Document:

Exhibit

Exhibit 10.1

EXECUTION VERSION

GM CRUISE HOLDINGS LLC
FORM OF AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT

Dated June 28, 2018

THE SHARES REPRESENTED BY THIS AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE
SECURITIES LAWS. SUCH SHARES MAY NOT BE SOLD, ASSIGNED, PLEDGED OR
OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION
UNDER SUCH ACT AND LAWS OR AN EXEMPTION THEREFROM, AND
COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET
FORTH HEREIN.

CERTAIN OF THE SHARES REPRESENTED BY THIS AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT ARE ALSO SUBJECT TO ADDITIONAL
RESTRICTIONS SET FORTH IN ANY SHARE GRANT, SHARE PURCHASE OR OTHER
SIMILAR AGREEMENT BETWEEN THE COMPANY AND CERTAIN PURCHASERS OR
HOLDERS OF SHARES.

TABLE OF CONTENTS

Page

ARTICLE I ORGANIZATIONAL MATTERS AND CERTAIN DEFINITIONS......................... 2
 1.01 Organization of Company.........................................................................................  2
 1.02 Legal Status............................................................................................................... 2
 1.03 Name..........................................................................................................................2
1.04 Registered Office and Registered Agent; Principal Office.........................................2
 1.05 Purpose.......................................................................................................................2
 1.06 Term ...........................................................................................................................2
 1.07 Certain Definitions.....................................................................................................3
 1.08 No State-Law Partnership..........................................................................................3
 1.09 Limited Liability Company Agreement.....................................................................3

ARTICLE II CAPITAL CONTRIBUTIONS; ISSUANCES OF SHARES....................................3
  2.01 Shares Generally........................................................................................................3
  2.02 Class A Preferred Shares; Class C Common Shares ................................................4
  2.03 Class B Common Shares ......................................................................................... 7
  2.04 Other Contributions ................................................................................................ 8
  2.05 Issuances of Shares ................................................................................................. 8
  2.06 Preemptive Rights ................................................................................................... 8
  2.07 Certificates ............................................................................................................ 10
  2.08 Repurchase Rights ................................................................................................ 10
  2.09 Optional A-1 Conversion ...................................................................................... 11
  2.10 Optional A-2 Conversion ...................................................................................... 11

ARTICLE III DISTRIBUTIONS ...............................................................................................12
3.01 Distributions .......................................................................................................... 12
3.02 Distributions Upon Liquidation or a Deemed Liquidation Event ......................... 13
3.03 Unvested Class B Common Shares ....................................................................... 14
3.04 Distributions In-Kind ............................................................................................ 14

ARTICLE IV TAX MATTERS...................................................................................................14
4.01 Corporate Status .................................................................................................... 14
4.02 Withholding .......................................................................................................... 15
4.03 Tax Sharing ............................................................................................................15
4.04 Transfer Taxes ...................................................................................................... 21         

ARTICLE V MEMBER..............................................................................................................21
5.01 Voting Rights of Members .................................................................................... 21
5.02 Quorum; Voting .................................................................................................... 22
5.03 Written Consent .................................................................................................... 22
5.04 Meetings ................................................................................................................ 22
5.05 Place of Meeting ................................................................................................... 22
5.06 Notice of Meeting ................................................................................................. 22
5.07 Withdrawal; Partition ............................................................................................ 23

TABLE OF CONTENTS

(continued)
Page
5.08 Business Opportunities; Performance of Duties ................................................... 23
5.09 Limitation of Liability ........................................................................................... 25
5.10 Authority ............................................................................................................... 25
5.11 Sale of the Company; IPO .................................................................................... 25

ARTICLE VI MANAGEMENT................................................................................................. 25
6.01 Management .......................................................................................................... 25
6.02 Number of Directors ............................................................................................. 26
6.03 Board Designation Rights and Composition; Proxies .......................................... 26
6.04 Board Observer ..................................................................................................... 27
6.05 Director Appointee Screening ............................................................................... 28
6.06 Tenure of Directors ............................................................................................... 29
6.07 Committees ........................................................................................................... 29
6.08 Director Compensation ......................................................................................... 29
6.09 Director Resignation ............................................................................................. 29
6.10 Vacancies .............................................................................................................. 29
6.11 Meetings ............................................................................................................... 29
6.12 Meetings by Telephone ......................................................................................... 30
6.13 Quorum; Actions of Board of Directors; SoftBank Minority Consent Rights ..... 30
6.14 Competitively Sensitive Information ................................................................... 32
6.15 Officers ................................................................................................................. 32

ARTICLE VII EXCULPATION AND INDEMNIFICATION ....................................................32
7.01 Exculpation ..............................................................................................................32
7.02 Indemnification ........................................................................................................33
7.03 No Personal Liability ...............................................................................................34

ARTICLE VIII BOOKS AND RECORDS; INFORMATION; RELATED MATTERS;
COMPLIANCE...........................................................................................................................34
8.01 Generally ................................................................................................................34
8.02 Delivery of Financial Information .........................................................................35
8.03 Technical Information ............................................................................................36
8.04 Applicable ABAC/AML/Trade Laws ....................................................................36

ARTICLE IX TRANSFERS OF COMPANY INTERESTS; ADMISSION OF NEW
MEMBERS; GM CALL .............................................................................................................37
9.01 Limitations on Transfer ..........................................................................................37
9.02 Permitted Transfers ................................................................................................39
9.03 Assignee’s Rights and Obligations ........................................................................39
9.04 Admission of Members ..........................................................................................40
9.05 Certain Requirements of Prospective Members ....................................................41

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TABLE OF CONTENTS

(continued)
Page
9.06 Status of Transferred Shares ................................................................................... 41
9.07 Tag-Along Rights.................................................................................................... 41
9.08 Sale of the Company .............................................................................................. 43
9.09 Drag-Along ............................................................................................................ 46
9.10 Public Offering....................................................................................................... 47
9.11 Registration Rights; “Market Stand-Off” Agreement; Volume Restrictions ......... 49
9.12 GM Call Right........................................................................................................ 50
9.13 Optional SoftBank Conversion .............................................................................. 51

ARTICLE X DISSOLUTION ......................................................................................................53
10.01 Events of Dissolution ............................................................................................ 53
10.02 Liquidation and Termination ................................................................................ 53
10.03 Cancellation of Certificate .................................................................................... 54

ARTICLE XI EXCLUSIVITY; NON-COMPETE ......................................................................54
11.01 Exclusivity ............................................................................................................ 54
11.02 Non-Compete. ....................................................................................................... 55

ARTICLE XII GENERAL PROVISIONS ..................................................................................56
12.01 Expenses ............................................................................................................... 56
12.02 No Third-Party Rights........................................................................................... 56
12.03 Legend on Certificates for Certificated Shares ..................................................... 57
12.04 Confidentiality ...................................................................................................... 57
12.05 Power of Attorney ................................................................................................. 58
12.06 Notices .................................................................................................................. 58
12.07 Facsimile and E-Mail ............................................................................................ 59
12.08 Amendment ........................................................................................................... 60
12.09 Tax and Other Advice ........................................................................................... 60
12.10 Acknowledgments................................................................................................. 60
12.11 Miscellaneous ....................................................................................................... 60
12.12 Title to Company Assets ....................................................................................... 63
12.13 Creditors ................................................................................................................ 63
12.14 Remedies ............................................................................................................... 63
12.15 Time is of the Essence; Computation of Time ...................................................... 64
12.16 Notice to Members of Provisions ......................................................................... 64
12.17 Further Assurances................................................................................................ 64
12.18 Termination ........................................................................................................... 64

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GM CRUISE HOLDINGS LLC
FORM OF AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT

This      AMENDED     AND     RESTATED    LIMITED    LIABILITY    COMPANY
AGREEMENT for GM Cruise Holdings LLC (the “Company”), dated as of June 28, 2018, is
entered into by and among the Company, General Motors Holdings LLC, a Delaware limited
liability company (“GM”), SB Investment Holdings (UK) Limited (“SoftBank”), and any and
all Persons who are Members as of the date hereof or who hereafter become Members. Certain
capitalized terms used herein are defined in Appendix I.

R E C I T A L S

A.     The Company was formed as a Delaware limited liability company effective on
May 23, 2018 by the filing of a Certificate of Formation with the Delaware Secretary of State.

B.     On May 23, 2018, GM, the initial and sole member of the Company, entered into
a Limited Liability Company Agreement of the Company (the “Original Agreement”).

C.     On May 24, 2018, GM made an election under Treasury Regulations
Section 301.7701-3 to treat the Company as a corporation for U.S. federal income tax purposes,
effective as of May 23, 2018.

D.     On May 31, 2018, the Company, GM and SoftBank Vision Fund (AIV M1) L.P.,
a Delaware limited partnership (“SVF”), entered into that certain Purchase Agreement (the
“Purchase Agreement”), pursuant to which the Company agreed to issue, concurrently with the
execution of this Agreement, certain Shares to SVF in exchange for the SoftBank Commitment
on and subject to the terms and conditions therein.

E.     On June 28, 2018, pursuant to that certain Consent to Assignment executed by the
Company and GM, SVF assigned all of its rights and obligations under the Purchase Agreement
to SoftBank.

F.     For U.S. federal income tax purposes, the GM Commitment and the SoftBank
Commitment, taken together, are intended to qualify as a contribution under Section 351(a) of
the Code.

G.     Immediately following the contributions of property and issuance of Shares
contemplated by the GM Commitment and the SoftBank Commitment, GM shall own an amount
of Equity Securities that (i) constitutes “control” within the meaning of Section 368(c) of the
Code and the Treasury Regulations thereunder and (ii) allows the Company to be a member of
the GM Affiliated Group under Section 1504 of the Code.

H.     GM, SoftBank and the Company desire to amend and restate the Original
Agreement and to enter into this Agreement to set forth, among other things, the rights and
obligations of the Members.

A G R E E M E N T S

NOW THEREFORE, in consideration of the mutual promises contained in this
Agreement and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree that the Original Agreement is hereby
amended and restated in its entirety as follows:

ARTICLE I
ORGANIZATIONAL MATTERS AND CERTAIN DEFINITIONS

1.01     Organization of Company.      The Company was formed as a limited liability
company on May 23, 2018.

1.02     Legal Status.       The Company is a limited liability company organized and
existing under the Delaware Limited Liability Company Act (the “Act”). The Members shall
take such steps as are necessary to permit the Company to conduct business, to maintain its
status as a limited liability company formed under the laws of the State of Delaware and
qualified to conduct business in any jurisdiction where the Company does so.

1.03     Name. The name of the Company shall be “GM Cruise Holdings LLC” or such
other name as the Board of Directors shall, from time to time, hereafter designate.

1.04     Registered Office and Registered Agent; Principal Office.

(a)     The address of the registered office of the Company in the State of
Delaware shall be c/o Corporation Service Company, 251 Little Falls Drive, New Castle County,
Wilmington, Delaware 19808, and the initial registered agent for service of process on the
Company in the State of Delaware at such registered office shall be Corporation Service
Company. The Board of Directors may, in its discretion, change the registered office and/or
registered agent from time to time by filing the address of the new registered office and/or the
name of the new registered agent with the Secretary of State of the State of Delaware pursuant to
the Act.

(b)     The principal office of the Company shall be located at such place
(whether inside or outside the State of Delaware) as the Board of Directors may from time to
time designate. The Company may have such other offices (whether inside or outside the State
of Delaware) as the Board of Directors may from time to time designate.

1.05     Purpose.   The Company is formed for the object and purpose of, and the nature
of the business to be conducted and promoted by the Company is to, engage in any lawful act or
activity for which limited liability companies may be formed under the Act, including carrying
on the AVCo Business. The Company shall have the power and authority to take any and all
actions that are necessary, appropriate, advisable, convenient or incidental to, or for the
furtherance of, the purposes set forth in this Section 1.05.

1.06     Term.      Unless terminated in accordance with Article X, the existence of the
Company shall be perpetual.

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1.07     Certain Definitions. Certain capitalized terms used in this Agreement are
defined in Appendix I hereto.

1.08     No State-Law Partnership. The Members intend that the Company not be a
partnership (including a limited partnership), and that no Member or Assignee be a partner of
any other Member or Assignee by virtue of this Agreement for any purposes, and neither this
Agreement nor any other document entered into by the Company or any Member or Assignee
relating to the subject matter hereof shall be construed to suggest otherwise.

1.09     Limited Liability Company Agreement.     The Members hereby execute this
Agreement to conduct the affairs and the business of the Company in accordance with the
provisions of the Act. The Members hereby agree that, during the term of the Company set forth
in Section 1.06, the rights, powers and obligations of the Members and Assignees with respect to
the Company will be determined in accordance with the terms and conditions of this Agreement
and the Act; provided, that to the fullest extent permitted by the Act, the terms of this Agreement
shall control and, notwithstanding anything to the contrary, Section 18-210 of the Act (entitled
“Contractual Appraisal Rights”) and Section 18-305(a) of the Act (entitled “Access to and
Confidentiality of Information; Records”) shall not apply or be incorporated into this Agreement.
This Agreement hereby supersedes and preempts the Original Agreement in all respects, and the
Original Agreement shall hereafter be null and void.

ARTICLE II
CAPITAL CONTRIBUTIONS; ISSUANCES OF SHARES

2.01     Shares Generally.

(a)     All interests of the Members in Distributions and other amounts specified
in this Agreement, as well as the rights of the Members to vote on, consent to or approve any
matter for which a vote of Members is required under this Agreement or the Act, shall be
denominated in shares of membership interests in the Company (each a “Share” and
collectively, the “Shares”), and the relative rights, privileges, preferences and obligations of the
Members with respect to Shares shall be determined under this Agreement to the extent provided
herein. As of the date of this Agreement, the classes of Shares that the Company is authorized to
issue are as follows: “Class A-1-A Preferred Shares”, “Class A-1-B Preferred Shares”
(collectively with the Class A-1-A Preferred Shares, the “Class A-1 Preferred Shares”),
“Class A-2 Preferred Shares”, “Class B Common Shares”, “Class C Common Shares” and
“Class D Common Shares”. Subject to the limitations (in each case to the extent applicable) set
forth in Section 2.02, Section 2.06 and Section 6.13, the Company may, from time to time
following the date of this Agreement, create and issue other classes and series of Shares or
Equity Securities. Subject to approval by the Board of Directors, the Company is hereby
authorized to issue an unlimited number of Class A-1-A Preferred Shares, Class A-1-B Preferred
Shares, Class A-2 Preferred Shares, Class B Common Shares, Class C Common Shares, Class D
Common Shares and any new class or series of Shares or Equity Securities in the Company. The
Company may issue fractional Shares, and all Shares shall be rounded to the nearest fourth
decimal place. Ownership of a Share (or a fraction thereof) shall not entitle a Member to call for
a partition or division of any property of the Company or for any accounting.

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(b)     The Members, their respective Commitments and Capital Contributions
and their respective classes and numbers of Shares issued, sold, granted or Transferred to them
shall be set forth on a ledger maintained by the Company (the “Members Schedule”), as the
same may be amended and restated from time to time in accordance with the provisions of this
Agreement. Absent manifest error, the ownership interests recorded on the Members Schedule
shall be a conclusive record of the Shares that are issued and outstanding.

(c)     A partial copy of the Members Schedule as of the date of this Agreement
showing only the aggregate number of each class of Shares held by the Members (but not any
identifying information about the Persons holding any Shares) was provided to SVF prior to the
execution of the Purchase Agreement. Any amendment or revision to the Members Schedule
made to reflect an action taken in accordance with this Agreement shall not be deemed an
amendment to this Agreement. A current copy of the Members Schedule shall be held in
confidence by the Company and maintained in a separate file conspicuously marked as
confidential. A redacted version of the Members Schedule shall be made available to any
Member at the request of such Member, which such redacted version will show only the Shares
held by such Member and the aggregate number of issued and outstanding Shares held by other
Members (and not, for clarity, any other identifying information about any other Person holding
Shares). Notwithstanding the foregoing, each of the GM Investor and SoftBank shall be entitled
to request a full and complete unredacted copy of the Members Schedule from time to time.

2.02      Class A Preferred Shares; Class C Common Shares.

(a)     Pursuant      to    the    Purchase     Agreement,     and    subject to the terms and
conditions thereof, SoftBank has committed to make,   and   substantially concurrently with the
execution of this Agreement SoftBank has made, Capital Contributions totaling $900,000,000 in
the aggregate (the “SoftBank Commitment”), pursuant to which the Company has issued to
SoftBank 900,000 Class A-1-A Preferred Shares.

(b)
(i)     At any time that the Company determines, acting in good faith,
that it is reasonably likely to be ready to commercially deploy vehicles in fully driverless
operation (the date of readiness for such initial deployment, the “Commercial Deployment”)
within the following one hundred twenty (120) day period, the Company shall be entitled to
deliver written notice of such determination to SoftBank (it being understood that delivery of
such written notice (or failure to deliver such written notice) shall not be binding in any respect
and the failure of Commercial Deployment to occur on such timetable shall not constitute a
breach of this Agreement by any Member or the Company). Following delivery of any such
written notification, the Company and SoftBank (each acting reasonably and in good faith) will
cooperate to identify and mutually agree upon, as promptly as reasonably practicable, whether
any approvals, consents, registrations, permits or authorizations (or the expiration of any waiting
periods) are required under the HSR Act or any comparable laws in any foreign jurisdiction (the
“A-1-B Antitrust Approvals”) in connection with the issuance of Class A-1-B Preferred Shares
pursuant to Section 2.02(c).

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(ii)     If    any    A-1-B    Antitrust    Approvals   are    identified and agreed
pursuant to Section 2.02(b)(i) then each Class A-1 Preferred Member and each Class A-2
Preferred Member will (and will cause its Affiliates to) (A) make (as promptly as reasonably
practicable) such notifications, registrations and filings necessary or advisable in connection with
obtaining the A-1-B Antitrust Approvals and (B) without limiting the foregoing, use its
reasonable best efforts to obtain (as promptly as reasonably practicable) the A-1-B Antitrust
Approvals. If the A-1-B Antitrust Approvals are not obtained (or, as applicable, any waiting
period has not expired or early termination of any waiting period has not been granted) prior to
end of the Payment Period, then the Payment Period will be extended until such A-1-B Antitrust
Approvals are obtained or until the waiting periods with respect to such A-1-B Antitrust
Approvals have expired or been terminated (as applicable); provided that, in order to obtain such
A-1-B Antitrust Approvals, (1) none of GM nor any of its Subsidiaries or other Affiliates shall
be required to offer or commit to hold separate, sell, divest or dispose, or suffer any restriction on
the operation, of any assets, properties or businesses of GM Parent or any of its Subsidiaries or
other Affiliates (including the Company), and (2) none of SoftBank nor any of its Subsidiaries or
other Affiliates shall be required to offer or commit to hold separate, sell, divest or dispose, or
suffer any restriction on the operation, management, or governance of, any assets, properties or
businesses of SoftBank or any portfolio companies (as such term is commonly understood in the
private equity industry) of SoftBank or its Subsidiaries or Affiliates or, with the sole exception of
the Company, any companies in which SoftBank or any of SoftBank’s Subsidiaries or other
Affiliates hold a minority equity position.

(c)
(i)     Within three (3) Business Days of the date on which Commercial
Deployment has occurred, the Company will provide written notice to SoftBank and the GM
Investor of the same (such notice, the “CD Notice”). Subject to the satisfaction of the Second
Tranche Conditions, within fifty (50) days (or such shorter period contemplated by the
immediately following sentence) of the delivery of the CD Notice (such applicable period, the
“Payment Period”), SoftBank will purchase and acquire from the Company, and the Company
will issue, sell and deliver to SoftBank, a number of Class A-1-B Preferred Shares equal to
$1,350,000,000 (the “Subsequent SoftBank Commitment”) divided by the Class A-1-B
Preferred Capital Value, in consideration for payment by SoftBank in full of such amount paid
by wire transfer of immediately available funds to an account designated by the Company and
free and clear of any withholding. If GM, prior to the date that Commercial Deployment occurs,
confirms (by way of a binding and irrevocable written notice to SoftBank (the “Advance
Notice”)) the definitive date on which Commercial Deployment will occur, then the Payment
Period will be reduced by the aggregate number of days between the date the Advance Notice is
delivered to SoftBank in accordance with the terms of this Agreement and the date of
Commercial Deployment; provided, that in no event will the Payment Period be reduced to fewer
than twenty five (25) days following the date on which Commercial Deployment occurs.

(ii)     If the Second Tranche Conditions have been satisfied but the
Subsequent SoftBank Commitment is not fully paid by start of the Business Day following the
final day of the Payment Period, then, automatically and without any further action by the
Company or any Member (and without any recourse by any Member): (A) the provisions of
Section 6.13(a) through 6.13(d) will be suspended and cease to apply for such time as any

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amount of the Subsequent SoftBank Commitment is due and payable but remains unpaid, (B) the
Class A-1 Preferred Return will cease to accrue on each Class A-1 Preferred Share (with, subject
to the immediately following proviso, no catch-up right or right to be made whole if the
Subsequent SoftBank Commitment is later paid in full; provided, that if the Subsequent
SoftBank Commitment is paid in full within fifteen (15) days of the final day of the Payment
Period (such fifteen (15) day period, the “Cure Period”), each Class A-1 Preferred Share will be
entitled to the Class A-1 Preferred Return accrued during the period beginning on the final day of
the Payment Period and ending on the date that the Subsequent SoftBank Commitment is fully
paid), and (C) in the event that the Subsequent SoftBank Commitment is not paid in full by the
end of the Cure Period, the amendments to this Agreement contemplated by Sections 2.02(d)(i)
and Section 2.02(d)(ii) will apply and become effective from and after the final day of the Cure
Period.
(iii)     The remedies provided for in Section 2.02(c)(ii) are in addition to,
and not in limitation of, any other right of the Company or any other Member provided by law,
this Agreement or any other agreement entered into by or among any one or more of the
Members (or their Affiliates) or the Company (including any rights arising as a result of or in
connection with a breach by SVF, SVFA or SoftBank of their obligations under Section 5.1 of
the Purchase Agreement). Each Member further acknowledges that any actions taken or not
taken by the Company pursuant to Section 2.02(c)(ii) shall not constitute a breach of this
Agreement or any other duty stated or implied in law or equity to any Member.

(d)     If the CFIUS Condition has not been satisfied prior to the occurrence of
Commercial Deployment, then (without prejudice to the rights of GM or the Company arising as
a result of or in connection with any breach by SVF, SVFA or SoftBank of their obligations
under Section 5.1 of the Purchase Agreement) upon the occurrence of Commercial Deployment,
automatically and without any further action by the Company or any Member (and without any
recourse by any Member):

(i)     the Class A-1 Preferred Return will (effective on and after the date
of Commercial Deployment) be permanently reduced from a rate of seven percent (7%) per
annum to a rate of three and a half percent (3.5%) per annum;

(ii)     the denominator in the definition of A-1-A Preferred Share
Conversion Ratio will be permanently increased from $1,000 to $1,600;

(iii)     the conversion ratio for the Class A-2 Preferred Shares pursuant to
Section 2.10(a), Section 9.07(a)(i), Section 9.10(a), clause (ii) of the definition of “Control
Period”, the definition of “Floor Amount”, clause (i) of the definition of “Optional SoftBank
Conversion Share Price”, the definition of “Per Class A-1 Preferred Share FMV” and clause (i)
of the definition of “Preemptive Proportion” shall be adjusted from a 1:1 ratio to 0.625 of a Class
C Common Share per one Class A-2 Preferred Share (as adjusted, as necessary, to reflect
appropriate and proportional adjustments to take into account any subdivision, reorganization,
reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar
event); and

(iv)     Section 6.13(c) will be amended to read, in its entirety, as follows:

6

“issue any Equity Securities that have rights, preferences or privileges with
respect to Distributions, senior to the rights of the Class A-1 Preferred Shares in
Sections 3.01(b)(i) or 3.02(a)(i) (“Senior Securities”); provided, that this
Section 6.13(c) will not apply to the first $1,350,000,000 of new Senior Securities
issued after the occurrence of Commercial Deployment (with such amount being
calculated based on the consideration paid by the recipient(s) of such Senior
Securities);”.

(e)     Pursuant to the Purchase Agreement and the IPMA, and subject to the
terms and conditions thereof, GM has (i) committed to make, and prior to the execution of this
Agreement has made, (A) a Capital Contribution totaling $1,100,000,000 in the aggregate and
(B) a contribution of the Transferred Entities (as defined in the Purchase Agreement) pursuant to
the Restructuring (as defined in the Purchase Agreement) and (ii) agreed to grant certain rights to
the Company under the IPMA (together with the contributions in clause (i), the “GM
Commitment”), in exchange for which the Company has issued to GM 1,100,000 Class A-2
Preferred Shares and 5,500,000 Class C Common Shares.

2.03 Class B Common Shares.

(a)     Awards of Class B Common Shares (“Share Awards”), options to
purchase Class B Common Shares (“Options”) and rights to receive Class B Common Shares
(“RSUs”, and collectively with Share Awards and Options, “Equity Awards”) may be granted
or issued, as applicable, on or after the date hereof to Employee Members pursuant to the terms
of a Share Grant Agreement and in accordance with the 2018/2019 Incentive Plan or any
successor employee incentive plan.

(b)     With respect to Fiscal Years 2018 and 2019, the Company may grant or
issue to Employee Members (pursuant to Share Grant Agreements) Equity Awards that may be
issued, exercised or settled into, in the aggregate, up to that maximum number of Class B
Common Shares set forth in the 2018/2019 Incentive Plan. From and after Fiscal Year 2020, the
Company (acting upon the approval of the Board of Directors) may issue additional Equity
Awards to Employee Members.

(c)     The Board of Directors shall have the authority to determine the terms and
conditions of the Share Grant Agreement to be executed by any Employee Members in
connection with the grant of Equity Awards to such Employee Members (including terms and
conditions relating to vesting, forfeiture, options to purchase and/or sell Class B Common Shares
upon termination of employment and purchase prices and terms of any purchase and/or sale with
respect thereto).

(d)     Each Share Grant Agreement with respect to Equity Awards is intended to
qualify as a compensatory benefit plan within the meaning of Rule 701 of the Securities Act and
the issuance of Class B Common Shares, from time to time, pursuant to the terms of this
Agreement and the applicable Share Grant Agreement is intended to qualify for the exemption
from registration under the Securities Act provided by Rule 701 thereof; provided, that, subject
to Section 2.03(b), the foregoing shall not restrict or limit the Company’s ability to issue any
Class B Common Shares pursuant to any other exemption from registration under the Securities

7

Act available to the Company and to designate any such issuance as not being subject to
Rule 701.

(e)     Subject, in each case, to the terms and conditions of the applicable Share
Grant Agreement:

(i)     Class B Common Shares that would be issued as a result of the
exercise of a right to purchase pursuant to an issued Option shall be deemed, prior to their actual
issuance, to be issued unvested Class B Common Shares for the purposes of Section 3.01(b)(ii)
(and the holder of the Option shall be deemed a Class B Member solely for such purpose);
provided, that, for clarity, no Distributions will actually be made with respect to such deemed
unvested Class B Common Shares and Section 3.03 will not apply to such deemed unvested
Class B Common Shares; and

(ii)     Class B Common Shares that would be issued as a result of the
right to receive such Shares pursuant to an RSU shall be deemed, prior to their actual issuance,
to be issued unvested Class B Common Shares for the purposes of Sections 3.01(b)(ii) and
3.01(b)(iii) (and the holder of the RSU shall be deemed a Class B Member solely for such
purposes) and Section 3.03.

2.04     Other Contributions. No Member shall be required to make any contributions
to the Company other than the Capital Contributions as provided in this Article II or as otherwise
expressly set forth in this Agreement. Subject to Section 2.06, the Company shall not accept any
Capital Contributions, other than Capital Contributions in respect of the Commitments, from a
Member or any other Person unless the terms and conditions of any such Capital Contribution
and related issuance of Shares have been approved by the Board of Directors.

2.05     Issuances of Shares. Subject to the limitations set forth in this Agreement
(including Section 2.02, Section 2.06 and Section 6.13), the Board of Directors shall have sole
and complete discretion in determining whether to issue any Equity Securities, the number and
type of Equity Securities to be issued (including the creation of new series or classes of Shares)
at any particular time and all other terms and conditions governing any such Equity Securities
(including the issuance thereof); provided, that (a) the parties hereto acknowledge and agree that
the Subsequent SoftBank Commitment shall be on the terms set forth in this Agreement and shall
not require any additional approval of the Board of Directors and (b) the Company shall not issue
any Equity Securities (whether denominated as Shares or otherwise) to any Person unless such
Person shall have agreed to be bound by this Agreement and shall have executed such documents
or instruments as the Board of Directors determines to be necessary or appropriate to effect such
Person’s admission as a Member.

2.06     Preemptive Rights.

(a)     Except as provided in Section 2.06(e) or Section 2.06(f), if the Company
wishes to issue any Equity Securities to any Person or Persons (all such Equity Securities,
collectively, the “New Securities”), then the Company shall promptly deliver a written notice of
intention to sell (the “Company’s Notice of Intention to Sell”) to each holder of Preemptive
Shares setting forth a description of the New Securities to be sold, the proposed purchase price,

8

the aggregate number of New Securities to be sold and the terms and conditions of sale. Upon
receipt of the Company’s Notice of Intention to Sell, each holder of Preemptive Shares shall
have the right, during the Acceptance Period, to elect to purchase, at the price and on the terms
and conditions stated in the Company’s Notice of Intention to Sell, up to the number of New
Securities equal to the product of (i) such holder’s Preemptive Proportion, multiplied by (ii) the
aggregate number of New Securities to be issued; provided, that if the New Securities consist of
more than one class, series or type of Equity Securities, then any holder of Preemptive Shares
who elects to purchase such New Securities pursuant to this Section 2.06 must purchase the same
proportionate mix of all of such securities; provided, further, that if the New Securities are issued
in connection with any debt financing undertaken by the Company or any of its Subsidiaries and
to which preemptive rights otherwise apply pursuant to this Section 2.06, then any Class A-1
Member or Class D Member who elects to purchase such New Securities pursuant to this
Section 2.06 must, to be eligible to receive such New Securities, participate in the underlying
debt instrument for such financing (A) with and on the same terms as the other lenders
thereunder and (B) in the same percentage as their Preemptive Proportion of New Securities that
such Member wishes to purchase pursuant to this Section 2.06. If one or more holders of
Preemptive Shares do not elect to purchase their entire share of the New Securities (such
aggregate portion of New Securities that has not been so elected, the “Excess New Securities”),
then the Company will offer, by written notice (the “Supplemental Notice of Intention to
Sell”), to each holder of Preemptive Shares who has elected to purchase his, her or its entire
proportion of the New Securities pursuant to this Section 2.06 the right to elect to purchase, at
the price and on the terms and conditions stated in the Company’s Notice of Intention to Sell,
their Preemptive Proportion (calculated as if the Total Conversion Shares excludes all Shares of
each holder of Preemptive Shares that did not elect to purchase their entire share of the New
Securities) of the Excess New Securities such that all of the Excess New Securities may be
purchased by such holders, if so elected. All elections under this Section 2.06(a) must be made
by written notice to the Company within fifteen (15) days (or such later date determined by the
Board of Directors) after receipt by such holder of Preemptive Shares of (as applicable) the
Company’s Notice of Intention to Sell or the Supplemental Notice of Intention to Sell (the
“Acceptance Period”).

(b)     If the holders of Preemptive Shares have not elected to purchase all of the
New Securities described in a Company’s Notice of Intention to Sell, then the Company may, at
its election, during the period of ninety (90) days immediately following the expiration of the
Acceptance Period therefor (or the expiration of the Acceptance Period relating to the
Supplemental Notice of Intention to Sell, if the same is issued), sell and issue any of the New
Securities not elected for purchase pursuant to Section 2.06(a) to any Person(s) at a price and
upon terms and conditions no more favorable, in the aggregate, to such Person(s) than those
stated in the Company’s Notice of Intention to Sell.

(c)     In the event the Company has not sold the New Securities to be issued
within such ninety (90) day period, the Company shall not thereafter issue or sell any such New
Securities without once again offering such securities to each holder of Preemptive Shares in the
manner provided in Section 2.06(a).

(d)     If a holder of Preemptive Shares elects to purchase any of the New
Securities, payment therefor shall be made by wire transfer against delivery of such New

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Securities at the principal office of the Company within fifteen (15) days of such election unless
a later date is mutually agreed between the Company and such holder of Preemptive Shares;
provided, that if SoftBank elects to purchase any of the New Securities, to the extent necessary in
order to accommodate the time required to call capital to purchase the Preemptive Shares,
payment therefor shall be made by wire transfer against delivery of such New Securities at the
principal office of the Company within thirty five (35) days of such election by SoftBank.

(e)     Notwithstanding anything to the contrary in this Agreement, (i) no holder
of Preemptive Shares shall have a right to purchase New Securities pursuant to this Section 2.06,
if such purchase will, in the good faith determination of the Board of Directors, violate any
applicable laws (whether or not such violation may be cured by a filing of a registration
statement or any other special disclosure) and (ii) in lieu of offering any New Securities to any
holder of Preemptive Shares prior to the time such New Securities are offered or sold to any
other Person or Persons, the Company may comply with the provisions of this Section 2.06 by
first issuing New Securities to such other Person or Persons, and promptly after such issuance (or
acceptance) (and, in any event, within thirty (30) days thereafter) making an offer to sell (or
causing such other Person or Persons to offer to sell), to the holders of Preemptive Shares, New
Securities in such a manner so as to enable such holders of Preemptive Shares to effectively
exercise their respective rights pursuant to Section 2.06(a) with respect to their purchase, for
cash, of such New Securities as they would have been entitled to purchase pursuant to
Section 2.06(a).

(f)     Notwithstanding anything to the contrary in this Section 2.06, the
preemptive rights contained in this Section 2.06 shall not apply to:

(i)     any Equity Securities issued pursuant to the funding of the GM
Commitment, the SoftBank Commitment and the Subsequent SoftBank Commitment;

(ii)     any Equity Securities issued pursuant to Sections 2.09 or 2.10;

(iii)     any Class B Common Shares that may be issued to Employee
Members, including upon the exercise or settlement of any Equity Award;

(iv)     any Equity Securities issued in connection with an IPO (including
pursuant to Section 9.10(c)); and

(v)     any Equity Securities issued upon any subdivision, split,
recapitalization, reclassification, combination or similar reorganization.

2.07     Certificates. The Company may, but shall not be required to, issue certificates
representing Shares (“Certificated Shares”).

2.08     Repurchase Rights. If an Employee Member ceases to be employed by or
provide services to the Company or any of its Subsidiaries for any reason, then the Company
shall have the right (but not the obligation) to repurchase all or any portion of the Class B
Common Shares held by such Employee Member and his or her Permitted Transferees and not
otherwise forfeited (pursuant to this Agreement, the relevant employee incentive plan in place at
the time or the applicable Share Grant Agreement or other agreement (or agreements) with the

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Company) at a price per Class B Common Share specified by, on the timeline provided by, and
otherwise on the terms and conditions contained within, a Share Grant Agreement or other
agreement (or agreements) between an Employee Member and the Company.

2.09     Optional A-1 Conversion.

(a)     Each Class A-1 Preferred Member shall have the right, at such Member’s
option, at any time and from time to time to convert all or any portion of the Class A-1 Preferred
Shares held by such Member into Class D Common Shares by providing the Company with
written notice of such conversion. A conversion of Class A-1 Preferred Shares pursuant to this
Section 2.09(a) shall be effective as of the close of business on the first (1st) Business Day after
the Company’s receipt of the conversion notice.

(b)     In connection with any conversion pursuant to Section 2.09(a), (i) each
Class A-1-A Preferred Share will be converted into Class D Common Shares at the A-1-A
Preferred Share Conversion Ratio and (ii) each Class A-1-B Preferred Share will be converted
into Class D Common Shares at the A-1-B Preferred Share Conversion Ratio.

(c)     Notwithstanding anything in this Agreement to the contrary, each Class A-
1 Preferred Share that has been converted into a Class D Common Share under this Section 2.09
shall cease to have the rights, preferences and privileges provided under this Agreement for the
Class A-1 Preferred Shares and shall thereafter be treated as a Class D Common Share for all
purposes.

2.10     Optional A-2 Conversion.

(a)     Each Class A-2 Preferred Member shall have the right, at such Member’s
option, at any time and from time to time, to convert all or any portion of the Class A-2 Preferred
Shares held by such Member into Class C Common Shares, at a 1:1 ratio (as adjusted to reflect
appropriate and proportional adjustments to take into account any subdivision, reorganization,
reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar
event) by providing the Company with written notice of such conversion. A conversion of
Class A-2 Preferred Shares pursuant to this Section 2.10 shall be effective as of the close of
business on the first (1st) Business Day after the Company’s receipt of the conversion notice.

(b)     Notwithstanding anything in this Agreement to the contrary, each Class A-
2 Preferred Share that has been converted into a Class C Common Share under this Section 2.10
shall cease to have the rights, preferences and privileges provided under this Agreement for the
Class A-2 Preferred Shares and shall thereafter be treated as a Class C Common Share for all
purposes.

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ARTICLE III
DISTRIBUTIONS

3.01     Distributions.

(a)     Except as otherwise expressly contemplated by this Agreement, all
Distributions shall be made to the Persons who are the holders of Shares at the time such
Distributions are made.

(b)     Subject to Section 3.02 and Section 3.03, and in accordance with the
provisions of this Section 3.01, Distributions pursuant to this Article III shall be made Quarterly
in arrears (on the final day of each Quarter) in the following order of priority:

(i)     First, Distributions shall be made to the Class A-1 Preferred
Members in respect of their Class A-1 Preferred Shares (ratably among such Members based
upon, for the relevant Quarter, the aggregate Class A-1 Preferred Return with respect to the
Class A-1 Preferred Shares held by each such Member immediately prior to such Distribution)
until each Class A-1 Preferred Member has received Distributions in respect of such Member’s
Class A-1 Preferred Shares in an amount equal to the aggregate Class A-1 Preferred Return for
such Quarter (and not, for clarity, the full Class A-1 Preferred Unpaid Return) with respect to the
Class A-1 Preferred Shares held by such Class A-1 Preferred Member immediately prior to such
Distribution. The Company may, at its option, with respect to all or any portion of the
Distributions on the Class A-1-A Preferred Shares and Class A-1-B Preferred Shares pursuant to
this Section 3.01(b)(i) for any Quarter, elect to pay such Distribution in (i) cash or (ii) by the
accretion (with respect to such Quarter) of the Class A-1 Preferred Return on such Shares (which
such accretion in the Class A-1 Preferred Return, and resultant increase in the Class A-1
Preferred Unpaid Return for such Shares, shall constitute a Distribution hereunder).

(ii)     Second, Distributions shall be made to the Junior Members until
the cumulative amount received in cash by each of the Members pursuant to this Section
3.01(b)(ii) and Section 3.01(b)(i) with respect to all such Distributions made after the date of this
Agreement to the relevant calculation date (including, for clarity, any Distributions made in such
applicable Quarter pursuant to Section 3.01(b)(i)), equals the amount such Member would have
received if all such Distributions had been distributed ratably on an as-converted basis (for the
purpose of such calculation with the Class A-1 Preferred Shares being deemed converted to
Class D Common Shares pursuant to Section 2.09(b)) among such Members based upon the
number of Junior Interests held by each such Junior Member and the number of Class A-1
Preferred Shares held by each such Class A-1 Preferred Member, in each case, immediately prior
to such Distribution. For the avoidance of doubt, the Class A-1 Preferred Shares shall not be
entitled to any Distributions pursuant to this Section 3.01(b)(ii).

(iii)     Third, all further Distributions shall be made to each Junior
Member and Class A-1 Preferred Member ratably on an as-converted basis among such
Members based upon the number of Junior Interests held by each such Junior Member and the
number of Class A-1 Preferred Shares held by each such Class A-1 Preferred Member, in each
case, immediately prior to such Distribution; provided, that, for the purposes of this Section
3.01(b)(iii), the Class A-1 Preferred Shares shall be deemed converted to Class D Common

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Shares pursuant to Section 2.09(b) without (for the purposes of calculating such conversion) any
reduction in the Class A-1-A Preferred Unpaid Return or Class A-1-B Preferred Unpaid Return
due to Distributions for such Quarter made pursuant to this Section 3.01(b)(iii).

(c)     No later than five (5) Business Days prior to the end of each Quarter, the
Company will send written notice to each Class A-1 Preferred Member stating whether the
Distribution pursuant to Section 3.01(b)(i) for such Quarter will be paid in cash. If the Company
fails to timely send such written notice then, with respect to such Quarter, the Company will be
deemed to have irrevocably elected to pay the Distribution pursuant to Section 3.01(b)(i) by the
accretion of the Class A-1 Preferred Return. For clarity, (i) the Company may elect,
independently as to each class, to pay cash Distributions with respect to a Quarter on either, or
both, of the Class A-1-A Preferred Shares and Class A-1-B Preferred Shares and (ii) so long as
the full Distribution has been made on each Class A-1 Preferred Share pursuant to Section
3.01(b)(i), the Company may (but shall not be required to) make Distributions pursuant to
Section 3.01(b)(ii) and Section 3.01(b)(iii).

(d)     No distributions shall be made in respect of a Vested Class B Common
Share pursuant to Section 3.01(b)(ii), Section 3.01(b)(iii) or Section 3.02(a)(iii), until such time
that an aggregate amount of Distributions (since the date of grant of such Class B Common
Share) pursuant to Section 3.01(b) or 3.02(a), as applicable, equal to the Class B Floor Amount
shall have been Distributed on each Class C Common Share. For the avoidance of doubt, no
holder of any Class B Common Share will later have the right to receive any amount foregone
pursuant to the preceding sentence of this Section 3.01(d).

(e)     Any reference in this agreement to a Distribution to a Substituted Member
shall include any Distributions previously made to the predecessor Member on account of the
interest of such predecessor Member transferred to such Substituted Member.

(f)     Notwithstanding any provision to the contrary contained in this
Agreement the Company shall not make any Distribution to Members if such Distribution would
violate Section 18-607 of the Act or other applicable law.

3.02     Distributions Upon Liquidation or a Deemed Liquidation Event.

(a)     Notwithstanding Section 3.01, upon a liquidation (pursuant to Article X)
or a Deemed Liquidation Event, the Company shall distribute the net proceeds or assets available
for distribution, whether in cash or in other property, to the Members as follows:

(i)     First, Class A-1 Preferred Members shall receive, on a pro rata
basis (proportional to their share of the aggregate Class A-1 Liquidation Preference Amount for
all Class A-1 Preferred Shares) for each Class A-1 Preferred Share, the greater of (A) for each
Class A-1 Preferred Share held by such Class A-1 Preferred Member, the applicable Class A-1
Liquidation Preference Amount, and (B) the amount distributable pursuant to Section 3.02(a)(iii)
with respect to such Class A-1 Preferred Share as if such Share had converted into a Class D
Common Share (pursuant to Section 2.09) immediately prior to the event giving rise to a
Distribution pursuant to this Section 3.02.

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(ii)     Second, Class A-2 Preferred Members shall receive, for each
Class A-2 Preferred Share, the greater of (A) the Class A-2 Liquidation Preference Amount and
(B) the amount distributable pursuant to Section 3.02(a)(iii) with respect to such Class A-2
Preferred Share as if such Share had converted into a Class C Common Share (pursuant to
Section 2.10) immediately prior to the event giving rise to a Distribution pursuant to this
Section 3.02.

(iii)     Third, to Junior Members (other than the Class A-2 Preferred
Members), ratably among such Members based upon the number of Junior Interests held by each
such Junior Member (other than Class A-2 Preferred Shares).

(b)     A “Deemed Liquidation Event” shall occur upon either of a Sale of the
Company or a Drag-Along Sale Transaction.

3.03     Unvested Class B Common Shares. Notwithstanding anything in this
Agreement to the contrary, (a) no Distribution shall be made in respect of any Class B Common
Share that is not a Vested Class B Common Share, (b) any amount that would otherwise be
distributable in cash in respect of a Class B Common Share pursuant to Section 3.01 or
Section 3.02 but for the fact that such Class B Common Share is not a Vested Class B Common
Share shall be withheld by the Company and Distributed with respect to such Class B Common
Share, without interest, at the time of the first cash Distribution to the Junior Members following
the date on which such Class B Common Share becomes a Vested Class B Common Share and
(c) if a Class B Common Share that is not a Vested Class B Common Share is repurchased or
forfeited (or otherwise becomes incapable of vesting), then such Class B Common Share shall
not be entitled to receive or retain any Distributions.

3.04     Distributions In-Kind. Distributions of property other than cash, including
securities (but, for the avoidance of doubt, Distributions in respect of the Class A-1 Preferred
Shares pursuant to Section 3.01(b)(i) shall not include stock or securities issued by the Company
and may only be made in cash or accretion pursuant to Section 3.01(b)(i)), may be made under
this Agreement with the approval of the Board of Directors. Distributions of property other than
cash shall be valued at Fair Market Value. Except as otherwise required by the Act or this
Agreement, and subject in all respects to Section 3.01 and Section 3.02, no Member shall be
entitled to Distributions of property other than cash and the Board of Directors may make a
determination to distribute property to one Member or group of Members and cash to the
remaining Members so long as no Member is adversely affected in a manner which is
disproportionate to the other Members as a result of such determination.

ARTICLE IV
TAX MATTERS

4.01     Corporate Status. The Members intend that the Company be treated as a
corporation for U.S. federal, and, as applicable, state and local, income tax purposes, and neither
the Company nor any of the Members shall take any reporting position inconsistent with such
treatment. In furtherance of the foregoing, the Company has elected, pursuant to Treasury
Regulations Section 301.7701-3(c), to be treated as an association taxable as a corporation,
effective as of May 23, 2018. The Company will not make any other entity classification

14

elections with respect to the Company without the prior written consent of all Members;
provided that an entity classification may be made to treat the Entity as an association taxable as
a corporation without any such consent.

4.02     Withholding.     The Company is authorized to withhold from any payment made
to a Member any amounts required to be withheld by the Company under applicable law and, if
so required, remit any such amounts to the applicable governmental authority. Upon request by
the Company in writing, each Member shall provide the Company with a properly completed
and duly executed Internal Revenue Service (“IRS”) Form W-9 or applicable IRS Form W-8, or
any other information, form or certificate reasonably necessary to determine whether and the
extent to which any such withholding is required. If the Company, or the Board of Directors or
any Affiliate of the Company, becomes liable as a result of a failure to withhold and remit taxes
in respect of any Member and such failure was attributable to such Member’s failure to timely
provide the Company with the appropriate information requested in writing by the Company
regarding such Member’s tax status or tax payment obligations, then such Member shall
indemnify and hold harmless the Company, or the Board of Directors or any Affiliate of the
Company, as the case may be, in respect of any such tax that should have been withheld and
remitted (including any interest or penalties assessed or imposed thereon and any expenses
incurred in any examination, determination, resolution and payment of such tax) but was not so
withheld and remitted as a result of such Member’s failure to timely provide the Company with
such information. The provisions contained in this Section 4.02 shall survive the termination of
the Company and the withdrawal of any Member.

4.03     Tax Sharing.

(a)     GM Consolidated Group.     For the 2018 Tax Period of the GM
Consolidated Group, the Company shall timely deliver to GM Parent a properly completed and
duly executed IRS Form 1122 (Authorization and Consent of Subsidiary Corporation To Be
Included in a Consolidated Income Tax Return) and any similar or corresponding forms required
for state or local income or franchise tax purposes. The Company acknowledges and agrees that
GM Parent shall act as sole agent (within the meaning of Treasury Regulations Section 1.1502-
77) for the Company with respect to any Tax Period for which the Company joins one or more
members of the GM Consolidated Group in filing a GM Consolidated Return, provided that the
GM Investor shall cause GM Parent to not take any action with respect to any tax matters,
including any action in its role as sole agent (within the meaning of Treasury Regulation Section
1.1502-77) that has a material and disproportionate adverse impact on (i) the Company (ii) prior
to the one-time Transfer permitted by Section 9.02(c), SoftBank or (iii) after the one-time
Transfer permitted by Section 9.02(c), SVFA, without the Company’s, SoftBank’s or SVFA’s
consent, as applicable, not to be unreasonably withheld, conditioned or delayed.

(b)     Payment from the GM Investor to the Company for Use of Company
NOLs and Tax Credits.

(i)     If upon a Deconsolidation the NOL Deficit Amount exceeds zero,
the GM Investor shall pay to the Company, with respect to each Tax Period of the Company, the
Excess NOL Tax Increase with respect to such Tax Period. The GM Investor shall pay the
Excess NOL Tax Increase with respect to each such Tax Period no later than ten (10) Business

15

Days following delivery of written notice by the Company to the GM Investor of the amount of
Excess NOL Tax Increase for such Tax Period.

(ii)     In addition to the payments described in Section 4.03(b)(i) above
(and without duplication of such payments or any other payments required to be made by the
GM Investor hereunder), the GM Investor shall make payments to the Company with respect to
any R&D Tax Credits or Other Tax Credits generated by the Company or any of its Subsidiaries
in the same manner and using the same principles as described in Section 4.03(b)(i) and in the
definitions of NOL Deficit Amount and Hypothetical Deconsolidated Company NOL Amount;
provided, however, that in applying such principles, (A) clause (ii) of the definition of NOL
Deficit Amount shall not apply and (B) in applying the Company standalone concept of the
Hypothetical Deconsolidated Company NOL Amount, the Company and its Subsidiaries shall be
assumed to utilize the same tax accounting methods, elections, conventions, practices, policies
and principles regarding the R&D Tax Credits or Other Tax Credits actually utilized by the GM
Consolidated Group and the Company and its Subsidiaries shall otherwise be assumed to take
into account the GM Consolidated Group’s history in its use of R&D Tax Credits or Other Tax
Credits; provided, further, that no such payment with respect to Other Tax Credits will be
required unless and until such Other Tax Credits generated by the Company and its Subsidiaries
exceed, in the aggregate, taking into account any Other Tax Credits referenced in Section
4.03(e), $12,000,000 with respect to any calendar year.

(iii)     The GM Investor and its advisors shall calculate the NOL Deficit
Amount and the deficit amount in respect of R&D Tax Credits and Other Tax Credits upon a
Deconsolidation and shall deliver such calculations, certified by the chief tax officer of GM
Parent, to the Company and, subject to Section 4.03(f), such calculations shall be conclusive,
binding and final for all purposes. The Company shall calculate the Excess NOL Tax Increase
and the tax increase in respect of R&D Tax Credits and Other Tax Credits in each Tax Period
and shall deliver such calculations, certified by the chief tax officer of the Company, along with
reasonably detailed supporting documentation, to the GM Investor and, subject to Section
4.03(f), such calculation shall be conclusive, binding and final for all purposes.

(c)     Payment from the Company to the GM Investor for Inclusion of Company
Income.

(i)     Following the filing of the final GM Consolidated Return for each
Tax Period prior to a Deconsolidation, the Company shall calculate the Aggregate Company
Hypothetical Pre-Deconsolidation Tax Amount with respect to such Tax Period.

(ii)     Following the filing of the final GM Consolidated Return for each
Tax Period ending after the Closing Date, the GM Investor shall calculate the Incremental GM
Tax Amount. The GM Investor shall deliver to the Company a certification by the chief tax
officer of GM Parent with respect to such amount and such calculation shall be conclusive,
binding and final for all purposes. No certification shall be required in any year in which the
GM Investor has determined that the Incremental GM Tax Amount is zero.

(iii)     With respect to each Tax Period of the GM Consolidated Group
ending after the Closing Date, the Company shall make a payment to the GM Investor equal to

16

the excess, if any, of (A) the lesser of (1) the Aggregate Company Hypothetical Pre-
Deconsolidation Tax Amount with respect to such Tax Period and (2) the Incremental GM Tax
Amount with respect to such Tax Period over (B) the aggregate net payment made by the
Company to the GM Investor pursuant to this Section 4.03(c)(iii) and Section 4.03(c)(iv) for
prior Tax Periods.

(iv)     With respect to each Tax Period of the GM Consolidated Group
ending after the Closing Date, the GM Investor shall make a payment to the Company equal to
the excess, if any, of (A) the aggregate net payment made by the Company to the GM Investor
pursuant to Section 4.03(c)(iii) and this Section 4.03(c)(iv) for prior Tax Periods over (B) the
lesser of (1) the Aggregate Company Hypothetical Pre-Deconsolidation Tax Amount with
respect to such Tax Period and (2) the Incremental GM Tax Amount with respect to such Tax
Period;

(d)     Payments between GM Investor and the Company if a Section 59(e)
Election is Made. If prior to a Deconsolidation, GM makes one or more elections under Section
59(e) of the Code (a “Section 59(e) Election”) with respect to the Company and/or its
Subsidiaries, then:

(i)     with respect to each Tax Period for which a Section 59(e) Election
is made, and any subsequent Tax Period, any payment otherwise required to be made by the
Company to the GM Investor pursuant to Section 4.03(c) shall be (A) reduced (but not below
zero) by the Section 59(e) Detriment Amount with respect to such Tax Period and (B) shall be
increased by the Section 59(e) Benefit Amount with respect to such Tax Period; provided, any
adjustment pursuant to this Section 4.03(d)(i)(B) shall be deferred and shall only be made when
and to the extent that, immediately prior to giving effect to such adjustment, the aggregate
adjustments under Section 4.03(d)(i)(A) and Section 4.03(d)(ii)(A) exceed the aggregate
adjustments under this Section 4.03(d)(i)(B) and Section 4.03(d)(ii)(B); and

(ii)     with respect to each Tax Period for which a Section 59(e) Election
is made, and any subsequent Tax Period, any payment otherwise required to be made by the GM
Investor to the Company pursuant to Section 4.03(b) shall be (A) increased by the Section 59(e)
Detriment Amount with respect to such Tax Period and shall be (B) reduced (but not below zero)
by the Section 59(e) Benefit Amount with respect to such Tax Period; provided, any adjustment
pursuant to this Section 4.03(d)(ii)(B) shall be deferred and shall only be made when and to the
extent that, immediately prior to giving effect to such adjustment, the aggregate adjustments
under Section 4.03(d)(i)(A) and Section 4.03(d)(ii)(A) exceed the aggregate adjustments under
Section 4.03(d)(i)(B) and this Section 4.03(d)(ii)(B).

For the avoidance of doubt, for purposes of Sections 4.03(d)(i) and (ii) above, a required
payment of $0 under Section 4.03(b) or Section 4.03(c) for any Tax Period constitutes a
“payment otherwise required to be made”.

(e)     State and Local Income and Franchise Taxes. With respect to state and
local income and franchise tax benefits and detriments in any jurisdictions that have
consolidated, combined or unitary tax regimes, the GM Investor and the Company shall have
similar payment obligations to each other, under the same principles, as the payment obligations

17

for U.S. federal income tax benefits and detriments described in paragraphs (b), (c) and (d) of
this Section 4.03; provided, that no such payment with respect to Other Tax Credits will be
required unless and until such Other Tax Credits generated by the Company and its Subsidiaries
exceed, in the aggregate, taking into account any Other Tax Credits referenced in Section
4.03(b)(ii), $12,000,000 with respect to any calendar year.

(f)     Dispute Resolution. In the event of any dispute between the GM Investor
and the Company as to any amount payable under this Section 4.03, the GM Investor and the
Company shall attempt in good faith to resolve such dispute. If the GM Investor and the
Company are unable to resolve such dispute within thirty (30) days, they shall jointly retain a
mutually agreed upon nationally recognized independent accounting firm (the “Accounting
Firm”) to resolve the dispute. The GM Investor and the Company may make written
submissions to the Accounting Firm, and the Accounting Firm’s resolution shall be based solely
upon the actual terms of this Agreement, the written submissions of the GM Investor and the
Company, and the application of federal income tax law (or, in the case of any payment
obligation Section 4.03(e), applicable state or local income tax law). Each of the GM Investor
and the Company shall be bound by the determination of the Accounting Firm and shall bear
one-half of the fees and expenses of the Accounting Firm.

(g)     Indemnification for Taxes.     Other than payments required under this
Agreement, the GM Investor shall indemnify and hold harmless the Company and any of its
Subsidiaries from any Taxes (as such term is defined in the Purchase Agreement) imposed on the
Company or any of its Subsidiaries pursuant to Treasury Regulations Section 1.1502-6 (or any
analogous or similar provision of U.S. state or local, or non-U.S. law) as a result of being a
member of (i) the GM Consolidated Group or (ii) any other affiliated, consolidated, combined or
unitary group of which (A) the GM Investor, (B) the GM Parent, (C) any Affiliate or direct or
indirect Subsidiary of the GM Parent (other than the Company or any of its Subsidiaries) or (D)
any member of the GM Consolidated Group (other than the Company or any of its Subsidiaries)
was a member prior to a Deconsolidation.

(h)     Net Payments.   Without limiting any other provision in this Section 4.03,
if as of any date each of the GM Investor and the Company is obligated to make a payment to the
other under this Section 4.03, then the amount of such payments shall be netted, the offsetting
amounts shall be treated as having been paid by the applicable payors for all purposes of this
Section 4.03, and the party having the net payment obligation shall make such pay such net
amount to the other party.

(i)     Intended Tax Treatment. Any payments made by the GM Investor to the
Company following a Deconsolidation pursuant to this Section 4.03 shall be treated as a Capital
Contribution for all applicable tax purposes, unless otherwise required by applicable law. Any
payments made by the Company to the GM Investor following a Deconsolidation pursuant to
this Section 4.03 shall be treated as distribution under Section 301 of the Code for all applicable
tax purposes, unless otherwise required by applicable law.

(j)     Examples.     Any ambiguity in the provisions of this Section 4.03 shall
be resolved (where possible) by reference to the examples delivered by the GM Investor and
acknowledged by SVF and the Company pursuant to that certain letter provided to SVF prior to

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the execution of the Purchase Agreement; provided, however, that in the event of a conflict with
such letter, this Section 4.03 shall control.

(k)     Consistent Reporting Covenant.   Notwithstanding anything to the contrary
contained herein, the Class A Preferred Shares are intended to be treated as common stock for all
purposes of the Code (and not as preferred stock within the meaning of Treasury Regulations
Section 1.305-5). Absent a relevant change in law or administrative, regulatory or judicial
authority or guidance, unless otherwise required pursuant to a “determination” within the
meaning of Section 1313 of the Code, neither the Company nor any of the Members shall report
any Distribution with respect to the Class A Preferred Shares that is paid by accretion of the
Class A-1 Preferred Return on such Shares (in accordance with Section 3.01(c) hereof) as a
taxable distribution pursuant to Section 305(b)(2) of the Code or take any position inconsistent
with the intended tax treatment described in this Section 4.03(k).

(l)     Audit Adjustments.     Notwithstanding anything to the contrary herein, in
the event there is an adjustment to any GM Consolidated Return or any Company tax return for
any Tax Period as a result of an audit, the computations described in this Section 4.03 will be
adjusted to reflect the results of such audit and any amounts payable hereunder shall be increased
or decreased to reflect the revised computations.

(m)     Tax Materials. For the avoidance of doubt, neither the Company nor any
other Member shall be permitted to review any of the GM Investor’s tax returns, workpapers or
other tax information (“Tax Materials”), or any Tax Materials of or related to the GM
Consolidated Group.

(n)     Definitions. For purposes of this Section 4.03, the following terms shall
be defined as follows:

(i)     “Aggregate Company Hypothetical Pre-Deconsolidation Tax
Amount” means, with respect to a Tax Period, the sum of the Company Hypothetical Pre-
Deconsolidation Tax Amount for such Tax Period and all prior Tax Periods.

(ii)     “Company Hypothetical Pre-Deconsolidation Tax Amount”
means, with respect to a Tax Period prior to a Deconsolidation, the amount of U.S. federal
income tax that would have been owed by the Company and its Subsidiaries if the Company and
its Subsidiaries had not been members of the GM Consolidated Group and instead were a
separate U.S. consolidated group (but had utilized the same tax accounting methods, elections,
conventions, practices, policies and principles actually utilized by the GM Consolidated Group).

(iii)     “Deconsolidation” means any event pursuant to which the
Company ceases to be included in the GM Consolidated Group.

(iv)     “Excess NOL Tax Increase” means, with respect to each Tax
Period of the Company after a Deconsolidation, an amount equal to the excess, if any, of (A) the
actual U.S. federal income tax payable by the Company and its Subsidiaries in respect of such
Tax Period over (B) the U.S. federal income tax that would have been payable by the Company
and its Subsidiaries in respect of such Tax Period if upon a Deconsolidation the Company had an

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amount of net operating losses, as defined in Section 172(c) of the Code, equal to the NOL
Deficit Amount.

(v)     “GM Consolidated Group” means the consolidated group of
corporations of which GM Parent is the “common parent” within the meaning of Treasury
Regulations Section 1.1502-1(h).

(vi)     “GM Consolidated Return” means the consolidated U.S. federal
income tax return of GM Parent filed pursuant to Section 1501 of the Code.

(vii)     “Hypothetical Deconsolidated Company NOL Amount” shall
mean the amount of net operating losses, as defined in Section 172(c) of the Code, that the
Company and its Subsidiaries would have had upon a Deconsolidation had the Company and its
Subsidiaries never been members of the GM Consolidated Group (but had utilized the same tax
accounting methods, elections, conventions, practices, policies and principles actually utilized by
the GM Consolidated Group and had closed its Tax Period as of the date of a Deconsolidation),
provided that Hypothetical Deconsolidated Company NOL Amount shall be reduced by the
amount of any such net operating losses that were previously included in the computation of
Incremental GM Tax Amount and resulted in a reduction in the Incremental GM Tax Amount.

(viii)     “Incremental GM Tax Amount” means with respect to a Tax
Period, the excess, if any, of (A) the total U.S. federal income tax actually owed by the GM
Consolidated Group for such Tax Period and all prior Tax Periods ending after the Closing Date,
over (B) the total U.S. federal income tax that would have been owed by the GM Consolidated
Group for such Tax Period and all prior Tax Periods ending after the Closing Date had the
Company and its Subsidiaries never been members of the GM Consolidated Group, determined
on a with and without basis and ignoring any state apportionment differences resulting from the
inclusion of the Company and its Subsidiaries in the GM Consolidated Group; provided, the
amount in clause (A) shall be determined assuming any net operating losses for which the
Company has been compensated for pursuant to Section 4.03(b) were not available to the GM
Consolidated Group (determined by assuming that such net operating losses are the last losses
that would have otherwise been taken into account in clause (A)).

(ix)    “NOL Deficit Amount” shall mean an amount equal to the excess,
if any, of (A) the Hypothetical Deconsolidated Company NOL Amount over (B) $1,300,000,000.

(x)     “Other Tax Credits” shall mean any U.S. federal, state or local
income or franchise tax credits other than R&D Tax Credits as defined herein.

(xi) “R&D Tax Credits” shall mean any U.S. federal income tax
credits for research activities under Section 41 of the Code, and, for the purpose of applying
Section 4.03(e), any state or local income or franchise tax credits that are directly analogous to
tax credits for research activities under Section 41 of the Code.

(xii) “Section 59(e) Benefit Amount” with respect to a Tax Period
means the amount by which the payment (A) required by the Company to GM under Section
4.03(c) for such Tax Period would have been more or (B) by GM to the Company under Section
4.03(b) would have been less, in each case, had no Section 59(e) Election been made; provided,

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for purposes of determining such difference under (A) or (B) with respect to any Section 59(e)
Benefit Amount that corresponds to a prior correlative Section 59(e) Detriment Amount (using
the earliest Section 59(e) Detriment first), such Section 59(e) Benefit Amount shall be
determined assuming that the U.S. federal income tax rates applicable at the time of such Section
59(e) Detriment were still in effect.

(xiii) “Section 59(e) Detriment Amount” with respect to a Tax Period
means the amount by which the payment (A) required by the Company to GM under Section
4.03(c) for such Tax Period would have been less or (B) by GM to the Company under Section
4.03(b) would have been more, in each case, had no Section 59(e) Election been made.

(xiv) “Tax Period” means a taxable year as defined in Section 441(b)
of the Code.

4.04    Transfer Taxes. Any Transfer Taxes (as defined in the Purchase Agreement)
incurred in connection with (i) any issuance of any equity interests to SoftBank, SVFA or any of
their Affiliates or Permitted Transferees pursuant to this Agreement or the Purchase Agreement
or (ii) the one-time Transfer permitted by Section 9.02(c) shall, in each case, be paid by
SoftBank or SVFA (as applicable) when due. The Company shall file all necessary tax returns
and other documentation with respect to all Transfer Taxes and, if required by applicable law,
the GM Investor and SoftBank or SVFA (as applicable) will, and will cause their Affiliates, to
join in the execution of any such tax returns and other documentation.

The provisions contained in this Article IV, and any payments required to be made pursuant
hereto, shall survive the termination of the Company and the withdrawal of any Member.

ARTICLE V
MEMBERS

5.01    Voting Rights of Members.    Subject to Section 2.02 and Section 9.10:

(a)    Each Class A-1 Preferred Member shall be entitled to ten (10) votes for
each Class A-1 Preferred Share held by such Member on any matter which is submitted to the
Members for a vote or consent.

(b)    Each Class A-2 Preferred Member shall be entitled to ten (10) votes for
each Class A-2 Preferred Share held by such Member on any matter which is submitted to the
Members for a vote or consent.

(c)    Each Class B Member shall be entitled to one (1) vote for each Class B
Common Share held by such Member on any matter which is submitted to the Members for a
vote or consent.

(d)    Each Class C Member shall be entitled to ten (10) votes for each Class C
Common Share held by such Member on any matter which is submitted to the Members for a
vote or consent.

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(e)    Each Class D Member shall be entitled to one (1) vote for each Class D
Common Share held by such Member on any matter which is submitted to the Members for a
vote or consent.

(f) Each other class or series of Shares shall be entitled to such votes as the
Board of Directors shall determine with respect to such class or series on any matter which is
submitted to the Members for a vote or consent.

For the avoidance of doubt, the provisions and rights with respect to voting set forth in this
Section 5.01 and Section 6.03 are intended to provide GM with “control” of the Company as
defined in Section 368(c) of the Code and the Treasury Regulations thereunder, and shall be
interpreted consistent therewith. Neither the Company nor any of the Members shall take any
reporting position inconsistent with the intended tax treatment described in this Section 5.01.

5.02    Quorum; Voting. A quorum shall be present with respect to a meeting of the
Members if a Majority of the Members are represented in person or by proxy at such meeting.
Once a quorum is present at a meeting of the Members, the subsequent withdrawal from the
meeting of any Member (other than the GM Investor, whose withdrawal from the meeting shall
cause a quorum to no longer be present) prior to the meeting’s adjournment or the refusal of any
Member to vote on any matter that is open to vote by the Members at the meeting shall not affect
the presence of a quorum at the meeting. Each of the Members hereby consents and agrees that
one or more Members may participate in a meeting of the Members by means of conference
telephone or similar communications equipment by which all Persons participating in the
meeting can hear each other at the same time, and such participation shall constitute presence in
person at the meeting. If a quorum is present, except as otherwise expressly provided herein, the
affirmative vote of the Members representing a Majority of the Members represented at the
meeting and entitled to vote on the subject matter shall be the act of the Members.

5.03    Written Consent. Any action required or permitted to be taken at a meeting of
the Members may be taken without a meeting if the action is evidenced by a written consent
describing the action taken signed by a Majority of the Members. Action taken under this
Section 5.03 is effective when a Majority of the Members have signed the consent, unless the
consent specifies a different effective date. Promptly following the effectiveness of any action
taken by written consent by a Majority of the Members, the Company shall provide written
notice of such action to any Member who was otherwise entitled to vote on such matter or action
and whose consent was not solicited in connection therewith.

5.04    Meetings. Meetings of the Members may be called by (a) the Board of Directors
or (b) a Majority of the Members.

5.05    Place of Meeting. The Board of Directors may designate the place of meeting for
any annual meeting and the Person(s) calling a special meeting pursuant to Section 5.04 may
designate the place for such special meeting. If no designation is made, the place of meeting
shall be the principal office of the Company.

5.06    Notice of Meeting. Written notice stating the place, day and hour of the meeting
and, in case of a special meeting, the purpose or purposes for which the meeting is called, shall

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be provided to each Member not less than three (3) Business Days prior to the date of the
applicable meeting and otherwise in accordance with Section 12.06. Any Member may waive
notice of any meeting. The attendance of a Member at a meeting shall constitute a waiver of
notice of such meeting except where a Member attends a meeting for the express purpose of
objecting to the transaction of any business because the meeting is not lawfully called or
convened. Neither the business to be transacted at nor the purpose of any regular meeting of
Members need be specified in the notice or waiver of notice of such meeting.

5.07    Withdrawal; Partition. No Member shall have the right to resign or withdraw as
a member of the Company. No Member shall have the right to seek or obtain partition by court
decree or operation of law of any Company property, or the right to own or use particular or
individual assets of the Company, except as may be expressly set forth in the Commercial
Agreements or any other written Agreement between such Member and the Company.

5.08    Business Opportunities; Performance of Duties.

(a)    Subject to Article XI and any agreement entered into with any Employee
Member, each Member and its Affiliates and its and their respective officers, directors,
equityholders, partners, members, managers, agents and employees (the “Member Group
Persons”) (i) is permitted to have, and may presently or in the future have, investments or other
business relationships with entities engaged in other, complementary or competing lines of
business other than through the Company and its Subsidiaries (an “Other Business”), (ii) may
have or may develop a strategic relationship with businesses that are and may be competitive or
complementary with the Company and its Subsidiaries, (iii) is not prohibited by virtue of their
investment in the Company or any of its Subsidiaries or, if applicable, their service on the Board
of Directors or the board of directors (or similar governing body) of any of the Company’s
Subsidiaries from pursuing and engaging in any such activities and (iv) is not obligated to inform
the Company or any of its Subsidiaries of any such opportunity, relationship or investment.
Subject to Article XI and any agreement entered into with any Employee Member, the
involvement of any Member Group Person in any Other Business will not constitute a conflict of
interest by such Persons with respect to the Company or its Members or any of its Subsidiaries.

(b)    Without prejudice to Section 5.08(a), each Director shall, in his or her
capacity as a Director, and not in any other capacity, have the same fiduciary duties to the
Company and the Members as a director of a Delaware corporation; provided, that,
notwithstanding the foregoing:

(i)    the Directors shall not have, or be deemed to have, any duties or
implied duties (including fiduciary duties) to the Company or its Subsidiaries, any Member or
any other Person (and each Director may act in and consider the best interests of the Member
who designated such Director and shall not be required to act in or consider the best interests of
the Company and its Subsidiaries or the other Members) and any duties or implied duties
(including fiduciary duties) of a Director to any other Member or the Company or its
Subsidiaries that would otherwise apply at law or in equity are hereby disclaimed and eliminated
to the fullest extent permitted under the Act and any other applicable law, and each Member
hereby disclaims and waives all rights to, and releases each other Member and each Director

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from, any such duties, in each case with respect to or in connection with any of the following
circumstances:

(A)    any transaction or arrangement, or any proposed transaction
or arrangement, between the Company or its Subsidiaries, on the one hand, and SoftBank, SVFA
or any SoftBank Party, on the other hand, including the decision to engage, or not to engage in,
such transaction or arrangement; and

(B)    any decision to engage or not to engage in any transaction
or arrangement, or any proposed transaction or arrangement contemplated by the Transaction
Documents or the Commercial Agreements (as the same may be amended from time to time in
accordance with the provisions thereof), or which is otherwise on terms consistent with the
Commercial Agreements; and
    
(C)    the issuance of Equity Securities to the GM Investor or any
of its Affiliates pursuant to Section 2.05; and

(ii)    without limiting the requirements of Section 6.13(b), in connection
with any transaction or arrangement, or any proposed transaction or arrangement, between the
Company or any of its Subsidiaries, on the one hand, and GM or any of its Affiliates, on the
other hand, (A) there will be no requirement for any non-Independent Director to approve such a
transaction or for any independent or non-Board of Director review process, and (B) such
transaction or arrangement and decision of the Board of Directors in connection therewith shall
not be subject to any heightened standard of review or approval (including any review under an
“entire fairness” standard).

(c)    To the maximum extent permitted by law, no Member Group Person
(other than any Director in their capacity as the same to the extent expressly provided in this
Agreement) shall owe any fiduciary or similar duties or obligations to the Company or its
Subsidiaries, the Members or any Person, and any such duties (fiduciary or otherwise) of such
Member Group Person are intended to be modified and limited to those expressly set forth in this
Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or exist against any such Member Group Person. For purposes
of clarification and the avoidance of doubt and notwithstanding the foregoing, nothing contained
in this Section 5.08 or elsewhere in this Agreement shall, nor shall it be deemed to, eliminate (i)
the obligation of the Members to act in compliance with the express terms of this Agreement,
any Transaction Document or any Commercial Agreement, or (ii) the implied contractual
covenant of good faith and fair dealing of the Members.

(d)    In performing its, his or her duties, each of the Members, Directors and
Officers shall be entitled to rely in good faith on the provisions of this Agreement and on
information, opinions, reports or statements (including financial statements and information,
opinions, reports or statements as to the value or amount of the assets, liabilities, profits or losses
of the Company and its Subsidiaries), of the following other Persons or groups: (i) (A) in relation
to such Member, one or more officers or employees of such Member or by the Company or any
of its Subsidiaries, or (B) in relation to an Officer or Director, one or more Officers or employees
of the Company or its Subsidiaries, (ii) (A) in relation to such Member, any attorney,

24

independent accountant or other Person employed or engaged by such Member or by the
Company or any of its Subsidiaries, or (B) in relation to an Officer or Director, any attorney,
independent accountant or other Person employed or engaged by the Company or any of its
Subsidiaries, or (iii) any other Person who has been selected with reasonable care by or on behalf
of such Member (in relation to a Member only) or by or on behalf of the Company or any of its
Subsidiaries, in each case, as to matters which such relying Person reasonably believes to be
within such other Person’s professional or expert competence. The preceding sentence shall in
no way limit any Person’s right to rely on information to the extent provided in Section 18-406
of the Act.

5.09    Limitation of Liability. Except as otherwise required by applicable law or as
expressly set forth in this Agreement, no Member shall have any personal liability whatsoever in
such Member’s capacity as a Member, whether to the Company, to any of the other Members, to
the creditors of the Company or to any other Person for the debts, obligations and liabilities of
the Company, whether arising in contract, tort or otherwise (including those arising as a Member
or an equityholder, an owner or a shareholder of another Person). Each Member shall be liable
only to make such Member’s Capital Contribution to the Company, if applicable, and the other
payments provided for expressly herein, in each case, in accordance with the applicable terms of
this Agreement and any Transaction Document to which it is a party.

5.10    Authority. Except as otherwise expressly set forth in this Agreement, no
Member, in its capacity as a Member, shall have the power to act for or on behalf of, or to bind
the Company.

5.11    Sale of the Company; IPO. Notwithstanding anything to the contrary in this
Agreement, the prior written consent of the GM Investor (acting in its sole discretion and in its
capacity as a Member) will be required prior to entering into or consummating any Sale of the
Company or any IPO.

ARTICLE VI
MANAGEMENT

6.01    Management.

(a)    To the fullest extent permitted by law, the business and affairs of the
Company shall be managed by a board of directors (the “Board of Directors”), which shall
direct, manage and control the business of the Company. Except as otherwise expressly set forth
herein (or if required by a non-waivable provision of the Act), no Member shall have the right to
manage the Company or to reject, override, overturn, veto or otherwise approve or pass
judgement upon any action taken by the Board of Directors or an authorized Officer of the
Company. Except as otherwise expressly set forth herein, the Board of Directors shall have full
and complete authority, power and discretion to manage and control the business, affairs and
properties of the Company and make any and all decisions and to take any and all actions which
the Board of Directors deems necessary or desirable for that purpose.

25

(b)    Each Director shall constitute a “manager” within the meaning of the Act.
However, no individual Director, in his or her capacity as such, shall have the authority to bind
the Company.

6.02    Number of Directors. At the date of this Agreement, the Board of Directors
shall consist of six (6) Directors. The Board of Directors may, from time to time following the
date of this Agreement, determine the size of the Board of Directors; provided, however, that the
size of the Board of Directors shall not be decreased to less than six (6) Directors.

6.03    Board Designation Rights and Composition; Proxies.

(a)    (i) The Class A-2 Preferred Members shall, by vote of a Majority of the
Class A-2 Preferred, have the exclusive right to designate, appoint, remove and replace all
Directors (including any Director vacancies created by virtue of an increase in the size of the
Board of Directors pursuant to Section 6.02) other than the SoftBank Director (if applicable) and
the Common Director (the “A-2 Preferred Directors”); provided, that if there are no Class A-2
Preferred Shares outstanding, the A-2 Preferred Directors will be appointed by a Majority of the
Class C Common, (ii) the Members holding Common Shares shall, by vote of a Majority of the
Common Shares, have the exclusive right to designate, appoint, remove and replace one (1)
Director (the “Common Director”), and (iii) following the receipt of CFIUS Approval and
subject to Section 6.05, SoftBank shall have the exclusive right (exercisable by written
notification to the Company and the GM Investor), for so long as SoftBank owns the Floor
Amount, to designate, appoint, remove and replace one (1) Director (the “SoftBank Director”).
The initial A-2 Preferred Directors shall be such four (4) natural Persons as are notified in
writing to the Company and SoftBank by GM on or prior to the execution of this Agreement and
the initial Common Director shall be such one (1) natural Person as is notified in writing to the
Company and SoftBank by GM on or prior to the execution of this Agreement. If at any time
any Director ceases to serve on the Board of Directors (whether due to resignation, removal or
otherwise), the Member(s) entitled to designate and appoint such Director pursuant to this
Section 6.03 shall designate and appoint a replacement for such Director by written notice to the
Board of Directors (it being further understood and agreed that the failure by any party to
designate and appoint a representative to fill a vacant Director position pursuant to this
Section 6.03(a) shall not give rights to, or otherwise entitle, the Board of Directors or any other
Member (other than the Member(s) entitled to designate and appoint such Director pursuant to
this Section 6.03(a), including the penultimate sentence hereof) to fill such vacant position
without the prior written consent of the Member(s) originally entitled to designate and appoint
such Director pursuant to this Section 6.03(a)). Except as otherwise expressly stated herein, only
the Member(s) entitled to designate and appoint a specific Director may remove such Director, at
any time and from time to time, with or without cause (subject to applicable law), in such
Member(s) sole discretion, and such Member(s) shall give written notice of such removal to the
Board of Directors. Notwithstanding the foregoing, upon such time as SoftBank owns less than
the Floor Amount, the SoftBank Director shall be immediately and automatically removed, and
the right of SoftBank to designate, appoint, remove and replace a Director shall be null and void
and, for clarity, Class A-2 Preferred Members shall, by vote of a Majority of the Class A-2
Preferred (or a Majority of the Class C Common, if no Class A-2 Preferred Shares are
outstanding), have the exclusive right to fill such vacant Director position (and, thereafter,

26

designate, appoint, remove and replace such Director). Except as otherwise expressly stated
herein, this Section 6.03 is the exclusive means by which Directors may be removed or replaced.

(b)    The GM Investor may elect any one (1) of the Directors to be the
Chairman of the Board of Directors (the “Chairman”). The Chairman, if any, may be removed
from his or her position as Chairman at any time by the GM Investor. The Chairman, in his or
her capacity as the Chairman, shall not have any of the rights or powers of an Officer. The
Chairman shall preside at all meetings of the Board of Directors and at all meetings of the
Members at which he or she shall be present. The Chairman may be the chief executive officer,
or have another officer position, at GM (or any of its Affiliates) or the Company (or any of its
Subsidiaries).

(c)    To the extent permitted by law, each Member shall vote all voting
securities of the Company over which such Member has voting control, and shall take all other
necessary or desirable actions within such Member’s control (whether in such Member’s
capacity as a Member, Director, member of a board committee or Officer of the Company or
otherwise, and including attendance at meetings in person or by proxy for purposes of obtaining
a quorum and execution of written consents in lieu of meetings), and the Company shall take all
necessary and desirable actions within its control (including calling special Board of Directors or
member meetings), so that the provisions of this Section 6.03 are promptly complied with and
that the composition of the Board of Directors is consistent with the terms and conditions of this
Section 6.03.
    
(d)    Any A-2 Preferred Director or Common Director may authorize any other
Director to act for such Director by proxy on any matter brought before the Board of Directors
for a vote, which proxy may be granted orally or in writing by the applicable Director. Any such
proxy shall be revocable at the pleasure of the Director granting it, provided that such right to
revocation shall not invalidate or otherwise affect actions taken under such proxy prior to such
revocation.

6.04    Board Observer. Following the receipt of CFIUS Approval and subject to
Section 6.05, SoftBank shall have the exclusive right, for so long as SoftBank owns the Floor
Amount, to designate one natural person to attend all meetings of the Board of Directors in a
non-voting observer capacity (the “Board Observer”). The following terms and conditions will
apply to the Board Observer:

(a)    the Company shall deliver to the Board Observer copies of all reports,
notices, minutes, consents, actions taken or proposed to be taken without a meeting and other
materials in each case (and to the extent) that the Company provides the same to the SoftBank
Director, each such delivery to be made concurrently with the delivery of such materials to the
SoftBank Director; provided, that failure to deliver any such notice or materials to any Board
Observer shall not impair the validity of any action taken by the Board of Directors;

(b)    the Board Observer shall be entitled to attend all meetings of the Board of
Directors in person or by telephone, and the Company shall ensure that appropriate arrangements
are made such that the Board Observer will be able to hear everyone during any meeting of the
Board of Directors at which the Board Observer participates by telephone; provided, that a Board

27

Observer may be excluded from access to any portion of any meeting to the same extent as the
SoftBank Director would be so excluded (or recused) pursuant to the terms hereof;

(c)    the Board Observer shall be an observer only, shall not be an actual
member of the Board of Directors and shall not have any of the rights, duties or obligations of a
Director (including that the Board Observer shall not have the right to vote on any matter that
may come before the Board of Directors). The Board Observer shall not count towards any
quorum;

(d)    subject to Section 6.04(e), SoftBank has the right to remove and replace or
substitute the Board Observer from time to time by providing written notice to the Company;

(e)    upon such time as SoftBank owns less than the Floor Amount, the Board
Observer shall be automatically removed and shall cease to have any of the rights contemplated
by this Section 6.04, and the right of SoftBank to designate, appoint, remove and replace the
Board Observer shall be null and void; and

(f)    prior to appointment, the Board Observer will enter into a confidentiality
agreement with the Company, on terms mutually acceptable to the Board of Directors and the
Board Observer.

6.05    Director Appointee Screening. Unless otherwise agreed in writing by SoftBank
and the GM Investor, each Person selected pursuant to Section 6.03(a) from time to time to serve
as the SoftBank Director and the Board Observer (a) must be a U.S. citizen; (b) must not be (i)
an employee, director (or board observer), manager, officer or consultant of any Restricted
Person or (ii) a Person who has direct or indirect control, influence or management oversight of
Persons who are employees, directors (or board observer), managers, officers or consultants of a
Restricted Person; (c) must not be a member of any investment committee (or similar body) of
any Person whose other members include one or more Persons that are described in
subsection (b); (d) must not (i) be a “bad actor” as defined in Rule 506(d)(1) of the Securities Act
or (ii) have been convicted of a felony (excluding driving under the influence) or any crime
involving moral turpitude; and (e) shall be subject to the prior written approval of the Majority of
the Class A-2 Preferred. If any nominee for the position of SoftBank Director or Board Observer
is rejected by the Majority of the Class A-2 Preferred, such Person shall not be nominated or
appointed as a Director or Board Observer, as applicable. If, at any time following the
appointment of any SoftBank Director or Board Observer, the Majority of the Class A-2
Preferred believes that such SoftBank Director or Board Observer no longer satisfies the criteria
described in clauses (a) through (d) above, the Majority of the Class A-2 Preferred may deliver
written notice thereof to the Majority of the Class A-1 Preferred and the Board of Directors. If,
following reasonable consultation with SoftBank, the Board of Directors determines that such
criteria are not met, such SoftBank Director or Board Observer (as applicable) will be deemed
automatically removed, without recourse, as a Director or Board Observer (as applicable) and
SoftBank shall have the right to fill the resulting vacancy as contemplated by Section 6.03 and
Section 6.04 but subject to this Section 6.05. If no Class A-2 Preferred Shares are outstanding,
references in this Section 6.05 to a Majority of the Class A-2 Preferred will be deemed to be to a
Majority of the Class C Common.

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6.06    Tenure of Directors. Each Director shall hold office until the earliest of such
Person’s death, resignation, removal or replacement (or, in the case of the SoftBank Director,
such time as SoftBank owns less than the Floor Amount).

6.07    Committees. The Board of Directors may establish one or more committees,
each committee to consist of one or more of the Directors. Each Director serving on any such
committee shall have one (1) vote. Any such committee, to the extent provided in the resolution
of the Board of Directors, shall have and may exercise all the power and authority of the Board
of Directors. The vote of a Majority of a Committee is required for any action or decision of a
committee requiring the consent or approval of such committee, unless determined by the Board
of Directors or the applicable committee (by vote of a Majority of a Committee). The
procedures governing the meetings and actions of any committee shall be the same as those
governing the Board of Directors pursuant to this Article VI (including quorum, voting, notice
and other similar requirements), unless otherwise determined by the Board of Directors or the
applicable committee (by a vote of a Majority of a Committee).

6.08    Director Compensation. No Director shall be entitled to compensation for
acting as a Director. However, the Company shall reimburse each Director for all reasonable
out-of-pocket expenses which such Director shall incur in connection with the performance of
such Person’s duties as a Director. Notwithstanding the foregoing, nothing contained in this
Agreement shall be construed to preclude any Director from serving the Company or any of its
Subsidiaries in any other capacity and receiving compensation for such service.

6.09    Director Resignation. Any Director may resign at any time by giving written
notice to the Board of Directors and the secretary of the Company. The resignation of any
Director shall take effect upon receipt of notice thereof or at such later time as shall be specified
in such notice and, unless otherwise specified therein, the acceptance of such resignation shall
not be necessary to make it effective.

6.10    Vacancies. When any Director shall resign or otherwise cease to serve as
Director, such vacancy shall be filled in accordance with Section 6.03. Unless otherwise
provided by the Member(s) entitled to designate such replacement Director, the replacement
shall take effect when such resignation or cessation shall become effective. No vacancy on the
Board of Directors shall prevent the operation and functioning of the Board of Directors subject
to the terms and conditions hereof.

6.11    Meetings. The Board of Directors shall meet at such times and at such places
(either within or outside of the State of Delaware) as determined in accordance with this
Section 6.11. Minutes of any formal meeting of the Board of Directors shall be kept and placed
in the Company’s records. Notwithstanding anything to the contrary in this Agreement, any
action which may be taken at a meeting of the Board of Directors may be taken without a
meeting if written consent(s) setting forth the action so taken shall be signed by a Majority of the
Board. Meetings of the Board of Directors shall be held on the call of the Chairman, the Board
of Directors or at the request of either the Majority of the Class A-2 Preferred or a Majority of
the Class C Common upon at least three (3) Business Days written notice to the Directors (or
upon such shorter notice as may be approved by all of the Directors) and such notice shall
include the place, day and hour of such meeting, it being acknowledged and agreed that whether

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such meeting is to be held by telephone communications or video conference shall be determined
by the Chairman; provided, that the Board of Directors shall meet (whether in person or by any
other means contemplated by Section 6.12) no less frequently than four (4) times per Fiscal Year
(or less frequently as may be approved by all of the Directors). Meetings of the Directors or any
committee designated by the Directors may be held without notice at any time that all Directors
are present in person, and presence of any Director at a meeting constitutes waiver of notice of
such meeting except as otherwise provided by law.

6.12    Meetings by Telephone. Directors may participate in a meeting of the Board of
Directors or a committee thereof by means of conference telephone, videoconference or similar
communications equipment by which all Persons participating in the meeting can hear each other
at the same time. Such participation shall constitute presence in person at the meeting.

6.13    Quorum; Actions of Board of Directors; SoftBank Minority Consent Rights.
A quorum at all meetings of the Directors shall consist of members of the Board of Directors
constituting a Majority of the Board (present in person or by proxy), but a smaller number may
adjourn any such meeting from time to time without further notice until a quorum is secured.
The quorum for the holding of a meeting of a committee of the Board of Directors shall be a
Majority of a Committee of such committee. Each Director shall have one (1) vote on all matters
submitted to the Board of Directors (whether the consideration of such matter is taken at a
meeting, by written consent or otherwise). The vote of (or written consent signed by) a Majority
of the Board shall be required for any action, decision or approval by the Board of Directors;
provided, that for so long as SoftBank owns the Floor Amount, the Company shall not, and shall
not permit any Subsidiary of the Company to, take any of the following actions without the
approval of a Majority of the Board which majority shall include the vote in favor of the
SoftBank Director, or by written consent signed by the Majority of the Board which shall also
include the signature of the SoftBank Director:

(a)    make any alteration or amendment or waiver to this Agreement or the
organizational documents of any Subsidiary of the Company in a manner that is adverse to rights
of the Class A-1 Preferred Shares; provided, that this Section 6.13(a) will not apply to any of the
following: (i) the addition of Members to the Company or the issuance of Shares or other Equity
Securities of the Company (whether of a new or an existing class), in each case, in accordance
with the terms of this Agreement, and any amendment(s) to this Agreement in connection with
implementing such issuance or addition of such Member(s) (including the updating of the
Members Schedule in connection therewith) or the granting of any rights to one or more
Members in connection with such issuance in accordance with the terms of this Agreement, (ii)
any amendment(s) to this Agreement in connection with the preparation for or consummation of
an IPO that do not adversely affect the Class A-1 Preferred Shares in a manner which is
disproportionate to the other Shares (except as contemplated by Section 9.10) or (iii) to correct
any typographical or similar ministerial errors. In determining whether an amendment adversely
affects the rights of the Class A-1 Preferred Shares, only the rights related thereto shall be
considered, and any other relationship(s) the Class A-1 Preferred Members may have with the
Company, any of its Subsidiaries or the other Members shall not be considered and no
characteristic of the Class A-1 Preferred Members other than the rights relating to the Class A-1
Preferred Shares shall be considered;

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(b)    without prejudice to Sections 5.08(b)(i)(B), 5.08(b)(i)(C) and 5.08(b)(ii),
enter into any transaction, arrangement or agreement between the Company or any of its
Subsidiaries, on the one hand, and GM or any of its Affiliates on the other hand, except in each
case for any such transaction, arrangement or agreement, (i) on terms, as determined by the
Board of Directors acting in good faith, that are no less favorable, in all material respects, than
those the Company would agree to with any Person who is not GM or any of its Affiliates;
provided, that for any such transaction, arrangement or agreement, the Board of Directors may
(but shall not be obligated to) obtain (A) an opinion of an independent auditor or independent
outside counsel that the requirements of subsection (i) have been satisfied or (B) approval of a
majority of the Independent Directors (to the extent any are appointed), and such opinion or
approval shall be conclusive evidence that the requirements of subsection (i) have been satisfied
and shall be binding on the Members (it being understood that failure to obtain such opinion or
approval shall not, in and of itself, be evidence that the requirements of subsection (i) have not
been satisfied); (ii) contemplated by the Transaction Documents or the Commercial Agreements
(as the same may be amended from time to time in accordance with the provisions thereof), or
which is otherwise on terms consistent with the Commercial Agreements; or (iii) providing for
the issuance of Equity Securities pursuant to Section 2.05;

(c)    issue any Equity Securities that have rights, preferences or privileges with
respect to Distributions, (i) senior to the rights of the Class A-1 Preferred Shares in Sections
3.01(b)(i) or 3.02(a)(i) or (ii) at any time prior to the first (1st) anniversary of Commercial
Deployment, pari passu with the rights of the Class A-1 Preferred Shares in Sections 3.01(b)(i)
or 3.02(a)(i) (the “Par Securities”); provided, that this subsection (ii) will not apply to the first
$1,000,000,000 of new Par Securities issued (with such amount being calculated based on the
consideration paid by the recipient(s) of such Par Securities); or

(d)    consummate an IPO, prior to the third (3rd) anniversary of the date of this
Agreement, pursuant to which Class A-1 Preferred Members would receive Low-Vote IPO
Shares that, at the time of the IPO, had (i) with respect to Class A-1-A Preferred Shares a per
share market value less than the Class A-1-A Liquidation Preference Amount or (ii) with respect
to Class A-1-B Preferred Shares a per share market value less than the Class A-1-B Liquidation
Preference Amount (such aggregate shortfall for each Class A-1 Preferred Member, the “IPO
Shortfall”); provided, that this Section 6.13(d) will not apply if:

(i)    the Board of Directors, at or prior to the consummation of such an
IPO (other than an IPO with no primary issuance or that constitutes a spin-off), causes the
Company to make an irrevocable written commitment to each Class A-1 Preferred Member
pursuant to which the Company will provide to such Class A-1 Preferred Member additional
Low-Vote IPO Shares and/or cash equal to the aggregate IPO Shortfall that would be suffered by
such Class A-1 Preferred Member; or

(ii)    in the case of such an IPO with no primary issuance or that
constitutes a spin-off, at or prior to the consummation of such IPO the IPO’d entity enters into a
binding agreement providing that, if based on the thirty (30)-day variable weighted average share
price of the IPO’d entity immediately following such IPO there exists an IPO Shortfall, such
entity will issue to the former Class A-1 Preferred Members additional Low-Vote IPO Shares
and/or cash equal to the aggregate IPO Shortfall.

31

Notwithstanding anything to the contrary in this Agreement, if at any time the SoftBank
Director has not been appointed to the Board of Directors or there is otherwise a vacancy with
respect to the SoftBank Director and, in each case, SoftBank continues to own the Floor Amount,
none of the foregoing actions in this Section 6.13 shall be taken without the approval of the
Majority of the Class A-1 Preferred. For clarity, if the rights in this Section 6.13(a) through (d)
are amended or cease to apply pursuant to Sections 2.02(c)(ii) or 2.02(d), such rights will also be
amended or cease to apply (as applicable) with respect to the Majority of the Class A-1 Preferred
(to the extent rights were granted pursuant to the prior sentence).

6.14    Competitively Sensitive Information. Notwithstanding anything to the contrary
in this Agreement (and subject further, and without prejudice, to Section 8.03), in the event that
any written or oral materials that contain Competitively Sensitive Information will be shared
with or presented to the Board of Directors, the Company shall withhold any such materials such
that the Competitively Sensitive Information is only shared or discussed with, or presented for
review only to, the A-2 Preferred Directors and the Common Director (and decisions relating
thereto), and each other Director (and the Board Observer) shall recuse himself or herself from
the portion(s) of the meeting at which any such matters are shared, presented or discussed;
provided, that the Company will (a) only redact that portion of any written materials which
constitutes Competitively Sensitive Information, provide the redacted document to the recused
Directors and permit the recused Directors to participate in such portion of any meeting or
discussion that relates solely to the unredacted sections of such materials, and (b) inform each
Director that Competitively Sensitive Information will be shared with or presented to the Board
of Directors at least one (1) Business Day in advance of such materials being shared or
presented.

6.15    Officers. The Board of Directors may from time to time appoint individuals as
officers of the Company (“Officers”). The Officers of the Company shall have such titles,
duties, authority and compensation (if any) as shall be fixed by the Board of Directors from time
to time. Any Officer may be removed, with or without cause, at any time by the Board of
Directors.

ARTICLE VII
EXCULPATION AND INDEMNIFICATION

7.01    Exculpation. No Officer shall be liable to any other Officer, the Company or any
Member for any loss suffered by the Company or any Member; provided, that subject to the
other limitations contained in this Agreement, this sentence shall not apply with respect to losses
caused by such Person’s fraud, gross negligence, intentional misconduct or intentional breach of
this Agreement or breach of any duty owed to the Company or to any other Member. Without
limiting the foregoing, the Officers shall not be liable for any acts or omissions that do not
constitute fraud, gross negligence, intentional misconduct or intentional breach of this
Agreement or breach of any duty owed to the Company or to any other Member. No Director
shall be liable to any other Director, the Company or any Member for any loss suffered by the
Company or any Member to the maximum extent permitted pursuant to the DGCL (as the same
exists or may hereafter be amended (but in the case of any amendment, only to the extent such
amendment permits the Company to provide broader exculpation than the Company was
permitted to provide prior to such amendment)) with respect to directors of corporations

32

(assuming such corporation had in its certificate of incorporation a provision eliminating the
liabilities of directors and officers to the maximum extent permitted by Section 102(b)(7) of the
DGCL).

7.02    Indemnification.

(a)    Subject to the limitations and conditions as provided in this Article VII,
each Covered Person who was or is made a party or is threatened to be made a party to or is
involved in any threatened, pending or completed action, suit or proceeding, claim, dispute,
litigation, complaint, charge, claim, grievance, hearing, audit, arbitration, or mediation, whether
civil, criminal, administrative or arbitrative, at law or at equity, or any appeal therefrom, or any
inquiry, or investigation that could lead to any of the foregoing (each of the foregoing, a
“Proceeding”), by reason of the fact that he, she or it, or a Person of whom he or she is the legal
representative, is or was a Member (in the case of a Member for all purposes of this Section 7.02,
solely by reason of such Member’s status as a Member and not with respect to any actions taken,
or the failure to take an action, by such Person as a Member) or other Covered Person, shall be
indemnified by the Company to the fullest extent permitted by the Act or, in the case of
Directors, to the fullest extent permitted by the DGCL for a director of a Delaware corporation
(assuming such corporation had in its certificate of incorporation a provision eliminating the
liabilities of directors and officers to the maximum extent permitted by Section 102(b)(7) of the
DGCL), as (in the case of each of the DGCL and the Act) the same exists or may hereafter be
amended (but, in the case of any such amendment, only to the extent that such amendment
permits the Company to provide broader indemnification rights than said law permitted the
Company to provide prior to such amendment) against judgments, penalties (including excise
and similar taxes and punitive damages), fines, settlements and reasonable expenses (including
attorneys’ fees) or any other amounts incurred by such Person in connection with such
Proceeding, and indemnification under this Article VII shall continue as to a Covered Person
who has ceased to serve in the capacity which initially entitled such Person to indemnity
hereunder; provided, that except to the extent a Person is entitled to or receives exculpation
pursuant to Section 7.01 or as expressly provided for in any Commercial Agreement or
Transaction Document, no Covered Person shall be indemnified for any judgments, penalties
(including excise and similar taxes and punitive damages), fines, settlements or reasonable
expenses (including attorneys’ fees) actually incurred by such Covered Person that are
attributable to: (i) Proceedings initiated by such Covered Person or Proceedings by such Covered
Person against the Company, (ii) economic losses or tax obligations incurred by a Covered
Person as a result of owning Shares or (iii) Proceedings initiated by the Company or any of its
Subsidiaries against any such Covered Person, including Proceedings to enforce any rights
against such Covered Person under any employment, consulting, services or other agreement
between such Person, on the one hand, under the Transaction Documents or Share Grant
Agreement.

(b)    Expenses (including attorneys’ fees) incurred by a Covered Person in
defending any civil, criminal, administrative or investigative action, suit or proceeding with
respect to a Designated Matter shall be paid by the Company in advance of the final disposition
of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Covered
Person to repay such amount to the extent it shall ultimately be determined that such Covered
Person is not entitled to indemnity under this Section 7.02.

33

(c)    Recourse by a Covered Person for indemnity under this Section 7.02 shall
be only against the Company as an entity and no Member shall by reason of being a Member be
liable for the Company’s obligations under this Section 7.02 or otherwise be required to make
additional Capital Contributions to help satisfy such indemnity obligations of the Company.

(d)    The Company may enter into a separate agreement to indemnify any
Covered Person as to any matter (whether or not a Designated Matter) to the extent such
agreement is approved by the Board of Directors. Any such separate agreement shall be in
addition to (and not in limitation of) the rights set forth in this Section 7.02 or elsewhere in this
Agreement and shall not, unless expressly set forth in such separate agreement, be subject to any
limitations or conditions set forth in this Section 7.02 or elsewhere in this Agreement.

(e)    The indemnification and advancement of expenses provided by, or granted
pursuant to, the other provisions of this Section 7.02 shall not be deemed to be exclusive of any
other rights to which those seeking indemnification or advancement of expenses may be entitled
under any agreement, both as to action in his, her or its official capacity and as to action in
another capacity while holding such position or related to the Company, and shall continue as to
any Person who has ceased to be a Covered Person (or successor or assignee of a Covered
Person) and shall inure to the benefit of the heirs, representatives, successors and assigns of such
Covered Person.

(f)    The Company may purchase and maintain insurance for the benefit of any
Covered Person with respect to any Designated Matter, whether or not the Company must or
could indemnify such Covered Person under this Section 7.02.

(g)    This Article VII shall inure to the benefit of the Covered Persons and their
heirs, representatives, successors and assigns, and it is the express intention of the parties hereto
that the provisions of this Article VII for the indemnification and exculpation of the Covered
Persons may be relied upon by such Covered Persons and may be enforced by such Covered
Person against the Company pursuant to this Agreement or to a separate indemnification
agreement, as if such Covered Persons were parties hereto.

7.03    No Personal Liability. No individual who is a Director or an Officer, or any
combination of the foregoing, shall be personally liable under any judgment of a court, or in any
other manner, for any debt, obligation or liability of the Company, whether that liability or
obligation arises in contract, tort or otherwise solely by reason of being a Director or an Officer
or any combination of the foregoing.

ARTICLE VIII
BOOKS AND RECORDS; INFORMATION; RELATED MATTERS; COMPLIANCE

8.01    Generally. The Company shall (and shall cause it Subsidiaries to) maintain
books and records of account in which full and correct entries shall be made of all of their
business transactions pursuant to a system of accounting established and administered in
accordance with GAAP. The Company shall (and shall cause its Subsidiaries to) implement
financial controls reasonably designed to provide adequate assurance that payments will be made
by or on behalf of the Company and its Subsidiaries only in accordance with the instructions of

34

the Board of Directors or, as applicable, management to whom the Board of Directors has
delegated such authority.

8.02    Delivery of Financial Information.

(a) The Company shall deliver to SoftBank, for so long as SoftBank owns the
Floor Amount and subject to Section 8.03, and the GM Investor:

(i)    as soon as practicable, but in any event within one hundred twenty
(120) days (or, with respect to the Fiscal Year ending December 31, 2018, one hundred fifty
(150) days), following the end of each Fiscal Year beginning with the Fiscal Year ending
December 31, 2018, audited annual financial statements (including balance sheet, income
statement, statement of cash flow and statement of members’ equity) and accompanying notes of
the Company and its Subsidiaries (on a consolidated basis), prepared in accordance with GAAP
(except as may be indicated in the notes thereto);

(ii)    as soon as practicable, but in any event within forty-five (45) days,
following the end of each of the first three fiscal quarters of each Fiscal Year of the Company
beginning with the fiscal quarter ending September 30, 2018, unaudited financial statements
(including balance sheet, income statement, statement of cash flow and statement of members’
equity) of the Company and its Subsidiaries (on a consolidated basis), prepared in accordance
with GAAP (except as may be indicated in the notes thereto and subject to the absence of
footnote disclosures, normal year-end adjustments and such other departures from GAAP as the
Board of Directors may authorize); provided, that quarterly information provided before delivery
of the first annual audited financial statements is subject to revision as part of the implementation
of standalone financial reporting capabilities;

(iii)    as soon as practicable, but in any event within thirty (30) days after
the end of each month beginning with the month ending July 30, 2018, unaudited trial balances
of the Company and its Subsidiaries (on a consolidated basis); provided, that such management
accounts will only be required to be delivered to the extent they are otherwise prepared by
management of the Company in the ordinary course of business (and in such case shall only be
required to be in such form as so otherwise prepared) and, for the avoidance of doubt, any
monthly financial information may not include all adjustments necessary to reflect the Company
and its Subsidiaries (on a consolidated basis) on a standalone basis in accordance with GAAP
and any monthly information provided before the delivery of the first annual audited financial
statements is subject to revision as part of the implementation of standalone financial reporting
capabilities;

(iv)    as soon as practicable, but in any event within thirty (30) days after
the end of each fiscal quarter of each Fiscal Year of the Company, the Members Schedule; and

(v)    as soon as reasonably practicable following the end of each Fiscal
Year beginning with the Fiscal Year ending December 31, 2018, a budget and business plan for
the Company for the then current Fiscal Year. Such budget and business plan will be the same
as was shared with the Board of Directors and will include a level of detail reasonably customary
for entities of a size and nature similar to the Company.

35

8.03    Technical Information.    Notwithstanding anything to the contrary in this
Agreement, the Company will not provide (and nothing in this Article VIII or otherwise in this
Agreement will require the Company or any of its Directors or employees to provide) any
Technical Information to any Class A-1 Preferred Member, Class D Common Member, the
SoftBank Director or the Board Observer.

8.04    Applicable ABAC/AML/Trade Laws.

(a)    The Company covenants and agrees that the Company, any Subsidiaries it
establishes and any Associated Person of either the Company or any of its Subsidiaries shall
comply with all Applicable ABAC Laws, Applicable AML Laws and Applicable Trade Laws.

(b)    The Company covenants and agrees that the Company, any Subsidiaries it
establishes and any Associated Person of either the Company or any of its Subsidiaries shall not
use any funds received from GM, SVFA or SoftBank in violation of Applicable Trade Laws,
including, directly or indirectly, for the benefit of any Blocked Person.

(c)    If it has not already done so, the Company shall adopt and implement
within forty-five (45) days of executing this Agreement policies and procedures designed to
prevent the Company and its Affiliates as well as any Associated Person of either the Company
or any of its Affiliates from engaging in any activity, practice or conduct that would violate any
of the Applicable ABAC Laws, Applicable AML Laws or Applicable Trade Laws. Such policy
and procedures shall be consistent with the guidance that has been provided by government
authorities in the United Kingdom and United States of America having authority to administer
and prosecute violations of such laws and regulations.

(d)    The Company shall confirm in writing to SoftBank upon written request
(which such request shall be made no more frequently than once each fiscal year) that it and any
Subsidiaries it establishes have complied with the undertakings in this Section 8.04.

(e)    If the Company or any Subsidiaries it establishes has knowledge or
reasonable cause to believe after reasonable investigation that the Company, any of its
Subsidiaries or any Associated Person of the Company or any of its Subsidiaries has materially
violated any of the Applicable ABAC Laws, Applicable AML Laws and/or Applicable Trade
Laws, it shall notify SoftBank promptly in writing of its suspicion or belief and keep SoftBank
apprised of material developments concerning such violation; provided further, for the avoidance
of doubt, that neither the Company nor any of the Company’s Subsidiaries shall be obligated to
waive their attorney-client privilege to satisfy the foregoing obligation.

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ARTICLE IX
TRANSFERS OF COMPANY INTERESTS;
ADMISSION OF NEW MEMBERS; GM CALL

9.01    Limitations on Transfer.

(a)

(i)    Prior to the Trigger Date, (A) no Class A-1 Preferred Shares,
Class D Common Shares or any other Equity Securities held by SoftBank, SVFA or any of their
Affiliates and (B) no Class B Shares, may be Transferred or offered to be Transferred without
the prior written approval of each of the GM Investor and the Board of Directors and any such
Transfer or offer to Transfer such Shares, other Equity Securities or interests therein or rights
relating thereto shall be null and void ab initio and of no effect whatsoever. This Section 9.01(a)
(1) will not apply to any Transfer pursuant to Sections 2.02(c), 2.09, 9.02, 9.07, 9.08, 9.09, 9.10
or 9.12 (such Transfer, an “Excluded Transfer”) and (2) will cease to apply upon
consummation of an IPO. For clarity, except as set forth in Section 9.01(b), no Class A-2
Preferred Member or Class C Member is subject to any restrictions on Transfer of its Class A-2
Preferred Shares or Class C Common Shares.

(ii)    From and after the Trigger Date, the limitations on Transfer set
forth in the first sentence of Section 9.01(a)(i) will cease to apply; provided, that following the
Trigger Date and prior to the consummation of an IPO no Transfer of Class A-1 Preferred
Shares, Class D Common Shares or any other Equity Securities held by SoftBank, SVFA or any
of their Affiliates will be permitted unless the holder of such Shares shall have first complied
with the provisions of Section 9.01(a)(iii). Notwithstanding anything to the contrary in this
Agreement (including the expiration of the limitations on Transfer set forth in Section 9.01(a)(i)
from and after the Trigger Date but prior to the consummation of the IPO), at no time may
Class A-1 Preferred Shares, Class D Common Shares or any other Equity Securities held by
SoftBank or any of its Affiliates, be Transferred to a Restricted Person without the prior written
approval of each of the GM Investor and the Board of Directors.

(iii)    At least fifteen (15) days (or such shorter period as may be
consented to by the Board of Directors) prior to entering into any definitive agreement (a
“Binding Transaction Agreement”) providing for, or entered into in connection with, a
proposed Transfer (other than an Excluded Transfer) of Class A-1 Preferred Shares, Class D
Common Shares or any other Equity Securities held by SoftBank, SVFA or any of their
Affiliates, in each case from and after the Trigger Date, such Member proposing to make such a
Transfer (the “Transferor”) shall deliver a written notice (the “ROFR Notice”) to the Board of
Directors and the GM Investor, specifying in reasonable detail the identity of the prospective
transferee(s), the number and class of Shares or other Equity Securities proposed to be
Transferred (the “ROFR Offered Shares”) and the price and other terms and conditions of the
proposed Transfer. No Transferor shall enter into a Binding Transaction Agreement or
consummate such proposed Transfer before the GM ROFR Date (or such shorter period as
consented to by the Board of Directors). Following receipt of the ROFR Notice, the GM
Investor may elect to purchase all (but not less than all) of the ROFR Offered Shares at the price
set forth in the ROFR Notice and otherwise on Equivalent Terms, by delivering (or one of its

37

Affiliates delivering) written notice (a “GM ROFR Notice”) of such election to the relevant
Transferor(s) within ten (10) days after delivery of the ROFR Notice (such 10th day, the “GM
ROFR Date”). If the GM Investor (or one of its Affiliates) does not deliver a GM ROFR Notice
electing to purchase all of the ROFR Offered Shares at the price set forth in the ROFR Notice
and otherwise on Equivalent Terms on or prior to the GM ROFR Date, then the applicable
Transferor(s) may sell all, but not less than all, of the ROFR Offered Shares to the Person
identified in the ROFR Notice for a per Share amount equal to or greater than, and on other
terms no less favorable to Transferor than, the price and other terms set forth in the ROFR
Notice, in each case within one hundred twenty (120) days following the GM ROFR Date. Any
ROFR Offered Shares not Transferred within such one hundred twenty (120)-day period shall
again be subject to the provisions of this Section 9.01(a)(iii) prior to any subsequent Transfer. If
the GM Investor has elected to purchase the ROFR Offered Shares in accordance with this
Section 9.01(a)(iii), then such purchase shall be consummated as soon as practicable after the
delivery of the GM ROFR Notice to the Transferor(s), but in any event within one hundred
twenty (120) days after the delivery of such GM ROFR Notice. If the consideration proposed to
be paid for the ROFR Offered Shares in the ROFR Notice is in property, services or other noncash
consideration, then the fair market value of such non-cash consideration shall be equal to
the Fair Market Value thereof. The GM Investor shall pay the cash equivalent of such Fair
Market Value of any such property, services or other non-cash consideration proposed to be paid
in the ROFR Notice.

(b)    Notwithstanding any other provision in this Agreement to the contrary, no
Transfer of Shares may be made unless, in the opinion of counsel for the Company, satisfactory
in form and substance to the Board of Directors (which opinion requirement, or one or more
components thereof, may be waived, in whole or in part by the Board of Directors), such
Transfer would not result in (i) a violation of any applicable United States federal or state
securities laws, (ii) unless waived by the Board of Directors, the Company being required to
register as an investment company under the Investment Company Act of 1940 or any other
federal or state securities laws or (iii) other than pursuant to Section 9.10, the Company being
required to register under Section 12(g) of the Securities Exchange Act of 1934. As a condition
to the Company recognizing the effectiveness of any Transfer of Shares, the Board of Directors
may require the transferor and/or transferee, as the case may be, to execute, acknowledge and
deliver to the Company such instruments of transfer, assignment and assumption and such other
certificates, representations and documents, and to perform all such other acts, which the Board
of Directors may reasonably deem necessary or desirable to (A) verify the Transfer, (B) confirm
that the proposed transferee has accepted, assumed and agreed to be subject and bound by all of
the terms, obligations and conditions of this Agreement (whether or not such Person is to be
admitted as a new Member) and (C) assure compliance with applicable state and federal laws,
including securities laws and regulations. For the purposes of this Article IX, any transfer, sale,
assignment, pledge, encumbrance or other direct or indirect disposition of shares or other
interests of any Person which is an entity and a substantial portion of the assets of which are,
directly or indirectly, Shares or other Equity Securities, or which is intentionally designed to, or
has the effect of, circumventing the intention of the Transfer restrictions in this Agreement, shall
be deemed to be a Transfer of Shares or Equity Securities (as applicable). Each Member as to
which the immediately preceding sentence applies shall cause its direct and indirect interest
holders to comply with the provisions of this Article IX.

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(c)    No Transfer of Class A-1 Preferred Shares may be consummated (and any
process pursuant to Section 9.01(a)(iii) shall be suspended if a Call Notice is delivered pursuant
to Section 9.12) until such time as the Class A-1/D Purchase pursuant to such Call Notice has
been consummated.

(d)    Without prejudice to SoftBank’s right to consummate the one-time
Transfer as permitted by Section 9.02(c), until such time as SoftBank has paid, in full, the
Subsequent SoftBank Commitment pursuant to Section 2.02(c), SoftBank (i) shall not make any
Transfer if the effect of such Transfer would be that SoftBank ceases to be a Member hereunder
and (ii) shall ensure that it has uncalled capital commitments sufficient to pay the Subsequent
SoftBank Commitment in full.

9.02    Permitted Transfers.

(a)    Notwithstanding Section 9.01(a), Class A-1 Preferred Shares, Class D
Common Shares and Class B Common Shares may be Transferred by the holder thereof without
obtaining the approval of the Board of Directors: (i) in the case of an Employee Member, to a
member of the Family Group of the Person to whom such Shares were originally issued (a
Transfer pursuant to this clause (i), an “Exempt Employee Member Transfer”) or (ii) in the
case of a Class A-1 Preferred Member or Class D Member, to an Affiliate (other than SoftBank
Group Corp. or its Subsidiaries) of such Class A-1 Preferred Member or Class D Member that
(A) is owned and controlled, directly or indirectly, by such Class A-1 Preferred Member or such
Class D Member, and (B) is not a Restricted Person (a Transfer pursuant to this clause (ii), an
“Exempt SoftBank Transfer”); provided, that (subject only to Section 9.02(c)) the permitted
exceptions in this Section 9.02(a) will not apply to any Shares held by SoftBank. If a Permitted
Transferee ceases to meet the criteria set forth in (i) or (ii) of the preceding sentence (as
applicable), such Permitted Transferee shall re-transfer (within ten (10) Business Days) the
Shares Transferred to such Permitted Transferee to the original transferor (in the case of an
Exempt SoftBank Transfer) or to another member of the Family Group of such transferring
Person (in the case of an Exempt Employee Member Transfer) and, pending the completion of
such re-transfer, such Permitted Transferee shall not have any rights under this Agreement in
respect of such Shares held by him, her or it.

(b)    As used herein, a “Permitted Transferee” shall constitute any Person,
other than the Company, to whom Shares are Transferred pursuant to this Section 9.02.

(c)    Notwithstanding Section 9.01(a), SoftBank may, on or prior to September
10, 2018, Transfer all, but not less than all, of its Shares as well as its corresponding rights and
obligations under this Agreement (including those set forth in Sections 2.02(c)(i) and 9.01(d)) to
SVF or a Sidecar Fund (the “SVF Transfer”). Any such Transfer consummated pursuant to and
in compliance with this Section 9.02(c) will be deemed to have been approved by the Board of
Directors.

9.03    Assignee’s Rights and Obligations.

(a)    A Transfer of a Share permitted pursuant to this Agreement shall be
effective as of the date of assignment and compliance with the conditions to such Transfer, and

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such Transfer shall be shown on the books and records of the Company. Prior to the date that the
Transfer is consummated and the transferee becomes a Member hereunder, such proposed
transferee shall be referred to herein as an “Assignee”. Distributions made before the effective
date of such Transfer, shall be paid to the transferor, and Distributions made after such date shall
be paid to the Assignee.

(b)    Unless and until an Assignee becomes a Member pursuant to this Article
IX, the Assignee shall not be entitled to any of the rights granted to a Member hereunder or
under applicable law, other than the rights granted specifically to Assignees pursuant to this
Agreement and rights granted to Assignees pursuant to the Act. Further, such Assignee shall be
bound by any limitations and obligations contained herein with respect to Members.

(c)    Any Member who shall Transfer any Shares or other interest in the
Company shall cease to be a Member with respect to such Shares or other interest and shall no
longer have any rights or privileges of a Member with respect to such Shares or other interest,
except that, unless and until the Assignee is admitted as a Substituted Member in accordance
with the provisions of Section 9.04 (the “Admission Date”), (i) such assigning Member shall
retain all of the duties, liabilities and obligations of a Member with respect to such Shares or
other interest and (ii) the Board of Directors may reinstate all or any portion of the rights and
privileges of such Member with respect to such Shares or other interest for any period of time
prior to the Admission Date. Nothing contained herein shall relieve any Member who Transfers
any Shares or other interest in the Company from any liability of such Member to the Company
or the other Members with respect to such Shares or other interest that may exist on the
Admission Date or that is otherwise specified in the Act and incorporated into this Agreement or
for any liability to the Company or any other Person for any breaches of any representations,
warranties or covenants by such Member (in its capacity as such) contained herein or in the other
agreements with the Company.

(d)    For clarity (and notwithstanding anything to the contrary herein), the
rights of SoftBank hereunder are personal to SoftBank (for so long as SoftBank is a Member), do
not attach to the Class A-1 Preferred Shares, or any other class of Shares or Equity Interests, and
cannot be assigned by SoftBank to any other Person, except in connection with an Exempt
SoftBank Transfer or in connection with a Transfer made pursuant to, and in compliance with,
Section 9.02(c).

9.04    Admission of Members.

(a)    In connection with the Transfer of a Share of a Member permitted under
the terms of this Agreement, the transferee shall not become a Member (a “Substituted
Member”) until the later of (i) the effective date of such Transfer and (ii) the date on which the
Board of Directors approves such transferee as a Substituted Member (such approval not to be
unreasonably withheld, conditioned or delayed), and such admission shall be shown on the books
and records of the Company

(b)    Notwithstanding anything to the contrary that may be expressed or implied
in this Agreement, a Person may be admitted to the Company as a Member by the Board of

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Directors (an “Additional Member”). Such admission shall become effective on the date on
which such admission is shown on the books and records of the Company.

9.05    Certain Requirements of Prospective Members. As a condition to admission
to the Company as a Member, each Assignee and Additional Member shall execute and deliver a
joinder to this Agreement in the form attached hereto as Exhibit I or otherwise acceptable to the
Board of Directors.

9.06    Status of Transferred Shares. Shares that are Transferred shall thereafter
continue to be subject to all restrictions and obligations imposed by this Agreement with respect
to Shares and Transfers thereof.

9.07    Tag-Along Rights.

(a)    If any Class A-2 Member or Class C Member (the “Transferring
Holder”) proposes to Transfer Class A-2 Preferred Shares or Class C Common Shares (or any
other Equity Securities held by such Member) to an Independent Third Party prior to an IPO
(other than any Transfer (i) as provided in Section 9.08, (ii) as provided in Section 9.09, (iii) in
connection with Section 9.10 or (iv) as provided in Section 9.12), then the Transferring Holder(s)
shall deliver a written notice (such notice, the “Tag Notice”) to the Company, each Class D
Member and each Class A-1 Preferred Member (the “Participation Members”) at least thirty
(30) days prior to making such Transfer, specifying in reasonable detail the identity of the
prospective transferee(s), the number of Class A-2 Preferred Shares or Class C Common Shares
(or any other Equity Securities held by such Members) to be Transferred and the price and other
terms and conditions of the Transfer. Each Participation Member may elect to participate in the
contemplated Transfer in the manner set forth in this Section 9.07 by delivering an irrevocable
written notice to the Transferring Holder(s) within fifteen (15) days after delivery of the Tag
Notice, which notice shall specify the number of Class A-1 Preferred Shares and Class D
Common Shares (or any other Equity Securities held by such Members) that such Participation
Member desires to include in such proposed Transfer. If none of the Participation Members
gives such notice prior to the expiration of the fifteen (15) day period for giving such notice, then
the Transferring Holder(s) may Transfer such Class A-2 Preferred Shares or Class C Common
Shares (or any other Equity Securities held by such Members) to any Person at the same price
and on other terms and conditions that are no more favorable, in the aggregate, to the
Transferring Holder(s) than those set forth in the Tag Notice. If any Participation Members have
irrevocably elected to participate in such Transfer prior to the expiration of the fifteen (15) day
period for giving notice, each Participation Member shall be entitled to sell in the contemplated
Transfer a total number of Class A-1 Preferred Shares (the “Tagged Shares”) to be sold in the
Transfer, to be calculated according to the following methodology:

(i)    First, all Junior Interests owned by the Transferring Holder are
deemed converted (on a Fully Diluted Basis) to Class D Common Shares on a 1:1 basis (as
adjusted, as necessary, to reflect appropriate and proportional adjustments to take into account
any subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split,
combination of shares or similar event) and all Class A-1 Preferred Shares held by all
Participation Member(s) are deemed converted to Class D Common Shares pursuant to
Section 2.09(b) (collectively the number of Class D Common Shares resulting from the deemed

41

conversion, plus the number of Class D Common Shares held by the Participating Members prior
to such deemed conversion, the “Total Conversion Shares”). For clarity, such “deemed”
conversion pursuant to this Section 9.07(a) shall solely be for the purposes of calculating the
Tagged Shares, and no actual conversion shall occur pursuant to this Section 9.07(a).

(ii)    Second, the total number of Shares that are subject to Transfer is
determined (the “Total Tagged Shares”).

(iii)    Third, the Tagged Shares will be:

(A)    a number of Class A-1-A Preferred Shares equal to: (1)
Total Tagged Shares multiplied by a fraction, (x) the numerator of which is the number of
Class D Common Shares into which the Class A-1-A Preferred Shares of such Participation
Member were deemed converted pursuant to subsection (i) above, and (y) the denominator of
which is the Total Conversion Shares divided by, (2) the A-1-A Preferred Share Conversion
Ratio;

(B)    a number of Class A-1-B Preferred Shares equal to: (1)
Total Tagged Shares multiplied by a fraction, (x) the numerator of which is the number of
Class D Common Shares into which the Class A-1-B Preferred Shares of such Participation
Member were deemed converted pursuant to subsection (i) above, and (y) the denominator of
which is the Total Conversion Shares divided by, (2) A-1-B Preferred Share Conversion Ratio;
and

(C)    a number of Class D Common Shares equal to: Total
Tagged Shares multiplied by a fraction, (1) the numerator of which is the number of Class D
Common Shares held by the Participating Member prior to the deemed conversion pursuant to
subsection (i) above, and (2) the denominator of which is the Total Conversion Shares.

(b) Immediately prior to the consummation of the Transfer to the Independent
Third Party, the Tagged Shares will be automatically, and without any further action, be actually
converted into Class D Common Shares pursuant to Section 2.09(b). The Transferring Holder(s)
and each participating Participation Member shall receive the same form of consideration and the
aggregate net consideration (after such aggregate net consideration is adjusted for Company
expenses, purchase price adjustments, escrow amounts, purchase price holdbacks, indemnity
obligations and other similar items) shall be divided ratably among the Transferring Holder and
each participating Participation Member based upon their respective numbers of Shares included
in the Transfer.

(c) Notwithstanding anything to the contrary in this Section 9.07, the
Transferring Holder(s) shall not consummate the Transfer contemplated by the Tag Notice at a
higher price or on other terms and conditions more favorable to them, in the aggregate, than the
terms set forth in the Tag Notice (including as to price per Class A-1 Preferred Share or form of
consideration to be received) unless the Transferring Holder(s) shall first have delivered a second
notice setting forth such more favorable terms (the “Amended Tag Notice”) to each
Participation Member who had not elected to participate in the contemplated Transfer. Each
Participation Member receiving an Amended Tag Notice may elect to participate in the

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contemplated Transfer on such amended terms by delivering written notice to the Transferring
Holder(s) not later than ten (10) Business Days after delivery of the Amended Tag Notice.

(d)    Each Participation Member shall pay his, her or its own costs of any sale
and a pro rata share (based upon the reduction in proceeds that would have been allocated to
such Member if the amount of such expense were not included in the aggregate consideration) of
the expenses incurred by the Members (to the extent such costs are incurred for the benefit of all
of such Members and are not otherwise paid by the Transferee) and the Company in connection
with such Transfer and shall be obligated to provide the same customary representations,
warranties, covenants, agreements, indemnities and other obligations that the Transferring
Holder(s) agrees to provide in connection with such Transfer; provided, that in no event will a
Participation Member be required to enter into a non-competition agreement or be subject to any
similar covenant or provision. Except as contemplated by the preceding sentence, each
Participation Member shall execute and deliver all documents required to be executed in
connection with such tag-along sale transaction.

(e)    Without limiting the generality of the other provisions of this Section 9.07,
the Transferring Holder(s) shall decide whether or not to pursue, consummate, postpone or
abandon any Transfer and, subject to the limitations set forth in this Section 9.07, the terms and
conditions thereof. None of the Transferring Holder(s) nor any of their respective Affiliates shall
have any liability to any Member arising from, relating to or in connection with the pursuit,
consummation, postponement, abandonment or terms and conditions of any such Transfer except
to the extent the Transferring Holder(s) shall have failed to comply with any of the other
provisions of this Section 9.07.

9.08    Sale of the Company.

(a)    Provided that a Drag-Along Notice has not been delivered and the
procedures in Section 9.09 are not then currently in effect, notwithstanding anything to the
contrary in this Agreement, the Board of Directors may (subject to Section 5.11) elect to cause a
Sale of the Company at any time. The Board of Directors shall direct and control all decisions in
connection with a Sale of the Company (including the hiring or termination of any investment
bank or professional adviser and making all decisions regarding valuation and consideration and
the percentage of the Equity Securities in the Company to be sold) and, subject to
Section 9.08(b) and Section 9.08(d), and without prejudice to Section 5.11, each Member shall
vote for, consent to and not object to such Sale of the Company or the sale process associated
therewith. If such Sale of the Company is structured as a sale of assets, merger or consolidation,
then each Member shall, to the extent applicable to such transaction, vote for or consent to, and
waive any dissenter’s rights, appraisal rights or similar rights in connection with, such sale,
merger or consolidation. If such Sale of the Company is structured as a Transfer of Shares, and
the Sale of the Company involves less than all of the Shares in the Company, then each Member
shall Transfer the same percentage of each class or series of Shares (or rights to acquire Shares
of any class or series) that it holds. Each Member and the Company shall take all reasonable and
necessary actions in connection with the consummation of such Sale of the Company as may be
requested by the Board of Directors, including (i) in the case of the Company only, engaging one
or more investment banks and legal counsel selected by the Board of Directors to establish
procedures acceptable to the Board of Directors to effect and to otherwise assist in connection

43

with a Sale of the Company, (ii) taking such commercially reasonable actions and providing such
commercially reasonable cooperation and assistance as may be necessary to consummate the
Sale of the Company in an expeditious and efficient manner and not taking any action or
engaging in any activity designed to hinder, prevent or delay the consummation of the Sale of the
Company, (iii) in the case of the Company only, facilitating the due diligence process in respect
of any such Sale of the Company, including establishing, populating and maintaining an online
“data room”, (iv) in the case of the Company only, providing any financial or other information
or audit required by the proposed buyer’s financing sources and (v) the execution of such
agreements and such instruments and other actions reasonably necessary in connection with the
Sale of the Company, including to provide customary representations, warranties, indemnities
and escrow arrangements relating thereto, in each case in accordance with and subject to the
limitations set forth in Section 9.08(d).

(b)    The obligations of the Members with respect to a Sale of the Company are
subject to the satisfaction of the following conditions: (i) upon the consummation of such Sale of
the Company, each holder of Shares, to the extent such holder is receiving any consideration,
shall receive the same form(s) of consideration as each other holder of Shares receives (or the
option to receive the same form of consideration), and (ii) the Sale of the Company will be a
Deemed Liquidation Event and the aggregate consideration payable upon consummation of such
Sale of the Company to all holders of Shares in respect of their Shares shall be apportioned and
distributed (after such aggregate consideration is adjusted for Company expenses, purchase price
adjustments, escrow amounts, purchase price holdbacks, indemnity obligations and other similar
items) as between the classes of Shares in accordance with the relevant provisions of
Section 3.02 (assuming that, if such Sale of the Company is structured as a Transfer of Shares
and less than all of the Shares are being Transferred, the Shares included in the Transfer are all
of the Shares outstanding). For clarity, the application of Section 3.02 may result in some Shares
included in the Transfer not receiving any consideration with respect to such Sale of the
Company.

(c)    If the Company, or if the holders of any Shares, enter into any negotiation
or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the SEC
may be available with respect to such negotiation or transaction (including a merger,
consolidation, or other reorganization), each holder of Equity Securities will, at the request of the
Company, appoint either a purchaser representative (as such term is defined in Rule 501)
designated by the Company, in which event the Company will pay the fees of such purchaser
representative, or another purchaser representative (reasonably acceptable to the Company), in
which event such holder will be responsible for the fees of the purchaser representative so
appointed. Notwithstanding anything to the contrary, in connection with any Sale of the
Company where the consideration in such Sale of the Company consists of or includes securities,
if the issuance of such securities to the Member would require either a registration statement
under the Securities Act, or preparation of a disclosure statement pursuant to Regulation D (or
any successor regulation) under the Securities Act, or preparation of a disclosure document under
a similar provision of any state securities law, and such registration statement or disclosure
statement or other disclosure document is not otherwise being prepared in connection with the
Sale of the Company, then, at the option of the Board of Directors, the Member may receive, in
lieu of such securities, the Fair Market Value of such securities in cash.

44

(d)    In connection with any Sale of the Company, each Member shall (i) make
such customary representations and warranties, including, as applicable, as to due organization
and good standing, power and authority, due approval, no conflicts and ownership and title of
Shares (including the absence of liens with respect to such Shares) and no litigation pending or
threatened against or affecting such Member relating to its ownership of Shares, agree to such
covenants and enter into such definitive agreements, in each case as are customary for
transactions of the nature of the Sale of the Company; provided, that no Member shall be
required to make any representation or warranty or agree to any covenant that is more extensive
or burdensome than those made by the other Members (provided, that (A) in no event will the
GM Investor or any of its Affiliates or SoftBank or any of its Affiliates be required to enter into a
non-competition agreement or be subject to any similar covenant or provision and (B) the
Employee Members may be required to enter into certain covenants, including non-compete and
non-solicit obligations) and (ii) be obligated to join on a several, and not joint, basis (determined
in accordance with such Member’s proportionate share of the proceeds from the Sale of the
Company) in any indemnification or other obligations that are part of the terms and conditions of
the Sale of the Company (other than to the extent of any escrows or holdbacks established in
connection with such Sale of the Company); provided, that no Member shall be obligated (A) to
provide indemnification with respect to the representations, warranties, covenants or agreements
of any other Member (other than to the extent of any escrows or holdbacks established in
connection with such Sale of the Company), or (B) to incur liability to any Person in connection
with such Sale of the Company, including under any indemnity, in excess of the consideration
received by such Person in the Sale of the Company (other than for fraud or breach of a
covenant).

(e)    Each Member will bear his, her or its proportionate share of the costs
incurred in connection with a Sale of the Company to the extent such costs are incurred for the
benefit of all such holders of Shares and are not otherwise paid by the Company or the acquiring
party. Costs incurred by the holders of Shares on their own behalf will not be considered costs
of the Sale of the Company.

(f)    Any contingent consideration (whether as a result of a release of an
escrow or the payment of an “earn out” or otherwise) to be paid in connection with a Sale of the
Company shall be allocated among the Members such that each Member receives the amount
which such Member would have received if such consideration had been received by the
Company and distributed as the next incremental dollars following the Distribution of any
amounts previously paid under this Agreement or paid in connection with such Sale of the
Company (assuming for such purposes that the Shares Transferred constitute all of the Shares).
In the event any Member is liable in such Sale of the Company for amounts in excess of any
escrow or holdback (other than any such obligations that relate specifically to a particular
Member, such as indemnification with respect to representations and warranties given by a
Member regarding such Person’s title to and ownership of Shares), such amounts shall be treated
as a deduct to the consideration payable in such Sale of the Company and the aggregate
consideration shall be re-allocated among the Members in accordance with Section 9.08(b). The
Members agree that to the extent, as a result of such re-allocation, a Member has received more
than its share of the consideration pursuant to such re-allocation, such Member shall deliver such
excess to the appropriate Member(s) in order for each Member to receive its appropriate share of
the consideration.

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(g)    Without limiting the generality of the other provisions of this Section 9.08
but subject to Section 5.11, the Board of Directors shall determine whether or not to pursue,
consummate, postpone or abandon any Sale of the Company and, subject to the limitations
expressly set forth in this Section 9.08, the terms and conditions thereof.

(h)    The provisions of this Section 9.08 shall not apply to any transaction
pursuant to Sections 9.10 or 9.12.

9.09    Drag-Along.

(a)    If the GM Investor proposes to Transfer more than fifty percent (50%) of
the issued and outstanding Equity Securities to an Independent Third Party prior to an IPO (other
than any Transfer (i) as provided in Section 9.08, (ii) in connection with Section 9.10, or (iii)
pursuant to Section 9.12), the GM Investor shall have the right (but not the obligation) to deliver
a written notice (such notice, the “Drag-Along Notice”) of its intention to do so to each other
Member (the “Dragees”). The Drag-Along Notice shall set forth the aggregate consideration to
be paid by the Independent Third Party and the other material terms and conditions of such
transaction (a “Drag-Along Sale Transaction”), which shall be the same (in all but de minimis
and immaterial respects) for the GM Investor and the other Members except as otherwise
contemplated by this Agreement. Upon receipt of the Drag-Along Notice, each Dragee shall be
required to participate in the proposed Transfer in accordance with the terms and conditions of
this Section 9.09; provided, that if such Drag-Along Sale Transaction involves less than one
hundred percent (100%) of the Shares held by the GM Investor, then each Dragee will only be
required to participate in the proposed Transfer to the Independent Third Party with respect to
such percentage of each class of its Shares as equals the percentage of the GM Investor’s total
Shares being sold in such Drag-Along Sale Transaction (the “Drag Percentage”). If the GM
Investor is given an option as to the form and amount of consideration to be received under this
Section 9.09, all Dragees shall be given the same option and, otherwise, the ratio of both (i) any
cash to any non-cash consideration and (ii) among any type of non-cash property or asset
consideration to any other type of non-cash property or asset consideration shall be equal (to the
extent reasonably practicable) for each of the GM Investor and the Dragees. Within ten (10)
Business Days following receipt of the Drag-Along Notice, each Dragee shall deliver to a
representative of the Company or the GM Member designated in the Drag-Along Notice such
certificates (if certificated) representing all Shares (or the Drag Percentage of each class of its
Shares, as applicable) held by such Dragee or in other cases mutually acceptable instruments of
transfer duly endorsed, together with a limited power-of-attorney authorizing the Company and
the GM Investor to sell or otherwise dispose of such Shares pursuant to the proposed Transfer to
the Independent Third Party, as well as any other documents required to be executed in
connection with such transaction. In the event that any Dragee should fail to deliver such
certificates (if certificated) or other documentation to the Company or the GM Investor’s
representative, the Company shall cause the books and records of the Company to show that the
Shares of such Dragee are bound by the provisions of this Section 9.09 and that such Shares may
be Transferred only to the Independent Third Party.

(b)    The Company and the GM Investor shall have ninety (90) days following
delivery of the Drag-Along Notice to complete the Transfer of the Shares in accordance with this
Section 9.09; provided, that if such Transfer would require the GM Investor, any Dragee, the

46

Independent Third Party, the Company or an Affiliate of any of the foregoing to obtain any
regulatory approval prior to consummating such sale, such ninety (90) day period shall be
extended to the date that is five (5) Business Days after such regulatory approval has been
obtained or finally denied. If, within such ninety (90) day period (as it may be extended) after
the Company or the GM Investor has given the Drag-Along Notice, it shall not have completed
the Transfer of all the Shares of the GM Investor and the Dragees in accordance with this
Section 9.09 the Company or the GM Investor shall return to each of the Dragees all certificates
(if certificated) representing Shares, or in other cases, mutually acceptable instruments of
transfer, that the Dragees delivered for Transfer pursuant hereto and that were not purchased in
accordance with this Section 9.09; provided, that (i) if any one or more of the Dragees defaults,
the Company or the GM Investor shall be permitted, but not obligated, to complete the sale by all
non-defaulting Dragees, and (ii) the completion of the sale by the Company or the GM Investor
and such non-defaulting Dragees shall not relieve a defaulting Dragee of liability for its breach.
All reasonable out-of-pocket costs and expenses incurred by the Company, the GM Investor and
the Dragees in connection with the Transfers set forth in this Section 9.09 shall be paid by the
Company.

(c)    A Drag-Along Sale Transaction will be a Deemed Liquidation Event and
the aggregate consideration payable upon consummation of such Drag-Along Sale Transaction to
all holders of Shares in respect of their Shares included in such Drag-Along Sale Transaction
shall be apportioned and distributed (after such aggregate consideration is adjusted for Company
expenses, purchase price adjustments, escrow amounts, purchase price holdbacks, indemnity
obligations and other similar items) as between the classes of Shares included in such Drag-
Along Sale Transaction in accordance with the relevant provisions of Section 3.02 (it being
understood that, if less than all of the Shares are being Transferred, for purposes of such
calculations, it shall be assumed that the Shares included in such Drag-Along Sale Transaction
constitute all of the Shares outstanding). For clarity, the application of Section 3.02 may result
in some Shares included in the Drag-Along Sale Transaction not receiving any consideration
with respect to such Drag-Along Sale Transaction.

(d)    The provisions of this Section 9.09 shall not apply to any Transfer to a
Permitted Transferee in accordance with Section 9.02.

9.10    Public Offering.

(a)    If the Board of Directors authorizes (subject to Section 5.11 and
Section 6.13(d)) the Company to undertake an IPO (which may be abandoned at any time prior
to its consummation by the Board of Directors), or the GM Investor notifies the Company that it
wishes to consummate an IPO that takes the form of distribution of IPO Shares to the
stockholders of GM Parent pursuant to a Form 10 (or any successor form), then each of the
Company, the Members and any holder of Equity Securities agrees to, and agrees to cause its
Affiliates to, take such commercially reasonable actions and provide such commercially
reasonable cooperation and assistance as may be necessary to consummate the IPO in an
expeditious and efficient manner and not to take any action or engage in any activity designed to
hinder, prevent or delay the consummation of the IPO. Subject to Section 9.10(b), in connection
with the IPO, each Share will be exchanged on an as-converted basis as if all Junior Interests are
converted on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional

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adjustments to take into account any subdivision, reorganization, reclassification,
recapitalization, stock split, reverse stock split, combination of shares or similar event) and all
Class A-1 Preferred Shares are converted in accordance with Section 2.09(b), for one share or
unit (as applicable) of the single type of equity security of the Company that is listed and
admitted for trading on the New York Stock Exchange, the NASDAQ Stock Market or other
nationally recognized exchange (the “IPO Shares”). For purposes of this Section 9.10 and
Section 9.11, all references to “Company” shall also refer to (i) any corporate successor to the
Company or (ii) any parent or Subsidiary of the Company, in each case which effects the IPO.

(b)    The IPO Shares issued to (i) each Class A-1 Preferred Member with
respect to each Class A-1 Preferred Share, each Class B Common Member with respect to each
Class B Common Share and each Class D Common Member with respect to each Class D
Common Share and (ii) any other Investor in respect of Equity Securities issued pursuant to
Section 2.05 (if such Equity Securities are designated as low-vote Equity Securities by the Board
of Directors at the time of issuance or at any time thereafter) (collectively, the “Low-Vote IPO
Shares”) will be of a different class to each other IPO Share. The Low-Vote IPO Shares will be
identical to each other IPO Share, except that they will be entitled only to the number of votes
(including a fraction of a vote) per Low-Vote IPO Share on all matters on which stockholders of
the Company may vote (including the election of directors) as will be reasonably determined by
the GM Investor to enable the GM Investor to establish or maintain “control” (within the
meaning of Section 368(c) of the Code) of the Company at the time of the consummation of the
IPO (in the case of an IPO effected by a “spin-off” or “split-off” transaction), or immediately
after the consummation of the IPO (in the case of any other IPO), in each case taking into
account any other planned issuances or transfers of IPO Shares. Each Member, including each
Class A-1 Preferred Member, will take all reasonable action requested by the Company to give
effect to this Section 9.10(b) and to cause GM to have “control” within the meaning of
Section 368(c) of the Code immediately prior to any “spin-off” or “split-off” transaction.

(c)    Without limiting (and without prejudice to) the other subsections of this
Section 9.10, if immediately prior to an IPO the Board of Directors determines that it is in the
best interests of the Company and its Members (taken as a whole) to engage in a reorganization
pursuant to which a new corporation, limited liability company, partnership or other entity (the
“Entity”) is formed and the Equity Securities of the company are recapitalized or reorganized
into classes of Equity Securities of the Entity, then each Member will (i) consent (and, to the
extent required, vote in favor of) such recapitalization, reorganization or exchange of the existing
Equity Securities of the Company into the Equity Securities of the Entity, and (ii) take all such
reasonable actions that are necessary in connection with the consummation of the
recapitalization, reorganization or exchange, including entering into a new stockholders’
agreement, members’ agreement, limited liability company agreement, employee equity
arrangements and/or other agreements and arrangements in respect of the Equity Securities of the
Entity, in each case, on terms and conditions substantially similar to such agreements and
arrangements in respect of the Equity Securities of the Company that are in effect immediately
prior to such recapitalization or reorganization; provided, that the Board of Directors shall not be
permitted to approve, the Company shall not be permitted to engage in, and no Member shall be
required to provide any consent to or to take any action in connection with, any such formation,
recapitalization or reorganization, in each case if (A) such formation, recapitalization or
reorganization was undertaken in bad faith, (B) the intent or direct result of such formation,

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recapitalization or reorganization is or would be to impair, in any material respect, the express
rights of any Member hereunder or (C) such formation, recapitalization or reorganization
adversely affects any Member in a manner which is disproportionate to the other Members
(except as contemplated by this Section 9.10). For the avoidance of doubt, any reorganization or
recapitalization undertaken pursuant to this Section 9.10(c) shall include provision for an Equity
Security analogous to the Low-Vote IPO Shares described in Section 9.10(b) above.

9.11    Registration Rights; “Market Stand-Off” Agreement; Volume Restrictions.

(a)    After the consummation of an IPO pursuant to Section 9.10, the Company
shall grant to (i) the GM Investor an unlimited number of demand registration rights (including
underwritten offerings), (ii) each Class A-1 Preferred Member that, together with its Affiliates,
beneficially owns more than ten percent (10%) of the Equity Securities in the Company, demand
registration rights (including underwritten offerings) and (iii) all Members that, together with its
Affiliates, beneficially own more than five percent (5%) of the Equity Securities in the
Company, piggyback registration rights and shelf registration rights, in each case, subject to
customary terms and conditions as at the time of the IPO; provided, that the Class A-1 Preferred
Members may collectively exercise up to three (3) demands, the Company shall not be required
to consummate more than one (1) demand registration (including underwritten offering) per
ninety (90) day period, the Company shall not be required to consummate any demand
registration (including underwritten offering) expected to realize less than $100,000,000 of gross
proceeds (before deduction of any underwriting discount, fees or expenses) and the Company
may suspend registration rights for up to one hundred twenty (120) days in any calendar year if
the filing or maintenance of a registration statement would, if not so suspended, adversely affect
a proposed corporate transaction or adversely affect the Company by requiring premature
disclosure of confidential information.

(b)    Each Member hereby agrees that (i) during the period of duration (up to,
but not exceeding, one hundred eighty (180) days) specified by the Company and an underwriter
of Equity Securities of the Company or its successor, following the date of the final prospectus
distributed in connection with the IPO, it shall not, to the extent requested by the Company and
such underwriter, directly or indirectly sell, offer to sell, contract to sell (including any short sale
or other hedging transaction), grant any option to purchase or otherwise Transfer or dispose of
(other than to donees who agree to be similarly bound) any Equity Securities held by it at any
time during such period except for such Equity Securities as shall be included in such
registration and (ii) it shall, if requested by the managing underwriter or underwriters in
connection with the IPO, execute a customary “lockup” agreement in the form requested by the
managing underwriter or underwriters with a duration not to exceed one hundred eighty (180)
days.

(c)    Each Member hereby agrees that (i) during the period of duration (up to,
but not exceeding, ninety (90) days) specified by the Company and an underwriter of Equity
Securities of the Company or its successor, following the date of the final prospectus distributed
in connection with an underwritten public follow-on offering, it shall not, to the extent requested
by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell
(including any short sale or other hedging transaction), grant any option to purchase or otherwise
Transfer or dispose of (other than to donees who agree to be similarly bound) any Equity

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Securities held by it at any time during such period except for such Equity Securities as shall be
included in such registration and (ii) it shall, if requested by the managing underwriter or
underwriters in connection with an underwritten public follow-on offering, execute a customary
“lockup” agreement in the form requested by the managing underwriter or underwriters with a
duration not to exceed ninety (90) days.

(d)    All Members shall be treated similarly with respect to any release prior to
the termination of the time periods for the transfer restrictions contemplated by Section 9.11(b)
and Section 9.11(c) (including any extension thereof) such that if any such persons are released,
then all Members shall also be released to the same extent on a pro rata basis. In order to enforce
the foregoing covenant in connection with the IPO or an underwritten public follow-on offering,
the Company may impose stop-transfer instructions with respect to the Equity Securities of each
Member and its Affiliates (and the Equity Securities of every other Person subject to the
foregoing restriction) until the end of such period, and each Member agrees that, if so requested,
such Member will execute, and will cause its Affiliates to execute, an agreement in the form
provided by the underwriter containing terms which are essentially consistent with the provisions
of Section 9.11(a), Section 9.11(b) and Section 9.11(c). Notwithstanding the foregoing, the
obligations described in Section 9.11(a), Section 9.11(b) and Section 9.11(c) shall not apply to a
registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms
which may be promulgated in the future, or a registration relating solely to an SEC Rule 145
transaction on Form S-4 or similar forms which may be promulgated in the future.

9.12    GM Call Right.

(a)    At any time after the Trigger Date, the Company will have the right, by
providing written notice to each Class A-1 Preferred Member, each Class D Member and the
Board of Directors (the “Call Notice”), to purchase from each Class A-1 Preferred Member and
each Class D Member all (but not less than all) of the Class A-1 Preferred Shares and Class D
Common Shares then owned by such Members (and any other Equity Securities held by such
Members) in exchange for a cash purchase price (i) per Class A-1 Preferred Share equal to the
greater of (A) the applicable Class A-1 Liquidation Preference Amount, and (B) the Per Class A-
1 Preferred Share FMV, and (ii) per Class D Common Share (or any other Equity Securities held
by such Members) equal to the Per Class A-1 Preferred Share FMV (collectively, the “Class A-
1/D Purchase”). Delivery of the Call Notice will commence the process set forth on Exhibit II.
If an Optional SoftBank Conversion Notice has been delivered pursuant to Section 9.13 and,
subsequent to the delivery of such Optional SoftBank Conversion Notice, a Call Notice is
delivered, then the process contemplated by Section 9.13 shall be suspended (it being understood
that if the Class A-1/D Purchase is subsequently terminated or otherwise fails to be
consummated, the process contemplated by Section 9.13 shall resume); provided, that if, at the
time the Call Notice is delivered, the calculation of Call Notice/Optional SoftBank Conversion
Notice Fair Market Value is ongoing pursuant to Section 9.13 (but has not yet been finalized),
such calculation shall continue and shall be utilized to calculate the Per Class A-1 Preferred
Share FMV required by this Section 9.12.

(b)    The Company and each Class A-1 Preferred Member and Class D
Member will consummate the Class A-1/D Purchase as soon as reasonably practicable and, in
any event, within thirty (30) days following the date of determination of the Per Class A-1

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Preferred Share FMV. The Class A-1/D Purchase shall be memorialized in a written agreement
containing customary terms for a transaction of this type; provided, that no Class A-1 Preferred
Member or Class D Member shall be required to make any representations or warranties other
than representations and warranties as to due organization and good standing, power and
authority, due approval, no conflicts and ownership and title of Shares (including the absence of
liens with respect to such Shares), no brokers and no litigation pending or threatened against or
affecting such Member relating to its ownership of Shares.

(c)    Each Class A-1 Preferred Member and Class D Member shall take all
commercially reasonable actions and provide such other commercially reasonable cooperation
and assistance as may be necessary to consummate the Class A-1/D Purchase in an expeditious
and efficient manner and will not take any action or engage in any activity designed to hinder,
prevent or delay the consummation of the Class A-1/D Purchase.

(d)    At any time after the Trigger Date, the GM Investor (or one of its
Affiliates) may issue the Call Notice in lieu of the Company, in which event all references to the
Company in this Section 9.12 (other than this Section 9.12(d)) shall be deemed to be references
to the GM Investor.

9.13    Optional SoftBank Conversion.

(a)    If an IPO, Sale of the Company or dissolution (pursuant to Article X) has
not been consummated prior to the Trigger Date then, at any time after the Trigger Date and
subject to Section 9.12(a), SoftBank or its Permitted Transferee shall be entitled to deliver to the
Board of Directors an irrevocable written notice (the “Optional SoftBank Conversion Notice”)
requiring the Company to, at the election of the GM Investor (i) use its reasonable best efforts to
redeem all, but not less than all, of SoftBank’s Class A-1 Preferred Shares and Class D Shares
for common stock of GM Parent, or (ii) redeem all, but not less than all of SoftBank’s Class A-1
Preferred Shares and Class D Shares for cash, in each case on the terms set forth herein and, in
the case of sub-section (i), on the terms set forth in the Exchange Agreement. Delivery of the
Optional SoftBank Conversion Notice will commence the process set forth on Exhibit II.

(b)    Within ten (10) Business Days of the date of determination of the final
Call Notice/Optional SoftBank Conversion Notice Fair Market Value pursuant to Exhibit II, the
Company will deliver written notice to SoftBank, informing SoftBank of the Call
Notice/Optional SoftBank Conversion Notice Fair Market Value and whether the GM Investor
has elected to have the Company redeem SoftBank’s Class A-1 Preferred Shares and Class D
Shares (i) for cash, at a per Share value equal to the applicable Optional SoftBank Conversion
Share Price (the “Cash Election”), or (ii) in exchange for common stock of GM Parent on the
terms and subject to the conditions set forth in the Exchange Agreement in which case GM
Parent and SoftBank or its Permitted Transferee will enter into the Exchange Agreement (the
“Stock Election”). If, upon consummation of the Sale of GM Parent, GM Parent (it being
understood that if GM has merged or consolidated into any other Person or sold all or
substantially all of its assets in any one or a series of related to transactions to such other Person,
GM Parent shall include such successor or other Person) is not listed or traded on the New York
Stock Exchange or the NASDAQ Stock Market or any successor exchange or market thereof,
any national securities exchange (registered with the SEC under Section 6 of the Securities

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Exchange Act of 1934, as amended) or any other established non-U.S. exchange, then the GM
Acquirer shall be required to settle any Stock Election pursuant to this Section 9.13 in cash.

(c)    If the Cash Election is made, the Company and SoftBank or its Permitted
Transferee will consummate the redemption by the Company of the Class A-1 Preferred Shares
and Class D Shares (the “Optional SoftBank Conversion Purchase”) as soon as reasonably
practicable and in any event within thirty (30) days of the Cash Election. The place for closing
shall be the principal office of the Company or at such other place as the Company may
reasonably determine. In the event of a Cash Election, at the closing thereof SoftBank shall
deliver to the Company certificates (if certificated) for its Class A-1 Preferred Shares and
Class D Shares or, in other cases, mutually acceptable instruments of transfer, in exchange for
payment (per Class A-1 Preferred Share and Class D Share held by SoftBank) of the relevant
Optional SoftBank Conversion Share Price. The Optional SoftBank Conversion Purchase shall
be memorialized in a written agreement containing representations and warranties as to due
organization and good standing, power and authority, due approval, no conflicts and ownership
and title of Shares (including the absence of liens with respect to such Shares), no brokers and no
litigation pending or threatened against or affecting SoftBank relating to its ownership of Shares.
Each of the Company and SoftBank or its Permitted Transferee shall bear its own costs and
expense incurred in connection with the Optional SoftBank Conversion Purchase.

(d)    If the Stock Election is made, SoftBank or its Permitted Transferee will
(and the Company and the GM Investor will cause GM Parent to) promptly (and in any event
within five (5) days) enter into the Exchange Agreement.

(e)    If the Company, acting reasonably and in good faith, determines that a
filing, notice, approval, consent, registration, permit, authorization or confirmation from any
Governmental Authority may be required to consummate the transactions set forth in the
Exchange Agreement, then the Company and SoftBank or its Permitted Transferee shall (and
SoftBank shall cause its Affiliates to) reasonably cooperate in good faith during the pendency of
the calculation of the Call Notice/Optional SoftBank Conversion Notice Fair Market Value to
seek to obtain such approvals as promptly as practicable such that in the event a Stock Election is
made the period between signing the Exchange Agreement and closing the transaction
thereunder would be reduced. For clarity, nothing in this Section 9.13(e) will require the
Company to make a Stock Election (as opposed to a Cash Election) and the intention of this
Section 9.13(e) is solely to take such actions as may reduce (in the event a Stock Election is
made) the period between the execution of the Exchange Agreement and the consummation of
the transactions contemplated thereby.

(f)    In lieu of a redemption of the Class A-1 Preferred Shares and Class D
Shares by the Company pursuant to this Section 9.13, the GM Investor will have the right to
have such Class A-1 Preferred Shares and Class D Shares transferred to the GM Investor (or its
Affiliates) and, if a Cash Election has been made, to have the GM Investor (or its Affiliates)
make the applicable cash payments.

(g)    If an Optional SoftBank Conversion Notice has been delivered and an IPO
or a Sale of the Company is pending, but has not yet been consummated, SoftBank will, and will
cause its Affiliates to, reasonably cooperate with the Company and each other Member to ensure

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that the IPO or Sale of the Company, as applicable, is carried out in an expeditious manner and
minimizing the effect (economically or otherwise) on such IPO or Sale of the Company of this
Section 9.13.

ARTICLE X
DISSOLUTION

10.01    Events of Dissolution. The Company shall be dissolved upon the occurrence of
any of the following events and its business and affairs shall thereafter be liquidated and wound
up pursuant to the Act:

(a)    upon the approval of the Board of Directors or a Majority of the Members;

(b)    upon the issuance of a final and nonappealable judicial decree of
dissolution; or

(c)    as otherwise required by the Act, except that the death, retirement,
resignation, expulsion, bankruptcy or dissolution of a Member shall not result in dissolution of
the Company.

10.02    Liquidation and Termination. On dissolution of the Company, the Board of
Directors shall act as the liquidator or may appoint one or more Members as liquidator. The
liquidator shall proceed diligently to wind up the affairs of the Company and make final
distributions as provided herein and in the Act. The costs of liquidation shall be borne as a
Company expense. Until final distribution, the liquidator shall continue to operate the Company
properties with all of the power and authority of the Board of Directors. The steps to be
accomplished by the liquidator are as follows:

(a)    as promptly as possible after dissolution and again after final liquidation,
the liquidator shall cause a proper accounting to be made by a recognized firm of certified public
accountants of the Company’s assets, liabilities and operations through the last day of the
calendar month in which the dissolution occurs or the final liquidation is completed, as
applicable;

(b)    the liquidator shall cause the notice described in the Act to be mailed to
each known creditor of and claimant against the Company in the manner described thereunder;

(c)    the liquidator shall pay, satisfy or discharge from Company funds all of
the debts, liabilities and obligations of the Company (including all expenses incurred in
liquidation) or otherwise make adequate provision for payment and discharge thereof;

(d)    the liquidator shall make reasonable provision to pay all contingent,
conditional or unmatured contractual claims known to the Company;

(e)    the liquidator shall make such provision as will be reasonably likely to be
sufficient to provide compensation for any claim against the Company which is the subject of a
pending action, suit or proceeding to which the Company is a party;

53

(f)    the liquidator shall make such provision as will be reasonably likely to be
sufficient for claims that have not been made known to the Company or that have not arisen but
that, based on facts known to the Company, are likely to arise or to become known to the
Company after the date of dissolution;

(g)    the liquidator shall distribute all remaining assets of the Company by the
end of the taxable year of the Company during which the liquidation of the Company occurs (or,
if later, 90 days after the date of the liquidation) in accordance with Section 3.02 (but subject to
the other applicable provisions in this Agreement); and

(h)    all distributions in kind to the Members shall be made subject to the
liability of each distributee for costs, expenses and liabilities theretofore incurred or for which
the Company has committed prior to the date of termination, and those costs, expenses and
liabilities shall be allocated to the distributees pursuant to this Section 10.02. The distribution of
cash and/or property to a Member in accordance with the provisions of this Section 10.02
constitutes a complete return to the Member of its Capital Contributions and a complete
distribution to the Member of its interest in the Company and all of the Company’s property and
constitutes a compromise to which all Members have consented within the meaning of the Act.
To the extent that a Member returns funds to the Company, it has no claim against any other
Member for those funds.

10.03    Cancellation of Certificate. On completion of the distribution of Company
assets as provided herein, the Company shall be terminated, and the Board of Directors (or such
other Person or Persons as the Act may require or permit) shall file a certificate of cancellation
with the Secretary of State of Delaware, and take such other actions as may be necessary to
terminate the Company.

ARTICLE XI
EXCLUSIVITY; NON-COMPETE

11.01    Exclusivity. During the Control Period, other than pursuant to the Commercial
Agreements (or any other agreement entered into between GM or its Affiliates, on the one hand,
and the Company or its Subsidiaries, on the other hand, in each case in accordance with the
terms of this Agreement) and activities in furtherance of their obligations thereunder:

(a)    the GM Investor and its Subsidiaries (excluding the following
international joint ventures: SAIC General Motors Corp., Ltd. (“SGM”), Pan Asia Technical
Automotive Center Co. Ltd. (“PATAC”), and FAW-GM Light Duty Commercial Vehicle Co.,
Ltd. (“FAW-GM”)) shall conduct the AVCo Business exclusively through the Company.
Notwithstanding the foregoing, nothing in this Section 11.01 will prohibit or otherwise restrict
the GM Investor or its Subsidiaries from engaging in the GM Business in any manner
whatsoever;

(b)    without the prior written consent of the GM Investor, the Company and its
Subsidiaries shall not, directly or indirectly, engage in the GM Business; provided, that nothing
in this Section 11.01(b) will prevent the Company and its Subsidiaries from engaging in the
AVCo Business in any manner whatsoever; and

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(c)    the Company and its Subsidiaries shall exclusively (i) obtain, purchase,
source, license, lease, or otherwise acquire assets, services or rights that are of the type
contemplated by the Commercial Agreements, the IPMA, the EDSA or the AGSA (including
autonomous vehicles and other related products and services) from the GM Investor and its
Affiliates, and (ii) provide AV technology and network services to GM and its Affiliates.

11.02    Non-Compete.

(a)    During the three (3) year period immediately following the end of the
Control Period (the “Non-Compete Period”), other than pursuant to the terms and conditions of
any agreement entered into between the Company (or its Affiliates), on the one hand, and the
GM Investor (or its Affiliates) on the other hand (in each case in accordance with the terms of
this Agreement, as applicable, and to the extent such agreement by its terms remains effective
subsequent to the end of the Control Period) and subject to the exceptions set forth in Section
11.02(b), (i) the GM Investor and its Subsidiaries (excluding SGM, PATAC and FAW-GM)
shall not, directly or indirectly, and (ii) the Company and its Subsidiaries shall not, directly or
indirectly, in each case whether alone or in conjunction with any Person or as a holder of an
equity or debt interest of any Person or as a principal, agent or otherwise (and, in each case,
without the prior written consent of the Other Party), engage in, carry on, participate in or have
any interest in the applicable Restricted Business.

(b)    Notwithstanding anything herein to the contrary, during the Non-Compete
Period, nothing in Section 11.02(a) shall restrict:

(i)    the GM Investor’s or any of its Subsidiaries’ ability to engage in,
carry on or participate in the GM Business;

(ii)    the Company’s or any of its Subsidiaries’ ability to engage in,
carry on or participate in the AVCo Business;

(iii)    the GM Investor and its Subsidiaries or the Company and its
Subsidiaries from operating its business as conducted at any time prior to the end of the Control
Period (to the extent that such prior operation or conduct did not violate Section 11.01);

(iv)    the GM Investor or any of its Subsidiaries from consummating an
OEM Acquisition;

(v)    the GM Investor or any of its Subsidiaries (collectively), or the
Company or any of its Subsidiaries (collectively), from consummating a Change of Control
transaction involving a Target (the “Acquired Person”); provided, that, in the event such
Acquired Person either (each tested at the time of consummation of the Change of Control) (A)
derived more than twenty percent (20%) of its consolidated net revenue (calculated on a trailing
twelve month basis) from the conduct of the Restricted Business or (B) had meaningful research
and development costs and expenses for activities relating to the Restricted Business, the GM
Investor or any of its Subsidiaries (collectively), or the Company or any of its Subsidiaries
(collectively), as applicable, on or prior to the twelve (12) month anniversary of the date of
consummation of such Change of Control transaction, shall either (1) dispose of the Restricted

55

Business (or the assets used in connection therewith) of such Acquired Person or (2) cause such
Acquired Person to cease to engaging in the Restricted Business;

(vi)    the GM Investor or any of its Subsidiaries (collectively), or the
Company or any of its Subsidiaries (collectively) from acquiring, owning or holding ten percent
(10%) or less of the outstanding shares of capital stock, which capital stock is regularly traded on
a recognized domestic or foreign securities exchange, of any Person engaged in the Restricted
Business, so long as the GM Investor and its Subsidiaries (collectively) or the Company and its
Subsidiaries (collectively), as applicable, is a passive investor and does not exercise any
influence over or participate in the management or operation of such Person (and, for clarity,
exercising rights as a stockholder or member will not constitute influence or participation);

(vii)    the GM Investor or any of its Subsidiaries from engaging in or
consummating any transaction that would constitute a Change of Control;

(viii)    General Motors Ventures LLC (and not the GM Investor or any of
its Subsidiaries) from acquiring capital stock or other ownership interests, or owning or holding
capital stock or other ownership interests, in the normal course of its business and investing
activities, in any Person engaged in the Restricted Business;

(ix)    the GM Investor or any of its Subsidiaries from owning or holding
capital stock or other ownership interests in the entity (and its Subsidiaries or any successor
entity) previously identified to SVF by the GM Investor; or

(x)    the GM Investor or its Subsidiaries from engaging in internal
activities relating to the AVCo Business, including business planning and research, development,
design and testing activities (provided, that neither GM nor its Subsidiaries may commercialize
or otherwise monetize such activities, or any results therefrom, prior to the end of the Non-
Compete Period).

(c)    Immediately prior to the end of the Control Period, GM and the Company
will enter into and deliver a standalone agreement memorializing (and containing terms
consistent with) this Section 11.02, the intention being to enable the terms and conditions of this
Section 11.02 to survive if this Agreement is terminated or materially amended at such time or
any time thereafter.

(d)    For the purposes of this Article XI, the Company and its Subsidiaries are
not Subsidiaries of the GM Investor.

ARTICLE XII
GENERAL PROVISIONS

12.01    Expenses.    Each Member and its Affiliates will be responsible for its own
expenses in connection with the preparation and negotiation of this Agreement.

12.02    No Third-Party Rights. Except as otherwise expressly set forth herein
(including Sections 4.03 and 7.02), nothing in this Agreement shall be construed to grant rights
to any Person who is not a party to this Agreement.

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12.03    Legend on Certificates for Certificated Shares. If Certificated Shares are
issued, such Certificated Shares will bear the following legend:

“THE SHARES REPRESENTED BY THIS CERTIFICATE WERE
ORIGINALLY ISSUED ON _______________, _____, HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS (“STATE
ACTS”) AND MAY NOT BE SOLD, ASSIGNED, PLEDGED,
TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR STATE
ACTS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

THE TRANSFER OF THE SHARES REPRESENTED BY THIS
CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN AN
AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT, DATED AS OF JUNE 28, 2018, AS AMENDED AND
MODIFIED FROM TIME TO TIME, GOVERNING THE ISSUER (THE
“COMPANY”), AND BY AND AMONG ITS MEMBERS (THE “LLC
AGREEMENT”). THE SHARES REPRESENTED BY THIS CERTIFICATE
MAY ALSO BE SUBJECT TO ADDITIONAL TRANSFER RESTRICTIONS,
CERTAIN VESTING PROVISIONS, REPURCHASE OPTIONS, OFFSET
RIGHTS AND FORFEITURE PROVISIONS SET FORTH IN THE LLC
AGREEMENT AND/OR A SHARE GRANT AGREEMENT WITH THE
INITIAL HOLDER. A COPY OF SUCH CONDITIONS, REPURCHASE
OPTIONS AND FORFEITURE PROVISIONS SHALL BE FURNISHED BY
THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST
AND WITHOUT CHARGE.”

If a Member holding Certificated Shares delivers to the Company an opinion of counsel,
satisfactory in form and substance to the Board of Directors (which opinion may be waived by
the Board of Directors), that no subsequent Transfer of such Shares will require registration
under the Securities Act, the Company will promptly upon such contemplated Transfer deliver
new Certificated Shares which do not bear the portion of the restrictive legend relating to the
Securities Act set forth in this Section 12.03.

12.04    Confidentiality.

(a)    Each Member expressly agrees to maintain, and to cause its Director and
Board Observer nominees (as applicable) to maintain, the confidentiality of, and not to disclose
to any Person other than (i) the Company (and any successor of the Company or any Person
acquiring all or a material portion of the assets or Equity Securities of the Company or any of its
Subsidiaries), (ii) another Member, (iii) such Member’s or, in the case of SoftBank any of its or
its Affiliate’s, financial planners, accountants, attorneys or other advisors or employees or
representatives that need to know such information in connection with the monitoring of the
Company, the Member or his, her or its Affiliates or in the normal course of operations of such
Member or (iv) in the case of, following the Transfer made pursuant to, and in compliance with,
Section 9.02(c), SVFA or any of its Affiliates, disclosure of information (or any information

57

derived from or based upon such information) of the type specified to SVF prior to the execution
of the Purchase Agreement to its current or prospective investors in the ordinary course of
business (provided that, in the case of clauses (iii) and (iv), the Member advises any such Person
of the confidential nature of such information and such Person is directed to keep such
information confidential, it being understood and agreed that such Member shall be responsible
for any breach by any such Person of this Section 12.04), any information relating to the
business, financial structure, intellectual property, assets, liabilities, data, financial position or
financial results, borrowers, contract counterparties, clients or affairs of the Company or any of
its Subsidiaries that shall not be generally known to the public, except as otherwise required by
applicable law, stock exchange requirements or required or requested by any Governmental
Authority having jurisdiction, in which case (except with respect to disclosure that is required in
connection with the filing of federal, state and local tax returns or to the extent that the receiving
party agrees to keep any such information confidential) prior to making such disclosure such
Member shall, to the extent permitted by applicable law or by such Governmental Authority,
give written notice to the Company, permit the Company to review and comment upon the form
and substance of such disclosure and allow the Company to seek confidential treatment therefor,
and in the case of any Member who is employed by the Company or any of its Subsidiaries, in
the ordinary course of his or her duties to the Company or any of its Subsidiaries. This Section
12.04 will not apply to the GM Investor, any A-2 Preferred Director or the Common Director.

(b)    The terms of this Section 12.04 shall apply to a Member during the time
that such Person is a Member and for a period of two (2) years after such Person ceases to be a
Member.

12.05    Power of Attorney. Each of the Members does hereby constitute and appoint the
Board of Directors and the liquidator with full power to act without the others, as such Member’s
true and lawful representative and attorney in-fact, in such Member’s name, place and stead,
solely for the purpose of making, executing, signing, acknowledging and delivering or filing in
such form and substance as is approved by the Board of Directors or the liquidator (as the case
may be): (a) all instruments, documents and certificates which may from time to time be required
by any law to effectuate, implement and continue the valid and subsisting existence of the
Company, or to qualify or continue the qualification of the Company in the State of Delaware
and in all jurisdictions in which the Company may conduct business or own property, and any
amendment to, modification to, restatement of or cancellation of any such instrument, document
or certificate, and (b) all conveyances and other instruments, documents and certificates which
may be required to effectuate the dissolution and termination of the Company approved in
accordance with the terms of this Agreement. The powers of attorney granted herein shall be
deemed to be coupled with an interest, shall be irrevocable, and shall survive the death,
disability, incompetency, bankruptcy, insolvency or termination of any Member and the Transfer
of all or any portion of such Member’s Shares, and shall extend to such Member’s heirs,
successors, assigns, and personal representatives.

12.06    Notices. Notices shall be addressed and delivered:

(a)    If to the Company, to:

General Motors Company

58

300 Renaissance Center
Detroit, Michigan 48265
Attention: Matt Gipple
     Ann Cathcart Chaplin
Email:      mgipple@getcruise.com
    ann.cathcartchaplin@gm.com
with copies to:

Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10016
Facsimile: (212) 446-4900
Attention:   Peter Martelli
       Jonathan L. Davis
Email:        Peter.Martelli@kirkland.com
       Jonathan.Davis@kirkland.com

(b)    If to a Member, to such Member or his personal representative at his or
their last address known to the Company as disclosed on the records of the Company. Notices
shall be in writing and shall be sent by facsimile or pdf e-mail (if promptly confirmed by
personal delivery, telephone call or mail), by mailed postage prepaid, registered or certified, by
United States mail, return receipt requested, by nationally recognized private courier or by
personal delivery. Notices shall be effective, (i) if sent by facsimile or pdf e-mail, on the day
sent, if sent before 5:00 p.m. New York, New York time, or on the next Business Day, if sent
after 5:00 p.m. New York, New York time, in each case, subject to acknowledgement of receipt
(not to be unreasonably withheld, conditioned or delayed), (ii) if sent by nationally recognized
private courier, on the next Business Day, (iii) if mailed, three (3) Business Days after mailing or
(iv) if personally delivered, when delivered.

12.07    Facsimile and E-Mail. This Agreement, the agreements referred to herein, and
each other agreement or instrument entered into in connection herewith or therewith or
contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and
delivered by means of a facsimile machine or electronic transmission in portable document
format (“pdf”), shall be treated in all manner and respects as an original agreement or instrument
and shall be considered to have the same binding legal effect as if it were the original signed
version thereof delivered in person. At the request of any party hereto or to any such agreement
or instrument, each other party hereto or thereto shall re-execute original forms thereof and
deliver them to all other parties hereto. No party hereto or to any such agreement or instrument
shall raise the use of a facsimile machine or electronic transmission in pdf to deliver a signature
or the fact that any signature or agreement or instrument was transmitted or communicated
through the use of a facsimile machine or electronic transmission in pdf as a defense to the
formation or enforceability of a contract and each such party forever waives any such defense.
The words “writing”, “written” and comparable terms contained in this Agreement refer to
printing, typing and other means of reproducing words (including electronic media or
transmission) in visible form.

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12.08    Amendment. Subject to Section 6.13(a), this Agreement may be amended,
modified, or waived only by the approval of both a Majority of the Members and the Board of
Directors.

12.09    Tax and Other Advice. Each Member has had the opportunity to consult with
such Member’s own tax and other advisors with respect to the consequences to such Member of
the purchase, receipt or ownership of the Shares, including the tax consequences under federal,
state, local, and other income tax laws of the United States or any other country and the possible
effects of changes in such tax laws. Such Member acknowledges that none of the Company, its
Subsidiaries, Affiliates, successors, beneficiaries, heirs and assigns and its and their past and
present directors, officers, employees, and agents (including their attorneys) makes or has made
any representations or warranties to such Member regarding the consequences to such Member
of the purchase, receipt or ownership of the Shares, including the tax consequences under
federal, state, local and other tax laws of the United States or any other country and the possible
effects of changes in such tax laws.

12.10    Acknowledgments. Upon execution and delivery of a counterpart to this
Agreement or a joinder to this Agreement, each Member (including any of its successors or
assigns, each Assignee and each Additional Member) shall be deemed to acknowledge to the
Company as follows: (i) the determination of such Member to acquire Shares pursuant to this
Agreement or any other agreement has been made by such Member independent of any other
Member and independent of any statements or opinions as to the advisability of such purchase or
as to the properties, business, prospects or condition (financial or otherwise) of the Company and
its Subsidiaries which may have been made or given by any other Member or by any agent or
employee of any other Member, (ii) no other Member has acted as an agent of such Member in
connection with making its investment hereunder and that no other Member shall be acting as an
agent of such Member in connection with monitoring its investment hereunder, (iii) each of the
GM Investor and GM Parent has retained Kirkland & Ellis LLP in connection with the
transactions contemplated hereby and expect to retain Kirkland & Ellis LLP as legal counsel in
connection with the management and operation of the investment in the Company and its
Subsidiaries, (iv) Kirkland & Ellis LLP is not representing and will not represent any other
Member in connection with the transactions contemplated hereby or any dispute which may arise
between the GM Investor, on the one hand, and any other Member, on the other hand, (v) such
Member will, if it wishes counsel on the transactions contemplated hereby, retain its own
independent counsel, (vi) Kirkland & Ellis LLP may represent the GM Investor, GM Parent
and/or the Company in connection with any and all matters contemplated hereby (including any
dispute between the GM Investor, GM Parent and/or the Company, on the one hand, and any
other Member, on the other hand) and (vii) Kirkland & Ellis LLP has represented and may
represent the Company on matters affecting the Company and its Subsidiaries, and such Member
waives any conflict of interest in connection with all such representations by Kirkland & Ellis
LLP.

12.11    Miscellaneous.

(a)    Descriptive Headings.    The article or section titles or captions contained in
this Agreement are for convenience only and shall not be deemed a part of this Agreement.

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(b)    Severability. Wherever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law and references to
any law shall include all statutory and regulatory provisions consolidating, amending, replacing,
supplementing or interpreting such law, but if any provision of this Agreement shall be
unenforceable or invalid under applicable law in any jurisdiction or with respect to any Member,
such provision shall be ineffective only to the extent of such unenforceability or invalidity and
shall not affect the enforceability of any other provision in such jurisdiction or the enforcement
of the entirety of this Agreement in any other jurisdiction or with respect to any other Member,
but this Agreement will be reformed, construed and enforced in such jurisdiction and with
respect to the applicable Member as if such invalid or unenforceable provision had never been
contained herein. Notwithstanding the foregoing, if any court determines that any of the
covenants or agreements set forth in this Agreement are overbroad under applicable law in time,
geographical scope or otherwise, the Members specifically agree and authorize such court to
rewrite this Agreement to reflect the maximum time, geographical and/or other restrictions
permitted under applicable law to be reasonable and enforceable.

(c)    Waiver. The failure of any Person to insist in one or more instances on
performance by another Person of any obligation, condition or other term of this Agreement in
strict accordance with the provisions hereof shall not be construed as a waiver of any right
granted hereunder or of the future performance of any obligation, condition or other term of this
Agreement in strict accordance with the provisions hereof, and no waiver with respect thereto
shall be effective unless contained in a writing signed by or on behalf of the waiving party. The
remedies in this Agreement shall be cumulative and are not exclusive of any other remedies
provided by law.

(d)    Successors and Assigns. This Agreement shall be binding upon, and inure
to the benefit of, the parties hereto and their respective heirs, representatives, successors and
permitted assigns. Notwithstanding the foregoing or anything in this Agreement to the contrary,
none of the Members may, without the prior written approval of the Board of Directors, assign or
delegate any of his, her or its rights or obligations under this Agreement to any Person other than
a Permitted Transferee (provided that, for clarity, SoftBank may not assign its obligations in
Section 2.02(c)(i) other than pursuant to Section 9.02(c)); provided, however that the foregoing
shall not prohibit or otherwise affect the ability of a Member to effect a Transfer of Shares in
accordance with this Agreement.

(e)    Entire Agreement. This Agreement (including the appendices, exhibits
and schedules attached hereto, which are hereby incorporated herein by reference) and the other
agreements referred to in or contemplated by this Agreement constitute the entire agreement of
the parties hereto with respect to the subject matter hereof and thereof and supersedes all prior
agreements, negotiations or representations with respect to the subject matter hereof and thereof.

(f)    Governing Law. This Agreement shall be governed by the laws of the
State of Delaware, including the Act, without giving effect to any choice of law or conflict of
law provision or rule (whether of the State of Delaware or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of Delaware.

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(g)    Construction. The parties hereto acknowledge and agree that each has
negotiated and reviewed the terms of this Agreement, assisted by such legal and tax counsel as
they desired, and has contributed to its revisions. The parties hereto further agree that the rule of
construction that any ambiguities are resolved against the drafting party will be subordinated to
the principle that the terms and provisions of this Agreement will be construed fairly as to all
parties hereto and not in favor of or against any party. The word “including” and other words of
similar import means “including, without limitation” and where specific language is used to
clarify by example a general statement contained herein, such specific language shall not be
deemed to modify, limit or restrict in any manner the construction of the general statement to
which it relates. All pronouns shall be deemed to refer to the masculine, feminine, neuter,
singular or plural, as the identity of the Person may require in the context thereof. The words
“herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a
whole, and not to any particular section, subsection, paragraph, subparagraph or clause contained
in this Agreement. Any law, statute, rule or regulation defined or referred to herein means such
law, statute, rule or regulation as from time to time amended, modified or supplemented. The
terms “$” and “dollars” means United States Dollars. A reference herein to this Agreement
refers to this Agreement as it may hereafter be amended, modified, extended, restated or replaced
from time to time in accordance with the provisions hereof and a reference to any other
agreement refers to such other agreement as it may hereafter be amended, modified, extended,
restated or replaced from time to time in accordance with the provisions thereof and the
applicable limitations (if any) set forth in this Agreement. With respect to any matter requiring
the approval, decision, determination or consent of any Person(s) hereunder (including the
Members and the Board of Directors), if no other standard for granting, denying or making such
approval, decision, determination or consent is provided in this Agreement, such approval,
decision, determination or consent shall be made by such Person(s) in their sole discretion.

(h)    Venue; Waiver of Jury Trial. This Agreement has been executed and
delivered in and shall be deemed to have been made in Delaware. Each Member agrees to the
exclusive jurisdiction of any state or federal court within Delaware, with respect to any claim or
cause of action arising under or relating to this Agreement (provided that any order from any
such court may be enforced in any other jurisdiction), and waives personal service of any and all
process upon it, and consents that all services of process be made by registered mail, directed to
it at its address as set forth in Section 12.06, and service so made shall be deemed to be
completed when received. Each Member waives any objection based on forum non conveniens
and waives any objection to venue of any action instituted hereunder. Nothing in this paragraph
shall affect the right to serve legal process in any other manner permitted by law. EACH OF
THE PARTIES HERETO (INCLUDING EACH MEMBER) IRREVOCABLY WAIVES ALL
RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING
INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF ITS, HIS OR HER
OBLIGATIONS HEREUNDER.

(i)    Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original and all of which together shall constitute one
instrument.

(j)    Third Parties. The agreements, covenants and representations contained
herein are for the benefit of the Company and the Members and are not for the benefit of any

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third parties, including any creditors of the Company, except to the extent that any other Person
is expressly granted any rights under this Agreement.

12.12    Title to Company Assets. Company assets shall be deemed to be owned by the
Company as an entity, and no Member, individually or collectively, shall have any ownership
interest in such Company assets or any portion thereof. Legal title to any or all Company assets
may be held in the name of the Company or one or more nominees, as the Board of Directors
may determine. The Board of Directors hereby declares and warrants that any Company assets
for which legal title is held in the name of any nominee shall be held in trust by such nominee for
the use and benefit of the Company in accordance with the provisions of this Agreement. All
Company assets shall be recorded as the property of the Company on its books and records,
irrespective of the name in which legal title to such Company assets is held.

12.13    Creditors. None of the provisions of this Agreement shall be for the benefit of or
enforceable by any non-Member creditors of the Company or any of its Affiliates, and no non-
Member creditor who makes a loan to the Company or any of its Affiliates may have or acquire
(except pursuant to the terms of a separate agreement executed by the Company in favor of such
creditor) at any time as a result of making the loan any direct or indirect interest in Distributions,
capital or property or the rights of the Board of Directors to require Capital Contributions other
than as a secured creditor. Notwithstanding anything to the contrary in this Agreement, any
Member who is, or whose Affiliates are, a creditor or lender of the Company or its Subsidiaries
(including a trade creditor pursuant to any Commercial Agreement) shall be entitled to exercise
all of its rights as a creditor of lender of the Company or its Subsidiaries, as set forth in the
applicable credit document or other agreement between such Member (or its Affiliates) and the
Company or its Subsidiaries, or otherwise available to such Member (or its Affiliates) in such
capacity. Without limiting the generality of the foregoing, any such Member (or its Affiliates),
in exercising its rights as a creditor or lender, will have no duty to consider (i) its or its Affiliates’
status as a direct or indirect equity owner of the Company or its Subsidiaries, (ii) the interests of
the Company or its Subsidiaries, or (iii) any duty it or any of its Affiliates may have hereunder or
otherwise to any other Member, except as may be required under the applicable credit or other
documents or by commercial law applicable to creditors generally.

12.14    Remedies. The Company and the Members shall be entitled to enforce their
respective rights under this Agreement specifically, to recover damages by reason of any breach
of any provision of this Agreement (including costs of enforcement) and to exercise any and all
other rights at law or at equity existing in their respective favor. The Company and each
Assignee and Member further agrees and acknowledges that money damages shall not be an
adequate remedy for any breach of the provisions of this Agreement (and thus waive as defense
that there is an adequate remedy at law), and that, accordingly, the Company or any Member
shall, in the event of any breach or threatened breach of this Agreement, be entitled (without
posting a bond or other security) to seek an injunction or injunctions to prevent or restrain
threatened breaches of, and to specifically enforce the terms and provisions of this Agreement to
prevent breaches or threatened breaches of, or to enforce compliance with, the covenants and
obligations under this Agreement. The Company and each Member and Assignee hereby waives
any right to claim that specific performance should not be ordered to prevent or remedy a breach
or threatened breach of this Agreement, and agrees not to raise any objections on the basis that a
remedy at laws would be adequate or on any other basis, (a) to the availability or appropriateness

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of the equitable remedy of specific performance, or (b) to the rights of the Company and the
Members to specifically enforce the terms and provisions of this Agreement to prevent breaches
or threatened breaches of, or to enforce compliance with, the covenants and obligations of this
Agreement. The remedies in this Agreement shall be cumulative and are not exclusive of any
other remedies provided by law.

12.15    Time is of the Essence; Computation of Time. Time is of the essence for each
and every provision of this Agreement. Whenever the last day for the exercise of any privilege
or the discharge or any duty hereunder shall fall upon a day other than a Business Day, the party
having such privilege or duty may exercise such privilege or discharge such duty on the next
succeeding day which is a Business Day.

12.16    Notice to Members of Provisions. By executing this Agreement, each Member
acknowledges that it has actual notice of (i) all of the provisions hereof (including the restrictions
on transfer set forth in Article IX) and (ii) all of the provisions of the Certificate of Formation.

12.17    Further Assurances. In connection with this Agreement and the transactions
contemplated hereby, each Member shall execute and deliver any additional documents and
instruments and perform any additional acts that may be necessary to effectuate and perform the
provisions of this Agreement and those transactions.

12.18    Termination. Upon consummation of an IPO or a Sale of the Company, this
Agreement will be terminated (and replaced, in the case of an IPO, by a suitable replacement
stockholders’ agreement as reasonably determined by the Board of Directors immediately prior
to the IPO) and each of the Members will be fully, finally and forever discharged and released
from any and all agreements, terms, covenants, conditions, representations, warranties and other
obligations arising under this Agreement and all rights and benefits of the Members arising under
this Agreement shall be fully, finally and forever terminated and extinguished; provided, that
Article VII, Article XI and this Article XII (and, solely in the case of a Sale of the Company,
Section 9.08 to the extent any obligations thereunder have not been fully performed) shall
survive and continue to apply in accordance with the their terms.

[signature page follows]

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[Signature Page to A&R LLC Agreement]

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[Signature Page to A&R LLC Agreement]

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[Signature Page to A&R LLC Agreement]

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Appendix I

For the purposes of this Agreement:

(a)    “2018/2019 Incentive Plan” shall mean that employee incentive plan as
established in accordance with the terms and conditions of the plan set forth on Section 5.2 of the
Disclosure Letter to the Purchase Agreement, as the same may be amended from time to time.

(b)    “A-1-A Preferred Share Conversion Ratio” shall mean a multiple (which, for
the avoidance of doubt, unless, and solely to the extent, Section 2.02(d)(ii) applies, may not be
less than one (1)) equal to (i) the sum of the Class A-1-A Preferred Unpaid Return and the
Class A-1-A Preferred Capital Value divided by (ii) $1,000 (as adjusted, as necessary, to reflect
appropriate and proportional adjustments to take into account any subdivision, reorganization,
reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar
event).

(c)     “A-1-B Preferred Share Conversion Ratio” shall mean a multiple (which, for
the avoidance of doubt, may not be less than one (1)) equal to (i) the sum of the Class A-1-B
Preferred Unpaid Return and the Class A-1-B Preferred Capital Value divided by (ii) $1,515.15
(as adjusted, as necessary, to reflect appropriate and proportional adjustments to take into
account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse
stock split, combination of shares or similar event).

(d)    “Affiliate” shall mean, with respect to any Person, any other Person that,
directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under
common control with, such Person, and the term “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of such Person, whether through
voting securities, by contract or otherwise. Notwithstanding the foregoing or anything in this
Agreement to the contrary, (i) none of the Members shall be deemed to be an “Affiliate” of any
other Member solely by virtue of owning Shares, (ii) none of the Members shall be deemed to be
an “Affiliate” of the Company and (iii) neither the Company nor any of its Subsidiaries shall be
deemed to be an “Affiliate” of any of the Members or any of their Affiliates.

(e)    “Agreement” shall mean this Amended and Restated Limited Liability
Company Agreement, including all appendices, exhibits and schedules hereto, as it may be
amended, supplemented or otherwise modified from time to time.

(f)    “AGSA” shall mean the Administrative and General Services Agreement
entered into between GM and the Company dated the date of this Agreement.

(g)    “Applicable ABAC Laws” means all laws and regulations applying to the
Company, any of its Subsidiaries or an Associated Person of either the Company or any of its
Subsidiaries prohibiting bribery or some other form of corruption, including fraud and tax
evasion.

(h)    “Applicable AML Laws” means all laws and regulations applying to the
Company, any of its Subsidiaries or an Associated Person of either the Company or any of its

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Subsidiaries prohibiting money laundering, including attempting to conceal or disguise the
identity of illegally obtained proceeds.

(i)    “Applicable Trade Laws” means all import and export laws and regulations,
including economic and financial sanctions, export controls, anti-boycott and customs laws and
regulations applying to the Company, any of its Subsidiaries or an Associated Person of either
the Company or any of its Subsidiaries.

(j)    “Associated Person” means, in relation to a company or other entity, an
individual or entity (including a director, officer, employee, consultant, agent or other
representative) who or that has acted or performed services for or on behalf of that company or
other entity but only with respect to actions or the performance of services for or on behalf of
that company or other entity.

(k)    “AVCo Business” shall have the meaning given to it in the IPMA.

(l)    “Blocked Person” means any of the following: (a) a Person included in a
restricted or prohibited list pursuant to one or more of the Applicable Trade Laws, including any
Sanctioned Person; (b) an entity in which one or more Sanctioned Persons has in the aggregate,
whether directly or indirectly, a fifty percent (50%) or greater equity interest; or (c) an entity that
is controlled by a Sanctioned Person such that the entity, itself, would be considered a
Sanctioned Person.

(m)    “Business Day” shall mean a day other than a Saturday, a Sunday, or any day
on which commercial banks New York City, New York, Detroit, Michigan or Tokyo, Japan are
permitted to be closed.

(n)    “Call Notice/Optional SoftBank Conversion Notice Fair Market Value” has
the meaning given to it in Exhibit II.

(o)    “Capital Contribution” shall mean a transfer of money or property by a
Member to the Company, either as consideration for Shares or as additional capital without a
requirement for the issuance of additional Shares.

(p)    “Cause” shall mean, with respect to an Employee Member, the definition of
“Cause” set forth in such Employee Member’s Share Grant Agreement, but will also include a
breach of this Agreement by such Employee Member.

(q)    “CFIUS” means the Committee on Foreign Investment in the United States.

(r)    “CFIUS Approval” means any of the following: (i) CFIUS shall have
concluded that the relevant transaction does not constitute a “covered transaction” and are not
subject to review under Section 721 of the U.S. Defense Production Act of 1950; (ii) CFIUS
shall have issued a written notification that it has concluded its review (and, if applicable, any
investigation) of the notice filed with it in connection with the relevant transaction and
determined that there are no unresolved national security concerns with respect to such
transactions; or (iii) if CFIUS has sent a report to the President of the United States requesting
the President’s decision with respect to the relevant transaction and either (A) the period under

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Section 721 of the Defense Production Act of 1950 during which the President may announce his
decision to take action to suspend or prohibit the relevant transaction shall have expired without
any such action being announced or taken, or (B) the President shall have announced a decision
not to take any action to suspend or prohibit the relevant transaction. For the purpose of this
definition, “relevant transaction” shall mean (i) the grant to SoftBank (and its Affiliates) of the
rights and obligations granted to them hereunder for which CFIUS Approval is required, and (ii)
the consummation of the transactions contemplated by Section 2.02(c)(i).

(s)    “CFIUS Condition” shall mean: (i) CFIUS Approval has been received and (ii)
unless waived by SoftBank, CFIUS shall not have required or imposed any Burdensome
Conditions (as defined in the Purchase Agreement).

(t)    “Change of Control” means (i) any “person” or “group” (within the meaning of
Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of more than fifty percent (50%) of
the outstanding voting securities of a Person (the “Target”), (ii) any reorganization, merger or
consolidation of a Person, other than a transaction or series of related transactions in which the
holders of the voting securities of such Person outstanding immediately prior to such transaction
or series of related transactions retain, immediately after such transaction or series of related
transactions, at least a majority of the total voting power represented by the outstanding voting
securities of such Person or such other surviving or resulting entity, or (iii) a sale, lease or other
disposition of a majority of the assets of the Target and its Subsidiaries.

(u)    “Class A-1 Liquidation Preference Amount” shall mean, as applicable, (i) the
sum of the Class A-1-A Preferred Unpaid Return and the Class A-1-A Preferred Capital Value
applicable to a Class A-1-A Preferred Share (the “Class A-1-A Liquidation Preference
Amount”), and (ii) the sum of the Class A-1-B Preferred Unpaid Return and the Class A-1-B
Preferred Capital Value applicable to a Class A-1-B Preferred Share (the “Class A-1-B
Liquidation Preference Amount”).

(v)    “Class A-1 Preferred Capital Value” shall mean the weighted average of the
Class A-1-A Liquidation Preference Amount and the Class A-1-B Liquidation Preference
Amount, based on the relative numbers of Class A-1-A Preferred Shares and Class A-1-B
Preferred Shares.    

(w)    “Class A-1 Preferred Member” shall mean each Person admitted to the
Company as a Member and who holds Class A-1-A Preferred Shares and/or Class A-1-B
Preferred Shares.

(x)    “Class A-1 Preferred Return” shall mean, with respect to each Class A-1
Preferred Share, the amount accruing for a particular Quarter on such Class A-1 Preferred Share
at the rate of seven percent (7%) per annum, compounded on the last day of such Quarter, on (i)
the Class A-1 Preferred Capital of such Class A-1 Preferred Share plus (ii) as the case may be,
the Class A-1 Preferred Unpaid Return thereon. In calculating the amount of any Distribution to
be made during a period, the portion of the Class A-1 Preferred Return with respect to such
Class A-1 Preferred Share for the portion of the Quarterly period elapsing before such
Distribution is made shall be taken into account in determining the amount of such Distribution.

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(y)    “Class A-1 Preferred Unpaid Return” shall mean the Class A-1-A Preferred
Unpaid Return and the Class A-1-B Preferred Unpaid Return (as applicable).

(z)    “Class A-1 Preferred Capital” shall mean the Class A-1-A Preferred Capital
Value and the Class A-1-B Preferred Capital Value (as applicable).

(aa)    “Class A-1-A Preferred Capital Value” shall mean $1,000 for each Class A-1-
A Preferred Share issued with respect to the SoftBank Commitment, subject to appropriate and
proportional adjustments to take into account any subdivision, reorganization, reclassification,
recapitalization, stock split, reverse stock split, combination of shares or similar event.

(bb)    “Class A-1-A Preferred Member” shall mean each Person admitted to the
Company as a Member and who holds Class A-1-A Preferred Shares.

(cc)    “Class A-1-A Preferred Unpaid Return” shall mean, with respect to any
Class A-1-A Preferred Share as of any determination date, an amount not less than zero equal to
(i) the aggregate Class A-1 Preferred Return for all prior Quarterly periods on such Class A-1-A
Preferred Share as of such date, less (ii) the aggregate amount of cash Distributions made in
respect of such Class A-1-A Preferred Share pursuant to Section 3.01(b)(i) and Section
3.01(b)(iii).

(dd)    “Class A-1-B Preferred Capital Value” shall mean $1,515.15 for each
Class A-1-B Preferred Share issued with respect to the Subsequent SoftBank Commitment,
subject to appropriate and proportional adjustments to take into account any subdivision,
reorganization, reclassification, recapitalization, stock split, reverse stock split, combination of
shares or similar event.

(ee)    “Class A-1-B Preferred Member” shall mean each Person admitted to the
Company as a Member and who holds Class A-1-B Preferred Shares.

(ff)    “Class A-1-B Preferred Unpaid Return” shall mean, with respect to any
Class A-1-B Preferred Share as of any determination date, an amount not less than zero equal to
(i) the aggregate Class A-1 Preferred Return for all prior Quarterly periods on such Class A-1-B
Preferred Share as of such date, less (ii) the aggregate amount of cash Distributions made in
respect of such Class A-1-B Preferred Share pursuant to Section 3.01(b)(i) and Section
3.01(b)(iii).

(gg)    “Class A-2 Liquidation Preference Amount” shall mean the Class A-2
Preferred Capital Value applicable to such Class A-2 Preferred Share.

(hh)    “Class A-2 Preferred Capital Value” shall mean $1,000 for each Class A-2
Preferred Share issued with respect to the GM Commitment, subject to appropriate and
proportional adjustments to take into account any subdivision, reorganization, reclassification,
recapitalization, stock split, reverse stock split, combination of shares or similar event.

(ii)    “Class A-2 Preferred Member” shall mean each Person admitted to the
Company as a Member and who holds Class A-2 Preferred Shares.

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(jj)     “Class B Floor Amount” means, with respect to any Class B Common Share,
an aggregate amount determined by the Board of Directors in its sole discretion and set forth in
the applicable Share Grant Agreement (which such amount may be zero).

(kk)    “Class B Member” shall mean each Person admitted to the Company as a
Member and who holds Class B Common Shares.

(ll)    “Class C Member” shall mean each Person admitted to the Company as a
Member and who holds Class C Common Shares.

(mm)    “Class D Member” shall mean each Person admitted to the Company as a
Member and who holds Class D Common Shares.

(nn)    “Code” shall mean the Internal Revenue Code of 1986, as amended.

(oo)    “Commercial Agreements” shall have the meaning given to it in the Purchase
Agreement.

(pp)    “Commitments” shall mean, collectively, the GM Commitment, the SoftBank
Commitment, the Subsequent SoftBank Commitment and any additional commitment from an
existing or new Investor (which, in each case, represents (or in the case of any additional
commitments, will represent) the aggregate amount of Capital Contributions that such Investor
has committed (or in the case of any additional commitments, will commit) to make to the
Company in exchange for the issuance of Shares and subject in all respects to the terms and
conditions set forth in this Agreement and the Purchase Agreement).

(qq)    “Common Shares” shall mean, collectively, the Class B Common Shares,
Class C Common Shares and Class D Common Shares.

(rr)    “Competitively Sensitive Information” shall mean any information that is
determined by the chief executive officer or the chief legal officer of the Company or the Board
of Directors (in each case as determined in his, her or its reasonable judgment) to be
competitively sensitive with respect to the AVCo Business (which shall include any information
of the type identified to SVF prior to the execution of the Purchase Agreement).

(ss)    “Control Period” shall mean the period from the date of this Agreement until
the earlier of (i) the consummation of an IPO, and (ii) the date on which the GM Investor holds
less than fifty percent (50%) of the total number of Shares (on an as-converted basis as if all
Junior Interests are deemed converted (on a Fully Diluted Basis) to Class D Common Shares on
a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to take
into account any subdivision, reorganization, reclassification, recapitalization, stock split, reverse
stock split, combination of shares or similar event) and all Class A-1 Preferred Shares are
deemed converted to Class D Common Shares pursuant to Section 2.09(b)).

(tt)    “Covered Person” shall mean a Person who is or was (i) a Member or a
Director, Officer, director, shareholder, partner, member, trustee, fiduciary or beneficiary of the
Company or any Subsidiary of the Company or of a Member, or (ii) a director, officer,
shareholder, partner, trustee, fiduciary or beneficiary of another Person serving as such at the

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request of the Company or any Subsidiary of the Company, for the Company’s or any of its
Subsidiary’s benefit.

(uu)    “Designated Matter” with respect to a Covered Person shall mean a matter that
is or is claimed to be a matter related to his or her duties to the Company, any of its Subsidiaries
or any related entity or the performance of (or failure to perform) duties for the Company or any
of its Subsidiaries.

(vv)    “DGCL” shall mean the State of Delaware General Corporation Law, as
amended from time to time.

(ww)    “Director” shall mean a Person designated to the Board of Directors pursuant to
Section 6.03.

(xx)     Distribution” shall mean each distribution made by the Company to a Member
with respect to such Person’s Shares, whether in cash, property or securities of the Company and
whether by dividend, redemption, repurchase or otherwise; provided, that none of the following
shall be deemed a Distribution: (i) any redemption or repurchase by the Company of any
securities of the Company in connection with the termination of employment of an employee of
the Company or any of its Subsidiaries or otherwise pursuant to a Share Grant Agreement and
(ii) any recapitalization, exchange or conversion of Shares, and any subdivision (by share split or
otherwise) or any combination (by reverse share split or otherwise) of any outstanding Shares.

(yy)    “EDSA” shall mean the Engineering and Design Services Agreement entered
into between GM Global Technology Operations LLC and the Company dated the date of this
Agreement.

(zz)    “Employee Member” shall mean a Member who is or was an employee,
officer, director, manager or other service provider of the Company or one of its Subsidiaries or
who is wholly owned by or is a Family Trust or other similar entity of one or more of the current
or former employees, officers, directors, managers or other services providers of the Company or
one of its Subsidiaries. Any reference in this Agreement to an Employee Member shall mean, in
the case of a Member who is wholly owned by or is a member of the Family Group of one or
more of the current or former employees, officers, directors, managers or other service providers
of the Company or one of its Subsidiaries, the current or former employee, officer, director,
manager or other service provider of the Company or one of its Subsidiaries, or such Member
that is wholly owned or is a member of the Family Group or other similar entity of such Person
(regardless of whether such current or former employee, officer, director, manager or other
service provider or such wholly owned entity, member of the Family Group or other similar
entity is a Member), as the context so requires.

(aaa)    “Equity Securities” shall mean all forms of equity securities in the Company,
its Subsidiaries or their successors (including Shares), all securities convertible into or
exchangeable for equity securities in the Company, its Subsidiaries or their successors, and all
options, warrants, and other rights to purchase or otherwise acquire equity securities, or
securities convertible into or exchangeable for equity securities, from the Company, its
Subsidiaries or their successors.

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(bbb)    “Equivalent Terms” shall mean a proposal on terms, including all legal,
financial, regulatory and other aspects of such proposal, including termination fee and/or expense
reimbursement provisions, conditionality, financing, antitrust, timing, indemnification and postclosing limitations of liability and such other factors, events or circumstances as the Board of
Directors considers in good faith to be appropriate, that is (i) reasonably likely to be
consummated in accordance with its terms and (ii) at least as favorable to the Transferor(s)
pursuant to Section 9.01(a)(iii) as the terms set forth in the ROFR Sale Notice.

(ccc)    “Exchange Agreement” shall mean the Exchange Agreement in the form
agreed to by the Members and the Company on the date of the Purchase Agreement.

(ddd)    “Fair Market Value” with respect to securities traded on a stock exchange or
over-the-counter market as of any date shall be the mean between the highest and lowest quoted
selling prices, or if none, the mean between the bona fide bid and asked prices, on the valuation
date, or if the foregoing is not applicable, otherwise determined in a manner not inconsistent with
Treasury Regulation § ̃20.2031-2. Fair Market Value of any other assets shall be their fair market
value as determined in good faith by the Board of Directors.

(eee)    “Family Group” shall mean, for any individual, such individual’s current or
former spouse, their respective parents, descendants of such parents (whether natural or adopted)
and the spouses of such descendants, and any trust, limited partnership, corporation or limited
liability company established solely for the benefit of such individual or such individual’s
current or former spouse, their respective parents, descendants of such parents (whether natural
or adopted) or the spouses of such descendants.

(fff)    “Fiscal Year” shall mean the calendar year.

(ggg)    “Floor Amount” shall mean five percent (5%) of the total outstanding Shares in
the Company as if each Share (on a Fully Diluted Basis) was converted into a Class D Common
Share (with Junior Interests being converted on a 1:1 basis (as adjusted, as necessary, to reflect
appropriate and proportional adjustments to take into account any subdivision, reorganization,
reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar
event) and Class A-1 Preferred Shares being converted pursuant to Section 2.09).

(hhh)    “Fully Diluted Basis” shall mean the number of Shares which would be
outstanding, as of the date of computation, if all convertible obligations, options, RSUs, warrants
and like rights, and other instruments to acquire Shares had been converted or exercised (or, if
not then granted and reserved for grant or issuance, all such obligations, options, RSUs, warrants
and other instruments which are so reserved for grant or issuance, calculated in accordance with
the treasury method).

(iii)    “GAAP” shall mean generally accepted accounting principles applied in the
United States.

(jjj)    “GM Affiliated Group” means the affiliated group of corporations of which
GM Parent is the “common parent,” within the meaning of Section 1504 of the Code.

(kkk)    “GM Business” shall have the meaning given to it in the IPMA.

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(lll)    “GM Consolidated Return” means the consolidated U.S. federal income tax
return of GM Parent filed pursuant to Section 1501 of the Code.

(mmm)     "GM Investor” shall mean (i) GM, (ii) to the extent they are Members, any of
Affiliate of GM, and (iii) any other Person not an Affiliate of GM to whom GM or any of its
Affiliates have transferred Shares and who has been admitted as a Member of the Company.

(nnn)    “GM Parent” means General Motors Company or, if General Motors Company
has merged or consolidated into any other Person (or sold all or substantially all of its assets in
any one or a series of related to transactions to such other Person), then the parent company of
such other Person.

(ooo)     “Governmental Authority” shall mean any government or governmental or
regulatory body thereof, or political subdivision thereof, whether foreign, federal, state, or local
or any agency, instrumentality or authority thereof or any court.

(ppp)    “Indemnity Agreement” shall mean the Indemnity Agreement entered into
between GM and the Company dated the date of this Agreement.

(qqq)    “Independent Director” shall mean a Director who is not an executive officer
or employee of the Company and its Subsidiaries or the GM Investor and who has no
relationship which would interfere with the exercise of independent judgment in carrying out the
responsibilities of a director.

(rrr)    “Independent Third Party” shall mean any Person who, immediately before
the contemplated transaction, (i) is not a Member (ii) is not an Affiliate of any Member, (iii) is
not the spouse or descendent (by birth or adoption) or the spouse of a descendant of any
Member, and (iv) is not a trust for the benefit of any Member and/or such other Persons.

(sss)    “Investors” shall mean, collectively, the GM Investor, SoftBank and any other
Person that makes an Additional Commitment or acquires Shares in exchange for a Capital
Contribution.

(ttt)    “IPMA” shall mean the Intellectual Property Matters Agreement entered into
between GM and the Company dated the date of this Agreement.

(uuu)    “IPO” shall mean (i) an initial public offering of the Company’s, or any parent’s
or successor entity’s, securities of any class (other than debt securities containing no equity
features and not convertible into equity securities) in accordance with the provisions of the
Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any
similar or successor form, (ii) a distribution of IPO Shares to the stockholders of GM’s ultimate
parent company pursuant to a Form 10 (or successor form), or (iii) the registration of the resale
of IPO Shares by certain Members of the Company pursuant to a Form S-1 (or successor form)
filed by the Company.

(vvv)    “Junior Interests” shall mean the Class A-2 Preferred Shares, the Class B
Common Shares, the Class C Common Shares, the Class D Common Shares and any other
Equity Interests designated as Junior Interests by the Board of Directors.

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(www)    “Junior Members” shall mean the Class A-2 Preferred Members, the Class B
Members, the Class C Members and the Class D Members and any other Members designated as
Junior Members by the Board of Directors.

(xxx)    “Majority of a Committee” shall mean, with respect to any committee of the
Board of Directors, as of any given time, the members of such committee having a majority of
the votes of such committee.

(yyy)    “Majority of the Board” shall mean as of any given time, the Directors having
the right to cast a majority of the votes of the Board of Directors.

(zzz)    “Majority of the Class A-1 Preferred” shall mean, as of any given time, the
Class A-1 Preferred Members holding a majority of the then outstanding Class A-1 Preferred
Shares. For clarity, a written consent, signed by Class A-1 Preferred Members holding a
majority of the then outstanding Class A-1 Preferred Shares, shall constitute a Majority of the
Class A-1 Preferred.

(aaaa)    “Majority of the Class A-2 Preferred” shall mean, as of any given time, the
Class A-2 Preferred Members holding a majority of the then outstanding Class A-2 Preferred
Shares. For clarity, a written consent, signed by Class A-2 Preferred Members holding a
majority of the then outstanding Class A-2 Preferred Shares, shall constitute a Majority of the
Class A-2 Preferred.

(bbbb)    “Majority of the Class C Common” shall mean, as of any given time, the
Members holding a majority of the then outstanding Class C Common Shares.

(cccc)    “Majority of the Common Shares” shall mean, as of any given time, the
Members holding a majority of the votes of the then outstanding Class D Common Shares,
Class C Common Shares and Class B Common Shares. For clarity, (i) a written consent, signed
by Members holding a majority of the votes of the then outstanding Class D Common Shares,
Class C Common Shares and Class B Common Shares, shall constitute a Majority of the
Common Shares, and (ii) pursuant to Section 5.01, in determining the Majority of the Common
Shares each Class B Common Share and each Class D Common Share will carry one (1) vote per
Share and each Class C Common Share will carry ten (10) votes per Share.

(dddd)    “Majority of the Members” shall mean, as of any given time, the Members
holding the majority of the voting rights with respect to then outstanding Shares, as such voting
rights are allocated pursuant to Section 5.01.

(eeee)    “Member” shall mean the GM Investor, SoftBank and any other Person that is a
Member as of the date hereof and each other Person admitted as a Substituted Member or
Additional Member in accordance with this Agreement, but in each case only so long as such
Person continually holds any Shares.

(ffff)    “OEM Acquisition” shall mean (i) the GM Investor, together with its
Subsidiaries, becoming the “beneficial owner” (as defined in Rule 13d- 3 under the Exchange
Act), directly or indirectly, of more than fifty percent (50%) of the outstanding voting securities
of an automotive OEM having the right to vote for the election of members of the board of

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directors (or equivalent body) of the automotive OEM or (ii) a sale, lease or other disposition to
the GM Investor and its Subsidiaries (collectively) of all or substantially all of the assets of an
automotive OEM.
    
(gggg)    “Optional SoftBank Conversion Share Price” shall mean the value, per
Class A-1 Preferred Share or Class D Share (as applicable), calculated as follows:

(i)    First, all Junior Interests shall be deemed converted (on a Fully Diluted
Basis) to Class D Common Shares on a 1:1 basis (as adjusted, as necessary, to reflect appropriate
and proportional adjustments to take into account any subdivision, reorganization,
reclassification, recapitalization, stock split, reverse stock split, combination of shares or similar
event) and all Class A-1 Preferred Shares are deemed converted to Class D Common Shares
pursuant to Section 2.09(b) (collectively the number of Class D Shares resulting from the
deemed conversion, the “Total Optional Conversion Shares”). For clarity, such “deemed”
conversion pursuant to this definition shall solely be for the purposes of calculating the Optional
SoftBank Conversion Share Price, and no actual conversion shall occur pursuant to this
definition.

(ii)    Second, the Optional SoftBank Conversion Share Price shall be: (A) for
each Class A-1-A Preferred Share, the Call Notice/Optional SoftBank Conversion Notice Fair
Market Value, multiplied by a fraction (1) the numerator of which is the number of Class D
Common Shares into which each Class A-1-A Preferred Share of such Class A-1 Preferred
Member was deemed converted pursuant to subsection (i) above, and (2) the denominator of
which is the Total Optional Conversion Shares; (B) for each Class A-1-B Preferred Share, the
Call Notice/Optional SoftBank Conversion Notice Fair Market Value, multiplied by a fraction
(1) the numerator of which is the number of Class D Common Shares into which each Class A-1-
B Preferred Share of such Class A-1 Preferred Member was deemed converted pursuant to
subsection (i) above, and (2) the denominator of which is the Total Optional Conversion Shares;
and (C) for each Class D Common Share, the Call Notice/Optional SoftBank Conversion Notice
Fair Market Value multiplied by a fraction (1) the numerator of which is such number of Class D
Common Shares and (2) the denominator of which is the Total Optional Conversion Shares.

(hhhh)    “Other Party” shall mean (i) with respect to the Company or any of its
Subsidiaries, the GM Investor and (ii) with respect to the GM Investor, the Company.

(iiii)    “Per Class A-1 Preferred Share FMV” shall mean the Standardized FMV (as
defined in, and determined in accordance with, Exhibit II) divided by the total outstanding
Shares as of the time of the determination of the Call Notice/Optional SoftBank Conversion
Notice Fair Market Value as if each Share (on a Fully Diluted Basis) was converted into a
Class D Common Share (with Junior Interests being converted on a 1:1 basis (as adjusted, as
necessary, to reflect appropriate and proportional adjustments to take into account any
subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split,
combination of shares or similar event) and Class A-1 Preferred Shares being converted pursuant
to Section 2.09(b)).

(jjjj)    “Person” shall mean an individual, a partnership, a corporation, a limited
liability company or limited partnership, an association, a joint stock company, a trust, a joint

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venture, an unincorporated organization, or 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.

(kkkk)    “Preemptive Proportion” shall mean, with respect to a holder of Preemptive
Shares as of any given time, an amount, expressed as a decimal, equal to (i) the number of
Class D Common Shares held by such Member as if all Junior Interests owned by such holder of
Preemptive Shares are deemed converted (on a Fully Diluted Basis) to Class D Common Shares
on a 1:1 basis (as adjusted, as necessary, to reflect appropriate and proportional adjustments to
take into account any subdivision, reorganization, reclassification, recapitalization, stock split,
reverse stock split, combination of shares or similar event) and all Class A-1 Preferred Shares
held by such holder of Preemptive Shares are converted to Class D Common Shares pursuant to
Section 2.09(b), divided by (ii) the Total Conversion Shares (excluding, for the purpose of
calculating the Total Conversion Shares, any Class B Common Share, including any Vested
Class B Common Share).

(llll)    “Preemptive Shares” shall mean each class of Shares other than the Class B
Common Shares.

(mmmm)   “Prime Rate” shall mean the prime rate in effect at the time at the New
York City offices of Citibank, N.A.

(nnnn)     “Qualified Appraiser” shall mean a globally recognized investment banking
firm; provided, however, if such firm is the third “Qualified Appraiser” referred to in Exhibit II,
then it shall not have (i) been engaged for any M&A advisory or other similar services or (ii)
served as a lead or co-lead “bookrunner” for a debt or equity issuance in excess of $500,000,000
by or for the GM Investor, SVF, SVFA, SoftBank or any Affiliate of the foregoing during the
three (3) year period preceding such firm’s appointment.

(oooo)     “Quarter” shall mean each calendar quarter.

(pppp)     “Registrable Equity Securities” shall mean, at any time, any Equity Securities
of the Company, or any corporate successor to the Company by way of conversion, or any of
their respective Subsidiaries which effects the IPO held by any Member until (i) a registration
statement covering such Equity Securities has been declared effective by the SEC and such
Equity Securities have been disposed of pursuant to such effective registration statement, (ii)
such Equity Securities are sold under Rule 144 under the Securities Act or (iii) such Equity
Securities are otherwise Transferred, the Company has delivered a new certificate or other
evidence of ownership for such Equity Securities not bearing the legend required pursuant to this
Agreement and such Equity Securities may be resold without subsequent registration under the
Securities Act.

(qqqq)     “Restricted Business” shall mean, (i) with respect to the Company or any of its
Subsidiaries, the GM Business and (ii) with respect to the GM Investor or any of its Subsidiaries,
the AVCo Business.

(rrrr)    “Restricted Person” shall mean any Person who, either directly or indirectly or
through an Affiliate, is a competitor of either (i) the Company or any of its Subsidiaries as

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reasonably determined by the Board of Directors, or (ii) the GM Investor (or its Affiliates) as
reasonably determined by the GM Investor in good faith; provided, however, that a Person shall
not be deemed a Restricted Person solely as a result of owning, directly or indirectly, less than
five percent (5%) of the outstanding capital stock of a publicly traded company that is a
competitor of the Company or the GM Investor (or its Affiliates). Restricted Person shall
include: (A) those Persons on the list provided to SVF prior to the execution of the Purchase
Agreement and (B) any Person that is developing or commercializing or selling autonomous
vehicles for any use.

(ssss)    “Sale of GM Parent” shall mean a transaction with an Independent Third Party
or group of Independent Third Parties acting in concert, pursuant to which such Person or
Persons acquire (the “Genesis Acquirer”), in any single transaction or series of related
transactions, (i) more than fifty percent (50%) of the issued and outstanding voting securities of
GM Parent (or any surviving or resulting company) or (ii) all or substantially all of the GM
Parent’s assets determined on a consolidated basis (in either case, whether by merger,
consolidation, sale, exchange, issuance, Transfer or redemption of GM Parent’s equity securities,
by sale, exchange or Transfer of the GM Parent’s consolidated assets or otherwise).

(tttt)    “Sale of the Company” shall mean any transaction or series of related
transactions with an Independent Third Party or group of Independent Third Parties acting in
concert, pursuant to which such Person or Persons acquire (i) more than fifty percent (50%) of
the issued and outstanding Equity Securities or (ii) all or substantially all of the Company’s
assets determined on a consolidated basis (in either case, whether by merger, consolidation, sale,
exchange, issuance, Transfer or redemption of the Company’s Equity Securities, by sale,
exchange or Transfer of the Company’s consolidated assets or otherwise). For clarity, an IPO
will not be a Sale of the Company.

(uuuu) “Sanctioned Person” shall mean (i) (A) any Persons identified in the List of
Specially Designated Nationals and Blocked Persons, the Foreign Sanctions Evaders List, the
E.O. 13599 List, or the Sectoral Sanctions Identifications List, in each case administered by
OFAC, and any other sanctions or similar lists administered by any agency of the U.S.
Government, including the U.S. Department of State and the U.S. Department of Commerce and
(B) any Persons owned or controlled, directly or indirectly, by such Person or Persons; (ii) any
Persons identified on any sanctions lists of the European Union, the United Kingdom or any
other jurisdiction; (iii) Persons identified on any list of sanctioned parties identified in a
resolution of the United Nations Security Council; and (iv) any Persons located, organized or a
resident in a Sanctioned Territory.

(vvvv) “Sanctioned Territory” shall mean, at any time, a country or geographic region
that is itself the subject or target of any comprehensive Sanctions within the past five years,
which includes: Crimea, Cuba, Iran, North Korea, Sudan, and Syria.

(wwww) “Sanctions” shall mean (i) the economic sanctions and trade embargo Laws,
rules, regulations, and executive orders of the United States, including those administered or
enforced from time to time by OFAC or the U.S. Department of State, the International
Emergency Economic Powers Act (50 U.S.C. § ̃§ ̃1701 et seq.), and the Trading with the Enemy
Act (50 App. U.S.C. § ̃§ ̃1 et seq.); and (ii) any other similar and applicable economic sanctions

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and trade embargo Laws, rules, or regulations of any foreign Governmental Authority, including
but not limited to, the European Union, the United Kingdom, and the United Nations Security
Council.

(xxxx)       “SEC” shall mean the United States Securities and Exchange Commission.

(yyyy)       “Second Tranche Conditions” shall mean the following conditions: (i) the
CFIUS Condition, and (ii) there shall not, at the time of consummation of the transactions
contemplated by Section 2.02(c)(i), be in effect and Law or Order (each as defined in the
Purchase Agreement) enacted or entered by a Governmental Authority of competent jurisdiction
restraining, enjoining or otherwise prohibiting the consummation of the transactions
contemplated by Section 2.02(c)(i).

(zzzz)       “Securities Act” shall mean the Securities Act of 1933, as amended.
    
(aaaaa)    “Share Grant Agreements” shall mean any written agreement entered into
between the Company and any Person issued Class B Common Shares, evidencing the terms and
conditions of an individual grant of Class B Common Shares.

(bbbbb)    “Sidecar Fund” shall mean a fund which both (i) has the same investment
manager (which, as at the date of this Agreement, is SB Investment Advisers (UK) Limited) as
SVF, and (ii) does not have any limited partners that are not also limited partners in SVF.

(ccccc)     “SoftBank Group Corp.” shall mean SoftBank Group Corp., a corporation
incorporated under the laws of Japan.

(ddddd)    “SoftBank Party” shall mean (i) any investment fund, investment vehicle or
other account that is, directly or indirectly, managed or advised by SVF or any of its Affiliates,
and shall include SoftBank Vision Fund (AIV M2) L.P., a Delaware limited partnership, and
SoftBank Vision Fund (AIV S1) L.P., a Delaware limited partnership (each, a “SoftBank
Fund”), (ii) each Affiliate of each SoftBank Fund, (iii) SVF, SVFA, SoftBank Group Corp. and
each Affiliate of SVF, SVFA or SoftBank Group Corp., (iv) each portfolio company of any
SoftBank Fund, SVF, SVFA, SoftBank Group Corp. or any of their Affiliates and (v) any Person
in which any SoftBank Fund, SVF, SVFA, SoftBank Group Corp. or any of their Affiliates holds
a non-controlling and minority position.

(eeeee)  “Subsidiary” shall mean with respect to any Person, any corporation,
partnership, limited liability company, association or other 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 partnership, limited liability
company, association or other business entity, a majority of the 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 the purposes
hereof, a Person or Persons shall be deemed to have a majority ownership interest in a
partnership, limited liability company, association or other business entity if such Person or
Persons shall be allocated a majority of partnership, limited liability company, association or

80

other business entity gains or losses or shall be or control or have the right to appoint, as the case
may be, the managing director, manager, board of advisors, a company or other governing body
of such partnership, limited liability company, association or other business entity by means of
ownership interest, agreement or otherwise.

(fffff)      “SVFA” shall mean either (i) SVF, if SoftBank has Transferred its shares to
SVF pursuant to Section 9.02(c), or (ii) the Sidecar Fund.

(ggggg)  “Technical Information” shall mean all information of the Company or any of
its Subsidiaries that is related to the technology, intellectual property, data, know-how, software,
trade secrets, hardware, algorithms, technical processes, source code, and any other information
that could reasonably enable a third party to reverse engineer any of the foregoing; provided, that
Technical Information shall not include information pertaining to the performance and general
characteristics of the technology, software, and hardware of the Company or any of its
Subsidiaries.

(hhhhh)  “Transaction Documents” shall mean this Agreement, the Purchase
Agreement, the IPMA, the EDSA, the AGSA, the Indemnity Agreement and the Share Grant
Agreements entered into in connection herewith.

(iiiii)      “Transfer” shall mean any transfer, sale, assignment, pledge, encumbrance or
other disposition, directly or indirectly (including by merger or sale of equity in any direct or
indirect holding company (including a corporation) or otherwise), irrespective of whether any of
the foregoing are effected voluntarily or involuntarily, by operation of law or otherwise, or
whether inter vivos or upon death.

(jjjjj)       “Treasury Regulations” shall mean the income tax regulations promulgated
under the Code and effective as of the date hereof.

(kkkkk)   “Trigger Date” shall mean June 28, 2025.

(lllll)       “Unvested Class B Common Share” shall mean any such Class B Common
Share that, under the provisions of the Share Grant Agreement applicable to such Class B
Common Share, is not a Vested Class B Common Share.

(mmmmm)     “Vested Class B Common Share” shall mean, as of any time of
determination, any Class B Common Share that is vested pursuant to the terms of the Share
Grant Agreement applicable to such Class B Common Share and this Agreement.

Other defined terms are contained in the following sections of this Agreement:

	
		
	Defined Term
	Section Where Found

	A-1-B Antitrust Approvals
	Section 2.02(b)(i)

	A-2 Preferred Directors
	Section 6.03(a)

	Acceptance Period
	Section 2.06(a)

	Accounting Firm
	Section 4.03(f)

	Acquired Person
	Section 11.02(b)

81

	
		
	Defined Term
	Section Where Found

	Act
	Sections 1.02

	Additional Member
	Section 9.04(b)

	Admission Date
	Section 9.03(c)

	Advance Notice
	Section 2.02(c)(i)

	Aggregate Company Hypothetical Pre-Deconsolidation Tax Amount
	Section 4.03(n)

	Amended Tag Notice
	Section 9.07(c)

	Assignee
	Section 9.03(a)

	Binding Transaction Agreement
	Section 9.01(a)(iii)

	Board Observer
	Section 6.04

	Board of Directors
	Section 6.01(a)

	Call Notice
	Section 9.12(a)

	Cash Election
	Section 9.13(b)

	CD Notice 
	Section 2.02(c)(i)

	Certified Shares
	Section 2.07

	Chairman
	Section 6.03(b)

	Class A-1 Preferred Shares
	Section 2.01(a)

	Class A-1/D Purchase
	Section 9.12(a)

	Class A-1-A Liquidation Preference Amount
	Appendix I

	Class A-1-A Preferred Shares
	Section 2.01(a)

	Class A-1-B Liquidation Preference Amount
	Appendix I

	Class A-1-B Preferred Shares
	Section 2.01(a)

	Class A-2 Preferred Shares
	Section 2.01(a)

	Class B Common Shares
	Section 2.01(a)

	Class C Common Shares
	Section 2.01(a)

	Class D Common Shares
	Section 2.01(a)

	Common Director
	Section 6.03(a)

	Company
	Preamble; Section 12.03

	Company Hypothetical Pre-Deconsolidation Tax Amount
	Section 4.03(n)

	Company’s Notice of Intention to Sell
	Section 2.06(a)

	Cure Period
	Section 2.02(c)(ii)

	Deconsolidation
	Section 4.03(n)

	Deemed Liquidation Event
	Section 3.02(b)

	Drag Percentage
	Section 9.09(a)

	Drag-Along Notice
	Section 9.09(a)

	Drag-Along Sale Transaction
	Section 9.09(a)

	Dragees
	Section 9.09(a)

	Entity
	Section 9.10(c)

	Excess New Securities
	Section 2.06(a)

	Excess NOL Tax Increase
	Section 4.03(n)

	Excluded Transfer
	Section 9.01(a)(i)

	Exempt Employee Member Transfer
	Section 9.02(a)

	Exempt SoftBank Transfer
	Section 9.02(a)

	FAW-GM
	Section 11.01(a)

	Genesis Acquirer
	Appendix I

	GM
	Preamble

82

	
		
	Defined Term
	Section Where Found

	GM Commitment
	Section 2.02(e)

	GM Consolidated Group
	Section 4.03(n)

	GM ROFR Date
	Section 9.01(a)(iii)

	GM ROFR Notice
	Section 9.01(a)(iii)

	Hypothetical Deconsolidated Company NOL Amount
	Section 4.03(n)

	Incremental GM Tax Amount
	Section 4.03(n)

	IPO Shares
	Section 9.10(a)

	IPO Shortfall
	Section 6.13(d)

	IRS
	Section 4.02

	LLC Agreement
	Section 12.03

	Low-Vote IPO Shares
	Section 9.10(b)

	Member Group Persons
	Section 5.08(a)

	Members Schedule
	Section 2.01(b)

	New Securities
	Section 2.06(a)

	NOL Deficit Amount
	Section 4.03(n)

	Non-Compete Period
	Section 11.02(a)

	Officers
	Section 6.15

	Optional SoftBank Conversion Notice
	Section 9.13(a)

	Optional SoftBank Conversion Purchase
	Section 9.13(c)

	Original Agreement
	Recitals

	Other Business
	Section 5.08(a)

	Other Tax Credits
	Section 4.03(n)

	Par Securities
	Section 6.13(c)

	Participation Members
	Section 9.07(a)

	PATAC
	Section 11.01(a)

	Payment Period
	Section 2.02(c)(i)

	Permitted Transferee
	Section 9.02(b)

	Proceeding
	Section 7.02(a)

	Purchase Agreement
	Recitals

	R&D Tax Credits
	Section 4.03(n)

	ROFR Notice
	Section 9.01(a)(iii)

	ROFR Offered Shares
	Section 9.01(a)(iii)

	Section 59(e) Benefit Amount
	Section 4.03(n)

	Section 59(e) Detriment Amount
	Section 4.03(n)

	Section 59(e) Election 
	Section 4.03(d)

	Senior Securities
	Section 2.02(d)(iv)

	SGM
	Section 11.01(a)

	Share(s)
	Section 2.01(a)

	SoftBank
	Preamble

	SoftBank Commitment
	Section 2.02(a)

	SoftBank Director
	Section 6.03(a)

	SoftBank Fund
	Appendix I

	State Acts
	Section 12.03

	Stock Election
	Section 9.13(b)

	Subsequent SoftBank Commitment
	Section 2.02(c)(i)

83

	
		
	Defined Term
	Section Where Found

	Substituted Member
	Section 9.04(a)

	Supplemental Notice of Intention to Sell
	Section 2.06(a)

	SVF
	Recitals

	Tag Notice
	Section 9.07(a)

	Tagged Shares
	Section 9.07(a)

	Target
	Appendix I

	Tax Materials
	Section 4.03(m)

	Tax Period
	Section 4.03(n)

	Total Conversion Shares
	Section 9.07(a)(i)

	Total Optional Conversion Shares
	Appendix I

	Total Tagged Shares
	Section 9.07(a)(ii)

	Transferor
	Section 9.01(a)(iii)

	Transferring Holder
	Section 9.07(a)

84

EXHIBIT I

JOINDER TO THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT OF GM CRUISE HOLDINGS LLC

THIS JOINDER (this “Joinder”) to that certain Amended and Restated Limited Liability
Company Agreement, dated as of June 28, 2018 by and among GM Cruise Holdings LLC, a
Delaware limited liability company (the “Company”), and certain Members of the Company
(the “Limited Liability Company Agreement”), is made and entered into as of [•], by and
between the Company and [•] (“Holder”). Capitalized terms used but not otherwise defined
herein shall have the meanings set forth in the Limited Liability Company Agreement.

WHEREAS, Holder has acquired certain [class] Shares of the Company (“Holder
Shares”) and Holder is required, as a holder of the Holder Shares, to become a party to the
Limited Liability Company Agreement, and Holder agrees to do so in accordance with the terms
hereof.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Joinder hereby agree as follows:

1.    Agreement to be Bound. Holder hereby agrees that upon execution of this
Joinder, it shall become a party to the Limited Liability Company Agreement as a [class]
Member, and shall be fully bound by, and subject to, all of the covenants, terms and conditions
of the Limited Liability Company Agreement as though an original party thereto and shall be
deemed a holder of Shares of [class] and a Member for all purposes thereof.

2.    Successors and Assigns. This Joinder shall bind and inure to the benefit of and be
enforceable by the Company and its successors and assigns and Holder and any subsequent
holders of Shares and the respective successors and assigns of each of them, so long as they hold
any Shares.

3.    Counterparts. This Joinder may be executed in any number of counterparts
(including by facsimile or electronic copy), each of which shall be an original and all of which
together shall constitute one and the same agreement.

4.    Notices. For purposes of Section 12.06 of the Limited Liability Company
Agreement, all notices, demands or other communications to the Holder shall be directed to the
address set forth on the signature page hereto for such Holder.

5.    Governing Law. All issues and questions concerning the construction, validity,
enforcement and interpretation of the Limited Liability Company Agreement, including this
Joinder, shall be governed by, and construed in accordance with, the laws of the State of
Delaware, without giving effect to any choice of law or conflict of law rules or provisions
(whether of the State of Delaware or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the State of Delaware. Any dispute relating hereto shall
be heard in the state or federal courts of Delaware, and the parties agree to jurisdiction and venue
therein.

85

    
6.    Descriptive Headings. The descriptive headings of this Joinder are inserted for
convenience only and do not constitute a part of this Joinder.

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

86

EXHIBIT II

    Call Notice/Optional SoftBank Conversion Notice Fair Market Value of the Company

The Call Notice/Optional SoftBank Conversion Notice Fair Market Value of the Company will
be the total value, in dollars, of the consideration that would be received by the Members in a
sale of one hundred percent (100%) of the Shares (on a Fully Diluted Basis), calculated in
accordance with the process, and consistent with the methodologies, set forth below. The
calculation of Call Notice/Optional SoftBank Conversion Notice Fair Market Value will consist
of two independent valuations, the Standardized FMV and the IP Upsized FMV each calculated,
contemporaneously (using the same Qualified Appraisers), in accordance with the process
below.

Process

(a)    One Qualified Appraiser shall be selected by the GM Investor and the
other Qualified Appraiser shall be selected by the Majority of the Class A-1 Preferred (such
Members, the “Applicable FMV Parties”).

(b)    Each of the Qualified Appraisers so selected by the Applicable FMV
Parties must be engaged by the Applicable FMV Parties within fifteen (15) days of the delivery
of the Call Notice or Optional SoftBank Conversion Notice (as applicable) and the Board of
Directors shall, within one (1) Business Day of delivery of the Call Notice or Optional SoftBank
Conversion Notice (as applicable), notify each of the Applicable FMV Parties of such event.

(c)    Each Qualified Appraiser shall be (i) required to determine the Call
Notice/Optional SoftBank Conversion Notice Fair Market Value within forty-five (45) days after
being notified of its selection, (ii) provided with the same access to the management of the
Company and its Subsidiaries and the same source documents, books and records (including
financial and operating data) and information regarding the Company and its Subsidiaries and
(iii) required to determine a single point estimate of Call Notice/Optional SoftBank Conversion
Notice Fair Market Value and not a range of values.

(d)    Following each Qualified Appraiser’s determination of Call
Notice/Optional SoftBank Conversion Notice Fair Market Value (which determination shall be
provided to each Applicable FMV Party together with a customary valuation report setting forth
in reasonable detail such Qualified Appraiser’s calculation of Call Notice/Optional SoftBank
Conversion Notice Fair Market Value prepared consistently with the methodologies set forth
below), (i) if the lower of the two determinations by the two Qualified Appraisers is within ten
percent (10%) of the higher of the determinations, then the Call Notice/Optional SoftBank
Conversion Notice Fair Market Value shall be the average of the two determinations, and will be
final and binding on the relevant parties or (ii) if the lower of the two determinations is not
within ten percent (10%) of the higher of the determinations, then (A) the Applicable FMV
Parties shall negotiate in good faith for a period of thirty (30) days (or such longer period as to
which the Applicable FMV Parties may mutually agree) to agree upon the Call Notice/Optional
SoftBank Conversion Notice Fair Market Value, any such agreement to be made by each
Applicable FMV Party and to be set forth in writing signed by each of the Applicable FMV

87

Parties (and any such agreement will be final and binding on the relevant parties), and (B) if no
such agreement is reached by the Applicable FMV Parties within such thirty (30)-day time
period, then a third Qualified Appraiser (acting as expert and not arbitrator) that is selected
(within fifteen (15) days following the expiration of the thirty (30)-day time period for good faith
negotiations) by mutual agreement of the original two Qualified Appraisers will determine its
own valuation of the Call Notice/Optional SoftBank Conversion Notice Fair Market Value in
accordance with the methodologies set forth below within forty-five (45) days following its
appointment and the Call Notice/Optional SoftBank Conversion Notice Fair Market Value will
be the average of (1) such third Qualified Appraiser’s determination of the Call Notice/Optional
SoftBank Conversion Notice Fair Market Value and (2) the valuation of the original Qualified
Appraiser that is numerically closest to the third Qualified Appraiser’s valuation.

(e)    The third Qualified Appraiser shall have the same access to the Company,
its Subsidiaries, their employees and officers and the source documents, books and records
(including financial and operating data) and information as the original Qualified Appraisers.

(f)    Each Applicable FMV Party will bear the cost of the Qualified Appraiser
selected by it and one-half of the cost of any third Qualified Appraiser that may be required in
accordance with the preceding sentence (and, if an Applicable FMV Party consists of more than
one Member, then such costs will be shared equally by such Members).

Methodologies

In calculating Call Notice/Optional SoftBank Conversion Notice Fair Market Value, each
Qualified Appraiser will utilize customary valuation methodologies in their respective
professional judgments, subject to such instructions mutually agreed by the Applicable FMV
Parties within ten (10) days following the selection of the initial Qualified Appraisers, which
shall include at a minimum the following:

(a)    The Qualified Appraisers shall take into consideration the Company’s and
its Subsidiaries’ historic financial and operating results, current balance sheet, future business
prospects and projected financial and operating results, public market and industry conditions,
prior financing transactions and the valuation of the Company as of such transaction (if the same
is considered relevant, and requested, by the Qualified Appraisers), the valuation and
performance of comparable companies and such other factors as they may determine relevant to
such determination, in each case as existing as of the date the appraisal process was initiated;

(b)    The future business prospects and projected financial and operating results
of the Company and its Subsidiaries provided to the Qualified Appraisers shall (i) be prepared by
the Company’s management in good faith based on assumptions consistent with those used in the
Company’s ordinary course forecasting, (ii) if the projected financial and operating results of the
Company and its Subsidiaries provided to the Qualified Appraisers cover a period of ten (10)
years or less, and the Qualified Appraisers so request, be extended (in the case of the projected
financial and operating results) for reasonable period exceeding ten (10) years, and (iii) take into
account, consistent with the Company’s ordinary course forecasting and subject to the
restrictions in Article XI (except as otherwise expressly stated in this Exhibit II in connection
with the IP Upsizing), the scope of the intellectual property portfolio of the Company and its

Subsidiaries. SoftBank will have opportunity to review the future business prospects and
projected financial and operating results for a reasonable period of time (not to exceed ten (10)
days) before such projections are submitted to the Qualified Appraisers and to discuss such
projections with the Company.

(c)    The Qualified Appraisers shall value the Company as a going concern,
including taking into consideration the remainder of the term, if any, of the Commercial
Agreements and any agreements that the Commercial Agreements require to be put into place
upon termination or amendment of the Commercial Agreements;

(d)    The Qualified Appraisers shall assume an arms-length sale between a
willing buyer and a willing seller;

(e)    Except as otherwise contemplated by section (a) under “Methodologies,”
the Qualified Appraisers shall disregard any prior appraisals or valuations of the Company or its
Subsidiaries, including any such appraisals or valuations conducted for the purpose of valuing
any rights associated with or tied or indexed to the value of the Shares of the Company or its
Subsidiaries;

(f)    The Qualified Appraisers shall value the Company as at the date of
delivery of the Call Notice or Optional SoftBank Conversion Notice (as applicable); and

(g)    The Qualified Appraisers shall take into account only such tax
depreciation and amortization as would be allowable to the Company in respect of the
Company’s assets immediately prior to such deemed sale.

The Qualified Appraisers shall contemporaneously calculate two valuations: (A) a valuation
based on the Commercial Agreements as in force at the time (the “Standardized FMV”), and
(B) a valuation (the “IP Upsized FMV”) as if the Transferred Assets (as defined in the IPMA)
had been assigned, transferred, conveyed, and delivered to the Company (pursuant to Section 2.2
of the IPMA) immediately prior to the calculation of Call Notice/Optional SoftBank Conversion
Notice Fair Market Value and Section 11.01 does not apply (the “IP Upsizing”). The
Standardized FMV and the IP Upsized FMV shall be identical other than the value attributable to
the IP Upsizing.

For purposes of the definition of Optional SoftBank Conversion Share Price, if the Standardized
FMV is less than the Class A-1 Liquidation Preference Amount, then the Call Notice/Optional
SoftBank Conversion Notice Fair Market Value will equal the IP Upsized FMV; provided, that,
following the application of the IP Upsized FMV, in no event will, with respect to each Class A-
1-A Preferred Share and Class A-1-B Preferred Share, the Optional SoftBank Conversion Share
Price be greater than the applicable Class A-1 Liquidation Preference Amount.

88EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

RECEIVABLES PURCHASE AGREEMENT 

dated as of July 24, 2018 

among 
 PDC FUNDING COMPANY III,
LLC, as Seller, 
 PATTERSON DENTAL SUPPLY, INC., as Servicer, 

THE CONDUITS PARTY HERETO, 
 THE
FINANCIAL INSTITUTIONS PARTY HERETO, 
 THE PURCHASER AGENTS PARTY HERETO 

and 
 MUFG BANK, LTD., 

as Agent 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  	PURCHASE ARRANGEMENTS	  	 	1	 
	 Section 1.1
	  	 Purchase Facility
	  	 	1	 
	 Section 1.2
	  	 Increases; Sale of Asset Portfolio
	  	 	2	 
	 Section 1.3
	  	 Decreases
	  	 	4	 
	 Section 1.4
	  	 Payment Requirements
	  	 	4	 
	 Section 1.5
	  	 Reinvestments
	  	 	5	 
	 Section 1.6
	  	 RPA Deferred Purchase Price
	  	 	5	 
			
	ARTICLE II	  	PAYMENTS AND COLLECTIONS	  	 	5	 
	 Section 2.1
	  	 Payments
	  	 	5	 
	 Section 2.2
	  	 Collections Prior to Amortization
	  	 	5	 
	 Section 2.3
	  	 Collections Following Amortization
	  	 	7	 
	 Section 2.4
	  	 Ratable Payments
	  	 	8	 
	 Section 2.5
	  	 Payment Rescission
	  	 	8	 
	 Section 2.6
	  	 Maximum Purchases In Respect of the Asset Portfolio
	  	 	8	 
	 Section 2.7
	  	 Clean-Up Call; Limitation on
Payments
	  	 	8	 
			
	ARTICLE III	  	CONDUIT PURCHASES	  	 	9	 
	 Section 3.1
	  	 CP Costs
	  	 	9	 
	 Section 3.2
	  	 CP Costs Payments
	  	 	9	 
	 Section 3.3
	  	 Calculation of CP Costs
	  	 	9	 
			
	ARTICLE IV	  	FINANCIAL INSTITUTION FUNDING	  	 	9	 
	 Section 4.1
	  	 Financial Institution Funding
	  	 	9	 
	 Section 4.2
	  	 Financial Institution Yield Payments
	  	 	10	 
	 Section 4.3
	  	 [Reserved]
	  	 	10	 
	 Section 4.4
	  	 Financial Institution Discount Rates
	  	 	10	 
	 Section 4.5
	  	 Suspension of the LIBO Rate or Replacement of the LIBO Rate
	  	 	10	 
	 Section 4.6
	  	 Extension of Scheduled Termination Date
	  	 	11	 
			
	ARTICLE V	  	REPRESENTATIONS AND WARRANTIES	  	 	13	 
	 Section 5.1
	  	 Representations and Warranties of the Seller Parties
	  	 	13	 
			
	ARTICLE VI	  	CONDITIONS OF PURCHASES	  	 	18	 
	 Section 6.1
	  	 Conditions Precedent to Initial Purchase
	  	 	18	 
	 Section 6.2
	  	 Conditions Precedent to All Purchases
	  	 	18	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
			
	ARTICLE VII	  	COVENANTS	  	 	19	 
	 Section 7.1
	  	 Affirmative Covenants of The Seller Parties
	  	 	19	 
	 Section 7.2
	  	 Negative Covenants of The Seller Parties
	  	 	27	 
			
	ARTICLE VIII	  	ADMINISTRATION AND COLLECTION	  	 	29	 
	 Section 8.1
	  	 Designation of Servicer
	  	 	29	 
	 Section 8.2
	  	 Duties of Servicer
	  	 	30	 
	 Section 8.3
	  	 Collection Notices
	  	 	31	 
	 Section 8.4
	  	 Responsibilities of Seller
	  	 	31	 
	 Section 8.5
	  	 Reports
	  	 	31	 
	 Section 8.6
	  	 Servicing Fees
	  	 	32	 
			
	ARTICLE IX	  	AMORTIZATION EVENTS	  	 	32	 
	 Section 9.1
	  	 Amortization Events
	  	 	32	 
	 Section 9.2
	  	 Remedies
	  	 	34	 
			
	ARTICLE X	  	INDEMNIFICATION	  	 	35	 
	 Section 10.1
	  	 Indemnities by The Seller Parties
	  	 	35	 
	 Section 10.2
	  	 Increased Cost and Reduced Return
	  	 	37	 
	 Section 10.3
	  	 Other Costs and Expenses
	  	 	38	 
	 Section 10.4
	  	 Allocations
	  	 	39	 
	 Section 10.5
	  	 Accounting Based Consolidation Event
	  	 	39	 
	 Section 10.6
	  	 Required Rating
	  	 	39	 
			
	ARTICLE XI	  	AGENT	  	 	40	 
	 Section 11.1
	  	 Authorization and Action
	  	 	40	 
	 Section 11.2
	  	 Delegation of Duties
	  	 	40	 
	 Section 11.3
	  	 Exculpatory Provisions
	  	 	40	 
	 Section 11.4
	  	 Reliance by Agent
	  	 	41	 
	 Section 11.5
	  	 Non-Reliance on Agent and Other
Purchasers
	  	 	41	 
	 Section 11.6
	  	 Reimbursement and Indemnification
	  	 	41	 
	 Section 11.7
	  	 Agent in its Individual Capacity
	  	 	41	 
	 Section 11.8
	  	 Successor Agent
	  	 	42	 
			
	ARTICLE XII	  	ASSIGNMENTS; PARTICIPATIONS	  	 	42	 
	 Section 12.1
	  	 Assignments
	  	 	42	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section 12.2
	  	 Participations
	  	 	44	 
	 Section 12.3
	  	 Federal Reserve
	  	 	44	 
	 Section 12.4
	  	 Collateral Trustee
	  	 	44	 
			
	ARTICLE XIII	  	PURCHASER AGENTS	  	 	44	 
	 Section 13.1
	  	 Purchaser Agents
	  	 	44	 
			
	ARTICLE XIV	  	MISCELLANEOUS	  	 	45	 
	 Section 14.1
	  	 Waivers and Amendments
	  	 	45	 
	 Section 14.2
	  	 Notices
	  	 	46	 
	 Section 14.3
	  	 Ratable Payments
	  	 	46	 
	 Section 14.4
	  	 Protection of Ownership Interests of the Purchasers
	  	 	47	 
	 Section 14.5
	  	 Confidentiality
	  	 	47	 
	 Section 14.6
	  	 Bankruptcy Petition
	  	 	48	 
	 Section 14.7
	  	 Limitation of Liability
	  	 	48	 
	 Section 14.8
	  	 CHOICE OF LAW
	  	 	49	 
	 Section 14.9
	  	 CONSENT TO JURISDICTION
	  	 	49	 
	 Section 14.10
	  	 WAIVER OF JURY TRIAL
	  	 	49	 
	 Section 14.11
	  	 Integration; Binding Effect; Survival of Terms
	  	 	49	 
	 Section 14.12
	  	 Counterparts; Severability; Section References
	  	 	50	 
	 Section 14.13
	  	 MUFG Roles and Purchaser Agent Roles
	  	 	50	 
	 Section 14.14
	  	 Characterization
	  	 	51	 
	 Section 14.15
	  	 Excess Funds
	  	 	51	 
	 Section 14.16
	  	 [Reserved]
	  	 	51	 
	 Section 14.17
	  	 [Reserved]
	  	 	51	 
	 Section 14.18
	  	 [Reserved]
	  	 	52	 
	 Section 14.19
	  	 USA PATRIOT Act Notice
	  	 	52	 

  
 iii 

 EXHIBITS 
  

					
	Exhibit I	  	–	  	Definitions
	Exhibit II	  	–	  	Form of Purchase Notice
	Exhibit III	  	–	  	Places of Business of the Seller Parties; Locations of Records; Federal Employer Identification Number(s)
	Exhibit IV	  	–	  	Names of Collection Banks; Collection Accounts
	Exhibit V	  	–	  	Form of Compliance Certificate
	Exhibit VI	  	–	  	[Reserved]
	Exhibit VII	  	–	  	Form of Assignment Agreement
	Exhibit VIII	  	–	  	Credit and Collection Policy
	Exhibit IX	  	–	  	Form of Contract(s)
	Exhibit X	  	–	  	Form of Monthly Report
	Exhibit XI	  	–	  	Form of Performance Undertaking

 SCHEDULES 
  

					
	Schedule A	  	–	  	Commitments, Payment Addresses, Conduit Purchase Limits, Purchaser Agents and Related Financial Institutions
			
	Schedule B	  	–	  	Documents to be delivered to Agent and Each Purchaser Agent on or prior to the Initial Purchase

  
 iv 

 INDEX OF DEFINED TERMS 

DEFINED IN THE BODY OF THE AGREEMENT 
  

					
	 Affected Financial Institution
	  	 	43	 
	 Agent
	  	 	1	 
	 Aggregate Reduction
	  	 	4	 
	 Amortization Event
	  	 	31	 
	 Asset Portfolio
	  	 	4	 
	 Assignment Agreement
	  	 	42	 
	 Conduits
	  	 	1	 
	 Consent Notice
	  	 	11	 
	 Consent Period
	  	 	11	 
	 Extension Notice
	  	 	11	 
	 Financial Institutions
	  	 	1	 
	 Indemnified Amounts
	  	 	34	 
	 Indemnified Party
	  	 	34	 
	 MUFG
	  	 	1	 
	 MUFG Roles
	  	 	49	 
	 Non-Renewing Financial Institution
	  	 	11	 
	 Obligations
	  	 	5	 
	 Other Costs
	  	 	38	 
	 Other Sellers
	  	 	38	 
	 Participant
	  	 	43	 
	 Payment Instruction
	  	 	4	 
	 PDSI
	  	 	1	 
	 Proposed Reduction Date
	  	 	4	 
	 Purchase
	  	 	1	 
	 Purchase Notice
	  	 	2	 
	 Purchaser Agent Roles
	  	 	50	 
	 Purchaser Agents
	  	 	1	 
	 Purchasing Financial Institutions
	  	 	42	 
	 Ratings Request
	  	 	37	 
	 Reduction Notice
	  	 	4	 
	 Required Ratings
	  	 	37	 
	 RPA Deferred Purchase Price
	  	 	5	 
	 Seller
	  	 	1	 
	 Seller Parties
	  	 	1	 
	 Seller Party
	  	 	1	 
	 Servicer
	  	 	28	 
	 Servicing Fee
	  	 	31	 
	 Terminating Financial Institution
	  	 	12	 
	 Termination Date
	  	 	7	 
	 Termination Percentage
	  	 	7	 

  
 v 

 RECEIVABLES PURCHASE AGREEMENT 

 
 RECEIVABLES PURCHASE AGREEMENT 

This Receivables Purchase Agreement, dated as of July 24, 2018, is by and among PDC Funding Company III, LLC, a Minnesota limited
liability company (the “Seller”), Patterson Dental Supply, Inc., a Minnesota corporation (together with its successors and assigns “PDSI”), as initial Servicer (Servicer together with Seller, the
“Seller Parties” and each a “Seller Party”), the entities listed on Schedule A to this Agreement under the heading “Financial Institution” (together with any of their
respective successors and assigns hereunder, the “Financial Institutions”), the entities (if any) listed on Schedule A to this Agreement under the heading “Conduit” (together with any of their respective
successors and assigns hereunder, the “Conduits”), the entities listed on Schedule A to this Agreement under the heading “Purchaser Agent” (together with any of their respective successors and assigns
hereunder, the “Purchaser Agents”) and MUFG Bank, Ltd. (“MUFG”), as agent for the Purchasers hereunder or any successor agent hereunder (together with its successors and assigns hereunder, the
“Agent”). Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I. 

PRELIMINARY STATEMENTS 
 The
Seller intends to sell and assign to Agent for the benefit of the Purchasers, the Receivables and certain other related assets. 
 MUFG has
been requested and is willing to act as Agent on behalf of the Conduits (if any) and the Financial Institutions in accordance with the terms hereof. 

AGREEMENT 
 Now therefore, in
consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 

PURCHASE ARRANGEMENTS 

Section 1.1    Purchase Facility. 

(a)    Upon the terms and subject to the conditions hereof, during the period from the date hereof to but not including
the Facility Termination Date, Seller shall sell and assign, as described in Section 1.2(b), the Asset Portfolio to Agent for the benefit of the Purchasers, as applicable. In accordance with the terms and conditions set
forth herein, each Conduit may (in its sole discretion), and each Financial Institution severally hereby agrees to, instruct Agent to make cash payments to Seller of the related Cash Purchase Price in respect of the Asset Portfolio (each such cash
payment, an “Incremental Purchase”) on behalf of such Purchasers, in each case and from time to time in an aggregate amount not to exceed at such time (i) in the case of each Conduit, its Conduit Purchase Limit,
(ii) in the case of a Financial Institution, its Commitment and (iii) in the aggregate, the lesser of (A) the Purchase Limit and (B) the aggregate amount of the Commitments. Any amount not paid for the Asset Portfolio

 RECEIVABLES PURCHASE AGREEMENT 

 
 hereunder as Cash Purchase Price shall be paid to Seller as the RPA Deferred Purchase
Price pursuant to, and only to the extent required by, the priority of payments set forth in Sections 2.2(b) and (c) and otherwise pursuant to the terms of this Agreement (including Section 2.6). 

(b)    Seller may, upon at least 10 Business Days’ prior notice to Agent and each Purchaser Agent, terminate in
whole or reduce in part, ratably among the Financial Institutions, the unused portion of the Purchase Limit; provided that (i) each partial reduction of the Purchase Limit shall be in an amount equal to $1,000,000 or an integral multiple
thereof, (ii) the aggregate of the Conduit Purchase Limits for all of the Conduits shall also be terminated in whole or reduced in part, ratably among the Conduits, by an amount equal to such termination or reduction in the Purchase Limit and
(iii) the aggregate of the Commitments for all of the Financial Institutions shall also be terminated in whole or reduced in part, ratably among the Financial Institutions, by an amount equal to such termination or reduction in the Purchase
Limit. 
 Section 1.2    Increases; Sale of Asset Portfolio. 

(a)    Increases. Seller shall provide Agent and each Purchaser Agent with prior notice in a form set forth as
Exhibit II hereto of each Incremental Purchase (a “Purchase Notice”) by 12:00 noon (Chicago time) at least three Business Days prior to the requested date of such Incremental Purchase. Each Purchase Notice shall be
subject to Section 6.2 hereof and, except as set forth below, shall be irrevocable, shall specify the requested Cash Purchase Price (which shall not be less than $1,000,000 and in additional increments of $100,000) and the
requested date of such Incremental Purchase (which shall be on a Business Day) and if the Cash Purchase Price thereof is to be funded by any of the Financial Institutions, the requested Discount Rate and Rate Tranche Period. Following receipt of a
Purchase Notice, each Purchaser Agent will promptly notify the Conduit (if any) in such Purchaser Agent’s Purchaser Group of such Purchase Notice and Agent and each Purchaser Agent will identify the Conduits (if any) that agree to make the
Purchase. If any Conduit declines to make a proposed Incremental Purchase or if any Purchaser Group does not include a Conduit, such Incremental Purchase will be made by (i) such declining Conduit’s Related Financial Institution(s) or
(ii) the Financial Institution(s) included in such Purchaser Group that does not include a Conduit, as applicable, in accordance with the rest of this Section 1.2(a). If the proposed Purchase or any portion thereof is
to be made by any of the Financial Institutions, the applicable Purchaser Agent shall send notice of the proposed Purchase to the Financial Institutions in such Purchaser Agent’s Purchaser Group, concurrently by telecopier or email specifying
(i) the date of such Incremental Purchase, which date must be at least one Business Day after such notice is received by the applicable Financial Institutions, (ii) each Financial Institution’s Pro Rata Share of the aggregate Cash
Purchase Price in respect of such Incremental Purchase and (iii) the requested Discount Rate and the requested Rate Tranche Period. On the date of each Incremental Purchase, upon satisfaction of the applicable conditions precedent set forth in
Article VI and the conditions set forth in this Section 1.2(a), the Conduits and/or the Financial Institutions, as applicable, shall deposit to the Facility Account, in immediately available funds, no later than
12:00 noon (Chicago time), an amount equal to (i) in the case of a Conduit that has agreed to make such Purchase, such Conduit’s Pro Rata Share of the aggregate Cash Purchase Price in respect of such Incremental Purchase or (ii) in
the case of a Financial Institution, such Financial Institution’s Pro Rata Share of the aggregate Cash Purchase Price in respect of such Incremental Purchase. Each Financial Institution’s obligation shall be several, such that the failure
of any Financial 

  
 2 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Institution to make available to Seller any funds in connection with any Incremental
Purchase shall not relieve any other Financial Institution of its obligation, if any, hereunder to make funds available on the date of such Incremental Purchase, but no Financial Institution shall be responsible for the failure of any other
Financial Institution to make funds available in connection with any Incremental Purchase. 
 Notwithstanding anything to the contrary set
forth in this Section 1.2(a) or otherwise in this Agreement, the parties hereto hereby acknowledge and agree that any Financial Institution may, in its reasonable discretion, by written notice (a “Delayed
Purchase Notice”) delivered to the Agent and the Seller no later than 12:00 p.m. (Chicago time) on the Business Day immediately preceding the applicable Incremental Purchase date elect (subject to the proviso below) with respect to any
Incremental Purchase to pay its Pro Rata Share of the aggregate Cash Purchase Price in respect of such Incremental Purchase on or before the thirty-fifth (35th) day following the date of the related Purchase Notice (or if such day is not a Business
Day, then on the next succeeding Business Day) (the “Delayed Purchase Date”), rather than on the date requested in such Purchase Notice (any Financial Institution making such an election, a “Delayed Financial
Institution”); provided, that, with respect to each Financial Institution’s Purchaser Group, an amount equal to no more than 90.0% of such Financial Institution’s Purchaser Group’s Commitment may be subject to a
Delayed Purchase Date. 
 No Delayed Financial Institution (or, for the avoidance of doubt, its related Conduit) shall be obligated to pay
its Pro Rata Share of the applicable aggregate Cash Purchase Price until the applicable Delayed Purchase Date. A Delayed Financial Institution shall pay its Pro Rata Share of the applicable aggregate Cash Purchase Price on the applicable Delayed
Purchase Date in accordance with this Section 1.2(a); provided, however, that a Delayed Financial Institution may, in its sole discretion, pay its Pro Rata Share of the applicable aggregate Cash Purchase Price
on any Business Day prior to such Delayed Purchase Date. The Seller shall be obligated to accept the proceeds of such Delayed Financial Institution’s portion of the applicable Cash Purchase Price on the applicable Delayed Purchase Date in
accordance with this Section 1.2(a). For the avoidance of doubt, a Delayed Financial Institution shall not be deemed to have made any such Incremental Purchase until its applicable portion of the Cash Purchase Price is
paid. 
 The parties hereto hereby acknowledge and agree that they are implementing the delayed funding mechanics provided for in this
Section for the purpose of effecting a more favorable “liquidity coverage ratio” (including as set forth in “Basel III” or as “Basel III” or portions thereof may be adopted in any particular jurisdiction) with respect
to one or more Financial Institutions (or its holding company). Upon the occurrence of any Regulatory Change reasonably likely to eliminate such favorable effects with respect to all Financial Institutions, so long as no Amortization Event or
Potential Amortization Event has occurred and is continuing, the Seller and Servicer may request in writing delivered to the Agent and each Purchaser Agent that this Agreement be amended such that the delayed funding mechanics set forth in this
Section are removed. The Agent and each Purchaser Agent shall promptly notify the Seller and Servicer if they consent to such request and such request may be accepted or rejected by such parties in their sole discretion. Failure of the Agent or any
Purchaser Agent to notify the Seller or the Servicer within ten (10) Business Days shall be deemed to constitute a rejection of such request. 

  
 3 

 RECEIVABLES PURCHASE AGREEMENT 

 
 (b)    Sale of Asset Portfolio. In accordance
with Sections 1.1(a) and 1.2(a), Seller hereby sells, assigns and transfers to Agent (on behalf of Purchasers), for the related Cash Purchase Price and the RPA Deferred Purchase Price, effective on and as of the date of each Purchase
hereunder, all of its right, title and interest in, to and under all Receivables and the Related Security and Collections relating to such Receivables (other than Seller’s title in and to the Facility Account, which shall remain with Seller),
in each case, existing as of the date of such Purchase that have been acquired by Seller as provided herein and in the other Transaction Documents on or prior to the date of such Purchase. Purchaser’s right, title and interest in and to such
assets is herein called the “Asset Portfolio”. 

Section 1.3    Decreases. Seller shall provide Agent with an irrevocable prior
written notice (a “Reduction Notice”) of any proposed reduction of the Aggregate Capital from Collections no later than three (3) Business Days prior to the proposed reduction date and Agent will promptly notify each
Purchaser of such Reduction Notice after Agent’s receipt thereof. Such Reduction Notice shall designate (i) the date (the “Proposed Reduction Date”) upon which any such reduction of the Aggregate Capital shall occur
(which date shall be a Settlement Date), and (ii) the amount of the Aggregate Capital to be reduced that shall be applied ratably to the aggregate Capital of the Conduits and the Financial Institutions in accordance with the amount of Capital
(if any) owing to the Conduits (ratably to each Conduit, based on the ratio of such Conduit’s Capital at such time to the aggregate Capital of all the Conduits at such time), on the one hand, and the amount of Capital (if any) owing to the
Financial Institutions (ratably to each Financial Institution, based on the ratio of such Financial Institution’s Capital at such time to the aggregate Capital of all of the Financial Institutions at such time), on the other hand (the
“Aggregate Reduction”), without regard to any unpaid RPA Deferred Purchase Price. Only one (1) Reduction Notice shall be outstanding at any time. Concurrently with any reduction of the Aggregate Capital pursuant to this
Section, Seller shall pay to the applicable Purchaser all Broken Funding Costs arising as a result of such reduction. No Aggregate Reduction will be made following the occurrence of the Amortization Date without the prior written consent of Agent.

 Section 1.4    Payment Requirements. All amounts to be paid or deposited
by any Seller Party pursuant to any provision of this Agreement or any other Transaction Document shall be paid or deposited in accordance with the terms hereof no later than 11:00 a.m. (Chicago time) on the day when due in immediately available
funds, and if not received before 11:00 a.m. (Chicago time) shall be deemed to be received on the next succeeding Business Day. If such amounts are payable to (i) Agent, they shall be paid to Agent for its own account, in accordance with the
applicable instructions from time to time notified by the Agent to such Person and (ii) any Purchaser Agent or Purchaser, they shall be paid to the Purchaser Agent for such Person’s Purchaser Group, for the account of such Person, in
accordance with the applicable instructions from time to time notified by such Purchaser Agent or Purchaser (each instruction set forth in clauses (i) and (ii) being a “Payment Instruction”). Upon notice to
Seller, Agent (on behalf of itself and/or any Purchaser) may debit the Facility Account for all amounts due and payable hereunder. All computations of Financial Institution Yield, per annum fees or discount calculated as part of any CP Costs, per
annum fees hereunder and per annum fees under any Fee Letter shall be made on the basis of a year of 360 days for the actual number of days elapsed. If any amount hereunder or under any other Transaction Document shall be payable on a day which is
not a Business Day, such amount shall be payable on the next succeeding Business Day. 

  
 4 

 RECEIVABLES PURCHASE AGREEMENT 

 

Section 1.5    Reinvestments. On each Business Day prior to the Final Payout
Date, the Servicer, on behalf of the Agent, shall pay to the Seller, out of Collections of Receivables, the amount available for reinvestment in accordance with Section 2.2(a). Each such payment is herein referred to as a
“Reinvestment”. All Reinvestments with respect to the applicable Purchasers shall be made ratably on behalf of the applicable Purchasers in the relevant Purchaser Group in accordance with the respective outstanding portions
of the Aggregate Capital funded by them. 
 Section 1.6    RPA Deferred Purchase
Price. Subject to the application of Collections as RPA Deferred Purchase Price as permitted on each Settlement Date pursuant to Sections 2.2(b), 2.2(c) and 2.6, on each Business Day on and after the Final Payout Date,
Servicer, on behalf of Agent and the Purchasers, shall pay to Seller an amount as deferred purchase price (the “RPA Deferred Purchase Price”) equal to the Collections of Receivables then held or thereafter received by Seller
(or Servicer on its behalf) less any accrued and unpaid Servicing Fee. 
 ARTICLE II 

PAYMENTS AND COLLECTIONS 

Section 2.1    Payments. Notwithstanding any limitation on recourse contained
in this Agreement, Seller shall immediately pay to Agent when due, for the account of Agent, or the relevant Purchaser or Purchasers, on a full recourse basis: (a) all amounts accrued or payable by Seller to any such Person as described in
Section 2.2 and (b) each of the following amounts, to the extent that such amounts are not paid in accordance with Section 2.2: (i) such fees as set forth in each Fee Letter (which fees
collectively shall be sufficient to pay all fees owing to the Financial Institutions), (ii) all amounts payable as CP Costs, (iii) all amounts payable as Financial Institution Yield, (iv) all amounts payable as Deemed Collections (which
shall be immediately due and payable by Seller and applied to reduce the outstanding Aggregate Capital hereunder in accordance with Sections 2.2 and 2.3 hereof), (v) all amounts required pursuant to
Section 2.5 or 2.6, (vi) all amounts payable pursuant to Article X, if any, (vii) all Servicer costs and expenses, including the Servicing Fee, in connection with servicing, administering and collecting
the Receivables, (viii) all Broken Funding Costs and (ix) all Default Fees (the fees, amounts and other obligations described in clauses (a) and (b) collectively, the “Obligations”). If any Person
fails to pay any of the Obligations when due, such Person agrees to pay, on demand, the Default Fee in respect thereof until paid. Notwithstanding the foregoing, no provision of this Agreement or any Fee Letter shall require the payment or permit
the collection of any amounts hereunder in excess of the maximum permitted by applicable law. If at any time Seller receives any Collections or is deemed to receive any Collections, Seller shall immediately pay such Collections or Deemed Collections
to Servicer for payment in accordance with the terms and conditions hereof and, at all times prior to such payment, such Collections or Deemed Collections shall be held in trust by Seller for the exclusive benefit of the Purchasers and Agent. 

Section 2.2    Collections Prior to Amortization. 

(a)    Collections Generally. On any day prior to the Amortization Date that Servicer receives any Collections
and/or Deemed Collections, the Servicer shall set aside 

  
 5 

 RECEIVABLES PURCHASE AGREEMENT 

 
 and hold in trust for the benefit of the Purchasers (or, if so requested by the Agent,
segregate in a separate account designated by the Agent, which shall be an account maintained and controlled by the Agent unless the Agent otherwise instructs in its sole discretion), for application in accordance with the priority of payments set
forth below, all Collections on Receivables that are received by the Servicer or the Seller or received in any Lock-Box or Collection Account and all Deemed Collections; provided, however, that
so long as each of the conditions precedent set forth in Section 6.2 are satisfied on such date, the Servicer may release to the Seller from such Collections and Deemed Collections the amount (if any) necessary to pay
(i) the purchase price for Receivables purchased by the Seller on such date in accordance with the terms of the Receivables Sale Agreement or (ii) amounts owing by the Seller to the Originators under the Subordinated Note. 

(b)    Application of Collections. On each Settlement Date, Servicer will apply such Collections to make the
following distributions in the following amounts and order of priority: 
 first, to the reimbursement of
Agent’s, each Purchaser’s and each Purchaser Agent’s costs of collection and enforcement of this Agreement, 

second, to Agent for the account of the Purchasers, all accrued and unpaid fees under any Fee Letter and all accrued
and unpaid CP Costs and Financial Institution Yield and any Broken Funding Costs, 
 third, if Servicer is not then
Seller or an Affiliate of Seller, to Servicer in payment of the Servicing Fee, 
 fourth, to the ratable reduction of
Aggregate Capital an amount necessary to ensure that after giving effect to such payment, the Net Portfolio Balance equals or exceeds the sum of (i) the Aggregate Capital, plus (ii) the Required Reserve, 

fifth, if Seller or an Affiliate of Seller is then acting as Servicer, to Servicer in payment of the Servicing Fee,

 sixth, to each Terminating Financial Institution, ratably based on such Terminating Financial Institution’s
Termination Percentage, for the reduction of the Capital of each such Terminating Financial Institution, 
 seventh,
to the applicable Persons, for the ratable payment in full of all other unpaid Obligations, and 
 eighth, the
balance, if any, to Seller as RPA Deferred Purchase Price. 
 (c)    Each Terminating Financial Institution shall be
allocated a ratable portion of Collections from the Scheduled Termination Date that such Terminating Financial Institution did not consent to extend (as to such Terminating Financial Institution, the “Termination Date”),
until, with respect to a Terminating Financial Institution, such Terminating Financial Institution’s Capital, if any, shall be paid in full and the applicable, ratable 

  
 6 

 RECEIVABLES PURCHASE AGREEMENT 

 
 portion of the RPA Deferred Purchase Price allocable to such Terminating Financial
Institution’s portion of the Asset Portfolio has been paid in full in accordance with the priority of payments set forth in Section 2.2(c). This ratable portion shall be calculated on the Termination Date of each
Terminating Financial Institution as a percentage equal to (i) Capital of such Terminating Financial Institution outstanding on its Termination Date, divided by (ii) the Aggregate Capital outstanding on such Termination Date
(the “Termination Percentage”). Each Terminating Financial Institution’s Termination Percentage shall remain constant prior to the Amortization Date. On and after the Amortization Date, each Termination Percentage shall
be disregarded, and each Terminating Financial Institution’s Capital shall be reduced ratably with all Financial Institutions in accordance with Section 2.3. 

Section 2.3    Collections Following Amortization. On the Amortization Date
and on each day thereafter, the Servicer shall set aside and hold in trust for the benefit of the Purchasers (or, if so requested by the Agent, segregate in a separate account designated by the Agent, which shall be an account maintained and
controlled by the Agent unless the Agent otherwise instructs in its sole discretion), for application in accordance with the priority of payments set forth below, all Collections on Receivables that are received by the Servicer or the Seller or
received in any Lock-Box or Collection Account and all Deemed Collections. On and after the Amortization Date, Servicer shall, at any time upon the request from time to time by (or pursuant to standing
instructions from) Agent apply such amounts at Agent’s direction to reduce the Aggregate Capital and any other Aggregate Unpaids (it being understood and agreed that, in any event, no portion of the RPA Deferred Purchase Price may be paid to
Seller on a date on or after the Amortization Date and prior to the Final Payout Date). If there shall be insufficient funds on deposit to distribute funds in payment in full of the aforementioned amounts, Servicer (or, following its assumption of
control of the Collection Accounts, the Agent) shall distribute funds in the following order of priority: 
 first,
to the reimbursement of Agent’s, each Purchaser’s and each Purchaser Agent’s costs of collection and enforcement of this Agreement, 

second, ratably to the payment of all accrued and unpaid fees under any Fee Letter and all accrued and unpaid CP Costs
and Financial Institution Yield, 
 third, to the payment of Servicer’s reasonable out-of-pocket costs and expenses in connection with servicing, administering and collecting the Receivables, including the Servicing Fee, if Seller, or one of its Affiliates
is not then acting as Servicer, 
 fourth, to the ratable reduction of Aggregate Capital to zero, 

fifth, for the ratable payment of all other unpaid Obligations, provided that to the extent such Obligations
relate to the payment of Servicer costs and expenses, including the Servicing Fee, when Seller or one of its Affiliates is acting as Servicer, such costs and expenses will not be paid until after the payment in full of all other Obligations, 

  
 7 

 RECEIVABLES PURCHASE AGREEMENT 

 
 sixth, to the ratable payment in full of all
other Aggregate Unpaids, and 
 seventh, after the Aggregate Unpaids have been indefeasibly reduced to zero and this
Agreement has terminated in accordance with its terms, to Seller as RPA Deferred Purchase Price, any remaining Collections. 
 
Section 2.4    Ratable Payments. Collections applied to the payment of Aggregate Unpaids shall be distributed in accordance with the aforementioned provisions, and, giving effect to each of the priorities set
forth in Sections 2.2 and 2.3 above, shall be shared ratably (within each priority) among Agent, the Purchaser Agents and the Purchasers in accordance with the amount of such Aggregate Unpaids owing to each of them in respect of each
such priority. 
 Section 2.5    Payment Rescission. No payment of any of
the Aggregate Unpaids shall be considered paid or applied hereunder to the extent that, at any time, all or any portion of such payment or application is rescinded by application of law or judicial authority, or must otherwise be returned or
refunded for any reason. Seller shall remain obligated for the amount of any payment or application so rescinded, returned or refunded, and shall promptly pay to Agent (for application to the Person or Persons who suffered such rescission, return or
refund), the full amount thereof, plus the Default Fee from the date of any such rescission, return or refunding, in each case, if such rescinded amounts have not been paid under Section 2.2. 

Section 2.6    Maximum Purchases In Respect of the Asset Portfolio.
Notwithstanding anything to the contrary in this Agreement, Seller shall ensure that the Net Portfolio Balance shall at no time be less than the sum of (i) the Aggregate Capital at such time, plus (ii) the Required Reserves at such
time. If, on any date of determination, the sum of (i) the Aggregate Capital, plus (ii) the Required Reserves exceeds the Net Portfolio Balance, in each case at such time, Seller shall pay to the Purchasers within one
(1) Business Day an amount to be applied to reduce the Aggregate Capital (allocated ratably based on the ratio of each Purchaser’s Capital at such time to the Aggregate Capital at such time), such that after giving effect to such payment,
the Net Portfolio Balance equals or exceeds the sum of (i) the Aggregate Capital, plus (ii) the Required Reserves, in each case at such time. 

Section 2.7    Clean-Up Call; Limitation
on Payments. 
 (a)    Clean Up Call. In addition to Seller’s rights pursuant to
Section 1.3, Seller shall have the right (after providing written notice to Agent and each Purchaser Agent at least three (3) Business Days prior to the Proposed Reduction Date), at any time following the reduction of
the Aggregate Capital to a level that is less than 10.0% of the Purchase Limit as of the date hereof, to repurchase from the Purchasers all, but not less than all, of the Asset Portfolio on any Settlement Date. The purchase price in respect thereof
shall be an amount equal to the Aggregate Unpaids through the date of such repurchase, payable in immediately available funds. Such repurchase shall be without representation, warranty or recourse of any kind by, on the part of, or against any
Purchaser, any Purchaser Agent or Agent. If, at any time, Servicer is not Seller or an Affiliate of Seller, Seller may waive its repurchase rights under this Section 2.7(a) by providing a written notice of such waiver to
Agent and each Purchaser Agent. 

  
 8 

 RECEIVABLES PURCHASE AGREEMENT 

 
 (b)    Purchasers’ and Agent’s
Limitation on Payments. Notwithstanding any provision contained in this Agreement or any other Transaction Document to the contrary, none of the Purchasers or Agent shall, and none of them shall be obligated (whether on behalf of a Purchaser or
otherwise) to, pay any amount to Seller in respect of any portion of the RPA Deferred Purchase Price, except to the extent that Collections are available for distribution to Seller in accordance with this Agreement. In addition, notwithstanding
anything to the contrary contained in this Agreement or any other Transaction Document, the obligations of any Purchaser that is a commercial paper conduit or similar vehicle under this Agreement or under any other Transaction Document shall be
payable by such Purchaser or successor or assign solely to the extent of funds received from Seller in accordance herewith or from any party to any Transaction Document in accordance with the terms thereof in excess of funds necessary to pay such
Person’s matured and maturing Commercial Paper or other senior indebtedness of such Person when due. Any amount which Agent or a Purchaser is not obligated to pay pursuant to the operation of the two preceding sentences shall not constitute a
claim (as defined in § 101 of the Federal Bankruptcy Code) against, or corporate obligation of, any Purchaser or Agent, as applicable, for any such insufficiency unless and until such amount becomes available for distribution to Seller pursuant
to the terms hereof. 
 ARTICLE III 

CONDUIT PURCHASES 

Section 3.1    CP Costs. Seller shall pay CP Costs with respect to the
outstanding Capital associated with each of the Conduits for each day that any such Capital is outstanding. 

Section 3.2    CP Costs Payments. On each Settlement Date, Seller shall pay
to Agent (for the benefit of the Conduits) an aggregate amount equal to all accrued and unpaid CP Costs in respect of the outstanding Capital of each of the Conduits for the related Settlement Period in accordance with Article II. 

Section 3.3    Calculation of CP Costs. On the third Business Day immediately
preceding each Settlement Date, each Conduit shall calculate the aggregate amount of its Conduit Costs for the related Settlement Period and shall notify Seller of such aggregate amount. 

ARTICLE IV 

FINANCIAL INSTITUTION FUNDING 

Section 4.1    Financial Institution Funding. The aggregate Capital
associated with the Purchases by the Financial Institutions shall accrue Financial Institution Yield for each day during its Rate Tranche Period at either the LIBO Rate or the Alternate Base Rate in accordance with the terms and conditions hereof.
Until Seller gives notice to Agent and the applicable Purchaser Agent(s) of another Discount Rate in accordance with Section 4.4, the initial Discount Rate for any portion of the Asset Portfolio transferred to the Financial
Institutions pursuant to the terms and conditions hereof shall be the Alternate Base Rate. If any pro rata portion of the Asset Portfolio of any Conduit is assigned or transferred to, or funded by, 

  
 9 

 RECEIVABLES PURCHASE AGREEMENT 

 
 any Funding Source of such Conduit pursuant to any Funding Agreement or to or by any
other Person, each such portion of the Asset Portfolio so assigned, transferred or funded shall each be deemed to have a new Rate Tranche Period commencing on the date of any such assignment, transfer or funding, and shall accrue yield for each day
during its Rate Tranche Period at either the LIBO Rate or the Alternate Base Rate in accordance with the terms and conditions hereof as if each such portion of the Asset Portfolio was held by a Financial Institution. With respect to each such
portion of the Asset Portfolio, the assignee or transferee thereof, or the lender with respect thereto, shall be deemed to be a Financial Institution in the applicable Conduit’s Purchaser Group solely for the purposes of Sections 4.1,
4.2, 4.4 and 4.5 hereof. 
 Section 4.2    Financial
Institution Yield Payments. On the Settlement Date for each Rate Tranche Period with respect to the aggregate Capital of the Financial Institutions, Seller shall pay to Agent (for the benefit of the Financial Institutions) an aggregate amount
equal to all accrued and unpaid Financial Institution Yield for the entire Rate Tranche Period with respect to such Capital in accordance with Article II. On the third Business Day immediately preceding the Settlement Date for such Capital of
each of the Financial Institutions, each Financial Institution shall calculate the aggregate amount of accrued and unpaid Financial Institution Yield for the entire Rate Tranche Period for such Capital of such Financial Institution and shall notify
Seller of such aggregate amount. 
 Section 4.3    [Reserved]. 

Section 4.4    Financial Institution Discount Rates. Seller may select the
LIBO Rate or the Alternate Base Rate for each portion of the Capital of any of the Financial Institutions. Seller shall by 11:00 a.m. (Chicago time): (i) at least three (3) Business Days prior to the end of a Rate Tranche Period (a
“Terminating Rate Tranche”) with respect to which the LIBO Rate is being requested as a new Discount Rate and (ii) at least one (1) Business Day prior to the expiration of any Terminating Rate Tranche with respect
to which the Alternate Base Rate is being requested as a new Discount Rate, give each Financial Institution (or Funding Source) irrevocable notice of the new Discount Rate for the Capital or portion thereof associated with such Terminating Rate
Tranche. Until Seller gives notice to the applicable Financial Institution (or Funding Source) of another Discount Rate, the initial Discount Rate for any Capital of any Financial Institution pursuant to the terms and conditions hereof (or assigned
or transferred to, or funded by, any Funding Source pursuant to any Funding Agreement or to or by any other Person) shall be the Alternate Base Rate. 

Section 4.5    Suspension of the LIBO Rate or Replacement of the LIBO Rate.

 (a)    If any Financial Institution notifies Agent or its Purchaser Agent, as applicable, that it has determined
that funding its Pro Rata Share of the Aggregate Capital in respect of the Financial Institutions in such Financial Institution’s Purchaser Group at the LIBO Rate would violate any applicable law, rule, regulation, or directive of any
governmental or regulatory authority, whether or not having the force of law, or that (i) deposits of a type and maturity appropriate to match fund its Capital at the LIBO Rate are not available or (ii) the LIBO Rate does not accurately
reflect the cost of acquiring or maintaining any portion of the Asset Portfolio or Capital at the LIBO Rate, then Agent or such Purchaser Agent, as applicable, shall suspend the availability of the LIBO Rate for the Financial Institutions in such
Financial 

  
 10 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Institution’s Purchaser Group and require Seller to select the Alternate Base Rate
for any Capital funded by the Financial Institutions in such Financial Institution’s Purchaser Group accruing Financial Institution Yield at the LIBO Rate. 

(b)    If at any time (i) the Agent determines (which determination shall be conclusive absent manifest error) or
any Financial Institution notifies the Agent that adequate and reasonable means do not exist for ascertaining the LIBO Rate (including, without limitation, because the LIBO Rate is not available or published on a current basis) and such
circumstances are unlikely to be temporary, (ii) the supervisor for the administrator of the LIBO Rate or a governmental authority having jurisdiction over the Agent has made a public statement identifying a specific date after which the LIBO
Rate shall no longer be used for determining interest rates for loans, or (iii) any applicable interest rate specified herein is no longer a widely recognized benchmark rate for newly originated loans in the United States syndicated loan market
in the applicable currency, then the Agent and the Seller shall endeavor to establish an alternate rate of interest (the “Replacement Rate”) to the LIBO Rate that gives due consideration to the then prevailing market
convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as
may be applicable. Notwithstanding anything to the contrary in Section 14.1 of this Agreement, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the
Agent shall not have received, within five (5) Business Days of the date notice of the Replacement Rate is provided to the Purchasers, a written notice from the Required Purchasers stating that such Required Purchasers object to such amendment.
Until the Replacement Rate is determined (but, in the case of the circumstances described in clause (ii) of the first sentence of this Section 4.5(b), only to the extent the LIBO Rate for such Rate Tranche
Period is not available or published at such time on a current basis), (x) any request for conversion of the Discount Rate with respect to any Capital to the LIBO Rate, or continuation of the Discount Rate of any Capital at the LIBO Rate, shall
be ineffective and the Alternate Base Rate shall automatically apply for any Capital accruing at the LIBO Rate, and (y) any selection by the Seller of the LIBO Rate shall automatically be deemed to be a selection of the Alternate Base Rate.
Notwithstanding anything else herein, any definition of the Replacement Rate shall provide that in no event shall such Replacement Rate be less than zero for the purposes of this Agreement. To the extent the Replacement Rate is approved by the Agent
in connection with this clause, 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 the Agent, the
Replacement Rate shall be applied as otherwise reasonably determined by the Agent (it being understood that any such modification by the Agent shall not require the consent of, or consultation with, any of the Purchasers). 

Section 4.6    Extension of Scheduled Termination Date. 

(a)    Seller may request one or more 364-day extensions of the Scheduled
Termination Date then in effect by giving written notice of such request to Agent (each such notice, an “Extension Notice”) at least 60 days prior to the Scheduled Termination Date then in effect. After Agent’s receipt
of any Extension Notice, Agent shall promptly notify each Purchaser Agent of such Extension Notice. After Agent’s and each Purchaser Agent’s receipt of any Extension Notice, each Purchaser Agent shall promptly notify the Financial

  
 11 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Institutions in such Purchaser Agent’s Purchaser Group of such Extension Notice.
Each Financial Institution may, in its sole discretion, by a revocable notice (a “Consent Notice”) given to Agent and, if applicable, the Purchaser Agent in such Financial Institution’s Purchaser Group on or prior to the
30th day prior to the Scheduled Termination Date then in effect (such period from the date of the Extension Notice to such 30th day being
referred to herein as the “Consent Period”), consent to such extension of such Scheduled Termination Date; provided, however, that, except as provided in Section 4.6(b), such extension shall not be
effective with respect to any of the Financial Institutions if any one or more Financial Institutions: (i) notifies Agent and, if applicable, the Purchaser Agent in such Financial Institution’s Purchaser Group during the Consent Period
that such Financial Institution either does not wish to consent to such extension or wishes to revoke its prior Consent Notice or (ii) fails to respond to Agent and, if applicable, the Purchaser Agent in such Financial Institution’s
Purchaser Group within the Consent Period (each Financial Institution or its related Conduit, as the case may be, that does not wish to consent to such extension or wishes to revoke its prior Consent Notice of fails to respond to Agent and, if
applicable, such Purchaser Agent within the Consent Period is herein referred to as a “Non-Renewing Financial Institution”). If none of the events described in the foregoing clauses
(i) or (ii) occurs during the Consent Period and all Consent Notices have been received, then, the Scheduled Termination Date shall be irrevocably extended until the date that is 364 days after the Scheduled Termination Date then in
effect. Agent shall promptly notify Seller of any Consent Notice or other notice received by Agent pursuant to this Section 4.6(a). 

(b)    Upon receipt of notice from Agent or, if applicable, a Purchaser Agent, pursuant to
Section 4.6(a) of any Non-Renewing Financial Institution or that the Scheduled Termination Date has not been extended, one or more of the Financial Institutions (including any Non-Renewing Financial Institution) may proffer to Agent, the Conduit in such Non-Renewing Financial Institution’s Purchaser Group and, if applicable, the Purchaser Agent
in such Non-Renewing Financial Institution’s Purchaser Group the names of one or more institutions meeting the criteria set forth in Section 12.1(b)(i) that are willing to accept
assignments of and assume the rights and obligations under this Agreement and the other applicable Transaction Documents of the Non-Renewing Financial Institution. Provided the proffered name(s) are acceptable
to Agent, the Conduit in such Non-Renewing Financial Institution’s Purchaser Group and, if applicable, the Purchaser Agent in such Non-Renewing Financial
Institution’s Purchaser Group, Agent shall notify each Purchaser Agent and the remaining Financial Institutions in MUFG’s Purchaser Group of such fact and each Purchaser Agent shall notify the remaining Financial Institutions in such
Purchaser Agent’s Purchaser Group of such fact, and the then existing Scheduled Termination Date shall be extended for an additional 364 days upon satisfaction of the conditions for an assignment in accordance with
Section 12.1, and the Commitment of each Non-Renewing Financial Institution shall be reduced to zero. If the rights and obligations under this Agreement and the other applicable
Transaction Documents of each Non-Renewing Financial Institution are not assigned as contemplated by this Section 4.6(b) (each such
Non-Renewing Financial Institution or its related Conduit, as the case may be, whose rights and obligations under this Agreement and the other applicable Transaction Documents are not so assigned is herein
referred to as a “Terminating Financial Institution”) and at least one Financial Institution is not a Non-Renewing Financial Institution, the then existing Scheduled Termination Date
shall be extended for an additional 364 days; provided, however, that (i) the Purchase Limit shall be reduced on the Termination Date applicable to each Terminating Financial Institution by an aggregate amount equal to the Terminating
Commitment 

  
 12 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Availability as of such date of each Terminating Financial Institution and shall
thereafter continue to be reduced by amounts equal to any reduction in the Capital of any Terminating Financial Institution (after application of Collections pursuant to Sections 2.2 and 2.3), (ii) the Conduit Purchase Limit of each
Conduit shall be reduced by the aggregate amount of the Terminating Commitment Amount of each Terminating Financial Institution in such Conduit’s Purchaser Group and (iii) the Commitment of each Terminating Financial Institution shall be
reduced to zero on the Termination Date applicable to such Terminating Financial Institution. Upon reduction to zero of the Capital of a Terminating Financial Institution (after application of Collections thereto pursuant to
Section 2.2 and 2.3), all rights and obligations of such Terminating Financial Institution hereunder shall be terminated and such Terminating Financial Institution shall no longer be a “Financial
Institution”; provided, however, that the provisions of Article X shall continue in effect for its benefit with respect to the Capital held by such Terminating Financial Institution prior to its termination as a Financial Institution.
For the avoidance of doubt, each reference to a Financial Institution in the context of a Terminating Financial Institution shall be deemed to refer to the related Conduit if such Conduit continues to have Capital outstanding as a Terminating
Financial Institution. 
 (c)    Any requested extension of the Scheduled Termination Date may be approved or
disapproved by a Financial Institution in its sole discretion. In the event that the Commitments are not extended in accordance with the provisions of this Section 4.6, the Commitment of each Financial Institution shall be
reduced to zero on the Scheduled Termination Date. Upon reduction to zero of the Commitment of a Financial Institution and upon reduction to zero of the Capital of such Financial Institution, all rights and obligations of such Financial Institution
hereunder shall be terminated and such Financial Institution shall no longer be a “Financial Institution”; provided, however, that the provisions of Article X shall continue in effect for its benefit with respect to the Capital held
by such Financial Institution prior to its termination as a Financial Institution. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

Section 5.1    Representations and Warranties of the Seller Parties. Each
Seller Party hereby represents and warrants to Agent, the Purchaser Agents and the Purchasers, as to itself, as of the date hereof and as of the date of each Purchase that: 

(a)    Existence and Power. Such Seller Party is a corporation or limited liability company, as applicable, duly
organized, validly existing and in good standing under the laws of its state of organization. Such Seller Party is duly qualified to do business and is in good standing as a foreign entity, and has and holds all power, corporate or otherwise, and
all governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted, except where the failure to be so qualified or to have and hold such governmental licenses,
authorization, consents and approvals could not reasonably be expected to have a Material Adverse Effect. 

(b)    Power and Authority; Due Authorization, Execution and Delivery. The execution and delivery by such Seller
Party of this Agreement and each other Transaction 

  
 13 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Document to which it is a party, and the performance of its obligations hereunder and
thereunder and, in the case of Seller, Seller’s use of the proceeds of Purchases made hereunder, are within its powers and authority, corporate or otherwise, and have been duly authorized by all necessary action, corporate or otherwise, on its
part. This Agreement and each other Transaction Document to which such Seller Party is a party has been duly executed and delivered by such Seller Party. 

(c)    No Conflict. The execution and delivery by such Seller Party of this Agreement and each other Transaction
Document to which it is a party, and the performance of its obligations hereunder and thereunder do not contravene or violate (i) its certificate or articles of incorporation or organization, by-laws or
limited liability company agreement (or equivalent governing documents), (ii) any law, rule or regulation applicable to it, (iii) any restrictions under any agreement, contract or instrument to which it is a party or by which it or any of its
property is bound, or (iv) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and do not result in the creation or imposition of any Adverse Claim on assets of such Seller Party or its
Subsidiaries (except as created hereunder); and no transaction contemplated hereby requires compliance with any bulk sales act or similar law. 

(d)    Governmental Authorization. Other than the filing of the financing statements required hereunder, no
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution and delivery by such Seller Party of this Agreement and each other Transaction Document to
which it is a party and the performance of its obligations hereunder and thereunder. 
 (e)    Actions, Suits.
There are no actions, suits or proceedings pending, or to the best of such Seller Party’s knowledge, threatened, against or affecting such Seller Party, or any of its properties, in or before any court, arbitrator or other body, that could
reasonably be expected to have a Material Adverse Effect. Such Seller Party is not in default with respect to any order of any court, arbitrator or governmental body. 

(f)    Binding Effect. This Agreement and each other Transaction Document to which such Seller Party is a party
constitute the legal, valid and binding obligations of such Seller Party enforceable against such Seller Party in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization
or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

(g)    Accuracy of Information. All information heretofore furnished by such Seller Party or any of its Affiliates
to Agent, the Purchaser Agents or the Purchasers for purposes of or in connection with this Agreement, any of the other Transaction Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by such
Seller Party or any of its Affiliates to Agent, the Purchaser Agents or the Purchasers will be, true and accurate in every material respect on the date such information is stated or certified and does not and will not contain any material
misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not materially misleading. 

  
 14 

 RECEIVABLES PURCHASE AGREEMENT 

 
 (h)    Use of Proceeds. No proceeds of any
Purchase hereunder will be used (i) for a purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any security in
any transaction which is subject to Section 12, 13 or 14 of the Securities Exchange Act of 1934, as amended. 

(i)    Good Title. Immediately prior to each Purchase hereunder, Seller shall be the legal and beneficial owner of
the Receivables and Related Security with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly filed all financing statements or other similar instruments or documents necessary
under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Seller’s ownership interest in each Receivable, its Collections and the Related Security. 

(j)    Perfection. This Agreement, together with the filing of the financing statements contemplated hereby, is
effective to, and shall, upon each Purchase hereunder, transfer to Agent for the benefit of the Purchasers (and Agent for the benefit of the Purchasers shall acquire from Seller) a valid and perfected ownership of or first priority perfected
security interest in each Receivable existing or hereafter arising and in the Related Security and Collections with respect thereto, free and clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly filed all
financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Agent’s (on behalf of the Purchasers) ownership or security interest in the Receivables,
the Related Security and the Collections. 
 (k)    Jurisdiction of Organization; Places of Business and Locations of
Records. The principal places of business, jurisdiction of organization and chief executive office of such Seller Party and the offices where it keeps all of its Records are located at the address(es) listed on Exhibit III or such other
locations of which Agent and each Purchaser Agent have been notified in accordance with Section 7.2(a) in jurisdictions where all action required by Section 7.1(h) and/or
Section 14.4(a) has been taken and completed. Such Seller party’s organizational number assigned to it by its jurisdiction of organization and such Seller Party’s Federal Employer Identification Number are
correctly set forth on Exhibit III. Except as set forth on Exhibit III, such Seller Party has not, within a period of one year prior to the date hereof, (i) changed the location of its principal place of business or chief
executive office or its organizational structure, (ii) changed its legal name, (iii) become a “new debtor” (as defined in Section 9-102(a)(56) of the UCC in effect in the State of
Minnesota) or (iv) changed its jurisdiction of organization. Seller is a Minnesota limited liability company and is a “registered organization” (within the meaning of Section 9-102 of the
UCC in effect in the State of Minnesota). 
 (l)    Collections. The conditions and requirements set forth in
Section 7.1(j) and Section 8.2 have at all times been satisfied and duly performed. The names and addresses of all Collection Banks, together with the account numbers of the Collection Accounts at
each Collection Bank and the post office box number of each Lock-Box are listed on Exhibit IV or have been provided to Agent and each Purchaser Agent in a written notice that complies with
Section 7.2(b). Seller has not granted any Person, other than Agent as contemplated by this Agreement, dominion and control or “control” (within the meaning of
Section 9-104 of the UCC 

  
 15 

 RECEIVABLES PURCHASE AGREEMENT 

 
 of all applicable jurisdictions) of any Lock-Box
or Collection Account, or the right to take dominion and control or “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of any such Lock-Box or Collection Account at a future time or upon the occurrence of a future event. Each Seller Party has taken all steps necessary to ensure that Agent has “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) over all Collection Accounts. No funds other than the proceeds of Receivables are deposited to the Collection Accounts. 

(m)    Material Adverse Effect. (i) The initial Servicer represents and warrants that since April 28,
2018, no event has occurred that would have a material adverse effect on the financial condition or operations of the initial Servicer and its Subsidiaries or the ability of the initial Servicer to perform its obligations under this Agreement, and
(ii) Seller represents and warrants that since the Closing Date, no event has occurred that would have a material adverse effect on (A) the financial condition or operations of Seller, (B) the ability of Seller to perform its
obligations under the Transaction Documents, or (C) the collectibility of the Receivables generally or any material portion of the Receivables. 

(n)    Names. In the past five (5) years, Seller has not used any corporate or other names, trade names or
assumed names other than the name in which it has executed this Agreement. 
 (o)    Ownership of Seller. PDSI
owns, directly or indirectly, 100% of the issued and outstanding membership units of Seller, free and clear of any Adverse Claim. Such membership units are validly issued, fully paid and nonassessable, and there are no options, warrants or other
rights to acquire securities of Seller. 
 (p)    Not an Investment Company. Such Seller Party is not and, after
giving effect to the transactions contemplated hereby, will not be required to be registered as, an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Investment Company Act”),
or any successor statute. Seller is not a “covered fund” under Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder (the “Volcker Rule”). In
determining that Seller is not a “covered fund” under the Volcker Rule, Seller is entitled to rely on the exemption from the definition of “investment company” set forth in Section 3(c)(5)(A) or (B) of the Investment
Company Act and may also rely on other exemptions under the Investment Company Act. 
 (q)    Compliance with
Law. Such Seller Party has complied in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not reasonably be
expected to have a Material Adverse Effect. Each Receivable, together with the Contract related thereto, does not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and
regulations relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy), and no part of such Contract is in violation of any such law, rule or regulation. 

(r)    Compliance with Credit and Collection Policy. Such Seller Party has complied in all material respects with
the Credit and Collection Policy with regard to each 

  
 16 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Receivable and the related Contract, and has not made any material change to such Credit
and Collection Policy, except such material change as to which Agent and each Purchaser Agent have been notified in accordance with Section 7.1(a)(vii) and receipt Agent’s and each Purchaser Agent’s consent to the
extent referenced therein. 
 (s)    Payments to Originators. With respect to each Receivable transferred to
Seller under the Receivables Sale Agreement, Seller has given reasonably equivalent value to the applicable Originator in consideration therefor and such transfer was not made for or on account of an antecedent debt. No transfer by any Originator of
any Receivable under the Receivables Sale Agreement is or may be voidable under any section of the Federal Bankruptcy Code. 

(t)    Enforceability of Contracts. Each Contract with respect to each Receivable is effective to create, and has
created, a legal, valid and binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except as such
enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law). 
 (u)    Eligible Receivables. Each Receivable included in the Net Portfolio
Balance as an Eligible Receivable was an Eligible Receivable on the date of its purchase by Seller under the Receivables Sale Agreement. 

(v)    Net Portfolio Balance. Seller has determined that, immediately after giving effect to each Purchase
hereunder (including the initial Purchase on the date hereof), the Net Portfolio Balance equals or exceeds the sum of (i) the Aggregate Capital, plus (ii) the Required Reserves, in each case, at such time. 

(w)    Accounting. The manner in which such Seller Party accounts for the transactions contemplated by this
Agreement and the Receivables Sale Agreement does not jeopardize the true sale analysis. 
 (x)    [Reserved].

 (y)    [Reserved]. 

(z)    Anti-Terrorism Laws. Neither such Seller Party nor any director, officer, employee, agent or Affiliate of
such Seller Party (i) is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States (50 U.S.C. App. §§ 1 et seq.), (ii) is in violation of
(A) any of the laws, regulations and executive orders administered by the U.S. Department of Treasury’s Office of Foreign Assets Control, including the International Emergency Economic Powers Act (50 U.S.C. §§ 1701-1705), the
Trading with the Enemy Act (50 U.S.C. App. §§ 1-44), and the Office of Foreign Assets Control, Department of the Treasury regulations (31 C.F.R. Parts 500 et seq.), or (B) the USA PATRIOT Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (collectively, the “Anti-Terrorism Laws”) or (iii) is a Sanctioned Person. No part of the proceeds of any
Purchase will be unlawfully used directly or, to the actual knowledge of the Authorized Officers of such Seller 

  
 17 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Party, indirectly (i) in furtherance of an offer, payment, promise to pay, or
authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned
Person or a Sanctioned Country, or (iii) in any other manner that will result in any violation by such Seller Party or, to the actual knowledge of the Authorized Officers of such Seller Party, by any other Person (including any Indemnified
Party) of any Anti-Terrorism Laws or any Anti-Corruption Laws. 
 (aa)    Anti-Corruption Laws and Sanctions.
Such Seller Party has implemented and will maintain in effect and enforce policies designed in good faith and in a commercially reasonable manner to promote and achieve compliance, by the Originators, such Seller Party, its Subsidiaries and their
directors, officers, employees and agents with the Foreign Corrupt Practices Act of 1977, as and when applicable to such parties. Such Seller Party will use good faith efforts to implement and maintain in effect and enforce policies and procedures
designed in good faith and in a commercially reasonable manner to promote and achieve compliance, by the Originators, such Seller Party, its Subsidiaries and their directors, officers, employees and agents with applicable Anti-Corruption Laws and
Sanctions. 
 ARTICLE VI 

CONDITIONS OF PURCHASES 

Section 6.1    Conditions Precedent to Initial Purchase. The initial Purchase
under this Agreement is subject to the conditions precedent that (a) Agent and each Purchaser Agent shall have received on or before the date of such Purchase those documents listed on Schedule B, (b) Agent, each Purchaser Agent and
each Purchaser shall have received all fees and expenses required to be paid on or prior to such date pursuant to the terms of this Agreement and/or any Fee Letter, (c) Seller shall have marked its books and records with a legend satisfactory
to Agent identifying Agent’s interest therein, (d) Agent and each Purchaser Agent shall have completed to its satisfaction a due diligence review of each Originator’s and Seller’s billing, collection and reporting systems and
other items related to the Receivables and (e) each of the Purchasers shall have received the approval of its credit committee of the transactions contemplated hereby. 

Section 6.2    Conditions Precedent to All Purchases. Each Incremental
Purchase (including the initial Incremental Purchase) and Reinvestment shall be subject to the further conditions precedent that: 

(a)    in the case of each Incremental Purchase, Servicer shall have delivered to Agent and each Purchaser Agent on or
prior to the date of such Incremental Purchase, in form and substance satisfactory to Agent and each Purchaser Agent, all Monthly Reports as and when due under Section 8.5; 

(b)    in the case of each Incremental Purchase, Agent and each Purchaser Agent shall have received a duly executed
Purchase Notice and such other approvals, opinions or documents as Agent or any Purchaser Agent may reasonably request; 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 
 (c)    in the case of each Reinvestment, after
giving effect to such Reinvestment, the Servicer shall be holding in trust for the benefit of the Purchasers an amount of Collections sufficient to pay the sum of (i) all accrued and unpaid Servicing Fees, CP Costs, Financial Institution Yield,
Broken Funding Costs and all other unpaid fees under any Fee Letter, in each case, through the date of such Reinvestment, (ii) the amount by which the Aggregate Capital exceeds the result of (x) the Net Portfolio Balance, minus
(y) the Required Reserve and (iii) the amount of all other accrued and unpaid Obligations through the date of such Reinvestment; and 

(d)    on the date of such Incremental Purchase or Reinvestment, the following statements shall be true (and acceptance of
the proceeds of such Purchase shall be deemed a representation and warranty by Seller that such statements are then true): 

(i)    the representations and warranties set forth in Section 5.1 are true and
correct on and as of the date of such Purchase as though made on and as of such date; 
 (ii)    no
event has occurred and is continuing, or would result from such Purchase, that will constitute an Amortization Event, and no event has occurred and is continuing, or would result from such Purchase, that would constitute a Potential Amortization
Event; 
 (iii)    the Aggregate Capital does not exceed the Purchase Limit and the Net Portfolio
Balance equals or exceeds the sum of (i) the Aggregate Capital, plus (ii) the Required Reserves, in each case, both immediately before and after giving effect to such Purchase; and 

(iv)    the Facility Termination Date shall not have occurred. 

ARTICLE VII 

COVENANTS 
 
Section 7.1    Affirmative Covenants of The Seller Parties. Until the date on which the Aggregate Unpaids have been indefeasibly paid in full and this Agreement terminates in accordance with its terms, each Seller
Party hereby covenants, as to itself, as set forth below: 
 (a)    Financial Reporting. Such Seller Party will
maintain, for itself and each of its Subsidiaries, a system of accounting established and administered in accordance with GAAP, and furnish or cause to be furnished to Agent and each Purchaser Agent: 

(i)    Annual Reporting. Within 90 days after the close of each of its respective fiscal years,
(x) audited, unqualified consolidated financial statements (which shall include balance sheets, statements of income and retained earnings and a statement of cash flows) for PDCo and its consolidated Subsidiaries for such fiscal year certified
in a manner acceptable to Agent by independent public accountants acceptable to Agent and (y) unaudited balance sheets of Seller as at the close of such fiscal year and statements of income and retained earnings and a statement of cash flows
for Seller for 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 
 such fiscal year, all certified by its chief financial officer. Delivery
within the time period specified above of PDCo’s annual report on Form 10-K for such fiscal year (together with PDCo’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Securities Exchange Act of 1934, as amended) prepared in accordance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the requirements of
clause (x) of this Section 7.1(a)(i), provided that the report of the independent public accountants contained therein is acceptable to Agent. 

(ii)    Quarterly Reporting. Within 45 days after the close of the first three (3) quarterly
periods of each of its respective fiscal years, unaudited balance sheets of PDCo as at the close of each such period and statements of income and retained earnings and a statement of cash flows for PDCo for the period from the beginning of such
fiscal year to the end of such quarter, all certified by its chief financial officer. Delivery within the time period specified above of copies of PDCo’s quarterly report Form 10-Q for such fiscal quarter
prepared in accordance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the foregoing requirements of this Section 7.1(a)(ii). 

(iii)    Compliance Certificate. Together with the financial statements required hereunder, a
compliance certificate in substantially the form of Exhibit V signed by such Seller Party’s Authorized Officer and dated the date of such annual financial statement or such quarterly financial statement, as the case may be. 

(iv)    Shareholders Statements and Reports. Promptly upon the furnishing thereof to the
shareholders of such Seller Party copies of all financial statements, reports and proxy statements so furnished. 

(v)    S.E.C. Filings. Promptly upon the filing thereof, copies of all registration statements and
annual, quarterly, monthly or other regular reports which PDCo, any Originator or any of their respective Subsidiaries files with the Securities and Exchange Commission. 

(vi)    Copies of Notices. Promptly upon its receipt of any notice, request for consent, financial
statements, certification, report or other communication under or in connection with any Transaction Document from any Person other than Agent, any Purchaser Agent (so long as Agent is copied on such communication) or any Purchaser (so long as each
other Purchaser is copied on such communication), copies of the same. 
 (vii)    Change in Credit
and Collection Policy. At least thirty (30) days prior to the effectiveness of any material change in or material amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice
(A) indicating such change or amendment, and (B) if such proposed change or amendment would be reasonably likely to adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables,
requesting Agent’s and each Purchaser Agent’s consent thereto. 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 
 (viii)    Notices under
Receivables Sale Agreement. Promptly upon its receipt of any notice received or delivered pursuant to any provision of the Receivables Sale Agreement, copies of the same. 

(ix)    Other Information. Promptly, from time to time, such other information, documents, records
or reports relating to the Receivables or the condition or operations, financial or otherwise, of such Seller Party as Agent or any Purchaser Agent may from time to time reasonably request in order to protect the interests of Agent and the
Purchasers under or as contemplated by this Agreement. 
 (b)    Notices. Such Seller Party will notify Agent and
each Purchaser Agent in writing of any of the following promptly upon learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 

(i)    Amortization Events or Potential Amortization Events. The occurrence of each Amortization
Event and each Potential Amortization Event, by a statement of an Authorized Officer of such Seller Party. 

(ii)    Judgment and Proceedings. (1) The entry of any judgment or decree against Servicer or
any of its respective Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against Servicer and its Subsidiaries exceeds $1,000,000, (2) the institution of any litigation, arbitration proceeding or governmental
proceeding against Servicer that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (3) the entry of any judgment or decree or the institution of any litigation, arbitration proceeding or
governmental proceeding against Seller. 
 (iii)    Material Adverse Effect. The occurrence of
any event or condition that has had, or could reasonably be expected to have, a Material Adverse Effect. 

(iv)    Termination Date. The occurrence of the “Purchase Termination Date” or any
“Purchase Termination Event” under and as defined in the Receivables Sale Agreement. 

(v)    Defaults Under Other Agreements. The occurrence of a material default or an event of default
under any other financing arrangement pursuant to which such Seller Party is a debtor or an obligor which has a principal amount of $5,000,000 or more in the aggregate. 

(vi)    [Reserved]. 

(vii)    Appointment of Independent Governor. The decision to appoint a new governor of Seller as
the “Independent Governor” for purposes of this Agreement, such notice to be issued not less than ten (10) days prior to the effective date of such appointment and to certify that the designated Person satisfies the criteria set forth
in the definition herein of “Independent Governor.” 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 
 (c)    Compliance with Laws and Preservation of
Existence. Such Seller Party will comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply could not
reasonably be expected to have a Material Adverse Effect. Such Seller Party will preserve and maintain its legal existence, rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing
as a foreign entity in each jurisdiction where its business is conducted, except where the failure to so preserve and maintain any such rights, franchises or privileges or to so qualify could not reasonably be expected to have a Material Adverse
Effect. 
 (d)    Audits. Such Seller Party will furnish to Agent and each Purchaser Agent from time to time such
information with respect to it and the Receivables as Agent or any Purchaser Agent may reasonably request. Such Seller Party will, from time to time during regular business hours as requested by Agent or any Purchaser Agent upon reasonable notice
and at the sole cost of such Seller Party, permit Agent or any Purchaser Agent or any of their respective agents or representatives, (i) to examine and make copies of and abstracts from all Records in the possession or under the control of such
Person relating to the Receivables and the Related Security, including, without limitation, the related Contracts, and (ii) to visit the offices and properties of such Person for the purpose of examining such materials described in clause
(i) above, and to discuss matters relating to such Person’s financial condition or the Receivables and the Related Security or any Person’s performance under any of the Transaction Documents or any Person’s performance under
the Contracts and, in each case, with any of the officers or employees of Seller or Servicer having knowledge of such matters. Without limiting the foregoing, such Seller Party will, annually and prior to any Financial Institution renewing its
Commitment hereunder, during regular business hours as requested by Agent or any Purchaser Agent upon reasonable notice and at the sole cost of such Seller Party, permit Agent or any Purchaser Agent or any of their respective agents or
representatives, to conduct a follow-up audit. 
 (e)    Keeping and Marking
of Records and Books. 
 (i)    Servicer will maintain and implement administrative and operating
procedures (including, without limitation, an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably
necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to each existing Receivable) and the
identification and segregation of Excluded Receivables. Servicer will give Agent notice of any material change in the administrative and operating procedures referred to in the previous sentence. 

(ii)    Such Seller Party (A) has on or prior to the Closing Date, marked its master data processing
records and other books and records relating to the Asset Portfolio with a legend, acceptable to Agent, describing the Asset Portfolio and (B) will, upon the request of Agent (x) mark each Contract with a legend describing the Asset
Portfolio and (y) deliver to Agent all Contracts (including, without limitation, all multiple originals of any such Contract) relating to the Receivables. 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 
 (f)    Compliance with Contracts and Credit and
Collection Policy. Such Seller Party will timely and fully (i) perform and comply with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, and (ii) comply in all
respects with the Credit and Collection Policy in regard to each Receivable and the related Contract. 

(g)    Performance and Enforcement of Receivables Sale Agreement. Seller will, and will require each Originator to,
perform each of their respective obligations and undertakings under and pursuant to the Receivables Sale Agreement, will purchase Receivables thereunder in strict compliance with the terms thereof and will vigorously enforce the rights and remedies
accorded to Seller under the Receivables Sale Agreement. Seller will take all actions to perfect and enforce its rights and interests (and the rights and interests of Agent and the Purchasers as assignees of Seller) under the Receivables Sale
Agreement as Agent may from time to time reasonably request, including, without limitation, making claims to which it may be entitled under any indemnity, reimbursement or similar provision contained in the Receivables Sale
Agreement. 
 (h)    Ownership. Seller will take all necessary action to (i) vest legal and equitable title
to the Receivables, the Related Security and the Collections purchased under the Receivables Sale Agreement irrevocably in Seller, free and clear of any Adverse Claims other than Adverse Claims in favor of Agent and the Purchasers (including,
without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Seller’s interest in such
Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest of Seller therein as Agent may reasonably request), and (ii) establish and maintain, in favor of Agent, for the benefit
of the Purchasers, a valid and perfected ownership interest (and/or a valid and perfected first priority security interest) in all Receivables, Related Security and Collections to the full extent contemplated herein, free and clear of any Adverse
Claims other than Adverse Claims in favor of Agent for the benefit of the Purchasers (including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any
comparable law) of all appropriate jurisdictions to perfect Agent’s (for the benefit of the Purchasers) interest in such Receivables, Related Security and Collections and such other action to perfect, protect or more fully evidence the interest
of Agent for the benefit of the Purchasers as Agent may reasonably request). 
 (i)    Purchasers’ Reliance.
Seller acknowledges that the Purchasers are entering into the transactions contemplated by this Agreement in reliance upon Seller’s identity as a legal entity that is separate from each Patterson Entity and their respective Affiliates.
Therefore, from and after the Closing Date, Seller will take all reasonable steps, including, without limitation, all steps that Agent, any Purchaser Agent or any Purchaser may from time to time reasonably request, to maintain Seller’s identity
as a separate legal entity and to make it manifest to third parties that Seller is an entity with assets and liabilities distinct from those of each Patterson Entity and any Affiliates thereof and not just a division of any Patterson Entity. Without
limiting the generality of the foregoing and in addition to the other covenants set forth herein, Seller will: 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 
 (A)    conduct its own business in
its own name and require that all full-time employees of Seller, if any, identify themselves as such and not as employees of any Patterson Entity (including, without limitation, by means of providing appropriate employees with business or
identification cards identifying such employees as Seller’s employees); 
 (B)    compensate all
employees, consultants and agents directly, from Seller’s own funds, for services provided to Seller by such employees, consultants and agents and, to the extent any employee, consultant or agent of Seller is also an employee, consultant or
agent of any Patterson Entity or any Affiliate thereof, allocate the compensation of such employee, consultant or agent between Seller and such Patterson Entity or such Affiliate, as applicable on a basis that reflects the services rendered to
Seller and such Patterson Entity or such Affiliate, as applicable; 
 (C)    clearly identify its
offices (by signage or otherwise) as its offices and, if such office is located in the offices of any Patterson Entity or an Affiliate thereof, Seller will lease such office at a fair market rent; 

(D)    have a separate telephone number, which will be answered only in its name and separate stationery,
invoices and checks in its own name; 
 (E)    conduct all transactions with each Patterson Entity and
Servicer and their respective Affiliates strictly on an arm’s-length basis, allocate all overhead expenses (including, without limitation, telephone and other utility charges) for items shared between
Seller and any Patterson Entity or any Affiliate thereof on the basis of actual use to the extent practicable and, to the extent such allocation is not practicable, on a basis reasonably related to actual use; 

(F)    at all times have a Board of Governors consisting of three members, at least one member of which is
an Independent Governor; 
 (G)    observe all limited liability company formalities as a distinct
entity, and ensure that all limited liability company actions relating to (1) the selection, maintenance or replacement of the Independent Governor, (2) the dissolution or liquidation of Seller or (3) the initiation of, participation
in, acquiescence in or consent to any bankruptcy, insolvency, reorganization or similar proceeding involving Seller, are duly authorized by unanimous vote of its Board of Governors (including the Independent Governor); 

(H)    maintain Seller’s books and records separate from those of each Patterson Entity and any
Affiliate thereof and otherwise readily identifiable as its own assets rather than assets of any Patterson Entity and any Affiliate thereof; 

(I)    prepare its financial statements separately from those of each Patterson Entity and insure that any
consolidated financial statements of 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 
 any Patterson Entity or any Affiliate thereof that include Seller,
including any that are filed with the Securities and Exchange Commission or any other governmental agency have notes clearly stating that Seller is a separate legal entity and that its assets will be available first and foremost to satisfy the
claims of the creditors of Seller; 
 (J)    except as herein specifically otherwise provided, maintain
the funds or other assets of Seller separate from, and not commingled with, those of any Patterson Entity or any Affiliate thereof and only maintain bank accounts or other depository accounts to which Seller alone (or Servicer in the performance of
its duties hereunder) is the account party and from which Seller alone (or Servicer in the performance of its duties hereunder or Agent hereunder) has the power to make withdrawals; 

(K)    pay all of Seller’s operating expenses from Seller’s own assets (except for certain
payments by any Patterson Entity or other Persons pursuant to allocation arrangements that comply with the requirements of this Section 7.1(i)); 

(L)    operate its business and activities such that: it does not engage in any business or activity of
any kind, or enter into any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking, other than the transactions contemplated and authorized by this Agreement and the Receivables Sale Agreement; and does not
create, incur, guarantee, assume or suffer to exist any Indebtedness or other liabilities, whether direct or contingent, other than (1) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions
in the ordinary course of business, (2) the incurrence of obligations under this Agreement, (3) the incurrence of obligations, as expressly contemplated in the Receivables Sale Agreement, to make payment to the Originators thereunder for
the purchase of Receivables from the Originators under the Receivables Sale Agreement, and (4) the incurrence of operating expenses in the ordinary course of business of the type otherwise contemplated by this Agreement; 

(M)    maintain its articles of organization and bylaws in conformity with this Agreement, such that
(1) it does not amend, restate, supplement or otherwise modify its articles of organization or bylaws in any respect that would impair its ability to comply with the terms or provisions of any of the Transaction Documents, including, without
limitation, Section 7.1(i) of this Agreement; and (2) its articles of organization and bylaws, at all times that this Agreement is in effect, provides for not less than ten (10) days’ prior written notice to
Agent of the replacement or appointment of any governor that is to serve as an Independent Governor for purposes of this Agreement and the condition precedent to giving effect to such replacement or appointment that Seller certify that the
designated Person satisfied the criteria set forth in the definition herein of “Independent Governor” and Agent’s written acknowledgement that in its reasonable judgment the designated Person satisfies the criteria set forth in the
definition herein of “Independent Governor”; 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 
 (N)    maintain the effectiveness
of, and continue to perform under the Receivables Sale Agreement, the Performance Undertaking and the other Transaction Documents, such that it does not amend, restate, supplement, cancel, terminate or otherwise modify the Receivables Sale
Agreement, the Performance Undertaking or any other Transaction Document, or give any consent, waiver, directive or approval thereunder or waive any default, action, omission or breach under the Receivables Sale Agreement, the Performance
Undertaking, or any other Transaction Document, or otherwise grant any indulgence thereunder, without (in each case) the prior written consent of Agent and the Required Purchasers; 

(O)    maintain its legal separateness such that it does not merge or consolidate with or into, or convey,
transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions, and except as otherwise contemplated herein) all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or
substantially all of the assets of, any Person, nor at any time create, have, acquire, maintain or hold any interest in any Subsidiary; 

(P)    maintain at all times the Required Capital Amount (as defined in the Receivables Sale Agreement)
and refrain from making any dividend, distribution, redemption of membership units or payment of any subordinated Indebtedness or other liabilities which would cause the Required Capital Amount to cease to be so maintained; and 

(Q)    take such other actions as are necessary on its part to ensure that the facts and assumptions set
forth in the opinion(s) issued by Briggs and Morgan, P.A., as counsel for Seller, in connection with the Transaction Documents (as such opinion(s) may be brought down or replaced from time to time), relating to substantive consolidation issues, and
in the certificates accompanying such opinion, remain true and correct in all material respects at all times. 

(j)    Collections. Such Seller Party will cause (1) all ACH Receipts to be deposited immediately to a
Collection Account and all proceeds from all Lock-Boxes to be directly deposited by a Collection Bank into a Collection Account and (2) each Lock-Box and Collection Account to be subject at all times to a
Collection Account Agreement that is in full force and effect. In the event any payments relating to Receivables are remitted directly to any Seller Party or any Affiliate of any Seller Party, such Seller Party will remit (or will cause all such
payments to be remitted) directly to a Collection Bank and deposited into a Collection Account within one (1) Business Day following receipt thereof, and, at all times prior to such remittance, such Seller Party or Affiliate will itself hold
or, if applicable, will cause such payments to be held in trust for the exclusive benefit of Agent and the Purchasers. Seller will maintain exclusive ownership, dominion and control (subject to the terms of this Agreement) of each Lock-Box and Collection Account and shall not grant the right to take dominion and control or establish “control” (within the meaning of Section 9-104 of the
UCC of all applicable jurisdictions) of any Lock-Box or Collection Account at a future time or upon the occurrence of a future event to any Person, except to Agent as contemplated by this Agreement. With
respect to each Collection Account, each Seller Party shall take all steps necessary to ensure that Agent has “control” (within the meaning of Section 9-104 of the UCC of all applicable
jurisdictions) over each such Collection Account. 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 
 (k)    Taxes. Such Seller Party will file
all tax returns and reports required by law to be filed by it and will promptly pay all taxes and governmental charges at any time owing. Seller will pay when due any taxes payable in connection with the Receivables, exclusive of taxes on or
measured by income or gross receipts of any Conduit, Agent or any Financial Institution. 
 (l)    Insurance.
Seller will maintain in effect, or cause to be maintained in effect, at Seller’s own expense, such casualty and liability insurance as Seller shall deem appropriate in its good faith business judgment. Agent, for the benefit of the Purchasers,
shall be named as an additional insured with respect to all such liability insurance maintained by Seller. Seller will pay or cause to be paid, the premiums therefor and deliver to Agent evidence satisfactory to Agent of such insurance coverage.
Copies of each policy shall be furnished to Agent and any Purchaser in certificated form upon Agent’s or such Purchaser’s request. The foregoing requirements shall not be construed to negate, reduce or modify, and are in addition to,
Seller’s obligations hereunder. 
 (m)    Payments to Originators. With respect to any Receivable purchased
by Seller from any Originator, such sale shall be effected under, and in strict compliance with the terms of, the Receivables Sale Agreement, including, without limitation, the terms relating to the amount and timing of payments
to be made to such Originator in respect of the purchase price for such Receivable. 
 (n)    Federal Assignment of
Claims Act; Etc. If requested by the Agent following the occurrence of an Amortization Event, prepare and make any filings under the Federal Assignment of Claims Act (or any other similar applicable law) with respect to Government Receivables,
that are necessary or desirable in order for the Agent to enforce such Government Receivable against the Obligor thereof. 

(o)    Product Return Estimate. Include in each Monthly Report delivered to Agent and each Purchaser Agent, the
Product Return Estimate for the then outstanding Receivables as of the Cut-Off Date for the prior Fiscal Month, including the specific amounts related to each applicable Obligor. The Product Return Estimate
shall be calculated by the Servicer, on behalf of the Seller, in the ordinary course based on the Dilution then expected to occur with respect to the then outstanding Receivables solely as a result of product returns and as reasonably determined by
the Servicer. Additionally, the Servicer shall deliver such other information and reports reasonably requested by the Agent or any Purchaser Agent with respect to the Product Return Estimate, including a comparison of the Product Return Estimate to
the actual Dilution with respect to product returns, in form and substance reasonably satisfactory to the Agent. 
 
Section 7.2    Negative Covenants of The Seller Parties. Until the date on which the Aggregate Unpaids have been indefeasibly paid in full and this Agreement terminates in accordance with its terms, each Seller
Party hereby covenants, as to itself, that: 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 

 (a)    Name Change, Offices and Records. Such Seller Party will
not change its name, jurisdiction of organization, identity or organizational structure (within the meaning of Sections 9-503 and/or 9-507 of the UCC of all applicable
jurisdictions) or relocate its chief executive office, principal place of business or any office where Records are kept unless it shall have: (i) given Agent and each Purchaser Agent at least forty-five (45) days’ prior written notice
thereof and (ii) delivered to Agent all financing statements, instruments, opinions and other documents requested by Agent and each Purchaser Agent in connection with such change or relocation; provided, however, that the Seller
shall not change its jurisdiction of organization without the prior written consent of the Agent. 
 (b)    Change
in Payment Instructions to Obligors. Except as may be required by Agent pursuant to Section 8.2(b), such Seller Party will not add or terminate any bank as a Collection Bank, or make any change in the instructions to
Obligors regarding payments to be made to any Lock-Box or Collection Account, unless Agent and each Purchaser Agent shall have received, at least ten (10) days before the proposed effective date therefor,
(i) written notice of such addition, termination or change and (ii) with respect to the addition of a Collection Bank or a Collection Account or Lock-Box, an executed Collection Account Agreement
with respect to the new Collection Account or Lock-Box; provided, however, that Servicer may make changes in instructions to Obligors regarding payments if such new instructions require such
Obligor to make payments to another existing Collection Account. 
 (c)    Modifications to Contracts and Credit and
Collection Policy. Such Seller Party will not make any change to the Credit and Collection Policy that could adversely affect the collectability of the Receivables or decrease the credit quality of any newly created Receivables. Except as
provided in Section 8.2(d), Servicer will not extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto other than in accordance with the Credit and Collection Policy. 

(d)    Sales, Liens. Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or
grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any Receivable, Related Security or Collections, or upon or with respect
to any Contract under which any Receivable arises, or any Lock-Box or Collection Account, or assign any right to receive income with respect thereto (other than, in each case, the creation of the interests
therein in favor of Agent and the Purchasers provided for herein), and Seller will defend the right, title and interest of Agent and the Purchasers in, to and under any of the foregoing property, against all claims of third parties claiming through
or under Seller or any Originator. Seller will not create or suffer to exist any mortgage, pledge, security interest, encumbrance, lien, charge or other similar arrangement on any of its inventory, the financing or lease of which gives rise to any
Receivable. 
 (e)    Net Portfolio Balance. At no time prior to the Amortization Date shall Seller permit the
Net Portfolio Balance to be less than an amount equal to the sum of (i) the Aggregate Capital plus (ii) the Required Reserves, in each case, at such time. 

(f)    Termination Date Determination. Seller will not designate the Purchase Termination Date (as defined in the
Receivables Sale Agreement), or send any written notice to any Originator in respect thereof, without the prior written consent of Agent and each Purchaser Agent, except with respect to the occurrence of such Purchase Termination Date arising
pursuant to Section 5.1(d) of the Receivables Sale Agreement. 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 

 (g)    Restricted Junior Payments. From and after the occurrence
of any Amortization Event, Seller will not make any Restricted Junior Payment if, after giving effect thereto, Seller would fail to meet its obligations set forth in Section 7.2(e). 

(h)    Collections. No Seller Party will deposit or otherwise credit, or cause or permit to be so deposited or
credited, to any Collection Account cash or cash proceeds other than Collections. Except as may be required by Agent pursuant to the last sentence of Section 8.2(b), no Seller Party will deposit or otherwise credit, or
cause or permit to be so deposited or credited, any Collections or proceeds thereof to any lock-box account or to any other account not covered by a Collection Account Agreement. 

(i)    Change in Product Return Estimate. The Servicer will not make any material change in the methodology used
to calculate the Product Return Estimate without the prior written consent of the Agent and each Purchaser Agent. 
 
ARTICLE VIII 
 ADMINISTRATION AND COLLECTION 

Section 8.1    Designation of Servicer. (a) The servicing,
administration and collection of the Receivables on behalf of Agent and the Purchasers shall be conducted by such Person (the “Servicer”) so designated from time to time in accordance with this
Section 8.1. PDSI is hereby designated as, and hereby agrees to perform the duties and obligations of, Servicer for Agent and the Purchasers pursuant to the terms of this Agreement. Agent (on behalf of the Purchasers) may,
and at the direction of the Required Purchasers shall, at any time following the occurrence of an Amortization Event designate as Servicer any Person to succeed PDSI or any successor Servicer. 

(b)    Without the prior written consent of Agent and the Required Purchasers, PDSI shall not be permitted to delegate
any of its duties or responsibilities as Servicer to any Person other than (i) an Originator (with respect to Receivables originated by such Originator), (ii) Seller and (iii) with respect to certain
Charged-Off Receivables, outside collection agencies and lawyers in accordance with its customary practices. None of Seller or any Originator shall be permitted to further delegate to any other Person any of
the duties or responsibilities of Servicer delegated to it by PDSI. If at any time Agent shall designate as Servicer any Person other than PDSI, all duties and responsibilities theretofore delegated by PDSI to Seller and any Originator may, at the
discretion of Agent, be terminated forthwith on notice given by Agent to PDSI and to Seller. 
 (c)    Notwithstanding
the foregoing subsection (b), (i) PDSI shall be and remain primarily liable to Agent, the Purchaser Agents and the Purchasers for the full and prompt performance of all duties and responsibilities of Servicer hereunder and (ii) Agent, the
Purchaser Agents and the Purchasers shall be entitled to deal exclusively with PDSI in matters 

  
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 RECEIVABLES PURCHASE AGREEMENT 

 

 
relating to the discharge by Servicer of its duties and responsibilities hereunder. Agent, the Purchaser Agents and the Purchasers shall not be required to give notice, demand or other
communication to any Person other than PDSI in order for communication to Servicer and its sub-servicer or other delegate with respect thereto to be accomplished. PDSI, at all times that it is Servicer, shall
be responsible for providing any sub-servicer or other delegate of Servicer with any notice given to Servicer under this Agreement. 

Section 8.2    Duties of Servicer. (a) Servicer shall take or cause to
be taken all such actions as may be necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and
Collection Policy. 
 (b)    Servicer will instruct all Obligors to pay all Collections either (i) directly to a
Collection Account by means of an automatic electronic funds transfer, wire transfer or otherwise or (ii) directly to a Lock-Box. Servicer shall cause any payments made by means of automatic electronic
funds transfer to be deposited directly into a Collection Account from each Obligor’s relevant account. Servicer shall effect a Collection Account Agreement with each bank party to a Collection Account at any time. In the case of any
remittances received in any Lock-Box or Collection Account that shall have been identified, to the satisfaction of Servicer, to not constitute Collections or other proceeds of the Receivables or the Related
Security, Servicer shall promptly remit such items to the Person identified to it as being the owner of such remittances. From and after the date Agent delivers a Collection Notice to any Collection Bank pursuant to
Section 8.3, Agent may request that Servicer, and Servicer thereupon promptly shall instruct all Obligors with respect to the Receivables, to remit all payments thereon to a new
lock-box or depositary account specified by Agent and, at all times thereafter, Seller and Servicer shall not deposit or otherwise credit, and shall not permit any other Person to deposit or otherwise credit
to such new lock-box, post office box or depositary account any cash or payment item other than Collections. 

(c)    Servicer shall administer the Collections in accordance with the procedures described herein and in
Article II. Servicer shall set aside and hold in trust for the benefit of the Purchasers, the Collections in accordance with Article II. Servicer shall, upon the request of Agent, segregate, in a manner acceptable to Agent,
all cash, checks and other instruments received by it from time to time constituting Collections from the general funds of Servicer or Seller prior to the remittance thereof in accordance with Article II. If Servicer shall be required to
segregate Collections pursuant to the preceding sentence, Servicer shall segregate and deposit with a bank designated by Agent such allocable share of Collections of Receivables set aside for the Purchasers on the first Business Day following
receipt by Servicer of such Collections, duly endorsed or with duly executed instruments of transfer. 

(d)    Servicer may, in accordance with the Credit and Collection Policy, extend the maturity of any Receivable or adjust
the Outstanding Balance of any Receivable as Servicer determines to be appropriate to maximize Collections thereof; provided, however, that such extension or adjustment shall not alter the status of such Receivable as a Defaulted
Receivable or Charged-Off Receivable or limit the rights of Agent, the Purchaser Agents or the Purchasers under this Agreement. Notwithstanding anything to the contrary contained herein, Agent shall have the
absolute and unlimited right to direct Servicer to commence or settle any legal action with respect to any Receivable or to foreclose upon or repossess any Related Security. 

  
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 (e)    Servicer shall hold in trust for Agent on behalf of the
Purchasers all Records that (i) evidence or relate to the Receivables, the related Contracts and Related Security or (ii) are otherwise necessary or desirable to collect the Receivables and shall, as soon as practicable upon demand of
Agent, deliver or make available to Agent all such Records, at a place selected by Agent. Servicer shall, as soon as practicable following receipt thereof turn over to Seller any cash collections or other cash proceeds received with respect to
Indebtedness not constituting Receivables. Servicer shall, from time to time at the request of any Purchaser, furnish to the Purchasers (promptly after any such request) a calculation of the amounts set aside for the Purchasers pursuant to
Article II. 
 (f)    Any payment by an Obligor in respect of any Indebtedness or other liability owed by it to
the applicable Originator or Seller shall, except as otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by Agent, be applied as a Collection of any Receivable of such Obligor (starting with
the oldest such Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other obligation of such Obligor. 

Section 8.3    Collection Notices. Agent is authorized at any time after the
occurrence of an Amortization Event to date and to deliver to the Collection Banks the Collection Notices. Seller hereby transfers to Agent for the benefit of the Purchasers, effective when Agent delivers such notices, the dominion and control and
“control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of each Lock-Box, each Collection Account and the amounts on
deposit therein. In case any authorized signatory of Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if
such authority had remained in force. Seller hereby authorizes Agent, and agrees that Agent shall be entitled to (i) endorse Seller’s name on checks and other instruments representing Collections, (ii) enforce the Receivables, the
related Contracts and the Related Security and (iii) take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into the possession of Agent rather than
Seller. 
 Section 8.4    Responsibilities of Seller. Anything herein to
the contrary notwithstanding, the exercise by Agent, the Purchaser Agents and the Purchasers of their rights hereunder shall not release Servicer, any Originator or Seller from any of their duties or obligations with respect to any Receivables or
under the related Contracts. The Purchasers shall have no obligation or liability with respect to any Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of Seller. 

Section 8.5    Reports. Servicer shall prepare and forward to Agent and each
Purchaser Agent (i) three Business Days prior to each Settlement Date and at such times as Agent or any Purchaser Agent shall request, a Monthly Report and (ii) at such times as Agent or any Purchaser Agent shall request, a listing by
Obligor of all Receivables together with an aging of such Receivables. Unless otherwise requested by Agent or any Purchaser Agent, all computations in such Monthly Report shall be made as of the close of business on the last day of the Accrual
Period preceding the date on which such Monthly Report is delivered. 

  
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 Section 8.6    Servicing
Fees. In consideration of PDSI’s agreement to act as Servicer hereunder, the Purchasers hereby agree that, so long as PDSI shall continue to perform as Servicer hereunder, PDSI shall be paid a fee (the “Servicing
Fee“) in accordance with the priority of payments set forth in Sections 2.2(b) and 2.3, as applicable, on the 19th calendar day of each month (or, if such day is not a
Business Day, then the next Business Day thereafter), in arrears for the immediately preceding Fiscal Month, equal to the Servicing Fee Rate of the average Net Portfolio Balance during such period, as compensation for its servicing activities. 

ARTICLE IX 

AMORTIZATION EVENTS 

Section 9.1    Amortization Events. The occurrence of any one or more of the
following events shall constitute an “Amortization Event”: 
 (a)    Any Seller Party shall
fail (i) to make any payment or deposit required hereunder when due, or (ii) to perform or observe any term, covenant or agreement hereunder (other than as referred to in clause (i) of this paragraph (a) and
Section 9.1(e)) or any other Transaction Document and such failure shall continue for seven (7) consecutive Business Days. 

(b)    Any representation, warranty, certification or statement made by any Seller Party in this Agreement, any other
Transaction Document or in any other document delivered pursuant hereto or thereto shall prove to have been incorrect in any material respect when made or deemed made. 

(c)    Failure of Seller to pay any Indebtedness when due or the failure of any other Seller Party to pay Indebtedness
when due in excess of $10,000,000; or the default by any Seller Party in the performance of any term, provision or condition contained in any agreement under which any such Indebtedness was created or is governed, the effect of which is to cause, or
to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or any such Indebtedness of any Seller Party shall be declared to be due and payable or required to be prepaid (other than
by a regularly scheduled payment) prior to the date of maturity thereof. 
 (d)    (i) Any Seller Party, the
Performance Provider or any of their respective Subsidiaries shall generally not pay its debts as such debts become due or shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of
creditors; or (ii) any proceeding shall be instituted by or against any Seller Party, the Performance Provider or any of their respective Subsidiaries seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of
a receiver, trustee or other similar official for it or any substantial part of its 

  
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property, and solely in the case of Servicer and the Performance Provider and a proceeding instituted against (and not by) such Person, such proceeding is not dismissed within 60 days; or
(iii) any Seller Party, the Performance Provider or any of their respective Subsidiaries shall take any corporate or other action to authorize any of the actions set forth in clauses (i) or (ii) above in this
subsection (d). 
 (e)    Seller shall fail to comply with the terms of
Section 2.6. 
 (f)    As at the end of any Fiscal Month: 

(i)    the average of the
Losses-to-Liquidation Ratio for such Fiscal Month and each of the two immediately preceding Fiscal Months shall exceed 1.0%, 

(ii)    the average of the Default Ratio for such Fiscal Month and each of the two immediately preceding
Fiscal Months shall exceed 4.5%, or 
 (iii)    the average of the Dilution Ratio for such Fiscal Month
and each of the two immediately preceding Fiscal Months shall exceed 2.5%, 
 (g)    A Change of Control shall occur.

 (h)    [Reserved]. 

(i)    (i) One or more final judgments for the payment of money shall be entered against Seller or (ii) one or more
final judgments for the payment of money in an amount in excess of $10,000,000, individually or in the aggregate, shall be entered against Servicer on claims not covered by insurance or as to which the insurance carrier has denied its
responsibility, and such judgment shall continue unsatisfied and in effect for fifteen (15) consecutive days without a stay of execution. 

(j)    The “Purchase Termination Date” or any “Purchase Termination Event” under and as defined in
the Receivables Sale Agreement shall occur under the Receivables Sale Agreement or any Originator shall for any reason cease to transfer, or cease to have the legal capacity to transfer, or otherwise be incapable of transferring Receivables to
Seller under the Receivables Sale Agreement; or Seller shall for any reason cease to purchase, or cease to have the legal capacity to purchase, or otherwise be incapable of accepting Receivables from any Originator under the Receivables Sale
Agreement. 
 (k)    This Agreement shall terminate in whole or in part (except in accordance with its terms), or shall
cease to be effective or to be the legally valid, binding and enforceable obligation of Seller, or any Obligor shall directly or indirectly contest in any manner such effectiveness, validity, binding nature or enforceability, or Agent for the
benefit of the Purchasers shall cease to have a valid and perfected ownership or first priority perfected security interest in the Receivables, the Related Security and the Collections with respect thereto and the Collection Accounts. 

(l)    [Reserved]. 

  
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 (m)    [Reserved]. 

(n)    As determined commencing with fiscal quarter ending January 27, 2018, PDCo’s Leverage Ratio shall exceed
the applicable amount set forth in Section 6.20 of the Credit Agreement as of any applicable period(s) or date(s) set forth in Section 6.20 of the Credit Agreement. 

(o)    Performance Provider shall fail to perform or observe any term, covenant or agreement required to be performed by
it under the Performance Undertaking, or the Performance Undertaking shall cease to be effective or to be the legally valid, binding and enforceable obligation of Performance Provider, or Performance Provider shall directly or indirectly contest in
any manner such effectiveness, validity, binding nature or enforceability. 
 (p)    As determined commencing with
fiscal quarter ending July 28, 2018, PDCo’s Interest Expense Coverage Ratio shall be less than the applicable amount set forth in Section 6.21 of the Credit Agreement as of any applicable period(s) or date(s) set forth in
Section 6.21 of the Credit Agreement. 
 (q)    Any Person shall be appointed as an Independent Governor of Seller
without prior notice thereof having been given to Agent in accordance with Section 7.1(b)(vii) or without the written acknowledgement by Agent that such Person conforms, to the satisfaction of Agent, with the criteria set
forth in the definition herein of “Independent Governor.” 
 (r)    Seller shall fail to pay in full all of
its Obligations to Agent and the Purchasers hereunder and under each other Transaction Document on or prior to the Legal Maturity Date. 
 
Section 9.2    Remedies. Upon the occurrence and during the continuation of an Amortization Event, Agent may, or upon the direction of the Required Purchasers shall, take any of the following actions:
(i) replace the Person then acting as Servicer, (ii) declare the Amortization Date to have occurred, whereupon the Amortization Date shall forthwith occur, without demand, protest or further notice of any kind, all of which are hereby
expressly waived by each Seller Party; provided, however, that upon the occurrence of an Amortization Event described in Section 9.1(d), or of an actual or deemed entry of an order for relief with respect to any Seller
Party under the Federal Bankruptcy Code or under any other applicable bankruptcy, insolvency, arrangement, moratorium or similar laws of any other jurisdiction (foreign or domestic), the Amortization Date shall automatically occur, without demand,
protest or any notice of any kind, all of which are hereby expressly waived by each Seller Party, (iii) to the fullest extent permitted by applicable law, declare that the Default Fee shall accrue with respect to any of the Aggregate Unpaids
outstanding at such time, (iv) deliver the Collection Notices to the Collection Banks and (v) notify Obligors of the Purchasers’ interest in the Receivables. The aforementioned rights and remedies shall be without limitation, and
shall be in addition to all other rights and remedies of Agent, the Purchaser Agents and the Purchasers otherwise available under any other provision of this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly
preserved, including, without limitation, all rights and remedies provided under the UCC, all of which rights shall be cumulative. 

  
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 ARTICLE X 

INDEMNIFICATION 
 
Section 10.1    Indemnities by The Seller Parties. Without limiting any other rights that Agent, any Purchaser Agent, any Funding Source, any Purchaser or any of their respective Affiliates may have hereunder or
under applicable law, (A) Seller hereby agrees to indemnify (and pay upon demand to) Agent, each Purchaser Agent, each Funding Source, each Purchaser and their respective Affiliates, successors, assigns, officers, directors, agents and
employees (each an “Indemnified Party”) from and against any and all damages, losses, claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys
may be employees of any Indemnified Party) and disbursements (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this
Agreement, or the use of the proceeds of any Purchase hereunder, or the acquisition, funding or ownership either directly or indirectly, by any Indemnified Party of an interest in the Asset Portfolio, Receivables, or any Receivable or any Contract
or any Related Security, or any action or inaction of any Seller Party, and (B) Servicer hereby agrees to indemnify (and pay upon demand to) each Indemnified Party for Indemnified Amounts awarded against or incurred by any of them arising out
of Servicer’s activities as Servicer hereunder excluding, however, in all of the foregoing instances under the preceding clauses (A) and (B): 

(x)    Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that
such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification; 

(y)    Indemnified Amounts to the extent the same includes losses in respect of Receivables that are
uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; or 

(z)    taxes imposed by the jurisdiction in which such Indemnified Party’s principal executive office
is located, on or measured by the overall net income of such Indemnified Party to the extent that the computation of such taxes is consistent with the characterization for income tax purposes of the acquisition by the Purchasers of the Asset
Portfolio as a loan or loans by the Purchasers to Seller secured by the Receivables, the Related Security, the Collection Accounts and the Collections; 

  
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 provided, however, that nothing contained in this sentence shall limit the liability of any
Seller Party or limit the recourse of the Purchasers to any Seller Party for amounts otherwise specifically provided to be paid by such Seller Party under the terms of this Agreement. Without limiting the generality of the foregoing indemnification,
Seller shall indemnify each Indemnified Party for Indemnified Amounts (including, without limitation, losses in respect of uncollectible receivables, regardless of whether reimbursement therefor would constitute recourse to Seller or Servicer)
relating to or resulting from: 
 (i)    any representation or warranty made by any Seller Party, any
Originator or Performance Provider (or any officers of any such Person) under or in connection with this Agreement, any other Transaction Document or any other information or report delivered by any such Person pursuant hereto or thereto, which
shall have been false or incorrect when made or deemed made; 
 (ii)    the failure by Seller, Servicer
or any Originator to comply with any applicable law, rule or regulation with respect to any Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation
or any failure of any Originator to keep or perform any of its obligations, express or implied, with respect to any Contract; 

(iii)    any failure of Seller, Servicer, any Originator or Performance Provider to perform its duties,
covenants or other obligations in accordance with the provisions of this Agreement or any other Transaction Document; 

(iv)    any products liability, personal injury or damage suit, or other similar claim arising out of or
in connection with merchandise, insurance or services that are the subject of any Contract or any Receivable; 

(v)    any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the
Obligor to the payment of any Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms),
or any other claim resulting from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or services; 

(vi)    the commingling of Collections of Receivables at any time with other funds (including collections
of Excluded Receivables); 
 (vii)    any investigation, litigation or proceeding related to or arising
from this Agreement or any other Transaction Document, the transactions contemplated hereby, the use of the proceeds of a Purchase, the ownership of the Asset Portfolio (or any portion thereof) or any other investigation, litigation or proceeding
relating to Seller, Servicer or any Originator in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby; 

(viii)    any inability to litigate any claim against any Obligor in respect of any Receivable as a result
of such Obligor being immune from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 

(ix)    any Amortization Event described in Section 9.1(d); 

(x)    any failure of Seller to acquire and maintain legal and equitable title to, and ownership of, any
Receivable and the Related Security and Collections with respect thereto from any Originator, free and clear of any Adverse Claim 

  
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(other than as created hereunder); or any failure of Seller to give reasonably equivalent value to any Originator under the Receivables Sale Agreement in consideration of the transfer by such
Originator of any Receivable, or any attempt by any Person to void such transfer under statutory provisions or common law or equitable action; 

(xi)    any failure to vest and maintain vested in Agent for the benefit of the Purchasers, or to transfer
to Agent for the benefit of the Purchasers, legal and equitable title to, and ownership of, or a valid and perfected first priority security interest in, the Asset Portfolio, free and clear of any Adverse Claim (except as created by the Transaction
Documents); 
 (xii)    the failure to have filed, or any delay in filing, financing statements or other
similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any Receivable, the Related Security and Collections with respect thereto, and the proceeds of any thereof, whether at the time of
any Purchase or at any subsequent time; 
 (xiii)    any action or omission by any Seller Party which
reduces or impairs the rights of Agent or the Purchasers with respect to any Receivable or the value of any such Receivable; 

(xiv)    any attempt by any Person to void any Purchase under statutory provisions or common law or
equitable action; and 
 (xv)    the failure of any Receivable included in the calculation of the Net
Portfolio Balance as an Eligible Receivable to be an Eligible Receivable at the time so included. 

Section 10.2    Increased Cost and Reduced Return. (a) If any Regulatory
Change (i) subjects any Purchaser or any Funding Source to any charge or withholding on or with respect to any Funding Agreement or this Agreement or a Purchaser’s or Funding Source’s obligations under a Funding Agreement or this
Agreement, or on or with respect to the Receivables, or changes the basis of taxation of payments to any Purchaser or any Funding Source of any amounts payable under any Funding Agreement or this Agreement (except for changes in the rate of tax on
the overall net income of a Purchaser or Funding Source or taxes excluded by Section 10.1) or (ii) imposes, modifies or deems applicable any reserve, assessment, fee, tax, insurance charge, special deposit or similar
requirement against assets of, deposits with or for the account of, or liabilities of a Funding Source or a Purchaser, or credit extended by a Funding Source or a Purchaser pursuant to a Funding Agreement or this Agreement or (iii) imposes any
other condition the result of which is to increase the cost to a Funding Source or a Purchaser of performing its obligations under a Funding Agreement or this Agreement, or to reduce the rate of return on a Funding Source’s or Purchaser’s
capital as a consequence of its obligations under a Funding Agreement or this Agreement, or to reduce the amount of any sum received or receivable by a Funding Source or a Purchaser under a Funding Agreement or this Agreement, or to require any
payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by Agent, Seller shall pay to Agent, for the benefit of the relevant Funding Source or Purchaser, such amounts charged to such
Funding Source or Purchaser or such amounts to otherwise compensate such Funding Source or such Purchaser for such increased cost or such reduction. 

  
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 (b)    A certificate of the applicable Purchaser or Funding Source
setting forth the amount or amounts necessary to compensate such Purchaser or Funding Source pursuant to paragraph (a) of this Section 10.2 shall be delivered to Seller and shall be conclusive absent manifest error.

 (c)    If any Purchaser or any Funding Source has or anticipates having any claim for compensation from Seller
pursuant to clause (iii) of the definition of Regulatory Change, and such Purchaser or Funding Source believes that having the Facility publicly rated by one credit rating agency would reduce the amount of such compensation by an amount
deemed by such Purchaser or Funding Source to be material, such Purchaser or Funding Source shall provide written notice to Seller and Servicer (a “Ratings Request”) that such Purchaser or Funding Source intends to request a
public rating of the Facility from one credit rating agency selected by such Purchaser or Funding Source and reasonably acceptable to Seller, of at least AA equivalent (the “Required Rating“). Seller and Servicer agree that
they shall cooperate with such Purchaser’s or Funding Source’s efforts to obtain the Required Rating, and shall provide the applicable credit rating agency (either directly or through distribution to Agent, Purchaser or Funding Source),
any information requested by such credit rating agency for purposes of providing and monitoring the Required Rating. Seller shall pay the initial fees payable to the credit rating agency for providing the rating and all ongoing fees payable to the
credit rating agency for their continued monitoring of the rating. Nothing in this Section 10.2(c) shall preclude any Purchaser or Funding Source from demanding compensation from Seller pursuant to Section 10.2(a)
hereof at any time and without regard to whether the Required Rating shall have been obtained, or shall require any Purchaser or Funding Source to obtain any rating on the Facility prior to demanding any such compensation from Seller. 

Section 10.3    Other Costs and Expenses. Seller shall reimburse Agent, each
Purchaser Agent and each Conduit on demand for all costs and out-of-pocket expenses in connection with the preparation, negotiation, arrangement, execution, delivery,
enforcement and administration of this Agreement, the transactions contemplated hereby and the other documents to be delivered hereunder, including without limitation, the cost of any Conduit’s auditors auditing the books, records and
procedures of Seller, reasonable fees and out-of-pocket expenses of legal counsel for any Conduit, any Purchaser Agent and/or Agent (which such counsel may be employees
of any Conduit, any Purchaser Agent or Agent) with respect thereto and with respect to advising any Conduit, any Purchaser Agent and/or Agent as to their respective rights and remedies under this Agreement. Seller shall reimburse Agent and each
Purchaser Agent on demand for any and all costs and expenses of Agent, the Purchaser Agents and the Purchasers, if any, including reasonable counsel fees and expenses in connection with the enforcement of this Agreement and the other documents
delivered hereunder and in connection with any restructuring or workout of this Agreement or such documents, or the administration of this Agreement following an Amortization Event. Seller shall reimburse each Conduit on demand for all other costs
and expenses incurred by such Conduit (“Other Costs”), including, without limitation, the cost of auditing such Conduit’s books by certified public accountants, the cost of rating the Commercial Paper of such Conduit by
independent financial rating agencies, and the reasonable fees and out-of-pocket expenses of counsel for such Conduit or any counsel for any shareholder of such Conduit
with respect to advising such Conduit or such shareholder as to matters relating to such Conduit’s operations. 

  
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 Section 10.4    Allocations.
Each Conduit shall allocate the liability for Other Costs among Seller and other Persons with whom such Conduit has entered into agreements to purchase interests in receivables (“Other Sellers”). If any Other Costs are
attributable to Seller and not attributable to any Other Seller, Seller shall be solely liable for such Other Costs. However, if Other Costs are attributable to Other Sellers and not attributable to Seller, such Other Sellers shall be solely liable
for such Other Costs. All allocations to be made pursuant to the foregoing provisions of this Article X shall be made by the applicable Conduit in its sole and absolute discretion and shall be binding on Seller and Servicer. 

Section 10.5    Accounting Based Consolidation Event. Upon demand by Agent,
Seller shall pay to Agent, for the benefit of the relevant Funding Source, such amounts as such Funding Source reasonably determines will compensate or reimburse such Funding Source for any (i) fee, expense or increased cost charged to,
incurred or otherwise suffered by such Funding Source, (ii) reduction in the rate of return on such Funding Source’s capital or reduction in the amount of any sum received or receivable by such Funding Source or (iii) internal capital
charge or other imputed cost determined by such Funding Source to be allocable to Seller or the transactions contemplated in this Agreement, in each case resulting from or in connection with the consolidation, for financial and/or regulatory
accounting purposes, of all or any portion of the assets and liabilities of the Conduit, that are subject to this Agreement or any other Transaction Document with all or any portion of the assets and liabilities of a Funding Source. Amounts under
this Section 10.5 may be demanded at any time without regard to the timing of issuance of any financial statement by the Conduit or by any Funding Source. A certificate of the Funding Source setting forth the amount or
amounts necessary to compensate such Funding Source pursuant to this Section 10.5 shall be delivered to Seller and shall be conclusive absent manifest error. Seller shall pay such Funding Source the amount as due on any
such certificate on the next Settlement Date following receipt of such notice. 

Section 10.6    Required Rating. Agent shall have the right at any time to
request that a public rating of the Facility of at least the Required Rating be obtained from one credit rating agency acceptable to Agent. Each of Seller and Servicer agree that they shall cooperate with Agent’s efforts to obtain the Required
Rating, and shall provide Agent, for distribution to the applicable credit rating agency, any information requested by such credit rating agency for purposes of providing the Required Rating. Any Ratings Request shall be in writing, and if the
Required Rating is not obtained within 60 days following the date of such Ratings Request (unless the failure to obtain the Required Rating is solely the result of Agent’s failure to provide the credit rating agency with sufficient information
to permit the credit rating agency to perform their analysis, and is not the result of Seller or Servicer’s failure to cooperate or provide sufficient information to Agent), (i) upon written notice by Agent to Seller, the Amortization Date
shall occur, and (ii) outstanding Capital shall thereafter incur the Default Fee and costs associated with obtaining the Required Rating hereunder shall be paid by Seller or Servicer. 

  
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 ARTICLE XI 

AGENT 
 
Section 11.1    Authorization and Action. Each Purchaser hereby designates and appoints MUFG to act as its agent hereunder and under each other Transaction Document, and authorizes Agent to take such actions as
agent on its behalf and to exercise such powers as are delegated to Agent by the terms of this Agreement and the other Transaction Documents together with such powers as are reasonably incidental thereto. Agent shall not have any duties or
responsibilities, except those expressly set forth herein or in any other Transaction Document, or any fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part
of Agent shall be read into this Agreement or any other Transaction Document or otherwise exist for Agent. In performing its functions and duties hereunder and under the other Transaction Documents, Agent shall act solely as agent for the Purchasers
and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for any Seller Party or any Purchaser Agent or any of such Seller Party’s or Purchaser Agent’s successors or assigns. Agent
shall not be required to take any action that exposes Agent to personal liability or that is contrary to this Agreement, any other Transaction Document or applicable law. The appointment and authority of Agent hereunder shall terminate upon the
indefeasible payment in full of all Aggregate Unpaids. Each Purchaser hereby authorizes Agent to authorize and file each of the Uniform Commercial Code financing or continuations statements (and amendments thereto and assignments or terminations
thereof) on behalf of such Purchaser (the terms of which shall be binding on such Purchaser). 

Section 11.2    Delegation of Duties. Agent may execute any of its duties
under this Agreement and each other Transaction Document by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters
pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

Section 11.3    Exculpatory Provisions. Neither Agent nor any of its
directors, officers, agents or employees shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement or any other Transaction Document (except for its, their or such
Person’s own gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Purchasers for any recitals, statements, representations or warranties made by any Seller Party contained in this Agreement, any other
Transaction Document or any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or any other Transaction Document or for the value, validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement, or any other Transaction Document or any other document furnished in connection herewith or therewith, or for any failure of any Seller Party to perform its obligations hereunder or
thereunder, or for the satisfaction of any condition specified in Article VI, or for the ownership, perfection, priority, condition, value or sufficiency of any collateral pledged in connection herewith. Agent shall not be under any
obligation to any Purchaser to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement or any other Transaction Document, or to inspect the properties, books or
records of the Seller Parties. Agent shall not be deemed to have knowledge of any Amortization Event or Potential Amortization Event unless Agent has received notice from Seller or a Purchaser. 

  
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 Section 11.4    Reliance by
Agent. Agent and each Purchaser Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to any Seller Party), independent accountants and other experts selected by Agent. Agent shall in all cases be fully justified in failing or
refusing to take any action under this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the Required Purchasers or all of the Purchasers, as applicable, as it deems appropriate and it shall
first be indemnified to its satisfaction by the Purchasers, provided that unless and until Agent shall have received such advice, Agent may take or refrain from taking any action, as Agent shall deem advisable and in the best interests of the
Purchasers. Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Required Purchasers or all of the Purchasers, as applicable, and such request and any action taken or failure to act
pursuant thereto shall be binding upon all the Purchasers. 
 Section 11.5    Non-Reliance on Agent and Other Purchasers. Each Purchaser expressly acknowledges that neither Agent, nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by Agent hereafter taken, including, without limitation, any review of the affairs of any Seller Party, shall
be deemed to constitute any representation or warranty by Agent. Each Purchaser represents and warrants to Agent that it has and will, independently and without reliance upon Agent or any other Purchaser and based on such documents and information
as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of each Seller Party and made its own decision to enter into this
Agreement, the other Transaction Documents and all other documents related hereto or thereto. 

Section 11.6    Reimbursement and Indemnification. Each Financial Institution
and each Purchaser Agent agrees to reimburse and indemnify Agent and its officers, directors, employees, representatives and agents ratably based on the ratio of each such indemnifying Financial Institution’s Commitment to the aggregate
Commitment (or, in the case of an indemnifying Purchaser Agent, ratably based on the Commitment(s) of each Financial Institution in such Purchaser Agent’s Purchaser Group to the aggregate Commitment), to the extent not paid or reimbursed by
Seller Parties (i) for any amounts for which Agent, acting in its capacity as Agent, is entitled to reimbursement by the Seller Parties hereunder and (ii) for any other expenses incurred by Agent, in its capacity as Agent and acting on
behalf of the Purchasers, in connection with the administration and enforcement of this Agreement and the other Transaction Documents. 
 
Section 11.7    Agent in its Individual Capacity. Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Seller Party or any Affiliate of any Seller
Party as though Agent were not Agent hereunder. With respect to the acquisition of the Asset Portfolio on behalf of the Purchasers pursuant to this 

  
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Agreement, Agent shall have the same rights and powers under this Agreement in its individual capacity as any Purchaser and may exercise the same as though it were not Agent, and the terms
“Financial Institution,” “Related Financial Institution,” “Purchaser,” “Financial Institutions,” “Related Financial Institutions”
and “Purchasers” shall include Agent in its individual capacity. 

Section 11.8    Successor Agent. Agent may, upon 10 Business Days’
notice to Seller and the Purchasers, and Agent will, upon the direction of all of the Purchasers (other than Agent, in its individual capacity) resign as Agent. If Agent shall resign, then the Required Purchasers during such five-day period shall appoint from among the Purchasers and the Purchaser Agents a successor agent. If for any reason no successor Agent is appointed by the Required Purchasers during such five-day period, then effective upon the termination of such five-day period, the Purchasers shall perform all of the duties of Agent hereunder and under the other Transaction
Documents and Seller and Servicer (as applicable) shall make all payments in respect of the Aggregate Unpaids directly to the applicable Purchasers and for all purposes shall deal directly with the Purchasers. After the effectiveness of any retiring
Agent’s resignation hereunder as Agent, the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Transaction Documents and the provisions of this Article XI and Article X shall
continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while it was Agent under this Agreement and under the other Transaction Documents. 

ARTICLE XII 

ASSIGNMENTS; PARTICIPATIONS 

Section 12.1    Assignments. (a) (I)    Seller,
Servicer, Agent, each Purchaser Agent and each Purchaser hereby agree and consent to the complete or partial assignment by any Conduit of all or any portion of its rights under, interest in, title to and obligations under this Agreement to any
Funding Source pursuant to any Funding Agreement or to any other Person, and upon such assignment, such Conduit shall be released from its obligations so assigned; provided, however, that no Conduit shall transfer, sell or assign its
rights in all or any part of the Asset Portfolio at any time prior to the Amortization Date unless the RPA Deferred Purchase Price allocable to the Asset Portfolio (or such relevant portion thereof), as determined by Agent to be allocable to such
assigned interest on a pro rata basis, has been paid in full or is being assumed by the applicable transferee. Further, Seller, Servicer, Agent, each Purchaser Agent and each Purchaser hereby agree that any assignee of any Conduit of this Agreement
or of all or any portion of the Asset Portfolio of any Conduit shall have all of the rights and benefits under this Agreement as if the term “Conduit” explicitly referred to and included such party (provided that (i) the
Capital of any such assignee that is a Conduit or a commercial paper conduit shall accrue CP Costs based on such Conduit’s Conduit Costs or on such commercial paper conduit’s cost of funds, respectively, and (ii) the Capital of any
other such assignee shall accrue Financial Institution Yield pursuant to Section 4.1), and no such assignment shall in any way impair the rights and benefits of any Conduit hereunder. 

(II)    Neither Seller nor Servicer shall have the right to assign its rights or obligations under this Agreement;
provided, however, that Seller may assign its right to receive the RPA Deferred Purchase Price or any portion thereof, which right shall be freely assignable by Seller 

  
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without the consent of Agent, any Purchaser or any Purchaser Agent so long as no Amortization Event has occurred that has not been waived in accordance with the terms hereof and the Amortization
Date has not occurred, upon prior written notice of such assignment to Agent; provided, that the related assignee has agreed, in a writing in form and substance reasonably satisfactory to Agent, to (i) all of the terms and conditions
hereunder in respect of payment of the RPA Deferred Purchase Price (including Section 2.7(b)), (ii) a non-petition clause in favor of each of Seller and each Conduit in
substantially the form of Section 14.6 and (iii) a limitation on payment clause in favor of Agent and each Purchaser in substantially the form of Section 2.7(b). 

(b)    Any Financial Institution may at any time and from time to time assign to one or more Persons
(“Purchasing Financial Institutions”) all or any part of its rights and obligations under this Agreement pursuant to an assignment agreement, substantially in the form set forth in Exhibit VII hereto (the
“Assignment Agreement”) executed by such Purchasing Financial Institution and such selling Financial Institution; provided, however, that no Financial Institution shall transfer, sell or assign its rights in all
or any part of the Asset Portfolio at any time prior to the Amortization Date unless the RPA Deferred Purchase Price allocable to the Asset Portfolio (or such relevant portion thereof), as determined by Agent to be allocable to such assigned
interest on a pro rata basis, has been paid in full or is being assumed by the applicable transferee. The consent of the Conduit in such selling Financial Institution’s Purchaser Group shall be required prior to the effectiveness of any such
assignment. Each assignee of a Financial Institution must (i) have a short-term debt rating of A-1 or better by S&P and P-1 by Moody’s and (ii) agree
to deliver to Agent, promptly following any request therefor by Agent or the Conduit in such selling Financial Institution’s Purchaser Group, an enforceability opinion in form and substance satisfactory to Agent and such Conduit. Upon delivery
of the executed Assignment Agreement to Agent, such selling Financial Institution shall be released from its obligations hereunder to the extent of such assignment. Thereafter the Purchasing Financial Institution shall for all purposes be a
Financial Institution party to this Agreement and shall have all the rights and obligations of a Financial Institution (including, without limitation, the applicable obligations of a Related Financial Institution) under this Agreement to the same
extent as if it were an original party hereto and no further consent or action by Seller, the Purchasers, the Purchaser Agents or Agent shall be required. 

(c)    Each of the Financial Institutions agrees that in the event that it shall cease to have a short-term debt rating
of A-1 or better by S&P and P-1 by Moody’s (an “Affected Financial Institution”), such Affected Financial Institution shall be obliged,
at the request of the Conduit in such Affected Financial Institution’s Purchaser Group or Agent, to assign all of its rights and obligations hereunder to (x) another Financial Institution in such Affected Financial Institution’s
Purchaser Group or (y) another funding entity nominated by Agent and acceptable to the Conduit in such Affected Financial Institution’s Purchaser Group, and willing to participate in this Agreement through the Scheduled Termination Date in
the place of such Affected Financial Institution; provided that the Affected Financial Institution receives payment in full, pursuant to an Assignment Agreement, of an amount equal to such Financial Institution’s Pro Rata Share of the
Aggregate Capital and Financial Institution Yield owing to the Financial Institutions in such Affected Financial Institution’s Purchaser Group and all accrued but unpaid fees and other costs and expenses payable in respect of its Pro Rata Share
of the Asset Portfolio of the Financial Institutions in such Affected Financial Institution’s Purchaser Group; provided, further, that, if such assignment occurs at any time prior to the Amortization Date, the

  
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Affected Financial Institution shall (x) pay in full or (y) provide that the related Assignment Agreement requires the assignee to assume, the RPA Deferred Purchase Price allocable to
the Asset Portfolio (or such relevant portion thereof), as determined by Agent to be allocable to such assigned interest on a pro rata basis. 

Section 12.2    Participations. Any Financial Institution may, in the
ordinary course of its business at any time sell to one or more Persons (each a “Participant”) participating interests in its Pro Rata Share portion of the Asset Portfolio of the Financial Institutions in such Financial
Institution’s Purchaser Group or any other interest of such Financial Institution hereunder. Notwithstanding any such sale by a Financial Institution of a participating interest to a Participant, such Financial Institution’s rights and
obligations under this Agreement shall remain unchanged, such Financial Institution shall remain solely responsible for the performance of its obligations hereunder, and each Seller Party, each Conduit, each other Financial Institution, each
Purchaser Agent and Agent shall continue to deal solely and directly with such Financial Institution in connection with such Financial Institution’s rights and obligations under this Agreement. Each Financial Institution agrees that any
agreement between such Financial Institution and any such Participant in respect of such participating interest shall not restrict such Financial Institution’s right to agree to any amendment, supplement, waiver or modification to this
Agreement, except for any amendment, supplement, waiver or modification described in Section 
14.1(b)(i). 
 Section 12.3    Federal Reserve. Notwithstanding any
other provision of this Agreement to the contrary, any Financial Institution may at any time pledge or grant a security interest in all or any portion of its rights (including, without limitation, its portion of the Asset Portfolio and any rights to
payment of Capital and Financial Institution Yield) under this Agreement to secure obligations of such Financial Institution to a Federal Reserve Bank, without notice to or consent of Seller or Agent; provided that no such pledge or grant of a
security interest shall release a Financial Institution from any of its obligations hereunder, or substitute any such pledgee or grantee for such Financial Institution as a party hereto. 

Section 12.4    Collateral Trustee. Notwithstanding any other provision of
this Agreement to the contrary, any Conduit may at any time pledge or grant a security interest in all or any portion of its rights (including, without limitation, its portion of the Asset Portfolio and any rights to payment of Capital and CP Costs)
under this Agreement to secure obligations of such Conduit to a collateral trustee or security trustee under its Commercial Paper program, without notice to or consent of Seller or Agent; provided that no such pledge or grant of a security interest
shall release a Conduit from any of its obligations hereunder, or substitute any such pledgee or grantee for such Conduit as a party hereto. 

ARTICLE XIII 

PURCHASER AGENTS 
 
Section 13.1    Purchaser Agents. Each Purchaser Group may (but is not required to) designate and appoint a “Purchaser Agent” hereunder which Purchaser Agent shall become a party to this Agreement and
shall authorize such Purchaser Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Purchaser Agent by the terms of 

  
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this Agreement and the other Transaction Documents together with such powers as are reasonably incidental thereto. Unless otherwise notified in writing to the contrary by the applicable
Purchaser, Agent and the Seller Parties shall provide all notices and payments specified to be made by Agent or any Seller Party to a Purchaser hereunder to such Purchaser’s Purchaser Agent, if any, for the benefit of such Purchaser, instead of
to such Purchaser. Each Purchaser Agent may perform any of the obligations of, or exercise any of the rights of, any member of its Purchaser Group and such performance or exercise shall constitute performance of the obligations of, or exercise of
the rights of, such member hereunder. In performing its functions and duties hereunder and under the other Transaction Documents, each Purchaser Agent shall act solely as agent for the Purchasers in such Purchaser Agent’s Purchaser Group and
does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for any other Purchaser or any Seller Party or any of such Purchaser’s or Seller Party’s successors or assigns. The appointment
and authority of each Purchaser Agent hereunder shall terminate upon the indefeasible payment in full of all Aggregate Unpaids. Each member of MUFG’s Purchaser Group hereby designates MUFG, and MUFG hereby agrees to perform the duties and
obligations of, such Purchaser Group’s Purchaser Agent. 
 ARTICLE XIV 

MISCELLANEOUS 
 
Section 14.1    Waivers and Amendments. (a) No failure or delay on the part of Agent, any Purchaser Agent or any Purchaser in exercising any power, right or remedy under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative
and nonexclusive of any rights or remedies provided by law. Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given. 

(b)    No provision of this Agreement may be amended, supplemented, modified or waived except in writing in accordance
with the provisions of this Section 14.1(b). Each Conduit, Seller, each Purchaser Agent and Agent, at the direction of the Required Purchasers, may enter into written modifications or waivers of any provisions of this
Agreement, provided, however, that no such modification or waiver shall: 
 (i)    without
the consent of each affected Purchaser, (A) extend the Scheduled Termination Date or the date of any payment or deposit of Collections by Seller or Servicer, (B) reduce the rate or extend the time of payment of Financial Institution Yield
or any CP Costs (or any component of Financial Institution Yield or CP Costs), (C) reduce any fee payable to Agent for the benefit of the Purchasers, (D) except pursuant to Article XII hereof, change the amount of the Capital
of any Purchaser, any Financial Institution’s Pro Rata Share, any Conduit’s Pro Rata Share, any Financial Institution’s Commitment or any Conduit’s Conduit Purchase Limit (other than, to the extent applicable in each case,
pursuant to Section 4.6 or the terms of any Funding Agreement), (E) amend, modify or waive any provision of the definition of Required Purchasers, Section 4.6, this
Section 14.1(b) or Section 14.6, (F) consent to or permit the assignment or transfer by Seller of any of its rights and obligations under this Agreement,

  
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(G) change the definition of “Eligible Receivable,” “Excess Concentration” “Required Reserves,” “Net Portfolio Balance”
“Servicing Fee Rate” or “RPA Deferred Purchase Price” or (H) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses
(A) through (G) above in a manner that would circumvent the intention of the restrictions set forth in such clauses; or 

(ii)    without the written consent of the then Agent, amend, modify or waive any provision of this
Agreement if the effect thereof is to affect the rights or duties of such Agent. 
 Notwithstanding the foregoing, (i) without the consent of the
Purchasers, but with the consent of Seller, Agent may amend this Agreement solely to add additional Persons as Financial Institutions, Conduits and/or Purchaser Agents hereunder and (ii) Agent, the Required Purchasers and each Conduit may enter
into amendments to modify any of the terms or provisions of Article XI, Article XII, Section 14.13 or any other provision of this Agreement without the consent of any Seller Party, provided that such amendment
has no negative impact upon such Seller Party. Any modification or waiver made in accordance with this Section 14.1 shall apply to each of the Purchasers equally and shall be binding upon each Seller Party, the Purchaser
Agents, the Purchasers and Agent. 
 Section 14.2    Notices. Except as
provided in this Section 14.2, all communications and notices provided for hereunder shall be in writing (including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the
other parties hereto at their respective addresses or telecopy numbers set forth on the signature pages hereof or at such other address or telecopy number as such Person may hereafter specify for the purpose of notice to each of the other parties
hereto. Each such notice or other communication shall be effective if given by telecopy, upon the receipt thereof, if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage
prepaid or if given by any other means, when received at the address specified in this Section 14.2. Seller hereby authorizes Agent and the Purchasers to effect Purchases and Rate Tranche Period and Discount Rate selections based
on telephonic notices made by any Person whom Agent or applicable Purchaser in good faith believes to be acting on behalf of Seller. Seller agrees to deliver promptly to Agent and each applicable Purchaser a written confirmation of each telephonic
notice signed by an authorized officer of Seller; provided, however, the absence of such confirmation shall not affect the validity of such notice. If the written confirmation differs from the action taken by Agent and/or the
applicable Purchaser, the records of Agent and/or the applicable Purchaser shall govern absent manifest error. 
 
Section 14.3    Ratable Payments. If any Purchaser, whether by setoff or otherwise, has payment made to it with respect to any portion of the Aggregate Unpaids owing to such Purchaser (other than payments received
pursuant to Sections 10.2 or 10.3) in a greater proportion than that received by any other Purchaser entitled to receive a ratable share of such Aggregate Unpaids, such Purchaser agrees, promptly upon demand, to purchase for cash
without recourse or warranty a portion of such Aggregate Unpaids held by the other Purchasers so that after such purchase each Purchaser will hold its ratable proportion of such Aggregate Unpaids; provided that if all or any portion of such excess
amount is thereafter recovered from such Purchaser, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. 

  
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 Section 14.4    Protection of
Ownership Interests of the Purchasers. (a) Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may be necessary or desirable, or that Agent may
request, to perfect, protect or more fully evidence Agent’s (on behalf of the Purchasers) valid ownership of or first priority perfected security interest in the Asset Portfolio, or to enable Agent or the Purchasers to exercise and enforce
their rights and remedies hereunder. Without limiting the foregoing, Seller will, upon the request of Agent, file such financing or continuation statements, or amendments thereto or assignments thereof, and execute and file such other instruments
and documents, that may be necessary or desirable, or that Agent may reasonably request, to perfect, protect or evidence such valid ownership of or first priority perfected security interest in the Asset Portfolio. At any time following the
occurrence of an Amortization Event, Agent may, or Agent may direct Seller or Servicer to, notify the Obligors of Receivables, at Seller’s expense, of the ownership or security interests of the Purchasers under this Agreement and may also
direct that payments of all amounts due or that become due under any or all Receivables be made directly to Agent or its designee. Seller or Servicer (as applicable) shall, at any Purchaser’s request, withhold the identity of such Purchaser in
any such notification. 
 (b)    If any Seller Party fails to perform any of its obligations hereunder, Agent or any
Purchaser may (but shall not be required to) perform, or cause performance of, such obligations, and Agent’s or such Purchaser’s costs and expenses incurred in connection therewith shall be payable by Seller as provided in
Section 10.3. Each Seller Party irrevocably authorizes Agent at any time and from time to time in the sole and absolute discretion of Agent, and appoints Agent as its attorney-in-fact, to act on behalf of such Seller Party (i) to authorize and/or execute on behalf of such Seller Party as debtor and to file financing or continuation statements (and amendments thereto
and assignments thereof) necessary or desirable in Agent’s sole and absolute discretion to perfect and to maintain Agent’s (on behalf of the Purchasers) valid ownership of or first priority perfected security interest in the Receivables
and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as Agent in its sole and absolute discretion deems necessary or
desirable to perfect and to maintain the ownership of or first priority perfected security interest in the interests of the Purchasers in the Receivables. This appointment is coupled with an interest and is irrevocable. The authorization by each
Seller Party set forth in the second sentence of this Section 14.4(b) is intended to meet all requirements for authorization by a debtor under Article 9 of any applicable enactment of the UCC, including, without limitation,
Section 9-509 thereof. 

Section 14.5    Confidentiality. (a) Each Seller Party, Agent, each
Purchaser Agent and each Purchaser shall maintain and shall cause each of its employees and officers to maintain the confidentiality of this Agreement and the other confidential or proprietary information with respect to Agent, each Purchaser Agent,
each Purchaser and their respective businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except that such Seller Party, Agent, such Purchaser Agent and such
Purchaser and its officers and employees may disclose such information to such Seller Party’s, Agent’s, such Purchaser Agent’s and such Purchaser’s external accountants and attorneys and as required by any applicable law or order
of any judicial or administrative proceeding. 

  
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 (b)    Anything herein to the contrary notwithstanding, each Seller
Party hereby consents to the disclosure of any nonpublic information with respect to it (i) to Agent, the Financial Institutions, the Purchaser Agents or the Conduits by each other and by each such Person to such Person’s equityholders,
(ii) by Agent, the Purchaser Agents or the Purchasers to any prospective or actual assignee or participant of any of them and (iii) by Agent, any Purchaser Agent or any Conduit to any collateral trustee or security trustee, any rating
agency, Funding Source, Commercial Paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to any Conduit or any entity organized for the purpose of purchasing, or making loans secured by, financial assets for which MUFG or
any Purchaser Agent acts as the administrative agent and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of and agrees to maintain the confidential nature
of such information. In addition, the Purchasers, the Purchaser Agents and Agent may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority
or proceedings (whether or not having the force or effect of law). 

Section 14.6    Bankruptcy Petition. (a) Seller, Servicer, Agent, each
Purchaser Agent and each Purchaser hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding senior indebtedness of any Conduit or any Financial Institution or Funding Source that
is a special purpose bankruptcy remote entity, it will not institute against, or join any other Person in instituting against, any Conduit, any Financial Institution or any such entity any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 

(b)    Servicer hereby covenants and agrees that, prior to the date that is one year and one day after the payment in
full of all Obligations of Seller, it will not institute against, or join any other Person in instituting against, Seller any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws
of the United States or any state of the United States. 

Section 14.7    Limitation of Liability. Except with respect to any claim
arising out of the willful misconduct or gross negligence of any Conduit, Agent, any Purchaser Agent, any Funding Source or any Financial Institution, no claim may be made by any Seller Party or any other Person against any Conduit, Agent, any
Purchaser Agent, any Funding Source or any Financial Institution or their respective Affiliates, directors, officers, employees, attorneys or agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of
contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and each Seller Party hereby waives, releases, and agrees not to
sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

  
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 Section 14.8    CHOICE OF
LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF AGENT OR ANY PURCHASER IN THE ASSET
PORTFOLIO IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK). 

Section 14.9    CONSENT TO JURISDICTION. EACH SELLER PARTY HEREBY IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT AND EACH SELLER PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT
MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF AGENT, ANY PURCHASER AGENT OR ANY PURCHASER TO BRING
PROCEEDINGS AGAINST ANY SELLER PARTY IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST AGENT, ANY PURCHASER AGENT OR ANY PURCHASER OR ANY AFFILIATE OF AGENT, ANY PURCHASER AGENT OR ANY PURCHASER INVOLVING,
DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH SELLER PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK CITY, NEW YORK. 

Section 14.10    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL
BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY SELLER PARTY
PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 

Section 14.11    Integration; Binding Effect; Survival of Terms. 

(a)    This Agreement and each other Transaction Document contain the final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 

  
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 (b)    This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy) and shall inure to the benefit of the Indemnified Parties and their successors and permitted assigns (including any trustee in
bankruptcy). This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and effect until terminated in accordance with its terms; provided,
however, that the rights and remedies with respect to (i) any breach of any representation and warranty made by any Seller Party pursuant to Article V, (ii) the indemnification, payment and other provisions of
Article X, and Sections 2.7(b), 14.5 and 14.6 shall be continuing and shall survive any termination of this Agreement. 

Section 14.12    Counterparts; Severability; Section References. This
Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
Agreement. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise expressly indicated, all references herein to “Article,”
“Section,” “Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement. 

Section 14.13    MUFG Roles and Purchaser Agent Roles. 

 

	 	(a)	 Each of the Purchasers and Purchaser Agents acknowledges that MUFG acts, or may in the future act, (i) as
administrative agent for any Conduit or any Financial Institution in MUFG’s Purchaser Group, (ii) as issuing and paying agent for certain Commercial Paper, (iii) to provide credit or liquidity enhancement for the timely payment for
certain Commercial Paper and (iv) to provide other services from time to time for any Conduit or any Financial Institution in MUFG’s Purchaser Group (collectively, the “MUFG Roles”). Without limiting the generality
of this Section 14.13, each Purchaser and each Purchaser Agent hereby acknowledges and consents to any and all MUFG Roles and agrees that in connection with any MUFG Role, MUFG may take, or refrain from taking, any action
that it, in its discretion, deems appropriate, including, without limitation, in its role as administrative agent for any Conduit. 

(b)    Each of the Purchasers acknowledges that each Purchaser Agent acts, or may in the future act, (i) as
administrative agent for the Conduit in such Purchaser Agent’s Purchaser Group or any Financial Institution in such Purchaser Agent’s Purchaser Group, (ii) as issuing and paying agent for certain Commercial Paper, (iii) to
provide credit or liquidity enhancement for the timely payment for certain Commercial Paper and (iv) to provide other services from time to time for the Conduit in such Purchaser Agent’s Purchaser Group or any Financial Institution in such
Purchaser Agent’s Purchaser Group (collectively, the 

  
 50 

 RECEIVABLES PURCHASE AGREEMENT 

 

 
“Purchaser Agent Roles”). Without limiting the generality of this Section 14.13, each Purchaser hereby acknowledges and consents to any and all
Purchaser Agent Roles and agrees that in connection with any Purchaser Agent Role, the applicable Purchaser Agent may take, or refrain from taking, any action that it, in its discretion, deems appropriate, including, without limitation, in its role
as agent for the Conduit in such Purchaser Agent’s Purchaser Group. 

Section 14.14    Characterization. (a) It is the intention of the
parties hereto that each Purchase hereunder shall constitute and be treated as an absolute and irrevocable sale to Agent, on behalf of the Purchasers, for all purposes (other than federal and state income tax purposes), which such Purchase shall
provide Agent, on behalf of the Purchasers, with the full benefits of ownership of the Asset Portfolio. Except as specifically provided in this Agreement, each Purchase hereunder is made without recourse to Seller; provided, however,
that (i) Seller shall be liable to each Purchaser, each Purchaser Agent and Agent for all representations, warranties, covenants and indemnities made by Seller pursuant to the terms of this Agreement, and (ii) such sale does not constitute
and is not intended to result in an assumption by any Purchaser, any Purchaser Agent or Agent or any assignee thereof of any obligation of Seller or any Originator or any other Person arising in connection with the Receivables, the Related Security,
or the related Contracts, or any other obligations of Seller or any Originator. 
 (b)    In addition to any ownership
interest which Agent may from time to time acquire pursuant hereto, Seller hereby grants to Agent for the ratable benefit of the Purchasers a valid and perfected security interest in all of Seller’s right, title and interest in, to and under
all Receivables now existing or hereafter arising, the Collections, each Lock-Box, each Collection Account, all Related Security, all other rights and payments relating to such Receivables, and all proceeds of
any thereof prior to all other liens on and security interests therein to secure the prompt and complete payment of the Aggregate Unpaids. Seller hereby authorizes the filing of financing statements describing the collateral covered thereby as
“all of debtor’s personal property and assets” or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Section 14.14. Agent, the Purchaser
Agents and the Purchasers shall have, in addition to the rights and remedies that they may have under this Agreement, all other rights and remedies provided to a secured creditor under the UCC and other applicable law, which rights and remedies
shall be cumulative. 
 Section 14.15    Excess Funds. Each of Seller,
Servicer, each Purchaser, each Purchaser Agent and Agent agrees that each Conduit shall be liable for any claims that such party may have against such Conduit only to the extent that such Conduit has funds in excess of those funds necessary to pay
matured and maturing Commercial Paper and to the extent such excess funds are insufficient to satisfy the obligations of such Conduit hereunder, such Conduit shall have no liability with respect to any amount of such obligations remaining unpaid and
such unpaid amount shall not constitute a claim against such Conduit. Any and all claims against any Conduit shall be subordinate to the claims against such Conduit of the holders of Commercial Paper and any Person providing liquidity support to
such Conduit. 
 Section 14.16    [Reserved]. 

Section 14.17    [Reserved]. 

  
 51 

 RECEIVABLES PURCHASE AGREEMENT 

 

 Section 14.18    [Reserved].

 Section 14.19    USA PATRIOT Act Notice. Each Financial Institution that
is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”)
hereby notifies the Seller Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Seller Party, which information includes the name and address of each Seller Party
and other information that will allow such Financial Institution to identify such Seller Party in accordance with the Patriot Act. 

(Signature Pages Follow) 

  
 52 

 RECEIVABLES PURCHASE AGREEMENT 

 

 WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by their
duly authorized officers as of the date hereof. 
  

			
	PDC FUNDING COMPANY III, LLC
		
	By:	 	/s/ Les B. Korsh
	Name:  Les B. Korsh
	Title:  Secretary

  

			
	Address:	 	1031 Mendota Heights Road
		 	St. Paul, Minnesota 55120
		
	Attention:	 	Chief Financial Officer
	Facsimile:	 	(651) 686-8984

  

			
	 PATTERSON DENTAL SUPPLY, INC.,
 as
Servicer

		
	By:	 	/s/ Les B. Korsh
	Name:  Les B. Korsh
	Title:  Secretary

  

			
	Address:	 	Patterson Dental Supply, Inc.
		 	1031 Mendota Heights Road
		 	St. Paul, Minnesota 55120
		
	Attention:	 	Chief Financial Officer
	Facsimile:	 	(651) 686-8984

  
 S-1 

 RECEIVABLES PURCHASE AGREEMENT 

 

 
			
	MUFG BANK, LTD., as a Financial Institution
		
	By:	 	/s/ Nicolas Mounier
	Name:  Nicolas Mounier
	Title:  Director

  
 S-2 

 RECEIVABLES PURCHASE AGREEMENT 

 

 
			
	MUFG BANK, LTD., as a Purchaser Agent
		
	By:	 	/s/ Nicolas Mounier
	Name:  Nicolas Mounier
	Title:  Director

  

			
	Address:	 	MUFG Bank, Ltd.
		 	1221 Avenue of the Americas
		 	6th Floor
		 	New York, New York 10020
		
	Attention:	 	Nicolas Mounier
	Telephone:	 	(212) 405-6655
	Email:	 	Nicolas.mounier@mufgsecurities.com

  

			
	MUFG BANK, LTD., as Agent
		
	By:	 	/s/ Nicolas Mounier
	Name:  Nicolas Mounier
	Title:  Director

  
 S-3 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT I 

DEFINITIONS 
 As used in this
Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Accrual Period” means each Fiscal Month, provided that the initial Accrual Period hereunder means the period from (and
including) the date hereof to (and including) the last day of the Fiscal Month thereafter. 
 “ACH Receipts” means
funds received in respect of Automatic Debit Collections. 
 “Adjusted Dilution Ratio” means, as of any day, the
average of the Dilution Ratios for the preceding twelve Fiscal Months. 
 “Adverse Claim” means a lien, security
interest, charge or encumbrance, or other right or claim in, of or on any Person’s assets or properties in favor of any other Person. 

“Affected Financial Institution” has the meaning set forth in Section 12.1(c). 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or
under direct or indirect common control with, such Person or any Subsidiary of such Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities of the controlled Person or
possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 

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

“Aggregate Capital” means, on any date of determination, the aggregate outstanding Capital of all Purchasers on such
date. 
 “Aggregate Reduction” has the meaning set forth in Section 1.3. 

“Aggregate Unpaids” means, at any time, an amount equal to the sum of all accrued and unpaid fees under any Fee Letter,
CP Costs, Financial Institution Yield, Aggregate Capital and all other unpaid Obligations (whether due or accrued) at such time. 

“Agreement” means this Receivables Purchase Agreement, as it may be amended, restated, supplemented or otherwise
modified and in effect from time to time. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1⁄2 of 1% and
(c) the greater of (i) 0.00% and (ii) the LIBO Rate for a one month period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the LIBO Rate
for any day shall be equal to the London interbank offered rate administered by ICE Benchmark Administration Limited (or any 

  
 Exh. I-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 person which takes over the administration of that rate) for deposits in U.S. dollars,
as published by Reuters (or any successor thereto) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate shall be effective
from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the LIBO Rate, respectively. 

“Amortization Date” means the earliest to occur of (i) the day on which any of the conditions precedent set forth
in Section 6.2 are not satisfied, (ii) the Business Day immediately prior to the occurrence of an Amortization Event set forth in Section 9.1(d)(ii), (iii) the Business Day specified in
a written notice from Agent following the occurrence of any other Amortization Event, (iv) the Business Day specified in a written notice from Agent following the failure to obtain the Required Ratings within 60 days following delivery of a
Ratings Request to Seller and Servicer, and (v) the date which is 5 Business Days after Agent’s receipt of written notice from Seller that it wishes to terminate the facility evidenced by this Agreement. 

“Amortization Event” has the meaning set forth in Article IX. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Seller, the
Servicer, any Originator or any of their respective Subsidiaries from time to time concerning or relating to bribery or corruption, including the Foreign Corrupt Practices Act of 1977, and any applicable law or regulation implementing the
Organisation for Economic Co-operation and Development Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. 

“Anti-Terrorism Laws” has the meaning set forth in Section 5.1(z). 

“Asset Portfolio” has the meaning set forth in Section 1.2(b). 

“Assignment Agreement” has the meaning set forth in Section 12.1(b). 

“Authorized Officer” means, with respect to any Person, its president, corporate controller, treasurer or chief
financial officer. 
 “Automatic Debit Collection” means the payment of Collections by an Obligor by means of
automatic electronic funds transfer from the Obligor’s bank account. 
 “Broken Funding Costs” means for any
Capital of any Purchaser which: (i) is reduced for any reason on any day other than a Settlement Date or (ii) is assigned, transferred or funded pursuant to a Funding Agreement or otherwise transferred or terminated on a date prior to the
date on which it was originally scheduled to end; an amount equal to the excess, if any, of (A) the CP Costs or Financial Institution Yield (as applicable) that would have accrued during the remainder of the Rate Tranche Periods or the tranche
periods for Commercial Paper determined by the applicable Purchaser Agent or Agent to relate to such Capital (as applicable) subsequent to the date of such reduction, assignment, transfer, funding or termination of such Capital if such reduction,
assignment, transfer, funding or termination had not occurred, over (B) the income, if any, actually received net of any costs of redeployment of funds during the remainder of such period by the holder of such Capital from investing the
portion of such Capital not so allocated. In the event that the amount referred to in clause (B) exceeds the amount referred to in clause (A), the relevant Purchaser or Purchasers agree to pay to Seller the amount of such excess.
All Broken Funding Costs shall be due and payable hereunder upon demand. 

  
 Exh. I-2 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Business Day” means any day on which banks are
not authorized or required to close in New York, New York or Chicago, Illinois and The Depository Trust Company of New York is open for business, and, if the applicable Business Day relates to any computation or payment to be made with respect to
the LIBO Rate, any day on which dealings in dollar deposits are carried on in the London interbank market. 

“Capital” means at any time with respect to the Asset Portfolio and any Purchaser, an amount equal to (A) the
amount of Cash Purchase Price paid by such Purchaser to Seller for Purchases pursuant to Sections 1.1 and 1.2, minus (B) the sum of the aggregate amount of Collections and other payments received by Agent or such Purchaser,
as applicable, which in each case are applied to reduce such Purchaser’s Capital in accordance with the terms and conditions of this Agreement; provided that such Capital shall be restored (in accordance with
Section 2.5) in the amount of any Collections or other payments so received and applied if at any time the distribution of such Collections or payments are rescinded, returned or refunded for any reason. 

“Cash Purchase Price” means, with respect to any Incremental Purchase of any portion of the Asset Portfolio, the amount
paid to Seller for such portion of the Asset Portfolio which shall not exceed the least of (i) the amount requested by Seller in the applicable Purchase Notice, (ii) the unused portion of the Purchase Limit on the applicable Purchase date,
taking into account any other proposed Incremental Purchase requested on the applicable Purchase date, and (iii) the excess, if any, of the Net Portfolio Balance (less the Required Reserves) on the applicable Purchase date over the aggregate
outstanding amount of the Aggregate Capital determined immediately prior to such Incremental Purchase, taking into account any other proposed Incremental Purchase requested on the applicable Purchase date. 

“Change of Control” means (i) the acquisition by any Person, or two or more Persons acting in concert, of
beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 30% or more of the outstanding shares of voting stock of Servicer,
(ii) PDSI ceases to own, directly, 100% of the outstanding membership units of Seller free and clear of any Adverse Claim or (iii) PDCo ceases to own, directly or indirectly, 100% of the outstanding membership units or outstanding capital
stock of any Originator or the Servicer. 
 “Charged-Off Receivable”
means a Receivable: (i) as to which the Obligor thereof has taken any action, or suffered any event to occur, of the type described in Section 9.1(d) (as if references to the Seller Party therein refer to such
Obligor); (ii) which, consistent with the Credit and Collection Policy, would be written off Seller’s books as uncollectible; (iii) which has been identified by Seller as uncollectible or (iv) as to which any payment, or part thereof,
remains unpaid for 180 days or more from the original due date for such payment. 
 “Closing Date” means
July 24, 2018. 

  
 Exh. I-3 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Collection Account” means each account listed
on Exhibit IV and maintained at a Collection Bank in the name of Seller. 
 “Collection Account Agreement”
means with respect to each Collection Account and Lock-Box, if applicable, a valid and enforceable agreement in form and substance reasonably satisfactory to the Agent, among the Seller, the Servicer, the
Agent and any Collection Bank, whereupon the Seller, as sole owner of the related Collection Account and the customer of the related Collection Bank in respect of such Collection Account, shall transfer to the Agent exclusive dominion and control
over and otherwise perfect a first-priority security interest in, such Collection Account and the cash, instruments or other property on deposit or held therein. 

“Collection Bank” means, at any time, any of the banks holding one or more Collection Accounts. 

“Collection Notice” means a notice, in substantially the form attached to the related Collection Account Agreement,
from Agent to a Collection Bank, or any similar or analogous notice from Agent to a Collection Bank. 
 “Collections”
means, with respect to any Receivable, all cash collections and other cash and other proceeds in respect of such Receivable, including, without limitation, all scheduled payments, prepayments, yield, Finance Charges or other related amounts accruing
in respect thereof, all cash proceeds of Related Security with respect to such Receivable; for the avoidance of doubt, in no event shall Collections be deemed to include any such cash collections or other proceeds from Excluded Receivables. 

“Commercial Paper” means promissory notes of any Conduit issued by such Conduit in the commercial paper market. 

“Commitment” means, for each Financial Institution, the commitment of such Financial Institution to make Incremental
Purchases to the extent that the Conduit (if any) in its Purchaser Group declines to make such Incremental Purchases, in an amount not to exceed (i) in the aggregate, the amount set forth opposite such Financial Institution’s name on
Schedule A to this Agreement, as such amount may be modified in accordance with the terms hereof (including, without limitation, any termination of Commitments pursuant to Section 4.6 hereof) and (ii) with
respect to any individual Incremental Purchase hereunder, its Pro Rata Share of the Cash Purchase Price therefor. 

“Concentration Percentage” means (i) for any Group A Obligor, 10.0%, (ii) for any Group B Obligor, 8.0%, (iii) for
any Group C Obligor, 4.0% and (iv) for any Group D Obligor, 2.5%. 
 “Conduit” has the meaning set forth in the
preamble to this Agreement. As of the Closing Date, no Conduits are a party to this Agreement. 
 “Conduit
Costs” means, for any outstanding Capital of any Conduit, an amount equal to such Capital multiplied by a per annum rate equivalent to the “weighted average cost” (as defined below) related to the issuance
of indexed Commercial Paper of such Conduit that is allocated, in whole or in part, to fund such Capital (and which may also be allocated in part to 

  
 Exh. I-4 

 RECEIVABLES PURCHASE AGREEMENT 

 
 the funding of other assets of such Conduit); provided, however, that if
any component of such rate is a discount rate, in calculating such rate for such Capital for such date, the rate used to calculate such component of such rate shall be a rate resulting from converting such discount rate to an interest bearing
equivalent rate per annum. As used in this definition, the “weighted average cost” shall consist of (x) the actual interest rate paid to purchasers of indexed Commercial Paper issued by such Conduit, (y) the costs associated with
the issuance of such Commercial Paper (including dealer fees and commissions to placement agents), and (z) interest on other borrowing or funding sources by such Conduit, including to fund small or odd dollar amounts that are not easily
accommodated in the commercial paper market. 
 “Conduit Purchase Limit” means, for each Conduit, the purchase
limit of such Conduit with respect to Incremental Purchases, in an amount not to exceed (i) in the aggregate, the amount set forth opposite such Conduit’s name on Schedule A to this Agreement, as such amount may be modified in
accordance with the terms hereof (including, without limitation, Section 4.6(b)) and (ii) with respect to any individual Incremental Purchase hereunder, its Pro Rata Share of the aggregate Cash Purchase Price therefor.

 “Consent Notice” has the meaning set forth in Section 4.6(a). 

“Consent Period” has the meaning set forth in Section 4.6(a). 

“Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes,
guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working capital
or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or application for a letter of credit or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership. The amount of any
Contingent Obligation shall be deemed to be an amount equal to the lesser of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made and (b) the maximum
amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Contingent Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not
stated or determinable, in which case the amount of the Contingent Obligation shall be such guaranteeing person’s reasonably anticipated liability in respect thereof as determined by such Person in good faith. 

“Contract” means, with respect to any Receivable, any and all instruments, agreements, invoices or other writings
(including those with electronic signatures or other electronic authorization), which may be executed in counterparts and received by facsimile or electronic mail, pursuant to which such Receivable arises or which evidences such Receivable. 

“CP Costs” means, for each day, the aggregate discount or yield accrued with respect to the outstanding Capital of each
respective Conduit as determined in accordance with the definition of Conduit Costs. 

  
 Exh. I-5 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Credit Agreement” means the Amended and
Restated Credit Agreement, dated on or about January 27, 2017 (as it may be amended, restated, supplemented or otherwise modified from time to time) by and among PDCo, the lenders from time to time party thereto, and MUFG, as administrative
agent. 
 “Credit and Collection Policy” means Seller’s and/or the applicable Originator’s credit and
collection policies and practices relating to Contracts and Receivables existing on the Closing Date and summarized in Exhibit VIII hereto, as modified from time to time in accordance with this Agreement. 

“Cut-Off Date” means the last day of a Fiscal Month. 

“Days Sales Outstanding” means, on any date, the number of days equal to the product of (a) 30 and (b) the
amount obtained by dividing (i) the aggregate Outstanding Balance of all Receivables as of such date, by (ii) the result of (x) the aggregate Outstanding Balance of all Receivables which were originated during the immediately
preceding Fiscal Month, minus (y) the aggregate Excluded Sales with respect to Receivables which were originated during the immediately preceding Fiscal Month. 

“Deemed Collections” means the aggregate of all amounts Seller shall have been deemed to have received as a Collection
of a Receivable. If at any time, (i) the Outstanding Balance of any Receivable is either (x) reduced as a result of any defective or rejected goods or services, any discount or any adjustment or otherwise by Seller or any Originator (other
than cash Collections on account of the Receivables), (y) reduced as a result of converting such Receivable to an Excluded Receivable or (z) reduced or canceled as a result of a setoff in respect of any claim by any Person (whether such claim
arises out of the same or a related transaction or an unrelated transaction) or (ii) any of the representations or warranties in Article V are no longer true with respect to any Receivable, Seller shall be deemed to have received a
Collection of such Receivable in the amount of (A) such reduction or cancellation in the case of clause (i) above, and (B) the entire Outstanding Balance in the case of clause (ii) above. 

“Default Fee” means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an amount
equal to the greater of (i) $1000 and (ii) interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 2.00% above the Alternate Base Rate. 

“Default Ratio” means, as of any Cut-Off Date, a percentage equal to:
(i) the aggregate Outstanding Balance of all Receivables that became Defaulted Receivables during the Fiscal Month ending on such Cut-Off Date, divided by (ii) the aggregate Outstanding
Balance of all Receivables on such day. 
 “Defaulted Receivable” means a Receivable: (i) as to which any
payment, or part thereof, remains unpaid for 91 days or more from the original due date for such payment or (ii) that is a Charged-Off Receivable. 

“Delayed Financial Institution” has the meaning set forth in Section 1.2(a). 

“Designated Obligor” means an Obligor indicated by Agent to Seller in writing. 

  
 Exh. I-6 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Dilution” means, at any time, the aggregate
amount of reductions or cancellations described in clause (i) of the definition of “Deemed Collections”. 

“Dilution Horizon Ratio” means, as of any date, a ratio (expressed as a percentage), computed as of the last day of the
most recently ended Fiscal Months by dividing (i) the result of (x) the aggregate initial Outstanding Balance of all Receivables originated by the Originators during the most recently ended Fiscal Month, minus (y) the aggregate
Excluded Sales with respect to Receivables which were originated by the Originators during the most recently ended Fiscal Month, by (ii) the Net Portfolio Balance as of the Cut-Off Date of the most
recently ended Fiscal Month. 
 “Dilution Ratio” means, as of any Cut-Off
Date, a ratio (expressed as a percentage), computed by dividing (i) the aggregate amount of all Dilution (other than any Excluded Credit Rebill Dilution) in respect of Receivables which occurred during the Fiscal Month ending on such Cut-Off Date, by (ii) the result of (x) the aggregate initial Outstanding Balance of all Receivables originated by the Originators during the Fiscal Month ending on such
Cut-Off Date, minus (y) the aggregate Excluded Sales with respect to Receivables which were originated by the Originators during the Fiscal Month ending on such
Cut-Off Date. 
 “Dilution Reserve Floor Percentage” means the product of:

 ADR x DHR 
 where:

 ADR = Adjusted Dilution Ratio; 

DHR = Dilution Horizon Ratio. 

“Dilution Spike” means, at any time, the highest three (3) month average Dilution Ratio observed over the previous
12 months. 
 “Dilution Volatility Ratio” means the product of: 

((DS – ADR) x DS/ADR) 

where: 
 ADR =
Adjusted Dilution Ratio; 
 DS = Dilution Spike 

“Discount Rate” means, the LIBO Rate or the Alternate Base Rate, as applicable, with respect to the Capital of each
Financial Institution. 
 “Dynamic Dilution Reserve Percentage” means, at any time, a percentage calculated as
follows: 
 ((SF x ADR) + DVR) x DHR 

  
 Exh. I-7 

 RECEIVABLES PURCHASE AGREEMENT 

 
 where: 

SF = stress factor of 2.00; 
 ADR
= Adjusted Dilution Ratio; 
 DVR = Dilution Volatility Ratio; 

DHR = Dilution Horizon Ratio. 

“Dynamic Loss Reserve Percentage” means, at any time, the product of: 

SF x LR x LHR 
 where:

 SF = stress factor of 2.00; 

LR = the highest three-month average Loss Ratio over the past 12 months; 

LHR = Loss Horizon Ratio. 

“Eligible Receivable” means, at any time, a Receivable: 

(i)    the Obligor of which (a) is not a natural person; (b) is organized under the laws of the
United States or any political subdivision thereof and has its chief executive office in the United States; (c) is not an Affiliate of any of the parties hereto or any other Patterson Entity; and (d) is neither a Designated Obligor nor a
Sanctioned Person, 
 (ii)    the Obligor of which is not, and has not been, the Obligor of any Charged-Off Receivable or any Defaulted Receivable, 
 (iii)    that is
not a Charged-Off Receivable or a Defaulted Receivable, 

(iv)    that is not a Government Receivable, 

(v)    that arises under a Contract that has not had any payment or other terms of such Contract extended,
modified or waived, 
 (vi)    that (a) is an “account” or “payment intangible”
within the meaning of Article 9 of the UCC of all applicable jurisdictions and (b) is not evidenced by “instruments” or “chattel paper”, 

(vii)    that is denominated and payable only in United States dollars in the United States, 

  
 Exh. I-8 

 RECEIVABLES PURCHASE AGREEMENT 

 
 (viii)    that arises under a
Contract in substantially the form of one of the form contracts set forth on Exhibit IX hereto or otherwise approved by Agent in writing, which, together with such Receivable, is in full force and effect and constitutes the legal, valid and
binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms subject to no offset, counterclaim or other defense, 

(ix)    that arises under a Contract that (A) does not require the Obligor under such Contract to
consent to the transfer, sale or assignment of the rights and duties of the applicable Originator or any of its assignees under such Contract, (B) does not contain a confidentiality provision that purports to restrict the ability of any
Purchaser to exercise its rights under this Agreement, including, without limitation, its right to review the Contract and (C) that has been billed to the related Obligor, 

(x)    that arises under a Contract that contains an obligation to pay a specified sum of money, contingent
only upon the sale of goods or the provision of services by the applicable Originator, 
 (xi)    that,
together with the Contract related thereto, does not contravene any law, rule or regulation applicable thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting,
equal credit opportunity, fair debt collection practices and privacy) and with respect to which no part of the Contract related thereto is in violation of any such law, rule or regulation, 

(xii)    that satisfies all applicable requirements of the Credit and Collection Policy, 

(xiii)    that was generated in the ordinary course of the applicable Originator’s business, 

(xiv)    that arises solely from the sale of goods or the provision of services to the related Obligor by
the applicable Originator, and not by any other Person (in whole or in part), 
 (xv)    as to which
Agent has not notified Seller that Agent has determined that such Receivable or class of Receivables is not acceptable as an Eligible Receivable, including, without limitation, because such Receivable arises under a Contract that is not acceptable
to Agent, 
 (xvi)    that is not subject to any right of rescission,
set-off, counterclaim, any other defense (including defenses arising out of violations of usury laws) of the applicable Obligor against the applicable Originator or any other Adverse Claim, and the Obligor
thereon holds no right as against such Originator to cause such Originator to repurchase the goods or merchandise the sale of which shall have given rise to such Receivable (except with respect to sale discounts effected pursuant to the Contract, or
defective goods returned in accordance with the terms of the Contract), 

  
 Exh. I-9 

 RECEIVABLES PURCHASE AGREEMENT 

 
 (xvii)    which by its terms has
Invoice Payment Terms of 61 days or less, 
 (xviii)    as to which the applicable Originator has
satisfied and fully performed all obligations on its part with respect to such Receivable required to be fulfilled by it, and no further action is required to be performed by any Person with respect thereto other than payment thereon by the
applicable Obligor, 
 (xix)    all right, title and interest to and in which has been validly
transferred by the applicable Originator directly to Seller under and in accordance with the Receivables Sale Agreement, and Seller has good and marketable title thereto free and clear of any Adverse Claim, 

(xx)    that arises under a Contract that does not permit the Outstanding Balance of such Receivable to be
paid in installments, 
 (xxi)    that is not a Modified Receivable, 

(xxii)    that, together with the related Contract, has not been sold, assigned or pledged by the
applicable Originator or Seller, except pursuant to the terms of the Receivables Sale Agreement and this Agreement, 

(xxiii)    with respect to which there is only one original executed copy of the related Contract, which
will, together with the related records be held by Servicer as bailee of Agent and the Purchasers, and no other custodial agreements are in effect with respect thereto, 

(xxiv)    for which the related invoice does not include any Excluded Receivables, and 

(xxv)    with respect to which the related Contract directs payment thereof to be sent directly to a Lock-Box or a Collection Account. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time. 
 “Erroneous Invoice” means, with respect to any
Receivable, any invoice that was delivered with respect thereto that included an error with respect to the related Obligor (including its address), the Related Goods or similar items. 

“Excess Concentration” means, without duplication, the sum of the amounts calculated for each of the Obligors equal to
the excess (if any) of the aggregate Outstanding Balance of the Eligible Receivables of such Obligor, over the product of (x) such Obligor’s Concentration Percentage, multiplied by (y) the aggregate Outstanding Balance of all Eligible
Receivables. 
 “Excluded Credit Rebill Dilution” means, with respect to any Receivable, any Dilution with
respect thereto solely to the extent both (i) such Dilution occurred solely as a result of cancelling an Erroneous Invoice and replacing it with a Rebilled Invoice and (ii) each of the conditions set forth in the definition of
“Excluded Sale” have been satisfied with respect to such Receivable. 

  
 Exh. I-10 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Excluded Receivable” means all indebtedness and
other obligations owed to an Originator, which is arising in connection with the sale of goods or the rendering of services by an Originator, so long as such indebtedness or other obligations both (i) which by its initial terms is payable in
more than one installment and (ii) does not constitute trade receivables; provided, however, that no indebtedness or other obligation that is included in any Monthly Report as a Receivable shall constitute an “Excluded
Receivable”. 
 “Excluded Sale” means, with respect to any Receivable, the initial Outstanding Balance of
such Receivable to the extent that each of the following conditions are currently satisfied with respect thereto: (i) the invoice with respect to such Receivable was an Erroneous Invoice, (ii) the invoice with respect to such Receivable
was cancelled and replaced with a Rebilled Invoice, (iii) the principal balance of the Rebilled Invoice is the same as the principal balance of the Erroneous Invoice, (iv) neither the Erroneous Invoice nor the Rebilled Invoice is with
respect to any Excluded Receivable and (v) the Obligor of the Rebilled Invoice is the same Obligor of the Erroneous Invoice or an Affiliate thereof. 

“Extension Notice” has the meaning set forth in Section 4.6(a). 

“Facility” means the facility providing for Seller to sell the Asset Portfolio as provided in this Agreement. 

“Facility Account” means the accounts numbered 701324725 and 679513882 maintained by Seller in the name of “PDC
Funding Company III, LLC” at JPMorgan, together with any successor account or sub-account. 

“Facility Termination Date” means the earliest of (i) the Scheduled Termination Date and (ii) the
Amortization Date. 
 “Federal Bankruptcy Code” means Title 11 of the United States Code entitled
“Bankruptcy,” as amended and any successor statute thereto. 
 “Federal Funds Effective Rate” means for any
day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions
received by Agent from three Federal funds brokers of recognized standing selected by it. Notwithstanding the foregoing, if any Financial Institution is borrowing overnight funds on any day from a Federal Reserve Bank to make or maintain such
Financial Institution’s funding of all or any portion of the Asset Portfolio hereunder, the Federal Funds Effective Rate, at the option of such Financial Institution, for such Financial Institution shall be the average rate per annum at which
such overnight borrowings are made on any such day. Each determination of the Federal Funds Effective Rate shall be conclusive and binding on Seller and the Seller Parties, except in the case of manifest error. 

  
 Exh. I-11 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Fee Letter” means the letter agreement dated as
of the Closing Date (as amended, restated, supplemented, or otherwise modified from time to time) among Seller and MUFG. 
 “Final
Payout Date” means the date following the Amortization Date on which the Aggregate Capital shall have been reduced to zero and all of the Aggregate Unpaids, Obligations and all other amounts then accrued or payable to Agent, the
Purchaser Agents, the Purchasers and the other Indemnified Parties shall have been indefeasibly paid in full in cash. 
 “Finance
Charges” means, with respect to a Contract, any finance, interest, late payment charges or similar charges owing by an Obligor pursuant to such Contract. 

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

“Financial Institution Yield” means for each respective Rate Tranche Period relating to any Capital (or portion
thereof) of any of the Financial Institutions, an amount equal to the product of the applicable Discount Rate for such Capital (or portion thereof) multiplied by the Capital (or portion thereof) of such Financial Institution for each
day elapsed during such Rate Tranche Period, annualized on a 360 day basis. 
 “Fiscal Month” means any of the twelve
consecutive four week or five week accounting periods used by PDCo for accounting purposes which begin on the Sunday after the last Saturday in April of each year and ending on the last Saturday in April of the next year. 

“Funding Agreement” means (i) this Agreement and (ii) any agreement or instrument executed by any Funding
Source with or for the benefit of a Conduit. 
 “Funding Source” means with respect to any Conduit (i) such
Conduit’s Related Financial Institution(s) or (ii) any insurance company, bank or other funding entity providing liquidity, credit enhancement or back-up purchase support or facilities to such
Conduit. 
 “GAAP” means generally accepted accounting principles in effect in the United States of America as of the
date of this Agreement, provided, that if there occurs after the date of this Agreement any change in GAAP that affects in any material respect the calculation of any amount described in Sections 9.1(f), Agent and Seller shall
negotiate in good faith amendments to the provisions of this Agreement that relate to the calculation of such amounts with the intent of having the respective positions of Agent and the Purchasers and Seller after such change in GAAP conform as
nearly as possible to their respective positions as of the date of this Agreement and, until any such amendments have been agreed upon, the amounts described in Sections 9.1(f) shall be calculated as if no such change in GAAP has occurred.

 “Government Receivables” means any Receivables for which the related Obligor is the United States of America, any
State or local government or any Federal or state agency or instrumentality or political subdivision thereof. 
 “Group A
Obligor” means an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) with a short-term rating of at least: (a)
“A-1” by Standard & Poor’s or, if such Obligor does not have a short-term rating from Standard & Poor’s, a rating of “A+” or better by Standard &
Poor’s on such Obligor’s (or, 

  
 Exh. I-12 

 RECEIVABLES PURCHASE AGREEMENT 

 
 if applicable, its parent’s or its majority owner’s) long-term senior
unsecured and uncredit-enhanced debt securities, and (b) “P-1” by Moody’, or, if such Obligor does not have a short-term rating from Moody’s, a rating of “Al” or better by
Moody’s on such Obligor’s (or, if applicable, its parent’s or its majority owner’s) long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable,
if such parent or majority owner is a guarantor on the related Contract) receives a split rating from Standard & Poor’s and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have the
lower of the two ratings; provided, further, that if an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is rated by either Standard & Poor’s or
Moody’s, but not both, and satisfies either clause (a) or clause (b) above, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to be a Group B Obligor. Notwithstanding the foregoing, any Obligor that is
a Subsidiary or an Affiliate of an Obligor that satisfies the definition of “Group A Obligor” shall be deemed to be a Group A Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of clause
(a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in
which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors. 

“Group B Obligor” means an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is
a guarantor on the related Contract) that is not a Group A Obligor and that has a short-term rating of at least: (a) “A-2” by Standard & Poor’s or, if such Obligor does not have a
short-term rating from Standard & Poor’s, a rating of “BBB+” or better by Standard & Poor’s on such Obligor’s (or, if applicable, its parent’s or its majority owner’s) long-term senior unsecured
and uncredit-enhanced debt securities, and (b) “P-2” by Moody’s or, if such Obligor does not have a short-term rating from Moody’s, a rating of “Baal” or better by Moody’s on
such Obligor’s (or, if applicable, its parent’s or its majority owner’s) long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such parent or
majority owner is a guarantor on the related Contract) receives a split rating from Standard & Poor’s and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have the lower of the two
ratings; provided, further, that if an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is rated by either Standard & Poor’s or Moody’s, but not
both, and satisfies either clause (a) or clause (b) above, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to be a Group C Obligor. Notwithstanding the foregoing, any Obligor that is a Subsidiary or
Affiliate of an Obligor that satisfies the definition of “Group B Obligor” shall be deemed to be a Group B Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of clause (a) of the
definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor
shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors. 

  
 Exh. I-13 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Group C Obligor” means an Obligor (or its
parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) that is not a Group A Obligor or a Group B Obligor and that has a short-term rating of at least: (a)
“A-3” by Standard & Poor’s or, if such Obligor does not have a short-term rating from Standard & Poor’s, a rating of
“BBB-”or better by Standard & Poor’s on such Obligor’s (or, if applicable, its parent’s or its majority owner’s) long-term senior unsecured and uncredit-enhanced debt
securities, and (b) “P-3” by Moody’s or, if such Obligor does not have a short-term rating from Moody’s, a rating of “Baa3” or better by Moody’s on such Obligor’s (or,
if applicable, its parent’s or its majority owner’s) long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a
guarantor on the related Contract) receives a split rating from Standard & Poor’s and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have the lower of the two ratings; provided,
further, that if an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is rated by either Standard & Poor’s or Moody’s, but not both, and satisfies
either clause (a) or clause (b) above, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to be a Group D Obligor. Notwithstanding the foregoing, any Obligor that is a Subsidiary or Affiliate of an Obligor
that satisfies the definition of “Group C Obligor” shall be deemed to be a Group C Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of clause (a) of the definition of “Excess
Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately treated
as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors. 

“Group D Obligor” means any Obligor that is not a Group A Obligor, Group B Obligor or Group C Obligor, any Obligor (or
its parent or majority owner, as applicable, if such Obligor is unrated) that is rated by neither Moody’s nor Standard & Poor’s shall be a Group D Obligor. 

“Incremental Purchase” has the meaning set forth in Section 1.1(a). 

“Indebtedness” of a Person means such Person’s (i) obligations for borrowed money, (ii) obligations
representing the deferred purchase price of property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), (iii) obligations, whether or not assumed, secured
by liens or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) capitalized lease obligations,
(vi) net liabilities under interest rate swap, exchange or cap agreements, (vii) Contingent Obligations and (viii) liabilities in respect of unfunded vested benefits under plans covered by Title IV of ERISA. 

“Indemnified Amounts” has the meaning set forth in Section 10.1. 

“Indemnified Party” has the meaning set forth in Section 10.1. 

“Independent Governor” shall mean a member of the Board of Governors of Seller who (i) shall not have been at the
time of such Person’s appointment or at any time during the 

  
 Exh. I-14 

 RECEIVABLES PURCHASE AGREEMENT 

 
 preceding five years, and shall not be as long as such Person is a governor of Seller,
(A) a director, officer, employee, partner, shareholder, member, manager, governor or Affiliate of any of the following Persons (collectively, the “Independent Parties”): Servicer, any Patterson Entity, or any of their
respective Subsidiaries or Affiliates (other than Seller), (B) a supplier to any of the Independent Parties, (C) a Person controlling or under common control with any partner, shareholder, member, manager, governor, Affiliate or supplier of any
of the Independent Parties, or (D) a member of the immediate family of any director, officer, employee, partner, shareholder, member, manager, Affiliate or supplier of any of the Independent Parties; (ii) has prior experience as an
independent director or governor for a corporation or limited liability company whose charter documents required the unanimous consent of all independent directors or governors thereof before such corporation or limited liability company could
consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (iii) has at least three years of employment experience
with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities and is employed by any
such entity. 
 “Interest Expense Coverage Ratio” shall have the meaning assigned to such term in the Credit
Agreement, including all defined terms used within such term which defined terms and definitions thereof are incorporated by reference herein; provided, however, that in the event the Credit Agreement is terminated or such defined term
is no longer used in the Credit Agreement, the respective meaning assigned to such term immediately preceding such termination or non-usage shall be used for purposes of this Agreement. If, after the date
hereof, the Interest Expense Coverage Ratio maintenance covenant set forth in Section 6.21 of the Credit Agreement (or any of the defined terms used in connection with such covenant (including the term “Interest Expense Coverage
Ratio”)) is amended, modified or waived, then the test set forth in this Agreement or the defined terms used therein, as applicable, shall, for all purposes of this Agreement, automatically and without further action on the part of any Person,
be deemed to be also so amended, modified or waived, if at the time of such amendment, modification or waiver, (i) each Purchaser Agent and the Agent is a party to the Credit Agreement and (ii) such amendment, modification or waiver is
consummated in accordance with the terms of the Credit Agreement. 
 “Invoice Payment Terms” means, with respect to
any Receivable, the number of days following the date of the related original invoice by which such Receivable is required to be paid in full, as set forth in such original invoice. 

“JPMorgan” means JPMorgan Chase Bank, N.A. in its individual capacity and its successors and assigns. 

“Legal Maturity Date” means the date that is one hundred and eighty days following the due date of the latest maturing
Receivable in the Asset Portfolio on the date of the occurrence of the Amortization Date. 
 “Leverage Ratio” shall
have the meaning assigned to such term in the Credit Agreement, including all defined terms used within such term which defined terms and definitions thereof are incorporated by reference herein; provided, however, that in the event
the Credit Agreement is 

  
 Exh. I-15 

 RECEIVABLES PURCHASE AGREEMENT 

 
 terminated or such defined term is no longer used in the Credit Agreement, the
respective meaning assigned to such term immediately preceding such termination or non-usage shall be used for purposes of this Agreement. If, after the date hereof, the Leverage Ratio maintenance covenant set
forth in Section 6.20 of the Credit Agreement (or any of the defined terms used in connection with such covenant (including the term “Leverage Ratio”)) is amended, modified or waived, then the test set forth in this Agreement or the
defined terms used therein, as applicable, shall, for all purposes of this Agreement, automatically and without further action on the part of any Person, be deemed to be also so amended, modified or waived, if at the time of such amendment,
modification or waiver, (i) each Purchaser Agent and the Agent is a party to the Credit Agreement and (ii) such amendment, modification or waiver is consummated in accordance with the terms of the Credit Agreement. 

“LIBO Rate” means the rate per annum equal to the greater of (a) 0.00% and (b) the sum of (i) (a) the London
interbank offered rate administered by ICE Benchmark Administration Limited (or any person which takes over the administration of that rate) for deposits in U.S. dollars, as published by Reuters (or any successor thereto), as of 11:00 a.m. (London
time) two Business Days prior to the first day of the relevant Rate Tranche Period, and having a maturity equal to such Rate Tranche Period, provided that, (i) if Reuters (or any successor thereto) is not publishing such information for
any reason, the applicable LIBO Rate for the relevant Rate Tranche Period shall instead be the London interbank offered rate administered by ICE Benchmark Administration Limited (or any person which takes over the administration of that rate) for
deposits in U.S. dollars, as reported by any other generally recognized financial information service as of 11:00 a.m. (London time) two Business Days prior to the first day of such Rate Tranche Period, and having a maturity equal to such Rate
Tranche Period, and (ii) if no such London interbank offered rate is available to Agent, the applicable LIBO Rate for the relevant Rate Tranche Period shall instead be the rate determined by Agent to be the rate at which MUFG offers to place
deposits in U.S. dollars with first-class banks in the London interbank market at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Rate Tranche Period, in the approximate amount to be funded at the LIBO Rate
and having a maturity equal to such Rate Tranche Period, divided by (b) one minus the maximum aggregate reserve requirement (including all basic, supplemental, marginal or other reserves) which is imposed against Agent in respect
of Eurocurrency liabilities, as defined in Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to time (expressed as a decimal), applicable to such Rate Tranche Period plus (ii) 1.00% per annum. The
LIBO Rate shall be rounded, if necessary, to the next higher 1/16 of 1%. 

“Lock-Box” means each locked postal box with respect to which a bank who has
executed a Collection Account Agreement has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Exhibit IV. 

“Loss Horizon Ratio” means, as of any Cut-Off Date, the ratio (expressed as a
decimal) computed by dividing (i) the result of (x) the aggregate Outstanding Balance of Receivables generated by the Originators during the preceding three (3) Fiscal Months prior to the Fiscal Month ending on such Cut-Off Date, minus (y) the aggregate Excluded Sales with respect to Receivables generated by the Originators during the preceding three (3) Fiscal Months prior to the Fiscal Month ending on such Cut-Off Date, by (ii) the amount equal to the Net Portfolio Balance as of the last day of the most recently ended Fiscal Month. 

  
 Exh. I-16 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Loss Ratio” means, as of any Cut-Off Date, the ratio (expressed as a decimal) computed by dividing (i) the aggregate Outstanding Balance of all Defaulted Receivables on such Cut-Off Date by
(ii) the result of (x) the aggregate Outstanding Balance of Receivables generated by the Originators during the Fiscal Month four (4) months prior to the Fiscal Month ending on such Cut-Off
Date, minus (y) the aggregate Excluded Sales with respect to Receivables generated by the Originators during the Fiscal Month four (4) months prior to the Fiscal Month ending on such Cut-Off
Date. 
 “Loss Reserve Floor” means 10.0%. 

“Losses” means the Outstanding Balance of any Charged-Off Receivable. 

“Losses-to-Liquidation Ratio” means, as
of any Cut-Off Date, the ratio (expressed as a decimal) computed by dividing: (i) the aggregate Losses (net of recoveries) during the Fiscal Month ending on such
Cut-Off Date on all Receivables, by (ii) the aggregate amount of Collections (other than Deemed Collections) received during the Fiscal Month ending on such
Cut-Off Date. 
 “Material Adverse Effect” means a material adverse effect on
(i) the financial condition or operations of any Seller Party and its Subsidiaries, (ii) the ability of any Seller Party to perform its obligations under this Agreement or the Performance Provider to perform its obligations under the
Performance Undertaking, (iii) the legality, validity or enforceability of this Agreement or any other Transaction Document, (iv) any Purchaser’s interest in the Receivables generally or in any significant portion of the Receivables,
the Related Security or the Collections with respect thereto, or (v) the collectibility of the Receivables generally or of any material portion of the Receivables. 

“Modified Receivable” means a Receivable as to which the payment terms of the related Contract have been extended or
modified for credit reasons since the origination of such Receivable. 
 “Monthly Report” means a report, in
substantially the form of Exhibit X hereto (appropriately completed), furnished by Servicer to Agent and each Purchaser Agent pursuant to Section 8.5. 

“Moody’s” means Moody’s Investors Service, Inc. 

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

“MUFG Roles” has the meaning set forth in Section 14.13(a). 

“Net Portfolio Balance” means, at any time, the aggregate Outstanding Balance of all Eligible Receivables at such time
reduced by the Excess Concentration at such time. 
 “Non-Renewing Financial
Institution” has the meaning set forth in Section 4.6(a). 
 “Obligations”
shall have the meaning set forth in Section 2.1. 

  
 Exh. I-17 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Obligor” means a Person obligated to make
payments pursuant to a Contract. 
 “Off-Balance Sheet Liability” of a Person
means the principal component of (i) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (ii) any liability under any sale and leaseback transaction which is not a
capitalized lease, (iii) any liability under any so-called “synthetic lease” or “tax ownership operating lease” transaction entered into by such Person, (iv) any receivables
purchase or financing facility or (v) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the consolidated balance
sheets of such Person, but excluding from this clause (v) all operating leases. 
 “Originator” means
PDSI, in its capacity as seller under the Receivables Sale Agreement, and any other seller from time to time party thereto. 

“Other Costs” shall have the meaning set forth in Section 10.3. 

“Other Sellers” shall have the meaning set forth in Section 10.4. 

“Outstanding Balance” of any Receivable at any time means the then outstanding principal balance thereof. 

“Participant” has the meaning set forth in Section 12.2. 

“Patterson Entity” means each of PDCo and each Originator and their respective successors and assigns. 

“Payment Instruction” has the meaning set forth in Section 1.4. 

“PDCo” means Patterson Companies, Inc., a Minnesota corporation, together with its successors and assigns. 

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

“Performance Provider” means PDCo in its capacity as Provider under the Performance Undertaking. 

“Performance Undertaking” means that certain Performance Undertaking, dated as of the Closing Date, by Performance
Provider in favor of Seller, substantially in the form of Exhibit XI, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Person” means an individual, partnership, corporation (including a business trust), limited liability company, joint
stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“Potential Amortization Event” means an event which, with the passage of time or the giving of notice, or both, would
constitute an Amortization Event. 

  
 Exh. I-18 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Prime Rate” means a rate per annum equal to the
prime rate of interest announced from time to time by MUFG or its parent (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 

“Product Return Estimate” means, as of any date of determination, the aggregate amount of Dilution or similar
adjustments that are expected by the Servicer to be made or otherwise incurred with respect to the then outstanding Receivables and solely as a result of returned goods, as such expected Dilution and similar adjustments are reflected on the books
and records of the Originator and the Seller and reserved for by the Originator and the Seller, as determined in consultation with the external accountants of the Originator and in accordance with the customary procedures established by the
Originator and such accountants. 
 “Proposed Reduction Date” has the meaning set forth in
Section 1.3. 
 “Pro Rata Share” means, (a) for each Financial Institution, a
percentage equal to (i) the Commitment of such Financial Institution, divided by (ii) the aggregate amount of all Commitments of all Financial Institutions, adjusted as necessary to give effect to the application of the terms
of Section 4.6, and (b) for each Conduit, a percentage equal to (i) the Conduit Purchase Limit of such Conduit, divided by (ii) the aggregate amount of all Conduit Purchase Limits of all
Conduits hereunder. 
 “Purchase” means an Incremental Purchase or a Reinvestment. 

“Purchase Limit” means $200,000,000, as such amount may be modified in accordance with the terms of
Section 4.6(b). 
 “Purchase Notice” has the meaning set forth in
Section 1.2(a). 
 “Purchaser Agent Roles” has the meaning set forth in
Section 14.13(b). 
 “Purchaser Agents” has the meaning set forth in the preamble to this
Agreement. 
 “Purchaser Group” means with respect to (i) each Conduit, a group consisting of such Conduit, its
Purchaser Agent and its Related Financial Institution(s), (ii) each Financial Institution, a group consisting of such Financial Institution, the Conduit (if any) for which such Financial Institution is a Related Financial Institution, its Purchaser
Agent and each other Financial Institution that is a Related Financial Institution for such Conduit (if any) and (iii) each Purchaser Agent, a group consisting of such Purchaser Agent and the Conduit (if any) and Related Financial
Institution(s) for which such Purchaser Agent is acting as Purchaser Agent hereunder. 
 “Purchasers” means each
Conduit and each Financial Institution. 
 “Purchasing Financial Institution” has the meaning set forth in
Section 12.1(b). 
 “Rate Tranche Period” means, with respect to any portion of the Asset
Portfolio held by a Financial Institution: 

  
 Exh. I-19 

 RECEIVABLES PURCHASE AGREEMENT 

 
 (a)    if Financial Institution Yield for any
portion of such Financial Institution’s Capital is calculated on the basis of the LIBO Rate, (i) initially, the period commencing on the date of the Incremental Purchase pursuant to which such Capital was first funded and ending on the
next Settlement Date and (ii) thereafter, each period commencing on such Settlement Date and ending on the next Settlement Date; or 

(b)    if Financial Institution Yield for any portion of such Financial Institution’s Capital is calculated on the
basis of the Alternate Base Rate, (i) initially, the period commencing on the date of the Incremental Purchase pursuant to which such Capital was first funded and ending on the next Settlement Date and (ii) thereafter, each period
commencing on such Settlement Date and ending on the next Settlement Date. 
 If any Rate Tranche Period would end on a day which is not a Business Day, such
Rate Tranche Period shall end on the next succeeding Business Day. In the case of any Rate Tranche Period for any portion of any Financial Institution’s Capital which commences before the Amortization Date and would otherwise end on a date
occurring after the Amortization Date, such Rate Tranche Period shall end on the Amortization Date. The duration of each Rate Tranche Period which commences after the Amortization Date shall be of such duration as selected by the applicable
Financial Institution. 
 “Ratings Request” has the meaning as specified in
Section 10.2(c). 
 “Rebilled Invoice” means, with respect to any Receivable, any
invoice that was issued in replacement of a prior Erroneous Invoice. 
 “Receivable” means all indebtedness and other
obligations owed to Seller or an Originator (at the time it arises, and before giving effect to any transfer or conveyance under the Receivables Sale Agreement or hereunder) or in which Seller or an Originator has a security interest or other
interest, including, without limitation, any indebtedness, obligation or interest constituting an account, chattel paper, instrument or general intangible, arising in connection with the sale, licensing or financing of goods or the rendering of
services by an Originator, and further includes, without limitation, the obligation to pay any Finance Charges with respect thereto; provided, however, that “Receivable” shall not include any Excluded Receivable. Indebtedness
and other rights and obligations arising from any one transaction, including, without limitation, indebtedness and other rights and obligations represented by an individual invoice, shall constitute a Receivable separate from a Receivable consisting
of the indebtedness and other rights and obligations arising from any other transaction; provided further, that any indebtedness, rights or obligations referred to in the immediately preceding sentence shall be a Receivable regardless
of whether the account debtor, any Originator or Seller treats such indebtedness, rights or obligations as a separate payment obligation. 

“Receivables Sale Agreement” means that certain Receivables Sale Agreement, dated as of the Closing Date, by and among
the Originators and Seller, as amended, restated, supplemented or otherwise modified from time to time. 
 “Records”
means, with respect to any Receivable, all Contracts and other documents, books, records and other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights)
relating to such Receivable, any Related Security therefor and the related Obligor. 

  
 Exh. I-20 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Reduction Notice” has the meaning set forth in
Section 1.3. 
 “Regulatory Change” shall mean (i) the adoption after the date hereof
of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy) or any change therein after the date hereof, (ii) any change after the date hereof in the interpretation or administration
thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force of law) of any such authority, central
bank or comparable agency, or (iii) the compliance, whether commenced prior to or after the date hereof, by any Funding Source or Purchaser with (a) the final rule titled Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital
Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related Issues, adopted by the United States bank regulatory agencies on
December 15, 2009, or any rules or regulations promulgated in connection therewith by any such agency; (b) the Dodd-Frank Wall Street Reform and Consumer Protection Act adopted by Congress on July 21, 2010 or (c) the revised
Basel Accord prepared by the Basel Committee on Banking Supervision as set out in the publication entitled “International Convergence of Capital Measurements and Capital Standards: a Revised Framework,” as updated from time to time
(including, without limitation, the Basel II and Basel III). 
 “Reinvestment” has the meaning set forth in
Section 1.5. 
 “Related Financial Institution” means with respect to each Conduit, each
Financial Institution set forth opposite such Conduit’s name on Schedule A to this Agreement and/or, in the case of an assignment pursuant to Section 12.1, set forth in the applicable Assignment Agreement. 

“Related Goods” means with respect to any Receivable, the goods sold or licensed to or financed for the Obligor which
sale, licensing or financing gave rise to such Receivable and all financing statements or other filings with respect thereto. 

“Related Security” means, with respect to any Receivable: 

(i)    all of Seller’s interest in the Related Goods or other inventory and goods (including returned
or repossessed inventory or goods), if any, the sale, licensing or financing of which by the applicable Originator gave rise to such Receivable, and all insurance contracts with respect thereto, 

(ii)    all other security interests or liens and property subject thereto from time to time, if any,
purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements and security agreements describing any collateral securing such Receivable, 

  
 Exh. I-21 

 RECEIVABLES PURCHASE AGREEMENT 

 
 (iii)    all guaranties, letters of
credit, insurance, “supporting obligations” (within the meaning of Section 9-102(a) of the UCC of all applicable jurisdictions) and other agreements or arrangements of whatever character from
time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise, 

(iv)    all service contracts and other contracts and agreements associated with such Receivable, 

(v)    all Records related to such Receivable, 

(vi)    all of Seller’s right, title and interest in, to and under the Receivables Sale Agreement and
the Performance Undertaking, 
 (vii)    all of Seller’s right, title and interest in and to each Lock-Box and Collection Account, and any and all agreements related thereto, 

(viii)    all Collections in respect thereof, and 

(ix)    all proceeds of such Receivable and any of the foregoing. 

“Required Purchasers” means, at any time, collectively, the Financial Institutions with Commitments in excess of 75% of
the aggregate Commitments and the Conduits with Conduit Purchase Limits in excess of 75% of the aggregate amount of all Conduit Purchase Limits of all Conduits hereunder. 

“Required Ratings” has the meaning as specified in Section 10.2(c). 

“Required Reserve” means, on any day during a Fiscal Month, (i) the greater of (a) the sum of the Loss
Reserve Floor, the Dilution Reserve Floor Percentage the Yield Reserve Percentage, and Servicing Reserve Percentage and (b) the sum of the Dynamic Loss Reserve Percentage, the Dynamic Dilution Reserve Percentage, the Yield Reserve Percentage,
and the Servicing Reserve Percentage, multiplied by (ii) the Net Portfolio Balance as of such date, plus (iii) the Product Return Estimate as of such date. 

“Restricted Junior Payment” means (i) any dividend or other distribution, direct or indirect, on account of any
shares of any class of membership units of Seller now or hereafter outstanding, except a dividend payable solely in shares of that class of membership units or in any junior class of membership units of Seller, (ii) any redemption, retirement,
sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of membership units of Seller now or hereafter outstanding, (iii) any payment or prepayment of principal of, premium, if
any, or interest, fees or other charges on or with respect to, and any redemption, purchase, retirement, defeasance, sinking fund or similar payment and any claim for rescission with respect to the Subordinated Loans (as defined in the Receivables
Sale Agreement), (iv) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of membership units of Seller now or hereafter
outstanding, and (v) any payment of management fees by Seller (except for reasonable management fees to the Originators or their Affiliates in reimbursement of actual management services performed). 

  
 Exh. I-22 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “RPA Deferred Purchase Price” has the meaning
set forth in Section 1.6. 
 “Sanctioned Country” means a country or territory that is, or
whose government is, the subject of territorial-based Sanctions. 
 “Sanctioned Person” means a Person that is, or is
owned or controlled by Persons that are: (i) the subject of any Sanctions, or (ii) located, organized or resident in a Sanctioned Country. 

“Sanctions” means any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign
Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

“Scheduled Termination Date” means July 23, 2019, as extended by the mutual agreement of Seller, Agent, the
Purchaser Agents and the Purchasers in accordance with Section 4.6(a). 
 “Seller” has the
meaning set forth in the preamble to this Agreement. 
 “Seller Parties” has the meaning set forth in the preamble to
this Agreement. 
 “Seller Party” has the meaning set forth in the preamble to this Agreement. 

“Servicer” means at any time the Person (which may be Agent) then authorized pursuant to Article VIII to
service, administer and collect Receivables. 
 “Servicing Fee” has the meaning set forth in
Section 8.6. 
 “Servicing Fee Rate” means 1.0% per annum. 

“Servicing Reserve Percentage” means, at any time, a percentage equal to the product of (i) the Servicing Fee Rate
divided by 360, times (ii) the Days Sales Outstanding at such time. 
 “Settlement Date” means
(A) the 13th day of each calendar month, and (B) the last day of the relevant Rate Tranche Period in respect of each portion of Capital of any Financial Institution; or, in each case, if
such day is not a Business Day, then the first Business Day thereafter. 
 “Settlement Period” means (i) in
respect of the Capital of any Conduit, each Accrual Period and (ii) in respect of each portion of Capital of any Financial Institution, the entire Rate Tranche Period of such portion of Capital. 

  
 Exh. I-23 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Subordinated Note” has the meaning set forth in
the Receivables Sale Agreement. 
 “Subsidiary” of a Person means (i) any corporation more than 50% of the
outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or
(ii) any partnership, association, limited liability company, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless
otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of Seller. 
 “Terminating
Commitment Amount” means, with respect to any Terminating Financial Institution, an amount equal to the Commitment (without giving effect to clause (iii) of the proviso to the penultimate sentence of
Section 4.6(b)) of such Terminating Financial Institution, minus an amount equal to 2% of such Commitment. 

“Terminating Commitment Availability” means, with respect to any Terminating Financial Institution, the positive
difference (if any) between (a) an amount equal to the Commitment (without giving effect to clause (iii) of the proviso to the penultimate sentence of Section 4.6(b)) of such Terminating Financial
Institution, minus an amount equal to 2% of such Commitment, minus (b) the Capital funded by such Terminating Financial Institution. 

“Terminating Financial Institution” has the meaning set forth in Section 4.6(b). 

“Termination Date” has the meaning set forth in Section 2.2(c). 

“Termination Percentage” has the meaning set forth in Section 2.2(c). 

“Transaction Documents” means, collectively, this Agreement, each Purchase Notice, the Receivables Sale Agreement, the
Performance Undertaking, each Collection Account Agreement, each Fee Letter, the Subordinated Note and all other instruments, documents and agreements executed and delivered in connection herewith, in each case, as amended, restated, supplemented or
otherwise modified from time to time. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in
the specified jurisdiction. 
 “Yield Reserve Percentage” means, at any time, a percentage equal to the product of
(i) the Alternate Base Rate as of such date divided by 360, (ii) 1.5 and (iii) the highest the Days Sales Outstanding over the most recent 12-months. 

All accounting terms defined directly or by incorporation in this Agreement or the Receivables Sale Agreement shall have the defined meanings
when used in any certificate or other document delivered pursuant thereto unless otherwise defined therein. For purposes of this Agreement, the Receivables Sale Agreement and all such certificates and other documents, unless the context otherwise
requires: (a) accounting terms not specifically defined herein shall be construed in accordance with GAAP; (b) all terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined
in such Article 9; (c) references to any amount as on deposit or outstanding on any particular date means such 

  
 Exh. I-24 

 RECEIVABLES PURCHASE AGREEMENT 

 
 amount at the close of business on such day; (d) the words “hereof,”
“herein” and “hereunder” and words of similar import refer to such agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of such agreement (or such certificate or
document); (e) references to any Section are references to such Section in such agreement (or the certificate or other document in which the reference is made), and references to any paragraph, subsection, clause or other subdivision within any
Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (f) the term “including” means “including without limitation”; (g) references to any law, rule,
regulation, or directive of any governmental or regulatory authority refer to such law, rule, regulation, or directive, as amended from time to time and include any successor law, rule, regulation, or directive; (h) references to any agreement
refer to that agreement as from time to time amended or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (i) references to any Person include that Person’s successors and assigns;
(j) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (k) unless otherwise provided, in the calculation of time from a specified date to a later specified
date, the term “from” means “from and including”, and the terms “to” and “until” each means “to but excluding”; (l) terms in one gender include the parallel terms in the neuter and opposite gender;
and (m) the term “or” is not exclusive. 
  

  
 Exh. I-25 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT II 

FORM OF PURCHASE NOTICE 

[Date] 
 MUFG Bank, Ltd., as Agent 

1221 Avenue of the Americas 
 6th Floor 

New York, New York 10020 
 MUFG Bank, Ltd., as a Purchaser Agent

 1221 Avenue of the Americas 
 6th Floor 

New York, New York 10020 
 Attention:    ABS
Surveillance 
 Re: PURCHASE NOTICE 
 Ladies
and Gentlemen: 
 Reference is hereby made to the Receivables Purchase Agreement, dated as of July 24, 2018, by and among PDC Funding
Company III, LLC, a Minnesota limited liability company (“Seller”), Patterson Dental Supply, Inc., a Minnesota corporation, as Servicer, the Financial Institutions party thereto, the Conduits party thereto, the Purchaser
Agents party thereto and MUFG Bank, Ltd., as Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”). Capitalized terms used herein shall have the meanings
assigned to such terms in (or by reference in) the Receivables Purchase Agreement. 
 Each of the Agent and each Purchaser Agent is hereby
notified of the following Purchase: 
  

			
	Purchase Price:	  	$                                      
      
		
	 Portion of the Purchase Price Payable by

MUFG’s Purchaser Group:1
	  	$
		
	Date of Purchase:	  	
		
	Requested Discount Rate:	  	 [LIBO Rate] [Prime Rate] [indexed

Commercial Paper rate]

 Please credit the Purchase Price in immediately available funds to our Facility Account [and then
wire-transfer the Purchase Price in immediately available funds on the above-specified date of purchase to] 
 [Account Name] 

[Account No.] 
 [Bank Name & Address] 

 

	1 	 This amount will be equal to MUFG’s Pro Rata Share of the Purchase Price specified above.

  
 Exh. II-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 [ABA #] 

Reference: 
 Telephone advice to: [Name] @ tel. No. ( ) 

Please advise [Name] at telephone no ( )
                                 if any Conduit will not be making this purchase.

 In connection with the Purchase to be made on the above listed “Date of Purchase” (the “Purchase
Date”), the Seller hereby certifies that the following statements are true on the date hereof, and will be true on the Purchase Date (before and after giving effect to the proposed Purchase): 

(i)    the representations and warranties of the Seller set forth in Section 5.1 of the
Receivables Purchase Agreement are true and correct on and as of the Purchase Date as though made on and as of such date; 

(ii)    no event has occurred and is continuing, or would result from the proposed Purchase, that will constitute an
Amortization Event or a Potential Amortization Event; 
 (iii)    the Facility Termination Date has not occurred, the
Aggregate Capital does not exceed the Purchase Limit and the Net Portfolio Balance equals or exceeds the sum of (i) the Aggregate Capital, plus (ii) the Required Reserves (in each case as of the Purchase Date); and 

(iv)    the amount of Aggregate Capital is
$                     after giving effect to the Purchase to be made on the Purchase Date. 

 

			
	Very truly yours,
	
	PDC Funding Company III, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 Exh. II-2 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT III 

Places of Business of the Seller Parties; 

Locations of Records; 

Federal Employer Identification Number(s) 

On file with Agent. 

  
 Exh. III-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT IV 

Lock Boxes 
 Collection
Banks; Collection Accounts 
 On file with Agent. 

  
 Exh. IV 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT V 

FORM OF COMPLIANCE CERTIFICATE 
 To: MUFG
Bank, Ltd., as Agent 
 This Compliance Certificate is furnished pursuant to that certain Receivables Purchase Agreement, dated as of
July 24, 2018 (as amended, restated or otherwise modified from time to time, the “Agreement”), by and among PDC Funding Company III, LLC, a Minnesota limited liability company (the “Seller”),
Patterson Dental Supply, Inc., a Minnesota corporation (the “Servicer”), the Financial Institutions party thereto, the Conduits party thereto, the Purchaser Agents party thereto and MUFG Bank, Ltd., as agent for such
Purchasers. Capitalized terms used and not otherwise defined herein are used with the meanings attributed thereto in the Agreement. 
 THE
UNDERSIGNED HEREBY CERTIFIES THAT: 
 1. I am the duly elected ________ of [Insert name of applicable entity] (the
“Applicable Party”). 
 2. I have reviewed the terms of the Agreement and I have made, or have caused to be made
under my supervision, a detailed review of the transactions and conditions of the Applicable Party and its Subsidiaries during the accounting period covered by the attached financial statements. 

3. The examinations described in paragraph 2 above did not disclose, and I have no knowledge of, the existence of any condition or event
which constitutes an Amortization Event or Potential Amortization Event during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth in paragraph 5
below. 
 4. Schedule I attached hereto sets forth financial data and computations evidencing the compliance with certain covenants of
the Agreement, all of which data and computations are true, complete and correct. 
 5. Described below are the exceptions, if any, to
paragraph 3 above by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Applicable Party has taken, is taking, or proposes to take with respect to each such condition or
event. 
 6. As of the date hereof, the jurisdiction of organization of Seller is Minnesota, the jurisdiction of organization of the Servicer
is Minnesota, each of Seller and the Servicer is a “registered organization” (within the meaning of Section 9-102 of the UCC in effect in Minnesota) and neither Seller nor the Servicer has
changed its jurisdiction of organization during the five years prior to the date of the Agreement. 

  
 Exh. V-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 The foregoing certifications, together with the computations set forth
in Schedule I hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this         day
of                ,         . 
  

			
	 PDC Funding Company III,
LLC

 
			
		
	 By:
	 	
 

			
	 Name:

			
	 Title:

  
 Exh. V-2 

 RECEIVABLES PURCHASE AGREEMENT 

 
 SCHEDULE I TO COMPLIANCE CERTIFICATE 

 

	 	A.	Schedule of Compliance as of                 ,         , with Section
         of the Agreement. Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement. 

This schedule relates to the Fiscal Month ended: 

  
 Exh. V-3 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT VI 

[RESERVED] 

  
 Exh. VI-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT VII 

FORM OF ASSIGNMENT AGREEMENT 

THIS ASSIGNMENT AGREEMENT (this “Assignment Agreement”) is entered into as of the
         day of             ,         , by and between
                     (“Assignor”) and
                             (“Assignee”). 

PRELIMINARY STATEMENTS 
 A. This
Assignment Agreement is being executed and delivered in accordance with Section 12.1(b) of that certain Receivables Purchase Agreement, dated as of July 24, 2018, by and among PDC Funding Company III, LLC, a Minnesota
limited liability company, Patterson Dental Supply, Inc., a Minnesota corporation, as Servicer, the Financial Institutions party thereto, the Conduits party thereto, the Purchaser Agents party thereto and MUFG BANK, LTD., as Agent (as amended,
modified or restated from time to time, the “Purchase Agreement”). Capitalized terms used and not otherwise defined herein are used with the meanings set forth or incorporated by reference in the Purchase Agreement. 

B. Assignor is a Financial Institution party to the Purchase Agreement, and Assignee wishes to become a Financial Institution thereunder; and

 C. Assignor is selling and assigning to Assignee
                % (the “Transferred Percentage”) of all of Assignor’s rights and obligations under the Purchase Agreement and the
Transaction Documents, including, without limitation, the Transferred Percentage of Assignor’s Commitment and (if applicable) the Transferred Percentage of the Capital of Assignor as set forth herein. 

AGREEMENT 
 The parties hereto
hereby agree as follows: 
 1. The sale, transfer and assignment effected by this Assignment Agreement shall become effective (the
“Effective Date”) two (2) Business Days (or such other date selected by the Agent in its sole and absolute discretion) following the date on which a notice substantially in the form of Schedule II to this
Assignment Agreement (the “Effective Notice”) is delivered by the Agent to the Conduit in the Assignor’s and Assignee’s Purchaser Group, Assignor and Assignee. From and after the Effective Date, Assignee shall be a
Financial Institution party to the Purchase Agreement for all purposes thereof as if Assignee were an original party thereto and Assignee agrees to be bound by all of the terms and provisions contained therein. 

2. If Assignor has no outstanding Capital under the Purchase Agreement, on the Effective Date, Assignor shall be deemed to have hereby
transferred and assigned to Assignee, without recourse, representation or warranty (except as provided in paragraph 6 below), and the Assignee shall be deemed to have hereby irrevocably taken, received and assumed from Assignor, the
Transferred Percentage of Assignor’s Commitment and all rights and obligations associated therewith under the terms of the Purchase Agreement, including, without limitation, the Transferred Percentage of Assignor’s future funding
obligations under Article I of the Purchase Agreement. 

  
 Exh. VII-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 3. If Assignor has any outstanding Capital under the Purchase Agreement,
at or before 12:00 noon, local time of Assignor, on the Effective Date Assignee shall pay to Assignor, in immediately available funds, an amount equal to the sum of (i) the Transferred Percentage of the outstanding Capital of Assignor (such
amount, being hereinafter referred to as the “Assignee’s Capital”); (ii) all accrued but unpaid (whether or not then due) Financial Institution Yield attributable to the Transferred Percentage of Assignor’s Capital; and
(iii) accruing but unpaid fees and other costs and expenses payable in respect of Transferred Percentage of Assignor’s Capital for the period commencing upon each date such unpaid amounts commence accruing, to and including the Effective
Date (the “Assignee’s Acquisition Cost”); whereupon, Assignor shall be deemed to have sold, transferred and assigned to Assignee, without recourse, representation or warranty (except as provided in paragraph 6
below), and Assignee shall be deemed to have hereby irrevocably taken, received and assumed from Assignor, the Transferred Percentage of Assignor’s (i) Commitment and (ii) Capital (if applicable) and all related rights and obligations
under the Purchase Agreement and the Transaction Documents, including, without limitation, the Transferred Percentage of Assignor’s future funding obligations under Article I of the Purchase Agreement. 

4. Concurrently with the execution and delivery hereof, Assignor will provide to Assignee copies of all documents requested by Assignee which
were delivered to Assignor pursuant to the Purchase Agreement. 
 5. Each of the parties to this Assignment Agreement agrees that at any time
and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Assignment
Agreement. 
 6. By executing and delivering this Assignment Agreement, Assignor and Assignee confirm to and agree with each other, the Agent
and the other Financial Institutions in the Assignor’s and Assignee’s Purchaser Group as follows: (a) other than the representation and warranty that it has not created any Adverse Claim upon any interest being transferred hereunder,
Assignor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made by any other Person in or in connection with the Purchase Agreement or the Transaction Documents or the
execution, legality, validity, enforceability, genuineness, sufficiency or value of Assignee, the Purchase Agreement or any other instrument or document furnished pursuant thereto or the perfection, priority, condition, value or sufficiency of any
collateral; (b) Assignor makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Seller Party, any Obligor, any Affiliate of any Seller Party or the performance or observance by any
Seller Party, any Obligor, any Affiliate of any Seller Party of any of their respective obligations under the Transaction Documents or any other instrument or document furnished pursuant thereto or in connection therewith; (c) Assignee confirms
that it has received a copy of the Purchase Agreement and copies of such other Transaction Documents, and other documents and information as it has requested and deemed appropriate to make its own credit analysis and decision to enter into this
Assignment Agreement; (d) Assignee will, independently and without 

  
 Exh. VII-2 

 RECEIVABLES PURCHASE AGREEMENT 

 
 reliance upon the Agent, any Conduit, the Seller or any other Financial Institution or
Purchaser and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Purchase Agreement and the Transaction Documents; (e) Assignee
appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Transaction Documents as are delegated to the Agent by the terms thereof, together with such powers as are reasonably incidental
thereto; (f) Assignee appoints and authorizes                          to take such action on its behalf and to exercise
such powers under the Transaction Documents as are delegated to the Purchaser Agent for the Assignee’s Purchaser Group by the terms thereof, together with such powers as are reasonably incidental thereto; and (g) Assignee agrees that it
will perform in accordance with their terms all of the obligations which, by the terms of the Purchase Agreement and the other Transaction Documents, are required to be performed by it as a Financial Institution (including, without limitation, as a
Related Financial Institution) or, when applicable, as a Purchaser. 
 7. Each party hereto represents and warrants to and agrees with the
Agent that it is aware of and will comply with the provisions of the Purchase Agreement, including, without limitation, Article I and Sections 4.1 and 14.6 thereof. 

8. [The Assignor has paid in full the RPA Deferred Purchase Price allocable to the Assignor’s pro rata portion of the Asset Portfolio as
of the date hereof, as determined by the Agent prior to giving effect to the transactions contemplated hereby.] [The Assignee hereby assumes in full the RPA Deferred Purchase Price allocable to the Assignor’s pro rata portion of the Asset
Portfolio as of the date hereof, as determined by the Agent prior to giving effect to the transactions contemplated hereby.] 
 9. Schedule I
hereto sets forth the revised Commitment of Assignor, the Conduit for which Assignee shall act as a Related Financial Institution and the Commitment of Assignee, as well as administrative information with respect to Assignee. 

10. THIS ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

11. Assignee hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all senior
Indebtedness of any Conduit or any Financial Institution or Funding Source that is a special purpose bankruptcy remote entity, it will not institute against, or join any other Person in instituting against, any Conduit or any such entity any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 

IN WITNESS WHEREOF, the parties hereto have caused this Assignment Agreement to be executed by their respective duly authorized officers of
the date hereof. 
 [Signature Pages Follow] 

  
 Exh. VII-3 

 RECEIVABLES PURCHASE AGREEMENT 

 
  

			
	[ASSIGNOR]

 
			
		
	By:	 	  

 
			
	Name:
	Title:
	
	[ASSIGNEE]

 
			
		
	By:	 	  

 
			
	Name:
	Title:

  
 Exh. VII-4 

 RECEIVABLES PURCHASE AGREEMENT 

 
 SCHEDULE I TO ASSIGNMENT AGREEMENT 

LIST OF LENDING OFFICES, ADDRESSES 

FOR NOTICES AND COMMITMENT AMOUNTS 
 Date:
            ,          

Transferred Percentage:             % 

 

									
	 	  	 A-1
	  	 A-2
	  	 B-1
	  	 B-2

	Assignor	  	Commitment
(prior to giving
effect to the
Assignment
Agreement)	  	 Commitment

(after giving
 effect to
the Assignment Agreement)
	  	Outstanding
Capital
(if any)	  	 Ratable Share
of Outstanding
Capital

		  		  		  		  	
	 	  	 	  	 A-2
	  	 B-1
	  	 B-2

	Assignee	  		  	Commitment (after giving effect to the Assignment Agreement)	  	Outstanding
Capital
(if any)	  	Ratable Share
of Outstanding
Capital
		  		  		  		  	

 Assignee is a Related Financial Institution for: ________________ 

Address for Notices 
 Attention: 

Phone: 
 Fax: 

  
 Exh. VII-5 

 RECEIVABLES PURCHASE AGREEMENT 

 
 SCHEDULE II TO ASSIGNMENT AGREEMENT 

EFFECTIVE NOTICE 
  

					
	TO:	 	                                    
, Assignor
		 	                                    

		 	                                    

		 	                                    

		
	TO:	 	                                    
, Assignee
		 	                                    

		 	                                    

		 	                                    

 The undersigned, as Agent under the Receivables Purchase Agreement, dated as of July 24, 2018, by and among PDC Funding
Company III, LLC, a Minnesota limited liability company, Patterson Dental Supply, Inc., a Minnesota corporation, as Servicer, the Financial Institutions party thereto, the Conduits party thereto, the Purchaser Agents party thereto and MUFG BANK,
LTD., as Agent (as amended, the “Receivables Purchase Agreement”), hereby acknowledges receipt of executed counterparts of a completed Assignment Agreement dated as
of                    ,          between
            , as Assignor, and                        , as Assignee
(the “Assignment Agreement”). Terms defined in such Assignment Agreement are used herein as therein defined. 
 1. Pursuant
to such Assignment Agreement, you are advised that the Effective Date will be                 ,         . 

2. The Conduit in the Assignor’s Purchaser Group hereby consents to the Assignment Agreement as required by
Section 12.1(b) of the Receivables Purchase Agreement. 
 [3. Pursuant to such Assignment Agreement, the Assignee
is required to pay $                 to Assignor at or before 12:00 noon (local time of Assignor) on the Effective Date in immediately available funds.] 

 

			
	 Very truly yours,

	
	 MUFG BANK, LTD., individually and as
Agent

 
			
		
	 By:
	 	
 

			
	 Name:

	 Title:

  
 Exh. VII-6 

 RECEIVABLES PURCHASE AGREEMENT 

 
  

			
	 [APPLICABLE
CONDUIT]

 
			
		
	 By:
	 	
 

			
	 Name:

	 Title:

  
 Exh. VII-7 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT VIII 

CREDIT AND COLLECTION POLICY 

On file with Agent. 

  
 Exh.VIII-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT IX 

FORM OF CONTRACT(S) 
 On
file with Agent. 

  
 Exh. IX-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT X 

FORM OF MONTHLY REPORT 
 On
file with Agent. 

  
 Exh. X-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 EXHIBIT XI 

FORM OF PERFORMANCE UNDERTAKING 

This Performance Undertaking (this “Undertaking”), dated as of July 24, 2018, is executed by Patterson Companies,
Inc., a Minnesota corporation (the “Provider”) in favor of PDC Funding Company III, LLC, a Minnesota limited liability company (together with its successors and assigns, “Recipient”). 

RECITALS 
 A. Patterson
Dental Supply, Inc. (“PDSI” or the “Originator”) and Recipient have entered into a Receivables Sale Agreement, dated as of July 24, 2018 (as amended, restated or otherwise modified from time to
time, the “Sale Agreement”), pursuant to which the Originator, subject to the terms and conditions contained therein, is selling its right, title and interest in its accounts receivable to Recipient. 

B. PDSI, in its capacity as servicer (the “Initial Servicer”), the Recipient, the Financial Institutions and MUFG
Bank, Ltd., as Agent have entered into a Receivables Purchase Agreement, dated as of July 24, 2018 (as amended, restated or otherwise modified, the “Purchase Agreement” and, together with the Sale Agreement, the
“Agreements”), pursuant to which the Initial Servicer (together with its successors and assigns (any such Person, a “Successor Servicer”; together with the Initial Servicer, each a
“Servicer”), pursuant to which the Servicer, subject to the terms and conditions contained therein, has agreed to service, administer and collect the Receivables. 

C. PDSI is a Subsidiary of Provider and Provider is expected to receive substantial direct and indirect benefits from the sale of accounts
receivable by the Originator to Recipient pursuant to the Sale Agreement and the servicing of the Receivables by the Servicer (which benefits are hereby acknowledged). 

D. As an inducement for Recipient to purchase the Originator’s accounts receivable pursuant to the Sale Agreement, and for the Servicer
to service the Receivables, Provider has agreed to guaranty the due and punctual performance by the Originator and the Servicer of their obligations under the Agreements. 

E. Provider wishes to guaranty the due and punctual performance by the Originator and the Servicer of their obligations under or in respect of
the Agreements as provided herein. 
 AGREEMENT 

NOW, THEREFORE, Provider hereby agrees as follows: 

Section 1 Definitions. Capitalized terms used herein and not defined herein shall have the respective meanings assigned thereto in
the Purchase Agreement. In addition: 

  
 Exh. XI-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 “Obligations” means, collectively, all covenants,
agreements, terms, conditions and indemnities to be performed and observed by the Originator or the Servicer under and pursuant to the Agreements and each other document executed and delivered by the Originator or the Servicer pursuant to or in
connection with either Agreement, including, without limitation, the due and punctual payment of all sums which are or may become due and owing by the Originator under the Sale Agreement or the Servicer under the Purchase
Agreement, whether for fees, expenses (including counsel fees), indemnified amounts or otherwise, whether upon any termination or for any other reason. 

Section 2 Guaranty of Performance of Obligations. Provider hereby guarantees to Recipient the full and punctual payment and
performance by each Originator and each Servicer (together with their respective successors and assigns, collectively, the “Covered Entities”, and each, a “Covered Entity”) of the Obligations. This Undertaking is an
absolute, unconditional and continuing guaranty of the full and punctual performance of all of the Obligations of each Covered Entity under the Agreements and each other document executed and delivered by each Covered Entity pursuant to the
Agreements and is in no way conditioned upon any requirement that Recipient first attempt to collect any amounts owing by any Covered Entity to Recipient, the Agent or the Purchasers from any other Person or resort to any collateral security, any
balance of any deposit account or credit on the books of Recipient, the Agent or any Purchaser in favor of any Covered Entity or any other Person or other means of obtaining payment. Should any Covered Entity default in the payment or performance of
any of the Obligations, Recipient (or its assigns) may cause the immediate performance by Provider of the Obligations and cause any payment Obligations to become forthwith due and payable to Recipient (or its assigns), without demand or notice of
any nature (other than as expressly provided herein), all of which are hereby expressly waived by Provider. Notwithstanding the foregoing, this Undertaking is not a guarantee of the collection of any of the Receivables and Provider shall not be
responsible for any Obligations to the extent the failure to perform such Obligations by any Covered Entity results from Receivables being uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor.

 Section 3 Provider’s Further Agreements to Pay. Provider further agrees, as the principal obligor and not as a guarantor
only, to pay to Recipient (and its assigns), forthwith upon demand in funds immediately available to Recipient, all reasonable costs and expenses (including court costs and legal expenses) incurred or expended by Recipient in connection with the
Obligations, this Undertaking and the enforcement thereof, together with interest on amounts recoverable under this Undertaking from the time when such amounts become due until payment, at a rate of interest (computed for the actual number of days
elapsed based on a 360 day year) equal to the Prime Rate plus 2% per annum, such rate of interest changing when and as the Prime Rate changes. 

Section 4 Waivers by Provider. Provider waives notice of acceptance of this Undertaking, notice of any action taken or omitted by
Recipient (or its assigns) in reliance on this Undertaking, and any requirement that Recipient (or its assigns) be diligent or prompt in making demands under this Undertaking, giving notice of any Purchase Termination Event, Amortization Event,
other default or omission by any Covered Entity or asserting any other rights of Recipient under this Undertaking. Provider warrants that it has adequate means to obtain from each Covered Entity, on a continuing basis, information concerning the
financial condition of each the Covered Entities, and that it is not relying on Recipient to provide such information, now or in the future. Provider also irrevocably waives all defenses (i) that at any

  
 Exh. XI-2 

 RECEIVABLES PURCHASE AGREEMENT 

 
 time may be available in respect of the Obligations by virtue of any statute of
limitations, valuation, stay, moratorium law or other similar law now or hereafter in effect or (ii) that arise under the law of suretyship, including impairment of collateral. Recipient (and its assigns) shall be at liberty, without giving
notice to or obtaining the assent of Provider and without relieving Provider of any liability under this Undertaking, to deal with the Covered Entities and with each other party who now is or after the date hereof becomes liable in any manner for
any of the Obligations, in such manner as Recipient in its sole discretion deems fit, and to this end Provider agrees that the validity and enforceability of this Undertaking, including without limitation, the provisions of
Section 7 hereof, shall not be impaired or affected by any of the following: (a) any extension, modification or renewal of, or indulgence with respect to, or substitutions for, the Obligations or any part thereof or
any agreement relating thereto at any time; (b) any failure or omission to enforce any right, power or remedy with respect to the Obligations or any part thereof or any agreement relating thereto, or any collateral securing the Obligations or
any part thereof; (c) any waiver of any right, power or remedy or of any Purchase Termination Event, Amortization Event, or default with respect to the Obligations or any part thereof or any agreement relating thereto; (d) any release,
surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of any other obligation of any person or entity with respect to the Obligations or any part thereof; (e) the enforceability or validity of
the Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to the Obligations or any part thereof; (f) the application of payments received from any source to the payment
of any payment Obligations of the Covered Entities or any part thereof or amounts which are not covered by this Undertaking even though Recipient (or its assigns) might lawfully have elected to apply such payments to any part or all of the payment
Obligations of the Covered Entities or to amounts which are not covered by this Undertaking; (g) the existence of any claim, setoff or other rights which Provider may have at any time against the Covered Entities in connection herewith or any
unrelated transaction; (h) any assignment or transfer of the Obligations or any part thereof; or (i) any failure on the part of the Covered Entities to perform or comply with any term of the Agreements or any other document executed in
connection therewith or delivered thereunder, all whether or not Provider shall have had notice or knowledge of any act or omission referred to in the foregoing clauses (a) through (i) of this Section 4. 

Section 5 Unenforceability of Obligations Against Covered Entities. Notwithstanding (a) any change of ownership of any
Covered Entity or the insolvency, bankruptcy or any other change in the legal status of any Covered Entity; (b) the change in or the imposition of any law, decree, regulation or other governmental act which does or might impair, delay or in any
way affect the validity, enforceability or the payment when due of the Obligations; (c) the failure of any Covered Entity or Provider to maintain in full force, validity or effect or to obtain or renew when required all governmental and other
approvals, licenses or consents required in connection with the Obligations or this Undertaking, or to take any other action required in connection with the performance of all obligations pursuant to the Obligations or this Undertaking; or
(d) if any of the moneys included in the Obligations have become irrecoverable from the Covered Entities for any other reason other than final payment in full of the payment Obligations in accordance with their terms, this Undertaking shall
nevertheless be binding on Provider. This Undertaking shall be in addition to any other guaranty or other security for the Obligations, and it shall not be rendered unenforceable by the invalidity of any such other guaranty or security. In the event
that acceleration of the time for payment of any of 

  
 Exh. XI-3 

 RECEIVABLES PURCHASE AGREEMENT 

 
 the Obligations is stayed upon the insolvency, bankruptcy or reorganization of any
Covered Entity or for any other reason with respect to the Covered Entities, all such amounts then due and owing with respect to the Obligations under the terms of the Agreements, or any other agreement evidencing, securing or otherwise executed in
connection with the Obligations, shall be immediately due and payable by Provider. 
 Section 6 Representations and Warranties.
Provider hereby represents and warrants to Recipient that: 
 (a) Existence and Standing. Provider is a corporation duly organized,
validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all corporate power and all governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in
which its business is conducted except where the failure to have any such governmental licenses, authorizations, consents or approvals could not reasonably be expected to have a Material Adverse Effect. 

(b) Authorization, Execution and Delivery; Binding Effect. Provider has the corporate power and authority and legal right to execute and
deliver this Undertaking, perform its obligations hereunder and consummate the transactions herein contemplated. The execution and delivery by Provider of this Undertaking, the performance of its obligations and consummation of the transactions
contemplated hereunder have been duly authorized by proper corporate proceedings, and Provider has duly executed and delivered this Undertaking. This Undertaking constitutes the legal, valid and binding obligation of Provider enforceable against
Provider in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally. 

(c) No Conflict; Government Consent. The execution and delivery by Provider of this Undertaking and the performance of its obligations
hereunder are within its corporate powers, have been duly authorized by all necessary corporate action, do not contravene or violate (i) its articles of incorporation or by-laws, (ii) any law, rule
or regulation applicable to it, (iii) any restrictions under any agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any order, writ, judgment, award, injunction or decree
binding on or affecting it or its property and, do not result in the creation or imposition of any Adverse Claim on assets of Provider. 

(d) Financial Statements. The consolidated financial statements of Provider and its consolidated Subsidiaries dated as of April 30,
2018, heretofore delivered to Recipient have been prepared in accordance with GAAP consistently applied and fairly present in all material respects the consolidated financial condition and results of operations of Provider and its consolidated
Subsidiaries as of such date and for the period ended on such date. Since the later of (i) April 30, 2018, and (ii) the last time this representation was made or deemed made, no event has occurred which would or could reasonably be
expected to have a Material Adverse Effect. 
 (e) Taxes. Provider has filed all United States federal tax returns and all other tax
returns which are required to be filed and has paid all taxes due pursuant to said returns or pursuant to any assessment received by Provider or any of its Subsidiaries, except such taxes, if 

  
 Exh. XI-4 

 RECEIVABLES PURCHASE AGREEMENT 

 
 any, as are being contested in good faith and as to which adequate reserves have been
provided. The United States income tax returns of Provider have been audited by the Internal Revenue Service through the fiscal year ended April 30, 2016. No federal or state tax liens have been filed and no claims are being asserted with
respect to any such taxes. The charges, accruals and reserves on the books of Provider in respect of any taxes or other governmental charges are adequate. 

(f) Litigation and Contingent Obligations. Except as disclosed in the filings made by Provider with the Securities and Exchange
Commission, there are no actions, suits or proceedings pending or, to the best of Provider’s knowledge threatened against or affecting Provider or any of its properties, in or before any court, arbitrator or other body, that could reasonably be
expected to have a Material Adverse Effect on (i) the business, properties, condition (financial or otherwise) or results of operations of Provider and its Subsidiaries taken as a whole, (ii) the ability of Provider to perform its
obligations under this Undertaking, or (iii) the validity or enforceability of any of this Undertaking or the rights or remedies of Recipient hereunder. Provider is not default with respect to any order of any court, arbitrator or governmental
body and does not have any material contingent obligations not provided for or disclosed in the financial statements referred to in Section 6(d). 

Section 7 Subrogation; Subordination. Notwithstanding anything to the contrary contained herein, prior to the termination of its
obligations hereunder pursuant to Section 8, Provider: (a) will not enforce or otherwise exercise any right of subrogation to any of the rights of Recipient, the Agent or any Purchaser against any Covered Entity, (b) hereby waives all
rights of subrogation (whether contractual, under Section 509 of the United States Bankruptcy Code, at law or in equity or otherwise) to the claims of Recipient, the Agent and the Purchasers against the Covered Entities and all contractual,
statutory or legal or equitable rights of contribution, reimbursement, indemnification and similar rights and “claims” (as that term is defined in the United States Bankruptcy Code) which Provider might now have or hereafter acquire
against the Covered Entities that arise from the existence or performance of Provider’s obligations hereunder, (c) will not claim any setoff, recoupment or counterclaim against any Covered Entity in respect of any liability of Provider to
the Covered Entities and (d) waives any benefit of and any right to participate in any collateral security which may be held by Beneficiaries, the Agent or the Purchasers. The payment of any amounts due with respect to any indebtedness of the
Covered Entities now or hereafter owed to Provider is hereby subordinated to the prior payment in full of all of the Obligations, provided that, prior to the occurrence of any default in the payment or performance of any of the Obligations, the
Covered Entities may make, and Provider may accept, payments of such indebtedness in the ordinary course. Provider agrees that, after the occurrence of any default in the payment or performance of any of the Obligations, Provider will not demand,
sue for or otherwise attempt to collect any such indebtedness of the Covered Entities to Provider until all of the Obligations shall have been paid and performed in full. If, notwithstanding the foregoing sentence, Provider shall collect, enforce or
receive any amounts in respect of such indebtedness while any Obligations are still unperformed or outstanding, such amounts shall be collected, enforced and received by Provider as trustee for Recipient (and its assigns) and be paid over to
Recipient (or its assigns) on account of the Obligations without affecting in any manner the liability of Provider under the other provisions of this Undertaking. The provisions of this Section 7 shall be supplemental to
and not in derogation of any rights and remedies of Recipient under any separate subordination agreement which Recipient may at any time and from time to time enter into with Provider. 

  
 Exh. XI-5 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Section 8 Termination of Undertaking. Provider’s
obligations hereunder shall continue in full force and effect until all Obligations are finally paid and satisfied in full and the Purchase Agreement is terminated, provided, that this Undertaking shall continue to be effective or shall be
reinstated, as the case may be, if at any time payment or other satisfaction of any of the Obligations is rescinded or must otherwise be restored or returned upon the bankruptcy, insolvency, or reorganization of any Covered Entity or otherwise, as
though such payment had not been made or other satisfaction occurred, whether or not Recipient (or its assigns) is in possession of this Undertaking. No invalidity, irregularity or unenforceability by reason of the federal bankruptcy code or any
insolvency or other similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect the Obligations shall impair, affect, be a defense to or claim against the obligations of Provider under this
Undertaking. 
 Section 9 Effect of Bankruptcy. This Undertaking shall survive the insolvency of any Covered Entity and the
commencement of any case or proceeding by or against any Covered Entity under the federal bankruptcy code or other federal, state or other applicable bankruptcy, insolvency or reorganization statutes. No automatic stay under the federal bankruptcy
code with respect to any Covered Entity or other federal, state or other applicable bankruptcy, insolvency or reorganization statutes to which such Covered Entity is subject shall postpone the obligations of Provider under this Undertaking. 

Section 10 Setoff. Regardless of the other means of obtaining payment of any of the Obligations, Recipient (and its assigns) is
hereby authorized at any time and from time to time, without notice to Provider (any such notice being expressly waived by Provider) and to the fullest extent permitted by law, to set off and apply any deposits and other sums against the obligations
of Provider under this Undertaking, whether or not Recipient (or any such assign) shall have made any demand under this Undertaking and although such Obligations may be contingent or unmatured. 

Section 11 Taxes. All payments to be made by Provider hereunder shall be made free and clear of any deduction or withholding. If
Provider is required by law to make any deduction or withholding on account of tax or otherwise from any such payment, the sum due from it in respect of such payment shall be increased to the extent necessary to ensure that, after the making of such
deduction or withholding, Recipient receive a net sum equal to the sum which they would have received had no deduction or withholding been made. 

Section 12 Further Assurances. Provider agrees that it will from time to time, at the request of Recipient (or its assigns),
provide information relating to the business and affairs of Provider as Recipient may reasonably request. Provider also agrees to do all such things and execute all such documents as Recipient (or its assigns) may reasonably consider necessary or
desirable to give full effect to this Undertaking and to perfect and preserve the rights and powers of Recipient hereunder. 

  
 Exh. XI-6 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Section 13 Successors and Assigns. This Performance
Undertaking shall be binding upon Provider, its successors and permitted assigns, and shall inure to the benefit of and be enforceable by Recipient and its successors and assigns. Provider may not assign or transfer any of its obligations hereunder
without the prior written consent of each of Recipient and the Agent. Without limiting the generality of the foregoing sentence, Recipient may assign or otherwise transfer the Agreements, any other documents executed in connection therewith or
delivered thereunder or any other agreement or note held by them evidencing, securing or otherwise executed in connection with the Obligations, or sell participations in any interest therein, to any other entity or other person, and such other
entity or other person shall thereupon become vested, to the extent set forth in the agreement evidencing such assignment, transfer or participation, with all the rights in respect thereof granted to the Recipient herein. 

Section 14 Amendments and Waivers. No amendment or waiver of any provision of this Undertaking nor consent to any departure by
Provider therefrom shall be effective unless the same shall be in writing and signed by Recipient, the Agent and Provider. No failure on the part of Recipient to exercise, and no delay in exercising, any right hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. 

Section 15 Notices. All notices and other communications provided for hereunder shall be made in writing and shall be addressed as
follows: if to Provider, at the address set forth beneath its signature hereto, and if to Recipient, at the addresses set forth beneath its signature hereto, or at such other addresses as each of Provider or any Recipient may designate in writing to
the other. Each such notice or other communication shall be effective if given by telecopy, upon the receipt thereof, if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage
prepaid or if given by any other means, when received at the address specified in this Section 15. 

Section 16 GOVERNING LAW. THIS UNDERTAKING SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 17 CONSENT TO JURISDICTION. EACH OF PROVIDER AND RECIPIENT HEREBY IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION
OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS UNDERTAKING, THE AGREEMENTS OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION THEREWITH OR DELIVERED THEREUNDER
AND EACH OF PROVIDER AND RECIPIENT HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF
ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. 

  
 Exh. XI-7 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Section 18 Bankruptcy Petition. Provider hereby covenants
and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding senior Indebtedness of Conduit, it will not institute against, or join any other Person in instituting against, Conduit any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States. 

Section 19 Miscellaneous. This Undertaking constitutes the entire agreement of Provider with respect to the matters set forth
herein. The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law or any other agreement, and this Undertaking shall be in addition to any other guaranty of or collateral security for any of the
Obligations. The provisions of this Undertaking are severable, and in any action or proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors
generally, if the obligations of Provider hereunder would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of Provider’s liability under this Undertaking, then, notwithstanding any other
provision of this Undertaking to the contrary, the amount of such liability shall, without any further action by Provider or Recipient, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such
action or proceeding. Any provisions of this Undertaking which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise specified, references herein to “Section”
shall mean a reference to sections of this Undertaking. 
 * * * * 

  
 Exh. XI-8 

 RECEIVABLES PURCHASE AGREEMENT 

 
 IN WITNESS WHEREOF, Provider has caused this Undertaking to be executed
and delivered as of the date first above written. 
  

			
	PATTERSON COMPANIES, INC.

 
			
		
	By:	 	  

 
			
	Name:
	Title:
	
	Address:
	
	1031 Mendota Heights Road
	St. Paul, Minnesota 55120

  
 Exh. XI-9 

 RECEIVABLES PURCHASE AGREEMENT 

 
 SCHEDULE A 

COMMITMENTS, PAYMENT ADDRESSES, CONDUIT PURCHASE LIMITS, 

PURCHASER AGENTS AND RELATED FINANCIAL INSTITUTIONS 

Commitments and Payment Addresses of Financial Institutions 
  

					
	 Financial Institution
	  	 Commitment
	  	 Address

	MUFG Bank, Ltd.	  	$200,000,000	  	1221 Avenue of the Americas, 6th Floor
New York, New York 10020
Attention: Nicolas Mounier
Telephone: (212) 405-6655
Email:Nicolas.mounier@mufgsecurities.com

  
 Sch. A-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
 Conduit Purchase Limits, Payment Addresses and Related 

Financial Institutions of Conduits 
  

							
	 Conduit
	  	 Conduit Purchase Limit
	  	 Related Financial Institution(s)
	  	 Address

	N/A	  		  		  	

 Purchaser Agents 
  

					
	 Purchaser Group
	  	 Purchaser Agent
	  	 Address

	MUFG Bank, Ltd.	  	MUFG Bank, Ltd.	  	 1221 Avenue of the Americas 6th Floor

 New
York, New York 10020
Attention: Nicolas Mounier Telephone: (212) 405-6655
Email:Nicolas.mounier@mufgsecurities.com

  
 Sch. A-2 

 RECEIVABLES PURCHASE AGREEMENT 

 
 SCHEDULE B 

DOCUMENTS TO BE DELIVERED TO THE AGENT AND EACH PURCHASER 

AGENT ON OR PRIOR TO THE INITIAL PURCHASE AND DEEMED EXCHANGE 

Documents to be delivered in Connection with this Agreement 

The Seller Parties shall deliver to Agent each of the following, in each case in form and substance reasonably acceptable to Agent: 

 

	 	1.	Duly executed copies of this Agreement, duly executed by the parties hereto. 

  

	 	2.	Duly executed copies of the Receivables Sale Agreement. 

  

	 	3.	Duly executed copies of the Performance Undertaking. 

  

	 	4.	Duly executed copies of the Collection Account Agreement with JPMorgan, as depositary bank. 

  

	 	5.	Duly executed copies of the Fee Letter. 

  

	 	6.	A certificate of the Secretary of Patterson Dental Supply, Inc., dated as of July 24, 2018, certifying as to (i) the resolutions of the Board of Directors, (ii) a copy of such entity’s By-Laws and Articles of Incorporation (in each case, as amended through the date thereof) and (iii) the names and signatures of the officers authorized on its behalf to execute this Agreement and any other
documents to be delivered by it hereunder. 

  

	 	7.	A certificate of the Secretary of PDC Funding Company III, LLC, dated as of July 24, 2018, certifying as to (i) the resolutions of the Board of Governors, (ii) a copy of such entity’s operating
agreement and certificate of formation (in each case, as amended through the date thereof) and (iii) the names and signatures of the officers authorized on its behalf to execute this Agreement and any other documents to be delivered by it
hereunder. 

  

	 	8.	UCC-1 financing statement naming Seller, as Debtor, and MUFG, as agent, as Secured Party, as filed with the Minnesota Secretary of State. 

 

	 	9.	UCC-1 financing statement naming Patterson Dental Supply, Inc., as Debtor, Seller, as Secured Party/Assignor, and MUFG, as agent, as Secured Party/Assignee, as filed with the
Minnesota Secretary of State. 

  

	 	10.	A Good Standing Certificate issued by the Minnesota Secretary of State, as of a recent date, for Seller. 

  

	 	11.	A Good Standing Certificate issued by the Minnesota Secretary of State, as of a recent date, for each of Patterson Dental Supply, Inc. and Patterson Dental Supply, Inc. 

  
 Sch. B-1 

 RECEIVABLES PURCHASE AGREEMENT 

 
  

	 	12.	Lien Search Reports of a recent date (including UCC, ERISA, tax, and judgment liens) against Patterson Dental Supply, Inc. from Minnesota or such other applicable jurisdiction. 

 

	 	13.	Lien Search Reports of a recent date (including UCC, ERISA, tax, and judgment liens) against Seller from Minnesota or such other applicable jurisdiction. 

 

	 	14.	A favorable opinion of Les B. Korsch, General Counsel to Patterson Companies, Inc. and its wholly-owned subsidiaries, Patterson Dental Supply, Inc. and the Seller, dated as of the Closing Date. 

 

	 	15.	A favorable opinion of Briggs and Morgan, P.A., special counsel to Patterson Companies, Inc. and its wholly-owned subsidiaries, Patterson Dental Supply, Inc. and the Seller, dated as of the Closing Date and related to
creation, perfection and priority of security interest matters. 

  

	 	16.	A favorable opinion of Briggs and Morgan, P.A., special counsel to Patterson Companies, Inc. and its wholly-owned subsidiaries, Patterson Dental Supply, Inc. and the Seller, dated as of the Closing Date and related to
true sale and non-consolidation matters. 

  

	 	17.	A favorable opinion of Briggs and Morgan, P.A., special counsel to Patterson Dental Supply, Inc. and its wholly-owned subsidiaries, Patterson Dental Supply, Inc. and the Seller, dated as of the Closing Date and related
to corporate matters, including with respect to enforceability, legality, no conflicts with law, no conflict with material agreements, Investment Company Act and Volcker Rule matters). 

 

	 	18.	A pro forma Monthly Report. 

  

	 	19.	An Internal Revenue Service Form W-9/W-8, as applicable, for the Seller and each Patterson Entity. 

 

	 	20.	All other documents, instruments, agreements or opinions reasonably requested by Agent. 

  
 Sch. B-2

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