Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

AMENDMENT NO. 2 TO THE SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT OF 

GOHEALTH HOLDINGS, LLC 

This Amendment No. 2 to the Second Amended and Restated Limited Liability Company Agreement of GoHealth Holdings, LLC (including the
exhibits hereto, this “Amendment”) is effective as of September 23, 2022. Capitalized terms used in this Amendment that are not otherwise defined herein shall have the respective meanings assigned to them in the Second Amended
and Restated Limited Liability Company Agreement of GoHealth Holdings, LLC, dated July 15, 2020 (as amended, together with all schedules, exhibits and annexes thereto, the “LLC Agreement”). 

WHEREAS, the Company and its Members previously entered into the LLC Agreement on July 15, 2020; 

WHEREAS, the Corporation now intends to issue and sell 50,000 shares of its newly designated Series A Convertible Perpetual Preferred Stock,
par value $0.0001 per share (the “Series A Convertible Preferred Stock”), to Elevance Health, Inc., an Indiana corporation (“Elevance”) and/or any affiliate of Elevance that Elevance designates in writing to the
Company (Elevance and/or any such affiliates, the “Elevance Parties”), and GH 22 Holdings, Inc., a Delaware corporation (“GH”) and/or any affiliate of GH that GH designates in writing to the Company (GH
and/or any such affiliates, the “GH Parties” and, together with the Elevance Parties, the “Purchasers”) in an offering exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to
Section 4(a)(2) thereof (the “Preferred Stock Offering”); 
 WHEREAS, the Corporation has reserved for issuance upon
conversion of the Series A Convertible Preferred Stock up to 200,000 of its newly designated Series A-1 Convertible Non-Voting Perpetual Preferred Stock, par value
$0.0001 per share (the “Series A-1 Convertible Preferred Stock”) 
 WHEREAS, the
Corporation has reserved for issuance such number of shares of Class A Common Stock as shall from time to time be issuable upon the conversion of the Series A Convertible Preferred Stock and Series A-1
Convertible Preferred Stock then outstanding; and 
 WHEREAS, in connection with the Preferred Stock Offering, and pursuant to the terms of
the LLC Agreement, the Company, the Corporation and the holders of a majority of the Common Units then outstanding (excluding all Common Units held directly or indirectly by the Corporation) desire to amend the LLC Agreement to (i) designate a
new series of preferred units titled “Series A Convertible Preferred Units,” with terms in the aggregate substantially economically equivalent to the Series A Convertible Preferred Stock, (ii) to designate a new series of preferred
units titled “Series A-1 Convertible Preferred Units,” with terms in the aggregate substantially economically equivalent to the Series A-1 Convertible
Preferred Stock and (iii) to make other clarifying changes as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual
covenants and obligations set forth in this Amendment, and of other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Amendments of the LLC Agreement. 

(a) Article I of the LLC Agreement is hereby amended by replacing the definition of “Percentage Interests” with the
following: 
 ““Percentage Interests” means, with respect to a Member at a particular time,
such Member’s percentage interest in the Company determined by dividing such Member’s Common Units and Series A-1 Common Unit Equivalents by the total Common Units and Series A-1 Common Unit Equivalents of all Members at such time. The Percentage Interest of each Member shall be calculated to the 4th decimal place. For the avoidance of doubt, the Percentage Interest of each Member shall
not take into account any Series A Convertible Preferred Units held by such Member.” 

 (b) Article I of the LLC Agreement is hereby amended by inserting the
following in alphabetical order: 
 ““Series A-1 Common Unit
Equivalents” means a number of Common Units equal to 1,000 times (as may be adjusted by the Manager) the number of Series A-1 Convertible Preferred Units. 

“Series A Convertible Preferred Stock” means the Series A Convertible Perpetual Preferred Stock, par
value $0.0001 per share, of the Corporation. 
 “Series A-1 Convertible
Preferred Stock” means the Series A-1 Convertible Non-Voting Perpetual Preferred Stock, par value $0.0001 per share, of the Corporation.” 

(c) Section 3.02(b) of the LLC Agreement is hereby amended and restated in its entirety as follows: 

“Subject to Section 3.04(a), the Manager may (i) issue additional Common Units at any
time in its sole discretion and (ii) create one or more classes or series of Units or preferred Units solely to the extent such new class or series of Units or preferred Units are substantially economically equivalent to a class of common or
other stock of the Corporation or class or series of preferred stock of the Corporation, respectively; provided, that as long as there are any Members (other than the Corporation and its Subsidiaries) (i) no such new
class or series of Units may deprive such Members of, or dilute or reduce, the allocations and distributions they would have received, and the other rights and benefits to which they would have been entitled, in respect of their Units if such new
class or series of Units had not been created and (ii) no such new class or series of Units may be issued, in each case, except to the extent (and solely to the extent) the Company actually receives cash in an aggregate amount, or other
property with a Fair Market Value in an aggregate amount, equal to the aggregate distributions that would be made in respect of such new class or series of Units if the Company were liquidated immediately after the issuance of such new class or
series of Units; provided that the foregoing proviso shall not apply to the Series A Convertible Preferred Units and the Series A-1 Convertible Preferred Units.” 

(d) Section 4.01(b)(ii) of the LLC Agreement is hereby amended and restated in its entirety as follows: 

“To the extent a Member who holds Common Units or Series A-1 Convertible
Preferred Units otherwise would be entitled, as a result of such units, to receive less than its Percentage Interest of the aggregate amount of Tax Distributions pursuant to this Section 4.01(b) on any given date to which
Members who hold Common Units or Series A-1 Convertible Preferred Units are entitled, as result of holding such units, the Tax Distribution to such Member shall be increased to ensure that all Tax
Distributions made to Members, as a result of holding Common Units or Series A-1 Convertible Preferred Units, pursuant to this Section 4.01(b) are made pro rata in accordance with
such Member’s respective Percentage Interests. If, on a Tax Distribution Date, there are insufficient funds on hand to distribute to the Members the full amount of the Tax Distributions to which such Members are otherwise entitled, Tax
Distributions pursuant to this Section 4.01(b) shall be made to the Members to the extent of available funds in the following order of priority: (A) first, to the Corporation in such amounts as the Manager reasonably
determines is necessary to enable the Corporation to timely satisfy all of its unpaid U.S. federal, state and local and non-U.S. tax liabilities (taking into account any excess cash from Tax Distributions
previously made to the Corporation pursuant to this Agreement that is then-available to the Corporation); and (B) thereafter to Members other than the Corporation pro rata in accordance with their relative Assumed Tax Liabilities. For the
avoidance of doubt, Tax Distributions shall not be treated as an advance of, and shall not reduce, any Distributions made to any Member pursuant to Section 4.01(a), Article XIV or the GoHealth Holdings, LLC
Certificate of Designations Series A Convertible Preferred Units dated September 23, 2022, but shall be taken into account in computing the Assumed Tax Liability of, and the Tax Distributions paid to, each Member under this Agreement.”

 (e) Section 5.02 of the LLC Agreement is hereby amended and restated in
its entirety as follows: 
 “Except as otherwise provided in this Agreement, Net Profits, and Net Losses (including, to
the extent necessary with respect to the Series A Convertible Preferred Units, gross items of income, gain or loss) shall be allocated among the Members in a manner such that, after giving effect to the Regulatory Allocations in
Section 5.03, the Capital Account of each Member, immediately after making such allocation, is, as nearly as possible, equal proportionately to (i) the distributions that would be made to such Member pursuant to
Section 14.02(d) if the Company were dissolved, its affairs wound up, and its assets sold for cash equal to their Book Value, all Company liabilities were satisfied (limited, with respect any nonrecourse liabilities, to the
value reflected in the Members’ Capital Accounts for the assets securing such nonrecourse liabilities) and the net assets of the Company were distributed in accordance with Section 14.02(d) to the Members immediately
after making such allocation, provided, however, that for any allocation year in which Section 6(a)(ii) of the GoHealth Holdings, LLC Certificate of Designations Series A Convertible Preferred Units dated
September 23, 2022 is not actually applicable, then the calculation under this Section 5.02 shall be made without regard to such Section 6(a)(ii), minus (ii) such Member’s share of
Minimum Gain and partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)), computed immediately prior to the hypothetical sale of assets; provided that any such
allocation pursuant to this Section 5.02 shall assume that any Common Units which are subject to vesting conditions in accordance with any applicable equity plan or individual award agreement are fully vested.” 

(f) Section 5.04(a) of the LLC Agreement is hereby amended and restated in its entirety as follows: 

“It is intended that the conversion right applicable to the Series A Preferred Units will be treated as a noncompensatory
option within the meaning of Regulations Section 1.721-2(f). Consistent with such intention, the Company shall comply with the allocation provisions set forth in Regulations Sections 1.704-1(b)(2)(iv)(s) and 1.704-1(b)(4)(x) (including making any required “corrective” allocations in accordance with those Treasury Regulations).” 

2. Designation and Issuance of Series A Convertible Preferred Units. Pursuant to Sections 3.02 and 3.04 of the LLC
Agreement, as amended pursuant to this Amendment, and notwithstanding anything in the LLC Agreement to the contrary, the Company hereby designates and creates a series of preferred units of the Company titled the “Series A Convertible Preferred
Units” (the “Series A Convertible Preferred Units”), having such powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions as set forth in
Exhibit A to this Amendment and is authorized to issue such Series A Convertible Preferred Units to the Corporation. In the event of any conflict between the terms of the Series A Convertible Preferred Units set forth in this Amendment and
the terms of the LLC Agreement, the terms of the Series A Convertible Preferred Units set forth in this Amendment shall govern. 
 3.
Designation and Issuance of Series A-1 Convertible Preferred Units. Pursuant to Sections 3.02 and 3.04 of the LLC Agreement, as amended pursuant to this Amendment, and notwithstanding anything in the
LLC Agreement to the contrary, the Company hereby designates and creates a series of preferred units of the Company titled the “Series A-1 Convertible Preferred Units” (the “Series A-1 Convertible Preferred Units”), having such powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions as set forth in
Exhibit B to this Amendment and is authorized to issue such Series A-1 Convertible Preferred Units to the Corporation from time to time upon conversion of the Series A Convertible Preferred Units. In
the event of any conflict between the terms of the Series A-1 Convertible Preferred Units set forth in this Amendment and the terms of the LLC Agreement, the terms of the Series
A-1 Convertible Preferred Units set forth in this Amendment shall govern. 
 4. Contribution and
Expense Reimbursement. In connection with the Preferred Stock Offering, the Corporation shall be deemed to contribute the gross amount of proceeds received by the Corporation from the Preferred Stock Offering to the Company as a Capital
Contribution in exchange for the issuance of Series A-1 Convertible Preferred Units to the Corporation and the Company shall be deemed to have reimbursed the Corporation for its expenses associated with the
Preferred Stock Offering. 
 5. No Other Amendments. Other than as specifically set forth in this Amendment, the LLC Agreement shall
continue in full force and effect in accordance with its terms. 
 6. Binding Effect; Intended Beneficiaries. This Amendment shall be
binding upon and inure to the benefit of the Members and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

 7. Counterparts. This Amendment may be executed in separate counterparts, each of
which will be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. 
 8.
Applicable Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or
any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any suit, dispute, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in
connection with, this Amendment shall be heard in the state or federal courts of the State of Delaware, and the parties hereby consent to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or
proceeding and waives any objection to venue laid therein. 
 9. Severability. Whenever possible, each provision of this Amendment
will be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Amendment is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Amendment will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein. 
 10. Further Action. The parties shall execute and
deliver all documents, provide all information and take or refrain from taking such actions as may be reasonably necessary or appropriate to achieve the purposes of this Amendment. 

11. Delivery by Electronic Transmission. This Amendment and any signed agreement or instrument entered into in connection with this
Amendment or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission, including by a facsimile machine or via email, shall be treated in all manner and respects as an
original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. Promptly upon the request of any party hereto or to any such agreement or
instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of
electronic transmission by a facsimile machine or via email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of a
contract and each such party forever waives any such defense. 
 12. Descriptive Headings; Interpretation. The descriptive headings
of this Amendment are inserted for convenience only and do not constitute a substantive part of this Amendment. The words “hereof,” “herein” and “hereunder” and words of like import used in this Amendment shall refer to
this Amendment as a whole and not to any particular provision of this Amendment. Whenever required by the context, any pronoun used in this Amendment shall include the corresponding masculine, feminine or neuter forms, and the singular form of
nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Amendment shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means such
agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof, and shall include all schedules, exhibits and annexes to such agreement, document or instrument.
References to the Preamble, Recitals, Articles and Sections are to the Preamble, Recitals, Articles and Sections of this Amendment unless otherwise specified. The use of the words “or,” “either” and “any” shall not be
exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Amendment. In the event an ambiguity or question of intent or interpretation arises, this Amendment shall be construed as if drafted jointly by the
parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Amendment. Wherever a conflict exists between this Amendment and any other agreement,
this Amendment shall control but solely to the extent of such Amendment. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the Manager and the Members listed below executed this Amendment
No. 2 to Second Amended and Restated Limited Liability Company Agreement effective as of the date first above written. 
  

			
	MANAGER:
	
	GOHEALTH, INC.
		
	By:	 	 /s/ Vijay Kotte

	Name: Vijay Kotte
	Title: Chief Executive Officer
	
	MEMBERS:
	
	BLIZZARD AGGREGATOR, LLC
	
	By: CCP III Cayman GP Ltd.
	Its: Manager
		
	By:	 	 /s/ Jeremy W. Gelber

	Name: Jeremy W. Gelber
	Title: Authorized Signatory
	
	NVX HOLDINGS, INC.
		
	By:	 	 /s/ Brandon Cruz

	Name: Brandon Cruz
	Title: President
	
	BLIZZARD MANAGEMENT FEEDER, LLC
		
	By:	 	 /s/ Brandon Cruz

	Name: Brandon Cruz
	Title: Manager

 [Signature Page – Amendment No. 2 to Second Amended and Restated Limited
Liability Company Agreement] 

 Exhibit A 

GOHEALTH HOLDINGS, LLC 

CERTIFICATE OF DESIGNATIONS 

SERIES A CONVERTIBLE PREFERRED UNITS 

 GOHEALTH HOLDINGS, LLC 

CERTIFICATE OF DESIGNATIONS 

SERIES A CONVERTIBLE PREFERRED UNITS 

September 23, 2022 

SECTION 1. Definitions. 

“Business Day” means any weekday that is not a day on which banking institutions in New York, New York are authorized or
required by law, regulation or executive order to be closed. 
 “Cash Dividend” has the meaning set forth in
Section 5(c). 
 “Certificate of Designations” means this Certificate of Designations, as the
same may be amended, supplemented or restated from time to time. 
 “Class A Common Stock” means the
Class A common stock, $0.0001 par value per share, of the Corporation. 
 “Common Stock Change Event” means the
occurrence of any: (i) reclassification, statutory exchange, merger, consolidation or other similar business combination of the Corporation with or into another Person, in each case, pursuant to which at least a majority of the Class A
Common Stock is changed or converted into, or exchanged for, cash, securities or other property of the Corporation or another Person; (ii) any sale, transfer, lease or conveyance to another Person of all or a majority of the property and assets
of the Corporation, in each case pursuant to which the Class A Common Stock is converted into cash, securities or other property; or (iii) any statutory exchange of securities of the Corporation with another Person (other than in
connection with a merger or acquisition) or reclassification, recapitalization or reorganization of the Class A Common Stock into other securities. 

“Common Units” has the meaning set forth in the LLC Agreement. 

“Company” means GoHealth Holdings, LLC, a Delaware limited liability company. 

“Compounded Dividends” has the meaning set forth in Section 5(c). 

“Conversion Consideration” means, with respect to the conversion of any Series A Convertible Preferred Stock upon a Series A
Convertible Preferred Stock Conversion Event, the type and amount of consideration payable to settle such conversion in accordance with the Series A Convertible Preferred Stock Certificate of Designations. 

“Conversion Date” has the meaning, with respect to the Optional Conversion of any Series A Convertible Preferred Stock,
assigned in the Series A Convertible Preferred Stock Certificate of Designations. 

 “Corporation” means GoHealth, Inc., a Delaware corporation. 

“Dividends” has the meaning set forth in Section 5(a). 

“Distribution Junior Units” means any class or series of Units whose terms do not expressly provide that such class or series
will rank senior to, or equally with, the Series A Convertible Preferred Units with respect to the payment of distributions (without regard to whether or not distributions accumulate cumulatively). Distribution Junior Units includes the Common Units
and the Series A-1 Convertible Preferred Units. 
 “Distribution Parity Units”
means any class or series of Units (other than the Series A Convertible Preferred Units) whose terms expressly provide that such class or series will rank equally with the Series A Convertible Preferred Units with respect to the payment of
distributions (without regard to whether or not distributions accumulate cumulatively). 
 “Distribution Senior Units”
means any class or series of Units whose terms expressly provide that such class or series will rank senior to the Series A Convertible Preferred Units with respect to the payment of distributions (without regard to whether or not distributions
accumulate cumulatively). 
 “Dividend Payment Date” means March 31, June 30, September 30 and
December 31 of each year; provided that if any such Dividend Payment Date is not a Business Day, then the applicable Dividend shall be payable on the next Business Day immediately following such Dividend Payment Date, without any
interest. 
 “Dividend Payment Period” means in respect of any Series A Convertible Preferred Unit the period from and
including the Issuance Date of such Series A Convertible Preferred Unit to but excluding the first Dividend Payment Date and, subsequently, in each case the period from and including any Dividend Payment Date to but excluding the next Dividend
Payment Date. 
 “Dividend Rate” means 7.00%. 

“Dividend Record Date” has the meaning set forth in Section 5(d). 

“Full Dividend Payment Period” has the meaning set forth above. 

“Implied Quarterly Dividend Amount” means, with respect to any Series A Convertible Preferred Unit, as of any date, the
product of (i) the Liquidation Preference of such Series A Convertible Preferred Unit (for the avoidance of doubt, reflecting increases in the amount of any Compounded Dividends on such Series A Convertible Preferred Unit) on the applicable
date of determination multiplied by (ii) one fourth of the Dividend Rate applicable on such date. 
 “Issuance Date”
means, with respect to any Series A Convertible Preferred Unit, the date of issuance of such Series A Convertible Preferred Unit. 

 “Liquidation Junior Units” means any class or series of Units whose terms
do not expressly provide that such class or series will rank senior to, or equally with, the Series A Convertible Preferred Units with respect to the distribution of assets upon the Company’s liquidation, dissolution or winding up. Liquidation
Junior Units includes the Common Units and the Series A-1 Convertible Preferred Units. 

“Liquidation Parity Units” means any class or series of Units (other than the Series A Convertible Preferred Units) whose
terms expressly provide that such class or series will rank equally with the Series A Convertible Preferred Units with respect to the distribution of assets upon the Company’s liquidation, dissolution or winding up. 

“Liquidation Preference” means, with respect to the Series A Convertible Preferred Units, an amount per Series A Convertible
Preferred Unit equal to $1,000, as shall be increased for any Compounded Dividends, from time to time, and which shall equal the Series A Convertible Preferred Stock Liquidation Preference. 

“Liquidation Senior Units” means any class or series of Units whose terms expressly provide that such class or series will
rank senior to the Series A Convertible Preferred Units with respect to the distribution of assets upon the Company’s liquidation, dissolution or winding up. 

“LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Company, dated July 15,
2020, by and among the Company and the members thereto, as the same may be further amended, supplemented or restated. 

“Manager” has the meaning set forth in the LLC Agreement. 

“Optional Conversion” means the conversion of any Series A Convertible Preferred Stock other than a Mandatory Conversion (as
defined in the Series A Convertible Preferred Stock Certificate of Designations). 
 “Person” or “person”
means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of
a limited liability company, limited partnership or trust will constitute a separate “person” under this Certificate of Designations. 

“Record Date” means, with respect to any distribution on, or issuance to holders of, Series A Convertible Preferred Units,
Series A-1 Convertible Preferred Units or Common Units, the date fixed (whether by law, contract or the Manager or otherwise) to determine such holders or the holders of Series
A-1 Convertible Preferred Units or Common Units, as applicable, that are entitled to such distribution or issuance. 

“Series A Convertible Preferred Stock” means Series A Convertible Perpetual Preferred Stock, par value $0.0001 per share, of
the Corporation. 
 “Series A Convertible Preferred Stock Certificate of Designations” means the Certificate of
Designations establishing the powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A Convertible Preferred Stock filed with the Secretary of
State of the State of Delaware on September 23, 2022, as the same may be amended, supplemented or restated from time to time. 

 “Series A Convertible Preferred Stock Conversion Event” means an Optional
Conversion or the conversion of any Series A Convertible Preferred Stock pursuant to a Mandatory Conversion, as such term is defined in the Series A Convertible Preferred Stock Certificate of Designations. 

“Series A Convertible Preferred Stock Liquidation Preference” means the Liquidation Preference, as defined in the Series A
Convertible Preferred Stock Certificate of Designations, per share of Series A Convertible Preferred Stock. 
 “Series A Convertible
Preferred Stock Accrued Dividends” means Accrued Dividends as defined in the Series A Convertible Preferred Stock Certificate of Designations. 

“Series A-1 Convertible Preferred Stock” means the Series A-1 Convertible Non-Voting Perpetual Preferred Stock, par value $0.0001 per share, of the Corporation. 

“Series A-1 Convertible Preferred Unit Certificate of Designations” means the
Certificate of Designations establishing the powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A-1
Convertible Preferred Units dated September 23, 2022, as the same may be amended, supplemented or restated from time to time. 

“Series A-1 Convertible Preferred Units” means the series of preferred units of the
Company titled the “Series A-1 Convertible Preferred Units” pursuant to the Series A-1 Convertible Preferred Unit Certificate of Designations. 

“Units” has the meaning set forth in the LLC Agreement. 

SECTION 2. Rules of Construction. 

(a) Generally. For purposes of this Certificate of Designations: 

(i) “or” is not exclusive; 

(ii) “including” means “including without limitation”; 

(iii) “will” expresses a command; 

(iv) the “average” of a set of numerical values refers to the arithmetic average of such numerical values; 

(v) a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to
include any division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; 

(vi) words in the singular include the plural and in the plural include the singular, unless the context requires otherwise;

 (vii) “herein,” “hereof” and other words of similar
import refer to this Certificate of Designations as a whole and not to any particular Section or other subdivision of this Certificate of Designations, unless the context requires otherwise; and 

(viii) references to currency mean the lawful currency of the United States of America, unless the context requires otherwise.

 (b) Intent with Regard to Series A Convertible Preferred Stock. This Certificate of Designations and the powers,
designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A Convertible Preferred Units contained herein are intended to match, as closely as possible, the
powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A Convertible Preferred Stock set forth in the Series A Convertible Preferred Stock
Certificate of Designations, and the number of Series A Convertible Preferred Units outstanding is intended to equal, at all times, the number of shares of Series A Convertible Preferred Stock then outstanding. The provisions of this Certificate of
Designations will be interpreted consistently with such intent. In furtherance of the foregoing, (i) the Manager may amend this Certificate of Designations in its sole discretion to the extent necessary to cause the powers, designations,
preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A Convertible Preferred Units to match, as closely as possible, the powers, designations, preferences and
relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A Convertible Preferred Stock, including any revisions necessary in connection with any changes, modifications or alterations to
the Series A Convertible Preferred Stock Certificate of Designations or to reflect any necessary changes in connection with a Common Stock Change Event, (ii) notwithstanding anything to the contrary herein, no distribution pursuant to
Section 5 or Section 6 will be declared or paid, and no redemption, repurchase or conversion pursuant to Section 7 or Section 8, will be effected
unless (A) the Series A Convertible Preferred Stock Certificate of Designations requires an equivalent distribution, redemption, repurchase or conversion with respect to the Series A Convertible Preferred Stock and (B) contemporaneously
with any such distribution, redemption, repurchase or conversion with respect to the Series A Convertible Preferred Units, the proceeds, securities or other property therefrom are distributed to the holders of the Series A Convertible Preferred
Stock in compliance with, and in satisfaction of the obligations of the Corporation in the Series A Convertible Preferred Stock Certificate of Designations. 

SECTION 3. The Series A Convertible Preferred Units. 

(a) Designation. Pursuant to Sections 3.02 and 3.04 of the LLC Agreement, the Company hereby designates and creates a
series of preferred units of the Company titled the “Series A Convertible Preferred Units” (the “Series A Convertible Preferred Units”). 

(b) Number of Authorized Units. The total authorized number of Series A Convertible Preferred Units is fifty thousand
(50,000); provided, however that the Manager may (i) reduce the total number of authorized Series A Convertible Preferred Units at any time to a number that is not less than the number of Series A Convertible Preferred Units then
outstanding and (ii) increase the total number of authorized Series A Convertible Preferred Units solely to the extent necessary to comply with the requirements of Section 3(c).  

 (c) Correspondence. The Company will undertake all actions, including
an issuance, reclassification, distribution, division or recapitalization, with respect to the Series A Convertible Preferred Units, to maintain at all times a
one-to-one ratio between the number of Series A Convertible Preferred Units owned by the Corporation and the number of outstanding shares of Series A Convertible
Preferred Stock, disregarding, for purposes of maintaining the one-to-one ratio, any shares of Series A Convertible Preferred Stock held by the Corporation in treasury.
In the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems any shares of Series A Convertible Preferred Stock or any shares of Series A Convertible Preferred Stock are converted into shares of
Class A Common Stock or Series A-1 Convertible Preferred Stock, following compliance with the requirements of Section 7 and Section 8, as applicable,
the Manager will have the authority to take all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases, redemptions or conversions, the Corporation holds (in the case of any issuance, transfer or delivery)
or ceases to hold (in the case of any repurchase, redemption or conversion) Series A Convertible Preferred Units which (in the good faith determination by the Manager) are in the aggregate substantially equivalent to the shares of Series A
Convertible Preferred Stock so issued, transferred, delivered, repurchased, redeemed or converted. The Corporation shall, concurrently with any action taken by the Company pursuant to the requirements of this Section 3(c),
contribute the net proceeds (if any) received by the Corporation in respect of the events which gave rise to the Company’s obligation to undertake any action pursuant to the requirements of this Section 3(c) to the
equity capital of the Company. The Company will not undertake any subdivision (by any split, distribution, reclassification, recapitalization or similar event) or combination (by reverse split, reclassification, recapitalization or similar event) of
the Series A Convertible Preferred Units that is not accompanied by an identical subdivision or combination of Series A Convertible Preferred Stock to maintain at all times a
one-to-one ratio between the number of Series A Convertible Preferred Units owned by the Corporation and the number of outstanding shares of Series A Convertible
Preferred Stock, unless such action is necessary to maintain at all times a one-to-one ratio between the number of Series A Convertible Preferred Units owned by the
Corporation and the number of outstanding shares of Series A Convertible Preferred Stock as contemplated by this Section 3(c).  

(d) Status of Retired Units. Subject to Section 3(b), upon any Series A Convertible Preferred
Unit ceasing to be outstanding, such Unit will be deemed to be retired and cannot thereafter be reissued as a Series A Convertible Preferred Unit. 

(e) Corporation as Only Holder. The Corporation will be the only holder of any right, title or interest in the Series A
Convertible Preferred Units and will have all rights under this Certificate of Designations as the owner of such Series A Convertible Preferred Units. 

 (f) Cancellation. Subject to Section 3(c),
the Corporation may at any time deliver Series A Convertible Preferred Units to the Company for cancellation. The Manager will cause the Company to promptly cancel all Series A Convertible Preferred Units so surrendered to the Company. 

SECTION 4. Ranking. NOTWITHSTANDING ANYTHING IN THE LLC AGREEMENT TO THE CONTRARY, OTHER THAN WITH RESPECT TO
DISTRIBUTIONS PURSUANT TO SECTION 4.01(B) OF THE LLC AGREEMENT, THE SERIES A CONVERTIBLE PREFERRED UNITS WILL RANK (A) SENIOR TO (I) DISTRIBUTION JUNIOR UNITS WITH RESPECT TO THE PAYMENT OF DISTRIBUTIONS; AND (II) LIQUIDATION JUNIOR
UNITS WITH RESPECT TO THE DISTRIBUTION OF ASSETS UPON THE COMPANY’S LIQUIDATION, DISSOLUTION OR WINDING UP; (B) EQUALLY WITH (I) DISTRIBUTION PARITY UNITS WITH RESPECT TO THE PAYMENT OF DISTRIBUTIONS; AND (II) LIQUIDATION PARITY
UNITS WITH RESPECT TO THE DISTRIBUTION OF ASSETS UPON THE COMPANY’S LIQUIDATION, DISSOLUTION OR WINDING UP; AND (C) JUNIOR TO (I) DISTRIBUTION SENIOR UNITS WITH RESPECT TO THE PAYMENT OF DISTRIBUTIONS; AND (II) LIQUIDATION SENIOR
UNITS WITH RESPECT TO THE DISTRIBUTION OF ASSETS UPON THE COMPANY’S LIQUIDATION, DISSOLUTION OR WINDING UP. 
 SECTION 5.
Distributions. 
 (a) Generally. The holder of the Series A Convertible Preferred Units shall be entitled to
receive dividends of the type and in the amount determined as set forth in this Section 5 (such dividends, “Dividends”). 

(b) Accrual of Dividends. Dividends on each Series A Convertible Preferred Unit (i) shall accrue on a
daily basis from and including the Issuance Date of such Series A Convertible Preferred Unit, whether or not declared and whether or not the Company has assets legally available to make payment thereof, at a rate equal to the Dividend Rate as
further specified below and (ii) shall compound or be payable quarterly in arrears, if, as and when authorized and declared by the Manager on each Dividend Payment Date, commencing on the first Dividend Payment Date following the Issuance Date
of such Series A Convertible Preferred Unit. The amount of Dividends accruing with respect to any Series A Convertible Preferred Unit for any day, for all purposes under this Certificate of Designations, shall be determined by dividing (x) the
Implied Quarterly Dividend Amount as of such day by (y) the actual number of days in the Dividend Payment Period in which such day falls (for the avoidance of doubt, which such number of days shall be counted from and including the Issuance
Date or last Dividend Payment Date, as applicable, to but excluding the next Dividend Payment Date); provided that if during any Dividend Payment Period any Compounded Dividends in respect of one or more prior Dividend Payment Periods are
paid in cash, then after the date of such payment the amount of Dividends accruing with respect to any Series A Convertible Preferred Unit for any day shall be determined by dividing (x) the Implied Quarterly Dividend Amount as of such day
(recalculated to take into account such payment of Compounded Dividends) by (y) the actual number of days in such Dividend Payment Period. The amount of Dividends accrued with respect to any Series A Convertible Preferred Unit for any
Dividend Payment Period shall equal the sum of the daily Dividend amounts accrued in accordance with the prior sentence of this Section 5(b) with respect to 

 
such Series A Convertible Preferred Unit during such Dividend Payment Period. Notwithstanding the foregoing, for any Series A Convertible Preferred Unit with an Issuance Date that is not a
Dividend Payment Date, the amount of Dividends payable with respect to the initial Dividend Payment Period for such Series A Convertible Preferred Unit shall equal the product of (A) a daily accrual equal to product of (x) the Liquidation
Preference of such Series A Convertible Preferred Unit multiplied by (y) the quotient of the Dividend Rate divided by 365, multiplied by (B) the number of days from and including such Issuance Date to but excluding the next Dividend
Payment Date. 
 (c) Payment of Dividend. With respect to any Dividend Payment Date, the Company will pay or
accrue, to the extent permitted by applicable law, in the Manager’s sole discretion, Dividends on each Series A Convertible Preferred Unit (i) in cash (a “Cash Dividend”), if, as when and to the extent declared by
the Manager, (ii) by increasing the amount of Compounded Dividends with respect to such Series A Convertible Preferred Unit or (iii) through a combination of either of the foregoing. With respect to any Dividend Payment Date for
which the Company does not for any reason (including because payment of any such Cash Dividends are prohibited by law) pay in cash all Dividends that accrued during the relevant Dividend Payment Period, any such accrued and unpaid Dividends on a
Series A Convertible Preferred Unit (“Compounded Dividends”) will (whether or not earned or declared) become part of the Liquidation Preference of such Series A Convertible Preferred Unit as of the applicable Dividend Payment
Date. Any Compounded Dividends that remain unpaid as of any determination date shall increase the Liquidation Preference in accordance with the definition of “Liquidation Preference”. 

(d) Record Date. The record date for payment of Dividends that are declared and paid on any relevant Dividend Payment
Date will be the close of business on the fifteenth (15th) day of the calendar month which contains the relevant Dividend Payment Date (each, a “Dividend Record Date”), and the record date for payment of any Compounded Dividends
that were not declared and paid on any relevant Dividend Payment Date will be the close of business on the date that is established by the Manager, which will not be more than forty-five (45) days prior to the date on which such Dividends are
paid, in each case whether or not such day is a Business Day. 
 SECTION 6. Rights Upon Liquidation, Dissolution or Winding Up.

 (a) Generally. Notwithstanding anything in the LLC Agreement to the contrary, if the Company liquidates, dissolves
or winds up, whether voluntarily or involuntarily, then, subject to the rights of any of the Company’s creditors or holders of any outstanding Liquidation Senior Unit, each Series A Convertible Preferred Unit will entitle the Corporation, as
the holder thereof, to receive payment for the greater of the amounts set forth in clause (i) and (ii) below out of the Company’s assets or funds legally available for distribution to the Company’s members, before any
such assets or funds are distributed to, or set aside for the benefit of, any Liquidation Junior Unit; 
 (i) the sum of:

  

	 	(1)	 the Liquidation Preference per Series A Convertible Preferred Unit; and 

	 	(2)	 all unpaid Series A Convertible Preferred Stock Accrued Dividends that will have accumulated on a share of
Series A Convertible Preferred Stock to, but excluding, the date of such payment; and 

 (ii) the amount
the Corporation would have received in respect of the number of Common Units that would be issuable upon conversion of one (1) Series A Convertible Preferred Unit that is converted in connection with an Optional Conversion of one (1) share
of Series A Convertible Preferred Stock with a Conversion Date of such conversion occurring immediately prior to the date of such payment. 

Upon payment of such amount in full on the outstanding Series A Convertible Preferred Units, the Corporation, as the holder of the Series A
Convertible Preferred Units, will have no rights to the Company’s remaining assets or funds, if any. If such assets or funds are insufficient to fully pay such amount on all outstanding shares of Series A Convertible Preferred Units and the
corresponding amounts payable in respect of all outstanding Liquidation Parity Units, if any, then, subject to the rights of any of the Company’s creditors or holders of any outstanding Liquidation Senior Units, such assets or funds will be
distributed ratably on the Series A Convertible Preferred Units and Liquidation Parity Units in proportion to the full respective distributions to which such Units would otherwise be entitled. 

(b) Certain Business Combination Transactions Deemed Not to Be a Liquidation. For purposes of
Section 6(a), the Company’s consolidation or combination with, or merger with or into, or the sale, lease or other transfer of all or substantially all of the Company’s assets (other than a sale, lease or other
transfer in connection with the Company’s liquidation, dissolution or winding up) to, another Person will not, in itself, constitute the Company’s liquidation, dissolution or winding up, even if, in connection therewith, the Series A
Convertible Preferred Units are converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing. 

SECTION 7. Repurchase and Redemption. 

(a) Generally. Subject to Section 7(b), immediately prior to the time that a share of Series A
Convertible Preferred Stock is to be redeemed or repurchased by the Corporation for any reason, the Company will redeem or repurchase, as applicable, an equal number of Series A Convertible Preferred Units for the same type and amount of
consideration that is to be paid by the Corporation in satisfaction of the redemption or repurchase of the Series A Convertible Preferred Stock; provided, for the avoidance of doubt, if the Corporation redeems or repurchases such Series A
Convertible Preferred Stock in exchange for stock or other securities of the Corporation, the Company will redeem or repurchase such Series A Convertible Preferred Units in exchange for units or other securities of the Company with terms that
mirror, as nearly as possible, the terms of such stock or securities of the Corporation, as determined by the Manager in its sole discretion. 

 (b) Limitations. Notwithstanding anything to the contrary in this
Section 7, but subject to Section 11, the rights of the Corporation, as the holder of the Series A Convertible Preferred Units, to receive payment for the repurchase of Series A Convertible
Preferred Units pursuant to this Section 7 are subject to limitation to the same extent as applicable to the holders of Series A Convertible Preferred Stock pursuant to Section 9(i) of the Series A
Convertible Preferred Stock Certificate of Designations: 
 SECTION 8. Conversion. 

(a) Generally. Each time that shares of Series A Convertible Preferred Stock are converted pursuant to a Series A
Convertible Preferred Stock Conversion Event into Class A Common Stock or Series A-1 Convertible Preferred Stock, an equal number of Series A Convertible Preferred Units will automatically convert,
without any further action on the part of the Company, the Manager or the Corporation, into the following, and the Company will pay to the Corporation immediately prior to the payment of the Conversion Consideration on such shares of Series A
Convertible Preferred Stock converted in such Series A Convertible Preferred Stock Conversion Event: 
 (i) with respect to
any Conversion Consideration consisting of shares of Class A Common Stock, an equal number of Common Units; and 
 (ii)
with respect to any Conversion Consideration consisting of shares of Series A-1 Convertible Preferred Stock, an equal number of Series A-1 Convertible Preferred Units;
and 
 (iii) with respect to any Conversion Consideration other than shares of Class A Common Stock or Series A-1 Convertible Preferred Stock, the same type and amount of such Conversion Consideration; provided, for the avoidance of doubt, if such Conversion Consideration consists of stock (other than Class A Common
Stock or Series A-1 Convertible Preferred Stock) or other securities of the Corporation, such Series A Convertible Preferred Units shall be converted into units or other securities of the Company with terms
that mirror, as nearly as possible, the terms of such stock or securities of the Corporation, as determined by the Manager in its sole discretion. 

SECTION 9. Voting Rights. Except as otherwise required by the Delaware Act, the Series A Convertible Preferred Units shall have no
voting rights. 
 SECTION 10. Status of Common Units and Series A-1 Convertible Preferred
Units. Each Common Unit delivered upon conversion of the Series A Convertible Preferred Units will be duly and validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien
or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the person to whom such Common Unit will be delivered). Each Series A-1 Convertible Preferred Unit
delivered upon conversion of the Series A Convertible Preferred Units will be duly and validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to
the extent of any lien or adverse claim created by the action or inaction of the person to whom such Series A-1 Convertible Preferred Unit will be delivered). 

 SECTION 11. Legally Available Funds. Without limiting the rights of the
Corporation as holder of the Series A Convertible Preferred Units (including pursuant to Section 6), if the Company does not have sufficient funds legally available to fully pay any cash amount otherwise due on the Series A
Convertible Preferred Units, then the Company will pay the deficiency promptly after funds thereafter become legally available therefor. 

SECTION 12. No Other Rights. The Series A Convertible Preferred Units will have no rights, preferences or voting powers except as
provided in this Certificate of Designations or the LLC Agreement or as required by applicable law. 

 Exhibit B 

GOHEALTH HOLDINGS, LLC 

CERTIFICATE OF DESIGNATIONS 

SERIES A-1 CONVERTIBLE PREFERRED UNITS 

 GOHEALTH HOLDINGS, LLC 

CERTIFICATE OF DESIGNATIONS 

SERIES A-1 CONVERTIBLE PREFERRED UNITS 

September 23, 2022 

SECTION 1. Definitions. 

“Certificate of Designations” means this Certificate of Designations, as the same may be amended, supplemented or restated
from time to time. 
 “Class A Common Stock” means the Class A common stock, $0.0001 par value per
share, of the Corporation. 
 “Common Stock Change Event” means the Corporation entering into any consolidation, merger,
combination or other transaction in which the shares of Class A Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property (payable in kind). 

“Common Units” has the meaning set forth in the LLC Agreement. 

“Company” means GoHealth Holdings, LLC, a Delaware limited liability company. 

“Conversion Consideration” means, with respect to the conversion of any Series A-1
Convertible Preferred Stock upon a Series A-1 Convertible Preferred Stock Conversion Event, the type and amount of consideration payable to settle such conversion in accordance with the Series A-1 Convertible Preferred Stock Certificate of Designations. 
 “Corporation” means
GoHealth, Inc., a Delaware corporation. 
 “LLC Agreement” means the Second Amended and Restated Limited Liability Company
Agreement of Company, dated July 15, 2020, by and among the Company and the members thereto, as the same may be further amended, supplemented or restated. 

“Manager” has the meaning set forth in the LLC Agreement. 

“Parity Units” means the Common Units and any other class or series of Units (other than the Series A-1 Convertible Preferred Units) whose terms expressly provide that such class or series will rank equally with the Series A-1 Convertible Preferred Units with respect to the
distribution of assets upon the Company’s liquidation, dissolution or winding up. 
 “Person” or
“person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof.
Any division or series of a limited liability company, limited partnership or trust will constitute a separate “person” under this Certificate of Designations. 

 “Senior Units” means any class or series of Units whose terms expressly
provide that such class or series will rank senior to the Series A-1 Convertible Preferred Units with respect to the distribution of assets upon the Company’s liquidation, dissolution or winding up.
Senior Units includes the Series A Convertible Preferred Units. 
 “Series A Convertible Preferred Unit Certificate of
Designations” means the Certificate of Designations establishing the powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A Convertible
Preferred Units dated September 23, 2022, as the same may be amended, supplemented or restated from time to time. 
 “Series A
Convertible Preferred Units” means the series of preferred units of the Company titled the “Series A Convertible Preferred Units” pursuant to the Series A Convertible Preferred Unit Certificate of Designations. 

“Series A-1 Convertible Preferred Stock” means the Series A-1 Convertible Non-Voting Perpetual Preferred Stock, par value $0.0001 per share, of the Corporation 

“Series A-1 Convertible Preferred Stock Certificate of Designations” means the
Certificate of Designations establishing the powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A-1
Convertible Preferred Stock filed with the Secretary of State of the State of Delaware on September 23, 2022, as the same may be amended, supplemented or restated from time to time. 

“Series A-1 Convertible Preferred Stock Conversion Event” means the conversion of any
Series A-1 Convertible Preferred Stock into shares of Class A Common Stock. 
 “Series A-1 Convertible Preferred Units” has the meaning sect forth in Section 3(a). 

“Units” has the meaning set forth in the LLC Agreement. 

SECTION 2. Rules of Construction. 

(a) Generally. For purposes of this Certificate of Designations: 

(i) “or” is not exclusive; 

(ii) “including” means “including without limitation”; 

(iii) “will” expresses a command; 

(iv) the “average” of a set of numerical values refers to the arithmetic average of such numerical values; 

(v) a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to
include any division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; 

 (vi) words in the singular include the plural and in the plural include the
singular, unless the context requires otherwise; 
 (vii) “herein,” “hereof” and other words of similar
import refer to this Certificate of Designations as a whole and not to any particular Section or other subdivision of this Certificate of Designations, unless the context requires otherwise; and 

(viii) references to currency mean the lawful currency of the United States of America, unless the context requires otherwise.

 (b) Intent with Regard to Series A-1 Convertible Preferred Stock. This
Certificate of Designations and the powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A-1 Convertible
Preferred Units contained herein are intended to match, as closely as possible, the powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A-1 Convertible Preferred Stock set forth in the Series A-1 Convertible Preferred Stock Certificate of Designations, and the number of Series
A-1 Convertible Preferred Units outstanding is intended to equal, at all times, the number of shares of Series A-1 Convertible Preferred Stock then outstanding. The
provisions of this Certificate of Designations will be interpreted consistently with such intent. In furtherance of the foregoing, (i) the Manager may amend this Certificate of Designations in its sole discretion to the extent necessary to
cause the powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A-1 Convertible Preferred Units to match,
as closely as possible, the powers, designations, preferences and relative, participating, optional and other rights, and the qualifications, limitations and restrictions of the Series A-1 Convertible
Preferred Stock, including any revisions necessary in connection with any changes, modifications or alterations to the Series A-1 Convertible Preferred Stock Certificate of Designations or to reflect any
necessary changes in connection with a Common Stock Change Event, (ii) notwithstanding anything to the contrary herein, no distribution pursuant to Section 5 or Section 6 will be declared or
paid, and no redemption, repurchase or conversion pursuant to Section 7 or Section 8, will be effected unless (A) the Series A-1 Convertible Preferred
Stock Certificate of Designations requires an equivalent distribution, redemption, repurchase or conversion with respect to the Series A-1 Convertible Preferred Stock and (B) contemporaneously with any
such distribution, redemption, repurchase or conversion with respect to the Series A-1 Convertible Preferred Units, the proceeds, securities or other property therefrom are distributed to the holders of the
Series A-1 Convertible Preferred Stock in compliance with, and in satisfaction of the obligations of the Corporation in the Series A-1 Convertible Preferred Stock
Certificate of Designations. 

 SECTION 3. The Series A-1 Convertible
Preferred Units. 
 (a) Designation. Pursuant to Sections 3.02 and 3.04 of the LLC Agreement, the Company hereby
designates and creates a series of preferred units of the Company titled the “Series A-1 Convertible Preferred Units” (the “Series A-1 Convertible
Preferred Units”). 
 (b) Number of Authorized Units. The total authorized number of Series A-1 Convertible Preferred Units is two hundred thousand (200,000); provided, however that the Manager may (i) reduce the total number of authorized Series
A-1 Convertible Preferred Units at any time to a number that is not less than the number of Series A-1 Convertible Preferred Units then outstanding and
(ii) increase the total number of authorized Series A-1 Convertible Preferred Units solely to the extent necessary to comply with the requirements of Section 3(c).  

(c) Correspondence. The Company will undertake all actions, including an issuance, reclassification, distribution,
division or recapitalization, with respect to the Series A-1 Convertible Preferred Units, to maintain at all times a one-to-one
ratio between the number of Series A-1 Convertible Preferred Units owned by the Corporation and the number of outstanding shares of Series A-1 Convertible Preferred
Stock, disregarding, for purposes of maintaining the one-to-one ratio, any shares of Series A-1 Convertible Preferred Stock held
by the Corporation in treasury. In the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems any shares of Series A-1 Convertible Preferred Stock or any shares of
Series A-1 Convertible Preferred Stock are converted into shares of Class A Common Stock, following compliance with the requirements of Section 7 and
Section 8, as applicable, the Manager will have the authority to take all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases, redemptions or conversions, the Corporation holds
(in the case of any issuance, transfer or delivery) or ceases to hold (in the case of any repurchase, redemption or conversion) Series A-1 Convertible Preferred Units which (in the good faith determination by
the Manager) are in the aggregate substantially equivalent to the shares of Series A-1 Convertible Preferred Stock so issued, transferred, delivered, repurchased, redeemed or converted. The Corporation shall,
concurrently with any action taken by the Company pursuant to the requirements of this Section 3(c), contribute the net proceeds (if any) received by the Corporation in respect of the events which gave rise to the
Company’s obligation to undertake any action pursuant to the requirements of this Section 3(c) to the equity capital of the Company. The Company will not undertake any subdivision (by any split, distribution,
reclassification, recapitalization or similar event) or combination (by reverse split, reclassification, recapitalization or similar event) of the Series A-1 Convertible Preferred Units that is not accompanied
by an identical subdivision or combination of Series A-1 Convertible Preferred Stock to maintain at all times a one-to-one ratio
between the number of Series A-1 Convertible Preferred Units owned by the Corporation and the number of outstanding shares of Series A-1 Convertible Preferred Stock,
unless such action is necessary to maintain at all times a one-to-one ratio between the number of Series A-1 Convertible
Preferred Units owned by the Corporation and the number of outstanding shares of Series A-1 Convertible Preferred Stock as contemplated by this Section 3(c).  

(d) Status of Retired Units. Subject to Section 3(b), upon any Series A-1 Convertible Preferred Unit ceasing to be outstanding, such Unit will be deemed to be retired and cannot thereafter be reissued as a Series A-1 Convertible Preferred Unit.

 (e) Corporation as Only Holder. The Corporation will be the only
holder of any right, title or interest in the Series A-1 Convertible Preferred Units and will have all rights under this Certificate of Designations as the owner of such Series
A-1 Convertible Preferred Units. 
 (f) Cancellation. Subject to
Section 3(c), the Corporation may at any time deliver Series A-1 Convertible Preferred Units to the Company for cancellation. The Manager will cause the Company to promptly cancel all
Series A-1 Convertible Preferred Units so surrendered to the Company. 

SECTION 4. Ranking. NOTWITHSTANDING ANYTHING IN THE LLC AGREEMENT TO THE CONTRARY, OTHER THAN WITH RESPECT TO
DISTRIBUTIONS PURSUANT TO SECTION 4.01(B) OF THE LLC AGREEMENT, THE SERIES A-1 CONVERTIBLE PREFERRED UNITS WILL RANK (A) EQUALLY WITH PARITY UNITS WITH RESPECT TO THE DISTRIBUTION OF ASSETS UPON THE
COMPANY’S LIQUIDATION, DISSOLUTION OR WINDING UP AND (B) JUNIOR TO SENIOR UNITS WITH RESPECT TO THE DISTRIBUTION OF ASSETS UPON THE COMPANY’S LIQUIDATION, DISSOLUTION OR WINDING UP. 

SECTION 5. Dividends. 

(a) Dividends. Subject to the prior and superior right of the holders of any preferred units of the Company ranking
prior and superior to the Series A-1 Convertible Preferred Units with respect to dividends, each holder of a whole Series A-1 Convertible Preferred Unit shall be
entitled to receive when, as and if declared by the Manager out of funds legally available for the purpose, an amount per Series A-1 Convertible Preferred Unit (rounded to the nearest cent) equal to 1,000
(subject to such adjustments as effected upon the Series A-1 Convertible Preferred Stock pursuant to the terms of the Series A-1 Convertible Preferred Stock Certificate
of Designations) times the aggregate per Common Unit amount of all cash dividends, and 1,000 (subject to such adjustments as effected upon the Series A-1 Convertible Preferred Stock pursuant to the terms of
the Series A-1 Convertible Preferred Stock Certificate of Designations) times the aggregate per Common Unit amount (payable in kind) of all non-cash dividends or other
distributions other than a dividend payable in Common Units or a subdivision of the outstanding Common Units (by reclassification or otherwise), declared on each Common Unit since the first issuance of a Series
A-1 Convertible Preferred Unit. 
 (b) Declaration. The Company shall declare
a dividend or distribution on the Series A-1 Convertible Preferred Units as provided in paragraph (a) above concurrently with its declaration of a dividend or distribution on the Common Units (other than
a dividend payable in Common Units). 
 SECTION 6. Rights Upon Liquidation, Dissolution or Winding Up. 

(a) Generally. Notwithstanding anything in the LLC Agreement to the contrary, if the Company liquidates, dissolves or
winds up, whether voluntarily or involuntarily, then, subject to the rights of any of the Company’s creditors or holders of any outstanding Senior Unit, each Series A-1 Convertible Preferred Unit will
entitle the Corporation, as the holder 

 
thereof, to receive an aggregate amount per Series A-1 Convertible Preferred Unit equal to 1,000 (subject to such adjustments as effected upon the Series A-1 Convertible Preferred Stock pursuant to the terms of the Series A-1 Convertible Preferred Stock Certificate of Designations) times the aggregate amount to be distributed
per Common Unit out of the Company’s assets or funds legally available for distribution to the Company’s members; 

(b) Certain Business Combination Transactions Deemed Not to Be a Liquidation. For purposes of
Section 6(a), the Company’s consolidation or combination with, or merger with or into, or the sale, lease or other transfer of all or substantially all of the Company’s assets (other than a sale, lease or other
transfer in connection with the Company’s liquidation, dissolution or winding up) to, another Person will not, in itself, constitute the Company’s liquidation, dissolution or winding up, even if, in connection therewith, the Series A-1 Convertible Preferred Units are converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing. 

SECTION 7. Repurchase and Redemption. 

(a) Generally. Immediately prior to the time that a share of Series A-1
Convertible Preferred Stock is to be redeemed or repurchased by the Corporation for any reason, the Company will redeem or repurchase, as applicable, an equal number of Series A-1 Convertible Preferred Units
for the same type and amount of consideration that is to be paid by the Corporation in satisfaction of the redemption or repurchase of the Series A-1 Convertible Preferred Stock; provided, for the avoidance of
doubt, if the Corporation redeems or repurchases such Series A-1 Convertible Preferred Stock in exchange for stock or other securities of the Corporation, the Company will redeem or repurchase such Series A-1 Convertible Preferred Units in exchange for units or other securities of the Company with terms that mirror, as nearly as possible, the terms of such stock or securities of the Corporation, as determined by the
Manager in its sole discretion. 
 SECTION 8. Conversion. 

(a) Generally. Each time that shares of Series A-1 Convertible Preferred Stock
are converted pursuant to a Series A-1 Convertible Preferred Stock Conversion Event into Class A Common Stock, an equal number of Series A-1 Convertible Preferred
Units will automatically convert, without any further action on the part of the Company, the Manager or the Corporation, into the following, and the Company will pay to the Corporation immediately prior to the payment of the Conversion Consideration
on such shares of Series A-1 Convertible Preferred Stock converted in such Series A-1 Convertible Preferred Stock Conversion Event: 

(i) with respect to any Conversion Consideration consisting of shares of Class A Common Stock, the number of Common Units
based upon a conversion ratio of 1,000 Common Units for each Series A-1 Convertible Preferred Unit (such ratio subject to such adjustments as effected upon the Series
A-1 Convertible Preferred Stock pursuant to the terms of the Series A-1 Convertible Preferred Stock Certificate of Designations); and 

 (ii) with respect to any Conversion Consideration other than shares of
Class A Common Stock, the same type and amount of such Conversion Consideration; provided, for the avoidance of doubt, if such Conversion Consideration consists of stock (other than Class A Common Stock) or other securities of the
Corporation, such Series A-1 Convertible Preferred Units shall be converted into units or other securities of the Company with terms that mirror, as nearly as possible, the terms of such stock or securities of
the Corporation, as determined by the Manager in its sole discretion. 
 SECTION 9. Voting Rights. Except as otherwise required
by the Delaware Act, the Series A-1 Convertible Preferred Units shall have no voting rights. 

SECTION 10. Status of Common Units. Each Common Unit delivered upon conversion of the Series
A-1 Convertible Preferred Units will be duly and validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to
the extent of any lien or adverse claim created by the action or inaction of the person to whom such Common Unit will be delivered). 

SECTION 11. Legally Available Funds. Without limiting the rights of the Corporation as holder of the Series A-1 Convertible Preferred Units (including pursuant to Section 6), if the Company does not have sufficient funds legally available to fully pay any cash amount otherwise due on the Series A-1 Convertible Preferred Units, then the Company will pay the deficiency promptly after funds thereafter become legally available therefor. 

SECTION 12. No Other Rights. The Series A-1 Convertible Preferred Units will have no
rights, preferences or voting powers except as provided in this Certificate of Designations or the LLC Agreement or as required by applicable law.EdgarFiling

EXHIBIT 10.1

 

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”) is entered into by and between
AMERICA’S CAR MART, INC., an Arkansas corporation (the “Company”) and DOUGLAS CAMPBELL (the “Associate”)
on this 6th day of September, 2022 to be effective as of October 3, 2022 (the “Effective Date”).

 

W I T N E S S E T H:

 

WHEREAS, the Company is engaged in the business of
the retail sale and financing of used vehicles to consumers (the “Company Business”);

 

WHEREAS, the Company desires to employ the Associate
as a Senior Executive Officer, and the Associate desires to provide his services to the Company upon the terms and conditions hereinafter
set forth;

 

WHEREAS, the Company periodically sells its finance
receivables to Colonial Auto Finance, Inc., an Arkansas corporation (“Colonial”), and services those loans on Colonial’s
behalf;

 

WHEREAS, America’s Car-Mart, Inc., a Texas corporation
(the “Parent Company”), owns 100% of the outstanding common stock of the Company and Colonial;

 

WHEREAS, in order to conduct its business, the Company
owns and uses trade secrets as defined under applicable law, as well as confidential and propriety information; and

 

WHEREAS, the Associate, during the term of his employment
with the Company and in order to carry out his duties with the Company, has or will have contact with the Company’s customers and
employees and has or will have access to and has or will become privy to or acquainted with certain confidential information and trade
secrets, which are owned by the Company and which are regularly used in the business of the Company and which are generally not known
to its competitors;

 

NOW, THEREFORE, in
consideration of the mutual covenants and promises contained herein, and for other good and valuable consideration, the parties hereto,
each intending to be legally bound hereby, agree as follows:

 

1.       Employment.
The Company shall employee the Associate as its President effective as of the Effective Date, and the Associate accepts such employment,
effective as of the Effective Date, subject to the terms and conditions set forth herein. During the term of employment under this Agreement
(the “Employment Term”), the Associate shall perform such duties as shall reasonably be required of a Senior Executive
Officer of the Company. The Associate further agrees to perform, without additional compensation, such other services and duties in connection
with the business, affairs and operations of the Company and for any subsidiary or affiliate of the Company in which the Company has an
interest, including, without limitation, Colonial and the Parent Company, as the Board of Directors of the Company or the Parent Company
shall from time to time reasonably specify. It is expressly agreed and understood between the Company and the Associate that the term
of this Agreement is in no way dependent upon the Associate’s holding or being elected to any office of the Company. The Associate
may be deemed an employee of, and paid by the Company, Colonial, or the Parent Company, as reasonably determined by the Company.

 

    	 

    	 

    

2.       Performance.

 

(a)           
Duties. The Associate agrees to devote his entire business efforts to the performance of his duties hereunder, provided, however,
that the Associate may engage in the following activities so long as they do not interfere with the performance of his duties hereunder
and does not constitute a conflict of interests: (i) personal investment activities not involving the Company, (ii) serve as a member
of the board of directors of other business and non-profit entities, if and only if such entities are not engaged in the Company Business,
and (iii) charitable, civic or other volunteer activities.

 

(b)          
Place of Performance. The principal place of the Associate’s employment shall be the Company’s corporate office currently
located at 1805 N 2nd St, Rogers, AR 72756; provided that, the Associate may be required within reason to travel on Company
business during the Employment Term. Within ninety (90) days after the Effective Date, the Associate shall establish a residence within
fifty (50) miles of the corporate office in Rogers, Arkansas.

 

3.       Term.
Unless otherwise terminated in accordance with Sections 9, 10, 11, 12 or 13, the initial Employment Term shall be one (1) year from the
Effective Date. This Agreement shall be automatically renewed for successive periods of one (1) year commencing at the first anniversary
of the Effective Date and on each subsequent anniversary thereafter, unless notice of termination is given in writing by either party
to the other party at least thirty (30) days prior to the expiration of the initial Employment Term or any renewal Employment Term.

 

4.       Compensation.

 

(a)           Base
Salary and Benefits. The basic annual salary of the Associate for his employment services hereunder shall be $650,000 or such higher annual
salary, if any, as shall be approved by the Board of Directors of the Parent Company from time to time (the “Base Salary”),
which shall be payable in accordance with the Company’s payroll policy. Nothing contained herein shall affect or in any way limit
the Associate’s rights as an Associate of the Company to participate in any Company 401(k) profit sharing plan or medical and life
insurance programs offered by the Company to its employees, all of which shall be available to the Associate to the same extent as if
this Agreement had not existed, and compensation received by the Associate hereunder shall be in addition to the foregoing. In addition,
nothing contained herein shall affect or in any way limit the Associate’s eligibility to participate in any nonqualified deferred
compensation plan of the Company or the Parent.

 

    	2 

    	 

    

(b)           Annual
Bonus. In addition to the Base Salary and fringe benefits described above, the Associate shall be eligible to receive an annual cash bonus
(the “Annual Bonus”), pursuant to any incentive bonus plan of the Company or the Parent Company which may be in effect
from time to time during the Employment Term or otherwise as, which will be determined by the Compensation Committee of the Parent Company’s
Board of Directors (the “Compensation Committee”).

 

(c)           Signing
Bonus. The Company shall pay the Associate a lump sum cash signing bonus of $500,000 (the “Signing Bonus”) within seven
(7) days following the Effective Date; provided that, the Associate shall repay a pro rata portion of the Signing Bonus if, prior to one
(1) year from the Effective Date, the Associate’s employment with the Company terminates for any reason, except in connection with
(i) the Associate’s termination by the Company without Cause in accordance with Section 10 of this Agreement, (ii) termination by
the Associate with Good Reason in accordance with Section 9(c) of this Agreement, or (iii) termination of the Associate pursuant
to Section 11 of this Agreement (Death of the Associate).

 

(d)           Long-Term
Incentives. During the Employment Term, the Associate shall be eligible to participate in the Parent Company’s Amended and Restated
Stock Option Plan (the “Option Plan”) and the Parent Company’s Amended and Restated Stock Incentive Plan (the
“Incentive Plan”) (and any successor incentive plans thereto) to the extent that the Compensation Committee, in its
sole discretion, determines is appropriate. Notwithstanding the foregoing, upon the Effective Date of this Agreement, the Parent Company
will grant to the Associate the following awards:

 

(i)       20,000
restricted shares of Parent Company Stock, pursuant to the Incentive Plan, which shares will vest in installments of 10,000 shares on
the first anniversary of the Effective Date and 10,000 shares on the second anniversary of the Effective Date, subject to the Associate’s
continued employment and other customary conditions as determined by the Compensation Committee and set forth in an applicable award agreement;
and

 

(ii)       A
non-qualified stock option to purchase 75,000 shares of Parent Company Stock, pursuant to the Option Plan, which option will vest in five
equal annual installments beginning on the first anniversary of the Effective Date, subject to the Associate’s continued employment
and other customary conditions as determined by the Compensation Committee and set forth in an applicable award agreement.

 

5.             Expense
Account and Vacations. Matters relating to expense accounts for the Associate, vacations and the like shall be mutually agreed upon
from time to time. However, the Company agrees to reimburse the Associate for all expenses reasonably incurred by him on behalf of the
Company in accordance with the prevailing practices and policies of the Company. In addition, the Associate shall be entitled to that
number of days of paid vacation and paid sick leave as is consistent with the prevailing practices and policies of the Company for other
employees in the same or similar position as that held by the Associate hereunder.

 

    	3 

    	 

    

6.             Employee
Benefits.

 

(a)           During
the Employment Term, the Associate shall be entitled to participate in all employee benefit plans, practices, and programs maintained
by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”), on a basis which is no less favorable
than is provided to other similarly situated associates of the Company, to the extent consistent with applicable law and the terms of
the applicable Employee Benefit Plans. The Company reserves the right to amend or terminate any Employee Benefit Plans at any time in
its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

 

(b)           The
Associate will be entitled to the indemnification provided to other executive officers and directions of the Company and the Parent Company.
In addition, the Company agrees to include Associate as a covered person on the directors’ and officers’ liability insurance
policy or policies covering its other executive officers and directors.

 

7.             Non-Competition,
Non-Solicitation, Non-Disclosure, and Confidentiality Provisions. As used in this Section 7 and Section 8 of this Agreement, the term
“Company” shall mean the Company and its subsidiaries and affiliates, including, without limitation, Colonial and the Parent
Company.

 

(a)           Non-Solicitation:
Customers. During Associate’s employment and for one (1) year immediately following the cessation of Associate’s employment
with the Company for any reason, Associate shall not, on his own behalf or on behalf of any person, firm, partnership, association, corporation
or business organization, entity or enterprise (except the Company), solicit, call upon, or attempt to solicit or call upon, any customer
of the Company for the purpose of selling or providing any product or service competitive with the Company Business, as defined herein,
during the twelve (12) month period immediately preceding cessation of Associate’s employment with the Company.

 

(b)           Non-Solicitation:
Employees. During Associate’s employment and for one (1) year immediately following the cessation of Associate’s employment
with the Company for any reason, Associate will not solicit or in any manner encourage employees of the Company to leave the employ of
the Company.

 

(c)           Non-Disclosure.

 

(i)        TRADE
SECRETS. Associate acknowledges that the Company owns and uses trade secrets as defined under applicable law. “Trade secret(s)”
means information, without regard to form, including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation,
a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual
or potential customers or suppliers which is not commonly known by or available to the public and which information: (a) derives economic
value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who
can obtain economic value from its disclosure or use; and (b) is the subject of efforts that are reasonable under the circumstances to
maintain its secrecy. Associate further acknowledges that in the course of Associate’s employment with the Company and in order
to carry out Associate’s duties thereunder, Associate has or will become privy to the Trade Secrets of the Company. Accordingly,
Associate shall not, without the prior written consent of the Company, disclose, divulge, publish to others, or use for any purpose, except
as necessary to perform Associate’s duties while employed by the Company, any Trade Secret of the Company for so long as such information
shall remain a Trade Secret under applicable law.

 

    	4 

    	 

    

(ii)       CONFIDENTIAL
INFORMATION. Associate acknowledges that in order to conduct its business, the Company owns and uses written and unwritten confidential
information. “Confidential Information” means data and information relating to the business of the Company (which may not
rise to the level of a Trade Secret under applicable law) which has been or may be disclosed to Associate or of which Associate became
or may become aware as a consequence of or through Associate’s relationship with the Company and which has value to the Company
and is not generally known to its competitors. Confidential Information shall not include any data or information that has been voluntarily
disclosed to the public by the Company (except where such public disclosure has been made by Associate without authorization) or that
has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means. Associate further
acknowledges that in the course of his employment with the Company and in order to carry out his duties thereunder, Associate has or will
become privy to Confidential Information of the Company. Accordingly, Associate agrees that while employed by the Company, and following
the cessation of Associate’s employment with the Company for any reason, Associate will not, without the prior written consent of
the Company, disclose, divulge, publish to others or use for any purpose any Confidential Information of the Company except to the extent
necessary to perform his duties and responsibilities as an Associate for the Company.

 

(iii)      NOTICE
OF TRADE SECRETS AND CONFIDENTIAL INFORMATION. Associate acknowledges that the Company hereby designates Trade Secrets and Confidential
Information to include, by way of illustration but not limitation, confidential customer and prospective customer lists; information provided
to the Company by its customers or clients or prospective customers or clients; customer preferences; client contacts; marketing plans,
presentations and strategies; products; processes; designs; formulas; methods; clinical data; licenses; software; computer or electronic
data disks or tapes; processes; research and plans for research; computer programs; methods of operations and costs data; contracts; personnel
information; credit terms; financial information (including without limitation information regarding fee and pricing structures, assets,
status of client accounts or credit); or any other information designated as a trade secret, confidential or proprietary by the Company.

 

    	5 

    	 

    

(iv)      TREATMENT
OF TRADE SECRETS AND CONFIDENTIAL INFORMATION. Associate understands and agrees to treat whatever information the Company wants to protect
from disclosure as genuinely “confidential”, i.e., restricting access by pass code, stamping hardcopies of customer
lists “confidential,” and restricting access to the customer list to designated and appropriate personnel, and the like. Associate
further agrees, as an Associate, to use his best efforts and the utmost diligence to guard and protect the Company’s Trade Secrets
and Confidential Information from disclosure to any competitor, customer or supplier of the Company or any other person, firm, corporation
or other entity, unless such disclosure has been specifically authorized by the Company in writing.

 

(v)       Notice
of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 (”DTSA”).
Notwithstanding any other provision of this Agreement:

 

                            (A)
            The Associate will not be held criminally or civilly
liable under any federal or state trade secret law for any disclosure of a trade secret that:

 

(1)
       is made (a) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney; and (b) solely for the purpose of reporting or investigating a suspected violation of law; or

 

(2)
       is made in a complaint or other document filed under seal in a lawsuit or other proceeding.

 

            (B)
             If the Associate files a lawsuit for retaliation by
the Company for reporting a suspected violation of law, the Associate may disclose the Company’s trade secrets to the Associate’s
attorney and use the trade secret information in the court proceeding if the Associate:

 

(1)
       files any document containing trade secrets under seal; and

 

(2)
       does not disclose trade secrets, except pursuant to court order.

 

(d)           Non-Competition.
Associate acknowledges that the Company is engaged in the Company Business as defined herein. Associate further acknowledges that the
Company Business is primarily concentrated in and focused in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee
and Texas (hereinafter the “Territory”), and that Associate’s duties and responsibilities are not limited to
any particular area within that region but will be within and throughout the entire Territory, and rendered in connection with Company
Business. Associate further acknowledges and agrees that because of his association with the Company and his access to Trade Secrets and
confidential, proprietary information of the Company which relate to the Company Business as herein defined, Associate’s competition
with the Company as or with a direct competitor in the same line of business as the Company would damage and impair the business of the
Company. Therefore, during the term of his employment and for a period of one (1) year from the cessation of Associate’s employment
with the Company for any reason, Associate shall not, for himself or on behalf of any other person, firm, partnership, association, corporation,
business organization, entity or enterprise, perform duties which are substantially similar to the duties performed by Associate on behalf
of the Company within the Territory for any business engaged in the Company Business as defined in this Agreement.

 

    	6 

    	 

    

(e)           Ownership
of Work Product. For purposes of this Agreement, “Work Product” shall mean the data, materials, documentation, computer programs,
inventions (whether or not patentable), and all works of authorship, including all worldwide rights therein under patent, copyright, trade
secret, confidential information, and other property rights, created or developed in whole or in part by Associate, relating to the Company
Business whether prior to the date of this Agreement or in the future, either (i) while employed by the Company and that have been or
will be paid for by the Company, or (ii) while employed by the Company (whether developed during working hours or not) and not otherwise
the subject of a written agreement between the Company and Associate. All Work Product shall be considered work made for hire by Associate
and owned by the Company. If any of the Work Product may not, by operation of law, be considered work made for hire by Associate for the
Company, or if ownership of all rights, title, and interest of the intellectual property rights therein shall not otherwise vest exclusively
in the Company, Associate hereby assigns to the Company, and upon the future creation thereof automatically assigns to the Company without
further consideration, the ownership of all Work Product. The Company shall have the right to obtain and hold in its own name patents,
copyrights, registrations and any other protection available in the Work Product. Associate agrees to perform, during and after his employment,
such further acts as may be necessary or desirable to transfer, perfect, and defend the Company’s ownership of the Work Product
as reasonably requested by the Company.

 

(f)            Return
of Company Property. All Company property, including, but not limited to, equipment, devices, records, correspondence, documents, files,
reports, studies, manuals, compilations, drawings, blueprints, sketches, videos, memoranda, computer software and programs, data or any
other information, including Trade Secrets and Confidential Information as set forth herein (whether originals, copies or extracts, stored
in any medium), whether prepared or developed by Associate or otherwise coming into Associate’s possession, whether maintained by
Associate in the facilities of the Company, at Associate’s home, or at any other location, is, and shall remain, the exclusive property
of the Company and shall be promptly delivered to the Company, with no copies or reproductions retained by Associate, in the event of
Associate’s termination for any reason, or at any other time or times the Company may request. Upon termination of employment for
any reason, Associate agrees to sign and deliver the “Termination Certification” attached hereto as Appendix A.

 

    	7 

    	 

    

(g)           Reasonable
Restrictions. Associate acknowledges and agrees that the restrictions contained in this Agreement are reasonable and necessary in order
to protect the valuable proprietary assets, goodwill and business of the Company and that the restrictions will not prevent or unreasonably
restrict his ability to earn a livelihood. Associate also acknowledges and agrees that if his employment with the Company ends for any
reason, Associate will be able to earn a livelihood without violating the restrictions contained in this Agreement and that Associate’s
ability to earn a livelihood without violating said restrictions is an important reason in Associate choosing to sign this Agreement.
Further, the existence of any claim or cause of action of the Associate against the Company, whether or not predicated on the terms of
this Agreement, shall not constitute a defense to the enforcement of the Associate’s obligations under this Agreement.

 

(h)           Separate
Covenants. The provisions of this Section 7 shall be deemed to consist of a series of separate covenants. Should a determination be made
by a court of competent jurisdiction that the character, duration, or geographical scope of any provision or provisions of this Agreement
is or are unreasonable in light of the circumstances as they then exist, then it is the intention and the agreement of the Company and
Associate that this Agreement shall be construed by the court in such a manner as to impose only those restrictions on the conduct of
Associate that are reasonable in light of the circumstances as they then exist and as are appropriate to assure the Company of the intended
benefit of this Agreement, and such restrictions shall be interpreted, modified, and/or rewritten to include as much of the duration,
scope, geographic area, or otherwise as will render such restrictions valid and enforceable under Arkansas law. Further, any period of
restriction in this Section 7 shall be tolled during (and shall be deemed automatically extended by) any period in which the Associate
is in violation of this Section 7.

 

(i)            Cooperation.
Following the effective date of Associate’s termination, upon reasonable request by the Company, the Associate shall cooperate with
the Company with respect to any litigation or other dispute relating to any matter in which the Associate was involved or had knowledge
during his employment with the Company. The Company shall reimburse the Associate for all reasonable out-of-pocket costs, such as travel,
hotel and meal expenses, incurred by the Associate in providing any cooperation pursuant to this Section 7(i). The Company shall make
its attorney available to advise the Associate or if, in the reasonable opinion of the Company’s attorney a conflict arises which
would prevent the Company’s attorney from advising the Associate, the Company shall reimburse the Associate for reasonable legal
fees incurred in providing any cooperation pursuant to this Section 7(i).

 

(j)            Non-Disparagement.
The Company and Associate each acknowledge that any disparaging comments by either party against the other are likely to substantially
depreciate the business reputation of the other party. The Company and Associate further agree that neither party will directly or indirectly
defame, disparage, or publicly criticize the services, business, integrity, veracity or reputation of the other party, including but not
limited to, the Company or its officers, directors, shareholders or employees in any forum or through any medium of communication. Nothing
in this Agreement will preclude Associate or the Company from supplying truthful information to any governmental authority or in response
to any lawful subpoena or other legal process.

 

    	8 

    	 

    

8.             Remedies.
The Associate expressly agrees that the remedy at law for any breach of the provisions of Section 7 will be inadequate and that upon any
such breach or threatened breach, the Company shall be entitled, as a matter of right, to injunctive relief in any court of competent
jurisdiction, in equity or otherwise, to enforce the specific performance of the Associate’s obligations under these provisions
without the necessity of proving the actual damage to the Company or the inadequacy of a legal remedy. All of the Company’s remedies
for breach of this Agreement shall be cumulative and the pursuit of one remedy shall not be deemed to exclude any other remedies.

 

9.             Termination
upon Expiration of Employment Term; Termination for Cause; Termination for Good Reason.

 

(a)           Unless
terminated earlier in accordance with this Section 9, Section 10, Section 11, Section 12, or Section 13, the Employment Term will terminate
as of the end of the then current term of this Agreement upon written notice of termination given by either party hereto at least thirty
(30) days prior to the expiration of the then current Employment Term.

 

(i)        If
the Company provides written notice in accordance with this Section 9(a) that the Agreement shall terminate upon expiration of the initial
Employment Term or upon expiration of the first renewal Employment Term, all outstanding and unvested shares of restricted stock granted
to the Associate by the Parent Company pursuant to Section 4(d)(i) hereof shall immediately vest in full upon expiration of the initial
Employment Term without regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Incentive
Plan (or successor plan) or the restricted stock agreements between the Parent Company and the Associate with respect to such restricted
stock awards.

 

(ii)       If
the Company provides written notice in accordance with this Section 9(a) that the Agreement shall terminate upon expiration of any annual
Employment Term thereafter (ending on or after the third anniversary of the Effective Date), the Associate shall be entitled to the payments
and benefits described in Section 10 hereof upon expiration of such Employment Term, subject to the terms and conditions of Section 10.

 

(b)           The
Employment Term may also be terminated by the Company for cause (“Cause”) with written notice to the Associate upon
the occurrence of any of the following:

 

(i)        the
commission by the Associate of any deliberate and premeditated act involving moral turpitude detrimental to the economic interests of
the Company;

 

(ii)       the
conviction of the Associate of a felony;

 

    	9 

    	 

    

(iii)      the
willful failure or refusal of the Associate to perform his duties hereunder (which failure or refusal persists after written notice from
the Company to the Associate complaining of such failure or refusal);

 

(iv)      the
Associate’s gross negligence of a material nature in connection with the performance of his duties; or

 

(v)       the
breach by the Associate of any provision of this Agreement which is not cured within thirty (30) days following the receipt by Associate
of a written notice from the Company specifying in detail such breach and demanding cure thereof.

 

(c)           Prior
to the second anniversary of the Effective Date, the Associate may terminate his employment hereunder for Good Reason by providing (i)
notice to the Company specifying in reasonable detail the nature of and facts supporting such Good Reason (as defined below) no later
than the thirtieth (30th) day following the Associate’s actual knowledge of the occurrence of that condition, and including
in such notice the provision or provisions of this Agreement on which the Good Reason determination is based; and (ii) providing the Company
a period of thirty (30) days to remedy the condition. If the Company fails to remedy the condition within thirty (30) days following the
expiration of the period to remedy, the Associate’s employment shall be considered terminated with Good Reason. For purposes of
this Section 9(c), “Good Reason” shall have the meaning set forth in Section 13(c).

 

(i)        If
the Associate terminates his employment under this Section 9(c) for Good Reason prior to the second anniversary of the Effective Date,
then, under such circumstances and subject to the Associate’s continued compliance with the terms of this Agreement, all outstanding
and unvested shares of restricted stock granted to the Associate by the Parent Company pursuant to Section 4(d)(i) hereof shall immediately
vest in full without regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Incentive
Plan (or successor plan) or the restricted stock agreements between the Parent Company and the Associate with respect to such restricted
stock awards.

 

(ii)       Notwithstanding
anything in Section 9(c)(i) to the contrary, the Associate shall not receive any of the payments or benefits described in Section 9(c)(i)
unless the Associate has executed a release of claims in favor of the Company, its affiliates and their respective officers and directors,
in a form to be provided by the Company immediately after termination (the “Release”) and the period which such Release
may be revoked has expired, without the Associate having revoked the Release, on or before the 60th day following the termination
date. None of the payments or benefits described in Section 9(c)(i) shall be paid until the Release has been signed and becomes effective,
and any payments, which would otherwise be payable during such sixty-day period prior to the date the Release becomes effective, shall
be accumulated and paid to the Associate on the first payroll date following the date the Release becomes effective, without interest;
provided, however, that if such sixty-day period begins in one calendar year and ends in a second calendar year, such payments shall be
accumulated, without interest, and paid to the Associate on the first payroll date during the second calendar year following the date
the Release becomes effective, as described above. The Company and the Associate agree that the Associate shall have no duty to mitigate
his losses or obtain other employment. If the Associate obtains other employment, it shall not affect his right to payment under Section
9(c)(i).

 

    	10 

    	 

    

(d)           Upon
termination of the Employment Term under subsection (b) above, the parties hereto will be relieved of any further obligations hereunder
except for any obligations set forth in Section 7.

 

10.          
Termination Without Cause. The Company shall have the right to terminate the Employment Term without Cause at any time.
If the termination is effected by the Company other than as described in Sections 9(a)(i), 9(b), 11, 12 and 13, then, under such circumstances
and subject to the Associate’s continued compliance with the terms of this Agreement, (i) the Associate shall be paid within sixty
(60) days after termination a lump sum amount equal to twelve (12) months of the Associate’s Base Salary then in effect hereunder,
plus the pro rata portion of the Annual Bonus earned, if any, as determined by the Compensation Committee, through the date of termination,
(ii) all outstanding and unvested stock options previously granted to the Associate by the Parent Company shall immediately vest in full
without regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Option Plan (or successor
plan) or the stock option agreements between the Parent Company and the Associate with respect to such stock options, and (iii) all outstanding
and unvested shares of restricted stock (if any) previously granted to the Associate by the Parent Company shall immediately vest in full
without regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Incentive Plan (or successor
plan) or the restricted stock agreements between the Parent Company and the Associate with respect to such restricted stock awards.

 

Notwithstanding the foregoing, the Associate shall not
receive any of the payments or benefits described in this Section 10 unless the Associate has executed a release of claims in favor of
the Company, its affiliates and their respective officers and directors, in a form to be provided by the Company immediately after termination
(the “Release”) and the period which such Release may be revoked has expired, without the Associate having revoked
the Release, on or before the 60th day following the termination date. None of the payments or benefits described in this Section
10 shall be paid until the Release has been signed and becomes effective, and any payments, which would otherwise be payable during such
sixty-day period prior to the date the Release becomes effective, shall be accumulated and paid to the Associate on the first payroll
date following the date the Release becomes effective, without interest; provided, however, that if such sixty-day period begins in one
calendar year and ends in a second calendar year, such payments shall be accumulated, without interest, and paid to the Associate on the
first payroll date during the second calendar year following the date the Release becomes effective, as described above. The Company and
the Associate agree that the Associate shall have no duty to mitigate his losses or obtain other employment. If the Associate obtains
other employment, it shall not affect his right to payment under this Section 10.

 

    	11 

    	 

    

11.          
Death of the Associate. If the Associate dies during the Employment Term, the Employment Term shall terminate, and within
sixty (60) days after death, or as soon thereafter as administratively practicable, the Company will pay to the Associate’s estate
(i) the Associate’s Base Salary then in effect through the end of the calendar month in which such death occurs, and (ii) the
pro rata portion of the Annual Bonus earned, if any, as determined by the Compensation Committee, through the date of death. In addition,
all outstanding and unvested stock options previously granted to the Associate by the Parent Company shall immediately vest in full, without
regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Option Plan (or successor plan)
or the stock option agreements between the Parent Company and the Associate with respect to such stock options, and all outstanding and
unvested shares of restricted stock (if any) previously granted to the Associate by the Parent Company shall immediately vest in full,
without regard to the achievement of any applicable performance conditions, unless otherwise prohibited by the Incentive Plan (or successor
plan) or the restricted stock agreements between the Parent Company and the Associate with respect to such restricted stock awards.

 

12.          
Termination Following Disability. If the Associate becomes disabled during the Employment Term, the Company may terminate
the Employment Term, in which event the Company will pay to the Associate within sixty (60) days after termination a lump sum amount equal
to twelve (12) months of the Associate’s Base Salary then in effect hereunder; provided, however, any amounts payable to the Associate
under the Company’s disability insurance policy shall be deducted from the amounts payable to the Associate hereunder. For the purposes
of this Agreement, the Associate shall be deemed to be “disabled” when, by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a period of not less than twelve (12) consecutive
months, he has received replacement income for a period of at least three (3) months under the Company’s disability insurance policy,
or if the Company does not have a disability insurance policy for the Associate, the Associate shall be deemed disabled if he is unable
to perform his services or discharge his duties as an Associate of the Company by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a period of not less than twelve (12) consecutive months.
Any disability, as defined herein, shall not constitute “Cause” for purposes of Section 9(b) hereof. In addition, all outstanding
and unvested stock options previously granted to the Associate by the Parent Company shall immediately vest in full, without regard to
the achievement of any applicable performance conditions, unless otherwise prohibited by the Option Plan (or successor plan) or the stock
option agreements between the Parent Company and the Associate with respect to such stock options, and all outstanding and unvested shares
of restricted stock (if any) previously granted to the Associate by the Parent Company shall immediately vest in full, without regard
to the achievement of any applicable performance conditions, unless otherwise prohibited by the Incentive Plan (or successor plan) or
the restricted stock agreements between the Parent Company and the Associate with respect to such restricted stock awards.

 

    	12 

    	 

    

13.          
Change in Control of the Parent Company

 

(a)           Notwithstanding
any other provision contained herein, if the Associate’s employment is terminated by the Associate for Good Reason (as defined in
Section 13(c) herein) or by the Company or the Parent Company (or the surviving or acquiring entity, as the case may be), other than for
Cause (including, without limitation, written notice by the Company of its intent to terminate the Agreement upon expiration of the Employment
Term pursuant to Section 3 hereof), in each case within six (6) months prior to or twenty-four (24) months following a Change in Control
(as defined in Section 13(b) herein) of the Parent Company, then (i) the Company shall pay to the Associate within sixty (60) days after
the Double-Trigger Event Date (as defined below in this Section 13(a)) a lump sum cash payment equal to twelve (12) months of the
Associate’s Base Salary in effect immediately prior to the Double-Trigger Event Date, plus the pro rata portion of the Annual Bonus
earned, if any, as determined by the Compensation Committee, through the Double-Trigger Event Date; (ii) all outstanding and unvested
stock options previously granted to the Associate by the Parent Company shall immediately vest in full, without regard to the achievement
of any applicable performance conditions, unless otherwise prohibited by the Option Plan (or successor plan) or the stock option agreements
between the Parent Company and the Associate with respect to such stock options; and (iii) all outstanding and unvested shares of restricted
stock (if any) previously granted to the Associate by the Parent Company shall immediately vest in full, without regard to the achievement
of any applicable performance conditions, unless otherwise prohibited by the Incentive Plan (or successor plan) or the restricted stock
agreements between the Parent Company and the Associate with respect to such restricted stock awards (collectively, (i), (ii) and (iii)
are referred to as the “Change in Control Payments”).

 

If the termination of the Associate’s
employment, as contemplated by this Section 13, occurs prior to the Change in Control, then the Associate shall be treated for purposes
of this Section 13 as being employed on the date the Change in Control becomes effective and the Associate’s Base Salary in effect
immediately prior to such termination shall be deemed in effect, for purposes of this Section 13, immediately prior to the Change in Control.
For purposes of this Section 13, the later of (i) the effective date of the Change in Control and (ii) the date Associate’s employment
is terminated as contemplated in this Section 13(a) shall be referred to as the “Double-Trigger Event Date”.

 

Notwithstanding the foregoing, the Associate
shall not receive any Change in Control Payments described in this Section 13 unless the Associate has executed a release of claims in
favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company (the “Release”)
and the period during which such Release may be revoked has expired, without the Associate having revoked the Release, on or before the
60th day following the Double-Trigger Event Date. None of the Change in Control Payments shall be paid until the Release has
been signed and becomes effective, and any such payments that would otherwise be payable during such sixty-day period prior to the date
the Release becomes effective shall be accumulated and paid to the Associate on the first payroll date following the date the Release
becomes effective, without interest; provided, however, that if such sixty-day period begins in one calendar year and ends in a second
calendar year, the Change in Control Payments shall be accumulated, without interest, and paid to the Associate on the first payroll date
during the second calendar year following the date the Release becomes effective, as described above.

 

    	13 

    	 

    

(b)           For
purposes of this Section 13, “Change in Control” of the Parent Company shall mean:

 

(i)        Change
in Ownership. The acquisition by an individual, entity or group (within the meaning of Section 409A of the Internal Revenue Code of 1986,
as amended (including any Treasury regulations thereunder, the “Code”)) (a “Person”) of ownership
of stock of the Parent Company that, together with stock held by such Person, constitutes more than fifty percent (50%) of the total fair
market value or total voting power of the stock of the Parent Company. However, if any Person is considered to own more than fifty percent
(50%) of the total fair market value or total voting power of the stock of the Parent Company, the acquisition of additional stock by
the same Person is not considered to cause a change in ownership of the Parent Company (or to cause a change in the effective control
of the Parent Company). An increase in the percentage of stock owned by any one Person as a result of a transaction in which the Parent
Company acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this paragraph. This paragraph
applies only when there is a transfer of stock of the Parent Company (or issuance of stock of the Parent Company) and stock in the Parent
Company remains outstanding after the transaction; or

 

(ii)       Change
in Effective Control. (A) The acquisition by any Person, during the 12-month period ending on the date of the most recent acquisition
by such Person, of ownership of stock of the Parent Company possessing thirty-five percent (35%) or more of the total voting power of
the stock of the Parent Company; or (B) the replacement of a majority of members of the Parent Company’s Board of Directors during
any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Parent Company’s
Board of Directors prior to the date of the appointment or election.

 

A change in effective control shall be deemed
to have occurred in any transaction in which either the Parent Company or the other entity involved in the transaction has a “Change
in Ownership” under paragraph (i) or “Change in Ownership of a Substantial Portion of the Company’s Assets” under
paragraph (iii). If any one Person is considered to own more than fifty percent (50%) of the total fair market value or total voting power
of the stock of the Parent Company, the acquisition of additional control of the Parent Company by the same Person is not considered to
cause a change in the effective control of the Parent Company (or to cause a “Change in Ownership” of the Parent Company within
the meaning of paragraph (i) above); or

 

(iii)      Change
in Ownership of a Substantial Portion of Assets. The acquisition by any Person, during the 12-month period ending on the date of the most
recent acquisition by such Person, of assets of the Parent Company that have a total gross fair market value equal to or more than forty
percent (40%) of the total gross fair market value of all of the assets of the Parent Company immediately prior to such acquisition(s).
For this purpose, gross fair market value means the value of the assets of the Parent Company, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets. No Change in Control shall be deemed to have occurred in
the event of a transfer to a related person or as described in Section 409A of the Code.

 

    	14 

    	 

    

The definition of Change in Control in this
Subsection 13(b), and all other terms and provisions of this Agreement, shall be interpreted at all times in such a manner as to comply
with Section 409A of the Code, meaning that no additional income tax is imposed on the Associate pursuant to Section 409A(1)(a) of the
Code.

 

(c)           For
purposes of this Section 13, “Good Reason” shall mean the Associate’s resignation from the Company within thirty
(30) days following the occurrence of any of the following events with respect to the Associate:

 

(i)        Without
the Associate’s express written consent, the significant reduction of the Associate’s duties, authority, responsibilities,
or reporting relationships relative to the Associate’s duties, authority, responsibilities, or reporting relationships as in effect
immediately prior to such reduction, or the assignment to the Associate of such reduced duties, authority, responsibilities, or reporting
relationships, which reduction or assigned reduction remains in effect five (5) business days after written notice by the Associate to
the Chief Executive Officer or the Chief Financial Officer of the Parent Company (or the surviving or acquiring entity, as the case may
be) of such conditions; provided, however, that the mere occurrence of a Change in Control shall not, in and of itself, constitute a material
adverse change in the Associate’s duties, authority, responsibilities or reporting relationships; or

 

(ii)       A
material reduction by the Company or the Parent Company (or the surviving or acquiring entity, as the case may be) in the Base Salary,
bonus structure or benefits of the Associate as in effect immediately prior to such reduction, with the result that the Associate’s
overall benefits package is significantly reduced, unless such reduction applies in a substantially equal percentage to all or substantially
all executives of the Company; or

 

(iii)       The
relocation of the Associate’s principal work location to a facility or a location more than fifty (50) miles from the Associate’s
then present principal work location, without the Associate’s express written consent; or

 

(iv)      The Company
materially breaches the terms of any agreement between the Associate and the Company related to the Associate’s employment, or materially
fails to satisfy the conditions and requirements of this Agreement.

 

(d)           The
Change in Control Payments shall be in addition to any other rights and benefits for which the Associate is eligible, either by way of
contract or with respect to rights and benefits generally available to other executive officers or Associates of the Company, except that
(i) the Associate shall not be entitled to any additional payments or benefits under Section 9 or Section 10 hereof, and (ii) to the extent
the Associate has received any payments or benefits under Section 9 or Section 10 hereof prior to the Double Trigger Event, the Associate
shall be entitled only to such Change in Control Payments as are not duplicative of the payments and benefits received under Section 9
or Section 10.

 

    	15 

    	 

    

14.           Definition
of Termination of Employment. “Termination of Employment” as used in this Agreement shall have the same meaning as set
out in, and shall occur on the date determined in accordance with, Section 1.409A-1(h) of the regulations promulgated under Section 409A
of the Code.

 

15.          
Specified Employee Delay. If the Associate is a “specified employee” within the meaning of Section 409A of the
Code, any benefits or payments (including installments and insurance premiums and contributions) which (a) constitute a “deferral
of compensation” under Section 409A of the Code, (b) become payable as a result of the Associate’s termination of employment
for reasons other than death, and (c) become due under this Agreement during the first six (6) months (or such longer period as required
by Section 409A of the Code) after termination of employment shall be delayed and all such delayed payments (or delayed installments,
premiums or contributions) shall be paid to the Associate in full in the seventh (7th) month after the date of termination
and all subsequent payments (or installments) shall be paid in accordance with their original payment schedule. To the extent that any
insurance premiums or other benefit contributions constituting a “deferral of compensation” become subject to the above delay,
the Associate shall be responsible for paying such amounts directly to the insurer or other third party and shall receive reimbursement
from Company for such amounts in the seventh (7th) month as described above. This Section shall not apply to payments made
as a result of a termination of employment that is the result of the Associate’s death.

 

16.          
Clawback of Incentive Compensation, Option Plan Awards, and Incentive Plan Awards. The Company may terminate Associate’s
right to the unpaid or unvested incentive compensation and awards under Sections 4(b) and 4(d), and may require reimbursement to the Company
by Associate of any incentive compensation or awards previously paid or vested within the prior 12-month period pursuant to any applicable
incentive compensation plan or award agreement, in the event: (i) of a willful or reckless breach by Associate of his obligations under
Sections 1, 2, and 7 of this Agreement; (ii) of Associate’s misconduct constituting Cause as defined in Section 9(b) of this Agreement;
or (iii) Associate is obligated to disgorge to or reimburse the Company for such compensation paid or payable to Associate by reason of
application of Section 304 of the Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, or any other applicable law, regulation, stock exchange listing requirement, Company policy or Parent Company policy requiring recapture,
reimbursement or disgorgement of incentive-based pay. The Board of Directors of the Parent Company will determine, in its sole discretion,
the method for recouping any incentive compensation and awards issued under the Option Plan and the Incentive Plan which may include,
without limitation: requiring reimbursement of cash bonus or incentive compensation previously paid; seeking recovery of any gain realized
on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards; offsetting the recouped amount
from any compensation otherwise owed by the Company to the Associate; cancelling outstanding vested or unvested equity awards; and/or
taking any other remedial and recovery action permitted by law, as determined by the Board of Directors of the Company. In the event Associate
fails to make prompt reimbursement of any such incentive compensation previously paid, the Company may, to the extent permitted by applicable
law, deduct the amount required to be reimbursed from Associate’s compensation otherwise due under this Agreement. 

 

    	16 

    	 

    

17.          
Notices. All notices, demands and requests which may be given or which are required to be given by either party to the other,
and any exercise of a right of termination provided by this Agreement, shall be in writing and shall be deemed effective when either:
(a) personally delivered to the intended recipient; (b) sent by certified or registered mail, return receipt requested, addressed
to the intended recipient at the address specified below; (c) delivered in person to the address set forth below for the party to
which the notice was given; (d) deposited into the custody of a nationally recognized overnight delivery service such as FedEx Corporation
or United Parcel Service, Inc., addressed to such party at the address specified below; or (e) sent by facsimile, telegram or telex,
provided that receipt for such facsimile, telegram or telex is verified by the sender and followed by a notice sent in accordance with
one of the other provisions set forth above. Notices shall be effective on the date of delivery, or receipt of, if delivery is not accepted,
on the earlier of the date that delivery is refused or three (3) days after the date the notice is mailed. For purposes of this paragraph,
the addresses of the parties for all notices are as follows (unless subsequently changed by similar notice in writing given by the particular
person whose address is to be changed):

 

If to the Associate, to Douglas Campbell, at
the last known address in the Company’s personnel records;

 

If to the Company, to America’s Car Mart,
Inc., Attention: Secretary, 1805 N 2nd St, Suite 401, Rogers, Arkansas 72756, Fax #479-273-7556;

 

With a copy to America’s Car Mart, Inc.,
Attention: Legal Department, 1805 N 2nd St, Suite 401, Rogers, Arkansas 72756, Fax #479-271-0796.

 

Any party hereto may designate a different address by
written notice given to the other parties.

 

18.          
Governing Law. This agreement shall be construed in accordance with and governed by the laws of the State of Arkansas, without
reference to principles of conflict of laws.

 

19.          
Choice of Venue. Any dispute, controversy, or claim arising out of or in respect of this Agreement (or its validity, interpretation,
or enforcement, or alleging breach thereof) or Associate’s employment with the Company shall be submitted to, adjudicated by, and
subject to the exclusive jurisdiction of the state courts in Benton County, Arkansas, or the federal courts in the Western District of
Arkansas, and both the Company and Associate hereby consent to such venues as the exclusive forums for resolution of the aforementioned
disputes, submit to the personal jurisdiction of said courts to hear such disputes, and waive all objections to such courts hearing and
adjudicating such disputes.

 

    	17 

    	 

    

20.          
Compliance with Section 409A. The payments due under this Agreement are intended to comply with Section 409A of the Code
(“Section 409A”) or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding
any other provision of this Agreement, payments of “nonqualified deferred compensation” provided under this Agreement may
only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement
that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral
shall be excluded from Section 409A to the maximum extent possible. To the extent Section 409A applies, each installment payment provided
under this Agreement shall be treated as a separate payment. Any payments of “nonqualified deferred compensation” to be made
under this Agreement by reason of a termination of employment shall only be made if such termination of employment constitutes a “separation
from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits
provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes,
penalties, interest or other expenses that may be incurred by the Associate on account of non-compliance with Section 409A. To the extent
required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the
following: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect
the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (ii) any reimbursement of an
eligible expense shall be paid to the Associate on or before the last day of the calendar year following the calendar year in which the
expense was incurred; and (iii) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation
or exchange for another benefit.

 

21.          
Section 280G.

 

(a)           In
the event that the total amount of payments to be received by the Associate, pursuant to this Agreement or otherwise, that are contingent
upon a change in ownership or control (within the meaning of Section 280G of the Code) would, but for this Section 21(a), be subject to
the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the amount of payments to be received by the Associate
pursuant to this Agreement or otherwise shall be reduced to the maximum amount that will cause the total amounts of the payments not to
be subject to the Excise Tax, but only if the amount of such payments, after such reduction and after payment of all applicable taxes
on the reduced amount, is equal to or greater than the amount of such payments the Associate would otherwise be entitled to retain without
such reduction after the payment of all applicable taxes, including the Excise Tax.

 

(b)           The
accounting firm engaged by the Company for general audit purposes (the “Audit Firm”) shall perform any calculations
necessary in connection with this Section 21; provided that, if for any reason the Audit Firm is unable to, or declines to, perform such
calculations, the Company shall engage such other accounting firm as the Audit Firm shall recommend in writing to the Company to perform
such calculations (the Audit Firm or such other accounting firm, as applicable, being hereinafter referred to as the “Accounting
Firm”).  The Company shall bear all expenses with respect to the determinations by such Accounting Firm required to be made
hereunder. The Accounting Firm engaged to make the determinations under this Section 21 shall provide its calculations, together with
detailed supporting documentation, to the Associate and the Company within fifteen (15) calendar days after the date on which the Associate’s
right to a payment contingent on a Change in Control is triggered (if requested at that time by Associate or the Company) or such other
time as requested by the Associate or the Company.  If the Accounting Firm determines that no Excise Tax is payable with respect
to such payments, it shall furnish the Associate and the Company with an opinion reasonably acceptable to Associate that no Excise Tax
will be imposed with respect to such payments.  Any good faith determinations of the Accounting Firm made hereunder shall be final,
binding, and conclusive upon Associate and the Company. If a reduction in payments or benefits constituting “parachute payments”
(as defined in Section 280G(b)(2) of the Code) is required by Section 21(a), the reduction shall occur in the following order unless the
Associate elects in writing a different order (provided, however, that such election shall be subject to the Company’s approval
if made on or after the date on which the event that triggers the payment occurs and to the extent that such election does not violate
Section 409A of the Code): reduction of cash payments (in reverse order of the date on which such cash payments would otherwise be made
with the cash payments that would otherwise be made last being reduced first); cancellation of accelerated vesting of stock awards; reduction
of employee benefits.  In the event that accelerated vesting of stock awards is to be reduced, such accelerated vesting shall be
cancelled in the reverse order of the grant date of the Associate’s stock awards unless the Associate elects in writing a different
order for cancellation.

 

    	18 

    	 

    

22.          
Assignability. The Associate may not assign his interest in or delegate his duties under this Agreement. The rights and
obligations of the Company hereunder may be assigned only by operation of law in connection with a merger in which the Company is not
the surviving corporation or in connection with the sale of substantially all of the assets of the Company; and in the latter event, such
assignment shall not relieve the Company of its obligations hereunder.

 

23.          
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Associate, his heirs, beneficiaries
and legal representatives and the Company, its parent, subsidiaries, affiliates, successors and assigns.

 

24.          
Withholding. The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign
taxes as shall be required to be withheld pursuant to any applicable law or regulation.

 

25.          
Entire Agreement; Modification. This Agreement constitutes the entire agreement of the parties hereto with respect to the
subject matter hereof and may not be modified or amended in any way except in writing by the parties hereto. This Agreement supersedes
and replaces any and all prior employment agreements between the Company and the Associate, all of which are hereby terminated and declared
null and void; provided, however, this Agreement shall not affect, in any manner, previously awarded restricted stock or stock options,
which awards shall remain in full force and effect in accordance with the terms of such previous awards.

 

26.          
Duration. Notwithstanding the termination of the Employment Term and of the Associate’s employment by the Company,
this Agreement shall continue to bind the parties for so long as any obligations remain under this Agreement, and, in particular, the
Associate shall continue to be bound by the terms of Section 7.

 

    	19 

    	 

    

27.          
Waiver. No waiver by the Company of any breach by the Associate of this Agreement shall be construed to be a waiver as to
succeeding breaches.

 

28.          
Enforceability. The covenants and provisions contained herein are severable and are to be interpreted as such to the extent
permitted by applicable law. The parties understand, acknowledge and agree that should any provision of this Agreement be declared or
determined by any court of competent jurisdiction to be unenforceable or invalid for any reason, the validity of the remaining parts,
terms or provisions of this Agreement shall not be affected thereby, and that the Agreement will be amended to delete or modify, as necessary,
any invalid or unenforceable parts, terms or provisions to the extent necessary to allow for enforcement.

 

29.          
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same agreement.

 

 

[SIGNATURE PAGE FOLLOWS.]

 

 

 

 

 

    	20 

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement to be effective as of the Effective Date.

 

	 	COMPANY:
	 	 	 
	 	AMERICA’S CAR MART, INC.,
	 	an Arkansas corporation
	 	 	 
	 	By:	/s/ Jeffrey A. Williams
	 	 	 
	 	Name:	Jeffrey A. Williams
	 	 	 
	 	Title:	CEO
	 	 	 
	 	 	 
	 	ASSOCIATE:
	 	 
	 	 
	 	/s/ Douglas Campbell
	 	Douglas Campbell

 

 

 

(Signature Page to Employment Agreement of Douglas
Campbell)

 

    	21 

    	 

    

APPENDIX A

 

 

TERMINATION CERTIFICATION

 

The undersigned Associate certifies that he does not
possess and has not failed to return any property belonging to AMERICA’S CAR MART, INC., its parent, subsidiaries, affiliates, successors
or assigns (together, the “Company”) or its customers, including, but not limited to, equipment, devices, records, correspondence,
documents, files, reports, studies, manuals, compilations, drawings, blueprints, sketches, videos, memoranda, computer software and programs,
data or any other information, including Trade Secrets and Confidential Information as set forth herein (whether originals, copies or
extracts, stored in any medium), whether prepared or developed by Associate or otherwise coming into Associate’s possession, whether
maintained by Associate in the facilities of the Company, at Associate’s home, or at any other location.

 

Associate further certifies that, except as otherwise
agreed in writing between the Company and the Associate, he will comply with all the covenants and restrictions contained in Section 7
of his Employment Agreement with the Company dated ___________, 20__.

 

 

Date: ____________________                             ___________________________________

                                                                                             Associate

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