Document:

EX-10.1

 Exhibit 10.1 

COMMERCIAL AGREEMENT 

THIS COMMERCIAL AGREEMENT (this “Agreement”) is executed to be effective as of October 1, 2021 (the “Effective
Date”), by and between Caret Holdings, Inc., on behalf of itself, subsidiaries, and affiliates (the “Company”), Carvana, LLC, an Arizona limited liability Company (“Dealer”), Carvana Insurance Services,
LLC, an Arizona limited liability company (“CIS”), and Carvana Group, LLC, a Delaware limited liability company (“Parent” and, collectively with Dealer and CIS, “Carvana”). The Company and Carvana
may be collectively referred to as the “Parties,” and individually as a “Party.” 

RECITALS 
 WHEREAS, the
Company and CIS desire to enter into a commercial relationship wherein the Company will have the opportunity to provide the Embedded Insurance Platform to customers of CIS in exchange for the payment of cash commissions to CIS; 

WHEREAS, the Company and Dealer desire to enter into a commercial relationship wherein the Company will receive compensation from
Dealer in exchange for directing Covered Vehicle Loss replacement purchase opportunities to Dealer; and 
 WHEREAS, concurrently with
the execution of this Agreement, the Company issued to Parent (i) Series A Convertible Preferred Stock convertible into shares of Class A common stock of the Company equal to 5.0% of the fully diluted aggregate number of shares of
Class A common stock and Class B common stock outstanding as of August 11, 2021 and (ii) multiple tranches of warrants providing Parent with the opportunity to increase Parent’s ownership to up to 29.9% of the fully diluted
aggregate number of shares of Class A common stock and Class B common stock outstanding as of August 11, 2021, subject to the exercise prices and vesting conditions set forth therein (each a “Company Warrant”). 

NOW, THEREFORE, in consideration of the covenants contained herein, each Party, on behalf of itself and its subsidiaries, agrees to the
following terms and conditions: 
  

	1.	 Existing Agreement. The Existing Agreement shall remain in full force and effect until the Product
Integration Date. Upon the Product Integration Date, the Company and CIS agree that the Existing Agreement automatically shall terminate and shall have no further force or effect, except for provisions of the Existing Agreement that expressly
survive the termination thereof. 

  

	2.	 Product Integration Plan;  

 

	 	(a)	 The Company, Dealer and CIS shall work together and use best efforts to promptly (and, in any case, within
thirty (30) days following the Effective Date) develop and mutually agree on a detailed plan (the “Product Integration Plan”) for (i) integrating the Embedded Insurance Platform for CIS customers (“CIS
Customers”) and (ii) enabling functionality within the Company Digital Properties that will direct Company Policyholders and ThirdParty Payees to the Carvana Digital Properties to assist such policyholders and/or Third Party Payees
with replacing a Covered Loss Vehicle (the foregoing (i) and (ii), collectively, “Product Integration”), in each case, in accordance with the terms and specifications outlined in Schedule 2, attached hereto.

  

	 	(b)	 Once the Product Integration Plan is agreed, each of the Company, Dealer and CIS shall reasonably cooperate
with the other Parties and shall use commercially reasonable efforts to implement the Product Implementation Plan. 

  

	3.	 Exclusivity. 

  

	 	(a)	 The Parties agree to the exclusivity terms set forth on Schedule 1. 

	4.	 Marketing. 

  

	 	(a)	 From the Product Integration Date and for the duration of the Term, each of the Company, Dealer and CIS shall
market and promote the Program, in accordance with a marketing plan (the “Marketing Plan”) to be developed and mutually agreed by the Parties no less than thirty (30) days prior to the Product Integration Date. The Marketing
Plan shall include, at a minimum, mutually agreed-upon press releases upon the completion of Deliverables #1 and #2 from Phase 1 (as defined in Schedule 2). 

  

	 	(b)	 Licenses. 

  

	 	(i)	 Company Content License. Subject to CIS and Dealer’s respective compliance with all the terms of
this Agreement, the Company hereby grants to CIS and Dealer a royalty-free, non-exclusive, revocable, non-transferable, non-sublicenseable license during the Term to use
the Company Content on the Carvana Digital Properties and in other promotional materials to promote the Program in accordance with the Marketing Plan. 

  

	 	(ii)	 Company Marks License. Subject to the terms and conditions of this Agreement and the approvals required
by Section 4(b)(iii), the Company hereby grants CIS and Dealer royalty-free, non-exclusive, revocable, non-transferable, non-sublicenseable licenses during the Term
to use Marks owned by the Company (“Company Marks”) on the Carvana Digital Properties and in other promotional materials solely as necessary to promote the Program in accordance with the Marketing Plan. CIS and Dealer each agree not
to form any combination marks with the Company Marks or to register, or attempt to register, any trademarks, service marks, or trade names that are confusingly similar to the Company Marks. Upon termination of this Agreement, CIS and Dealer each
agree to promptly cease using the Company Marks and to remove all Company Marks from the Carvana Digital Properties or any other items and locations under CIS or Dealer’s control, unless otherwise agreed to in writing by the Company, Dealer and
CIS. All uses by CIS or Dealer of the Company Marks shall inure to the benefit of, and be on behalf of, the Company, and all goodwill accrued thereby shall be the exclusive property of the Company. 

 

	 	(iii)	 Company Requirements and Quality Assurance. CIS and Dealer each acknowledge and is familiar with the
high quality standards and reputation of the Company, and CIS and Dealer each understand the importance of same. CIS and Dealer each agrees that, at all times, it will conduct its business in connection with this Agreement and that it will use the
Company Marks and any Company Content in a manner consistent with such quality standards and reputation. The Company retains the right to exercise quality control over all uses of the Company Marks under this Agreement in order to maintain the
validity of the Company Marks and to protect the goodwill associated therewith. Accordingly, any and all designs, specifications, and samples of any promotional materials that use or otherwise relate to any of the Company Marks must be approved by
the Company in writing prior to such usage. CIS and Dealer each agree to comply with any trademark usage guidelines, templates, or specifications provided by the Company (and which may be changed from time to time by the Company upon written notice
to CIS and Dealer) as to the reproduction and use of the Company Marks and any Company Content. Further, CIS and Dealer each agree that, during and after the Term, it will not knowingly perform, do, or knowingly cause any act to be done, or
knowingly fail to take any action, or knowingly encourage or assist any third party to perform, do, or cause any act to be done, or knowingly fail to take any action, which would in any way be detrimental to, injure, or impair: (A) the Company
Marks; (B) any applications for registration and/or registrations related thereto; (C) the goodwill and/or commercial reputation related to the Company Marks and/or the Company; and (D) the validity or enforceability of any of the
foregoing. 

  

	 	(iv)	 Company API Licenses. Subject to the terms and conditions of this Agreement, solely in connection with
the Program and the Parties’ obligations pursuant to this Agreement, the Company hereby grants to CIS a royalty-free, non-exclusive, non-transferable, non-sublicensable license during the Term to use
certain APIs owned or appropriately licensed to the Company and which the Company deems necessary 

	 	
for the integration and operation of the Embedded Insurance Platform (collectively “Company APIs”) solely in connection with this Agreement. CIS’s use of the Company APIs is
limited to the processing of key consumer information or vehicle information, vehicle availability, vehicle details, and pricing information, or any other information mutually agreed upon by the Parties, in each case, for use solely in connection
with this Agreement. CIS may make reasonable copies of any provided documentation associated with the Company APIs, but only as necessary for development, support, or backup, or as otherwise reasonably necessary for a successful Product Integration.
CIS will not decompile, disassemble, or otherwise reverse engineer the Company APIs. The Parties acknowledge that the Company APIs are considered Confidential Information of the Company and subject to Section 8 below. In no event shall CIS or
any of its Representatives store, cache, or retain any information or data received via Company APIs, including quotes produced via the Embedded Insurance Platform for any purpose other than managing and measuring the performance of the Program. CIS
acknowledges and agrees that it is expressly prohibited from using any information or data received via Company APIs (including quotes produced via the Embedded Insurance Platform) in order to create or build a repository, database, or otherwise
maintain a collection of Company Confidential Information. 

  

	 	(v)	 Dealer Content License. Subject to the Company’s compliance with all the terms of this Agreement,
Dealer hereby grants to the Company a royalty-free, non-exclusive, revocable, non-transferable, non-sublicenseable license during the Term to use the Dealer Content on the Company Digital Properties and other
Company promotional materials to promote the Program in accordance with the Marketing Plan. 

  

	 	(vi)	 Dealer Marks License. Subject to the terms and conditions of this Agreement and the approvals required
by Section 4(c)(vii), Dealer hereby grants the Company a royalty-free, non-exclusive, revocable, non-transferable, non-sublicenseable license during the Term to use
Marks owned by Dealer or an affiliate of Dealer (“Dealer Marks”) on the Company Digital Properties and other Company promotional materials solely as necessary to promote the Program in accordance with the Marketing Plan. The Company
agrees not to form any combination marks with the Dealer Marks or to register, or attempt to register, any trademarks, service marks, or trade names that are confusingly similar to the Dealer Marks. Upon termination of this Agreement, the Company
shall promptly cease using the Dealer Marks and shall remove all Dealer Marks from the Company Digital Properties or any other items and locations under the Company’s control, unless otherwise agreed to in writing by the Company, Dealer and
CIS. All uses by the Company of Dealer’s Marks shall inure to the benefit of, and be on behalf of, Dealer, and all goodwill accrued thereby shall be the exclusive property of Dealer. 

 

	 	(vii)	 Dealer Requirements and Quality Assurance. The Company acknowledges and is familiar with the high
quality standards and reputation of Dealer, and the Company understands the importance of same. The Company shall, at all times, conduct its business in connection with this Agreement and use the Dealer Marks and any Dealer Content in a manner
consistent with such quality standards and reputation. Dealer retains the right to exercise quality control over all uses of the Dealer Marks under this Agreement in order to maintain the validity of the Dealer Marks and to protect the goodwill
associated therewith. Accordingly, any and all designs, specifications, and samples of any Company promotional materials that use or otherwise relate to any of the Dealer Marks must be approved by Dealer in writing prior to such usage. The Company
agrees to comply with any trademark usage guidelines, templates, or specifications provided by Dealer (and which may be changed from time to time by Dealer upon written notice to the Company) as to the reproduction and use of the Dealer Marks and
any Dealer Content. Further, the Company agrees that, during and after the Term, the Company shall not knowingly perform, do, or knowingly cause any act to be done, or knowingly fail to take any action, or knowingly encourage or assist any third
party to perform, do, or cause any act to be done, or knowingly fail to take any action, which would in any way be detrimental to, injure, or impair: (A) the Dealer Marks; (B) any applications for registration and/or registrations related
thereto; (C) the goodwill and/or commercial reputation related to the Dealer Marks and/or Dealer; and (D) the validity or enforceability of any of the foregoing. 

	 	(viii)	 Dealer API Licenses. Subject to the terms and conditions of this Agreement, solely in connection with
the Program and the Parties’ obligations pursuant to this Agreement, Dealer hereby grants to the Co loop mpany a royalty-free, non-exclusive, non-transferable,
non-sublicensable license during the Term to use certain Dealer APIs owned or appropriately licensed to Dealer and which Dealer deems necessary for the integration and operation of the Embedded Insurance Platform (collectively “Dealer
APIs”) solely in connection with this Agreement. The Company’s use of the Dealer APIs is limited to the processing of key consumer information or vehicle information, vehicle availability, vehicle details, and pricing information, or
any other information mutually agreed upon by the Parties. The Company will not use the Dealer APIs in any manner to create or develop a solution to compete with the Dealer APIs. The Company may make reasonable copies of the documentation associated
with the Dealer APIs, but only as necessary for development, support, or backup, or as otherwise reasonably necessary for a successful Product Integration. The Company will not decompile, disassemble, or otherwise reverse engineer the Dealer APIs.
The Parties acknowledge that the Dealer APIs are considered Confidential Information of Dealer and subject to Section 8 below. 

  

	 	(c)	 Ownership. 

  

	 	(i)	 CIS and Dealer each acknowledge and agree that the Company owns all right, title and interest in and to the
Company Materials and the Company APIs. CIS and Dealer each agrees to take any additional commercially reasonable actions, at the Company’s expense, as the Company deems reasonably necessary to establish and/or preserve Company’s exclusive
rights in and to the Company Marks. CIS and Dealer each further acknowledge and agree that it does not have, and does not acquire by way of its use under this Agreement, any rights in the Company Materials or the Company APIs. CIS and Dealer each
agree not contest or deny the validity of, or the right, title and interest of the Company in or to, the Company Materials, and shall not encourage or assist others directly or indirectly to do so at any time. CIS and Dealer each agree not to use
the Company Marks in any manner that would or is reasonably likely to diminish their value or harm the reputation of the Company. 

  

	 	(ii)	 The Company acknowledges and agrees that Dealer owns all right, title and interest in and to the Dealer
Content, the Dealer Marks, and the Dealer APIs. The Company agrees to take any additional commercially reasonable actions, at Dealer’s expense, as Dealer deems reasonably necessary to establish and/or preserve Dealer’s exclusive rights in
and to the Dealer Marks. The Company further acknowledges and agrees that it does not have, and does not acquire by way of its use under this Agreement, any rights in the Dealer Content, the Dealer Marks, or the Dealer APIs. The Company shall not
contest or deny the validity of, or the right, title and interest of Dealer in or to, the Dealer Content, the Dealer Marks, and the Dealer APIs and shall not encourage or assist others directly or indirectly to do so at any time.

  

	5.	 Payments and Payment Terms. From the Product Integration Date and for the duration of the Term:

  

	 	(a)	 The Company shall pay to CIS certain fees and commissions, as set forth on Schedule 3 attached hereto.

  

	 	(b)	 Dealer shall pay to the Company certain fees and commissions, as set forth on Schedule 3.

  

	 	(c)	 In the event a Party fails to make payment in full of any undisputed fee or commission under this Agreement by
the due date, such payment shall bear interest at a rate equal to: (i) the lesser of 1.5%; or (ii) the maximum rate permitted by Applicable Law, as of the day after the due date and shall continue to accrue interest thereon until payment
is made in full. The Parties shall work together in good faith to resolve any disputes regarding fees or commissions. 

	6.	 Agency Requirements. The provisions of Schedule 5 are hereby incorporated by reference into this
Agreement. The Parties shall use best efforts and cooperate with the other to secure regulatory approval of the Agency Agreement. 

  

	7.	 Renewal Rights. Except as otherwise agreed to by Company in writing, and subject to the provisions of
Schedule 1 and Schedule 5, the Company shall have sole and exclusive ownership, possession, use, and control of Renewal Rights and Policy Information. In addition, CIS shall have no right to move any Company Policy to another insurance carrier.

  

	8.	 Confidentiality and Data Security. 

 

	 	(a)	 Each Party agrees, on behalf of itself and its affiliates, officers, directors, employees, contractors,
counsel, advisors, and accountants (with respect to a Party, collectively, such Party’s “Representatives”) to keep confidential all Confidential Information of the Disclosing Party. Each Party agrees to use the other
Parties’ Confidential Information only for the purpose of performing the obligations required under this Agreement (“Purpose”). Each Party agrees to restrict disclosure of the other Parties’ Confidential Information solely
to its Representatives with a need-to-know for the Purpose. Each Party’s Representatives shall be (i) informed of the confidential nature of such information,
and (ii) directed to treat such information confidentially. Each Party shall not disclose, distribute, or disseminate another Party’s Confidential Information to any third party, without the prior written consent of the Disclosing Party.
Each Party shall be responsible for any acts of its Representatives, which, if done by such Party, would constitute a breach of this Section 8. Each Party agrees to take at least the same measures and degree of care to protect the secrecy, and
avoid disclosure and unauthorized use, of the other Parties’ Confidential Information as it takes with its own confidential information of a similar nature but in no event less than a reasonable degree of care. 

 

	 	(b)	 In the event a Party or any of its Representatives is legally required (whether by law, regulation, deposition,
interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information of the Disclosing Party, such Party shall (i) give the Disclosing Party immediate written notice of such
request or requirement so that the Disclosing Party may seek a protective order or other remedy and/or waive compliance with this Agreement, and (ii) use its best efforts to cooperate with the Disclosing Party to obtain such protective order or
other remedy. In the event that the Disclosing Party is not able to obtain such protective order or other remedy or elects to waive compliance with this Agreement, the Party that is legally required to disclose the Disclosing Party’s
Confidential Information agrees to (x) furnish only that portion of the Confidential Information that in the opinion of its counsel is legally required to be disclosed and (y) use its best efforts to obtain assurances that confidential
treatment will be accorded to such Confidential Information. 

  

	 	(d)	 The Disclosing Party shall retain all right, title and interest to any Confidential Information it discloses to
the other Parties. Promptly upon any request by the Disclosing Party, or upon termination of this Agreement, the other Parties shall (i) return to the Disclosing Party all Confidential Information in the possession of such Parties or its
Representatives and (ii) erase or destroy all Confidential Information in such Parties’ or its Representatives’ possession, which destruction shall be certified by an authorized representative of such Parties upon the Disclosing
Party’s request. Notwithstanding the preceding sentence, each Party may retain copies of another Party’s Confidential Information for record retention purposes as required by Applicable Law and nothing herein shall require the removal of
such Confidential Information from data backup systems, email retention systems, or the like, that are maintained in accordance with such Party’s standard security and/or disaster recovery procedures. Any such retained Confidential Information
shall continue to be subject to the obligations herein even after termination of this Agreement. 

  

	 	(e)	 Each of the Parties acknowledges and agrees that each Party is responsible for its own compliance with
Applicable Laws, including any applicable privacy and/or data protection laws (“Privacy Laws”). Each Party represents and warrants that, other than the uses anticipated by and described within this Agreement, it will not utilize any
Personal Information received from 

 
the other Party for any use other than those uses explicitly described in this Agreement and for purposes of fulfilling the Parties’ obligations and responsibilities as outlined in this
Agreement. The Parties further acknowledge and agree that this Agreement is intended to function in whole or in part as a “joint agreement” for the marketing of financial products or services, and that the Parties may be considered
“financial institutions,” pursuant to applicable Privacy Laws. 
  

	 	(f)	 Only during the Term of this Agreement and only to the extent necessary to fulfill the purposes of this
Agreement, each Party agrees to allow the other Parties to store and/or process consumers’ Personal Information in such Parties’ respective systems solely in order to provide, maintain, protect, or improve the services and products, or
related offerings, as contemplated by this Agreement, to protect the Parties, or as otherwise required by Applicable Laws. Each Party agrees to process, store, and protect such Personal Information in compliance with its published security and
privacy policies and all Applicable Laws (including Privacy Laws). Each Party agrees not to use any Personal Information to directly or indirectly solicit or contact any consumer (either individually or in the aggregate) unless such contact is
necessary to resolve issues or disputes regarding such Party’s products or services pursuant to this Agreement, or unless otherwise expressly authorized elsewhere in this Agreement or by the relevant consumer. Each Party agrees not to disclose,
modify, transfer, or provide any Personal Information to any third party unless such Personal Information is provided pursuant to equal or more stringent data usage, storage, processing, and/or security protections and restrictions as identified in
this Agreement, and only to the extent such third party access to the Personal Information is necessary in order for such Party to perform its duties associated with this Agreement. Each Party agrees not to sell or rent any Personal Information
obtained from the other Party to any third party. 

  

	 	(g)	 In the event a Party experiences a Data Breach, such Party shall: (i) promptly notify the other Party, in
writing, of the occurrence thereof; (ii) promptly begin investigating the Data Breach and using commercially reasonable efforts to mitigate potential risks to the other Party or any affected persons; and (iii) reasonably cooperate with the
other Party, in the event the other Party chooses to conduct an independent investigation of the Data Breach. Each Party is solely responsible for all costs and liabilities associated with a Data Breach related to consumer information and any data
stored on its systems, including all costs and expenses associated with data breach notifications, regulatory investigations, and other compliance obligations related thereto. 

 

	 	(h)	 Notwithstanding any other provision in this Agreement, if a Party provides any ideas, suggestions or
recommendations to another Party regarding or in response to Confidential Information (“Feedback”), the Party receiving such Feedback is free to use and incorporate such Feedback into its products without payment of royalties or
other consideration, so long as the Party receiving the Feedback does not infringe any patents, copyrights or trademark rights contained in the Feedback. 

  

	9.	 Data and Reporting. 

 

	 	(a)	 Subject to Applicable Law, the Parties agree to share data as set forth on Schedule 4 attached hereto (each
such dissemination by a Party, a “Report”). 

  

	 	(b)	 CIS shall secure and record consent from CIS Customers (i) to share information collected about said CIS
Customer with the Company, and vice-versa, as set forth on Schedule 4; (ii) to FCRA disclaimers and terms & conditions provided by the Company in writing from time to time; and (iii) indicating such CIS Customer’s acceptance of
the Company’s privacy policy. CIS shall not offer any Policy to a CIS Customer unless such customer has agreed to accept the foregoing. CIS shall not transmit any CIS Customer’s or other consumer’s Personal Information to the Company,
unless such CIS Customer or consumer has expressly consented to the foregoing. Further, CIS represents and warrants that it has, and will maintain throughout the Term, a service or function that is capable of verifying and documenting CIS’s
compliance with the TCPA, as amended from time to time. 

	 	(c)	 The Company shall secure and record consent from Company Policyholders and any other consumers whose Personal
Information the Company transmits to Dealer indicating such Company Policyholder’s or consumer’s prior express written consent permitting: (i) the Company to share such Company Policyholder’s or consumer’s Personal
Information with Dealer; and (ii) Dealer to contact such Company Policyholder or consumer in connection with a vehicle purchase. The Company shall not transmit any Company Policyholder’s or other consumer’s Personal Information to
Dealer, unless such Company Policyholder or consumer has expressly consented to the foregoing. Further, the Company represents and warrants that it has, and will maintain throughout the Term, a service or function that is capable of verifying and
documenting the Company’s compliance with the TCPA, as amended from time to time. 

  

	10.	 Governance. 

  

	 	(a)	 Each Party shall nominate a representative to act as the primary contact person with respect to all aspects of
this Agreement (each, a “Relationship Manager”). Unless otherwise agreed upon by the Parties, all communications relating to this Agreement and to the Program shall be directed to the Relationship Managers. The initial Relationship
Managers for each Party, including relevant contact information, are set forth on Schedule 6 attached hereto. Either Party may replace its Relationship Managers with an individual of comparable qualifications and experience at any time by providing
notice in accordance with this Agreement. Each Party may treat the actions of another Party’s Relationship Manager as having been authorized by such Party without further inquiry as to whether such Relationship Manager had authority to so act.
The Relationship Managers shall meet in person or telephonically as reasonably necessary or advisable for the performance of the Parties’ obligations hereunder, but in any case no less frequently that two (2) times per month.

  

	 	(b)	 As soon as reasonably practicable after the Effective Date, the Parties shall establish a joint committee (the
“Steering Committee”) to oversee and manage the matters under this Agreement, comprising an equal number of suitable representatives nominated by, on the one hand, the Company and, on the other hand, CIS and Dealer collectively
(“Steering Committee Members”). All Steering Committee Members shall have the requisite skills, knowledge, experience and authority to discuss, coordinate and make arrangements to give effect to this Agreement. Either Party
may replace any of its Steering Committee Members at any time by providing notice in accordance with this Agreement; provided, that neither Party shall replace all of its Steering Committee Members at the same time or within an unreasonably short
period of time. Any decision by the Steering Committee shall require the approval of at least one (1) nominee of the Company and one (1) nominee of CIS and Dealer. The Parties acknowledge and agree that the Steering Committee will be the
primary forum through which the Company, CIS, and Dealer will work together to plan and implement this Agreement and will meet on a regular basis as appropriate to this end. 

 

	 	(c)	 At least monthly during the Term (or such other frequency as the Parties may agree or when this Agreement
otherwise requires), the Steering Committee shall meet (in person or via telephone) for the purposes of: 

  

	 	(i)	 considering any issues arising out of the performance of this Agreement; 

 

	 	(ii)	 prior to the Product Integration Date, discussing the current status of the Integration Plan; and

  

	 	(iii)	 considering any other issues arising under or in connection with this Agreement. 

 

	11.	 Representations and Warranties. Each Party represents and warrants as follows: 

 

	 	(a)	 It has full power and authority to enter into this Agreement, to perform all of its obligations hereunder, and
its entry into this Agreement does not violate any other agreement, understanding or arrangement by which it is bound; 

  

	 	(b)	 Its performance of its obligations under this Agreement shall at all times comply with all Applicable Laws that
apply to the performance of its obligations under the Agreement, including those of any governmental agencies that exercise authority over it with respect to such Party’s obligations in connection with the transactions contemplated by this
Agreement; 

	 	(c)	 Its websites, platforms, and services, including its collection, use, and storage of Personal Information, will
at all times comply with all Applicable Laws; 

  

	 	(d)	 It has obtained and shall maintain throughout the Term all rights and licenses necessary in order to license or
sublicense any API, Mark, or other intellectual property it permits the other Party to use; and 

  

	 	(e)	 It has obtained and will maintain through the Term all licenses, registrations, permits, consents,
authorizations, and approvals required to be obtained by it from any third party or regulatory agency exercising authority over it. 

  

	12.	 Indemnification. 

 

	 	(a)	 Indemnification. Each Party (the “Indemnifying Party”) agrees to defend, indemnify,
protect, and hold the other Parties (each an “Indemnified Party”) harmless from and against any and all Losses arising out of or related to any third-party Claims or any government investigation, including reasonable legal fees,
which may be imposed upon or incurred by the Indemnified Party as a result of: (i) any material breach of this Agreement by the Indemnifying Party; (ii) the Indemnifying Party’s infringement, misappropriation, or other violation of
any patent, trademark, copyright, or any other intellectual property rights of a third party; (iii) the Indemnifying Party’s violation or breach of any Applicable Law in any material respect; and (iv) the Indemnifying Party’s (or
its Representatives’) gross negligence or intentional misconduct in carrying out the Indemnifying Party’s obligations pursuant to this Agreement. Notwithstanding the foregoing, neither Party shall be obligated to indemnify another Party in
connection with any Losses or Claims imposed upon or experienced by the other Party to the extent: (y) any act, error or omission that directly resulted in the Losses or Claims was expressly and knowingly authorized, concurred in, or ratified
by the other Party in writing, or (z) the Losses were caused by the gross negligence or intentional misconduct of the other Party. 

  

	 	(b)	 Indemnification Procedures. The Indemnified Party shall: (i) promptly notify the Indemnifying Party
in writing of any Claims for which the Indemnified Party seeks indemnification; (ii) provide reasonable cooperation to the Indemnifying Party and its legal representatives in the investigation of any Claim which is the subject of
indemnification; and (iii) permit the Indemnifying Party to have full control over the defense and settlement of any matter subject to indemnification; provided, however, that the Indemnifying Party shall not enter into any settlement that
affects the Indemnified Party’s rights or interests without the Indemnified Party’s prior written consent, which shall not be unreasonably withheld or delayed. The Indemnified Party shall have the right to participate in the defense at its
own expense. 

  

	13.	 Insurance. 

  

	 	(a)	 Each Party, at its sole cost and expense, shall at all times during the Term of this Agreement, carry and
maintain the following insurance coverages with insurance companies authorized to do business within all states in which the Program will be advertised to consumers, and which have a minimum A.M. Best rating of B10 or greater, or a licensed captive
insurance entity in good regulatory standing. All insurance maintained by a Party shall be primary, non-contributory with, and not excess, over any liability insurance maintained by another Party. Each Party
agrees to promptly provide another Party with current certificates of insurance upon request. 

  

	 	(i)	 Cyber liability insurance, on a claims made basis, in an amount not less than $10,000,000.00 ; shall waive all
rights of subrogation against the other Parties (except as between CIS and Dealer); shall include an extended reporting period of three (3) years post contract termination or expiration; for claims or liabilities arising from, or incidental to
this Agreement. Cyber liability risks and key exposures to be covered shall include, but not be limited to, privacy, cyber extortion, regulatory liability, first party costs (notification, data forensics, crisis management, etc.); and

	 	(ii)	 Commercial general liability insurance, on an occurrence form, adequate to protect the interest of the Parties
hereto, which shall name the other Parties as an additional insured; shall waive all rights of subrogation against the other Parties (except as between CIS and Dealer); and shall be the primary liability insurance, and not excess over any liability
policy carried by the other Parties (except as between CIS and Dealer), for all claims or liabilities as is customarily provided by a standard General Liability Policy. General liability risks and key exposures to be covered shall include, but not
be limited to, such Party’s operations in connection with the Program and as is customarily available and insurable within a standard General Liability policy and include blanket contractual coverage. The limits of each policy shall not be less
than $1,000,000.00 per occurrence. 

  

	 	(b)	 To the extent a Party employs, utilizes or contracts with subcontractors and/or independent contractors for
some or all of such Party’s obligations pursuant to this Agreement, such Party shall require such subcontractors and/or independent contractors to comply with the same insurance requirements as set forth in this Section 13. In the event
any subcontractors or independent contractors hired by such Party fails to maintain insurance coverages in accordance with this Section 13, such Party shall be responsible for any and all such insufficiencies in the subcontractor’s or
independent contractor’s coverages. 

  

	14.	 Limitation of Liability. EXCEPT FOR A PARTIES’ INDEMNIFICATION OBLIGATIONS, OR IN THE EVENT OF A
BREACH OF SECTION 8 (CONFIDENTIALITY AND DATA SECURITY) OR SECTION 11 (REPRESENTATIONS AND WARRANTIES), UNDER NO CIRCUMSTANCES, SHALL A PARTY HEREUNDER BE LIABLE FOR ANY INDIRECT, INCIDENTAL, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES INCURRED OR
SUFFERED BY ANOTHER PARTY ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING WITHOUT LIMITATION LOST REVENUE, LOSS OF INCOME, OR LOSS OF BUSINESS ADVANTAGE, EVEN IF THE PARTY SUFFERING SUCH DAMAGES, OR AN AUTHORIZED REPRESENTATIVE OF
SUCH PARTY, HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

  

	15.	 Audit Rights. 

 

	 	(a)	 Each of the Parties, and their duly authorized representatives, shall have the right to conduct reasonable
audits with respect to all information required to be provided to it by the other Party under this Agreement. A Party may not initiate more than two (2) audits per calendar year, and audits may not be conducted in immediately successive
calendar quarters. The Party conducting the audit (the “Auditing Party”) may adopt reasonable procedures and guidelines for conducting audits and the selection of audit representatives under this Section 15. The Auditing Party
shall have the right to make copies of any relevant records at its expense, subject to any restrictions imposed by Applicable Laws and to any confidentiality provisions set forth in the confidentiality agreement to be entered into pursuant to
Section 6.18 of the Investment Agreement. The Party being audited shall provide the Auditing Party’s Representatives with reasonable access during normal business hours to its operations, computer systems, and paper and electronic files,
and provide workspace to its Representatives. After any audit is completed, the Party being audited shall have the right to review a draft of the audit findings and to comment on those findings in writing within thirty (30) Business Days after
receiving such draft. 

  

	 	(b)	 The Auditing Party’s audit rights under this Section 15 shall include the right to audit, or
participate in an audit facilitated by the Party being audited, of any subsidiaries and affiliates of the Party being audited and to require the other Party to request any benefit providers and third parties with whom the Party being audited has a
relationship, or agents of such Party, to agree to such an audit to the extent any such Persons are affected by or addressed in this Agreement (collectively, the “Non-Parties”). The Party
being audited shall, upon written request from the Auditing Party, provide an individual (at the Auditing Party’s expense) to supervise any audit of a Non-Party. The Auditing Party shall be responsible
for supplying, at the Auditing Party’s expense, additional personnel sufficient to complete the audit in a reasonably timely manner. The responsibility of the Party being audited shall be limited to providing, at the Auditing Party’s
expense, a single individual at each audited site for purposes of facilitating the audit. 

	16.	 Term and Termination. 

 

	 	(a)	 Term. The Term of this Agreement will begin as of the Effective Date and will continue for a period of
five (5) years following the Product Integration Date (the “Initial Term”). At the end of the Initial Term and each Renewal Term, as applicable, this Agreement shall automatically renew for additional, successive terms of
twelve (12) months (each a “Renewal Term” and, together with the Initial Term, the “Term”). 

  

	 	(b)	 Termination. In addition to any termination rights outlined in any Schedule, this Agreement may be
terminated: (i) at any time upon mutually written consent of the Parties, or (ii) for any reason, by providing written notice to the other Party no later than one (1) year prior to the beginning of any Renewal Term, if the terminating
Party does not wish for the Agreement to renew. 

  

	17.	 Definitions. Any capitalized terms not defined in this Section 16 shall have the meaning set forth
elsewhere in this Agreement (including any Schedules attached hereto). 

  

	 	(a)	 “Applicable Law” means any applicable state, federal, or local statute, law, ordinance,
regulation, rule, code, constitution, treaty, common law, governmental order, other requirement or rule of law, including but not limited to, all state licensing and consumer credit and privacy laws, including but not limited to the
Gramm-Leach-Bliley Act, the Dodd-Frank Act, the Fair Credit Reporting Act (the “FCRA”), the Equal Credit Opportunity Act, the Truth in Lending Act, Regulation Z, Regulation E, the Fair Debt Collection Practices Act, the Telephone
Consumer Protection Act (the “TCPA”), the CAN SPAM Act, the California Financial Information Privacy Act (“CalFIPA”), the Vermont Privacy of Consumer Financial and Health Information Regulation
(“VFPA”), and the California Consumer Privacy Act (the “CCPA”), in each case, as such laws and regulations may be amended from time to time. 

 

	 	(b)	 “Business Days” means any day other than a Saturday, a Sunday, or a federally-recognized
holiday. In the event the day upon which any action pursuant to this Agreement is to be taken lands on a day other than a Business Day, performance of such action shall be deemed due on the immediately following Business Day. 

 

	 	(c)	 “Carvana Digital Properties” means any mobile applications, websites (including
www.carvana.com, and any related landing pages and successor sites) operated in connection with CIS’s business and/or Dealer’s business. 

  

	 	(d)	 “Claim” means any claim, legal or equitable, cause of action, suit, litigation, proceeding
(including a regulatory or administrative proceeding), grievance, complaint, demand, charge, investigation, audit, arbitration, mediation or other process for settling disputes or disagreements, including, without limitation, any of the foregoing
processes or procedures in which injunctive or equitable relief is sought. 

  

	 	(e)	 “Common Stock” means the Company’s Class A common stock and Class B common
stock 

  

	 	(f)	 “Company Content” means all Content developed by or for the Company and provided to CIS and/or
Dealer. Company Content, at all times, remains the property of Company. 

  

	 	(g)	 “Company IP” means, collectively, all trade secrets, patents and patent applications,
Trademarks, copyrights (including rights in computer software) and copyrightable subject matter, moral rights, design rights, database rights, rights in know-how, rights in confidential and proprietary
information, rights in inventions (whether patentable or not), know-how, inventions, processes and all other intellectual property and proprietary rights (whether registered or unregistered, and any
application for the foregoing), and all other equivalent or similar rights which may subsist anywhere in the world, in each case, created or developed the Company or any of its affiliates in connection with Product Integration.

  

	 	(h)	 “Company Digital Properties” means any mobile applications, websites (including joinroot.com,
related landing pages and successor sites) operated in connection with the Company’s business. 

  

	 	(i)	 “Company Materials” means, collectively, the Company IP, the Company Content and the Company
Marks. 

	 	(j)	 “Confidential Information” means any information disclosed or made available to a Party by
another Party (the “Disclosing Party”), either directly or indirectly, in writing, orally, by inspection of tangible objects or in any other format or media, that is: (i) marked or identified as confidential at the time of
disclosure; or (ii) given all relevant facts and circumstances is of the nature that a reasonable person would believe is confidential or proprietary to the Disclosing Party, in each case including the terms of this Agreement (including any
negotiations related thereto), any insurance quotes, business, technical or financial information, software, trade secrets, methodologies, techniques, customer lists, vendor lists, pricing, sales information, forecasts, any proprietary or
confidential information of any third party, any consumer’s Personal Information that is received or obtained during the performance of this Agreement, and the contents of any Reports. Confidential Information does not include any information
that the Party that received such Confidential Information can establish (A) was rightfully in the possession of or known by such Party without an obligation to maintain its confidentiality prior to receipt from the Disclosing Party;
(B) is or becomes generally known to the public without a violation by such Party or its Representatives of its confidentiality obligations hereunder; (C) is obtained by such Party in good faith without an obligation of confidentiality
from a third party having the right to disclose it without an obligation of confidentiality; (D) is independently developed by such Party without use of or reliance on the Disclosing Party’s Confidential Information; or (E) is
approved in writing for release without restriction by an authorized representative of the Disclosing Party. 

  

	 	(k)	 “Content” means all content or information, including any text, music, sound, photographs,
video, graphics, data or software, in any medium. 

  

	 	(l)	 “Covered Loss Vehicle” means a vehicle determined by a Company Insurance Subsidiary in its
reasonable discretion to be a total loss in compliance with applicable law. 

  

	 	(m)	 “Data Breach” means any unauthorized access to, use of, or disclosure of: (a) another
Party’s Confidential Information, (b) any Personal Information transmitted between the Parties pursuant to this Agreement, (c) any usernames and/or passwords and/or IDs providing access to such Party’s systems, data, or networks,
or (d) any other breach of information technology security or unauthorized data access involving a Party that could reasonably implicate the relationship and/or services described in this Agreement or have an adverse impact upon one of the
other Parties. 

  

	 	(n)	 “Dealer Content” means all Content developed by or for Dealer and provided to the Company.

  

	 	(o)	 “Embedded Insurance Platform” means the ability for the Company to natively quote and bind CIS
Customers directly via a white-labeled product integrated into a Carvana Digital Property. 

  

	 	(p)	 “Existing Agreement” means that certain Master Services Agreement, dated as of
December 13, 2019, by and between Root Insurance Company and Carvana Insurance Services, LLC, as amended from time to time. 

  

	 	(q)	 “Losses” means any loss, assessment, fine, penalty, deficiency, interest, payment, expense,
cost, debt, indebtedness, liability, lien, judgment or damage, which is sustained, incurred or accrued. 

  

	 	(r)	 “Marks” means trademarks, trade names, service marks, logos, domain names and all other
indicators of source or origin. 

  

	 	(s)	 “Personal Information” shall mean: (i) any personally identifiable financial information:
(A) provided by a consumer to a party; (B) resulting from any transaction between a party and the consumer or any service performed by a party for the consumer; or (C) otherwise obtained by a party; and (ii) any nonpublic
personal information about a consumer that identifies, relates to, describes, is capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular consumer or household. 

	 	(t)	 “Policy” means an insurance policy offered, issued, produced, or brokered by the Company.

  

	 	(u)	 “Policy Information” means telematics data, claims data, information, and records (in any
media) related to all Policies. 

  

	 	(v)	 “Product Integration Date” shall mean the date an Embedded Insurance Platform becomes
available for sale to CIS Customers. 

  

	 	(w)	 “Program” means the program through which, after the Product Integration Date, (i) the
Carvana Digital Properties shall permit CIS Customers to apply for Company Policies as part of Dealer’s automobile purchase process and (ii) the Company refers certain Company Policyholders and Third-Party Payees to Dealer for Covered Loss
Vehicle replacement services. 

  

	 	(x)	 “Renewal Rights” means the right to issue, direct, or influence the application for continued
insurance coverage of the same type to the same CIS Customer at the point of expiration of an existing Policy. 

  

	18.	 Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement.
If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party because of the authorship of
any provision of this Agreement. Any reference to any federal, state, provincial, territorial, local, or foreign law shall be deemed also to refer to such law as amended and all rules and regulations promulgated thereunder, unless the context
requires otherwise. Any reference to any contract or agreement (including schedules and other attachments thereto), including this Agreement, shall be deemed also to refer to such contract or agreement as amended, restated, or otherwise modified,
unless the context requires otherwise. The words “include,” “includes,” and “including” shall be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders shall be
construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa, unless the context requires otherwise. The words “this Agreement,” “herein,” “hereof;”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. Where this Agreement states that a party “will” or
“shall” perform in some manner or otherwise act or omit to act, it means that such party is legally obligated to do so in accordance with this Agreement. The captions, titles, and headings included in this Agreement are for convenience
only and do not affect this Agreement’s construction or interpretation. Any reference to an Article, Section, or Schedule in this Agreement shall refer to an Article or Section of, or Schedule to, this Agreement, unless the context otherwise
requires. This Agreement is for the sole benefit of the parties and does not, and is not intended to, confer any rights or remedies in favor of any Person (including any employee, director, shareholder or third party lender or service provider of a
Party) other than the Parties. 

  

	19.	 Assignment. Except as set forth herein, neither Party shall assign, transfer, or otherwise alienate any
or all of its rights or interest under this Agreement without the express prior written consent of the other Party, which consent may be granted or withheld in such other party’s reasonable discretion; provided, however, that the foregoing
shall in no way restrict: (a) the performance of any of the terms or conditions of this Agreement by an affiliate or subsidiary of a Party hereto to the extent the same is consistent with the intent of this Agreement; or (b) a Party’s
ability to assign this Agreement without the consent of the other Parties to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) of all or substantially all of the business or assets of the assigning Party.
Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors and permitted assigns. 

 

	20.	 Entire Agreement. Subject to the terms and conditions of Section 1, this Agreement (and any
Schedules) constitute the entire agreement between the Parties with respect to the subject matter hereof and supersede (a) all prior oral or written proposals or agreements, (b) all contemporaneous oral proposals or agreements, and
(c) all previous negotiations and all other communications or understandings between the Parties, in each case with respect to the subject matter hereof. To the extent any portion of this Agreement conflicts, or is inconsistent, with a
Schedule, the applicable Schedule shall control. 

	21.	 Notices. Each Party shall promptly give written notice to the other Party if (i) it receives notice
of any Claims or inquiries from regulators, or any other formal complaint in which the other Party is named as a defendant or respondent or (ii) it becomes aware that any director, officer, owner, employee, or representative of said Party has
been convicted of any felony involving dishonesty or breach of trust or has had his or her license or other requisite authority suspended or revoked. 

Any notice, instruction, direction or demand under the terms of this Agreement required to be in writing shall be duly given upon delivery, if
delivered by hand, email or other generally accepted means of electronic transmission, or mail (with postage prepaid), to the following addresses: 

If to the Company to: 
 Root,
Inc. 
 80 E. Rich Street 

Columbus, Ohio 43215 

Attention: Jonathan A. Allison, General Counsel 

email: legal@joinroot.com 
 If to
CIS to: 
 Carvana Insurance Services, LLC 

1930 W. Rio Salado Parkway 

Tempe, Arizona 85251 

Attention: Legal Department 

email: legal@carvana.com 
 If to
Dealer to: 
 Carvana, LLC 

1930 W. Rio Salado Parkway 

Tempe, Arizona 85251 

Attention: Legal Department 

email: legal@carvana.com 
 If to
Parent to: 
 Carvana Group, LLC 

1930 W. Rio Salado Parkway 

Tempe, Arizona 85251 

Attention: Legal Department 

email: legal@carvana.com 
 or to such other
addresses as may be specified by like notice to the other Parties. 
  

	22.	 Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware. The Parties agree that any action or proceeding, however characterized, arising out of or relating to this Agreement will be brought only in the courts located in Delaware, and the Parties irrevocably submit to the
exclusive jurisdiction of such courts for the purposes of any such action or proceeding and irrevocably agree, after the exhaustion of any appeals, to be bound by any judgment rendered by any such court with respect to any such action or proceeding.
The Parties waive any objection they may now or hereafter have to the venue of any such action or proceeding in any such court and any claim that such action or proceeding has been brought in an inconvenient forum. Any order or judgment of either of
the foregoing courts may be enforced in any court having jurisdiction of the Parties and/or the subject matter. Process in any action or proceeding may be served by certified mail, which service will be sufficient to confer in-personam jurisdiction
over the party so served. The Parties agree that in any action or proceeding arising out of or relating to this Agreement, or the enforcement of any provisions thereof, the court is empowered to grant any legal or equitable relief which may be
available, including without limitation, specific performance, injunctive relief and any mandatory injunction it deems appropriate. 

	23.	 Severability. If any term or other provision of this Agreement shall be determined by a court,
governmental authority, or arbitrator to be invalid, illegal, or unenforceable, such invalidity, illegality, or unenforceability shall not render the entire Agreement invalid. Rather, this Agreement shall be construed as if not containing the
particular invalid, illegal, or unenforceable provision, and all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected
in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the parties shall negotiate in good faith to modify this Agreement so as to give effect to the original
intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent permitted under Applicable Law. 

 

	24.	 Amendment. This Agreement may only be amended by a written agreement executed by each Party.

  

	25.	 Counterparts. This Agreement may be executed in separate counterparts, each of which will be deemed an
original and all of which, when taken together, will constitute one and the same agreement. Any signature affixed to this Agreement by a Party hereto may be delivered by such Party to the other Parties via electronic transmission and any
Party’s signature affixed to this Agreement that is delivered to the other Parties via an electronic transmission shall be treated as an original signature to this Agreement and will constitute an original counterpart of this Agreement.

  

	26.	 Authority. Each Party represents to the other Parties that this Agreement is its legal, valid, and
binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting creditors’ rights generally and general equity principles.

  

	27.	 Binding Effect. This Agreement binds and benefits the Parties and their respective successors and
permitted assigns. Other than those Persons entitled to indemnity hereunder, there are no third party beneficiaries having rights under or with respect to this Agreement. 

 

	28.	 Waiver. A provision of this Agreement may be waived only by a writing signed by the Party intended to be
bound by the waiver. A Party is not prevented from enforcing any right, remedy, or condition in the Party’s favor because of any failure or delay in exercising any right or remedy or in requiring satisfaction of any condition, except to the
extent that the party specifically waives the same in writing. A written waiver given for one matter or occasion is effective only in that instance and only for the purpose stated. A waiver once given is not to be construed as a waiver for any other
matter or occasion. Any enumeration of a Party’s rights and remedies in this Agreement is not intended to be exclusive, and a Party’s rights and remedies are intended to be cumulative to the extent permitted by law and include any rights
and remedies authorized in law or in equity. 

  

	29.	 Relationship of Parties. The Parties are acting as independent contractors to each other under this
Agreement, and nothing contained in this Agreement shall be deemed to create a fiduciary relationship, partnership, joint venture, or relationship of trust or agency between the Parties. 

 

	30.	 Further Assurances. From time to time, each Party agrees to execute and deliver such additional
documents and to provide such additional information and assistance as the other Parties may reasonably require to carry out the terms of this Agreement. 

  

	31.	 No Publicity. Except as otherwise permitted elsewhere in this Agreement, neither Party shall
(a) use another Party’s Marks in connection with any advertising materials, or (b) issue a press release announcing the Parties’ business relationship, without the prior, written consent of the other Parties as to the context and
content of such materials or press release. Each Party shall have the right to terminate its consent at any time and for any reason by providing written notice to the other Parties. 

 

	32.	 Force Majeure. Neither Party will be liable hereunder by reason of any failure or delay in the
performance of its obligations on account of events beyond its reasonable control, which include without limitation: strikes; shortages; riots; insurrection; fires; flood; storm; explosions; acts of God; war; terrorism; governmental action; labor
conditions; earthquakes; and material shortages (each a “Force Majeure Event”). Upon the occurrence of a Force Majeure Event, the Parties will be excused from any further performance of the respective obligations effected by the
Force Majeure Event for so long as the effects of the event continue. 

 [Remainder of page left intentionally blank]

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

	
	CARET HOLDINGS, INC.:
	
	 /s/ Daniel Rosenthal

	Name: Daniel Rosenthal
	Title: Chief Financial Officer
	
	CARVANA, LLC:
	
	 /s/ Paul Breaux

	Name: Paul Breaux
	Title: General Counsel
	
	CARVANA INSURANCE SERVICES, LLC:
	
	 /s/ Paul Breaux

	Name: Paul Breaux
	Title: Vice President & Secretary
	
	CARVANA GROUP, LLC:
	(solely with respect to the obligations of Section 3 and Schedule 1)
	
	 /s/ Paul Breaux

	Name: Paul Breaux
	Title: General CounselEX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 FIRST
AMENDMENT TO THE INVESTMENT AGREEMENT 
 This FIRST AMENDMENT TO THE INVESTMENT AGREEMENT (this “Amendment”), dated as
of September 29, 2021, is entered into by and between Root, Inc., a Delaware corporation (the “Company”), and Carvana Group, LLC, a Delaware limited liability company (the “Purchaser”). The Company and the
Purchaser are collectively referred to herein as the “Parties” and each, a “Party”. 
 W I T N E S S E T H:

 WHEREAS, the Parties entered into that certain Investment Agreement, dated as of August 11, 2021 (the “Investment
Agreement”); 
 WHEREAS, Section 10 of the Investment Agreement provides that the Investment Agreement may be amended,
modified or waived if, and only if, such amendment, modification or waiver is in writing and signed by each of the parties to the Investment Agreement; 

WHEREAS, the Parties wish to amend the Investment Agreement in the manner set forth in Section 10 of the Investment Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows: 

1. Amendment. 
 (a) Section
2.1 of the Investment Agreement is hereby amended and restated to read as follows: 
 (i) The closing of (i) the
purchase by the Purchaser and issuance and sale by the Company of the Preferred Stock and (ii) the issuance by the Company of the Warrants to the Purchaser (the “Closing”) shall occur at 10:00 a.m., New York time, on the later
of (a) the third (3rd) Business Day after the satisfaction or, to the extent permitted by Requirements of Law, written waiver (by the party entitled to grant such waiver) of the conditions to the Closing set forth in
Section 3 (other than those conditions that by their nature are to be satisfied at the Closing, but subject to satisfaction or, to the extent permitted by Requirements of Law, written waiver of those conditions) and
(b) October 1, 2021. The date on which the Closing occurs is referred to as the “Closing Date.” 
 (b) Section
6.19 of the Investment Agreement is hereby amended and restated to read as follows: 

 (i) From and after the Closing, each party hereto (for the purposes of this
Section 6.19, the “Receiving Party”) will, and will cause its Affiliates and its and their respective Representatives to, keep confidential any information (including oral, written and electronic
information) concerning the other party hereto, its Subsidiaries or its Affiliates (for the purposes of this Section 6.19, the “Disclosing Party”) that may be furnished to the Receiving Party, its
Affiliates or their respective Representatives by or on behalf of the Disclosing Party or any of its Representatives pursuant to (x) this Agreement, (y) the Confidentiality Agreement, effective as of July 10, 2018, by and between the
an Affiliate of the Company and an Affiliate of the Purchaser (the “Confidentiality Agreement”) or (z) the Commercial Agreement (the information referred to in clauses (x), (y) and (z), whether disclosed or provided prior to,
on or after the Closing Date, is collectively referred to as the “Confidential Information”) and to use the Confidential Information solely for the purposes of monitoring, administering or managing the Purchaser’s investment in
the Company made pursuant to this Agreement or in connection with the performance of the Commercial Agreement by the Company or Purchaser; provided that the Confidential Information shall not include information that (i) is already in the
public domain, (ii) becomes part of the public domain otherwise than as a result of an unauthorized disclosure by the Receiving Party, (iii) information which is or becomes available to the Receiving Party from a third party lawfully in
possession and who has the lawful power to disclose such information to the Receiving Party, and (iv) information that was independently developed by the Receiving Party, any of its Affiliates or any of their respective Representatives without
reference to, incorporation of, or other use of any Confidential Information or any violation of its confidentiality obligations. Each Party, as a Receiving Party, agrees, on behalf of itself and its Affiliates and its and their respective
Representatives, that Confidential Information of the Disclosing Party may be disclosed solely (A) to the Receiving Party’s Affiliates and its and their respective Representatives on a need-to-know basis or (B) in the event that the Receiving Party, any of its Affiliates or any of its or their respective Representatives are required by applicable Requirements of Law, judgment, stock
exchange rule or other applicable judicial or governmental process (including by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information, in each of which
instances described in this clause (B) the Receiving Party, its Affiliates and its and their respective Representatives, as the case may be, shall use reasonable efforts to provide notice to the Disclosing Party sufficiently in advance of any
such disclosure so that the Disclosing Party will have a reasonable opportunity to timely seek to limit, condition or quash such disclosure. Each Party, as a Receiving Party, further agrees that if, in the absence of a protective order, the receipt
of a waiver, or any other method taken to limit, condition or quash such disclosure, the Receiving Party is, in the written opinion of its counsel, legally required to disclose any Confidential Information, then, in such event, the Receiving Party
may disclose such information without liability hereunder, provided the Disclosing Party has been given a reasonable opportunity to review the text of such disclosure before it is made and that the disclosure is limited to only Confidential
Information specifically required to be disclosed pursuant to the written opinion of the Receiving Party’s counsel. 
 (c) Section 7.2
of the Investment Agreement is hereby amended and restated to read as follows: 

  
 2 

 (i) In the event of termination of this Agreement prior to the Closing by
any party as provided in Section 7.1, this Agreement shall forthwith become void and there shall be no liability or obligation on the part of any party; provided that Section 6.19
Section 8, Sections 10 through 13 and Sections 15 through 20 shall survive such termination. No such termination shall relieve any party of any liability or damages to the other party resulting
from fraud or any willful and material breach of this Agreement prior to such termination; provided that any cause of action with respect to any such breach must be brought no later than the 60th day following such termination.
Notwithstanding anything to the contrary herein, the parties hereto acknowledge and agree that nothing contained herein shall be deemed to affect their right to specific performance in accordance with this Agreement. For purposes of this Agreement:
(i) “willful and material breach” shall mean an action or omission taken or omitted to be taken that the breaching party (other than based on negligent misrepresentation or any similar theory) takes (or fails to take) and actually knows
would, or would reasonably be expected to, be or cause a material breach of this Agreement; and (ii) “fraud” shall mean common law fraud that is committed with actual knowledge of falsity and with the intent to deceive or mislead another.

 2. Capitalized Terms. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the
Investment Agreement. 
 3. Effect of Amendment. This Amendment shall not constitute an amendment or waiver of any provision of the
Investment Agreement not expressly amended or waived herein and shall not be construed as an amendment, waiver or consent to any action that would require an amendment, waiver or consent, except as expressly stated herein. The Investment Agreement,
as amended by this Amendment, is and shall continue to be in full force and effect and is in all respects ratified and confirmed hereby. 

4. Miscellaneous. Sections 11 (Notices, etc.), 12 (Construction), 13 (Publicity), 14
(Specific Performance), 15 (Governing Law), 16 (Waiver of Jury Trial), 17 (Expenses), 18 (Counterparts; Electronic Signatures), 19 (Severability) and 20
(Miscellaneous) of the Investment Agreement shall apply to this Amendment mutatis mutandis. 
 [The remainder of this page
is intentionally blank.] 

  
 3 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written
above. 
  

			
	ROOT, INC.
		
	By:	 	 /s/ Daniel Rosenthal

		 	Name: Daniel Rosenthal
		 	Title: Chief Revenue and Operating Officer and Chief Financial Officer

 [Signature Page to First Amendment to the Investment Agreement] 

 
			
	CARVANA GROUP, LLC
		
	By:	 	 /s/ Paul Breaux

		 	Name: Paul Breaux
		 	Title: Vice President; Secretary

 [Signature Page to First Amendment to the Investment Agreement]

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