Document:

EX-10.4

 Exhibit 10.4 

FORM OF EXCHANGE AGREEMENT 

This EXCHANGE AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, the “Agreement”), dated
as of [                ], is made by and among Core & Main, Inc., a Delaware corporation (“IPOco”), Core & Main Holdings, LP, a
Delaware limited partnership (“Holdings”), and the holders of Partnership Interests (as defined herein) and shares of Class B Common Stock (as defined herein) from time to time parties hereto (each, a
“Holder”). 
 WHEREAS, the parties hereto desire to provide for the exchange of Partnership Interests, together with the
transfer to IPOco of a corresponding number of shares of Class B Common Stock, for shares of Class A Common Stock (as defined herein), on the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

Section 1.1. Definitions. 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement. 
 “Affiliate” means, with respect to a specified Person, any Person that directly, or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control with the specified Person. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

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

“Business Day” means any day excluding Saturday, Sunday and any day that is a legal holiday under the laws of the State of
New York or is a day on which banking institutions located in New York are closed. 
 “Cash Exchange Payment” means an
amount in cash equal to the product of (x) the number of Partnership Interests exchanged, (y) the then-applicable Exchange Rate, and (z) the price to the public or the private sale price, as applicable, of the
Class A Common Stock in a public offering or private sale as forth in Section 2.1 of this Agreement, as applicable, in each case net of any underwriting discounts and commissions. 

“CD&R Waterworks Holdings” means CD&R Waterworks Holdings, L.P., a Delaware limited partnership. 

“Class A Common Stock” means the Class A common stock, par value $0.01 per share, of IPOco. 

“Class B Common Stock” means the Class B common stock, par value $0.01 per share, of IPOco. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

 “Continuing Limited Partners” means CD&R Waterworks Holdings and
Management Feeder. 
 “Continuing Limited Partners Tax Receivable Agreement” means the Tax Receivable Agreement, dated on
or about the date hereof, between IPOco, the Continuing Limited Partners, Holdings and any other Person from time to time a party thereto, as such agreement may be amended or supplemented from time to time. 

“Deficit Amount” has the meaning set forth in Section 2.1(h) of this Agreement. 

“Election of Exchange” has the meaning set forth in Section 2.1(b) of this Agreement. 

“Excess Amount” has the meaning set forth in Section 2.1(h) of this Agreement. 

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

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

“Exchange Date” means the date of delivery of the relevant Election of Exchange. 

“Exchange Rate” means the number of shares of Class A Common Stock for which one Partnership Interest (together with the
cancellation of a share of Class B Common Stock) is entitled to be Exchanged. On the date of this Agreement, the Exchange Rate shall be 1.0, subject to adjustment pursuant to Section 2.2 of this Agreement. 

“First Exchange Time” means 180 days from the date hereof. 

“Governmental Entity” means the United States of America or any other nation, any state or other political subdivision
thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government, including any court, in each case, having jurisdiction over Holdings or any of its Subsidiaries or any of the property or other
assets of Holdings or any of its Subsidiaries. 
 “Holder” has the meaning set forth in the preamble. 

“Holdings” has the meaning set forth in the preamble. 

“IPOco” has the meaning set forth in the preamble hereto. 

“IPOco Charter” means the Amended and Restated Certificate of Incorporation of IPOco, as it may be amended and/or restated
from time to time. 
 “Liquidation Adjustment” has the meaning set forth in Section 2.1(h) of this Agreement. 

“Liquidation Adjustment Price” means the greater of (i) the last reported sales price of a share of the
Class A Common Stock, as reported by Bloomberg, L.P., or its successor (or other mutually acceptable electronic or print publication), (ii) the average of the daily volume-weighted average price (“VWAP”) of a share of
Class A Common Stock for the four-week period immediately prior to the date of delivery of the relevant Election of Exchange (the “Exchange Date”) in connection with a Voluntary Exchange and (iii) as applied with respect
to an Excess Amount in connection with Section 2.1(h), such price of a share of Class A Common Stock that, in connection with an Exchange, would not result in the number of shares of Class A Common Stock to be issued to exceed
the number of authorized and unissued shares of Class A Common Stock under the IPOco Charter, when taken together with (x) the 

  
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outstanding shares of Class A Common Stock, (y) the shares of Class A Common Stock issuable upon Exchange of outstanding shares of Paired Interests (disregarding shares of
Class A Common Stock issuable under Section 2.1(h)), and (z) the shares of Class A Common Stock issuable under the Core & Main, Inc. 2021 Omnibus Equity Incentive Plan or any other IPOco equity incentive plan;
provided that in calculating such average, (a) the VWAP shall be determined by calculating the arithmetic average of the per share daily volume-weighted average price of a share of Class A Common Stock on the New York Stock
Exchange or such other principal U.S. securities exchange or automated or electronic quotation system on which Class A Common Stock trades, as reported by Bloomberg, L.P., or its successor (or other mutually acceptable electronic or print
publication) for each of the full Trading Days in the four-week period immediately prior to the Exchange Date and ending on and including the last full Trading Day immediately prior to the Exchange Date, subject to appropriate and equitable
adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock; and (b) if the Class A Common Stock no longer trades on a securities exchange or automated or electronic
quotation system, then a majority of the independent members of the board of directors of IPOco shall determine the fair market value of a share of Class A Common Stock in good faith. 

“LP Agreement” means the Second Amended and Restated Agreement of Limited Partnership of Holdings, dated on or about the date
hereof, as amended or amended and restated from time to time. 
 “Management Feeder” means Core & Main Management
Feeder, LLC, a Delaware limited liability company. 
 “Paired Interest” means one Partnership Interest together with one
share of Class B Common Stock. 
 “Partnership Interests” means the Partnership Interests (as such term is defined in
the LP Agreement). 
 “Permitted Transfer” has the meaning given to such term in Section 4.1 of this Agreement. 

“Permitted Transferee” has the meaning given to such term in Section 4.1 of this Agreement. 

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

“Quarter” means, unless the context requires otherwise, a fiscal quarter of IPOco. 

“Quarterly Exchange Date” means the date each Quarter that is the later to occur of (i) the third Business Day
after the date on which IPOco makes a public news release of its annual or quarterly earnings, as applicable, for the prior Quarter or fiscal year, as applicable, and (ii) the first day each Quarter that directors and executive officers
of IPOco are permitted to trade under the applicable policies of IPOco relating to trading by directors and executive officers; provided that there shall be no Quarterly Exchange Date for any Holder (including any Permitted Transferee
pursuant to Section 4.1 of this Agreement) prior to (x) the expiration or waiver of any applicable lock-up agreement, including any lock-up agreement
entered into in connection with the initial public offering of IPOco, or (y) the expiration of any holding period applicable to such Holder required by law, including Rule 144 under the Securities Act, with respect to dispositions of
Class A Common Stock received upon the proposed Exchange by such Holder. 

  
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 “Registration Rights Agreement” means the registration rights agreement by
and among IPOco and the stockholders party thereto, dated as of the date hereof, as amended from time to time. 
 “Securities
Act” means the U.S. Securities Act of 1933, as amended. 
 “Stockholders Agreement” means the stockholders
agreement by and among IPOco and the stockholders party thereto, dated as of the date hereof, as amended from time to time. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or
business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is
at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business
entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof.
For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated
a majority of limited liability company, partnership, association or other business entity gains or losses or shall control the management of any such limited liability company, partnership, association or other business entity. For purposes hereof,
references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of
Holdings. 
 “Trading Day” means a day on which the New York Stock Exchange or such other principal U.S. securities
exchange on which the shares of Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day), or if the shares of Class A Common Stock are
not listed or admitted to trading on such an exchange, on the automated or electronic quotation system on which the shares of Class A Common Stock are then authorized for quotation. 

“Voting Securities” mean any securities which are entitled to vote generally in matters submitted for a vote of stockholders
or generally in the election of the board of directors. 
 ARTICLE II 

Section 2.1. Exchange of Partnership Interests for Class A Common Stock. 

(a) Subject to Section 2.1(h) and Section 2.1(i), each Holder shall be entitled, on any Quarterly Exchange Date, upon the terms and
subject to the conditions hereof, to transfer and surrender Paired Interests free and clear of all liens, encumbrances, rights of first refusal, and the like, to IPOco. In addition, subject to Section 2.1(h) and Section 2.1(i), from and
after the First Exchange Time, CD&R Waterworks Holdings and its Permitted Transferees shall be entitled, at any time and from time to time, upon the terms and subject to the conditions hereof, to transfer and surrender Paired Interests free and
clear of all liens, encumbrances, rights of first refusal, and the like, to IPOco. Upon such transfer and surrender, each share of Class B Common Stock transferred and surrendered shall be automatically and immediately canceled, in accordance
with Section 2.3(b), and each Partnership Interest transferred and surrendered will be exchangeable for a number of shares of Class A Common Stock issued to such Holder that is equal to the product of the number of Partnership Interests
transferred and surrendered by such Holder multiplied by the Exchange Rate; provided, however, that, subject to and in accordance with the General Corporation Law of the State of Delaware, in lieu of issuing such shares of Class A
Common 

  
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Stock, IPOco, acting by a majority of the disinterested members of its board of directors, may elect to pay a Cash Exchange Payment calculated with respect to such surrendered Partnership
Interests from the proceeds of a private sale or a public offering of Class A Common Stock, which Cash Exchange Payment shall be payable in accordance with the instructions provided in the form of Exhibit A hereto (the “Election
of Exchange”) (such exchange for Class A Common Stock or a Cash Exchange Payment, as applicable, an “Exchange”). Notwithstanding anything to the contrary herein, IPOco shall not effectuate a Cash Exchange Payment
pursuant to this Section 2.1 unless IPOco determines to consummate a private sale or public offering of Class A Common Stock on, or not later than five Business Days after, the relevant Exchange Date. As any such existing owner
exchanges its Partnership Interests (together with the cancellation of a corresponding number of shares of Class B Common Stock), the number of Partnership Interests owned by IPOco will increase. Each such exchange of Partnership Interests for
Class A Common Stock or the Cash Exchange Payment, as applicable, shall, to the extent permitted by law, be treated for U.S. federal income tax reporting purposes as a taxable exchange of the Holder’s Partnership Interests for Class A
Common Stock or the Cash Exchange Payment, as applicable, and corresponding payments under the Continuing Limited Partners Tax Receivable Agreement. 

(b) IPOco shall provide notice to each Holder eligible to Exchange Paired Interests on a Quarterly Exchange Date at least fourteen
(14) days prior to the anticipated date of such Quarterly Exchange Date. A Holder shall exercise its right to effect an Exchange as set forth in Section 2.1(a) above by delivering to IPOco all certificates and instruments, if any,
representing the Paired Interests that are being surrendered, together with a written election of exchange in respect of the Partnership Interests to be Exchanged substantially in the form of the Election of Exchange, duly executed by such Holder or
such Holder’s duly authorized attorney, in each case delivered to IPOco at its address set forth in Section 4.2(a). IPOco shall provide notice to any exchanging Holder that delivers an Election of Exchange of its intention to consummate an
Exchange through a Cash Exchange Payment on the first Business Date immediately following the receipt of such Election of Exchange by IPOco. Each Exchange shall be deemed to be effective immediately prior to the close of the business on the date on
which the Election of Exchange is delivered to IPOco, IPOco shall cause the transfer agent and registrar to reflect the Exchange on its record, and, if IPOco does not elect a Cash Exchange Payment, the exchanging Holder shall be deemed to be a
holder of Class A Common Stock from and after that time; provided, however, that if the Holder has specified that the Exchange shall be contingent upon the consummation of a purchase by another Person or effective upon a specified
future date in accordance with Section 2.1(c), such Exchange shall be deemed to be effective immediately prior to the close of the business on the date on which such contingency is met or at such specified future date, as applicable, and, if
IPOco does not elect a Cash Exchange Payment, the exchanging Holder shall be deemed to be a holder of Class A Common Stock from and after that time or date. As promptly as practicable following the Exchange Date, IPOco shall deliver or cause to
be delivered to the exchanging Holder the number of shares of Class A Common Stock deliverable upon such Exchange, registered in the name of such Holder, or the Cash Exchange Payment, as applicable. 

(c) An Election of Exchange from a Holder may specify that the Exchange is to be (x) contingent (including as to the timing) upon
the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering or otherwise) of shares of Class A Common Stock into which the Partnership Interests are exchangeable and/or
(y) effective upon a specified future date. 
 (d) Notwithstanding anything herein to the contrary, a Holder may withdraw or
amend an Election of Exchange, in whole or in part, at any time prior to the effectiveness of the Exchange by delivery of a written notice of withdrawal to IPOco and Holdings specifying (1) the number of withdrawn Paired Interests,
(2) if any, the number of Paired Interests as to which the Election of Exchange remains in effect and (3) if the Holder so determines, revised timing or contingency of the Exchange or any other new or revised information
permitted in the Election of Exchange. 

  
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 (e) Subject to Section 2.3(c), the shares of Class A Common Stock issued upon an
Exchange, other than any such shares issued in an Exchange subject to a registration statement, shall bear a legend in substantially the following form: 

THE TRANSFER OF THESE SECURITIES HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES
LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 

(f) If (i) any shares of Class A Common Stock may be sold pursuant to a registration statement that has been declared
effective by the Securities and Exchange Commission, (ii) all of the applicable conditions of Rule 144 under the Securities Act are met, or (iii) if a Holder otherwise requests removal of the legend, IPOco, upon the written
request of the Holder thereof and, in the case of clauses (ii) and (iii), receipt of an opinion of counsel to such Holder reasonably acceptable to IPOco, shall take all necessary action promptly to remove such legend and, if the shares of
Class A Common Stock are certificated, issue to such Holder new certificates evidencing such shares of Class A Common Stock without the legend and, if not certificated, shall provide any notice required by applicable law. 

(g) Subject to Section 2.3 and the terms of the Registration Rights Agreement, IPOco and each exchanging Holder shall bear their own
respective expenses in connection with the consummation of any Exchange by such Holder, whether or not any such Exchange is ultimately consummated; provided, however, that IPOco will pay any transfer taxes, stamp taxes or duties, or
other similar taxes in connection with, or arising by reason of, any Exchange; provided, further, that, subject to Section 2.3, if any shares of Class A Common Stock are to be delivered in a name other than that of the Holder
that requested the Exchange or its Permitted Transferee (or The Depository Trust Company or its nominee for the account of a participant of The Depository Trust Company that will hold the shares for the account of such Holder or its Permitted
Transferee), then such Holder and/or the Person in whose name such shares are to be delivered shall pay to IPOco the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such
Exchange or shall establish to the reasonable satisfaction of IPOco that such tax has been paid or is not payable. 
 (h) Notwithstanding
anything to the contrary in this Article II, any Cash Exchange Payment or shares of Class A Common Stock delivered to a Holder upon an Exchange shall be adjusted to the extent that section 4.1(b) of the LP Agreement would result in an
adjustment to a distribution that would otherwise be made to such Holder in respect of the Partnership Interests to be Exchanged upon a liquidation of Holdings (a “Liquidation Adjustment”). To the extent that the Liquidation
Adjustment would result in an increase in the liquidating distribution that would be made by Holdings to such Holder (an “Excess Amount”), the consideration to be received for the Paired Interests tendered for Exchange by such
Holder shall be increased by (i) in the event of a Cash Exchange Payment, an amount of cash equal to such Excess Amount, and (ii) in the event shares of Class A Common Stock are to be delivered to a Holder, a number of shares of
Class A Common Stock equal to such Excess Amount divided by the Liquidation Adjustment Price. To the extent that the Liquidation Adjustment would result in a reduction in the liquidating distribution that would be made by Holdings to such
Holder (a “Deficit Amount”), the consideration to be received for the Paired Interests tendered for Exchange by such Holder shall be decreased by (x) in the event of a Cash Exchange Payment, an amount of cash equal to such
Deficit Amount and (y) in the event shares of Class A Common Stock are to be delivered to a Holder, a number of shares of Class A Common Stock equal to such Deficit Amount divided by the Liquidation Adjustment Price; provided,
however, that if such Holder instead elects to make a contemporaneous cash contribution to Holdings equal to such Deficit Amount, there shall be no Deficit Amount with respect to such Holder for purposes of this Section 2.1(h). 

  
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 (i) Notwithstanding anything to the contrary in this Article II, a Holder shall not be
entitled to effect an Exchange (and, if attempted, any such Exchange shall be, to the fullest extent permitted by applicable law, void ab initio), and IPOco shall have the right to refuse to honor any request to effect an Exchange, at any time or
during any period, if IPOco shall reasonably determine that such Exchange (i) would be prohibited by any applicable law or regulation (including the unavailability of any requisite registration statement filed under the Securities Act or
any exemption from the registration requirements thereunder); provided, however, that this Section 2.1(i) shall not limit IPOco’s or Holdings’ obligations under Section 2.3(c), (ii) would pose a material risk
that Holdings would be treated as a “publicly traded partnership” under section 7704 of the Code; provided, however, that an Exchange will not be prohibited on this basis so long as Holdings satisfies the “private
placements” safe harbor under Section 1.7704-1(h) of the Treasury Regulations or (iii) would not be permitted under (x) the LP Agreement, (y) other agreements with
IPOco or its Subsidiaries to which such Holder may be subject or (z) any written policies of IPOco or any of its Subsidiaries related to unlawful or inappropriate trading applicable to its directors, officers or other employees to which
the Holder or its directors and officers are subject. Upon such determination, IPOco shall notify the Holder requesting the Exchange of such determination, which such notice shall include an explanation in reasonable detail as to the reason that the
Exchange has not been effected. For the avoidance of doubt, Management Feeder shall not be entitled to effect an Exchange (and, if attempted, any such Exchange shall be, to the fullest extent permitted by applicable law, void ab initio), and IPOco
shall have the right to refuse to honor any request to effect an Exchange, if such Exchange is made on behalf of holders of Management Feeder who are subject to an applicable lock-up agreement at the time of
such Exchange. 
 (j) Notwithstanding anything to the contrary in this Article II, for any Exchange for which IPOco would otherwise be
required to deliver a fraction of a share of Class A Common Stock pursuant to the terms of this Agreement, IPOco shall deliver to such Holder a cash amount equal to the market value of such fraction in lieu of delivering a fraction of a share
of Class A Common Stock. 
 Section 2.2. Adjustment. The Exchange Rate and/or the components of a Paired Interest shall be
adjusted accordingly if there is: (i) any subdivision (by any stock or partnership interest split, stock or partnership interest distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse
stock or unit split, reclassification, reorganization, recapitalization or otherwise) of the shares of Class B Common Stock or Partnership Interests that is not accompanied by a substantially equivalent subdivision or combination of the
Class A Common Stock; or (ii) any subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification,
reorganization, recapitalization or otherwise) of the Class A Common Stock that is not accompanied by a substantially equivalent subdivision or combination of the shares of Class B Common Stock and Partnership Interests. If there is any
reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock are converted or changed into another security, securities or other property, then upon any subsequent Exchange, an exchanging
Holder shall be entitled to receive the amount of such security, securities or other property that such exchanging Holder would have received (including as a result of any election by such Holder, if afforded to all holders of Class A Common
Stock) if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any subdivision (by any split,
distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the
effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or

  
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other similar transaction in which the shares of Class A Common Stock are converted or changed into another security, securities or other property, this Section 2.2 shall continue to be
applicable, with respect to such other security or property. To the fullest extent permitted by applicable law, this Agreement shall apply to the Paired Interests held by the Holders and their Permitted Transferees as of the date hereof, as well as
any Paired Interests hereafter acquired by a Holder and his or her or its Permitted Transferees, subject to Section 4.1. This Agreement shall apply to, and all references to “Paired Interests” shall be deemed to include, any security,
securities or other property of IPOco or Holdings which may be issued in respect of, in exchange for or in substitution of shares of Class B Common Stock or Partnership Interests, as applicable, by reason of any distribution or dividend, split,
reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction. 

Section 2.3. Class A Common Stock to be Issued; Class B Common Stock to be Cancelled. 

(a) IPOco shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose
of issuance upon an Exchange, the maximum number of shares of Class A Common Stock as may be deliverable upon the transfer and surrender of all then-outstanding Paired Interests; provided that nothing contained herein shall be construed
to preclude IPOco from satisfying its obligations in respect of an Exchange, if IPOco does not elect a Cash Exchange Payment, by delivery of shares of Class A Common Stock that are held in the treasury of IPOco or held by any of its
Subsidiaries or by delivery of purchased shares of Class A Common Stock (which may or may not be held in the treasury of IPOco or held by any Subsidiary thereof). IPOco covenants that all shares of Class A Common Stock issued upon an
Exchange will, upon delivery in accordance with this Agreement, be validly issued, fully paid and non-assessable. 

(b) When a Paired Interest has been transferred and surrendered in accordance with this Agreement, the share of Class B Common Stock
corresponding to such Paired Interest shall be immediately cancelled and retired by IPOco and such shares shall not be reissued and the Partnership Interest corresponding to such Paired Interest shall be held by IPOco and be outstanding. 

(c) Subject to the terms of the Registration Rights Agreement, if IPOco does not elect a Cash Exchange Payment, IPOco covenants and agrees to
deliver shares of Class A Common Stock, if requested, pursuant to an effective registration statement under the Securities Act with respect to any Exchange to the extent that a registration statement is effective and available for such shares.
In the event that any Exchange in accordance with this Agreement is to be effected at a time when any required registration has not become effective or otherwise is unavailable, upon the request and with the reasonable cooperation of the Holders
requesting such Exchange, IPOco shall use reasonable best efforts to promptly facilitate such Exchange pursuant to any reasonably available exemption from such registration requirements. If IPOco does not elect a Cash Exchange Payment, IPOco shall
use reasonable best efforts to list the Class A Common Stock required to be delivered upon Exchange prior to such delivery upon each national securities exchange or inter-dealer quotation system upon which the outstanding Class A Common
Stock may be listed or traded at the time of such delivery. 
 (d) IPOco agrees that it has taken all or will take such steps as may be
required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and to be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions from,
or dispositions to, IPOco of equity securities of IPOco (including derivative securities with respect thereto) and any securities that may be deemed to be equity securities or derivative securities of IPOco for such purposes that result from the
transactions contemplated by this Agreement, by each executive officer (including the corporate controller) or director of IPOco. 

  
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 ARTICLE III 

Section 3.1. Representations and Warranties of IPOco and of Holdings. Each of IPOco and Holdings represents and warrants that
(i) it is a corporation or limited partnership duly incorporated or formed and is existing in good standing under the laws of Delaware, (ii) it has all requisite corporate or limited partnership power and authority to enter
into and perform this Agreement and to consummate the transactions contemplated hereby and, in the case of IPOco, to issue the Class A Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this
Agreement by it and the consummation by it of the transactions contemplated hereby (including without limitation, in the case of IPOco, the issuance of the Class A Common Stock) have been duly authorized by all necessary corporate or limited
partnership action on its part and (iv) this Agreement constitutes a legal, valid and binding obligation of it enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by
bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 

Section 3.2. Representations and Warranties of the Holders. Each Holder, severally and not jointly, represents and warrants that
(i) if it is not a natural person, that it is duly incorporated or formed and, to the extent such concept exists in its jurisdiction of organization, is in good standing under the laws of such jurisdiction, (ii) it has all
requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) if it is not a natural person, the execution and delivery of this Agreement by it and the
performance of the transactions contemplated hereby have been duly authorized by all necessary corporate or other entity action on the part of such Holder and (iv) this Agreement constitutes a legal, valid and binding obligation of such
Holder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights
generally. 
 ARTICLE IV 

Section 4.1. Additional Holders; Transfers. To the extent a Holder validly transfers any or all of such Holder’s Paired
Interests to another Person in a transaction in accordance with, and not in contravention of, the LP Agreement, the IPOco Charter, the Stockholders Agreement, the Continuing Limited Partners Tax Receivable Agreement, the Registration Rights
Agreement or any lock-up agreement applicable to such Holder or such transferee (a “Permitted Transfer”), then such transferee (each, a “Permitted Transferee”) shall have the
right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such Permitted Transferee shall become a Holder hereunder. To the extent Holdings issues Partnership Interests and IPOco issues
Class B Common Stock to a Person in the future, then the holder of such Partnership Interests and Class B Common Stock shall have the right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B
hereto, whereupon such holder shall become a Holder hereunder. Notwithstanding anything herein to the contrary, to the extent that a Permitted Transferee becomes a Holder hereunder pursuant to this Section 4.1 as a result of a Permitted
Transfer of Paired Interests to such Permitted Transferee from Management Feeder as the transferor, such Permitted Transferee shall not be entitled to Exchange Paired Interests pursuant to Section 2 hereunder for one Business Day following such
Permitted Transfer. 
 Section 4.2. Addresses and Notices. All notices, requests, claims, demands and other communications
hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by electronic mail or by registered or certified mail (postage prepaid, return receipt requested)
to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 4.2): 

  
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	(a)	  	If to IPOco, to:
		
		  	Core and Main, Inc.
		  	1830 Craig Park Court
		  	St. Louis, Missouri 63146
		  	E-mail: X
		  	Attention: General Counsel and Secretary
		
		  	with a copy (which shall not constitute notice) to:
		
		  	Debevoise and Plimpton LLP
		  	919 Third Avenue,
		  	New York, New York 10022
		  	E-mail: pmrodel@debevoise.com
		  	Attention: Paul M. Rodel, Esq.
		
	(b)	  	If to Holdings, to:
		
		  	Core & Main Holdings, LP
		  	c/o Core and Main, Inc.
		  	1830 Craig Park Court
		  	St. Louis, Missouri 63146
		  	E-mail: X
		  	Attention: General Counsel and Secretary
		
		  	with a copy (which shall not constitute notice) to:
		
		  	Debevoise and Plimpton LLP
		  	919 Third Avenue,
		  	New York, New York 10022
		  	E-mail: pmrodel@debevoise.com
		  	Attention: Paul M. Rodel, Esq.
		
	(c)	  	If to CD&R Waterworks Holdings, addressed to it at:
		
		  	CD&R Waterworks Holdings, L.P.
		  	c/o Clayton, Dubilier & Rice, LLC
		  	375 Park Ave., 18th Floor
		  	New York, New York 10152
		  	E-mail: X
		  	Attention: X
		
		  	and
		
		  	with a copy (which shall not constitute notice) to:
		
		  	Debevoise and Plimpton LLP
		  	919 Third Avenue,
		  	New York, New York 10022
		  	E-mail: pmrodel@debevoise.com
		  	Attention: Paul M. Rodel, Esq.

  
 10 

			
	(d)	  	If to Management Feeder, addressed to it at:
		
		  	Core & Main Management Feeder, LLC
		  	c/o Core and Main, Inc.
		  	1830 Craig Park Court
		  	St. Louis, Missouri 63146
		  	E-mail: X
		  	Attention: General Counsel and Secretary
		
		  	and
		
		  	with a copy (which shall not constitute notice) to:
		
		  	Debevoise and Plimpton LLP
		  	919 Third Avenue,
		  	New York, New York 10022
		  	E-mail: pmrodel@debevoise.com
		  	Attention: Paul M. Rodel, Esq.

 (e) If to any Holder other than the Continuing Limited Partners, to the address and other contact information
set forth in the records of IPOco or Holdings from time to time. 
 Section 4.3. Further Action. The parties shall execute and
deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 

Section 4.4. Binding Effect. Except as herein otherwise specifically provided, this Agreement shall be binding upon and inure to
the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

Section 4.5. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being
enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner
materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 4.6. Amendment. The provisions of this Agreement may be amended only by the affirmative vote or written consent of each of
(i) IPOco, (ii) Holdings, (iii) the Continuing Limited Partners and (iv) the Holders of Partnership Interests holding a majority of the then outstanding Partnership Interests (excluding all Partnership
Interests held by IPOco), except that any amendment materially detrimental to any Holder shall require the written consent of such Holder. 

Section 4.7. Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition
of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition. 

  
 11 

 Section 4.8. Submission to Jurisdiction; Waiver of Jury Trial. 

(a) The parties irrevocably consent to the exclusive jurisdiction of the courts of the State of Delaware and of the federal courts sitting in
the state of Delaware in connection with any action relating to this Agreement and each party agrees (i) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent
in the State of Delaware as such party’s agent for acceptance of legal process and notify the other parties hereto of the name and address of such agent, and (ii) that, to the fullest extent permitted by applicable law, service of
process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (i) or (ii) above shall, to
the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. Any action against any party relating to the foregoing shall be brought in the Delaware Court
of Chancery (or, solely if the Delaware Court of Chancery declines to accept jurisdiction over any action, to the exclusive jurisdiction of the Superior Court of the State of Delaware (Complex Commercial Division) or, if the subject matter
jurisdiction over the action is vested exclusively in the federal courts of the United States of America, the United States District Court for the District of Delaware), and any appellate courts of any thereof. To the extent not prohibited by
applicable law, each party hereto waives and agrees not to assert, by way of motion, as a defense or otherwise, in any such proceeding brought in the above-named courts, any claim that such party is not subject personally to the jurisdiction of such
courts, that such party’s property is exempt or immune from attachment or execution, that such proceeding is brought in an inconvenient forum, that the venue of such proceeding is improper, or that this Agreement or the subject matter thereof,
may not be enforced in or by such courts. 
 (b) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO
HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY,
PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.8(b) CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.8(b) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

Section 4.9. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file or other
electronic transmission service shall be considered original executed counterparts for purposes of this Section 4.9. 

  
 12 

 Section 4.10. Tax Treatment; Tax Withholding. 

(a) For U.S. federal income tax purposes only, this Agreement shall be treated as part of the LP Agreement as described in Section 761(c)
of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. As required by the Code and the Treasury Regulations,
the parties shall report any Exchange consummated hereunder as a taxable sale of the Partnership Interests and shares of Class B Common Stock by a Holder to IPOco, and no party shall take a contrary position on any income tax return, amendment
thereof or any communication with a taxing authority unless an alternate position is permitted under the Code and Treasury Regulations and IPOco consents in writing. 

(b) IPOco shall be entitled to deduct and withhold or cause to be deducted and withheld from any payment payable (or property deliverable)
pursuant to this Agreement to a Holder such amounts (including Class A Common Stock with a fair market value equal to the amount of the applicable deduction or withholding, determined in accordance with the principles set forth in the
definition of Liquidation Adjustment Price) as IPOco determines in good faith it is required to deduct and withhold with respect to the making of such payment (or delivery of such property) under the Code or any provision of state, local or foreign
tax law; provided, however, that IPOco may, in its sole discretion, allow a Holder to pay amounts owed on an Exchange in cash in lieu of IPOco’s withholding or deducting such amounts (or property); provided, further,
that prior to deducting or withholding any such amounts, IPOco shall notify the applicable Holder and shall consult in good faith with such Holder regarding the basis for such deduction or withholding. To the extent that amounts are so withheld and
paid over to the appropriate Governmental Entity by IPOco, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to such Holder. 

Section 4.11. Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that, to the fullest extent permitted by applicable law, the parties shall be entitled to specific
performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. 

Section 4.12. Independent Nature of Holders’ Rights and Obligations. The obligations of each Holder hereunder are several and
not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under hereunder. The decision of each Holder to enter into to this Agreement has been made
by such Holder independently of any other Holder. Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity,
or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby. 

Section 4.13. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware, without giving effect to any choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction. The parties hereto hereby declare that it is their intention that this Agreement shall be
regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees
(a) that this Agreement involves at least $100,000.00, and (b) that this Agreement has been entered into by the parties hereto in express reliance upon 6 Del. C. § 2708. 

[Signature Pages Follow] 

  
 13 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the
date first set forth above. 
  

			
	CORE & MAIN, INC.
		
	By:	 	 
		 	Name: Stephen O. LeClair
		 	Title: Chief Executive Officer
	
	CORE & MAIN HOLDINGS, LP
		
	By:	 	 
		 	Name: Stephen O. LeClair
		 	Title: Chief Executive Officer
	
	CD&R WATERWORKS HOLDINGS, L.P.
	
	By: CD&R Waterworks Holdings GP, Ltd., its general partner
		
	By:	 	 
		 	Name: Rima Simson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	CORE & MAIN MANAGEMENT FEEDER, LLC
		
	By:	 	 
		 	Name: Mark R. Witkowski
		 	Title: [Vice President]

 [Signature Page to Exchange Agreement] 

 EXHIBIT A 

[FORM OF] 
 ELECTION OF EXCHANGE

 Core & Main, Inc. 
 1830 Craig Park Court 

St. Louis, Missouri 63146 
 Attention: General Counsel and
Secretary 
 Core & Main Holdings, LP 

Core & Main, Inc. 
 1830 Craig Park Court 

St. Louis, Missouri 63146 
 Attention: General Counsel and
Secretary 
 Reference is hereby made to the Exchange Agreement, dated as of
[                ] (the “Exchange Agreement”), among Core & Main, Inc., a Delaware corporation, Core & Main Holdings, LP, a Delaware
limited partnership, and the holders of Paired Interests (as defined therein) from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. 

The undersigned Holder hereby transfers and surrenders to IPOco the number of Paired Interests set forth below, for purposes of
(a) the cancellation of Class B Common Stock and (b) an Exchange of Partnership Interests for a Cash Exchange Payment to the account set forth below or for shares of Class A Common Stock to be issued in its name as
set forth below, in accordance with the terms of the Exchange Agreement. 
 Legal Name of
Holder:                                        
                                         
                                         
                                         

Address:                      
                                         
                                         
                                         
                                         

 Number of Paired Interests to be
Transferred:                                       
                                         
                                         
       
 Conditions of Exchange (if any):
                                         
                                         
                                         
                         

Cash Exchange Payment Instructions (if applicable):
                                         
                                         
                                   

The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to execute and deliver this Election of
Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by the undersigned and is the legal, valid and binding obligation of the undersigned enforceable
against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable remedies; (iii) the
shares of Class B Common Stock and Partnership Interests subject to this Election of Exchange are being transferred to IPOco free and clear of any pledge, lien, security interest, encumbrance, equities or claim; and (iv) no consent,
approval, authorization, order, registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the shares of Class B Common Stock or the Partnership Interests
subject to this Election of Exchange is required to be obtained by the undersigned for the transfer of such shares of Class B Common Stock or Partnership Interests to IPOco. 

 The undersigned hereby irrevocably constitutes and appoints any officer of IPOco as the
attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer to IPOco the shares of Class B Common Stock and
Partnership Interests subject to this Election of Exchange and to deliver to the undersigned the shares of Class A Common Stock or the Cash Exchange Payment to be delivered in Exchange therefor. Such appointment shall be coupled with an
interest. 
 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Election of Exchange to be executed and delivered
by the undersigned or by its duly authorized attorney. 
  

	
	 
	Name:
	 
	Dated:

 EXHIBIT B 

[FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of
[            ] (the “Agreement”), among Core & Main, Inc., a Delaware corporation (the “IPOco”), Core & Main Holdings, LP, a Delaware
limited partnership (“Holdings”), and the holders of Partnership Interests (as defined therein) from time to time party thereto. Capitalized terms used but not defined in this Joinder Agreement shall have their meanings given to
them in the Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without giving effect to any choice or conflict of law provision or rule that would cause the application of the
laws of any other jurisdiction. In the event of any conflict between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall control. 

The undersigned, having acquired shares of Class B Common Stock and Partnership Interests, hereby joins and enters into the Agreement. By
signing and returning this Joinder Agreement to IPOco, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements of a Holder contained in the Agreement, with all attendant
rights, duties and obligations of a Holder thereunder and (ii) makes each of the representations and warranties of a Holder set forth in Section 3.2 of the Agreement as fully as if such representations and warranties were set forth
herein. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Agreement by the undersigned and, upon receipt of this Joinder Agreement by IPOco and by Holdings, the
signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement. 
  

							
	Name:                                     
                                         
                	 	        	  		  	
				
	Address for Notices:	 		  	With copies to:EX-10.5

 Exhibit 10.5 

FORM OF 
 TAX RECEIVABLE
AGREEMENT 
 among 

CORE & MAIN, INC., 

CORE & MAIN HOLDINGS, LP 

and 
 EACH STOCKHOLDER
OF 
 CORE & MAIN, INC. LISTED ON ANNEX A 

Dated as of 

							
	 ARTICLE I. DEFINITIONS
	  	 	1	 
			
	 1.1.
	  	Definitions	  	 	1	 
			
	 1.2.
	  	Terms Generally	  	 	12	 
		
	 ARTICLE II. DETERMINATION OF CERTAIN REALIZED TAX BENEFITS
	  	 	13	 
			
	 2.1.
	  	Tax Benefit Schedule	  	 	13	 
			
	 2.2.
	  	Procedure, Amendments	  	 	15	 
			
	 2.3.
	  	Consistency with Tax Returns	  	 	16	 
		
	 ARTICLE III. TAX BENEFIT PAYMENTS
	  	 	16	 
			
	 3.1.
	  	Payments	  	 	16	 
			
	 3.2.
	  	Duplicative Payments	  	 	17	 
			
	 3.3.
	  	Pro Rata Payments; Coordination of Benefits	  	 	17	 
		
	 ARTICLE IV. TERMINATION
	  	 	18	 
			
	 4.1.
	  	Early Termination, Change in Control and Breach of Agreement	  	 	18	 
			
	 4.2.
	  	Early Termination Notice	  	 	20	 
			
	 4.3.
	  	Payment upon Early Termination	  	 	21	 
		
	 ARTICLE V. SUBORDINATION AND LATE PAYMENTS
	  	 	22	 
			
	 5.1.
	  	Subordination	  	 	22	 
			
	 5.2.
	  	Late Payments by Corporate Taxpayer	  	 	22	 
		
	 ARTICLE VI. NO DISPUTES; CONSISTENCY; COOPERATION
	  	 	22	 
			
	 6.1.
	  	Participation in Corporate Taxpayer’s and Holdings’ Tax Matters	  	 	22	 
			
	 6.2.
	  	Consistency	  	 	23	 
			
	 6.3.
	  	Cooperation	  	 	23	 
		
	 ARTICLE VII. MISCELLANEOUS
	  	 	23	 
			
	 7.1.
	  	Notices	  	 	23	 
			
	 7.2.
	  	Counterparts	  	 	24	 
			
	 7.3.
	  	Entire Agreement; Third Party Beneficiaries	  	 	25	 
			
	 7.4.
	  	Severability	  	 	25	 
			
	 7.5.
	  	Successors; Assignment; Amendments; Waivers	  	 	25	 
			
	 7.6.
	  	Titles and Subtitles	  	 	26	 
			
	 7.7.
	  	Governing Law; Jurisdiction; Waiver of Jury Trial	  	 	26	 
			
	 7.8.
	  	Reconciliation	  	 	27	 

  
 i 

							
	 7.9.
	  	Withholding	  	 	28	 
			
	 7.10.
	  	Admission of Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	  	 	28	 
			
	 7.11.
	  	Confidentiality	  	 	29	 
			
	 7.12.
	  	Change in Law	  	 	30	 
			
	 7.13.
	  	Independent Nature of Exchanged Owners’ Rights and Obligations	  	 	30	 

  
 ii 

 This TAX RECEIVABLE AGREEMENT (“Agreement”), dated as of [•]and
effective upon the consummation of the Reorganization Transactions (as defined in the Reorganization Agreement (as defined below)) and prior to the IPO Closing (as defined below), is hereby entered into by and among Core & Main, Inc., a
Delaware corporation (“Corporate Taxpayer”), Core & Main Holdings, LP, a Delaware limited partnership (“Holdings”), each stockholder of Corporate Taxpayer listed on Annex A (each an “Exchanged
Owner”, and, for the avoidance of doubt, such term shall include former Exchanged Owners entitled to current or future payments pursuant to this Agreement), and each of the successors and assigns thereto. 

RECITALS 
 WHEREAS, each
Exchanged Owner indirectly holds limited partnership interests in Holdings (the “Partnership Interests”), which is classified as a partnership for U.S. federal income tax purposes; 

WHEREAS, in connection with the initial public offering of Class A Common Stock (as defined below) of Corporate Taxpayer (the
“IPO”), Holdings, and certain of its direct and indirect owners, will, pursuant to the Reorganization Agreement, enter into a series of transactions to reorganize the ownership interests in Holdings; 

WHEREAS, Corporate Taxpayer will be the general partner of Holdings on or about the date of the IPO Closing (as defined below), and holds or
will hold on or about the date of the IPO Closing, directly or indirectly, Partnership Interests; 
 WHEREAS, each Exchanged Owner acquired
or will acquire stock in Corporate Taxpayer as a result of a Merger (as defined below); 
 WHEREAS, the income, gain, loss, deduction and
other Tax (as defined below) items of Corporate Taxpayer and its consolidated Subsidiaries may be affected by (i) the Exchanged Owner Basis (as defined below), (ii) any Interest Amount (as defined below) paid, (iii) the Imputed Interest
(as defined below), (iv) the Pre-Merger Tax Attributes (as defined below), and (v) the Continuing Limited Partners Tax Receivable Agreement Items (as defined below); 

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

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

“Acquisition Agreement” has the meaning set forth in the Preamble of this Agreement. 

  
 1 

 “Advisory Firm” means any accounting firm or any law firm that, in either
case, is nationally recognized as being expert in tax matters. 
 “Affiliate” means, with respect to any specified Person,
any Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with the specified Person. 

“Agreed Rate” means LIBOR plus 100 basis points. 

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

“Amended Schedule” has the meaning set forth in Section 2.2(b) of this Agreement. 

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

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

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

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

  
 2 

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

  

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

  

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

 

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

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

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

  
 3 

 “Continuing Limited Partners Tax Receivable Agreement” means the Tax
Receivable Agreement entered into as of the date hereof by and among Corporate Taxpayer, Holdings, and certain limited partners of Holdings, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. 

“Continuing Limited Partners Tax Receivable Agreement Items” means “Basis Adjustment” and “Common Basis”
as defined in the Continuing Limited Partners Tax Receivable Agreement. 
 “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of Voting Securities, by contract or otherwise. 

“Corporate Taxpayer” has the meaning set forth in the Preamble of this Agreement and includes any predecessor entities. 

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

  
 4 

 “Early Termination Effective Date” has the meaning set forth in
Section 4.2 of this Agreement. 
 “Early Termination Notice” has the meaning set forth in
Section 4.2 of this Agreement. 
 “Early Termination Payment” has the meaning set forth in
Section 4.3(b) of this Agreement. 
 “Early Termination Rate” means LIBOR plus 100 basis points.  
 “Early Termination Schedule” has the meaning set forth in
Section 4.2 of this Agreement. 
 “Exchange” has the meaning set forth in the Continuing Limited
Partners Tax Receivable Agreement. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

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

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

“Exchanged Owner Basis” means, without duplication, IPO Basis and Transferred Basis. 

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

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

“Hypothetical Federal Tax Liability” means, with respect to any taxable year or portion thereof, the liability for U.S.
federal income Taxes for such taxable year or portion thereof of (i) Corporate Taxpayer, (ii) its consolidated Subsidiaries and (iii) without duplication, Holdings, but only with respect to Corporate Taxpayer and its consolidated
Subsidiaries’ pro rata shares of the U.S. federal income Tax liability of Holdings and its Subsidiaries for such taxable year or portion thereof, in each case using the same methods, elections, conventions and similar practices used on the
relevant federal Corporate Taxpayer Return but (a) using the Non-Stepped Up Tax Basis, (b) excluding any deduction attributable to Imputed Interest for the taxable year, (c) excluding any
deduction attributable to Continuing Limited Partners Tax Receivable Agreement Items, (d) without taking into account Pre-Merger Tax Attributes and (e) deducting the Hypothetical Other Tax Liability
(in lieu of any 

  
 5 

 
amount for state or local tax liabilities, and only if such a deduction in respect of state and local tax liabilities is available with respect to the applicable taxable year or portion thereof).
For the avoidance of doubt, the Hypothetical Federal Tax Liability shall be determined without taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to or available as a result of any Exchanged
Owner Basis, Pre-Merger Tax Attributes, Continuing Limited Partners Tax Receivable Agreement Items, Imputed Interest or any deduction in respect of the Hypothetical Other Tax Liability, as applicable. If a
Hypothetical Federal Tax Liability is being calculated with respect to a portion of a taxable year, then calculations of the Hypothetical Federal Tax Liability (including determinations relating to Exchanged Owner Basis, Pre-Merger Tax Attributes, Continuing Limited Partners Tax Receivable Agreement Items and Imputed Interest to the extent applicable) shall be made as if there were an interim closing of the books of the relevant
entity and its Subsidiaries and the taxable year had closed on the relevant date. 
 “Hypothetical Other Tax Liability”
means, with respect to any taxable year or portion thereof, the U.S. federal taxable income determined in connection with calculating the Hypothetical Federal Tax Liability for such Taxable Year (determined without regard to clause (e) thereof)
multiplied by the Blended Rate for such taxable year. 
 “Hypothetical Tax Liability” means, with respect to any taxable
year, the Hypothetical Federal Tax Liability for such taxable year, plus the Hypothetical Other Tax Liability for such taxable year. 

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

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

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

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

“IPO Basis” means the Tax basis of the Reference Assets that are depreciable or amortizable for U.S. federal income tax
purposes in respect of which Corporate Taxpayer may be entitled to the tax benefits or deductions as a result of Corporate Taxpayer’s acquisition of Partnership Interests with the net proceeds from the IPO, in a percentage equal to the
percentage of Partnership Interests held by the Exchanged Owners immediately prior to the Reorganization. 

  
 6 

 “IPO Closing” means the closing of the sale of the shares of Class A
Common Stock in the IPO (without giving effect to any exercise of the underwriters’ option to acquire additional shares of Class A Common Stock). 

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

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

  
 7 

 “Member of the Immediate Family” means, with respect to any Person who is
an individual, (a) each parent, spouse (but not including a former spouse or a spouse from whom such Person is legally separated) or child (including those adopted) of such individual and (b) each trust naming only one or more of the
Persons listed in sub-clause (a) as beneficiaries. 
 “Merger” means the
merger of any person in connection with the Reorganization Transactions with and into Corporate Taxpayer or any of its consolidated subsidiaries through which Corporate Taxpayer or any of its consolidated Subsidiaries acquired Partnership Interests
from a person (other than Corporate Taxpayer or any of its consolidated Subsidiaries) who held a direct or indirect interest in Holdings. 

“Merger Date” means the date of any Merger. 

“Net Tax Benefit” means for any taxable year the amount equal to 85% of the sum of (i) the Cumulative Net Realized Tax
Benefit, if any, as of the end of such taxable year (or portion thereof) and (ii) any Tax Refunds received by Corporate Tax Payer in the relevant taxable year. 

“Non-Stepped Up Tax Basis” means, with respect to any Reference Asset at any time,
the Tax basis that such asset would have had at such time if the Exchanged Owner Basis were equal to zero. 
 “Objection
Notice” has the meaning set forth in Section 2.2(a) of this Agreement. 
 “Partnership Interest
Holders” has the meaning set forth in the Continuing Limited Partners Tax Receivable Agreement. 
 “Partnership
Interests” has the meaning set forth in the Recitals of this Agreement. 
 “Payment Date” means any date on which
a payment is required to be made pursuant to this Agreement. 
 “Person” means an individual, a partnership (including a
limited partnership), a corporation, a limited liability company, an association, a joint stock company, a trust, an unincorporated organization, association, or other entity or a governmental entity. 

“Pre-Merger Tax Attributes” means, without duplication, the net operating losses,
capital losses, research and development credits, excess Section 163(j) limitations carryforwards, charitable deductions, foreign Tax credits and any Tax attributes subject to carryforward under Section 381 of the Code that Corporate
Taxpayer may be entitled to utilize as a result of the Mergers that relate to periods (or portions thereof) prior to the applicable Merger. Notwithstanding the foregoing, the term “Pre-Merger Tax
Attributes” shall not include any Tax attribute of any Person merged into Corporate Taxpayer in connection with a Merger that is used to offset Taxes of such Person attributable to a taxable period (or portion thereof) ending on or prior to the
date of such Merger. 

  
 8 

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

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

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

  
 9 

 “Reference Asset” means (a) with respect to any Merger, an asset that
was held by Holdings or by any of its Subsidiaries treated as a partnership or disregarded entity for purposes of the applicable Tax, at the time of such Merger and (b) any asset that is “substituted basis property” under
Section 7701(a)(42) of the Code with respect to a Reference Asset. 
 “Reorganization Agreement” means that certain
Master Reorganization Agreement dated as of [•] , 2021 by and among Corporate Taxpayer, Holdings, CD&R Associates X Waterworks, L.P., CD&R Waterworks Holdings GP, Ltd., CD&R WW Holdings, L.P., CD&R Waterworks Holdings,
L.P., Core & Main Management Feeder, LLC, Core & Main GP, LLC, CD&R Plumb Buyer, LLC, CD&R Fund X Waterworks B1, L.P., CD&R Fund X-A Waterworks B, L.P., CD&R WW Holdings, LLC,
CD&R WW, LLC, CD&R WW Advisor, LLC, Brooks Merger Sub 1, Inc. and Brooks Merger Sub 2, Inc. 
 “Schedule” means any
of the following: (i) a Tax Benefit Schedule, or (ii) the Early Termination Schedule, and, in each case, any amendments thereto. 

“Senior Obligations” has the meaning set forth in Section 5.1 of this Agreement. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or
business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is
at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business
entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof.
For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated
a majority of limited liability company, partnership, association or other business entity gains or losses or shall control the management of any such limited liability company, partnership, association or other business entity. For purposes hereof,
references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries. 

“Tax Benefit Payment” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Tax Benefit Schedule” has the meaning set forth in Section 2.1(a) of this Agreement. 

  
 10 

 “Tax Refunds” means refunds of Taxes actually received by Corporate
Taxpayer (net of any Taxes imposed with respect thereto and other out-of-pocket costs or expenses incurred by Corporate Taxpayer in connection with such refunds) as a
result of a Merger in respect of Taxes for a taxable period prior to the applicable Merger to the extent such refunds do not result from the use of Corporate Taxpayer’s Tax assets attributable to a taxable period after such Merger. “Tax
Return” means any return, declaration, election, report or similar statement filed or required to be filed with a Taxing Authority with respect to Taxes (including any attached schedules), including any information return, claim for refund,
declaration of estimated Tax, and amendments of any of the foregoing. 
 “Taxes” means any and all U.S. federal, state,
local and foreign taxes, assessments or similar charges that are based on or measured with respect to net income or profits, and any interest related to such Tax. 

“Taxing Authority” shall mean any domestic, federal, national, state, county or municipal or other local government, any
subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

“Transferred Basis” means the tax basis of the Reference Assets that are depreciable or amortizable for United States federal
income tax purposes, including the adjustment to such tax basis of a Reference Asset under Sections 732, 755 and 1012 of the Code and the Treasury Regulations promulgated thereunder (in situations where, following an Exchange, a Merger, or a merger
or liquidation of Corporate Taxpayer’s consolidated Subsidiaries, Holdings becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes) or under Sections 743(b), 754 and 755 of the Code and the Treasury
Regulations promulgated thereunder (in situations where, following an Exchange, a Merger, or a merger or liquidation of Corporate Taxpayer’s consolidated Subsidiaries, Holdings is not an entity that is disregarded as separate from its owner for
U.S. federal income tax purposes) and, in each case, comparable sections of state and local tax laws, in each case in respect of which Corporate Taxpayer may be entitled to the tax benefits or deductions as a result of a Merger. 

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

“Valuation Assumptions” shall mean, as of an Early Termination Date, the assumptions that (1) in each taxable year
ending on or after such Early Termination Date, Corporate Taxpayer and its consolidated Subsidiaries will have taxable income sufficient to fully use the tax items arising from the Exchanged Owner Basis,
Pre-Merger Tax Attributes, Continuing Limited Partners Tax Receivable Agreement Items and Imputed Interest during such taxable year (including, for the avoidance of doubt, Continuing Limited Partners Tax
Receivable Agreement Items and Imputed Interest 

  
 11 

 
that would result from post-Early Termination Date Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available,
(2) the U.S. federal, state and local income tax rates (and, if applicable, foreign income tax rates) that will be in effect for each such taxable year will be those specified for each such taxable year by the Code and other law as in effect on
the Early Termination Date (but taking into account for the applicable taxable years adjustments to the tax rates that have been enacted as of the Early Termination Date with a delayed effective date), (3) any
Pre-Merger Tax Attributes and any loss carryovers generated by the Exchanged Owner Basis, Continuing Limited Partners Tax Receivable Agreement Items or Imputed Interest, in each case that are available as of
the Early Termination Date will be used by Corporate Taxpayer on a pro rata basis from the Early Termination Date through the earlier of the scheduled expiration date of such loss carryovers and the fifth (5th) anniversary of the Early Termination Date, (4) any non-amortizable assets (other than stock of Corporate Taxpayer’s consolidated Subsidiaries with
which Corporate Taxpayer files a consolidated return) will be disposed of in a taxable sale on the fifteenth anniversary of the IPO Date for an amount sufficient to use fully the Exchanged Owner Basis with respect to such assets and any short-term
investments (including cash equivalents) will be disposed of 12 months following the Early Termination Date; provided that, in the event of a Change in Control which includes a taxable sale of any relevant asset, such
non-amortizable assets shall be deemed disposed of at the time of the Change in Control (if earlier than such fifteenth anniversary), (5) if, on the Early Termination Date, a Partnership Interest Holder
has Partnership Interests that have not been Exchanged, then each such Partnership Interest shall be deemed to be Exchanged for the Market Value of the Class A Common Stock on the Early Termination Date, and such Partnership Interest Holder
shall be deemed to receive the amount of cash such Partnership Interest Holder would have been entitled to pursuant to the Continuing Limited Partners Tax Receivable Agreement had such Partnership Interests actually been Exchanged on the Early
Termination Date, determined using the Valuation Assumptions and (6) any payment obligations pursuant to this Agreement will be satisfied on the date that any Tax Return to which such payment obligation relates is required to be filed excluding
any extensions. 
 “Voting Securities” shall mean any securities of Corporate Taxpayer which are entitled to vote generally
on matters submitted for a vote of Corporate Taxpayer’s stockholders or generally in the election of the Board. 
 1.2. Terms
Generally. In this Agreement, unless otherwise specified or where the context otherwise requires: 
 (a) the headings of particular
provisions of this Agreement are inserted for convenience only and will not be construed as a part of this Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement; 

(b) words importing any gender shall include other genders; 

  
 12 

 (c) words importing the singular only shall include the plural and vice versa; 

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

(g) references to any Person include the successors and permitted assigns of such Person; 

(h) the use of the words “or”, “either” and “any” shall not be exclusive; 

(i) the word “or” shall be construed to be used in the inclusive sense of “and/or”; 

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

ARTICLE II. 
 DETERMINATION OF
CERTAIN REALIZED TAX BENEFITS 
 2.1. Tax Benefit Schedule. 

(a) Tax Benefit Schedule. Within one hundred and twenty (120) calendar days after the due date (taking into account valid
extensions) of the U.S. federal income Tax Return of Corporate Taxpayer (or its consolidated Subsidiaries, as applicable) for any taxable year in which there is a Realized Tax Benefit or Realized 

  
 13 

 
Tax Detriment or in which a Tax Refund was received, Corporate Taxpayer shall provide to the CD&R Representative a schedule showing in reasonable detail the amount of any Tax Refund received
in such taxable year and the calculation of the Realized Tax Benefit or Realized Tax Detriment for such taxable year and any Tax Benefit Payment in respect of each Exchanged Owner (a “Tax Benefit Schedule”). The Tax Benefit
Schedules provided by Corporate Taxpayer will become final as provided in Section 2.2(a) and may be amended as provided in Section 2.2(b). 

(b) Applicable Principles. If for whatever reason Corporate Taxpayer does not receive Exchanged Owner Basis with respect to a Reference
Asset but Corporate Taxpayer is provided with a similar tax basis under another section of the Code, then the principles of and computation of payments pursuant to this Agreement shall apply mutatis mutandis to such tax basis. Subject to
Section 3.3(a), the Realized Tax Benefit or Realized Tax Detriment for each taxable year is intended to measure the decrease or increase in the actual liability for Taxes of Corporate Taxpayer and its consolidated Subsidiaries (and Holdings and
its Subsidiaries, as applicable and without duplication) for such taxable year (or portion thereof) attributable to the Exchanged Owner Basis, Pre-Merger Tax Attributes, Continuing Limited Partners Tax
Receivable Agreement Items and Imputed Interest, determined using a “with and without” methodology. For the avoidance of doubt, the actual liability for Taxes of Corporate Taxpayer and its consolidated Subsidiaries (and Holdings and its
Subsidiaries, as applicable and without duplication) will take into account any deduction in respect of Imputed Interest. Carryovers or carrybacks of any Tax item attributable to the Exchanged Owner Basis, Continuing Limited Partners Tax Receivable
Agreement Items and Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable, governing the use,
limitation and expiration of carryovers or carrybacks of the relevant type. The parties agree that (i) all Tax Benefit Payments (other than the portion of the Tax Benefit Payments treated as Imputed Interest thereon) attributable to Exchanged
Owner Basis or Pre-Merger Tax Attributes will be treated as other property or money for purposes of Section 351 or 356 of the Code received in a Merger and will not be treated as a dividend pursuant to
Section 304 or 356(a)(2) of the Code and (ii) the actual tax liability will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as Imputed Interest. 

(c) Exchange Basis Schedule. If requested by any Exchanged Owner no later than 30 days prior to the due date (without taking into
account any permitted extensions) of the U.S. federal income Tax Return of Corporate Taxpayer (or its consolidated Subsidiaries, as applicable), Corporate Taxpayer shall, no later than the date the Tax Benefit Schedule for the applicable year is
delivered, deliver to such Exchanged Owner a schedule (the “Exchanged Owner Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement for such Exchanged Owner, (i) the Non-Stepped Up Tax Basis of the Reference Assets in respect of such Exchanged Owner as of each applicable Merger Date, (ii) the Exchanged Owner Basis with respect to the Reference Assets in respect of such
Exchanged Owner as a result of a Merger effected in the taxable year (or, if requested, 

  
 14 

 
effected in prior taxable years) by such Exchanged Owner, calculated in the aggregate, (iii) the period (or periods) over which the Reference Assets in respect of such Exchanged Owner are
amortizable and/or depreciable and (iv) the period (or periods) over which the Exchanged Owner Basis in respect of such Exchanged Owner is amortizable and/or depreciable. 

2.2. Procedure; Amendments. 

(a) Procedure. Every time Corporate Taxpayer delivers to the CD&R Representative an applicable Schedule under this Agreement,
including any Amended Schedule delivered pursuant to Section 2.2(b) and any Early Termination Schedule or amended Early Termination Schedule, Corporate Taxpayer shall also allow the CD&R Representative reasonable
access, at Corporate Taxpayer’s sole cost, to the appropriate representatives, as determined by Corporate Taxpayer, at Corporate Taxpayer and the Advisory Firm that prepared the relevant Corporate Taxpayer Returns in connection with a review of
such Schedule. Without limiting the application of the preceding sentence, Corporate Taxpayer shall, upon request, deliver to the CD&R Representative the relevant Corporate Taxpayer Returns as well as any other work papers and supporting
schedules but shall be entitled to redact any information that it reasonably believes is unnecessary for purposes of the calculations contemplated by this Agreement. Without limiting the generality of the foregoing, Corporate Taxpayer shall ensure
that any such Schedule, along with any supporting schedules and work papers, provides a reasonably detailed presentation of the calculation of the actual tax liability and the Hypothetical Tax Liability and identifies any material assumptions or
operating procedures or principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall, subject to the final sentence of this Section 2.2(a), become final and binding on each
Exchanged Owner and the CD&R Representative thirty (30) calendar days from the first date on which Corporate Taxpayer sent the CD&R Representative the applicable Schedule or amendment thereto unless (a) the CD&R Representative
within thirty (30) calendar days after the date Corporate Taxpayer sent such Schedule or amendment thereto provides Corporate Taxpayer with written notice of a material objection to such Schedule made in good faith (an “Objection
Notice”) or (b) the CD&R Representative provides a written waiver of the right of the CD&R Representative to provide any Objection Notice with respect to such Schedule or amendment thereto within the period described in clause
(i), in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by Corporate Taxpayer. If the parties are unable to resolve the issues raised in such Objection Notice within thirty (30) calendar days
after receipt by Corporate Taxpayer of the Objection Notice, the parties shall employ the reconciliation procedures described in Section 7.8 of this Agreement (the “Reconciliation Procedures”). If a
Schedule (or any “Schedule” (as defined in the Continuing Limited Partners Tax Receivable Agreement)) relating to the calculation of payments payable to any Exchanged Owner or any of their respective Affiliates hereunder (or to any
recipient under the Continuing Limited Partners Tax Receivable Agreement) is amended to reflect a revised calculation methodology that, if utilized in the calculation of amounts payable to one or more other Exchanged Owners, would change the amounts
payable to such other Persons hereunder, Corporate Taxpayer shall utilize such revised methodology with respect to all Exchanged Owners and make additional payments (or reduce future payments), as applicable. 

  
 15 

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

2.3. Consistency with Tax Returns. Notwithstanding anything to the contrary herein, all calculations and determinations hereunder,
including Exchanged Owner Basis, Pre-Merger Tax Attributes, Tax Refunds, Continuing Limited Partners Tax Receivable Agreement Items, the Schedules and the determination of the Realized Tax Benefit or Realized
Tax Detriment, shall be made in accordance with any elections, methodologies or positions taken on the relevant Corporate Taxpayer Returns. 

ARTICLE III. 
 TAX BENEFIT
PAYMENTS 
 3.1. Payments. 

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

  
 16 

 (b) A “Tax Benefit Payment” in respect of an Exchanged Owner for a taxable
year means an aggregate amount, not less than zero, which Corporate Taxpayer is required to pay or cause to be paid pursuant to Section 3.1 of this Agreement, equal to the sum of the Net Tax Benefit allocable to such
Exchanged Owner and the Interest Amount in respect of such Exchanged Owner. For the avoidance of doubt, for Tax purposes, the Interest Amount shall not be treated as interest but instead shall be treated as other property or money for purposes of
Section 351 or 356 of the Code received in a Merger and will not be treated as a dividend pursuant to Section 304 or 356(a)(2) of the Code. The Net Tax Benefit allocable to such Exchanged Owner for a taxable year shall be an amount equal
to the portion of such Net Tax Benefit derived from any Exchanged Owner Basis, Pre-Merger Tax Attributes or Imputed Interest that is attributable to such Exchanged Owner as of the end of such taxable year (or
portion thereof) over the total amount of payments previously made under this Section 3.1 in respect of such Exchanged Owner (excluding payments of Interest Amounts); provided, for the avoidance of doubt, that an
Exchanged Owner shall not be required to return any portion of any previously made Tax Benefit Payment except in the case of manifest error. The “Interest Amount” in respect of such Exchanged Owner for a taxable year (or portion
thereof) shall equal the interest on the portion of the Net Tax Benefit allocable to such Exchanged Owner with respect to such taxable year (or portion thereof) calculated at the Agreed Rate compounded annually from the due date (without extensions)
for filing the U.S. federal income Tax Return of Corporate Taxpayer for such taxable year until the earlier of (i) the Payment Date and (ii) the date on which Corporate Taxpayer makes the relevant Tax Benefit Payment due on such Payment
Date. The Net Tax Benefit allocable to such Exchanged Owner and the Interest Amount shall be determined separately with respect to each Merger. 

3.2. Duplicative Payments. It is intended that the provisions of this Agreement will not result in a duplicative payment of any amount
(including interest) required under this Agreement. It is also intended that the provisions of (i) this Agreement, subject to ARTICLE IV and Section 7.12 and (ii) the Continuing Limited
Partners Tax Receivable Agreement, subject to Article IV and Section 7.12 of the Continuing Limited Partners Tax Receivable Agreement, will result in 85% of the Cumulative Net Realized Tax Benefit (but calculated taking into account all Mergers
by all Exchanged Owners and all Exchanges by all Partnership Interest Holders as of any time) as of any determination date being paid in the aggregate to the Exchanged Owners pursuant to this Agreement and the Partnership Interest Holders pursuant
to the Continuing Limited Partners Tax Receivable Agreement. The provisions of this Agreement shall be construed in the appropriate manner to ensure such intentions are realized. 

3.3. Pro Rata Payments; Coordination of Benefits. 

(a) Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate tax benefit of Corporate Taxpayer, or its
consolidated Subsidiaries, as applicable, with respect to the Exchanged Owner Basis, Pre-Merger Tax Attributes, Continuing Limited Partners Tax Receivable Agreement Items and Imputed Interest is limited in a
particular taxable year because Corporate Taxpayer or its consolidated Subsidiaries, as applicable, do not have sufficient taxable income to utilize the tax 

  
 17 

 
benefits with respect to the Exchanged Owner Basis, Pre-Merger Tax Attributes, Continuing Limited Partners Tax Receivable Agreement Items or Imputed
Interest, or any other limitation prevents the use of such tax benefits, the Tax Benefit Payments and “Tax Benefit Payments” (as defined in the Continuing Limited Partners Tax Receivable Agreement) payable shall be allocated among all
parties eligible for payments hereunder and under the Continuing Limited Partners Tax Receivable Agreement in proportion to the respective amounts of the Tax Benefit Payment or “Tax Benefit Payment” (as defined in the Continuing Limited
Partners Tax Receivable Agreement) that would have been paid to each such party if Corporate Taxpayer and, as applicable, its consolidated Subsidiaries, had sufficient taxable income so that there were no such limitation (or such other limitations
did not apply). 
 (b) After taking into account Section 3.3(a), if for any reason Corporate Taxpayer does not fully satisfy its
payment obligations to make or cause to be made all Tax Benefit Payments due under this Agreement in respect of a particular taxable year, then Corporate Taxpayer and the parties agree that no Tax Benefit Payment shall be made in respect of any
taxable year until all Tax Benefit Payments in respect of prior taxable years have been made in full. If for any reason the Tax Benefit Payments are to be partially but not fully satisfied with respect to a taxable year, such Tax Benefit Payments
shall be made in the same proportion as the Tax Benefit Payments that would have been paid to each Exchanged Owner if Corporate Taxpayer were to satisfy its obligation in full. 

ARTICLE IV. 
 TERMINATION

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

(a) Corporate Taxpayer may, with the consent of a majority of the disinterested members of the Board in accordance with the Delaware General
Corporation Law, terminate this Agreement with respect to all amounts payable to all of the Exchanged Owners (including, for the avoidance of doubt, any transferee pursuant to Section 7.5(a)) at any time by paying or
causing to be paid to each such Exchanged Owner an Early Termination Payment; provided, however, that this Agreement shall only terminate with respect to any such Exchanged Owner upon the payment of such Early Termination Payment to
such Exchanged Owner, and provided, further, that Corporate Taxpayer may withdraw any notice to execute its termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment
has been paid. Notwithstanding the foregoing, Corporate Taxpayer may not terminate this Agreement pursuant to this Section 4.1(a) unless (i) no further payments are required under the Continuing Limited Partners Tax Receivable Agreement or
(2) the Continuing Limited Partners Tax Receivable Agreement is terminated pursuant to Section 4.1(a) of the Continuing Limited Partners Tax Receivable Agreement concurrently with the termination of this Agreement pursuant to this
Section 4.1(a). Upon payment of an Early Termination Payment to an Exchanged Owner, neither such Exchanged Owner nor Corporate Taxpayer shall have any further payment obligations under this Agreement, other than

  
 18 

 
for any Tax Benefit Payment (1) agreed to by Corporate Taxpayer and such Exchanged Owner as due and payable but unpaid as of the Early Termination Date, (2) that is the subject of an
Objection Notice, which will be payable in accordance with resolution of the issues identified in such Objection Notice pursuant to this Agreement, and (3) due for the taxable year ending with or including the Early Termination Date (except to
the extent that the amounts described in clauses (1), (2) and (3) are included in the calculation of the Early Termination Payment). 

(b) In the event that there occurs a Change in Control or Corporate Taxpayer (1) breaches any of its material obligations under this
Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation required hereunder, under the Continuing Limited Partners Tax Receivable Agreement, or by operation of law as a result of the
rejection of this Agreement in a case commenced under the United States Bankruptcy Code or otherwise or (2)(A) commences any case, proceeding or other action (i) under any existing or future law of any jurisdiction, domestic or foreign,
relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate a bankruptcy or insolvency, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts or (ii) seeking an appointment of a receiver, trustee, custodian, conservator or other similar official for it
or for all or any substantial part of its assets, or (B) there is commenced against Corporate Taxpayer any case, proceeding or other action of the nature described in clause (B) above that remains undismissed or undischarged for a period
of sixty (60) calendar days, then all obligations hereunder shall be accelerated, and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such Change in Control or breach, as applicable, to
each Exchanged Owner and shall include (1) each Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of such Change in Control or breach (and Corporate Taxpayer shall provide each Exchanged Owner
with an Early Termination Schedule, which shall become final in accordance with the procedures set forth in Section 4.2), (2) any Tax Benefit Payment agreed to by Corporate Taxpayer and any Exchanged Owner as due and
payable but unpaid as of the date of such Change in Control or breach, as applicable, (3) any Tax Benefit Payment that is the subject of an Objection Notice, which will be payable in accordance with resolution of the issues identified in such
Objection Notice pursuant to this Agreement, and (4) any Tax Benefit Payment due for the taxable year ending with or including the date of such Change in Control or breach, as applicable (except to the extent that the amounts described in
clauses (2), (3) and (4) are included in the calculation of the amount described in clause (1)). Notwithstanding the foregoing, in the event that Corporate Taxpayer materially breaches this Agreement, each Exchanged Owner shall be entitled to
elect to receive the amounts set forth in clauses (1), (2), (3) and (4) above or to seek specific performance of the terms hereof. The parties agree that it will not be considered to be a breach of a material obligation under this Agreement to
make a payment due pursuant to this Agreement within three (3) months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of this Agreement if Corporate Taxpayer fails to make or
cause to be 

  
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made any Tax Benefit Payment (or portion thereof) when due to the extent that the Board determines in good faith that Corporate Taxpayer has insufficient funds (taking into account funds of its
consolidated Subsidiaries that are permitted to be distributed to Corporate Taxpayer (in contemplation of this Agreement or otherwise) pursuant to the terms of any applicable credit agreements or other documents evidencing indebtedness (each as
interpreted by the Board in good faith), including any available funds under any revolving credit facility of Holdings or its consolidated Subsidiaries, but not taking into account funds of Subsidiaries that are not permitted to be distributed
pursuant to the terms of such credit agreements or other documents and not taking into account funds reasonably reserved for reasonably expected liabilities or expenses) to make such payment; provided that the interest provisions of
Section 5.2 shall apply to such late payment (unless the Board determines in good faith that (x) Corporate Taxpayer does not have sufficient cash to make such payment as a result of limitations imposed by credit
agreements or any other documents evidencing indebtedness to which Holdings or any of its Subsidiaries is a party, guarantor or otherwise an obligor as of the date of this Agreement (the “Initial Debt Documents”) or any other
document evidencing indebtedness to which Holdings or any of its Subsidiaries becomes a party, guarantor or otherwise an obligor thereafter to the extent the terms of such other documents are not materially more restrictive in respect of Corporate
Taxpayer’s ability to receive from its Subsidiaries funds sufficient to make such payments compared to the terms of the Initial Debt Documents (as determined by the Board in good faith), provided, however, that Corporate Taxpayer
uses good faith efforts to remove such limitations to the extent required to make such interest payments unless such efforts could have an adverse effect on Corporate Taxpayer, Holdings or their Subsidiaries, or (y) such payments could
(I) be set aside as fraudulent transfers or conveyances or similar actions under fraudulent transfer laws or (II) could cause Corporate Taxpayer or its consolidated Subsidiaries to be undercapitalized, in which case
Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate). 
 (c) Refinancing of the
Initial Debt Documents. Without the consent of the CD&R Representative, Corporate Taxpayer shall not incur additional indebtedness, enter into any new credit agreement or refinance any Initial Debt Document that, in each case, has terms more
restrictive in respect of Corporate Taxpayer’s ability to make payments under this Agreement than the Initial Debt Documents. 
 4.2.
Early Termination Notice. If Corporate Taxpayer chooses to exercise its right of early termination under Section 4.1 above, Corporate Taxpayer shall deliver to the CD&R Representative and each Exchanged Owner
notice of such intention to exercise such right (“Early Termination Notice”) and a schedule (the “Early Termination Schedule”) specifying Corporate Taxpayer’s intention to exercise such right and showing in
reasonable detail the calculation of the Early Termination Payment for each Exchanged Owner. The Early Termination Schedule provided to an Exchanged Owner shall become final and binding on each Exchanged Owner and the CD&R Representative thirty
(30) calendar days from the first date on which Corporate Taxpayer sent the CD&R Representative such Early Termination Schedule unless (a) the CD&R Representative within thirty (30) calendar days after the date

  
 20 

 
Corporate Taxpayer sent such Schedule or amendment thereto provides Corporate Taxpayer with an Objection Notice with respect to such Early Termination Schedule or (b) the applicable
Exchanged Owner provides a written waiver of the right of the CD&R Representative to provide any Objection Notice with respect to such Schedule or amendment thereto within the period described in clause (a), in which case such Schedule or
amendment thereto becomes binding on the date the waiver is received by Corporate Taxpayer. If Corporate Taxpayer and the CD&R Representative, for any reason, are unable to resolve the issues raised in such Objection Notice within thirty
(30) calendar days after receipt by Corporate Taxpayer of the Objection Notice, Corporate Taxpayer and the CD&R Representative shall employ the Reconciliation Procedures. The date on which every Early Termination Schedule under this
Agreement becomes final with respect to all Exchanged Owners in accordance with this Section 4.2 shall be the “Early Termination Effective Date”. If the Early Termination Schedule relating to the
calculation of payments payable to any Exchanged Owner or any of its respective Affiliates hereunder or to any recipient under the Continuing Limited Partners Tax Receivable Agreement is amended to reflect a revised calculation methodology that, if
utilized in the calculation of amounts payable to one or more other Exchanged Owners or such other recipient, would change the amounts payable to such other Persons hereunder or under the Continuing Limited Partners Tax Receivable Agreement,
Corporate Taxpayer shall utilize such revised methodology with respect to all Exchanged Owners and make additional payments (or reduce payments, if any), as applicable. 

4.3. Payment upon Early Termination. 

(a) Within five (5) Business Days after the Early Termination Effective Date, Corporate Taxpayer shall pay or cause to be paid to each
Exchanged Owner an amount equal to its Early Termination Payment. Such payment shall be made, at the sole discretion of Corporate Taxpayer, by wire or Automated Clearing House transfer of immediately available funds to a bank account or accounts
designated by the applicable Exchanged Owner or as otherwise agreed by Corporate Taxpayer and the Exchanged Owner. 
 (b) An “Early
Termination Payment” in respect of an Exchanged Owner shall equal the net present value, discounted at the Early Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by Corporate
Taxpayer to the applicable Exchanged Owner under Section 3.1(a) of this Agreement beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied. 

  
 21 

 ARTICLE V. 

SUBORDINATION AND LATE PAYMENTS 

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

ARTICLE VI. 
 NO DISPUTES;
CONSISTENCY; COOPERATION 
 6.1. Participation in Corporate Taxpayer’s and Holdings’ Tax Matters. Except as otherwise
provided herein or in the Reorganization Agreement, Exchange Agreement or Limited Partnership Agreement, Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning Corporate Taxpayer (and its
consolidated Subsidiaries), Holdings and their respective Subsidiaries, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes; provided that Corporate Taxpayer shall not
amend any material Tax Return, settle any material Tax issue, or take any other material action pertaining to Taxes of any Exchanged Owner that is an Exchanged Owner by reason of a Merger with respect to any taxable period (or portion thereof)
ending on or prior to the date of the applicable Merger without the consent of each applicable Exchanged Owner, which consent shall not be unreasonably withheld, conditioned or delayed, unless such amendment, settlement or other action would not
reduce the payments that each such Exchanged Owner is entitled to receive hereunder or otherwise materially adversely affect such Exchanged Owner. Notwithstanding the foregoing, Corporate Taxpayer shall notify the CD&R Representative of, and
keep the CD&R Representative reasonably informed with respect to, the portion of any audit of Corporate Taxpayer or Holdings by a Taxing 

  
 22 

 
Authority the outcome of which is reasonably expected to affect the rights and obligations of the CD&R Representative, any Exchanged Owner or any of their respective Affiliates under this
Agreement, and shall provide to the CD&R Representative reasonable opportunity to provide information and other input to Corporate Taxpayer, Holdings and their respective advisors concerning the conduct of any such portion of such audit;
provided, however, that Corporate Taxpayer and Holdings shall not take any action that is inconsistent with any provision of the Limited Partnership Agreement or Exchange Agreement. 

6.2. Consistency. Corporate Taxpayer and each Exchanged Owner agree to report and cause to be reported for all purposes, including
federal, state and local Tax purposes, all Tax-related items (including the Exchanged Owner Basis and each Tax Benefit Payment and any Imputed Interest) in a manner consistent with that specified by Corporate
Taxpayer in any Schedule provided by or on behalf of Corporate Taxpayer under this Agreement unless otherwise required by law based on written advice of an Advisory Firm. Corporate Taxpayer shall (and shall cause Holdings and its other Subsidiaries
to) use reasonable efforts (for the avoidance of doubt, taking into account the interests and entitlements of all parties under this Agreement) to defend the Tax treatment contemplated by this Agreement and any Schedule in any audit, contest or
similar proceeding with any Taxing Authority. 
 6.3. Cooperation. Each Exchanged Owner shall (a) furnish to Corporate Taxpayer
in a timely manner such information, documents and other materials as Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return,
complying with any Tax law, or contesting or defending any audit, examination or controversy with any Taxing Authority or other governmental authority, (b) make itself available to Corporate Taxpayer and its representatives to provide
explanations of documents and materials and such other information as Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in
connection with any such matter. Corporate Taxpayer shall reimburse the Exchanged Owner for any reasonable third-party costs and expenses incurred pursuant to this Section 6.3. Upon the request of any Exchanged Owner,
Corporate Taxpayer shall cooperate in taking any action reasonably requested by such Exchanged Owner in connection with its tax or financial report and/or the consummation of any assignment or transfer of any of such Exchanged Owner’s rights
and/or obligations under this Agreement, including without limitation, providing any information or executing any documentation. 
 ARTICLE
VII. 
 MISCELLANEOUS 

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

  
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 If to Corporate Taxpayer or Holdings, to: 

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

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

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

E-mail: pmrodel@debevoise.com 

Attention: Paul M. Rodel, Esq. 

If to the CD&R Representative or its Affiliates: 

Clayton, Dubilier & Rice, LLC 

375 Park Avenue 
 18th Floor 

New York, New York 10152 
 Email:
X 
 Attention: X 
 with a copy
(which shall not constitute notice) to: 
 Debevoise and Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 
 E-mail: pmrodel@debevoise.com 

Attention: Paul M. Rodel, Esq. 
 If to any
Exchanged Owner, to the address and other contact information set forth in the records of Corporate Taxpayer from time to time. 
 Any party
may change its address or e-mail by giving the other party written notice of its new address or e-mail in the manner set forth above. 

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

  
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 7.3. Entire Agreement; Third Party Beneficiaries. This Agreement constitutes the
entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. Except as herein otherwise specifically provided, this Agreement shall be binding upon and
inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

7.4. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by
any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially
adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

7.5. Successors; Assignment; Amendments; Waivers. 

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

(b) No provision of this Agreement may be amended unless such amendment is approved in writing by Corporate Taxpayer and the CD&R
Representative. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 

(c) All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the
parties hereto and their respective successors, permitted assigns, heirs, executors, administrators and legal representatives. Corporate Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or
otherwise) to all or substantially all of the business or assets of Corporate Taxpayer, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that Corporate Taxpayer would be required
to perform 

  
 25 

 
if no such succession had taken place (except to the extent expressly provided by this Agreement and provided that, for the avoidance of doubt, if a Change in Control has occurred and an Early
Termination Payment is required to be made then Corporate Taxpayer’s payment obligations shall be determined taking into account the provisions of ARTICLE IV). 

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

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

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

  
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 (c) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO
HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY,
PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 7.7(C) CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 7.7(C) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

7.8. Reconciliation. In the event that Corporate Taxpayer and the CD&R Representative are unable to resolve a disagreement with
respect to the matters governed by ARTICLE II or ARTICLE IV within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be
submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to such parties. The Expert shall be a partner or principal in a nationally recognized
accounting or law firm, and (unless Corporate Taxpayer and the CD&R Representative agree otherwise), the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with Corporate Taxpayer or the CD&R
Representative or its Affiliates or other actual or potential conflict of interest. If the applicable parties are unable to agree on an Expert within fifteen (15) calendar days of the end of the thirty
(30) calendar-day period set forth in Section 2.1 or Section 4.2, the Expert shall be appointed by the International Chamber of Commerce Centre for
Expertise. The Expert shall resolve any matter relating to the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within
fifteen (15) calendar days or, in each case, as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. If the matter is not resolved before any payment that is the subject of
a disagreement would be due (in the absence of such disagreement), the undisputed amount shall be paid on the date prescribed by this Agreement, subject to adjustment upon resolution. For the avoidance of doubt, this
Section 7.8 shall not restrict the ability of Corporate Taxpayer or its Affiliates to determine when or whether to file or amend any Tax 

  
 27 

 
Return. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne equally by Corporate Taxpayer and the Exchanged Owners participating in the
Reconciliation Dispute (on a pro rata basis based on relative proportion of all Early Termination Payments under this Agreement, measured by present value of payments due under this Agreement, using the present value calculation and assumptions
described under Section 4.3(b) above assuming for such purpose the Early Termination Date is the date the Reconciliation Dispute is resolved). Corporate Taxpayer may withhold payments under this Agreement to collect amounts
due under the preceding sentence. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.8 shall be decided by the Expert. The Expert shall finally determine any Reconciliation
Dispute and the determinations of the Expert pursuant to this Section 7.8 shall be binding on Corporate Taxpayer and the CD&R Representative or its Affiliates, as applicable, participating in the Reconciliation Dispute and may be
entered and enforced in any court having jurisdiction. 
 7.9. Withholding. Corporate Taxpayer shall be entitled to deduct and
withhold or cause to be deducted and withheld from any payment payable pursuant to this Agreement to an Exchanged Owner such amounts as Corporate Taxpayer determines in good faith it is required to deduct and withhold with respect to the making of
such payment under the Code or any provision of state, local or foreign tax law, provided that prior to deducting or withholding any such amounts, Corporate Taxpayer shall notify the applicable Exchanged Owner and shall consult in good faith with
such Exchanged Owner regarding the basis for such deduction or withholding. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by Corporate Taxpayer, such withheld amounts shall be treated for all purposes
of this Agreement as having been paid to such Exchanged Owner. 
 7.10. Admission of Corporate Taxpayer into a Consolidated Group;
Transfers of Corporate Assets. 
 (a) If Corporate Taxpayer and its consolidated Subsidiaries are or become members of a combined,
consolidated, affiliated or unitary group that files a consolidated, combined or unitary income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local law, then: (i) the provisions of
this Agreement shall be applied with respect to the relevant group as a whole; and (ii) Tax Benefit Payments, Net Tax Benefit, Cumulative Net Realized Tax Benefit, Realized Tax Benefit, Realized Tax Detriment, Early Termination Payments and
other applicable items hereunder shall be computed with reference to the consolidated (or combined or unitary, where applicable) taxable income, gain, loss, deduction and attributes of the relevant group as a whole. 

(b) If any entity that is or may be obligated to make a Tax Benefit Payment or Early Termination Payment hereunder, or any entity any portion
of the income of which is included in the income of Corporate Taxpayer’s consolidated, combined, affiliated or unitary group, directly or indirectly transfers (as determined for U.S. federal income tax purposes) one or more assets to a Person
classified as a 

  
 28 

 
corporation for U.S. income tax purposes with which such entity does not file a consolidated income tax return pursuant to Section 1501 et seq. of the Code (or, for purposes of
calculations relating to state or local taxes, a consolidated, combined or unitary income tax return under applicable state or local law), such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment
(e.g., calculating the gross income of the entity and, if applicable, determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such
transfer. The consideration deemed to be received by such entity shall be equal to the fair market value of the transferred asset, increased by the amount of debt that would increase the transferor’s “amount realized” for U.S. federal
income tax purposes in connection with such transfer, in the case of a contribution of an encumbered asset (including an interest in an entity classified for U.S. federal income tax purposes as a partnership which has debt outstanding). For the
avoidance of doubt, a transaction treated for U.S. federal income tax purposes as a liquidation into Corporate Taxpayer of one or more of its consolidated Subsidiaries or merger of one or more of such entities into one another or Corporate Taxpayer
will not cause any such Persons to be treated as having disposed of any of its assets for purposes of this Section 7.10(b). In the event there occurs a transaction described in the preceding sentence, the Tax Benefit
Payments and any other amounts due under this Agreement shall be calculated without regard to such transaction. 
 7.11.
Confidentiality. Each Exchanged Owner and each of its transferees acknowledge and agree that the information of Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for Corporate Taxpayer and its
Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such person shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters acquired pursuant to this Agreement of
Corporate Taxpayer and its Affiliates and successors, learned by the Exchanged Owner heretofore or hereafter. This Section 7.11 shall not apply to (i) any information that has been made publicly available by Corporate
Taxpayer or any of its Affiliates, becomes public knowledge (except as a result of an act of the Exchanged Owner in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the
extent necessary for the Exchanged Owner to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to
such Tax Returns. Notwithstanding anything to the contrary herein or in any other agreement, the Exchanged Owners and each of their transferees (and each employee, representative or other agent of the Exchanged Owners or their transferees, as
applicable) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure and any related tax strategies of or relating to Corporate Taxpayer and its Affiliates, the Exchanged Owner or transferee, and any
of their transactions or agreements, and all materials of any kind (including opinions or other tax analyses) that are provided to the Exchanged Owner or transferee relating to such tax treatment and tax structure and any related tax strategies.

  
 29 

 If the Exchanged Owner or its transferee commits a breach, or threatens to commit a breach,
of any of the provisions of this Section 7.11, Corporate Taxpayer and its Affiliates shall have the right and remedy to have the provisions of this Section 7.11 specifically enforced by injunctive
relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to Corporate Taxpayer or its
Affiliates and the accounts and funds managed by Corporate Taxpayer and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and
remedies available at law or in equity. 
 7.12. Change in Law. Notwithstanding anything herein to the contrary, if, in connection
with an actual or proposed change in law, an Exchanged Owner reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such Exchanged Owner
(or direct or indirect equity holders in such Exchanged Owner) upon the IPO or Reorganization Transactions to be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes
or could have other material adverse tax consequences to the Exchanged Owner or any direct or indirect owner of the Exchanged Owner, then at the election of the Exchanged Owner and to the extent specified by the Exchanged Owner, this Agreement shall
cease to have further effect with respect to such Exchanged Owner. 
 7.13. Independent Nature of Exchanged Owners’ Rights and
Obligations. The rights and obligations of each Exchanged Owner hereunder are independent of the rights and obligations of any other Exchanged Owner hereunder. No Exchanged Owner shall be responsible in any way for the performance of the
obligations of any other Exchanged Owner hereunder, nor shall any Exchanged Owner have the right to enforce the rights or obligations of any other Exchanged Owner hereunder. The obligations of each Exchanged Owner hereunder are solely for the
benefit of, and shall be enforceable solely by, Corporate Taxpayer. The decision of each Exchanged Owner to enter into this Agreement has been made by such Exchanged Owner independently of any other Exchanged Owner. Nothing contained herein or in
any other agreement or document delivered at any closing (other than the Limited Partnership Agreement and any joinder thereto), and no action taken by any Exchanged Owner pursuant hereto or thereto, shall be deemed to constitute the Exchanged
Owners as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Exchanged Owners are in any way acting in concert or as a group with respect to such rights or obligations or the transactions
contemplated hereby, and Corporate Taxpayer acknowledges that the Exchanged Owners are not acting in concert or as a group and will not assert any such claim with respect to such rights or obligations or the transactions contemplated hereby. 

  
 30 

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

			
	Core & Main, Inc.

 
			
		
	By:	 	 

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

 
			
		
	By:	 	 

 
			
	Name: Stephen O. LeClair
	Title: Chief Executive Officer

 [Signature Page to Former Limited Partners Tax Receivable Agreement] 

 
			
	CD&R Fund X Advisor Waterworks B, L.P.
	
	By: CD&R Waterworks Holdings GP, Ltd., its general partner

 
			
		
	By:	 	 

 
			
	Name: Theresa A. Gore
	Title: Chief Financial Officer and Vice President
	
	CD&R Fund X Waterworks B1, L.P.
	
	By: CD&R Waterworks Holdings GP, Ltd., its general partner

 
			
		
	By:	 	 

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

 
			
		
	By:	 	 

 
			
	Name: Theresa A. Gore
	Title: Chief Financial Officer and Vice President

 [Signature Page to Former Limited Partners Tax Receivable Agreement] 

 
			
	 By: CD&R Waterworks Holdings GP,

Ltd., its general partner

 
			
		
	By:	 	 
		 	 Name: [●]

		 	 Title: [●]

			
	
	 CORE & MAIN MANAGEMENT

FEEDER, LLC

 
			
		
	By:	 	 

 
			
	 Name: Mark R. Witkowski

	 Title: [Vice President]

 [Signature Page to Former Limited Partners Tax Receivable Agreement] 

 Exhibit A 

Joinder 
 This JOINDER
(this “Joinder”) to the Tax Receivable Agreement (as defined below), dated as of [ ], between Core & Main, Inc., a Delaware corporation (“Corporate Taxpayer”), and [ ] (“Permitted
Transferee”). 
 WHEREAS, on [ ], the Permitted Transferee acquired (the “Acquisition”) from [ ]
(“Transferor”) the right to receive any and all payments that may become due and payable to Transferor under the Tax Receivable Agreement (as defined below) with respect to Partnership Interests that have been acquired by Corporate
Taxpayer or any of its consolidated subsidiaries as a result of a Merger (the “Applicable Interests”); and 
 WHEREAS,
Transferor, in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.5 of the Tax Receivable Agreement, dated as of     , 2021 between Corporate Taxpayer
and each Exchanged Owner (as defined therein) (the “Tax Receivable Agreement”); 
 NOW, THEREFORE, in consideration of the
foregoing and the respective covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, Permitted Transferee hereby agrees
as follows: 
 Section 1.1. Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder,
such words shall have the respective meanings set forth in the Tax Receivable Agreement. 
 Section 1.2. Joinder. Permitted
Transferee hereby acknowledges and agrees to become, and accordingly shall be, an “Exchanged Owner” (as defined in the Tax Receivable Agreement) for all purposes of the Tax Receivable Agreement with respect to the Applicable Interests.

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

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

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

 Annex A 

List of Exchanged Owners 
  

	1.	 CD&R Fund X Advisor Waterworks B, L.P. 

 

	2.	 CD&R Fund X Waterworks B1, L.P. 

 

	3.	 CD&R Fund X-A Waterworks B, L.P.

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