regulations or decisions which in our experience are not usually considered for or covered by opinions like those
contained in this letter or are not generally applicable to transactions of the kind covered by the Purchase Agreement including any regulatory laws or requirements specific to the industry in which you or the Company is engaged. In our
opinion, New York state courts would apply New York state law to resolve state law issues arising under the Transaction Documents. We express no opinion as to what law might be applied by any other courts to resolve any issue addressed by our
opinion and we express no opinion as to whether any relevant difference exists between the laws upon which our opinions are based and any other laws which may actually be applied to resolve issues which may arise. The manner in which any particular
issue would be treated in any actual court case would depend in part on facts and circumstances particular to the case and would also depend on how the court involved chose to exercise the wide discretionary authority generally available to it. 

We note that certain of the Specified Contracts are governed by laws other than the Specified Laws. Our advice expressed herein is based
on the plain language of such Specified Contracts, without regard to the interpretation of such language under such other laws, and we do not assume any responsibility with respect to the effect on the opinions set forth herein of any interpretation
thereof inconsistent with such understanding. 
 Our opinions expressed herein are limited to the specific issues addressed herein and are
limited in all respects to documents, laws and facts existing on the date hereof. By rendering my opinions, we do not undertake to advise you of any changes in such documents, laws or facts which may occur after the date hereof. 

This letter speaks as of the time of its delivery on the date it bears. We do not assume any obligation to provide you with any subsequent
opinion or advice by reason of any fact about which we did not have knowledge at that time, by reason of any change subsequent to that time in any law or other governmental requirement or interpretation thereof covered by any of our opinions or
advice, or for any other reason. 
 TO ENSURE COMPLIANCE WITH REQUIREMENTS IMPOSED BY THE SERVICE, WE INFORM YOU THAT THIS LETTER AND THE
OPINION CONTAINED HEREIN WERE NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING TAX-RELATED PENALTIES UNDER THE CODE. THIS LETTER AND THE OPINION
CONTAINED HEREIN WERE WRITTEN IN CONNECTION WITH THE PROMOTION OR MARKETING OF THE SECURITIES. EACH TAXPAYER SHOULD SEEK ADVICE BASED ON THE TAXPAYER’S PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR. 

 

 
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March [    ], 2014 
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 This letter is being furnished to you and the several Initial Purchasers solely in their
capacity as initial purchasers in connection with the sale of the Notes to the Initial Purchasers pursuant to the Purchase Agreement and may only be relied upon by the Initial Purchasers in their capacity as initial purchasers. Without our written
consent: (i) no person (including any person that acquires any Notes from the Initial Purchasers) other than the Initial Purchasers may rely on this letter for any purpose; (ii) this letter may not be cited or quoted in any financial
statement, offering memorandum, prospectus, private placement memorandum or other similar document; (iii) this letter may not be cited or quoted in any other document or communication which might encourage reliance upon this letter by any
person or for any purpose excluded by the restrictions in this paragraph; and (iv) copies of this letter may not be furnished to anyone for purposes of encouraging such reliance. 

 

	
	Sincerely,
	
	KIRKLAND & ELLIS LLP

 EXHIBIT A 

 

	1.	Indenture, dated as of October 11, 2013, between Navistar International Corporation and Wilmington Trust, National Association, as Trustee, for Navistar International Corporation’s 4.50% Senior Subordinated
Convertible Notes due 2018. 

  

	2.	Indenture, dated as of October 28, 2009, by and among Navistar International Corporation, as issuer, Navistar, Inc., as guarantor, and The Bank of New York Mellon Trust Company, as Trustee, for Navistar
International Corporation’s 8.25% Senior Notes due 2021. 

  

	3.	Indenture, dated as of October 28, 2009, by and between Navistar International Corporation, as Issuer, and The Bank of New York Mellon Trust Company, as Trustee, for Navistar International Corporation’s 3.00%
Senior Subordinated Convertible Notes due 2014. 

  

	4.	Amendment No. 1 to Indenture, dated as of February 13, 2013, between Navistar Financial Dealer Note Master Owner Trust II, as issuing entity, and Citibank, N.A., as indenture trustee. 

 

	5.	Pooling and Servicing Agreement, dated November 2, 2011, by and among Navistar Financial Corporation, as servicer, Navistar Financial Securities Corporation, as depositor, and Navistar Financial Dealer Note Master
Owner Trust II, as issuing entity. 

  

	6.	Amendment No. 1 to the Pooling and Servicing Agreement, dated as of February 13, 2013, among Navistar Financial Securities Corporation, as depositor, Navistar Financial Corporation, as servicer, and Navistar
Financial Dealer Note Master Owner Trust II, as issuing entity. 

  

	7.	Note Purchase Agreement, dated as of August 29, 2012, among Navistar Financial Services Corporation, Navistar Financial Corporation, Bank of America, National Association, as a Managing Agent, the Administrative
Agent and a Committed Purchaser, The Bank of Nova Scotia, as a Managing Agent and a Committed Purchaser, Liberty Street Funding LLC, as a Conduit Purchaser, Credit Suisse AG, New York Branch, as a Managing Agent, Credit Suisse AG, Cayman Islands
Branch as a Committed Purchaser, and Alpine Securitization Corp., as a Conduit Purchaser. 

  

	8.	Amendment No. 1 to the Note Purchase Agreement, dated as of March 18, 2013, among Navistar Financial Securities Corporation, as the seller, Navistar Financial Corporation, as the servicer, The Bank of Nova
Scotia, as a managing agent and as a committed purchaser, Liberty Street Funding LLC, as a conduit purchaser, Credit Suisse AG, New York Branch, as a managing agent, Credit Suisse AG, Cayman Islands Branch, as a committed purchaser, Alpine
Securitization Corp., as a conduit purchaser, and Bank of America, National Association, as administrative agent, as a managing agent and as a committed purchaser. 

  

Beijing    Hong Kong    London    Los Angeles    
Munich    New York    Palo Alto    San Francisco    Shanghai    Washington, D.C. 

 

 
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	9.	Amendment No. 2 to the Note Purchase Agreement, dated as of September 13, 2013, among Navistar Financial Securities Corporation, as the seller, Navistar Financial Corporation, as the servicer, The Bank of Nova
Scotia, as a managing agent and as a committed purchaser, Liberty Street Funding LLC, as a conduit purchaser, Credit Suisse AG, New York Branch, as a managing agent, Credit Suisse AG, Cayman Islands Branch, as a committed purchaser, and Bank of
America, National Association, as administrative agent, as a managing agent and as a committed purchaser. 

  

	10.	Amendment No. 3 to the Note Purchase Agreement, dated as of March 12, 2014, among Navistar Financial Securities Corporation, as the seller, Navistar Financial Corporation, as the servicer, The Bank of Nova
Scotia, as a managing agent and as a committed purchaser, Liberty Street Funding LLC, as a conduit purchaser, Credit Suisse AG, New York Branch, as a managing agent, Credit Suisse AG, Cayman Islands Branch, as a committed purchaser, Alpine
Securitization Corp., as a conduit purchaser, and Bank of America, National Association, as administrative agent, as a managing agent and as a committed purchaser. 

 

	11.	Trust Agreement, dated November 2, 2011, between Navistar Financial Securities Corporation, as Depositor, and Deutsche Bank Trust Company Delaware, as Owner Trustee. 

 

	12.	Indenture, dated November 2, 2011, between Navistar Financial Dealer Note Master Owner Trust II, as issuing entity, and The Bank of New York Mellon, as indenture trustee, as amended. 

 

	13.	Series 2013-1 Indenture Supplement, dated as of February 14, 2013, between Navistar Financial Dealer Note Master Owner Trust II, as issuing entity, and Citibank, N.A., as indenture trustee. 

 

	14.	Series 2013-2 Indenture Supplement to the Indenture, dated as of October 24, 2013, between Navistar Financial Dealer Note Master Owner Trust II, as issuing entity, and Citibank, N.A., as indenture trustee.

  

	15.	Series 2012-VFN Indenture Supplement, dated as of August 29, 2012, between Navistar Financial Dealer Note Master Owner Trust II, as issuing entity, and The Bank of New York Mellon, as indenture trustee.

  

	16.	Amendment No. 1 to Series 2012-VFN Indenture Supplement, dated as of September 13, 2013, between Navistar Financial Dealer Note Master Owner Trust II, as the issuing entity, and Citibank, N.A. (as successor to
The Bank of New York Mellon), as indenture trustee. 

  

	17.	Series 2011-1 Indenture Supplement to the Indenture dated November 2, 2011, between Navistar Financial Dealer Note Master Owner Trust II, as Issuing Entity, and The Bank of New York Mellon, a New York banking
corporation, as Indenture Trustee. 

 

 
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	18.	Second Amended and Restated Credit Agreement, dated as of December 2, 2011, by and among Navistar Financial Corporation, a Delaware corporation, and Navistar Financial, S.A. de C.V., Sociedad Financiera De Objeto
Multiple, Entidad No Regulada, a Mexican corporation, as borrowers, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and Citibank, N.A., as documentation agent.

  

	19.	Third Amended and Restated Parents’ Side Agreement, dated as of December 2, 2011, by and between Navistar International Corporation, a Delaware corporation, and Navistar, Inc. (formerly known as International
Truck and Engine Corporation), a Delaware corporation, for the benefit of the lenders from time to time party to the Second Amended and Restated Credit Agreement. 

 

	20.	Third Amended and Restated Parent Guarantee, dated as of December 2, 2011, by Navistar International Corporation, a Delaware corporation, in favor of JPMorgan Chase Bank, N.A., as administrative agent for the
lenders party to the Second Amended and Restated Credit Agreement. 

  

	21.	Amended and Restated Security, Pledge and Trust Agreement dated as of July 1, 2005, between Navistar Financial Corporation and Deutsche Bank Trust Company Americas, as Trustee, pursuant to the terms of the Credit
Agreement.

  

	22.	First Amendment, dated as of December 16, 2009, to the Amended and Restated Security, Pledge and Trust Agreement, dated as of July 1, 2005, between Navistar Financial Corporation, a Delaware corporation, and
Deutsche Bank Trust Company Americas, a corporation duly organized and existing under the laws of the State of New York, acting individually and as trustee for the holders of the secured obligations under the Amended and Restated Credit Agreement.

  

	23.	Second Amendment, dated as of December 2, 2011, to the Amended and Restated Security, Pledge and Trust Agreement, dated as of July 1, 2005, between Navistar Financial Corporation, a Delaware corporation, and
Deutsche Bank Trust Company Americas, a corporation duly organized and existing under the laws of the State of New York, acting individually and as trustee for the holders of the secured obligations under the Second Amended and Restated Credit
Agreement. 

  

	24.	Amended and Restated Intercreditor Agreement, dated as of December 2, 2011, by and among Navistar Financial Corporation, a Delaware corporation, Wells Fargo Equipment Finance, Inc., a Minnesota corporation,
Deutsche Bank Trust Company Americas, a corporation duly organized and existing under the laws of the State of New York, acting individually and as trustee for the holders of the secured obligations under the Second Amended and Restated Credit
Agreement, and JPMorgan Chase Bank, N.A., as administrative agent for the lenders party to the Second Amended and Restated Credit Agreement. 

 

 
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	25.	Loan Agreement for the IFA Bonds dated as of October 1, 2010 between Navistar International Corporation and the Illinois Finance Authority (“IFA”). 

 

	26.	Loan Agreement for the Cook County Bonds dated as of October 1, 2010 by and between Navistar International Corporation and The County of Cook, Illinois. 

 

	27.	Bond Guarantee in respect of the IFA Bonds dated as of October 1, 2010 from Navistar, Inc. to Citibank, N.A., as the Trustee. 

 

	28.	Bond Guarantee in respect of the Cook County Bonds dated as of October 1, 2010 from Navistar, Inc. to Citibank, N.A., as the Trustee. 

 

	29.	Credit Agreement, dated August 17, 2012, among Navistar, Inc., as Borrower, Navistar International Corporation, the Lenders Party hereto, and J.P. Morgan Chase Bank, N.A., as Administrative Agent and Collateral
Agent. 

  

	30.	First Amendment to the Term Loan Credit Agreement, the Guarantee and Collateral Agreement, and the Collateral Cooperation Agreement, dated April 2, 2013, among Navistar, Inc., as Borrower, Navistar International
Corporation, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. 

  

	31.	Amended and Restated ABL Credit Agreement, dated August 17, 2012, among Navistar, Inc., as Borrower, the Lenders Party hereto, Bank of America, N.A., as Administrative Agent, J.P. Morgan Chase Bank, N.A. and Wells
Fargo Capital Finance, LLC, as Syndication Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Wells Fargo Capital Finance, LLC, as Joint Lead Arrangers and Joint Book Managers, and Credit Suisse
Securities (USA) LLC, as Joint Book Manager. 

  

	32.	Amendment No. 1 to the Amended and Restated ABL Credit Agreement and the Amended and Restated Security Agreement, dated April 2, 2013, among Navistar, Inc., as Borrower, the financial institutions party
thereto, and Bank of America, N.A., as Administrative Agent. 

  

	33.	Registration Rights Agreement, effective as of October 5, 2012, by and among the Company and the holders signatory thereto. 

  

	34.	Rights Agreement, dated as of June 19, 2012, by and between Navistar International Corporation and Computershare Shareowner Services LLC, as Rights Agent. 

 

	35.	Amendment No. 1 to the Rights Agreement, effective as of October 5, 2012, between Navistar International Corporation and Computershare Shareowner Services LLC, as rights agent. 

 

 
 J. P. Morgan Securities LLC 

March     , 2014 
 Page 13 

 

	36.	Amendment No. 2 to the Rights Agreement, effective as of October 5, 2012, between Navistar International Corporation and Computershare Shareowner Services LLC, as rights agent. 

 

	37.	Amendment No. 3 to the Rights Agreement, dated as of October 19, 2012, between Navistar International Corporation and Computershare Shareowner Services LLC, as rights agent. 

 

	38.	Amendment No. 4 to the Rights Agreement, dated as of June 17, 2013, between Navistar International Corporation and Computershare Shareowner Services LLC, as rights agent. 

 

	39.	Amendment No. 5 to the Rights Agreement, dated as of July 14, 2013, between Navistar International Corporation and Computershare Inc., successor-in-interest to Computershare Shareowner Services LLC, as rights
agent. 

 300 North LaSalle 

Chicago, Illinois 60654 
  

	               www.kirkland.com 
	 Facsimile:   

312 862-2200 
 [DRAFT - SUBJECT TO
OPINION COMMITTEE REVIEW] 
 March [    ], 2014 

J. P. Morgan Securities LLC 
 As Representative of the 

several Initial Purchasers listed 

in Schedule 1 of the Purchase Agreement (as defined below) 

c/o J. P. Morgan Securities LLC 
 383 Madison Avenue 

New York, New York 10179 
  

	 	Re:	Navistar International Corporation 

 Ladies and Gentlemen: 

We are issuing this letter in our capacity as special counsel for and at the request of Navistar International Corporation, a Delaware
corporation (the “Company”), in response to the requirement in Section 6(f) of the Purchase Agreement, dated March [    ], 2014 (the “Purchase Agreement”), by and among the Company and you,
as representative of the several Initial Purchasers named in Schedule 1 thereto (collectively, the “Initial Purchasers”). Every term which is defined or given a special meaning in the Purchase Agreement and which is not given a
different meaning in this letter has the same meaning whenever it is used in this letter as the meaning it is given in the Purchase Agreement. 

In the above capacity, we have reviewed the Time of Sale Information and the offering memorandum of the Company, dated March
[    ], 2014, relating to the sale of the Notes (in each case including all documents specifically incorporated by reference therein) (the “Offering Memorandum”). For purposes of this letter, “Time of
Sale Information” means collectively, the Preliminary Offering Memorandum, as supplemented or amended by the Pricing Supplement (in each case including all documents specifically incorporated by reference therein). 

The purpose of our professional engagement was not to establish factual matters, and the preparation of the Time of Sale Information and
Offering Memorandum involved many determinations of a wholly or partially nonlegal character. Except to the extent explicitly indicated in numbered paragraphs 8 and 10 of our other letter to you dated the date hereof regarding the sections
“Description of notes” and “Certain U.S. federal income tax considerations,” we have not independently verified, and do not assume any responsibility for, the accuracy, completeness or fairness of the Time of Sale Information or
Offering Memorandum and make no representation that the actions taken in connection with the preparation and review of the Time of Sale Information and Offering Memorandum were 

  

Beijing    Hong Kong    London    Los Angeles    
Munich    New York    Palo Alto    San Francisco    Shanghai    Washington, D.C. 

 

 
 J. P. Morgan Securities LLC 

March [    ], 2014 
 Page 2 

 

 
sufficient to cause the Time of Sale Information and Offering Memorandum to be accurate, complete or fair. We were not engaged by the Company to prepare the periodic reports or other
materials incorporated by reference into the Time of Sale Information, and our knowledge about those matters is limited to our review thereof. 

We can, however, confirm that we have participated in the preparation of the Time of Sale Information and Offering Memorandum other than any
documents specifically incorporated by reference therein and have participated in conferences with representatives of the Company, other counsel for the Company, representatives of the independent accountants of the Company, you and your
representatives and counsel during which disclosures in the Time of Sale Information and the Offering Memorandum and related matters were discussed, and have reviewed such other documents as we deemed appropriate. 

Based on the foregoing (relying as to matters of fact to a large extent on statements of officers and other representatives of the Company),
we can advise you that nothing has come to our attention that has caused us to conclude that the Time of Sale Information as of March [    ], 2014 and the Offering Memorandum at the date it bears or on the date of this letter
contained or contains an untrue statement of a material fact or omits or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. We note that the Time of Sale Information and the Offering Memorandum have been prepared in the context of Rule 144A transaction and not as part of a registration statement under the Securities Act of 1933, as amended. 

This letter does not consider or cover, and we do not express any view with respect to any financial statements or supporting schedules (or
any notes to any such statements or schedules) or other financial information or accounting data set forth in (or omitted from) the Time of Sale Information or the Offering Memorandum. The advice in this letter is limited to the federal securities
laws of the United States of America. This letter speaks as of the time of its delivery on the date it bears. We do not assume any obligation to provide you with any subsequent advice. 

This letter may be relied upon by the Initial Purchasers solely in their capacity as initial purchasers in connection with the closing under
the Purchase Agreement occurring today. Without our written consent: (i) no person (including any person that acquires any Notes from you) other than you may rely on this letter for any purpose; (ii) this letter may not be cited or quoted
in any financial statement, prospectus, private placement memorandum or other similar document; (iii) this letter may not be cited or quoted in any other document or communication which might encourage reliance upon this letter by any person or
for any purpose excluded by the restrictions in this paragraph; and (iv) copies of this letter may not be furnished to anyone for purposes of encouraging such reliance. 

 

 
 J. P. Morgan Securities LLC 

March [    ], 2014 
 Page 3 

 

 
	
	Sincerely,
	
	Kirkland & Ellis LLP

 ANNEX D 

Form of Steven K. Covey, Esq., Opinion 

[See attached] 

 [NAVISTAR LETTERHEAD] 

***SUBJECT TO NAVISTAR REVIEW*** 

March [    ], 2014 
 J.P.
Morgan Securities LLC 
 As Representative of the 

several Initial Purchasers listed 

in Schedule 1 to the Purchase Agreement (as defined below) 

c/o J. P. Morgan Securities LLC 
 383 Madison Avenue 

New York, New York 10179 
  

	 	Re:	Navistar International Corporation 

 Ladies and Gentlemen: 

I am issuing this letter in my capacity as Senior Vice President, General Counsel and Chief Ethics Officer of Navistar International
Corporation, a Delaware corporation (the “Company”), in response to the requirement in Section 6(g) of the Purchase Agreement, dated March [    ], 2014 (the “Purchase Agreement”), among the
Company and you, as representative of the several Initial Purchasers listed in Schedule 1 thereto (collectively, the “Initial Purchasers”). Every term that is defined or given a special meaning in the Purchase Agreement and that is
not given a different meaning in this letter has the same meaning whenever it is used in this letter as the meaning it is given in the Purchase Agreement. 

In connection with the preparation of this letter, I (or one or more attorneys acting pursuant to my authority) have read: 

 

	 	(a)	the Preliminary Offering Memorandum, dated March [    ], 2014, covering the offer and sale of the Notes, as supplemented or amended by the Pricing Supplement, dated March [    ],
2014, containing the terms of the Notes (in each ease including all documents specifically incorporated by reference therein) (collectively, the “Time of Sale Information”); 

 J. P. Morgan Securities LLC 

March [    ], 2014 
 Page 2 

 

	 	(b)	the Final Offering Memorandum, dated March [    ], 2014, covering the offer and sale of the Notes (in each ease including all documents specifically incorporated by reference therein) (the
“Offering Memorandum”); 

  

	 	(c)	an executed copy of the Purchase Agreement; 

  

	 	(d)	an executed copy of the Indenture; 

  

	 	(e)	a specimen certificate of the Notes; 

  

	 	(f)	certified copies of resolutions adopted by (i) the Company’s board of directors on March 14, 2014; and (ii) the pricing committee of the Company’s board of directors on March
[    ], 2014; 

  

	 	(g)	a certificate, dated March 14, 2014, from the Secretary of the State of Delaware as to the good standing of the Company, together with a facsimile bringdown thereof dated March [    ], 2014;

  

	 	(h)	copies of all certificates and other documents delivered today at the closing of the purchase and sale of the Notes under the Purchase Agreement; and 

 

	 	(i)	such other documents, records and other instruments as we have deemed necessary or appropriate in order to deliver the opinions set forth herein. 

In addition, I (or one or more attorneys acting pursuant to my authority) have reviewed such other documents and have given consideration to
such other matters of law and fact (in accordance with the principles set forth herein) as I (or one or more attorneys acting pursuant to my authority) have deemed appropriate, in my (or their) professional judgment, to express the opinions
expressed herein under the laws specified below. 
 In such review and investigation, I (or one or more attorneys acting pursuant to my
authority) have assumed with your permission and without independent investigation: (a) the genuineness of the signatures of persons signing all documents in connection with which this letter is rendered on behalf of the parties thereto other
than the Company, (b) the authenticity of all documents submitted to me as originals, (c) the conformity to authentic original documents of all documents submitted to me as certified, conformed or photostatic copies, and (d) all
public authority documents are accurate, complete and authentic and all official public records (including their indexing and filing) are accurate and complete. I (or one or more attorneys acting pursuant to my authority) have also assumed the due
authorization, execution and delivery of the Purchase Agreement and every other agreement I (or one or more attorneys acting pursuant to my authority) have examined for purposes of this letter and the validity, binding effect and enforceability
thereof by or on behalf of the parties thereto other than the Company. As to factual matters material to this letter, such facts have not been independently established or verified, I (or one or more attorneys acting pursuant to my authority) have
relied upon originals (or copies certified or otherwise identified to my (or their) satisfaction) of such records, documents, certificates and other written information as in my (or their) judgment are necessary

 J. P. Morgan Securities LLC 

March [    ], 2014 
 Page 3 

 

 
or appropriate to enable me to render the opinions expressed below. For purposes of numbered paragraphs 1 through 4, I (or one or more attorneys acting pursuant to my authority) have relied
exclusively upon certificates issued by governmental authorities in the relevant jurisdictions and such advice is not intended to provide any conclusion or assurance beyond that conveyed by those certificates. 

Subject to the assumptions, qualifications, exclusions and limitations which are identified in this letter, we advise you that: 

 

	1.	The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware. 

 

	2.	Each Significant Subsidiary has been duly organized and is validly existing under the laws of its jurisdiction of organization. 

  

	3.	The Company has been duly qualified as a foreign corporation for the transaction of business and is in good standing in each jurisdiction in which it owns or leases properties or conducts business, so as to require such
qualification, except where the failure to be so qualified and in good standing would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

 

	4.	Each Significant Subsidiary has been duly qualified as a foreign organization for the transaction of business and is in good standing in each jurisdiction in which it owns or leases properties, or conducts business, so
as to require such qualification, except where the failure to be so qualified and in good standing would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

 

	5.	The Company has the corporate power to own or lease its properties and to conduct its business as described in the Time of Sale Information and the Offering Memorandum. 

 

	6.	Each of the Significant Subsidiaries has the organizational power to own or lease its properties and to conduct its business as described in the Time of Sale Information and the Offering Memorandum. 

 

	7.	All of the issued and outstanding shares of capital stock of the Company have been duly authorized and are validly issued, fully paid and nonassessable. 

 

	8.	All the outstanding shares of capital stock of each Significant Subsidiary have been duly authorized and validly issued and are fully paid and non-assessable, and are directly or indirectly owned by the Company, except
as otherwise set forth in the Time of Sale Information and the Offering Memorandum, free and clear of any mortgage, pledge, security interest, lien, claim or other encumbrance or restriction on transferability or voting (other than as may be imposed
by Securities Act of 1933, as amended (the “Securities Act”) and the various state securities laws). 

 J. P. Morgan Securities LLC 

March [    ], 2014 
 Page 4 

 

	9.	The Company’s authorized capital stock is as set forth under the heading “Description of capital stock” in the Preliminary Offering Memorandum. 

 

	10.	The statements set forth under the heading “Description of capital stock” in the Preliminary Offering Memorandum, to the extent that such statements purport to summarize certain terms and provisions of the
Company’s capital stock, are correct in all material respects. 

  

	11.	Except as described in the Time of Sale Information and the Offering Memorandum, there is no action, suit or proceeding before or by any government, governmental instrumentality, agency, body or court, domestic or
foreign, now pending or, to the best of my knowledge after reasonable investigation, threatened against or affecting the Company or any of the Significant Subsidiaries that could reasonably be expected to have a material adverse effect on the
consummation of the transactions contemplated in, or the fulfillment of the terms of, the Purchase Agreement, the Indenture, the Time of Sale Information and the Offering Memorandum; and no such actions, suits or proceedings are threatened or, to my
knowledge, contemplated. 

  

	12.	Except as described in the Time of Sale Information and the Offering Memorandum, there is no action, suit or proceeding before or by any government, governmental instrumentality, agency, body or court, now pending, or
to the best of my knowledge after reasonable investigation, threatened against or affecting the Company or any Significant Subsidiary that would be required to be described by Item 103 of Regulation S-K under the Securities Act if the issuance
of the Notes was being registered under the Securities Act, but is not so described in the Time of Sale Information and the Offering Memorandum. 

  

	13.	 The execution and delivery by the Company of, and the performance by the Company of all of the provisions of its obligations under, the Purchase
Agreement, the Indenture, the Notes and the consummation by the Company of the transactions contemplated therein and in the Time of Sale Information and the Offering Memorandum (including, without limitation, the issuance of the Notes and the
issuance of shares of common stock upon conversion of the Notes), do not and will not conflict with, or result in a breach or violation of any of the terms or provisions of, or constitute a default (or an event which, with notice or lapse of time,
or both, would constitute a default) under, or give rise to any right to accelerate the maturity or require the prepayment of any indebtedness or the purchase of any capital stock under, or result in the creation or imposition of any lien, charge or
encumbrance upon any material properties or assets of the Company or of any Significant Subsidiary under, (A) the Charter and Bylaws, (B) any material contract, indenture, mortgage, deed of trust, loan agreement, note, lease, partnership
agreement or other agreement or instrument known to me after reasonable investigation to which the Company or any Significant Subsidiary is a party or by which any of them may be bound or to which any of their respective properties or assets may be
subject, (C) any applicable law (other than the securities or Blue Sky laws of the various states of the United States of America) or (D) any judgment, order or decree of any government, governmental

 J. P. Morgan Securities LLC 

March [    ], 2014 
 Page 5 

 

	 	
instrumentality, agency, body or court, domestic or foreign, having jurisdiction over the Company or any Significant Subsidiary or any of their respective properties or assets known to me after
reasonable investigation except, with respect to clauses (B), (C) and (D), any breach or violation that would not reasonably be expected to have a Material Adverse Effect. 

* * * * * * * 
 I have not
undertaken any investigation to determine the facts or assumptions upon which the advice in this letter is based. I have not undertaken any investigation or search of court records for the purposes of this letter. 

The preparation of the Time of Sale Information and the Offering Memorandum involved many determinations of a wholly or partially nonlegal
character. I make no representation that I have independently verified the accuracy, completeness or fairness of the Time of Sale Information or the Offering Memorandum or that the actions taken in connection with the preparation of the Time of Sale
Information and the Offering Memorandum were sufficient to cause the Time of Sale Information and the Offering Memorandum to be accurate, complete and fair. I am not passing upon and do not assume any responsibility for the accuracy, completeness or
fairness of the Time of Sale Information and the Offering Memorandum. 
 Based on my review of the Time of Sale Information and the Offering
Memorandum and conferences with officers and representatives of the Company, representatives of the independent public accountants for the Company, representatives of the Initial Purchasers and counsel for the Initial Purchasers during which
disclosures in the Time of Sale Information and the Offering Memorandum and related matters were discussed, my understanding of applicable law and the experience I have gained in my practice, and relying as to materiality as to factual matters to a
large extent upon the opinions and statements of officers of the Company, I can, however, advise you that nothing has come to my attention that has caused me to conclude that (1) the Time of Sale Information (other than the financial
statements, supporting schedules and other financial data set forth therein, as to which no advice is given), as of the Time of Sale contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading, or (2) the Offering Memorandum, at the date it bears or on the date of this letter, (other than the financial statements, supporting schedules
and other financial data set forth therein, as to which no advice is given) contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading. 
 My opinions expressed herein are based exclusively on the internal laws
of the State of Illinois, the General Corporation Law of the State of Delaware and the federal laws of the United States which, in my experience, are normally applicable to general business corporations which are not engaged in regulated business
activities and to transactions of the type contemplated under the Purchase Agreement (but without my having made any investigation as to any other laws), and represents my opinion as to how that issue would be resolved were it to be considered

 J. P. Morgan Securities LLC 

March [    ], 2014 
 Page 6 

 

 
by the highest court in the jurisdiction which enacted such law. I note that issues addressed by this letter may be governed in whole or in part by other laws, but I express no opinion as to
whether any relevant difference exists between the laws upon which my advice is based or any other laws which may actually govern. The manner in which any particular issue would be treated in any actual court case would depend in part on facts and
circumstances particular to the case and would also depend on how the court involved chose to exercise the wide discretionary authority generally available to it. This letter is not intended to guarantee the outcome of any legal dispute. 

I express no opinion with respect to any laws, statutes, governmental rules or regulations or decisions which in my experience are not
considered for or covered by opinions like those contained in this letter or are not generally applicable to transactions of the kind covered by the Purchase Agreement or covered by opinions typically delivered in connection with transactions of the
kind covered by the Purchase Agreement or, except as otherwise stated in paragraph 12 hereof, to compliance with any disclosure requirement or any prohibition against fraud or misrepresentation. None of the opinions or other advice contained in this
letter considers or covers and does not include: (i) any antifraud laws, rules or regulations, (ii) any foreign or state securities (or “blue sky”) laws, rules or regulations, (iii) laws, rules or regulations with respect to
any financial statements or supporting schedules (or any notes to any such statements or schedules) or other financial or accounting information, or statistical information derived from the financial statements or supporting schedules, set forth in
(or omitted from) the Time of Sale Information or the Offering Memorandum, (iv) any laws, rules or regulations of the Financial Industry Regulatory Authority, Inc. relating to the compensation of underwriters; or (v) any laws, statutes,
governmental rules or regulations or decisions which in my experience are not usually considered for or covered by opinions like those contained in this letter or are not generally applicable to transactions of the kind covered by the Purchase
Agreement including any regulatory laws or requirements specific to the industry in which you or the Company is engaged. In addition, none of the opinions or other advice contained in this letter covers or otherwise addresses any of the following
types of provisions which may be contained in the Purchase Agreement or the Indenture: (i) provisions mandating contribution towards judgments or settlements among various parties; (ii) waivers of benefits and rights to the extent they
cannot be waived under applicable law; (iii) provisions providing for liquidated damages, additional interest and redemption premiums, in each case if deemed to constitute penalties; (iv) provisions which might require indemnification or
contribution in violation of general principles of equity or public policy, including, without limitation, indemnification or contribution obligations which arise out of the failure to comply with applicable state or federal securities laws; or
(v) requirements in the Purchase Agreement or Indenture specifying that provisions thereof may only be waived in writing (these provisions may not be valid, binding or enforceable to the extent that an oral agreement or an implied agreement by
trade practice or course of conduct has been created modifying any provision of such documents). I express no opinion as to what law might be applied by any courts to resolve any issue addressed by my opinion and I express no opinion as to whether
any relevant difference exists between the laws upon which my opinions are based and any other laws which may actually be applied to resolve issues which may arise. The manner in which any particular issue would be treated in any actual court case
would depend in part on facts and circumstances particular to the case and would also depend on how the court involved chose to exercise the wide discretionary authority generally available to it. 

 J. P. Morgan Securities LLC 

March [    ], 2014 
 Page 7 

 

 My opinions expressed herein are limited to the specific issues addressed herein and are
limited in all respects to documents, laws and facts existing on the date hereof. By rendering my opinions, I do not undertake to advise you of any changes in such documents, laws or facts which may occur after the date hereof. 

This letter speaks as of the time of its delivery on the date it bears. I do not assume any obligation to provide you with any subsequent
opinion or advice by reason of any fact about which I did not have knowledge at that time, by reason of any change subsequent to that time in any law or other governmental requirement or interpretation thereof covered by any of our opinions or
advice, or for any other reason. 
 This letter is being furnished to you and the several Initial Purchasers solely in their capacity as
initial purchasers in connection with the sale of the Notes to the Initial Purchasers pursuant to the Purchase Agreement and may only be relied upon by the Initial Purchasers in their capacity as initial purchasers. Without my written consent:
(i) no person (including any person that acquires any Notes from the Initial Purchasers) other than the Initial Purchasers may rely on this letter for any purpose; (ii) this letter may not be cited or quoted in any financial statement,
offering memorandum, prospectus, private placement memorandum or other similar document; (iii) this letter may not be cited or quoted in any other document or communication which might encourage reliance upon this letter by any person or for
any purpose excluded by the restrictions in this paragraph; and (iv) copies of this letter may not be furnished to anyone for purposes of encouraging such reliance. 

 

	
	Sincerely,
	
	Steven K. Covey
	Senior Vice President, General Counsel and Chief Ethics Officer
	Navistar International Corporation

 EXHIBIT A 

FORM OF LOCK-UP AGREEMENT 
 March [—], 2014 
 J.P. Morgan Securities LLC 

As Representative of the 
 several Initial
Purchasers listed 
 in Schedule 1 to the Purchase 

Agreement referred to below 
 c/o J.P. Morgan
Securities LLC 
 383 Madison Avenue 
 New York, New York 10179

  

	 	Re:	Navistar International Corporation 

 Ladies and Gentlemen: 

The undersigned understands that you, as Representative of the several Initial Purchasers, propose to enter into a Purchase Agreement (the
“Purchase Agreement”) with Navistar International Corporation, a Delaware corporation (the “Company”), providing for the purchase and resale (the “Placement”) by the several Initial Purchasers named
in Schedule 1 to the Purchase Agreement (the “Initial Purchasers”), of Senior Subordinated Convertible Notes of the Company (the “Securities”). Upon the satisfaction of certain conditions, the Securities are
convertible, at the option of the holders, at a conversion rate set forth and as described in the Time of Sale Information and the Offering Memorandum, and upon any such conversion the Company may elect to satisfy its conversion obligation through
the delivery of shares of Common Stock, par value $.10 per share, of the Company (the “Common Stock”), cash or a combination of cash and shares of Common Stock. Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Purchase Agreement. 
 In consideration of the Initial Purchasers’ agreement to participate in the Placement
of the Securities, and for other good and valuable consideration receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of the Representative on behalf of the Initial Purchasers, the
undersigned will not, during the period ending 90 days after the date of the final offering memorandum relating to the Placement (the “Offering Memorandum”), (1) offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock, or any securities convertible into or exercisable
or exchangeable for Common Stock, or publicly disclose the intention to make any such offer, sale, pledge or disposition, (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of
ownership of Common Stock or such other securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such 

 
other securities, in cash or otherwise or (3) make any demand for or exercise any right with respect to the registration of any shares of Common Stock or any security convertible into or
exercisable or exchangeable for Common Stock, in each case other than (A) transfers of shares of Common Stock as a bona fide gift or gifts and (B) distributions of shares of Common Stock to members or stockholders of the undersigned;
provided that in the case of any transfer or distribution pursuant to clause (A) or (B), each donee or distributee shall execute and deliver to the Representative a lock-up letter in the form of this paragraph; and provided,
further, that in the case of any transfer or distribution pursuant to clause (A) or (B), no filing by any party (donor, donee, transferor or transferee) under the Securities Exchange Act of 1934, as amended, or other public announcement
shall be required or shall be made voluntarily in connection with such transfer or distribution (other than a filing on a Form 5 made after the expiration of the 90-day period referred to above). 

Nothing contained herein shall apply to or otherwise restrict any transfer or deemed transfer of shares of Common Stock or options to acquire
Common Stock to the Company in connection with the exercise of options to acquire Common Stock, including, without limitation, the payment of the exercise price of such options to acquire Common Stock, or to otherwise satisfy tax withholding
obligations in connection with the vesting of Common Stock subject to transfer restrictions or in connection with the exercise of stock options to acquire shares of Common Stock. 

In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the securities
described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this agreement (this “Letter Agreement”). 

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Letter Agreement. All
authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned. 

The undersigned understands that, if the Purchase Agreement does not become effective prior to March
[—], 2014, or if the Purchase Agreement (other than the provisions thereof that survive termination) shall terminate or be terminated prior to payment for and delivery of the Securities to be sold
thereunder, the undersigned shall be released from all obligations under this Letter Agreement. The undersigned understands that the Initial Purchasers are entering into the Purchase Agreement and proceeding with the Placement in reliance upon this
Letter Agreement. 
 This Letter Agreement and any claim, controversy or dispute arising under or related to this Letter Agreement shall be
governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof. 

[Signature page follows.] 

  
 2 

 
			
	Very truly yours,
	
	[NAME OF STOCKHOLDER, DIRECTOR OR OFFICER]
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to the Lock-Up Agreement]EX-10.1

 Exhibit 10.1 

Exhibit B 
 FORM OF
CONTINGENT VALUE RIGHTS AGREEMENT 
 This CONTINGENT VALUE RIGHTS AGREEMENT, dated as of [    ], 2014 (this
“Agreement”), is entered into by and among Hanmi Financial Corporation, a Delaware corporation (“Parent”), [•], a [•], solely in its capacity as shareholders’ representative (in such capacity, the
“Shareholders’ Representative”), and [    ], as rights agent (the “Rights Agent”) and as initial CVR Registrar (as defined herein).1 

WITNESSETH: 
 WHEREAS, Parent,
Harmony Merger Sub Inc., a Texas corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), and Central Bancorp, Inc., a Texas corporation (the “Company”), have entered into that certain Amended and
Restated Agreement and Plan of Merger (as the same may be amended, modified or supplemented from time to time, the “Merger Agreement”), dated as of March 23, 2014, pursuant to which, among other things, Merger Sub will merge
with and into the Company (the “Merger”), with the Company surviving the Merger, as a wholly-owned subsidiary of Parent; 
 WHEREAS,
pursuant to the Merger Agreement, the Parent agreed to create and issue to (i) holders of record of shares of the Company’s common stock, par value $1.00 per share (“Company Common Stock”), outstanding immediately prior to
the effective time of the Merger (the “Effective Time”), contingent value rights as hereinafter described; 
 WHEREAS, each holder
of Company Common Stock, immediately prior to the Effective Time will receive, among other things, as merger consideration, the right to receive upon the Effective Time contingent value rights in such amounts as set forth in
Section 4.1(a) of the Merger Agreement immediately prior to the Effective Time; 
 WHEREAS, the parties have done all things necessary to
make the contingent value rights, when issued pursuant to the Merger Agreement and hereunder, the valid obligations of Parent and to make this Agreement a valid and binding agreement of Parent, in accordance with its terms; and 

WHEREAS, the parties hereto acknowledge that the Rights Agent is not party to, is not bound by, and has no duties or obligations under, the Merger
Agreement, that all references in this Agreement to the Merger Agreement are for convenience, and that the Rights Agent shall have no implied duties beyond the express duties set forth in this Agreement. 

NOW, THEREFORE, for and in consideration of the premises and the consummation of the transactions referred to above, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders (as hereinafter defined), as follows: 
  

 

	1 	Parent may elect to act or cause Hanmi Bank to act as Rights Agent and CVR Registrar. 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. 

(a) For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 

(i) the terms defined in this Article I have the meanings assigned to them in this Article I, and
include the plural as well as the singular; 
 (ii) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; 

(iii) unless the context otherwise requires, words describing the singular number shall include the plural and vice versa,
words denoting any gender shall include all genders and words denoting natural Persons shall include corporations, partnerships and other Persons and vice versa; 

(iv) the term “Affiliate” when used with respect to the Company shall, after the Effective Time, include Parent and
its Subsidiaries and Affiliates; and 
 (v) all references to “including” shall be deemed to mean including without
limitation. 
 (b) Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Merger Agreement.
The following terms shall have the meanings ascribed to them as follows: 
 “Aggregate Proceeds” shall mean the aggregate amount of cash
actually received by the Company (or its successor) following the Effective Time, arising from any amendment, restatement or adjustment of the Company’s 2012 or earlier years’ tax returns or a refund of the Company’s 2012 or earlier
years’ U.S. federal income tax liability but in no event in excess of $[21,021,673].2 

“Agreement” has the meaning set forth in the Preamble. 

“Business Day” shall mean any day ending at 11:59 p.m. (Eastern Time) other than a Saturday or Sunday or a day on which banks are
required or authorized to close in California and Texas. 
 “Company” has the meaning set forth in the Preamble. 

 
  

	2 	NTD: Amount to equal the Unrefunded Amount immediately prior to the Closing. 

  
 -2- 

 “Contingent Value End Date” shall mean the earlier of (x) July 31, 2015 and (y) when
all Distributable Proceeds have been delivered to holders of Contingent Value Rights and no amount of the Aggregate Proceeds is reasonably expected to be obtained by the Company (or its successor). 

“Contingent Value Rights” shall mean the contingent value rights issued by Parent pursuant to the Merger Agreement and this Agreement. 

“CVR Payment Amount” has the meaning set forth in Section 3.4(b). 

“CVR Payment Date” has the meaning set forth in Section 3.4(a). 

“CVR Register” has the meaning set forth in Section 3.3(b). 

“CVR Registrar” has the meaning set forth in Section 3.3(b). 

“Distributable Proceeds” shall mean a sum equal to the difference between (x) the Aggregate Proceeds and (y) reasonable fees,
expenses and other amounts actually incurred by the Company (or its successor) and its Affiliates after the Effective Time with respect to obtaining the Aggregate Proceeds, including reasonable fees and expenses paid to any outside counsel or other
advisor and any fees or expenses (including with respect to indemnification) of the Shareholders’ Representative to the extent not paid by the Company prior to the Effective Time. 

“Distributable Proceeds Notice” has the meaning set forth in Section 3.4(a). 

“Effective Time” has the meaning set forth in the Recitals. 

“Holder” shall mean a Person in whose name a Contingent Value Right is registered in the CVR Register. 

“Liability” shall mean any and all debts, liabilities, commitments and obligations of any kind, whether fixed, contingent or absolute,
matured or unmatured, liquidated or unliquidated, accrued or not accrued, asserted or not asserted, known or unknown, determined, determinable or otherwise, whenever or however arising. 

“Merger” has the meaning set forth in the Recitals. 

“Merger Agreement” has the meaning set forth in the Recitals. 

“Merger Sub” has the meaning set forth in the Recitals. 

“Parent” has the meaning set forth in the Preamble. 

“Permitted Transfer” shall mean: (i) the transfer (upon the death of the Holder) by will or intestacy; (ii) transfer by instrument
to an inter vivos or testamentary trust in which the Contingent Value Rights are to be passed to beneficiaries upon the death of the trustee; (iii) transfers made pursuant to a court order of a court of competent jurisdiction (such as in
connection with divorce, bankruptcy or liquidation); (iv) if the Holder is a partnership or limited liability company, a distribution by the transferring partnership or limited liability company to its partners or members, as applicable; or
(v) a transfer made by operation of law (including a consolidation or merger) or in connection with the dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity. 

  
 -3- 

 “Permitted Transferee” shall mean a Person who receives a Contingent Value Right pursuant to a
Permitted Transfer and otherwise in accordance with this Agreement. 
 “Person” shall mean any individual, corporation (including
not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, Governmental Authority or other entity of any kind or nature. 

“Rights Agent” shall mean the Rights Agent named in the first paragraph of this Agreement, until a successor Rights Agent shall have become
such pursuant to the applicable provisions of this Agreement, and thereafter “Rights Agent” shall mean such successor Rights Agent. 

“Rights Agent Costs” shall mean the costs and expenses which the Rights Agent is entitled to be paid under Section 4.2 and the
Rights Agent Fee. 
 “Rights Agent Fee” shall mean the fee of the Rights Agent to act in such capacity pursuant to the terms of this
Agreement as set forth on Schedule 1 hereto. 
 “Rights Agent Initial Payment” shall mean the costs and expenses reasonably
incurred and invoiced by the Rights Agent prior to the Effective Time in connection with the negotiation of this Agreement and any other reasonable costs and expenses incurred by the Rights Agent in connection herewith prior to the Effective Time.

 “Shareholders’ Representative” has the meaning set forth in the Preamble. 

“Tax” (including, with correlative meaning, the term “Taxes”) shall include all federal, state, local and foreign income, profits,
franchise, gross receipts, environmental, customs duty, capital stock, severances, stamp, payroll, sales, employment, unemployment, disability, use, property, withholding, excise, production, value added, occupancy and other taxes, duties or
assessments of any nature whatsoever, together with all interest, penalties and additions imposed with respect to such amounts and any interest in respect of such penalties and additions. 

ARTICLE II 
 PROCESS
MANAGEMENT 
 Section 2.1 Process Management. 

Following the Effective Time, the Company (or its successor) will control all proceedings and make all decisions related to the Aggregate Proceeds and the
pursuit thereof, in its sole discretion, and will use its commercially reasonable efforts to pursue any Aggregate Proceeds that are reasonably likely to be realized. Provided that the Shareholders’ Representative shall have entered into a
confidentiality agreement with Parent, the Company (or its successor) will keep the Shareholders’ Representative reasonably informed of all material proceedings related to the Aggregate Proceeds and the pursuit thereof, and will promptly
respond to reasonable requests for information from the Shareholders’ Representative. 

  
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 ARTICLE III 

CONTINGENT VALUE RIGHTS 

Section 3.1 Issuance of Contingent Value Rights; Appointment of Rights Agent. 

(a) The Contingent Value Rights shall be issued pursuant to the Merger Agreement at the time and in the manner set forth in the Merger
Agreement. The registration on the books and records of Parent and administration of the Contingent Value Rights shall be handled pursuant to this Agreement in the manner set forth in this Agreement. 

(b) Parent hereby appoints [    ] as the Rights Agent to act as rights agent for the Contingent Value Rights in accordance
with the instructions hereinafter set forth in this Agreement, and the Rights Agent hereby accepts such appointment. 
 Section 3.2
Nontransferable; Expiration. 
 (a) The Contingent Value Rights shall not be sold, assigned, transferred, pledged, encumbered or in any
other manner transferred or disposed of, in whole or in part, other than to a Permitted Transferee. Any purported transfer of a Contingent Value Right to anyone other than a Permitted Transferee shall be null and void ab initio. 

(b) The Contingent Value Rights shall expire on the Contingent Value End Date. 

Section 3.3 No Certificate; Registration; Registration of Transfer; Change of Address. 

(a) The Contingent Value Rights shall not be evidenced by a certificate or other instrument. 

(b) The Rights Agent shall keep a register (the “CVR Register”) for the registration of Contingent Value Rights in a
book-entry position for each Contingent Value Right Holder. The CVR Register shall set forth the name and address of each Holder, and the number of Contingent Value Rights held by such Holder and tax identification number (TIN) of each Holder. Each
of Parent and the Shareholders’ Representative may receive and inspect a copy of the CVR Register, from time to time, upon written request made to the CVR Registrar. Within five (5) Business Days after receipt of such request, the CVR
Registrar shall deliver a copy of the CVR Register, as then in effect, to Parent and the Shareholders’ Representative at the address set forth in Section 7.1. The Rights Agent is hereby initially appointed “CVR
Registrar” for the purpose of registering Contingent Value Rights and transfers of Contingent Value Rights as herein provided. 

(c) Subject to the restrictions set forth in Section 3.2, every request made to transfer a Contingent Value Right must be in
writing and accompanied by a written instrument or instruments of transfer and any other requested documentation in form reasonably satisfactory to Parent and the CVR Registrar, duly executed by the registered Holder or Holders thereof or by the
duly appointed legal representative thereof or by a duly authorized attorney. A request for a 

  
 -5- 

 
transfer of a Contingent Value Right shall be accompanied by documentation establishing that the transfer is to a Permitted Transferee and any other information as may be reasonably requested by
Parent or the CVR Registrar (including opinions of counsel, if appropriate). Upon receipt of such written notice, the CVR Registrar shall, subject to its reasonable determination that the transfer instrument is in proper form and the transfer
otherwise complies with the other terms and conditions herein, register the transfer of the Contingent Value Rights in the CVR Register. All duly transferred Contingent Value Rights registered in the CVR Register shall be the valid obligations of
Parent, evidencing the same rights and entitling the transferee to the same benefits and rights under this Agreement as those held by the transferor. No transfer of a Contingent Value Right shall be valid until registered in the CVR Register, and
any transfer not duly registered in the CVR Register will be void ab initio (unless the transfer was permissible hereunder and such failure to be duly registered is attributable to the fault of the CVR Registrar). Any transfer or assignment
of the Contingent Value Rights shall be without charge (other than the cost of any transfer Tax which shall be the responsibility of the transferor) to the Holder. 

(d) A Holder may make a written request to the CVR Registrar to change such Holder’s address of record in the CVR Register. The written
request must be duly executed by the Holder. Upon receipt of such written notice, the CVR Registrar shall promptly record the change of address in the CVR Register. 

Section 3.4 Payment Procedures. 

(a) Reasonably promptly following the receipt of any Aggregate Proceeds, or at such time as otherwise mutually agreed upon by Parent and the
Shareholders’ Representative, Parent shall deliver to the Rights Agent and the Shareholders’ Representative the calculation of the Distributable Proceeds (each such notice, a “Distributable Proceeds Notice”) establishing
the payment date (each such date, a “CVR Payment Date”) with respect to the Distributable Proceeds. Any Contingent Value Rights held by Company shareholders who have perfected and not withdrawn a demand for appraisal rights pursuant
to Sections 10.356 and 10.357 of the Texas Business Organizations Code, as amended, shall be deemed to be outstanding for purposes of determining the amount to be paid per Contingent Value Right and Parent shall be paid the amount which would
otherwise be paid in respect of such Contingent Value Right. 
 (b) On or before each CVR Payment Date, Parent shall cause an amount of cash
equal to the Distributable Proceeds with respect to the CVR Payment Date to be deposited with the Rights Agent. On each CVR Payment Date or as promptly as reasonably practicable thereafter, Parent shall cause the Rights Agent to pay the applicable
amount to each of the Holders by check mailed to the address of each Holder as reflected in the CVR Register as of the close of business on the last Business Day prior to such payment date. With respect to any Distributable Proceeds and any given
CVR Payment Date, the amount paid in respect of each Contingent Value Right shall be equal to the quotient obtained by dividing the Distributable Proceeds by the number of Contingent Value Rights outstanding as reflected on the CVR Register (the
“CVR Payment Amount”). 
 (c) Parent’s obligation to pay the Distributable Proceeds shall be conditioned on no court or
other Governmental Authority of competent jurisdiction having enacted, issued, promulgated, enforced or entered any Order (whether temporary, preliminary or permanent) that 

  
 -6- 

 
is in effect and restrains, enjoins or otherwise prohibits or imposes any penalty upon the payment of the Distributable Proceeds and the payment being otherwise lawful. If the Distributable
Proceeds shall not have been paid to the Holders by the Contingent Value End Date pursuant to this Subsection 3.4(c), Parent, the Company and any of their Affiliates may deliver the Distributable Proceeds received by the Company (or its
successor) prior to the Contingent Value End Date to a court of competent jurisdiction (or place such Distributable Proceeds in an escrow account, on terms mutually acceptable to Parent and the Shareholders’ Representative, in lieu thereof) and
provide written notice of such arrangement to the Shareholders’ Representative. Thereafter, Parent, the Company and any of their Affiliates shall have no further obligation with respect to the Distributable Proceeds. 

(d) The Rights Agent shall deduct and withhold, or cause to be deducted or withheld, from each CVR Payment Amount otherwise payable pursuant to
this Agreement, the amounts, if any, that Parent or its Affiliates are required to deduct and withhold with respect to the making of such payment under the Code; provided that in determining the required amount to be withheld, the Rights Agent will
give effect to any properly presented form (e.g., Form W-8 or W-9 as applicable) eliminating or reducing the amount required to be withheld. To the extent that amounts are so withheld or paid over to or deposited with the relevant Governmental
Authority, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Holder in respect of which such deduction and withholding was made. 

Section 3.5 No Voting, Dividends or Interest; No Equity or Ownership Interest in Parent. 

(a) The Contingent Value Rights shall not have any voting or dividend rights, and interest shall not accrue on any amounts payable on the
Contingent Value Rights to any Holder. 
 (b) The Contingent Value Rights shall not represent any equity or ownership interest in Parent, in
any constituent company to the Merger, any Affiliate of Parent or any other Person. 
 ARTICLE IV 

THE RIGHTS AGENT 

Section 4.1 Certain Duties and Responsibilities. 

The Rights Agent shall not have any liability for any actions taken or not taken in connection with this Agreement, except to the extent of its willful
misconduct, bad faith or gross negligence. No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers. 
 Section 4.2 Certain Rights of Rights Agent. 

The Rights Agent undertakes to perform such duties and only such duties as are specifically set forth in this Agreement, and no implied covenants or
obligations shall be read into this Agreement against the Rights Agent. In addition: 

  
 -7- 

 (a) the Rights Agent may rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) the Rights Agent may consult with, and obtain advice from, legal counsel in the event of any question as to any of the provisions hereof or
the duties hereunder, and it shall incur no liability and shall be deemed to be acting in accordance with the opinion and instructions of such counsel. The reasonable costs of such counsel’s services shall be paid to the Rights Agent in
accordance with Section 4.2(f) below. The Rights Agent may perform any and all of its duties through its agents, representatives, attorneys, custodians and/or nominees; 

(c) if the Rights Agent becomes involved in litigation on account of this Agreement, it shall have the right to retain counsel and shall be
entitled to reimbursement for all reasonable documented costs and expenses related thereto as provided in this Section 4.2(c) and Section 4.2(f) hereof; provided, however, that the Rights Agent shall not be entitled to
any such reimbursement to the extent such litigation ultimately determines that the Rights Agent acted with willful misconduct, bad faith or gross negligence. In the event that conflicting demands are made upon the Rights Agent for any situation
addressed or not addressed in this Agreement, the Rights Agent may withhold performance of the terms of this Agreement until such time as said conflicting demands shall have been withdrawn or the rights of the respective parties shall have been
settled by court adjudication, arbitration, joint order or otherwise; 
 (d) the permissive rights of the Rights Agent to do things
enumerated in this Agreement shall not be construed as a duty; 
 (e) the Rights Agent shall not be required to give any note or surety in
respect of the execution of such powers or otherwise in respect of the premises; 
 (f) Parent agrees to indemnify the Rights Agent for, and
hold the Rights Agent harmless against, any loss, liability, claim, demands, suits or expense arising out of or in connection with the Rights Agent’s duties under this Agreement, including the costs and expenses of defending the Rights Agent
against any claims, charges, demands, suits or loss, unless such loss shall have been determined by a court of competent jurisdiction to be a result of the Rights Agent’s willful misconduct, bad faith or gross negligence; provided,
however, that the Rights Agent’s aggregate liability with respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under this Agreement, whether in contract, in tort,
or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by Parent to the Rights Agent as fees and charges, but not including reimbursable expenses; and 

(g) As between Parent and the Rights Agent, Parent shall be responsible for paying the Rights Agent Costs and the Rights Agent Initial Payment.
As between Parent and the Rights Agent, Parent agrees to pay the fees and expenses (including taxes and other charges) of the Rights Agent in connection with this Agreement as may be agreed from time to time by Parent and the Rights Agent. The
Rights Agent shall also be entitled to reimbursement from Parent for all reasonable and necessary out-of-pocket expenses (including reasonable fees and expenses 

  
 -8- 

 
of the Rights Agent’s counsel and agent) paid or incurred by it in connection with the administration by the Rights Agent of its duties hereunder. The final invoice for the Rights Agent Fee
(which shall include a reasonable estimate of all remaining fees and expenses) will be rendered a reasonable time prior to the date of delivery of a Distributable Proceeds Notice. An invoice for any out-of-pocket expenses and per item fees realized
will be rendered and payable within thirty (30) days after receipt by Parent and the Shareholders’ Representative, except for postage and mailing expenses, which funds must be received one (1) Business Day prior to the scheduled
mailing date. 
 Section 4.3 Resignation and Removal; Appointment of Successor. 

(a) The Rights Agent may resign at any time by giving written notice thereof to Parent and the Shareholders’ Representative specifying a
date when such resignation shall take effect, which notice shall be sent at least thirty (30) days prior to the date so specified. Parent may remove the Rights Agent at any time by resolution of its board of directors specifying a date when
such removal shall take effect. Notice of such removal shall be given by Parent to the Rights Agent, which notice shall be sent at least thirty (30) days prior to the date so specified for such removal. 

(b) If the Rights Agent shall resign, be removed or become incapable of acting, Parent shall promptly appoint a qualified successor Rights
Agent. The successor Rights Agent so appointed shall, forthwith upon its acceptance of such appointment in accordance with this Section 4.3(b), become the successor Rights Agent. 

(c) Parent shall give notice of each resignation and each removal of a Rights Agent and each appointment of a successor Rights Agent by mailing
written notice of such event by first-class mail, postage prepaid, to the Shareholders’ Representative. The Shareholders’ Representative shall forward such notice to the Holders. If Parent fails to send such notice within ten
(10) days after acceptance of appointment by a successor Rights Agent, the successor Rights Agent shall cause such notice to be mailed at the expense of Parent. 

(d) If a successor Rights Agent has not been appointed and has not accepted such appointment by the end of the thirty (30) day period, the
Rights Agent may apply to a court of competent jurisdiction for the appointment of a successor Rights Agent, and the costs, expenses and reasonable attorneys’ fees which are incurred in connection with such a proceeding shall be paid in
accordance with Section 4.2(f) hereof. Any such successor to the Rights Agent shall agree to be bound by the terms of this Agreement and shall, upon receipt of the all relevant books and records relating thereto, become the Rights Agent
hereunder. Upon delivery of all of the relevant books and records, pursuant to the terms of this Section 4.3(d) to a successor Rights Agent, the Rights Agent shall thereafter be discharged from any further obligations hereunder. The
Rights Agent is hereby authorized, in any and all events, to comply with and obey any and all final judgments, orders and decrees of any court of competent jurisdiction which may be filed, entered or issued, and all final arbitration awards and, if
it shall so comply or obey, it shall not be liable to any other person by reason of such compliance or obedience. 

  
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 Section 4.4 Acceptance of Appointment by Successor. 

Every successor Rights Agent appointed hereunder shall execute, acknowledge and deliver to Parent, the Shareholders’ Representative and to the retiring
Rights Agent an instrument accepting such appointment and a counterpart of this Agreement, and thereupon such successor Rights Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of
the retiring Rights Agent; but, on request of Parent, the Shareholders’ Representative or the successor Rights Agent, such retiring Rights Agent shall execute and deliver an instrument transferring to such successor Rights Agent all the rights,
powers and trusts of the retiring Rights Agent. 
 ARTICLE V 

COVENANTS 

Section 5.1 List of Holders. 
 Parent
shall furnish or cause to be furnished to the Rights Agent in such form as Parent receives from the Company (or an agent performing similar services for Parent or its Affiliates) prior to the Effective Time, the names, addresses, shareholdings and
tax identification number (TIN) of the record holders of Shares eligible to receive Contingent Value Rights pursuant to the Merger Agreement reasonably promptly following the Effective Time. 

Section 5.2 Payment of CVR Payment Amount. 

The Rights Agent shall pay, and each of the Shareholders’ Representative and Parent shall use reasonable efforts to cause the Rights Agent to pay, the
Distributable Proceeds upon receipt thereof in the manner provided for in Section 3.4 and in accordance with the terms of this Agreement. 

ARTICLE VI 
 AMENDMENTS

 Section 6.1 Amendments Without Consent of Holders or Shareholders’ Representative. 

(a) Without the consent of any Holders or the Shareholders’ Representative, Parent and the Rights Agent, at any time and from time to
time, may enter into one or more amendments hereto, for any of the following purposes only: 
 (i) to evidence the succession
of another Person selected in accordance with Section 4.3(b) as a successor Rights Agent and the assumption by any successor of the covenants and obligations of the Rights Agent herein; 

(ii) to evidence the succession of another Person to Parent to its rights and obligations hereunder in accordance with
Section 7.3 and the assumption by any such successor of the covenants of Parent herein; 

  
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 (iii) to add to the covenants of Parent such further covenants, restrictions,
conditions or provisions as Parent shall consider to be for the protection of the Holders; 
 (iv) to cure any ambiguity, to
correct or supplement any provision herein that may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Agreement; or 

(v) as necessary to ensure that the Contingent Value Rights are not subject to registration under the Securities Act of 1933,
as amended, or the Securities Exchange Act of 1934, as amended. 
 (b) Promptly after the execution by Parent and the Rights Agent of any
amendment pursuant to the provisions of this Section 6.1, Parent shall mail or cause to be mailed a notice thereof by first-class mail to the Shareholders’ Representative setting forth in general terms the substance of such
amendment. 
 Section 6.2 Amendments With Consent of the Shareholders’ Representative. 

(a) Subject to Section 6.1 (which amendments pursuant to Section 6.1 may be made without the consent of the Holders or
the Shareholders’ Representative), with the consent of the Shareholders’ Representative (such consent not to be unreasonably withheld or delayed), acting on behalf of the Holders, Parent and the Rights Agent may enter into one or more
amendments hereto for any of the following purposes: 
 (i) to evidence the termination of the CVR Registrar and the
succession of another Person as a successor CVR Registrar and the assumption by any successor of the obligations of the CVR Registrar herein; or 

(ii) to add, eliminate or change any material provisions of this Agreement, even if such addition, elimination or change is in
any way adverse to the interests of the Holders. 
 (b) Promptly after the execution by Parent and the Rights Agent of any amendment pursuant
to the provisions of this Section 6.2, Parent shall mail a notice thereof by first-class mail to the Shareholders’ Representative and the Holders at their addresses as they shall appear on the CVR Register, setting forth in general
terms the substance of such amendment. 
 Section 6.3 Effect of Amendments. 

Upon the execution of any amendment under this Article VI, this Agreement shall be modified in accordance therewith, such amendment shall form a
part of this Agreement for all purposes and every Holder shall be bound thereby. 

  
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 ARTICLE VII 

OTHER PROVISIONS OF GENERAL APPLICATION 

Section 7.1 Notices to the Rights Agent, Parent and the Shareholders’ Representative. 

Any notice, request, instruction or other document to be given hereunder by any party to the others shall be in writing and delivered personally or sent by
registered or certified mail, postage prepaid, by facsimile or overnight courier: 
 If to Parent or the Company: 

Hanmi Financial Corporation 
 3660
Wilshire Blvd., Penthouse A 
 Los Angeles, CA 90010 

Attention: Legal Department 

Facsimile: (213) 427-7768 

with a copy to 

Sullivan & Cromwell LLP 

1888 Century Park East, Suite 2100 

Los Angeles, CA 90067 
 Attention:
Patrick S. Brown 
 Fax: (310) 712-8800 

If to the Rights Agent: 

______________________, 

______________________. 

Attention: _________________ 

fax: (    ) ___-____ 

If to the Shareholders’ Representative: 

______________________, 

______________________. 

Attention: _________________ 

Fax: (    ) ___-____ 

with a copy to 

______________________, 

______________________. 

Attention: _________________ 

Fax: (    ) ___-____ 

  
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 or to such other persons or addresses as may be designated in writing by the party to receive such notice as
provided above. Any notice, request, instruction or other document given as provided above shall be deemed given to the receiving party upon actual receipt, if delivered personally; three (3) Business Days after deposit in the mail, if sent by
registered or certified mail; upon confirmation of successful transmission if sent by facsimile (provided that if given by facsimile such notice, request, instruction or other document shall be followed up within one (1) Business Day by
dispatch pursuant to one of the other methods described herein); or on the next Business Day after deposit with an overnight courier, if sent by an overnight courier. 

Section 7.2 Effect of Headings; Construction. 

The headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of
the provisions of this Agreement. Where a reference in this Agreement is made to a Section or Exhibit, such reference shall be to a Section of or Exhibit to this Agreement unless otherwise indicated. 

Section 7.3 Successors and Assigns. 

Parent may assign any of its obligations hereunder to (i) any wholly-owned subsidiary, (ii) any Person of which Parent is a subsidiary or
(iii) any successor of Parent, provided that in each case Parent causes such Person to agree to perform Parent’s obligations hereunder to the extent such Person does not succeed to the rights and obligations of Parent by operation of law.
All covenants and agreements in this Agreement by any party hereto shall bind its successors and assigns, whether so expressed or not. 

Section 7.4 Benefits of Agreement. 

Nothing in this Agreement, express or implied, shall give to any Person (other than the parties hereto and their permitted successors and assigns hereunder)
any benefit or any legal or equitable right, remedy or claim under this Agreement or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their permitted successors
and assigns. For the avoidance of doubt, no Holder shall have any right to enforce or otherwise assert a claim with respect to this Agreement; all such rights and claims shall only be brought by the Shareholders’ Representative on behalf of
such Holder. 
 Section 7.5 Governing Law and Venue. 

THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF
CALIFORNIA WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT SUCH PRINCIPLES WOULD DIRECT A MATTER TO ANOTHER JURISDICTION. The parties hereby irrevocably submit to the personal jurisdiction of the courts of the City of
Los Angeles and the United States District Court for the Central District of California solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and in respect of
the transactions contemplated hereby, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document, that it is not subject thereto or that such action,
suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be 

  
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enforced in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such action, proceeding or transactions shall be heard and determined in such a California
State or federal court. The parties hereby consent to and grant any such court jurisdiction over the person of such parties and, to the extent permitted by law, over the subject matter of such dispute and agree that mailing of process or other
papers in connection with any such action or proceeding in the manner provided in Section 7.1 or in such other manner as may be permitted by law shall be valid and sufficient service thereof. 

Section 7.6 Severability Clause. 

The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions of this Agreement. If any provision of this Agreement, or the application of such provision to any Person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be
substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons
or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application of such provision, in any other jurisdiction.

 Section 7.7 Counterparts. 
 This
Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement. 

Section 7.8 Termination. 
 This
Agreement and each Contingent Value Right shall terminate and be of no further force or effect, and the parties hereto shall have no liability hereunder, upon the later of (i) the Contingent Value End Date or (ii) the date on which the
Rights Agent has distributed Distributable Proceeds received by the Company (or its successor) prior to the Contingent Value End Date as set forth in Section 3.4 herein. Notice of any such termination will be promptly mailed by the Rights Agent
to the Holders. 
 Section 7.9 Entire Agreement. 

This Agreement and the Merger Agreement, all documents and instruments referenced herein and therein, and all exhibits and schedules attached to each of the
foregoing, represent the entire understanding of Parent, the Company and the Shareholders’ Representative with reference to the Contingent Value Rights, and this Agreement supersedes any and all other oral or written agreements hereto made with
respect to the Contingent Value Rights, except for the Merger Agreement. This Agreement represents the entire understanding of the Rights Agent with reference to the Contingent Value Rights, and this Agreement supersedes any and all other oral or
written agreements hereto made with respect to the Contingent Value Rights, except for the Merger Agreement. If and to the extent that any provision of this Agreement is inconsistent or conflicts with the Merger Agreement, this Agreement shall
govern and be controlling, and this Agreement may be amended, modified, supplemented or altered only in accordance with the terms of Article VI. No party shall be bound by, or be liable for, any alleged representation, promise,
inducement or statement of intention not contained herein. 
 [Remainder of Page Intentionally Left Blank.] 

  
 -14- 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf by its duly
authorized officers as of the day and year first above written. 
  

			
	HANMI FINANCIAL CORPORATION
		
	By:	 	  

		 	 Name:
 Title:

	
	[SHAREHOLDERS’ REPRESENTATIVE]
		
	By:	 	  

		 	 Name:
 Title:

	
	[RIGHTS AGENT]
		
	By:	 	  

		 	 Name:
 Title:

  
 -15- 

 [SCHEDULE 1 

SCHEDULE OF FEES 
 For
Services as Rights Agent]

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