Document:

EX-10.6

 Exhibit 10.6 
  

 
 ASSET REPRESENTATIONS REVIEW
AGREEMENT 
 among 
 PERPETUAL
TRUSTEE COMPANY LIMITED, in its capacity as trustee of SMART ABS Series 2016-2US Trust, 
 as Issuer Trustee 

MACQUARIE SECURITIES MANAGEMENT PTY LIMITED, 

as Manager 
 MACQUARIE LEASING PTY
LIMITED, 
 as Servicer 
 and

 CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 

Dated as of October 14, 2016 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	 USAGE AND DEFINITIONS
	  	 	1	  
			
	 Section 1.1.
	 	 Usage and Definitions
	  	 	1	  
	 Section 1.2.
	 	 Additional Definitions
	  	 	2	  
			
	 ARTICLE II
	 	 ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
	  	 	3	  
			
	 Section 2.1.
	 	 Engagement; Acceptance
	  	 	3	  
	 Section 2.2.
	 	 Confirmation of Scope
	  	 	3	  
			
	 ARTICLE III
	 	 ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	  
			
	 Section 3.1.
	 	 Review Notices
	  	 	3	  
	 Section 3.2.
	 	 Identification of Subject Receivables
	  	 	4	  
	 Section 3.3.
	 	 Review Materials
	  	 	4	  
	 Section 3.4.
	 	 Performance of Reviews
	  	 	4	  
	 Section 3.5.
	 	 Review Reports
	  	 	5	  
	 Section 3.6.
	 	 Review Representatives
	  	 	6	  
	 Section 3.7.
	 	 Limitations on Asset Representations Review Obligations
	  	 	6	  
	 Section 3.8.
	 	 Dispute Resolution
	  	 	7	  
			
	 ARTICLE IV
	 	 ASSET REPRESENTATIONS REVIEWER
	  	 	7	  
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	7	  
	 Section 4.2.
	 	 Covenants
	  	 	8	  
	 Section 4.3.
	 	 Fees and Expenses
	  	 	8	  
	 Section 4.4.
	 	 Limitation on Liability
	  	 	10	  
	 Section 4.5.
	 	 Indemnification by Asset Representations Reviewer
	  	 	10	  
	 Section 4.6.
	 	 Indemnification of Asset Representations Reviewer
	  	 	10	  
	 Section 4.7.
	 	 Inspections of Asset Representations Reviewer
	  	 	11	  
	 Section 4.8.
	 	 Delegation of Obligations
	  	 	12	  
	 Section 4.9.
	 	 Confidential Information
	  	 	12	  
	 Section 4.10.
	 	 Personally Identifiable Information
	  	 	13	  
			
	 ARTICLE V
	 	 RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER
	  	 	15	  
			
	 Section 5.1.
	 	 Eligibility Requirements for Asset Representations Reviewer
	  	 	15	  
	 Section 5.2.
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	15	  
	 Section 5.3.
	 	 Successor Asset Representations Reviewer
	  	 	16	  
	 Section 5.4.
	 	 Merger, Consolidation or Succession
	  	 	16	  
			
	 ARTICLE VI
	 	 OTHER AGREEMENTS
	  	 	17	  
			
	 Section 6.1.
	 	 Independence of Asset Representations Reviewer
	  	 	17	  
	 Section 6.2.
	 	 No Petition
	  	 	17	  
	 Section 6.3.
	 	 Limitation of Liability of Issuer Trustee
	  	 	17	  
	 Section 6.4.
	 	 Termination of Agreement
	  	 	17	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VII
	 	 MISCELLANEOUS PROVISIONS
	  	 	17	  
			
	 Section 7.1.
	 	 Amendments
	  	 	17	  
	 Section 7.2.
	 	 Assignment; Benefit of Agreement; Third Party Beneficiaries
	  	 	18	  
	 Section 7.3.
	 	 Notices
	  	 	18	  
	 Section 7.4.
	 	 GOVERNING LAW
	  	 	19	  
	 Section 7.5.
	 	 Submission to Jurisdiction
	  	 	19	  
	 Section 7.6.
	 	 WAIVER OF JURY TRIAL
	  	 	19	  
	 Section 7.7.
	 	 No Waiver; Remedies
	  	 	19	  
	 Section 7.8.
	 	 Severability
	  	 	20	  
	 Section 7.9.
	 	 Headings
	  	 	20	  
	 Section 7.10.
	 	 Counterparts
	  	 	20	  
			
	 Schedule A
	 	 Representations and Warranties, Review Materials and Tests
	  			

  
 ii 

 ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of October 14, 2016 (this
“Agreement”), among PERPETUAL TRUSTEE COMPANY LIMITED, a limited liability public company under the Australian Corporations Act 2001 (Cth), in its capacity as trustee of SMART ABS Series 2016-2US Trust, as
Issuer Trustee, MACQUARIE LEASING PTY LIMITED, a limited liability company incorporated under the Australian Corporations Act 2001 (Cth), as Servicer, MACQUARIE SECURITIES MANAGEMENT PTY LIMITED, a limited liability company
incorporated under the Australian Corporations Act 2001 (Cth), as Manager, and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as asset representations reviewer (the “Asset Representations
Reviewer”). 
 BACKGROUND 

In the normal course of its business, Macquarie Leasing Pty Limited provides financing for a wide range of new and used motor vehicles and
equipment. 
 In connection with a securitization transaction sponsored by Macquarie Leasing Pty Limited, Macquarie Leasing Pty Limited sold
a pool of SMART Receivables consisting of lease contracts, hire purchase contracts and loan contracts secured by new and used motor vehicles (including cars, trucks, buses, trailers, forklifts and motorcycles) located in Australia to one or more
Disposing Trusts, who sold them to the Issuer Trustee and to the Issuer Trustee directly. 
 The Issuer Trustee has granted a security
interest in the pool of SMART Receivables to the Security Trustee, for the benefit of the secured parties, as security for the Notes issued by the Issuer Trustee under the Master Trust Deed and the Series Supplement. 

The Manager has directed the Issuer Trustee to engage the Asset Representations Reviewer to perform reviews of certain SMART Receivables for
compliance with the representations and warranties made by Macquarie Leasing Pty Limited about the SMART Receivables in the pool pursuant to clause 5.1 of the Master Sale and Servicing Deed (the “Pool Asset Representations”). 

In consideration of the foregoing, other good and valuable consideration, and the mutual terms and conditions contained herein, the parties
hereto agree as follows: 
 ARTICLE I 

USAGE AND DEFINITIONS 

Section 1.1.    Usage and Definitions. (a) Unless otherwise defined in this Agreement or unless otherwise
indicated in this Agreement, words and phrases defined (including by incorporation from, or by reference to, another document) in either or each of the Master Trust Deed, the Master Sale and Servicing Deed and the Series Supplement have the same
meaning in this Agreement. Where there is any inconsistency in a definition between the Series Supplement (on the one hand) and the Master Trust Deed or the Master Sale and Servicing Deed (on the other hand), the Series Supplement prevails.
Further, where there is any inconsistency in a definition between the Master Trust Deed (on the one hand) and the Master Sale and Servicing Deed (on the other hand), the Master Sale and Servicing Deed prevails. 

  
 1 

 (b) With respect to all terms in this Agreement, the singular includes the plural and the plural
the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to persons include their
permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including without limitation;” and the
term “or” is not exclusive. 
 Section 1.2.    Additional Definitions. The following terms have
the meanings given below: 
 “Affiliate” means, for any specified person, any other person which, directly or indirectly,
controls, is controlled by, or is under common control with such specified person. For purposes of this definition, “control” means the power, directly or indirectly, to cause the direction of the management and policies of a person.

 “Annual Fee” has the meaning stated in Section 4.3(a). 

“Asset Representations Review” means the performance by the Asset Representations Reviewer of the testing procedures for each
Test and each Subject Receivable according to Section 3.4. 
 “Confidential Information” has the meaning stated in
Section 4.9(b). 
 “Information Recipients” has the meaning stated in Section 4.9(a). 

“Indemnified Parties” has the meaning stated in Section 4.6(a). 

“Macquarie PII” has the meaning stated in Section 4.10(a). 

“Master Sale and Servicing Deed” means the Master Sale and Servicing Deed, dated February 27, 2007, among the Issuer Trustee,
the Manager, the Servicer and the Seller, as amended and supplemented from time to time. 
 “Master Trust Deed” means the
Master Trust Deed, dated March 11, 2002, between the Manager and Permanent Custodians Limited ACN 001 426 384, the rights and obligations of which were assumed by Perpetual Trustee Company Limited ACN 000 001 007 pursuant to the Deed
of Assumption, as amended and supplemented from time to time. 
 “Personally Identifiable Information” or
“PII” has the meaning stated in Section 4.10(a). 
 “Pool Asset Representations” has the meaning
stated in the Background paragraphs. 
 “Proceeding” means any suit in equity, action at law or other judicial or
administrative proceeding. 

  
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 “Review Fee” has the meaning stated in Section 4.3(b). 

“Review Materials” means, for an Asset Representations Review and a Subject Receivable, the documents and other materials for
each Test listed under “Review Materials” in Schedule A or any additional documents or other materials that the Asset Representations Reviewer may reasonably request. 

“Review Report” means, for an Asset Representations Review, the report of the Asset Representations Reviewer prepared
according to Section 3.5. 
 “Series Supplement” means the SMART ABS Series 2016-2US Trust Series Supplement, dated
as of September 29, 2016, among the Seller, Macquarie Bank Limited, the Manager and the Issuer Trustee. 
 “Test” has the
meaning stated in Section 3.4(a). 
 “Test Complete” has the meaning stated in Section 3.4(c). 

“Test Fail” has the meaning stated in Section 3.4(a). 

“Test Incomplete” has the meaning stated in Section 3.4(a). 

“Test Pass” has the meaning stated in Section 3.4(a). 

ARTICLE II 
 ENGAGEMENT OF
ASSET REPRESENTATIONS REVIEWER 
 Section 2.1.    Engagement; Acceptance. The Issuer Trustee (at the
direction of the Manager) engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Series Trust. Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of
the Asset Representations Reviewer on the terms in this Agreement. 
 Section 2.2.    Confirmation of
Scope. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the SMART Receivables for compliance with the representations and warranties under the Transaction Documents, except as described in
this Agreement or (b) determining whether noncompliance with the Pool Asset Representations constitutes a breach of the Transaction Documents. 

ARTICLE III 
 ASSET
REPRESENTATIONS REVIEW PROCESS 
 Section 3.1.    Review Notices. On receipt of a Review Notice from the
Manager according to clause 20.3 of the US$ Note Trust Deed, the Asset Representations Reviewer will start an Asset Representations Review. The Asset Representations Reviewer will have no obligation to start an Asset Representations Review
until a Review Notice is received. 

  
 3 

 Section 3.2.    Identification of Subject Receivables. Within ten
(10) Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer, the Manager and the Issuer Trustee a list of the Subject Receivables that will be subject to an Asset Representation Review. 

Section 3.3.    Review Materials. 

(a)    Access to Review Materials. The Servicer will give the Asset Representations Reviewer access to the
Review Materials for all of the Subject Receivables within sixty (60) calendar days after receipt of the Review Notice in one or more of the following ways in the Servicer’s reasonable discretion: (i) by providing remote access to the
Servicer’s receivables systems, (ii) by electronic posting of the Review Materials to a password-protected website to which the Asset Representations Reviewer has access, or (iii) or in another manner agreed by the Servicer and the Asset
Representations Reviewer; provided that the Asset Representations Reviewer will in no event be requested or required to travel to the Servicer’s or other third party’s location to obtain access to Review Materials. The Servicer may
redact or remove PII from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Representations Review remains intact and unchanged. 

(b)    Missing or Insufficient Review Materials. The Asset Representations Reviewer will review the Review
Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer reasonably determines that any of the Review Materials are missing or
insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) calendar days before completing the Asset Representations
Review, and the Servicer will use reasonable efforts to provide the Asset Representations Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency within fifteen (15) calendar days. If the
missing or insufficient Review Materials have not been provided by the Servicer within sixty (60) calendar days of the Servicer being notified of such insufficiency, the parties agree that the Subject Receivable subject to the applicable Tests(s)
will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete. 
 Section
3.4.    Performance of Reviews. 
 (a)    Test Procedures. For an Asset
Representations Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures listed under “Tests” in Schedule A for each Pool Asset Representation (each, a “Test”), using the
Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”),
if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use
such determination for all Subject Receivables that are subject to the same Test.

  
 4 

 (b)    Review Period. The Asset Representations Reviewer will
complete the Asset Representations Review of all of the Subject Receivables within ninety (90) calendar days after receiving access to the Review Materials under Section 3.3(a). However, if (i) missing or additional Review Materials are
provided to the Asset Representations Reviewer under Section 3.3(b) or (ii) the Asset Representations Reviewer requests clarification of any Review Materials or testing procedures, the Asset Representations Review period will be extended for
an additional thirty (30) calendar days. 
 (c)    Completion of Review for Certain Subject
Receivables. Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if (a) a Subject
Receivable is paid in full by the Obligor (b) a Subject Receivable is held by the Issuer Trustee for the Seller Trust in accordance with clause 6.4 of the Master Sale and Servicing Deed or (c) Macquarie Leasing Pty Limited has paid an amount to the
Issuer Trustee in accordance with clauses 6.10 and 6.11 of the Master Sale and Servicing Deed. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Subject Receivable and the Asset
Representations Review of such Subject Receivable will be considered complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete for the Subject Receivable and the related reason. 

(d)    Previously Reviewed Receivable. If any Test was performed in a prior Asset Representations Review, the
Asset Representations Reviewer will not perform such Tests on such Subject Receivable again unless (a) such Subject Receivable is the subject of a Pool Asset Representation as of a date after the completion of such prior Asset Representations Review
or (b) the Asset Representations Reviewer has reason to believe that such prior Asset Representations Review was conducted in a manner that would not have ascertained compliance with a specific Pool Asset Representation, but will include the results
of such previous Tests in the Review Report for the current Asset Representations Review. 
 (e)    Duplicative
Tests. If the same Test is required for more than one representation or warranty listed in Schedule A, the Asset Representations Reviewer will only perform the Test once for each Subject Receivable but will report the results of the
Test for each applicable representation or warranty in the Review Report. 
 (f)    Termination of Asset
Representations Review. If an Asset Representations Review is in process and the US$ Notes will be paid in full on the next Distribution Date, the Servicer will notify the Asset Representations Reviewer, the Manager and the Issuer Trustee
no less than ten (10) calendar days before that Distribution Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset Representations Review immediately and will have no obligation to deliver a Review Report. 

Section 3.5.    Review Reports. Within five (5) calendar days after the end of the Asset Representations
Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer Trustee, the Manager and the Servicer a Review Report indicating for each Subject Receivable whether there was a Test Pass, a Test Incomplete or
a Test Fail for each Test, or whether the Subject Receivable was a Test Complete and the related reason. The Review Report will contain a summary of the Asset Representations Review results, which must be

  
 5 

 
included in the Form 10-D report filed by MLPL, as depositor and on behalf of the Series Trust, for the Collection Period in which the Review Report is received. The Asset
Representations Reviewer will ensure that the Review Report does not contain any Macquarie PII. On the reasonable request of the Servicer, the Asset Representations Reviewer will provide additional details on the Test results. 

Section 3.6.    Review Representatives. 

(a)    Servicer Representative. The Servicer will designate one or more representatives who will be available
to assist the Asset Representations Reviewer in performing the Asset Representations Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Review Materials on the Servicer’s
receivables systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests. 

(b)    Asset Representations Reviewer Representative. The Asset Representations Reviewer will designate one or
more representatives who will be available to the Issuer Trustee, the Manager and the Servicer during the performance of an Asset Representations Review. 

(c)    Questions About Asset Representations Review. The Asset Representations Reviewer will make appropriate
personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Issuer Trustee, the Manager or the Servicer until the earlier of (i) the payment in full of the US$ Notes and (ii) one year
after the delivery of the Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from US$ Noteholders or any other person and will direct such persons to submit written
questions or requests to the Servicer (with a copy to the Issuer Trustee and the Manager). 
 Section
3.7.    Limitations on Asset Representations Review Obligations. 
 (a)    Asset
Representations Review Process Limitations. The Asset Representations Reviewer will have no obligation: 

(i)    to determine whether a Delinquency Trigger has occurred or whether the required percentage of US$
Noteholders has voted to direct an Asset Representations Review under the Series Supplement; 

(ii)    to determine which SMART Receivables are subject to an Asset Representations Review; 

(iii)    to confirm the validity of the Review Materials; 

(iv)    to take any action or cause any other party to take any action under any of the Transaction
Documents or otherwise to enforce any remedies against any person for breaches of Pool Asset Representations about the Subject Receivables; or 

(v)    to establish cause, materiality or recourse for any Test Fail as described in Section 3.4. 

  
 6 

 Section 3.8.    Dispute Resolution. The Asset Representations
Reviewer acknowledges and agrees that any Review Report may be used by the Issuer Trustee, the Manager, the US$ Note Trustee, the Security Trustee or the Servicer in any dispute resolution proceeding related to the Subject Receivables. No additional
fees or reimbursement of expenses shall be paid to the Asset Representations Reviewer regarding the Issuer Trustee’s, the Manager’s, the US$ Note Trustee’s, the Security Trustee’s or the Servicer’s use of any Review Report;
provided that the Asset Representations Reviewer will be reimbursed for its participation in any such proceeding in accordance with Section 4.3(d). 

ARTICLE IV 
 ASSET
REPRESENTATIONS REVIEWER 
 Section 4.1.    Representations and Warranties. The Asset Representations
Reviewer represents and warrants to the Issuer Trustee as of the Closing Date: 
 (a)    Organization and
Qualification. The Asset Representations Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware. The Asset Representations Reviewer is qualified as a
foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or
approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 (b)    Power, Authority and Enforceability. The Asset Representations Reviewer has the power and
authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding
obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by
general equitable principles. 
 (c)    No Conflicts and No Violation. The execution, delivery and
performance by the Asset Representations Reviewer of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or
default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or other agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the
properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or other agreement or instrument, (C) violate the organizational documents of the Asset Representations
Reviewer or (D) violate any law or any order, rule or regulation of a federal or state court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties
that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

  
 7 

 (d)    No Consent Required. No approval or authorization by, or
filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Asset Representations Reviewer of this Agreement other than (i) approvals and authorizations that have previously been obtained and
filings that have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Asset Representations Reviewer to perform its obligations under this
Agreement. 
 (e)    No Proceedings. There are no Proceedings or investigations pending or, to the knowledge
of the Asset Representations Reviewer, threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties
(A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected to have a material adverse effect
on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(f)    Eligibility. The Asset Representations Reviewer meets the eligibility requirements in Section
5.1. 
 Section 4.2.    Covenants. The Asset Representations Reviewer covenants and agrees that: 

(a)    Eligibility. It will notify the Issuer Trustee, the Manager and the Servicer promptly if it no longer
meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.1. 

(b)    Review Systems; Personnel. It will maintain business process management and/or other systems necessary
to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Subject Receivable and the related Review
Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Representations Reviews as required by this Agreement.

 (c)    Maintenance of Review Materials. It will maintain copies of any Review Materials, Review Reports
and other documents relating to an Asset Representations Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement or repayment of the Notes in full, whichever comes first. 

Section 4.3.    Fees and Expenses. 

(a)    Annual Fee. The Issuer Trustee will pay the Asset Representations Reviewer from the Assets of the Series
Trust, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, an annual fee in the amount of $7,500.00 (the “Annual Fee”). The Annual Fee will be paid in accordance with Section
4.3(f) until this Agreement is terminated. 

  
 8 

 (b)    Asset Representations Review Fee. Following the completion
of an Asset Representations Review and the delivery to the Issuer Trustee, the Manager and the Servicer of the Review Report, or the termination of an Asset Representations Review according to Section 3.4(e), and the delivery to the Servicer
of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $200.00 for each Subject Receivable (the “Review Fee”), payable by the Servicer. However, no Review Fee will be charged for any Tests that
were performed in a prior Asset Representations Review or for any Asset Representations Review in which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Representations Review in
accordance with Section 3.4(f). If an Asset Representations Review is terminated in accordance with Section 3.4(f), the Asset Representations Reviewer must submit its invoice for the Review Fee to the Servicer for the terminated
Asset Representations Review no later than five Business Days before the final Distribution Date in order to be reimbursed no later than the final Distribution Date in respect of the Series Trust. 

(c)    [Reserved] 

(d)    Dispute Resolution Expenses. If the Asset Representations Reviewer is called upon or required to
participate in a dispute resolution proceeding described in Section 3.8, and its reasonable out-of-pocket expenses for participating in the proceeding are not paid by a party to the dispute resolution within 90 calendar days after the end of
the proceeding, the Asset Representations Reviewer will be reimbursed by the Servicer for such reasonable out-of-pocket fees and expenses in an amount not to exceed $25,000.00 in any calendar year. In the event any portion of such amount is not
used in the current year, such portion will carry over into the following calendar year, provided that notwithstanding such carry over amount, the total amount to be reimbursed to the Asset Representations Reviewer for any calendar year will not
exceed $50,000.00. Any such fees and expenses up to the stated and applicable maximum will be invoiced by the Asset Representations Reviewer and paid by the Servicer in accordance with Section 4.3(f). 

(e)    Payment of Fees, Expenses and Indemnities. The Asset Representations Reviewer shall submit reasonably
detailed invoices to the Servicer for any amounts owed to it by the Servicer or the Issuer Trustee under this Agreement. For the avoidance of doubt, to the extent that such owed amounts are not paid in full by the Issuer Trustee, upon receipt
of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid amounts. 

(f)    Method of Payment. The initial Annual Fee will become due and payable by the Issuer Trustee from the
Assets of the Series Trust on the initial Distribution Date, following receipt by the Issuer Trustee of a reasonably detailed invoice in respect thereof. Each other Annual Fee, and the amount of any properly invoiced fees, expenses or claims to
be reimbursed or paid by the Issuer Trustee pursuant to the terms of this Agreement, will become due and payable by the Issuer Trustee from the Assets of the Series Trust on the next Distribution Date occurring at least five (5) Business Days after
receipt by the Issuer Trustee of the related invoice from the Asset Representations Reviewer, in each case in accordance with the priority of payments set forth in Section 10.1 of the Series Supplement; provided that the Asset Representations
Reviewer must submit its invoice for any outstanding fees, expenses or claims not later than ten (10) Business Days before the final Distribution Date in respect of the Series Trust. The Servicer shall provide notice to the Asset
Representations Reviewer of the final Distribution Date at least fifteen (15) Business Days prior to such Distribution Date.

  
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 The Asset Representations Reviewer will invoice the Servicer for Review Fees and other properly
incurred and invoiced expenses, claims and indemnities. The Servicer will pay the Review Fees and other such expenses incurred pursuant to this Agreement within thirty (30) days of receipt of any related invoice. 

In the event that any such properly invoiced Annual Fees are not paid or reimbursed in full by the Issuer Trustee on the related Distribution
Date, the Servicer shall promptly pay the Asset Representations Reviewer for any such unpaid amounts. If, subsequent to any such payment by the Servicer to the Asset Representations Reviewer described in the immediately preceding sentence, the
Asset Representations Reviewer receives payment or reimbursement in respect of the related Annual Fee(s), in part or in full, from the Issuer Trustee, then the Asset Representations Reviewer shall promptly refund the Servicer for the amount of such
payment or reimbursement received from the Issuer Trustee on such subsequent date. 
 Section 4.4.    Limitation on
Liability. The Asset Representations Reviewer will not be liable to any person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable
for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost
profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action. 

Section 4.5.    Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will
indemnify each of the Issuer Trustee, the Manager and the Servicer and their respective directors, officers, employees and agents (each, an “Indemnified Party”) for all costs, expenses, losses, damages and liabilities (including any
reasonable legal fees and expenses incurred by an Indemnified Party in connection with the enforcement of any indemnification or other obligation of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or
negligence of the Asset Representations Reviewer in performing its obligations under this Agreement, (b) the Asset Representations Reviewer’s failure to comply with the requirements of applicable federal, state or local laws and regulations in
the performance of its duties hereunder or (c) the Asset Representations Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement. The Asset Representations Reviewer’s obligations under
this Section 4.5 will survive the termination of this Agreement, the termination of the Series Trust and the permitted resignation or removal of the Asset Representations Reviewer. 

Section 4.6.    Indemnification of Asset Representations Reviewer. 

(a)    Indemnification. The Issuer Trustee, solely from the Assets of the Series Trust, shall indemnify the
Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this
Agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, 

  
 10 

 
expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence, (ii) the Asset Representations Reviewer’s failure
to comply with the requirements of applicable federal, state and local laws and regulations in the performance of its duties hereunder or (iii) the Asset Representations Reviewer’s breach of any of its representations, warranties, covenants or
other obligations in this Agreement. 
 (b)    Proceedings. Promptly on receipt by an Indemnified Person of
notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), notify the Servicer, the Issuer Trustee and the Manager of the Proceeding. The Servicer or the Manager may participate in and
assume the defense and settlement of a Proceeding at its expense. If the Servicer or the Manager notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified
Person, and so long as the Servicer or the Manager assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Servicer and the Manager will not be liable for legal expenses of counsel to the Indemnified
Person unless there is a conflict between the interests of the Servicer or the Manager, as applicable, and an Indemnified Person. If there is a conflict, the Servicer or the Manager will pay for the reasonable fees and expenses of separate
counsel to the Indemnified Person. No settlement of a Proceeding may be made without the approval of the Servicer and the Manager and the Indemnified Person, which approval will not be unreasonably withheld. 

(c)    Survival of Obligations. The Issuer Trustee’s, the Servicer’s and the Manager’s
obligations under this Section 4.6 will survive the permitted resignation or removal of the Asset Representations Reviewer and the termination of this Agreement. 

(d)    Repayment. If the Issuer Trustee, the Servicer or the Manager makes any payment under this Section
4.6 and the Indemnified Person later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Issuer Trustee, the Servicer or the Manager, as applicable. 

Section 4.7.    Inspections of Asset Representations Reviewer. The Asset Representations Reviewer agrees that,
with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer Trustee, the Servicer or the Manager, during the Asset Representations Reviewer’s normal business hours, to examine and
review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees
and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer Trustee’s, the
Servicer’s or the Manager’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuer Trustee, the Servicer and
the Manager will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer Trustee, the Servicer or the Manager reasonably determines that it is required to
make the disclosure under this Agreement or the other Transaction Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the
termination of its obligations under this Agreement. 

  
 11 

 Section 4.8.    Delegation of Obligations. The Asset
Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any person without the consent of the Issuer Trustee and the Servicer, which may be withheld in such party’s sole discretion. 

Section 4.9.    Confidential Information. 

(a)    Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to
it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential Information
will not, without the prior consent of the Manager and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the
“Information Recipients”) other than for the purposes of performing Asset Representations Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will
not, and will cause its Affiliates to not (i) purchase or sell securities issued by Macquarie Leasing Pty Limited or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the
preparation of research reports, newsletters or other publications or similar communications. 

(b)    Definition. “Confidential Information” means oral, written and electronic materials
(irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including: 

(i)    lists of Subject Receivables and any related Review Materials; 

(ii)    origination and servicing guidelines, policies and procedures, and form contracts; and 

(iii)    notes, analyses, compilations, studies or other documents or records prepared by the Servicer,
which contain information supplied by or on behalf of the Servicer or its representatives. 
 However, Confidential Information will not include information
that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a
non-confidential basis from a person or entity other than the Manager or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound by a
confidentiality agreement with the Manager or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential
Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Manager or the Servicer provides permission to the applicable Information Recipients to release.

  
 12 

 (c)    Protection. The Asset Representations Reviewer will use
best efforts to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and must exercise a reasonable standard of
care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.10. 

(d)    Disclosure. If the Asset Representations Reviewer is required by applicable law, regulation, rule or
order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations
Reviewer, if permitted by law, regulation, rule or order, will use its best efforts to provide the Issuer Trustee, the Manager and the Servicer with notice of the requirement and will cooperate, at the Servicer’s expense, in the Issuer
Trustee’s, the Manager’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer Trustee or the Servicer is unable to obtain a protective order or
other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to
disclose. 
 (e)    Responsibility for Information Recipients. The Asset Representations Reviewer will be
responsible for a breach of this Section 4.9 by its Information Recipients. 
 (f)    Violation. The
Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer Trustee, the Manager or the Servicer, and each of the Issuer Trustee, the Manager and the Servicer may seek injunctive relief in
addition to legal remedies. If an action is initiated by the Issuer Trustee, the Manager or the Servicer to enforce this Section 4.9, the prevailing party will be entitled to reimbursement of costs and expenses, including reasonable
attorney’s fees, incurred by it for the enforcement. 
 Section 4.10.    Personally Identifiable
Information. 
 (a)    Definitions. “Personally Identifiable Information” or
“PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or
identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. “Macquarie PII” means PII furnished by the Servicer or its Affiliates to the
Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement. 

(b)    Use of Macquarie PII. The Servicer does not grant the Asset Representations Reviewer any rights to
Macquarie PII except as provided in this Agreement. The Asset Representations Reviewer will use Macquarie PII only to perform its obligations under this Agreement or as specifically directed in writing by the Servicer and the Manager and will
only reproduce Macquarie PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Macquarie PII and the Asset Representations Reviewer’s business, including any legally
required codes of conduct, including 

  
 13 

 
those relating to privacy, security and data protection. The Asset Representations Reviewer will protect and secure Macquarie PII. The Asset Representations Reviewer will implement
privacy or data protection policies and procedures that comply with applicable law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including
administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Macquarie PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Macquarie PII, (iii) protect against
unauthorized access to or use of Macquarie PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures,
systems protections (e.g. intrusion protection, data storage protection and data transmission protection) and physical security measures. 

(c)    Additional Limitations. In addition to the use and protection requirements described in Section
4.10(b), the Asset Representations Reviewer’s disclosure of Macquarie PII is also subject to the following requirements: 

(i)    The Asset Representations Reviewer will not disclose Macquarie PII to its personnel or allow its
personnel access to Macquarie PII except (A) for the Asset Representations Reviewer personnel who require Macquarie PII to perform an Asset Representations Review, (B) with the prior consent of the Servicer or (C) as required by applicable
law. When permitted, the disclosure of or access to Macquarie PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with access
to Macquarie PII of the confidentiality requirements in this Agreement and train its personnel with access to Macquarie PII on the proper use and protection of Macquarie PII. 

(ii)    The Asset Representations Reviewer will not sell, disclose, provide or exchange Macquarie PII with
or to any third party without the prior consent of the Manager and the Servicer. 
 (d)    Notice of
Breach. The Asset Representations Reviewer will notify the Manager and the Servicer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security,
confidentiality or integrity of Macquarie PII and, where applicable, immediately take action to prevent any further breach. 

(e)    Return or Disposal of Macquarie PII. Except where return or disposal is prohibited by applicable law,
promptly on the earlier of the completion of the Asset Representations Review or the request of the Servicer or the Manager, all Macquarie PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i)
destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Manager or the Servicer, returned to the Servicer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases,
without charge to the Servicer. Where the Asset Representations Reviewer retains Macquarie PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Macquarie PII to that required
by applicable law. 

  
 14 

 (f)    Compliance; Modification. The Asset Representations
Reviewer will cooperate with and provide information to the Manager and the Servicer regarding the Asset Representations Reviewer’s compliance with this Section 4.10. The Asset Representations Reviewer, the Manager, the Servicer and
the Issuer Trustee agree to modify this Section 4.10 as necessary from time to time for each party to comply with applicable law. 

(g)    Audit of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer
Trustee, the Manager and the Servicer and their authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations Reviewer’s normal business hours on
reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. Each of the Issuer Trustee, the Manager and the Servicer agrees to make reasonable
efforts to schedule any audit described in this Section 4.10 with the inspections described in Section 4.7. The Asset Representations Reviewer will also permit each of the Issuer Trustee, the Manager and the Servicer during normal
business hours on reasonable advance written notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement. 

(h)    Affiliates and Third Parties. If the Asset Representations Reviewer processes the Macquarie PII or the
Servicer’s Affiliates or a third party when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party
beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of this Section 4.10 against the Asset
Representations Reviewer as if each were a signatory to this Agreement. 
 ARTICLE V 

RESIGNATION AND REMOVAL; 

SUCCESSOR ASSET REPRESENTATIONS REVIEWER 

Section 5.1.    Eligibility Requirements for Asset Representations Reviewer. The Asset Representations
Reviewer must be a person who (a) is not an Affiliate of Macquarie Leasing Pty Limited, Perpetual Trustee Company Limited, P.T. Limited or The Bank of New York Mellon or any of their successors or Affiliates and (b) was not, and is not an Affiliate
of a person that was, engaged by Macquarie Leasing Pty Limited, Perpetual Trustee Company Limited, P.T. Limited or The Bank of New York Mellon or any underwriter or any of their successors or Affiliates to perform any due diligence on the SMART
Receivables prior to the Closing Date. 
 Section 5.2.    Resignation and Removal of Asset Representations
Reviewer. 
 (a)    No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer
will not resign as Asset Representations Reviewer unless the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1. The Asset Representations Reviewer will notify the Issuer Trustee, the Manager, the
Servicer and the US$ Note Trustee of its resignation as soon as practicable after it determines it is required to resign and such notice must state the resignation date and include an opinion of counsel supporting its determination. 

  
 15 

 (b)    Removal of Asset Representations Reviewer. If any of the
following events occur, the Servicer, by notice to the Asset Representations Reviewer, may, and in the case of clause (i) below, shall, remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 

(i)    the Asset Representations Reviewer no longer meets the eligibility requirements in Section
5.1; 
 (ii)    the Asset Representations Reviewer breaches of any of its representations,
warranties, covenants or obligations in this Agreement; or 
 (iii)    an Insolvency Event of the Asset
Representations Reviewer occurs. 
 (c)    Notice of Resignation or Removal. The Servicer will notify the
Issuer Trustee and the Manager of any resignation or removal of the Asset Representations Reviewer. 

(d)    Continue to Perform After Resignation or Removal. No resignation or removal of the Asset
Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to Section
5.3(b). 
 Section 5.3.    Successor Asset Representations Reviewer. 

(a)    Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the
Asset Representations Reviewer, the Servicer will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1. 

(b)    Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations
Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer Trustee, the Manager and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset
Representations Reviewer under this Agreement or entering into a new agreement with the Issuer Trustee, the Servicer and the Manager on substantially the same terms as this Agreement. 

(c)    Transition and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset
Representations Reviewer will cooperate with the other parties and take all actions reasonably requested to assist the other parties in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this
Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses (including the reasonable fees and expenses of counsel) of transitioning the Asset Representations Reviewer’s
obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Servicer or the successor Asset Representations Reviewer.

 Section 5.4.    Merger, Consolidation or Succession. Any person (a) into which the Asset Representations
Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that person meets the eligibility
requirements 

  
 16 

 
in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement. Such person will execute and deliver to the Issuer Trustee, the Manager and the Servicer
an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 

ARTICLE VI 
 OTHER
AGREEMENTS 
 Section 6.1.    Independence of Asset Representations Reviewer. The Asset Representations
Reviewer will be an independent contractor and will not be subject to the supervision of the Perpetual Trustee Company Limited, the Issuer Trustee, the Manager or the Servicer for the manner in which it accomplishes the performance of its
obligations under this Agreement. Unless authorized by the Issuer Trustee, the Asset Representations Reviewer will have no authority to act for or represent the Issuer Trustee and will not be considered an agent of the Issuer
Trustee. Nothing in this Agreement will make the Asset Representations Reviewer or the Issuer Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on either of them. 

Section 6.2.    No Petition. Each of the parties, by entering into this Agreement, agrees that, before the
date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all securities issued by the Issuer Trustee as trustee of the SMART ABS Series 2016-2US Trust or (b) the Notes, it will not start or
pursue against, or join any other person in starting or pursuing against (i) the Macquarie Leasing Party Limited or (ii) the Issuer Trustee, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other
Proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement. 
 Section
6.3.    Limitation of Liability of Issuer Trustee. Clause 17 of the Series Supplement is taken to be incorporated in this Agreement as if set out in full in it except that any references to “Trustee” are
taken to be a reference to the “Issuer Trustee,” any references to “this Deed” are taken to be a reference to “this Agreement” and any references to “Clause 17” are taken to be a reference to “Section
6.3.” 
 Section 6.4.    Termination of Agreement. This Agreement will terminate, except for the
obligations under Section 4.5, Section 4.6, Section 4.9, Section 4.10 and Section 6.3 or as otherwise stated in this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the
satisfaction and discharge of Security (as defined in the General Security Deed) and (b) the date the Series Trust is terminated under the Transaction Documents. 

ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1.    Amendments. 

(a)    The parties may amend this Agreement: 

(i)    to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that
may be defective or inconsistent with the other terms of this 

  
 17 

 
Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case without the consent of the US$ Noteholders or any other
person; 
 (ii)    to add, change or eliminate terms of this Agreement, in each case without the consent
of the US$ Noteholders or any other person, if the Manager has issued a Rating Notification in relation to such addition, change or elimination; or 

(iii)    to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not
or cannot be delivered under Section 7.1(a)(ii), with the consent of the US$ Noteholders of a majority of the aggregate outstanding Invested Amount of each Class of US$ Notes (with each affected Class voting separately, except that all US$
Noteholders of Class A US$ Notes will vote together as a single class). 
 (b)    Notice of Amendments. The
Servicer will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies. 

Section 7.2.    Assignment; Benefit of Agreement; Third Party Beneficiaries. 

(a)    Assignment. Except as stated in Section 5.4, this Agreement may not be assigned by the Asset
Representations Reviewer without the consent of the Issuer Trustee (on the direction of the Manager) and the Servicer. 

(b)    Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be
binding on the parties and their permitted successors and assigns. The US$ Noteholders will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Issuer Trustee, the Manger, the Asset Representations
Reviewer and the Servicer. No other person will have any right or obligation under this Agreement. 
 Section
7.3.    Notices. 
 (a)    Delivery of Notices. All notices, requests, demands,
consents, waivers or other communications to or from the parties must be in writing and will be considered given: 

(i)    for overnight mail, on delivery or, for a letter mailed by registered first class mail, postage
prepaid, three days after deposit in the mail; 
 (ii)    for a fax, when receipt is confirmed by
telephone, reply email or reply fax from the recipient; 
 (iii)    for an email, when receipt is
confirmed by telephone or reply email from the recipient; and 
 (iv)    for an electronic posting to a
password-protected website to which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 

  
 18 

 (b)    Notice Addresses. Any notice, request, demand, consent,
waiver or other communication will be delivered or addressed to (i) (a) in the case of the Issuer Trustee, to SMART ABS Series 2016-2US Trust, c/o Perpetual Trustee Company Limited, Level 12, 123 Pitt Street, Sydney, New South Wales 2000, Australia,
(b) in the case of the Servicer, to Macquarie Leasing Pty Limited, Level 6, 50 Martin Place, Sydney, New South Wales 2000, Australia, (c) in the case of the Manager, to Macquarie Securities Management Pty Limited, Level 6, 50 Martin Place, Sydney,
New South Wales 2000, Australia and (d) in the case of the Asset Representations Reviewer, to Clayton Fixed Income Services LLC, 1700 Lincoln Street, Suite 2600, Denver, Colorado 80203, Attention: SVP Surveillance, with a copy to 100 Beard Sawmill
Road, Suite 200, Shelton, Connecticut 06848, Attention: General Counsel, or (ii) as to each party, at such other address or email as shall be designated by such party in a written notice to the other parties. 

Section 7.4.    GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 7.5.    SUBMISSION TO JURISDICTION. EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING
WITH RESPECT TO THIS AGREEMENT IN ANY OF THE AFORESAID COURTS, THAT ANY SUCH COURT LACKS JURISDICTION OVER SUCH PARTY. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

Section 7.6.    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

Section 7.7.    No Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy
under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The
powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law. 

  
 19 

 Section 7.8.    Severability. If a part of this Agreement is held
invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement. 

Section 7.9.    Headings. The headings in this Agreement are included for convenience and will not affect the
meaning or interpretation of this Agreement. 
 Section 7.10.    Counterparts. This Agreement may be
executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. 
 [Remainder
of Page Left Blank] 

  
 20 

 EXECUTED BY: 
  

					
	PERPETUAL TRUSTEE COMPANY LIMITED,
	in its capacity as trustee of SMART ABS Series 2016-2US Trust, as Issuer Trustee
	 by its Attorneys under a Power of Attorney

dated [             ], 2016,

	and each Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney, in the presence of:
		
	By:	 	  

		 	Name of Witness:
		 	Title of Witness:
		
	By:	 	  

		 	Name of Witness:
		 	Title of Witness:
			
		 	Attorney:	 	  

		 	Name of Attorney:
			
		 	Attorney:	 	  

		 	Name of Attorney:

  

  
 [Signature Page to Asset
Representations Review Agreement] 

 
			
	MACQUARIE LEASING PTY LIMITED,
	        as Servicer by its Attorneys under a Power of Attorney
	dated                     ,
	and each Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney, in the presence of:
		
	By:	 	  

		 	Name of Witness:
		 	Title of Witness:
		
	By:	 	  

		 	Name of Witness:
		 	Title of Witness:
		
	Attorney:	 	  

	            Name of Attorney:
		
	Attorney:	 	  

	            Name of Attorney:

  
 [Signature Page to Asset
Representations Review Agreement] 

 
			
	MACQUARIE SECURITIES MANAGEMENT PTY LIMITED,
	          as Manager by its Attorneys under a Power of Attorney
	dated                     ,
	and each Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney, in the presence of:
		
	By:	 	  

		 	Name of Witness:
		 	Title of Witness:
		
	By:	 	  

		 	Name of Witness:
		 	Title of Witness:
		
	Attorney:	 	  

	            Name of Attorney:
		
	Attorney:	 	  

	            Name of Attorney:

  
 [Signature Page to Asset
Representations Review Agreement] 

 
			
	CLAYTON FIXED INCOME SERVICES LLC,
		 	as Asset Representations Reviewer
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to Asset
Representations Review Agreement] 

 Schedule A 

Representations and Warranties, Review Materials and Tests 

[ATTACHED] 

 Representation 

(a)    Assignability: all consents required in relation to the assignment of the SMART Receivable and related SMART
Receivable Rights specified in the Letter of Offer have been obtained and that those SMART Receivables and related SMART Receivable Rights are assignable; 

Documents 
 Security Packet as held on Worksite

 Agreed Upon Procedures 
  

	i)	Review the Contract and confirm that either (x) it contains language allowing the sale or transfer of the Receivable without obtaining consent of lessee/borrower/hirer or (y) there is no express prohibition against the
sale or transfer of the Receivable and the Contract is silent regarding the requirement for any consent to such sale or transfer. 

  

	ii)	If step (i) is confirmed, this will be a Test Pass. 

 Representation 

(b)    Compliance with laws: at the time the Seller entered into the SMART Receivable and the related SMART Receivable
Documents and at all times after that until immediately prior to the sale of the SMART Receivable, the SMART Receivable and the related SMART Receivable Documents complied in all material respects with applicable laws; 

Documents 
 All documents on worksite held under
the contract number 
 Enforceability Opinion 
 System generated
messages from Infolease Receivables system 
 Agreed Upon Procedures 
  

	i)	Review the Contract and confirm it is covered by the Enforceability Opinion. 

  

	ii)	Review Enforceability Opinion to ensure that contracts comply with law at that time. 

  

	iii)	Check the worksite documents to confirm there is no evidence of enforceability disputes. 

  

	iv)	Check the system generated messages from Infolease Receivables system to confirm there is no mention of litigation. 

  

	v)	If steps (i) through (iv) are confirmed, this will be a Test Pass. 

 Representation 

(d)    Obligor not insolvent: at the time that the SMART Receivable was approved and the SMART Receivable Documents were
entered into, the Seller had not received any notice of the insolvency or the bankruptcy of the Obligors in relation to that SMART Receivable or that such Obligors did not have the legal capacity to enter into the SMART Receivable Documents; 

Documents 
 Data Tape to be provided from Infolease
system 
 All documents on worksite held under the contract number 

Agreed Upon Procedures 
  

	i)	Review the documents from worksite and confirm there was no indication the Obligor was reported in active bankruptcy status or that the obligor raised any other legal capacity concerns as of the time the SMART
Receivable was approved. 

  

	ii)	If step (i) is confirmed, this will be a Test Pass. 

 Representation 

(e)    Seller sole legal and beneficial owner: the Seller is the sole legal and beneficial owner of the SMART Receivable and
the related Mortgages and First Layer of Collateral Securities (other than the Insurance Policies) and no prior ranking Security Interest exists in relation to its right, title and interest in that SMART Receivable and the related Mortgages and
First Layer of Collateral Securities (other than the Insurance Policies) 
 Documents 

PPSR Certificate held on Worksite or on the PPS Register. 
 PPSR
Search Certificate 
 Security Packet as held on Worksite 

Principal and Agency Agreement 
 Agreed Upon Procedures

  

	i)	Review the contract and confirm that Macquarie Leasing is listed as lender, lessor or vehicle owner. If Macquarie Leasing is not named, confirm there is a Principal and Agency agreement in place between Macquarie
Leasing and the named party. 

  

	ii)	Review the PPSR Search Certificate and confirm that no security interest is registered in relation to the relevant asset which pre-dates Macquarie’s registration. 

 

	iii)	If steps (i) and (ii) are confirmed, this will be a Test Pass. 

 Representation 

(f)    First-ranking security: at the time that the Seller entered into the SMART Receivable, all necessary steps were taken
in respect of each Mortgage created in connection with the SMART Receivable so that each Mortgage complied with the legal requirements applicable at that time to ensure that the Mortgage was either: 

(i)    a first-ranking mortgage; or 

(ii)    where there are two mortgages over the same asset securing the SMART Receivable and the Seller is the mortgagee of
the first-ranking mortgage, a second-ranking mortgage, 
 (subject to any statutory charges and any prior charges of a body corporate,
service company or equivalent, whether registered or otherwise, and any other prior Security Interests which do not prevent the Mortgage from being considered to be a first-ranking mortgage or a second-ranking
mortgage, as the case may be, in accordance with the Servicing Standards) in either case, secured over the asset in the jurisdiction in which the asset is located subject to stamping and registration of the relevant Mortgage in due course; 

Documents 
 PPSR Certificate held on Worksite or on
the PPS Register 
 PPSR Search Certificate Contract 
 Data Tape
to be provided from Infolease 
 Agreed Upon Procedures 
  

	i)	Review the PPSR Certificate and confirm that Macquarie has registered a first-ranking mortgage on the Vehicle and check that no other registrations pre-date the Macquarie registration. 

 

	ii)	Review the PPSR Certificate and confirm that the Purchase Money Security Interest says Yes. 

  

	iii)	Review the PPSR Certificate and Data Tape to confirm that VIN matches.

  

	iv)	If steps (i) through (iii) are confirmed, this will be a Test Pass. 

 Representation 

(g)    Priority arrangement: where there is a second or other mortgages in existence over the asset the subject of a Mortgage
in relation to a SMART Receivable and the Seller is not the mortgagee of that second or other mortgage, satisfactory priority arrangements have been entered into to ensure that the Mortgage ranks ahead in priority to the second or other mortgage on
enforcement for an amount not less than the Principal Balance of that SMART Receivable (plus accrued but unpaid interest) plus such extra amount determined in accordance with the Operations Manual; 

Documents 
 PPSR Certificate held on Worksite or on
the PPS Register 
 PPSR Search Certificate 
 Agreed Upon
Procedures 
  

	i)	Review the PPSR Search Certificate and confirm that Macquarie has registered a first-ranking mortgage on the Vehicle and check that no other registrations pre-date the Macquarie registration. 

 

	ii)	Review the PPSR Certificate and confirm that the Purchase Money Security Interest says Yes 

  

	iii)	Review the PPSR Certificate and Data Tape to confirm that VIN matches.

  

	iv)	If steps (i) through (iii) are confirmed, this will be a Test Pass 

 Representation 

(h)    Chattel Mortgage: in relation to each SMART Receivable arising under or pursuant to a Loan Contract, a valid
first-ranking Chattel Mortgage exists as security in relation to that SMART Receivable, the Security Interest created in favour of the Seller by that Chattel Mortgage is perfected by a registration on the PPS Register and that registration
identifies the Seller as the secured party; 
 Documents 

PPSR Certificate held on Worksite or on the PPS Register 

Agreed Upon Procedures 
  

	i)	If the Receivable constitutes a Loan Contract, review the PPSR Certificate and confirm Macquarie has registered a first-ranking mortgage on the Vehicle and check that no other
registrations pre-date the Macquarie registration. 

  

	ii)	Review the PPSR Certificate and confirm that the Purchase Money Security Interest says Yes. 

  

	iii)	Review the PPSR Certificate and Data Tape to confirm that VIN matches.

  

	iv)	If steps (i) through (iii) are confirmed, this will be a Test Pass. 

 Representation 

(i)    Valid, binding and enforceable: the obligation of the relevant Obligor under the SMART Receivable Documents are legal,
valid, binding and enforceable against it in accordance with their terms subject to stamping and any necessary registration, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or trust
or general principles of equity or other similar laws affecting creditors’ rights generally; 
 Documents 

Security Packet as held on Worksite 
 Agreed Upon
Procedures 
  

	i)	Review the Contract and confirm the contract form number and revision date are on the List of Approved Contracts. 

  

	ii)	Review the Contract and confirm the Buyer has signed on the appropriate signature line. 

  

	iii)	If steps (i) and (ii) are confirmed, this will be a Test Pass. 

 Representation 

(j)    No obligation for further advance: in relation to each SMART Receivable arising under or pursuant to a Loan Contract,
the Obligor has fully drawn the amount available under that Loan Contract and the Seller has no obligation to make any further advance in relation to that SMART Receivable; 

Documents 
 Data Tape to be provided from Infolease
system 
 Security Packet as held on Worksite 
 Agreed
Upon Procedures 
  

	i)	Review the Data Tape and confirm the original principal amount matches that which is reported on the Contract. 

  

	ii)	Review the Contract and confirm there is no obligation on the Seller to provide a further advance. 

  

	iii)	If steps (i) and (ii) are confirmed, this will be a Test Pass. 

 Representation 

(k)    Retained Title Rights: in relation to each SMART Receivable arising under or pursuant to a Hire Purchase Contract or
Lease Contract, the Seller is the sole legal and beneficial owner of the asset or assets the subject of the Retained Title Rights in relation to those SMART Receivables free from any Security Interest (subject only to the rights of the Obligor as
hirer or lessee of that asset and the Obligor’s option to purchase the asset under the relevant Receivable Agreement and any security Interest arising in favour of the Seller), the Security Interest created in favour of the Seller by that Hire
Purchase Contract or Lease Contract (as applicable) is perfected by a registration on the PPS Register and that registration identifies the Seller as the secured party; 

Documents 
 PPSR Certificate held on Worksite or on
the PPS Register 
 PPSR Search Certificate 
 Security Packet as
held on Worksite 
 Agreed Upon Procedures 
  

	i)	Review the contract and confirm that Macquarie Leasing is listed as lender, lessor or vehicle owner. If Macquarie Leasing is not named, confirm there is a Principal and Agency agreement in place between Macquarie
Leasing and the named party. 

  

	ii)	Review the PPSR Certificate and confirm that the Purchase Money Security Interest says Yes. 

  

	iii)	Review the PPSR Search Certificate and confirm that no security interest is registered in relation to the relevant asset which pre-dates Macquarie’s registration. 

 

	iv)	Review the PPSR Certificate and Data Tape to confirm that VIN matches.

  

	v)	If steps (i) through (iv) are confirmed, this will be a Test Pass. 

 Representation 

(l)    Due stamping: each of the relevant SMART Receivable Documents (other than the Insurance Policies) which is required to
be stamped with stamp duty has been duly stamped or has been lodged for stamping and will be duly stamped; 
 Documents 

Security Packet as held on Worksite 
 Agreed Upon
Procedures 
  

	i)	If the SMART Receivable is a Consumer Loan or a Chattel Mortgage with an Obligor address in New South Wales and originated on or before 30 June 2016, review the Receivable File and confirm that the Consumer Loan or
Chattel Mortgage Agreement (as the case may be) has been duly stamped. 

  

	ii)	If a relevant SMART Receivable Document which is required to be stamped has not been duly stamped, confirm it has been lodged for stamping and will be duly stamped. 

 

	iii)	If steps (i) or (ii) are confirmed, this will be a Test Pass. 

 Representation 

(m)    SMART Receivable not discharged: the SMART Receivable has not been satisfied, cancelled, discharged or rescinded and
the property relating to each relevant Mortgage has not been released from the security of that Mortgage; 
 Documents 

Data Tape to be provided from Infolease system 
 PPSR Certificate
held on Worksite or on the PPS Register 
 Agreed Upon Procedures 
  

	i)	Review the Data Tape and confirm the Receivable has an unpaid balance greater than zero. 

  

	ii)	Confirm the PPSR Certificate reports Macquarie, as the secured party in relation to the vehicle and that the VIN matches the Data Tape. 

 

	iii)	If steps (i) and (ii) are confirmed, this will be a Test Pass. 

 Representation 

(n)    Holds all documents necessary to enforce: it holds, in accordance with the Servicing Standards, all documents which it
should hold to enforce the provisions of, and the security created by, the Mortgage and the related First Layer of Collateral Securities and to recover in full the SMART Receivables; 

Documents 
 All documents on Worksite saved under
the contract number 
 Agreed Upon Procedures 
  

	 	i)	Review all documents on Worksite to confirm that the Lease or Loan contract and any security documents which are noted as having been obtained are held. 

 

	 	ii)	If step (i) is confirmed, this will be a Test Pass. 

 Representation 

(o)    Terms unqualified: other than the relevant SMART Receivable Documents and documents entered into in accordance with
the Servicing Standards, there are no documents entered into between the Seller and the Obligor or any other relevant party in relation to the SMART Receivable which would qualify or vary the terms of the SMART Receivable; 

Documents 
 Data Tape to be provided from Infolease
system 
 Security Packet as held on Worksite 
 Agreed
Upon Procedures 
  

	i)	Review the Data Tape and confirm that the terms of the Receivable match the terms of the Receivable from the Contract. 

  

	ii)	If the terms of the Receivable as reported on the Data Tape appear different from those stated on the Contract, review the Receivable File and confirm any such changes are documented and in accordance with the Servicing
Standards. 

  

	iii)	If step (i) or (ii) is confirmed, this will be a Test Pass. 

 Representation 

(p)    Consent: no consent to the sale of the SMART Receivables or notice of that sale is required to be given by or to any
person including, without limitation, any Obligor; 
 Documents 

Security Packet as held on Worksite 
 Agreed Upon
Procedures 
  

	i)	Review the Contract and confirm it contains language allowing the assignability, sale or transfer of the Receivable without any consent being obtained or notice given. 

 

	ii)	If step (i) is confirmed, this will be a Test Pass. 

 Representation 

(q)    No notice of Security Interests: other than in respect of priorities granted by statute, the Seller has not received
notice from any person that it claims to have a Security Interest ranking in priority to or equal with the Security Interest held by the Seller and constituted by the relevant Mortgage; 

Documents 
 All documents on Worksite saved under
the contract number 
 Agreed Upon Procedures 
  

	i)	Review all documents on Worksite to confirm that no notice has been received from any person claiming to have a security interest in priority to, or of equal ranking with, Macquarie. 

 

	ii)	If step (i) is confirmed, this will be a Test Pass. 

 Representation 

(r)    Eligibility Criteria: the SMART Receivable complies with the Eligibility Criteria; 

Documents 
 Prospectus 

Security Packet as held on Worksite 
 Data Tape to be provided
from Infolease system 
 Agreed Upon Procedures 
  

	i)	Review the Contract and confirm the monthly payment is denominated in Dollars. 

  

	ii)	Review the Contract and confirm the Receivable relates to a new or used car, motor vehicle, truck, bus, trailer, forklift, motorcycle or equipment. 

 

	iii)	Review the Security Packet and confirm that the Receivable is governed by the laws of one of the following Australian states or territories: 

 

	 	A)	New South Wales 

  

	 	B)	Victoria 

  

	 	C)	Western Australia 

  

	 	D)	Queensland 

  

	 	E)	South Australia 

  

	 	F)	Tasmania 

  

	 	G)	Northern Territory 

  

	 	H)	the Australian Capital Territory 

  

	iv)	Review the remaining term, monthly payment amount and any final balloon payment and confirm they fully amortize the outstanding balance of the Receivable to zero. 

 

	v)	Review the Security Packet and confirm that either: 

  

	 	A)	If the relevant interest or Chattel Mortgage came into existence before January 30, 2012, it was registered, if required by law in a particular state or territory to ensure the validity of the Seller’s interest in
that asset or Chattel Mortgage, in the relevant register of encumbered vehicles, chattel mortgage register, or comparable register. 

  

	 	B)	If the relevant interest or Chattel Mortgage came into existence on or after January 30, 2012, it is registered in the PPS Register and, where that asset is of a kind that the PPSA or any regulations made under the PPSA
provide must (rather than may) be described by serial number in a registration, it is so described in that registration. 

  

	vi)	Review the Data Tape and confirm the Receivable has a remaining term that does not exceed 84 months as at the relevant Cut-off Date. 

 

	vii)	Review the Data Tape and confirm the Receivable is not more than 30 days delinquent as of the relevant Cutoff Date. 

  

	viii)	Review the Security Packet and confirm that if the SMART Receivable is a Consumer Loan or a Chattel Mortgage with an Obligor address in New South Wales and originated on or before 30 June 2016 it has been duly
stamped. If it is required to be stamped but has not been duly stamped, confirm it has been lodged for stamping and will be duly stamped. 

  

	ix)	Review the Security Packet and confirm that the contract form number and revision dates are on the List of Approved Contracts and that the contract provides that interest or finance charges are payable monthly or
according to an agreed schedule. 

  

	x)	Review the Security Packet and confirm that for Consumer contracts the contract is covered by the Enforceability Opinion. 

	xi)	Review the Security Packet and confirm that the terms and conditions allow, in the case of a termination prior to the termination date, the Seller the right to recover an amount which is at least equal to the
outstanding principal balance of the SMART Receivable, as stated in the books of the Seller. 

  

	xii)	If the original term is less than or equal to 12 months, review the payment structure and confirm that any balloon payment does not exceed 70% of the total of all payments. 

 

	xiii)	If the original term is more than 12 months, review the payment structure and confirm that any balloon payment does not exceed 55% of the total of all payments. 

 

	xiv)	Review the Data Tape and confirm the Obligor has advanced the due date beyond the first scheduled payment date. 

  

	xv)	Review the Security Packet and confirm that the Receivable bears a fixed interest rate (or, in the case of a SMART Receivable which is a Hire Purchase Contract or a Lease Contract, fixed rental payments) for its
remaining term. 

  

	xvi)	Review the Contract and confirm the Obligor’s address is located within the Commonwealth of Australia. 

  

	xvii)	Review the Security Packet and confirm that the terms and conditions provide that payments will continue to be made even if there is a defect in the asset being financed by the SMART Receivable or the asset breaks down
or is damaged. 

  

	xviii)	Review the Security Packet and confirm that the terms and conditions require the Obligor to keep the asset being financed in good repair and order at their own expense. 

 

	xix)	Review the Security Packet and confirm that the terms and conditions require the Obligor to keep the asset insured for its full insurable value at its own expense. 

 

	xx)	If steps (i) through (xix) are confirmed, this will be a Test Pass. 

 Representation 

(s)    Transfer free of Security Interests: the Seller is lawfully entitled to sell and assign its interest in the SMART
Receivable Rights and to transfer valid and beneficial title in the SMART Receivable Rights to the Trustee of the Series Trust free of all Security Interests and, so far as the Seller is aware, adverse claims or other third party rights or interest;

 Documents 
 PPSR Certificate held on Worksite
or on the PPS Register 
 Security Packet as held on Worksite 

Files of the Seller 
 Agreed Upon Procedures 

 

	i)	Review the Contract and confirm that either (x) it allows the Seller to assign its interest and transfer title to the SMART Receivable Rights without obtaining the consent of, or providing notice to, the
lessee/borrower/hirer; or (y) there is no express prohibition against the assignment or transfer of the SMART Receivable Rights and the Contract is silent regarding the requirement for any consent to, or the provision of any notice of, such sale or
transfer. 

  

	ii)	Review the PPSR for registrations of security interests granted by the Seller over the SMART Receivable Rights and confirm there are no security interests granted by the Seller over the SMART Receivable Rights which
pre-date the date on which Macquarie first sold the SMART Receivables Rights to a SMART Trust.

  

	iii)	If the review of the PPSR shows registrations appear to exist over the SMART Receivable Rights, review and confirm evidence of the discharge of such security interest to the extent granted over the relevant SMART
Receivable Rights exists. 

  

	iv)	If steps (i) through (iii) are confirmed, this will be a Test Pass. 

 Representation 

(v)    Waiver or Set-Off: the SMART Receivables are not subject to or affected by any right of set-off; 

Documents 
 Contract held on Worksite in the
Security packet 
 Data Tape to be provided from Infolease system 

Security Packet as held on Worksite 
 Agreed Upon
Procedures 
  

	i)	Review the Contract and confirm the amount financed matches the principal balance at the time of origination within the Data Tape. 

  

	ii)	If the SMART Receivable constitutes a consumer receivable, review the Receivable File and confirm there is no indication of any right of set-off. 

 

	iii)	If the SMART Receivable does not constitute a consumer receivable, review the Contract and confirm it contains language which prohibits any right of set-off. 

 

	iv)	If steps (i) and (iii) are confirmed, this will be a Test Pass. 

 Representation 

(w)    Insurance: the Obligor must maintain an Insurance Policy in relation to the asset the subject of the Chattel Mortgage
or the Retained Title Rights (as the case may be) until the SMART Receivable is paid in full; and 
 Documents 

Security Packet as held on Worksite 
 Agreed Upon
Procedures 
  

	i)	Review the Contract and confirm it contains language requiring the Obligor to obtain and maintain an Insurance Policy against the Vehicle. 

 

	ii)	If step (i) is confirmed, this will be a Test Pass. 

 Representation 

(x)    Credit Code: other than in the case of a SMART Receivable which is a Consumer Receivable, the SMART Receivable is not
regulated by or subject or the Consumer Credit Code or the National Credit Code 
 Documents 

Data Tape to be provided from Infolease system 
 Agreed
Upon Procedures 
 i) Review the Data Tape and confirm that the asset is a Consumer Receivable. If the asset is not a Consumer Receivable, it
will not be regulated by or subject to the Consumer Credit Code or the National Credit Code. 
 ii) If step (i) is confirmed, this will be a Test Pass.EX-10.1

 Exhibit 10.1 

Form of Alcoa Corporation 2016 Stock Incentive Plan 

SECTION 1. PURPOSE. The purpose of the Alcoa Corporation 2016 Stock Incentive Plan is to encourage selected Directors and Employees to acquire a
proprietary interest in the long-term growth and financial success of the Company and to further link the interests of such individuals to the long-term interests of stockholders. 

SECTION 2. DEFINITIONS. As used in the Plan, the following terms have the meanings set forth below: 

“Affiliate” shall have the meaning set forth in Rule 12b-2 under Section 12 of the Securities Exchange Act of 1934, as amended. 

“Award” means any Option, Stock Appreciation Right, Restricted Share Award, Restricted Share Unit, Converted Award, or any other right,
interest, or option relating to Shares or other property granted pursuant to the provisions of the Plan. 
 “Award Agreement” means any
written or electronic agreement, contract, or other instrument or document evidencing any Award granted by the Committee hereunder (and, in the case of a Converted Award, originally between Alcoa Inc. and the Participant), which may, but need not,
be executed or acknowledged by both the Company and the Participant. 
 “Board” means the Board of Directors of the Company. 

“Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred:

(a) any one person or more than one person acting as a group (as determined in accordance with Section 1.409A-3(i)(5)(v)(B) of the
regulations promulgated under the Code) (a “Person”) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person), in either case whether by purchase in the market, tender
offer, reorganization, merger, statutory share exchange or consolidation, other similar transaction involving the Company or any of its subsidiaries or otherwise (a “Transaction”), common stock of the Company possessing 30% or more
of the total voting power of the stock of the Company unless (A) all or substantially all of the individuals and entities that were the beneficial owners of the then-outstanding shares of common stock of the Company (the “Outstanding
Company Common Stock”) or the combined voting power of the then outstanding voting securities of the Company (the “Outstanding Company Voting Securities”) immediately prior to such Transaction own, directly or indirectly,
50% or more of the then outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or,
for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Transaction (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all
of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Transaction of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities, as the case may be, and (B) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Transaction were members of the board of
directors of the Company at the time of the Transaction (which in the case of a market purchase shall be the date 30% ownership was first acquired, in the case of a tender offer, when at least 30% of the Company’s shares were tendered, and in
other events upon the execution of the initial agreement or of the action of the Board providing for such Transaction); and provided, further, that, for purposes of this paragraph, the following acquisitions shall not constitute a Change in Control:
(i) any acquisition directly from the Company, (ii) any acquisition by the Company, or (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate; 

(b) a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed
by a majority of the Company’s Board before the date of such appointment or election; or 
 (c) any Person acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such Person) assets of the Company that have a total gross fair market value of more than 40% of the total gross fair market value of all of the assets of the Company
immediately before such acquisition or acquisitions. 

  
 1 

 Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if
its sole purpose is to (i) change the jurisdiction of the Company’s incorporation, or (ii) create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities
immediately before such transaction. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, and any
successor thereto. 
 “Committee” means the Compensation and Benefits Committee of the Board, any successor to such committee or a
subcommittee thereof or, if the Board so determines, another committee of the Board, in each case composed of no fewer than two directors, each of whom is a Non-Employee Director and an “outside director” within the meaning of
Section 162(m) of the Code, or any successor provision thereto. 
 “Company” means Alcoa Corporation, a Delaware corporation. 

“Contingency Period” has the meaning set forth in SECTION 8. 

“Converted Award” means an Award that is issued to satisfy the automatic adjustment and conversion of awards over Alcoa Inc. common stock
contemplated under the Employee Matters Agreement. Converted Awards may be in the form of Options or Restricted Share Units, including Restricted Share Units that are Performance Awards. For avoidance of doubt, any Converted Award will be governed
by the provisions of the original award agreement applicable to such Converted Award. 
 “Covered Employee” means a “covered
employee” within the meaning of Section 162(m)(3) of the Code, or any successor provision thereto. 
 “Director” means a member
of the Board who is not an Employee. 
 “Employee” means any employee (including any officer or employee director) of the Company or of any
Subsidiary. 
 “Employee Matters Agreement” means the Employee Matters Agreement dated [●], 2016 by and between Alcoa Inc. and the
Company relating to the transfer of employees in connection with the separation of the Company’s business from Alcoa Inc.’s business, which agreement is incorporated herein by reference. 

“Equity Restructuring” means a nonreciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split
(including a reverse stock split), spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the Shares (or other securities of the Company) or the price of Shares (or other securities) and causes a
change in the per share value of the Shares underlying outstanding Awards. 
 “Executive Officer” means an officer who is designated as an
executive officer by the Board or by its designees in accordance with the definition of executive officer under Rule 3b-7 of the U.S. Securities Exchange Act of 1934, as amended. 

“Exercisable Time-Based Award” has the meaning set forth in SECTION 12. 

“Fair Market Value” with respect to Shares on any given date means the closing price per Share on that date as reported on the New York Stock
Exchange or other stock exchange on which the Shares principally trade. If the New York Stock Exchange or such other exchange is not open for business on the date fair market value is being determined, the closing price as reported for the next
business day on which that exchange is open for business will be used. 
 “Family Member” has the same meaning as such term is defined in
Form S-8 (or any successor form) promulgated under the U.S. Securities Act of 1933, as amended. 
 “Non-Employee Director” has the meaning
set forth in Rule 16b-3(b)(3) under the U.S. Securities Exchange Act of 1934, as amended, or any successor definition adopted by the U.S. Securities and Exchange Commission. 

“Option” means any right granted to a Participant under the Plan allowing such Participant to purchase Shares at such price or prices and
during such period or periods as the Committee shall determine. All Options granted under the Plan are intended to be nonqualified stock options for purposes of the Code. 

  
 2 

 “Other Awards” has the meaning set forth in SECTION 10. 

“Participant” means an Employee or a Director who is selected to receive an Award under the Plan. 

“Performance Award” means any award granted pursuant to SECTION 11 hereof in the form of Options, Stock Appreciation Rights, Restricted Share
Units, Restricted Shares or other awards of property, including cash, that have a performance feature described in SECTION 11. 
 “Performance
Period” means that period established by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are to be measured. A
Performance Period may not be less than one year. 
 “Plan” means this Alcoa Corporation 2016 Stock Incentive Plan, as may be amended from
time to time. 
 “Replacement Award” means an Award resulting from adjustments or substitutions referred to in Section 4(f) herein,
provided that such Award is issued by a company (foreign or domestic) the majority of the equity of which is listed under and in compliance with the domestic company listing rules of the New York Stock Exchange or with a similarly liquid exchange
which has comparable standards to the domestic company listing standards of the New York Stock Exchange. 
 “Restricted Shares” has the
meaning set forth in SECTION 8. 
 “Restricted Share Unit” has the meaning set forth in SECTION 9. 

“Shares” means the shares of common stock of the Company, $0.01 par value. 

“Stock Appreciation Right” means any right granted under SECTION 7. 

“Subsidiary” means any corporation or other entity in which the Company owns, directly or indirectly, stock possessing 50% or more of the
total combined voting power of all classes of stock in such corporation or entity, and any corporation, partnership, joint venture, limited liability company or other business entity as to which the Company possesses a significant ownership
interest, directly or indirectly, as determined by the Committee. 
 “Substitute Awards” means Awards granted or Shares issued by the
Company in assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, by a company acquired by the Company or any of its Subsidiaries or with which the Company or any of its
Subsidiaries combines. 
 “Time-Based Award” means any Award granted pursuant to the Plan that is not a Performance Award. 

SECTION 3. ADMINISTRATION. The Plan shall be administered by the Committee. The Committee shall have full power and authority, subject to such orders
or resolutions not inconsistent with the provisions of the Plan as may from time to time be adopted by the Board, to: (i) select the Employees of the Company and its Subsidiaries to whom Awards may from time to time be granted hereunder;
(ii) determine the type or types of Award to be granted to each Employee Participant hereunder; (iii) determine the number of Shares to be covered by each Employee Award granted hereunder; (iv) determine the terms and conditions of
any Employee Award granted hereunder, and make modifications to such terms and conditions with respect to any outstanding Employee Award, in each case, which are not inconsistent with the provisions of the Plan; (v) determine whether, to what
extent and under what circumstances Employee Awards may be settled in cash, Shares or other property or canceled or suspended; (vi) determine whether, to what extent and under what circumstances cash, Shares and other property and other amounts
payable with respect to an Employee Award under this Plan shall be deferred either automatically or at the election of the Participant; (vii) interpret and administer the Plan and any instrument or agreement entered into under the Plan;
(viii) determine whether any corporate transaction, such as a sale or spin-off of a division or business unit, or a joint venture, shall be deemed to result in a Participant’s termination of service for purposes of Awards granted under the
Plan; (ix) establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (x) make any other determination and take any other action that the Committee deems
necessary or desirable for administration of the Plan, including, without limiting the generality of the foregoing, make any determinations necessary to effectuate the purpose of Section 12(a)(v) below. Decisions of the Committee shall be
final, conclusive and binding upon all persons, including the Company, any Participant and any stockholder; provided that the Board shall approve any decisions affecting Director Awards. 

  
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 The Board shall have full power and authority, upon the recommendation of the Governance and Nominating Committee
of the Board to: (i) select the Directors of the Company to whom Awards may from time to time be granted hereunder; (ii) determine the type or types of Award to be granted to each Director Participant hereunder; (iii) determine the
number of Shares to be covered by each Director Award granted hereunder; (iv) determine the terms and conditions of any Director Award granted hereunder, and make modifications to such terms and conditions with respect to any outstanding
Director Award, in each case, which are not inconsistent with the provisions of the Plan; (v) determine whether, to what extent and under what circumstances Director Awards may be settled in cash, Shares or other property or canceled or
suspended; and (vi) determine whether, to what extent and under what circumstances cash, Shares and other property and other amounts payable with respect to a Director Award under this Plan shall be deferred either automatically or at the
election of the Director. For purposes of the Plan, Awards to a Director shall not exceed $250,000 based on grant date fair value (determined in accordance with U.S. generally accepted accounting principles) in any one-year period. 

SECTION 4. SHARES SUBJECT TO THE PLAN. 

(a) Number of Shares Reserved under the Plan. Subject to the adjustment provisions of Section 4(f) below and the provisions of
Section 4(b), up to 19,000,000 Shares may be issued under the Plan. Each Share issued pursuant to an Award other than an Option or a Stock Appreciation Right shall count as 2.33 Shares for purposes of the foregoing authorization. Each Share
issued pursuant to an Option or Stock Appreciation Right shall be counted as one Share for each Option or Stock Appreciation Right. For the avoidance of doubt, any Shares issued pursuant to a Converted Award shall reduce the maximum number of Shares
issuable under this Section 4(a). 
  (b) Share Replenishment. In addition to the Shares authorized by Section 4(a), Shares underlying
Awards that are granted under the Plan, which are subsequently forfeited, cancelled or expire in accordance with the terms of the Award shall become available for issuance under the Plan. The following Shares shall not become available for issuance
under the Plan: (x) Shares tendered in payment of an Option or other Award, and (y) Shares withheld for taxes. Shares purchased by the Company using Option proceeds shall not be added to the Plan limit and if Stock Appreciation Rights are
settled in Shares, each Stock Appreciation Right shall count as one Share whether or not Shares are actually issued or transferred under the Plan. 
 (c)
Issued Shares. Shares shall be deemed to be issued hereunder only when and to the extent that payment or settlement of an Award is actually made in Shares. Notwithstanding anything herein to the contrary, the Committee may at any time
authorize a cash payment in lieu of Shares, including without limitation if there are insufficient Shares available for issuance under the Plan to satisfy an obligation created under the Plan. 

(d) Source of Shares. Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued Shares, treasury Shares or Shares
purchased in the open market or otherwise. 
 (e) Substitute Awards. Shares issued or granted in connection with Substitute Awards shall not reduce
the Shares available for issuance under the Plan or to a Participant in any calendar year. 
 (f) Adjustments. Subject to SECTION 12: 

(i) Corporate Transactions other than an Equity Restructuring. In the event of any stock dividend, stock split, combination or exchange
of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the Shares or the price of the Shares other than an Equity Restructuring, the Committee shall
make such adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (i) the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to,
adjustments of the limitations in Sections 4(a) and 13(f) hereof); (ii) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the
grant or exercise price per Share for any outstanding Awards under the Plan. Any adjustment affecting an Award intended to be “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code, or any successor
provision thereto, shall be made consistent with the requirements of Section 162(m) of the Code. 

  
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 In the event of any transaction or event described above in this Section 4(f)(i) or any
unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate, or of changes in applicable laws, regulations or accounting principles, the Committee,
on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event (except that action to give effect to a change in applicable laws or accounting principles
may be made within a reasonable period of time after such change), is hereby authorized to take actions, including but not limited to any one or more of the following actions, whenever the Committee determines that such action is appropriate in
order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in
laws, regulations or principles, provided that the number of Shares subject to any Award will always be a whole number: 
  

	 	(A)	To provide for either (I) termination of any such Award in exchange for an amount of cash, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the
Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event described above in this Section 4(f)(i) the Committee determines in good faith that no amount would have been attained
upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment) or (II) the replacement of such Award with other rights or property selected by the Committee in its
sole discretion; 

  

	 	(B)	To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock of the successor or
survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; 

  

	 	(C)	To make adjustments in the number and type of Shares (or other securities or property) subject to outstanding Awards, and in the number and kind of outstanding Restricted Shares and/or in the terms and conditions of
(including the grant or exercise price), and the criteria included in, outstanding options, rights and awards; 

  

	 	(D)	To provide that such Award shall be exercisable or payable or fully vested with respect to all Shares covered thereby; or 

  

	 	(E)	To provide that the Award cannot vest, be exercised or become payable after such event. 

 (ii)
Equity Restructuring. In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 4(f), the Committee will adjust the terms of the Plan and each outstanding Award as it
deems equitable to reflect the Equity Restructuring, which may include (i) adjusting the number and type of securities subject to each outstanding Award and/or with respect to which Awards may be granted under the Plan (including, but not
limited to, adjustments of the limitations in Sections 4(a) and 13(f) hereof); (ii) adjusting the terms and conditions of (including the grant or exercise price), and the performance targets or other criteria included in, outstanding Awards;
and (iii) granting new Awards or making cash payments to Participants. The adjustments provided under this Section 4(f)(ii) will be nondiscretionary and final and binding on all interested parties, including the affected Participant and
the Company; provided that the Committee will determine whether an adjustment is equitable and the number of Shares subject to any Award will always be a whole number. 

SECTION 5. ELIGIBILITY. Any Director or Employee shall be eligible to be selected as a Participant. 

  
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 SECTION 6. STOCK OPTIONS. Options may be granted hereunder to Participants either alone or in addition to
other Awards granted under the Plan. Any Option granted under the Plan may be evidenced by an Award Agreement in such form as the Committee from time to time approves. Any such Option shall be subject to the terms and conditions required by this
SECTION 6 and to such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee may deem appropriate in each case. 

(a) Option Price. The purchase price (or Option price) per Share purchasable under an Option shall be determined by the Committee in its sole
discretion; provided that, except in connection with an adjustment provided for in Section 4(f), Substitute Awards or Converted Awards, such purchase price shall not be less than the Fair Market Value of one Share on the date of the
grant of the Option. The Committee may, in its sole discretion, establish a limit on the amount of gain that can be realized on an Option. 
 (b) Option
Period. The term of each Option granted hereunder shall not exceed ten years from the date the Option is granted. 
 (c) Exercisability. Options
shall be exercisable at such time or times as determined by the Committee at or subsequent to grant, provided, however, that the minimum vesting period of an Option shall be one year except in connection with an adjustment provided for in
Section 4(f), Substitute Awards or Converted Awards. 
 (d) Method of Exercise. Subject to the other provisions of the Plan, any Option may be
exercised by the Participant in whole or in part at such time or times, and the Participant may make payment of the Option price in such form or forms, including, without limitation, payment by delivery of cash, Shares or other consideration
(including, where permitted by law and the Committee, Awards) having a fair market value on the exercise date equal to the total Option price, or by any combination of cash, Shares and other consideration as the Committee may specify in the
applicable Award Agreement. 
 SECTION 7. STOCK APPRECIATION RIGHTS. Stock Appreciation Rights may be granted to Participants on such terms and
conditions as the Committee may determine, subject to the requirements of the Plan. A Stock Appreciation Right shall confer on the holder a right to receive, upon exercise, the excess of (i) the Fair Market Value of one Share on the date of
exercise or, if the Committee shall so determine, at any time during a specified period before the date of exercise over (ii) the grant price of the right on the date of grant, or if granted in connection with an outstanding Option on the date
of grant of the related Option, as specified by the Committee in its sole discretion, which, except in the case of Substitute Awards, Converted Awards or in connection with an adjustment provided in Section 4(f), shall not be less than the Fair
Market Value of one Share on such date of grant of the right or the related Option, as the case may be. Any payment by the Company in respect of such right may be made in cash, Shares, other property or any combination thereof, as the Committee, in
its sole discretion, shall determine. The Committee may, in its sole discretion, establish a limit on the amount of gain that can be realized on a Stock Appreciation Right. 

(a) Grant Price. The grant price for a Stock Appreciation Right shall be determined by the Committee, provided, however, and except as provided in
Section 4(f) and for Substitute Awards and Converted Awards, that such price shall not be less than 100% of the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right. 

(b) Term. The term of each Stock Appreciation Right shall not exceed ten years from the date of grant, or if granted in tandem with an Option, the
expiration date of the Option. The minimum vesting period of a Stock Appreciation Right shall be one year, except in connection with an adjustment provided for in Section 4(f), Substitute Awards or Converted Awards. 

(c) Time and Method of Exercise. The Committee shall establish the time or times at which a Stock Appreciation Right may be exercised in whole or in
part. 
 SECTION 8. RESTRICTED SHARES. 
 (a)
Definition. A Restricted Share means any Share issued with the contingency or restriction that the holder may not sell, transfer, pledge or assign such Share and with such other contingencies or restrictions as the Committee, in its sole
discretion, may impose (including, without limitation, any contingency or restriction on the right to vote such Share and the right to receive any cash dividends), which contingencies and restrictions may lapse separately or in combination, at such
time or times, in installments or otherwise, as the Committee may deem appropriate. 

  
 6 

 (b) Issuance. A Restricted Share Award shall be subject to contingencies or restrictions imposed by the
Committee during a period of time specified by the Committee (the “Contingency Period”). Restricted Share Awards may be issued hereunder to Participants, for no cash consideration or for such minimum consideration as may be required by
applicable law, either alone or in addition to other Awards granted under the Plan. The terms and conditions of Restricted Share Awards need not be the same with respect to each recipient. 

(c) Registration. Any Restricted Share issued hereunder may be evidenced in such manner as the Committee in its sole discretion shall deem appropriate,
including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of Restricted Shares awarded under the Plan, such certificate shall be registered in
the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, contingencies and restrictions applicable to such Award. 

(d) Forfeiture. Except as otherwise determined by the Committee at the time of grant or thereafter or as otherwise set forth in the terms and
conditions of an Award, upon termination of service for any reason during the Contingency Period, all Restricted Shares still subject to any contingency or restriction shall be forfeited by the Participant and reacquired by the Company. 

(e) Minimum Restrictions. Restricted Share Awards that are restricted only on the passage of time shall have a minimum three-year pro-rata restriction
period (the restrictions lapse each year as to 1/3 of the Restricted Share Awards), except in connection with an adjustment provided for in Section 4(f), Substitute Awards or Converted Awards; provided, however, that a restriction period of
less than this period may be approved for Awards with respect to up to 5% of the Shares authorized under the Plan. 
 (f)
Section 83(b) Election. A Participant may, with the consent of the Committee, make an election under Section 83(b) of the Code to report the value of Restricted Shares as income on the date of grant. 

SECTION 9. RESTRICTED SHARE UNITS. 
 (a)
Definition. A Restricted Share Unit is an Award of a right to receive, in cash or Shares, as the Committee may determine, the Fair Market Value of one Share, the grant, issuance, retention and/or vesting of which is subject to such terms and
conditions as the Committee may determine at the time of the grant, which shall not be inconsistent with this Plan. 
 (b) Terms and Conditions. In
addition to the terms and conditions that may be established at the time of a grant of Restricted Share Unit Awards, the following terms and conditions apply: 

(i) Restricted Share Unit Awards may not be sold, pledged (except as permitted under Section 15(a)) or otherwise encumbered prior to the
date on which the Shares are issued, or, if later, the date on which any applicable contingency, restriction or performance period lapses. 

(ii) Restricted Share Unit Awards that are vested only due to the passage of time shall have a minimum three-year pro-rata vesting period (1/3
vests each year), except in connection with an adjustment provided for in Section 4(f), Substitute Awards or Converted Awards; provided, however, that a vesting period of less than three years may be approved for Restricted Share Unit Awards
with respect to up to 5% of the Shares authorized under the Plan. 
 (iii) Shares (including securities convertible into Shares) subject to
Restricted Share Unit Awards may be issued for no cash consideration or for such minimum consideration as may be required by applicable law. Shares (including securities convertible into Shares) purchased pursuant to a purchase right granted under
this SECTION 9 thereafter shall be purchased for such consideration as the Committee shall in its sole discretion determine, which shall not be less than the Fair Market Value of such Shares or other securities as of the date such purchase right is
granted. 
 (iv) The terms and conditions of Restricted Share Unit Awards need not be the same with respect to each recipient. 

SECTION 10. OTHER AWARDS. Other Awards of Shares and other Awards that are valued in whole or in part by reference to, or are otherwise based on,
Shares or other property (“Other Awards”) may be granted to Participants. Other Awards may be paid in Shares, cash or any other form of property as the 

  
 7 

 
Committee shall determine. Subject to the provisions of the Plan, the Committee shall have sole and complete authority to determine the Participants to whom, and the time or times at which, such
Awards shall be made, the number of Shares to be granted pursuant to such Awards and all other conditions of the Awards. The terms and conditions of Other Awards need not be the same with respect to each recipient. Other Awards shall not exceed 5%
of the Shares available for issuance under this Plan. 
 SECTION 11. PERFORMANCE AWARDS. Awards with a performance feature are referred to as
“Performance Awards”. Performance Awards may be granted in the form of Options, Stock Appreciation Rights, Restricted Share Units, Restricted Shares or Other Awards with the features and restrictions applicable thereto. The performance
criteria to be achieved during any Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award, provided that the minimum performance period shall be one year. Performance
Awards may be paid in cash, Shares, other property or any combination thereof in the sole discretion of the Committee. The performance levels to be achieved for each Performance Period and the amount of the Award to be paid shall be conclusively
determined by the Committee. Except as provided in SECTION 12, each Performance Award shall be paid following the end of the Performance Period or, if later, the date on which any applicable contingency or restriction has ended. 

SECTION 12. CHANGE IN CONTROL PROVISIONS. 
 (a) Effect
of a Change in Control on Existing Awards under this Plan. Notwithstanding any other provision of the Plan to the contrary, unless the Committee shall determine otherwise at the time of grant with respect to a particular Award, in the event of a
Change in Control: 
 (i) any Time-Based Award consisting of Options, Stock Appreciation Rights or any other Time-Based Award in the form of
rights that are exercisable by Participants upon vesting (“Exercisable Time-Based Award”), that is outstanding as of the date on which a Change in Control shall be deemed to have occurred and that is not then vested, shall become vested
and exercisable, unless replaced by a Replacement Award; 
 (ii) any Time-Based Award that is not an Exercisable Time-Based Award that is
outstanding as of the date on which a Change in Control shall be deemed to have occurred and that is not then vested, shall become free of all contingencies, restrictions and limitations and shall become vested and transferable, unless replaced by a
Replacement Award; 
 (iii) any Replacement Award for which an Exercisable Time-Based Award has been exchanged upon a Change in Control shall
vest and become exercisable in accordance with the vesting schedule and term for exercisability that applied to the corresponding Exercisable Time-Based Award immediately prior to such Change in Control, provided, however, that if
within twenty four (24) months of such Change in Control, the Participant’s service with the Company or a Subsidiary is terminated without Cause (as such term is defined in the Alcoa Corporation Change in Control Severance Plan) or by the
Participant for Good Reason (as such term is defined in the Alcoa Corporation Change in Control Severance Plan), such Award shall become vested and exercisable to the extent outstanding at the time of such termination of service. Any Replacement
Award that has become vested and exercisable pursuant to this paragraph shall expire on the earlier of (A) thirty six (36) months following the date of termination of such Participant’s service (or, if later, the conclusion of the
applicable post-termination exercise period pursuant to the applicable Award Agreement) and (B) the last day of the term of such Replacement Award; 

(iv) any Replacement Award for which a Time-Based Award that is not an Exercisable Time-Based Award has been exchanged upon a Change in Control
shall vest in accordance with the vesting schedule that applied to the corresponding Time-Based Award immediately prior to such Change in Control, provided, however, that if within twenty four (24) months of such Change in
Control, the Participant’s service with the Company or a Subsidiary is terminated without Cause (as such term is defined in the Alcoa Corporation Change in Control Severance Plan) or by the Participant for Good Reason (as such term is defined
in the Alcoa Corporation Change in Control Severance Plan), such Award shall become free of all contingencies, restrictions and limitations and become vested and transferable to the extent outstanding; 

(v) any Performance Award shall be converted so that such Award is no longer subject to any performance condition referred to in SECTION 11
above, but instead is subject to the passage of time, with the number or value of such Replacement Award determined as follows: (A) if 50% or more of the Performance Period has been completed as of the date on which such Change in Control is
deemed to have occurred, the number or value of such Award shall be based on actual performance during the Performance Period; or (B) if less than 50% of the Performance Period has been completed as of the date on which such Change in Control
is deemed to have occurred, the number or value of such Award shall be the target number or value. Paragraphs (i) through (iv) above shall govern the terms of such Time-Based Award. 

  
 8 

 (b) Change in Control Settlement. Notwithstanding any other provision of this Plan, if approved by the
Committee, upon a Change in Control, a Participant may receive a cash settlement under clauses (i) and (ii) below of existing Awards that are vested and exercisable as of the date on which such Change in Control shall be deemed to have
occurred: 
 (i) a Participant who holds an Option or Stock Appreciation Right may, in lieu of the payment of the purchase price for the
Shares being purchased under the Option or Stock Appreciation Right, surrender the Option or Stock Appreciation Right to the Company and receive cash, within 30 days of the Change in Control, in an amount equal to the amount by which the Fair Market
Value of the Shares on the date of the Change in Control exceeds the purchase price per Share under the Option or Stock Appreciation Right multiplied by the number of Shares granted under the Option or Stock Appreciation Right; and 

(ii) a Participant who holds Restricted Share Units may, in lieu of receiving Shares which have vested under Section 12(a)(ii) of this
Plan, receive cash, within 30 days of a Change in Control, in an amount equal to the Fair Market Value of the Shares on the date of the Change in Control multiplied by the number of Restricted Share Units held by the Participant. 

SECTION 13. CODE SECTION 162(m) PROVISIONS. 
 (a)
Notwithstanding any other provision of this Plan, if the Committee determines at the time a Restricted Share Award, a Performance Award or a Restricted Share Unit Award is granted to a Participant that such Participant is, or is likely to be as of
the end of the tax year in which the Company would claim a tax deduction in connection with such Award, a Covered Employee, then the Committee may provide that this SECTION 13 is applicable to such Award. 

(b) If an Award is subject to this SECTION 13, then the lapsing of contingencies or restrictions thereon and the distribution of cash, Shares or other
property pursuant thereto, as applicable, shall be subject to the achievement by the Company on a consolidated basis, and/or by specified Subsidiaries or divisions or business units of the Company, as appropriate, of one or more objective
performance goals established by the Committee. Performance goals shall be set by the Committee (and any adjustments shall be made by the Committee) within the time period prescribed by, and shall otherwise comply with, the requirements of
Section 162(m) of the Code, or any successor provision thereto, and the regulations thereunder. 
 (c) As the Committee deems appropriate, performance
goals established by the Committee may be based upon (x) the achievement of specified levels of Company, Subsidiary, division or business unit performance under one or more of the measures described below, (y) the improvement in Company,
Subsidiary, division or business unit performance under one or more of the measures, and (z) Company, Subsidiary or business unit performance under one or more of the measures relative to the performance of other comparator companies or groups
of companies or an external index or indicator. Performance goals may include a threshold level of performance below which no Award will be earned, levels of performance at which an Award will become partially earned, and a level of performance at
which an Award will be fully earned. Any of the measures listed below, as applicable, may be calculated to exclude special items, unusual or infrequently occurring items or nonrecurring items or may be normalized for fluctuations in market forces,
including, but not limited to, foreign currency exchange rates and the price of aluminum on the London Metal Exchange: 
 (i) earnings,
including earnings margin, operating income, earnings before or after taxes, and earnings before or after interest, taxes, depreciation, and amortization; 

  
 9 

 (ii) book value per share; 

(iii) pre-tax income, after-tax income, income from continuing operations, or after tax operating income; 

(iv) operating profit; 
 (v)
earnings per common share (basic or diluted); 
 (vi) return on assets (net or gross); 

(vii) return on capital; 
 (viii)
return on invested capital; 
 (ix) sales, revenues or growth in or returns on sales or revenues; 

(x) share price appreciation; 

(xi) total stockholder return; 

(xii) cash flow, operating cash flow, free cash flow, cash flow return on investment (discounted or otherwise), cash on hand, reduction of
debt, capital structure of the Company including debt to capital ratios; 
 (xiii) implementation or completion of critical projects or
processes; 
 (xiv) economic profit, economic value added or created; 

(xv) cumulative earnings per share growth; 

(xvi) achievement of cost reduction goals; 

(xvii) return on stockholders’ equity; 

(xviii) total stockholders’ return; 

(xix) reduction of days working capital, working capital or inventory; 

(xx) operating margin or profit margin; 

(xxi) capital expenditures; 

(xxii) cost targets, reductions and savings, productivity and efficiencies; 

(xxiii) strategic business criteria, consisting of one or more objectives based on market penetration, geographic business expansion, customer
satisfaction (including product quality and delivery), employee satisfaction, human resources management (including diversity representation), supervision of litigation, information technology, and goals relating to acquisitions, divestitures, joint
ventures and similar transactions, and budget comparisons; 
 (xxiv) personal professional objectives, including any of the foregoing
performance measures, the implementation of policies and plans, the negotiation of transactions, the development of long-term business goals, formation of joint ventures, research or development collaborations, technology and best practice sharing
within the Company, and the completion of other corporate goals or transactions; 
 (xxv) sustainability measures, community engagement
measures or environmental, health or safety goals of the Company or the Subsidiary or business unit of the Company for or within which the Participant is primarily employed; or 

(xxvi) audit and compliance measures. 
 (d)
Notwithstanding any provision of this Plan other than Section 4(f) and SECTION 12, with respect to any Award that is subject to this SECTION 13, the Committee may adjust downwards, but not upwards, the amount payable pursuant to such Award, and
the Committee may not waive the achievement of the applicable performance goals. 
 (e) The Committee shall have the power to impose such other restrictions
on Awards subject to this SECTION 13 as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements for “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code, or any
successor provision thereto. 
 (f) For purposes of complying with Code Section 162(m) limitations on “performance-based compensation,” and
subject to the adjustment provisions of Section 4(f), no Participant may be granted Options and/or Stock Appreciation Rights in any calendar year with respect to more than 10,000,000 Shares, or Restricted Share Awards or Restricted Share Unit
Awards covering more than 4,000,000 Shares. The maximum dollar value payable with respect to Performance Awards that are valued with reference to property other than Shares and granted to any Participant in any one calendar year is $15,000,000.
Notwithstanding the foregoing, the number of Shares subject to Converted Awards shall be disregarded for purposes of the limitations set forth in this Section 13(f). 

  
 10 

 SECTION 14. AMENDMENTS AND TERMINATION. The Board may amend, alter, suspend, discontinue or terminate the
Plan or any portion thereof at any time; provided that notwithstanding any other provision in this Plan, no such amendment, alteration, suspension, discontinuation or termination shall be made: (a) without stockholder approval, if such
approval would be required pursuant to applicable law or the requirements of the New York Stock Exchange or such other stock exchange on which the Shares trade; or (b) without the consent of the affected Participant, if such action would impair
the rights of such Participant under any outstanding Award, except as provided in Sections 15(e) and 15(f). Notwithstanding anything to the contrary herein, the Committee may amend the Plan in such manner as may be necessary so as to have the Plan
conform to local rules and regulations in any jurisdiction outside the United States or to qualify for or comply with any tax or regulatory requirement for which or with which the Board or Committee deems it necessary or desirable to qualify or
comply. 
 SECTION 15. GENERAL PROVISIONS. 
 (a)
Transferability of Awards. Awards may be transferred by will or the laws of descent and distribution. Except as set forth herein, awards shall be exercisable, during the Participant’s lifetime, only by the Participant or, if permissible
under applicable law, by the Participant’s guardian or legal representative. Unless otherwise provided by the Committee or limited by applicable laws, a Participant may, in the manner established by the Committee, designate a beneficiary to
exercise the rights of the Participant with respect to any Award upon the death of the Participant. Unless otherwise provided by the Committee or limited by applicable laws, Awards may be transferred to one or more Family Members, individually or
jointly, or to a trust whose beneficiaries include the Participant or one or more Family Members under terms and conditions established by the Committee. The Committee shall have authority to determine, at the time of grant, any other rights or
restrictions applicable to the transfer of Awards; provided however, that no Award may be transferred to a third party for value or consideration. Except as provided in this Plan or the terms and conditions established for an Award, any Award
shall be null and void and without effect upon any attempted assignment or transfer, including, without limitation, any purported assignment, whether voluntary or by operation of law, pledge, hypothecation or other disposition, attachment, divorce
or trustee process or similar process, whether legal or equitable. 
 (b) Award Entitlement. No Employee or Director shall have any claim to be
granted any Award under the Plan and there is no obligation for uniformity of treatment of Employees or Directors under the Plan. 
 (c) Terms and
Conditions of Award. The prospective recipient of any Award under the Plan shall be deemed to have become a Participant subject to all the applicable terms and conditions of the Award upon the grant of the Award to the prospective recipient,
unless the prospective recipient notifies the Company within 30 days of the grant that the prospective recipient does not accept the Award. This Section 15(c) is without prejudice to the Company’s right to require a Participant to
affirmatively accept the terms and conditions of an Award. 
 (d) Award Adjustments. Except as provided in SECTION 13, the Committee shall be
authorized to make adjustments in Performance Award criteria or in the terms and conditions of other Awards in recognition of unusual or nonrecurring events affecting the Company or its financial statements or changes in applicable laws, regulations
or accounting principles. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry it into effect. 

(e) Committee Right to Cancel. The Committee shall have full power and authority to determine whether, to what extent and under what circumstances any
Award shall be canceled or suspended at any time prior to a Change in Control: (i) if an Employee, without the consent of the Committee, while employed by the Company or a Subsidiary or after termination of such employment, becomes associated
with, 

  
 11 

 
employed by, renders services to or owns any interest (other than an interest of up to 5% in a publicly traded company or any other nonsubstantial interest, as determined by the Committee) in any
business that is in competition with the Company or any Subsidiary; (ii) in the event of the Participant’s willful engagement in conduct which is injurious to the Company or any Subsidiary, monetarily or otherwise; (iii) in the event
of an Executive Officer’s misconduct described in Section 15(f); or (iv) in order to comply with applicable laws as described in Section 15(h) below. For purposes of clause (ii), no act, or failure to act, on the
Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that the Participant’s act, or failure to act, was in the best interest of the
Company or a Subsidiary. In the event of a dispute concerning the application of this Section 15(e), no claim by the Company shall be given effect unless the Board determines that there is clear and convincing evidence that the Committee has
the right to cancel an Award or Awards hereunder, and the Board finding to that effect is adopted by the affirmative vote of not less than three quarters of the entire membership of the Board (after reasonable notice to the Participant and an
opportunity for the Participant to provide information to the Board in such manner as the Board, in its sole discretion, deems to be appropriate under the circumstances). 

(f) Clawback. Notwithstanding any other provision of the Plan to the contrary, in accordance with the Company’s Corporate Governance Guidelines,
if the Board learns of any misconduct by an Executive Officer that contributed to the Company having to restate all or a portion of its financial statements, the Board will, to the full extent permitted by governing law, in all appropriate cases,
effect the cancellation and recovery of Awards (or the value of Awards) previously granted to the Executive Officer if: (i) the amount of the Award was calculated based upon the achievement of certain financial results that were subsequently
the subject of a restatement, (ii) the executive engaged in intentional misconduct that caused or partially caused the need for the restatement, and (iii) the amount of the Award had the financial results been properly reported would have
been lower than the amount actually awarded. Furthermore, all Awards (including Awards that have vested in accordance with the Award Agreement) shall be subject to the terms and conditions, if applicable, of any other recoupment policy adopted by
the Company from time to time or any recoupment requirement imposed under applicable laws, rules, regulations or stock exchange listing standards, including, without limitation, recoupment requirements imposed pursuant to Section 954 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Section 304 of the Sarbanes-Oxley Act of 2002, or any regulations promulgated thereunder, or recoupment requirements under the laws of any other jurisdiction. 

(g) Stock Certificate Legends. All certificates for Shares delivered under the Plan pursuant to any Award shall be subject to such stock transfer
orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the U.S. Securities and Exchange Commission, any stock exchange upon which the Shares are then listed and any applicable
Federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

(h) Compliance with Securities Laws and Other Requirements. No Award granted hereunder shall be construed as an offer to sell securities of the
Company, and no such offer shall be outstanding, unless and until the Company in its sole discretion has determined that any such offer, if made, would be in compliance with all applicable requirements of the U.S. Federal securities laws and any
other laws, rules, regulations, stock exchange listing or other requirements to which such offer, if made, would be subject. Without limiting the foregoing, the Company shall have no obligation to issue or deliver Shares pursuant to Awards granted
hereunder prior to: (i) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable, and (ii) completion of any registration or other qualification with respect to the Shares under any
applicable law in the United States or in a jurisdiction outside of the United States or procurement of any ruling or determination of any governmental body that the Company determines to be necessary or advisable or at a time when any such
registration, qualification or determination is not current, has been suspended or otherwise has ceased to be effective. The inability or impracticability of the Company to obtain or maintain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such
requisite authority shall not have been obtained, and shall constitute circumstances in which the Committee may determine to amend or cancel Awards pertaining to such Shares, with or without consideration to the affected Participants. 

  
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 (i) Dividends. No Award of Options or Stock Appreciation Rights shall have the right to receive dividends
or dividend equivalents. To the extent that the Board, in its discretion, declares a dividend on the Shares: (i) a recipient of an Award of Restricted Shares shall receive dividends on the Restricted Shares subject to such contingencies or
restrictions, if any, as the Committee, in its sole discretion, may impose; and (ii) dividend equivalents shall accrue on Restricted Share Units (including Restricted Share Units that have a performance feature) and shall only be paid if and when
such Restricted Share Units vest, unless otherwise determined by the Committee. Any dividend equivalents that accrue on Restricted Share Units will be calculated at the same rate as dividends paid on the common stock of the Company. Notwithstanding
any provision herein to the contrary, no dividends or dividend equivalents shall be paid on Restricted Share Units that have not vested or on Restricted Share Units that have not been earned during a Performance Period. 

(j) Consideration for Awards. Except as otherwise required in any applicable Award Agreement or by the terms of the Plan, recipients of Awards under
the Plan shall not be required to make any payment or provide consideration other than the rendering of services. 
 (k) Delegation of Authority by
Committee. The Committee may delegate to one or more Executive Officers or a committee of Executive Officers the right to grant Awards to Employees who are not Executive Officers or Directors of the Company and to cancel or suspend Awards to
Employees who are not Executive Officers or Directors of the Company. 
 (l) Tax Obligations. The Company shall be authorized to withhold from any
Award granted or payment due under the Plan the amount of Tax Obligations due in respect of an Award or payment hereunder and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of
such Tax Obligations, including without limitation requiring the Participant to pay cash, withholding otherwise deliverable cash or Shares having a fair market value equal to the amount required to be withheld, forcing the sale of Shares issued
pursuant to an Award (or exercise or vesting thereof) having a fair market value equal to the amount required to be withheld, or requiring the Participant to deliver to the Company already-owned Shares having a fair market value equal to the
amount required to be withheld. For purposes of the foregoing, “Tax Obligations” means tax, social insurance and social security liability obligations and requirements in connection with the Awards, including, without limitation,
(i) all U.S. Federal, state, and local income, employment and any other taxes (including the Participant’s U.S. Federal Insurance Contributions Act (FICA) obligation) that are required to be withheld by the Company (or a Subsidiary, as
applicable), (ii) the Participant’s and, to the extent required by the Company (or a Subsidiary, as applicable), the Company’s (or a Subsidiary’s) fringe benefit tax liability, if any, associated with the grant, vesting, or
exercise of an Award or sale of Shares issued under the Award, and (iii) any other taxes, social insurance, social security liabilities or premium for which the Participant has an obligation, or which the Participant has agreed to bear, with
respect to such Award (or exercise thereof or issuance of Shares or other consideration thereunder). Furthermore, the Committee shall be authorized to, but is not required to, establish procedures for election by Participants to satisfy such
obligations for the payment of such taxes by delivery of or transfer of Shares to the Company or by directing the Company to retain Shares otherwise deliverable in connection with the Award. All personal taxes applicable to any Award under the Plan
are the sole liability of the Participant. 
 (m) Other Compensatory Arrangements. Nothing contained in this Plan shall prevent the Board from
adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 

(n) Governing Law. The Plan and all determinations made and actions taken thereunder, to the extent not otherwise governed by the laws of the United
States, shall be governed by the laws of the State of Delaware, United States of America, without reference to principles of conflict of laws, and construed accordingly. 

(o) Severability. If any provision of this Plan is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify
the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws or if it cannot be construed or deemed amended without, in the determination of the Committee,
materially altering the intent of the Plan, it shall be stricken and the remainder of the Plan shall remain in full force and effect. 

  
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 (p) Awards to Non-U.S. Employees. Awards may be granted to Employees and Directors who are foreign
nationals or residents or employed outside the United States, or both, on such terms and conditions different from those applicable to Awards to Employees and Directors who are not foreign nationals or residents or who are employed in the United
States as may, in the judgment of the Committee, be necessary or desirable in order to recognize differences in local law, regulations or tax policy. Without limiting the generality of the foregoing, the Committee or the Board, as applicable, are
specifically authorized to (i) adopt rules and procedures regarding the conversion of local currency, withholding procedures and handling of stock certificates which vary with local requirements and (ii) adopt sub-plans, Award Agreements
and Plan and Award Agreement addenda as may be deemed desirable to accommodate foreign laws, regulations and practice. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company’s or a
Subsidiary’s obligation with respect to tax equalization for Employees on assignments outside their home countries. Notwithstanding the discretion of the Committee under this section, the Participant remains solely liable for any applicable
personal taxes. 
 (q) Repricing Prohibited. Except as provided in Section 4(f), the terms of outstanding Options or Stock Appreciation Rights
may not be amended, and action may not otherwise be taken without stockholder approval, to: (i) reduce the exercise price of outstanding Options or Stock Appreciation Rights, (ii) cancel outstanding Options or Stock Appreciation Rights in
exchange for Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of the original Options or Stock Appreciation Rights, or (iii) replace outstanding Options or Stock Appreciation Rights in exchange
for other Awards or cash at a time when the exercise price of such Options or Stock Appreciation Rights is higher than the Fair Market Value of a Share. 

(r) Deferral. The Committee may require or permit Participants to elect to defer the issuance of Shares or the settlement of Awards in cash or other
property to the extent that such deferral complies with Section 409A of the Code and any regulations or guidance promulgated thereunder. The Committee may also authorize the payment or crediting of interest, dividends or dividend equivalents on
any deferred amounts. 
 (s) Compliance with Section 409A of the Code. Except to the extent specifically provided otherwise by the
Committee and notwithstanding any other provision of the Plan, Awards under the Plan are intended to satisfy the requirements of Section 409A of the Code (and the Treasury Department guidance and regulations issued thereunder) so as to avoid
the imposition of any additional taxes or penalties under Section 409A of the Code. If the Committee determines that an Award, payment, distribution, transaction or any other action or arrangement contemplated by the provisions of the Plan
would, if undertaken, cause a Participant to become subject to any additional taxes or other penalties under Section 409A of the Code, then unless the Committee specifically provides otherwise, such Award, payment, distribution, transaction or
other action or arrangement shall not be given effect to the extent it causes such result and the related provisions of the Plan and/or Award Agreement will be deemed modified, or, if necessary, suspended in order to comply with the requirements of
Section 409A of the Code to the extent determined appropriate by the Committee, in each case without the consent of or notice to the Participant. Although the Company may attempt to avoid adverse tax treatment under Section 409A of the
Code, the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment. The Company shall be unconstrained in its corporate activities without regard to the potential
negative tax impact on holders of Awards under the Plan. 
 (t) Effect of Headings. The Section headings and subheadings herein are for convenience
of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 SECTION 16.
TERM OF PLAN. No Award shall be granted pursuant to the Plan after [●], but any Award theretofore granted may extend beyond that date. The Plan became effective as of the Company’s separation from Alcoa Inc. on [●]. 

  
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