Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

SALE AND SERVICING AGREEMENT 
 Dated as of
October 20, 2022 
 among 
 REGIONAL
MANAGEMENT RECEIVABLES III, LLC, 
 as Depositor 

REGIONAL MANAGEMENT CORP., 
 as Servicer 

THE SUBSERVICERS PARTY HERETO, 
 as Subservicers

 REGIONAL MANAGEMENT ISSUANCE TRUST 2022-2B, 

as Issuer 
 and 

REGIONAL MANAGEMENT NORTH CAROLINA RECEIVABLES TRUST 

acting hereunder solely with respect to the 2022-2B SUBI 

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  

	DEFINITIONS	  

			
	 Section 1.01
	 	Definitions	  	 	1	 
	
	ARTICLE II	  

	CONVEYANCE OF LOANS	  

			
	 Section 2.01
	 	Conveyance of Loans	  	 	1	 
	 Section 2.02
	 	Acceptance by Issuer	  	 	3	 
	 Section 2.03
	 	Representations and Warranties of the Depositor Relating to the Depositor	  	 	4	 
	 Section 2.04
	 	Reserved.	  	 	5	 
	 Section 2.05
	 	Representations and Warranties of the Depositor Relating to this Agreement and the Loans.	  	 	5	 
	 Section 2.06
	 	Repurchase Obligations	  	 	6	 
	 Section 2.07
	 	Covenants of the Depositor	  	 	7	 
	 Section 2.08
	 	Addition of Loans	  	 	9	 
	 Section 2.09
	 	Optional Purchase and Optional Call	  	 	10	 
	 Section 2.10
	 	Optional Reassignment of Loans	  	 	10	 
	 Section 2.11
	 	Optional Sale of Charged-Off Loans	  	 	11	 
	 Section 2.12
	 	Issuer Loan Exclusions	  	 	12	 
	 Section 2.13
	 	Investment Company Act Restriction	  	 	12	 
	
	ARTICLE III	  

	ADMINISTRATION AND SERVICING OF LOANS	  

			
	 Section 3.01
	 	Acceptance of Appointment and Other Matters Relating to the Servicer	  	 	12	 
	 Section 3.02
	 	Servicing Compensation	  	 	13	 
	 Section 3.03
	 	Representations, Warranties and Covenants of the Servicer and each Subservicer	  	 	14	 
	 Section 3.04
	 	Adjustments	  	 	17	 
	 Section 3.05
	 	Back-up Servicing Agreement	  	 	17	 
	 Section 3.06
	 	Monthly Servicer Report	  	 	17	 
	 Section 3.07
	 	Annual Compliance Certificate	  	 	17	 
	 Section 3.08
	 	Copies of Reports Available	  	 	18	 
	 Section 3.09
	 	Notices To Regional Management Corp	  	 	18	 
	 Section 3.10
	 	Subservicing	  	 	18	 
	 Section 3.11
	 	Custody of Receivable Files	  	 	19	 

  
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	ARTICLE IV	  

	COLLECTIONS AND ALLOCATIONS	  

			
	 Section 4.01
	 	Collections and Allocations	  	 	21	 
	
	ARTICLE V	  

	OTHER MATTERS RELATING TO THE DEPOSITOR	  

			
	 Section 5.01
	 	Liability of the Depositor	  	 	21	 
	 Section 5.02
	 	Merger or Consolidation of the Depositor	  	 	21	 
	 Section 5.03
	 	Limitations on Liability of the Depositor	  	 	22	 
	 Section 5.04
	 	Limitations on Liability of the Depositor	  	 	23	 
	
	ARTICLE VI	  

	OTHER MATTERS RELATING TO THE SERVICER AND THE SUBSERVICERS	  

			
	 Section 6.01
	 	Liability of Servicer and the Subservicers	  	 	23	 
	 Section 6.02
	 	Merger or Consolidation of, or Assumption of the Obligations of, the Servicer or a Subservicer	  	 	23	 
	 Section 6.03
	 	Limitation on Liability of the Servicer, the Subservicers and Others	  	 	24	 
	 Section 6.04
	 	Servicer Indemnification of the Issuer, the Owner Trustee and the Indenture Trustee	  	 	25	 
	 Section 6.05
	 	Resignation of the Servicer and the Subservicers	  	 	26	 
	 Section 6.06
	 	Access to Certain Documentation and Information Regarding the Loans	  	 	26	 
	 Section 6.07
	 	Delegation of Duties	  	 	27	 
	 Section 6.08
	 	Examination of Records	  	 	27	 
	 Section 6.09
	 	Servicer Power of Attorney	  	 	27	 
	
	ARTICLE VII	  

	INSOLVENCY EVENTS	  

			
	 Section 7.01
	 	Rights upon the Occurrence of an Insolvency Event	  	 	27	 
	ARTICLE VIII	  

	SERVICER DEFAULTS	  

			
	 Section 8.01
	 	Servicer Defaults	  	 	28	 
	 Section 8.02
	 	Indenture Trustee to Act; Appointment of Successor	  	 	30	 
	 Section 8.03
	 	Rule 15Ga-1 Compliance	  	 	31	 
	
	ARTICLE IX	  

	TERMINATION	  

			
	 Section 9.01
	 	Termination of Agreement as to Servicing	  	 	32	 

  
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	ARTICLE X	  

	MISCELLANEOUS PROVISIONS	  

			
	 Section 10.01
	 	Amendment; Waiver of Past Defaults; Assignment	  	 	32	 
	 Section 10.02
	 	Protection of Right, Title and Interest of Issuer	  	 	34	 
	 Section 10.03
	 	GOVERNING LAW	  	 	35	 
	 Section 10.04
	 	Notices	  	 	35	 
	 Section 10.05
	 	Severability	  	 	37	 
	 Section 10.06
	 	Further Assurances	  	 	38	 
	 Section 10.07
	 	Nonpetition Covenant	  	 	38	 
	 Section 10.08
	 	No Waiver; Cumulative Remedies	  	 	38	 
	 Section 10.09
	 	Counterparts; Execution	  	 	38	 
	 Section 10.10
	 	Binding Effect; Third-Party Beneficiaries	  	 	39	 
	 Section 10.11
	 	Merger and Integration	  	 	39	 
	 Section 10.12
	 	Headings	  	 	39	 
	 Section 10.13
	 	Schedules and Exhibits	  	 	39	 
	 Section 10.14
	 	Survival of Representations and Warranties	  	 	39	 
	 Section 10.15
	 	Limited Recourse	  	 	39	 
	 Section 10.16
	 	Rights of the Indenture Trustee	  	 	41	 
	 Section 10.17
	 	Series Liabilities	  	 	41	 
	 Section 10.18
	 	Intention of the Parties	  	 	41	 
	 Section 10.19
	 	Additional Subservicers	  	 	42	 
	 Section 10.20
	 	Limitation of Liability of WTNA	  	 	42	 
	 Section 10.21
	 	EU Risk Retention	  	 	43	 

 SCHEDULES 
  

					
	Schedule I	  	—	  	List of Subservicers
	Schedule II	  	—	  	Part A – Definitions Schedule
		  		  	Part B – Rules of Construction
	Schedule III	  	—	  	Perfection Representations, Warranties and Covenants
	Schedule IV	  	—	  	Loan Level Representations, Warranties and Covenants
			
	EXHIBITS	  		  	
			
	Exhibit A-1	  	—	  	Form of Initial Loan Assignment
	Exhibit A-2	  	—	  	Form of Additional Loan Assignment
	Exhibit B	  	—	  	Form of Annual Compliance Certificate
	Exhibit C	  	—	  	Form of Loan Reassignment
	Exhibit D	  	—	  	Form of Accession Agreement
	Exhibit E	  	—	  	Conditions to Accession
	Exhibit F	  	—	  	Rule 15Ga-1 Information
	Exhibit G	  	—	  	Form of Limited Power of Attorney
	Exhibit H	  	—	  	System Description

  
 - iii - 

 SALE AND SERVICING AGREEMENT, dated as of October 20, 2022 (this “Agreement”),
among REGIONAL MANAGEMENT RECEIVABLES III, LLC, a Delaware limited liability company, as depositor (the “Depositor”), REGIONAL MANAGEMENT CORP., a Delaware corporation, as servicer (the “Servicer”), the Subservicers
Party Hereto as identified in Schedule I hereto, REGIONAL MANAGEMENT ISSUANCE TRUST 2022-2B, a Delaware statutory trust, as issuer (the “Issuer”), and REGIONAL MANAGEMENT NORTH CAROLINA
RECEIVABLES TRUST, acting hereunder solely with respect to the 2022-2B SUBI (the “North Carolina Trust”). 

BACKGROUND 
 Under this Agreement, the
Depositor will sell, from time to time, to the Issuer certain consumer loans and on the Closing Date, the 2022-2B SUBI Certificate. The Issuer intends to grant a security interest in those loans and in the 2022-2B SUBI Certificate to the Indenture Trustee pursuant to the Indenture. 
 AGREEMENT 

In consideration of the mutual agreements herein contained, each party agrees as follows for the benefit of the other parties and the Noteholders to
the extent provided herein and in the Indenture: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01
Definitions. Certain capitalized terms in this Agreement are defined in and shall have the respective meanings assigned to them in Part A of Schedule II to this Agreement. The rules of construction set forth in Part B of Schedule
II shall be applicable to this Agreement. 
 ARTICLE II 

CONVEYANCE OF LOANS 
 Section 2.01
Conveyance of Loans. (a) In consideration of the Issuer’s promise to pay the Purchase Price with respect to the Sold Assets, the Depositor does hereby sell, transfer, convey, assign, set-over
and otherwise convey to the Issuer from time to time, without recourse except as provided herein, all its right, title and interest in, to and under, whether now owned or hereafter acquired (i) the Purchased Assets, (ii) the right to
receive all Collections with respect to the Purchased Assets after the applicable Cut-Off Date, (iii) all rights of the Depositor under the Loan Purchase Agreement and (iv) all proceeds thereof (such
property, collectively, the “Sold Assets”); provided, however, that the Sold Assets shall not include any (x) Reassigned Loan released in connection with any Issuer Loan Release or (y) Loan reconvened to the Depositor,
Servicer or Subservicer in accordance with the express terms hereof. Purchased Assets shall not include any Loan reconveyed to the Seller in accordance with the terms hereof. For the avoidance of doubt, although the
2022-2B SUBI Certificate conveyed by the Depositor to the Issuer hereunder represents a beneficial interest in the 2022-2B SUBI Loans, no
2022-2B SUBI Loans are being sold hereunder, and the 2022-2B SUBI Loans continue to be the property of the North Carolina Trust. 

  
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 The foregoing does not constitute and is not intended to result in the creation or an assumption by
the Issuer, the Owner Trustee (as such or in its individual capacity), the Indenture Trustee or any Noteholder of any obligation of the Seller, the Depositor, the Servicer or any other Person in connection with the Loans or under any agreement or
instrument relating thereto, including any obligations to Loan Obligors. 
 (b) In consideration for the purchase of the Sold Assets hereunder, the
Issuer hereby agrees, subject to Article VIII of the Indenture, to pay to the Depositor on the Closing Date and, on each Payment Date, as applicable, the purchase price for the related Sold Assets (the “Purchase Price”), which shall
consist of (i) with respect to the Initial Loans, the Notes, (ii) with respect to any Additional Loans, Collections available for such purpose under the Indenture, including funds available for such purpose on deposit in the Principal
Distribution Account, and (iii) with respect to the Initial Loans and any Additional Loans, the Trust Certificate or, so long as the Depositor is the holder of the Trust Certificate, an increase in the value thereof on the Closing Date or the
related Additional Date, as applicable. 
 (c) The Depositor agrees to authorize, record and file, at the expense of the Depositor, on or within ten
(10) days of the Closing Date, all the financing statements (and amendments to financing statements when applicable) with respect to the Loans and the other Sold Assets meeting the requirements of applicable law in such manner and in such
jurisdictions as are necessary to perfect, and maintain the perfection of, the transfer and assignment of the Loans and the other Sold Assets to the Issuer as a first-priority ownership interest, and to deliver a file stamped copy of each such
financing statement or other evidence of such filing to the Issuer and, in the case of amendments to financing statements, as soon as practicable after receipt thereof by the Depositor. In the event that any transfer of Sold Assets on any Addition
Date requires any filing or documents necessary to maintain the interest of the Issuer and its assigns as a first-priority perfected ownership interest, the Depositor shall cause all such filings and recordings to be made on or within ten
(10) days of the date of such transfer and promptly provide evidence thereof to the Issuer. 
 (d) On or prior to the Closing Date or the
relevant Addition Date, as applicable, the Depositor shall mark its electronic records with respect to each Loan sold hereunder with a designation to indicate that such Loans and the related Sold Assets have been sold to the Issuer under this
Agreement and a security interest therein has been granted to the Indenture Trustee under the Indenture. The Depositor shall not change any of these entries in its computer files relating to any such Loan or related Sold Assets except in connection
with any Loan that ceases to be a Sold Asset; provided, that after a Loan shall have been repaid in full (and all Collections in respect thereof shall have been deposited into the Collection Account), such entries may be removed consistent with the
Credit and Collection Policy. 

  
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 (e) The Depositor shall deliver to the Issuer a Loan Schedule, together with the Initial Loan
Assignment, on the Closing Date, identifying the Initial Loans sold hereunder by the Depositor and the 2022-2B SUBI Certificate sold by the Depositor to the Issuer on the Closing Date. In addition, the
Depositor agrees no later than the Monthly Determination Date following the end of each Collection Period, to deliver or cause to be delivered to the Issuer, an updated Loan Schedule all Loans that will constitute Sold Assets as of the close of
business on the related Loan Action Date (after giving effect to all Loan Actions on such Loan Action Date). Such Loan Schedule shall also separately identify each Loan that will be designated as an Excluded Loan. 

(f) The parties intend that the transfer of the Sold Assets to the Issuer by the Depositor be an absolute sale and not a secured borrowing. If the
transaction under this Agreement were determined to be a loan rather than an absolute sale despite this intent of the parties, the transfers provided for in this Agreement shall be deemed to be the grant of, and the Depositor hereby grants to the
Issuer a first-priority security interest in all of such entity’s right, title, and interest, whether now owned or hereafter acquired, in, to, and under the Sold Assets to secure the payment and performance of all obligations of the Depositor
under this Agreement including the obligation to cause the sale of Sold Assets and the payment of all monies due under the Sold Assets to the Issuer and its assigns. This grant is a protective measure and must not be construed as evidence of any
intent contrary to the one expressed in the first sentence of this paragraph, nor should the intent expressed in the first sentence of this paragraph be deemed to be an expression of the intended tax treatment of the conveyance of the Sold Assets.

 Section 2.02 Acceptance by Issuer. (a) The Issuer hereby acknowledges its acceptance of all right, title and interest to the
Sold Assets purchased by, and conveyed to, the Issuer pursuant to Section 2.01. The Issuer further acknowledges that, prior to or simultaneously with the execution and delivery of this Agreement, the Depositor delivered to
it a Loan Schedule relating to the Initial Loans (other than the 2022-2B SUBI Loans). 
 (b) The Issuer
hereby agrees not to disclose to any Person any of the loan numbers or other information contained in the Loan Schedule (including any supplement thereto) except (i) to the Servicer (or any Subservicer), the
Back-up Servicer or as required by a Requirement of Law applicable to the Owner Trustee, the Issuer or the North Carolina Trustees, (ii) in connection with the performance of any of the Issuer’s
duties hereunder, (iii) to the Indenture Trustee in connection with its duties in enforcing the rights of Noteholders, (iv) to the Seller or (v) to bona fide creditors or potential creditors of the Seller, the Depositor or the Issuer
for the limited purpose of enabling any such creditor to identify applicable Loans subject to this Agreement, the 2022-2B SUBI Supplement, the 2022-2B SUBI Servicing
Agreement, the Purchase Agreement, the Loan Purchase Agreement or the Indenture, provided they agree to keep such information confidential. The Issuer agrees to take such measures as shall be reasonably requested by the Depositor to protect and
maintain the security and confidentiality of such information and, in connection therewith, shall allow the Depositor or its duly authorized representatives to inspect the Owner Trustee’s security and confidentiality arrangements as they
specifically relate to the administration of the Issuer from time to time during normal business hours upon prior written notice. 
 (c) The Issuer
shall not create, assume or incur indebtedness or other liabilities in the name of the Issuer other than as expressly contemplated in the Transaction Documents. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 Section 2.03 Representations and Warranties of the Depositor Relating to the Depositor.
The Depositor hereby represents and warrants to the Issuer, as of the Closing Date and each Addition Date that: 
 (a) Organization. The
Depositor is a limited liability company validly existing and in good standing under the laws of, and is duly qualified to do business in, the jurisdiction of its organization, and has full power and authority to own its properties and conduct its
business as presently owned or conducted, and to execute, deliver and perform its obligations under this Agreement, the Trust Agreement, the Purchase Agreement, the Loan Purchase Agreement and each other Transaction Document to which it is a party.

 (b) Due Qualification. The Depositor is duly qualified to do business and is in good standing, as a Delaware limited liability company,
and has obtained all necessary licenses and approvals (whether directly or indirectly through the Seller or a Subservicer in the applicable jurisdiction), in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals
would have an Adverse Effect. 
 (c) Due Authorization. The execution and delivery by the Depositor of this Agreement and any Transaction
Document to which it is a party and the consummation by the Depositor of the transactions provided for in this Agreement and any Transaction Document to which it is a party have been duly authorized by all necessary action on the part of the
Depositor. 
 (d) No Conflict. The execution and delivery by the Depositor of this Agreement and any Transaction Document to which it is a
party and the performance by the Depositor of the transactions contemplated by this Agreement and any Transaction Document to which it is a party and the fulfillment by the Depositor of the terms hereof and thereof applicable to the Depositor, will
not conflict with or violate the organizational documents of the Depositor or any Requirements of Law applicable to the Depositor or conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or
lapse of time or both) a default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Depositor is a party or by which it or its properties are bound. 

(e) Enforceability. Each of this Agreement and each other Transaction Document to which the Depositor is a party is a legal, valid and binding
obligation of the Depositor and is enforceable against the Depositor in accordance with its terms, except as enforceability may be limited by Debtor Relief Laws or general principles of equity; 

(f) No Proceedings. There are no Proceedings or investigations pending before any Governmental Authority or, to the best knowledge of the
Depositor, threatened, against the Depositor (i) asserting the invalidity of this Agreement or any other Transaction Document to which the Depositor is a party, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or any other Transaction Document to which the Depositor is a party, (iii) seeking any determination or ruling that, in the reasonable judgment of the Depositor, would materially and adversely affect the
performance by the Depositor of its obligations under this Agreement or any other Transaction Document to which it is a party, (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of
this Agreement or any other Transaction Document to which the Depositor is a party or (v) seeking to affect adversely the income or franchise tax attributes of the Issuer under the U.S. federal or any state income or franchise tax systems. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 (g) All Consents. All authorizations, consents, orders or approvals of or registrations or
declarations with any Governmental Authority required to be obtained, effected or given by the Depositor in connection with the execution and delivery by the Depositor of this Agreement and any Transaction Document to which it is a party and the
performance of the transactions contemplated by this Agreement and any Transaction Document to which it is a party have been duly obtained, effected or given and are in full force and effect. 

(h) Investment Company Act. It is not an “investment company” required to be registered under the Investment Company Act. 

Section 2.04 Reserved.  

Section 2.05 Representations and Warranties of the Depositor Relating to this Agreement and the Loans.  

(a) Representations and Warranties. The Depositor hereby represents and warrants to the Issuer and the Servicer as of the Closing Date, as of
each Addition Date and, with respect to each Loan, as of the applicable Cut-Off Date that: 

(i) the Loan Schedule, in the case of the Closing Date, or the applicable Additional Loan Assignment Schedule in the case of an
Addition Date, identifies all of the Loans conveyed by the Depositor to the Issuer or allocated to the 2022-2B SUBI, as applicable, on the Closing Date or such Addition Date, as applicable, and each such Loan
is in all material respects as described in the Loan Schedule or as will be described in the Additional Loan Assignment Schedule, as applicable, and when delivered to the Issuer by the Depositor the information contained in the Loan Schedule or
Additional Loan Assignment Schedule, as applicable, with respect to each Loan will be true, correct and complete in all material respects as of the related Cut-Off Date; 

(ii) with respect to (x) the Initial Loans (other than the 2022-2B SUBI Loans) and the 2022-2B SUBI Certificate on the Closing Date and (y) with respect to any Additional Loans (other than the 2022-2B SUBI Loans), upon the applicable Addition Date, this
Agreement constitutes a valid sale, transfer, assignment and conveyance to the Issuer of all right, title and interest of the Depositor conveyed to the Issuer by the Depositor and the proceeds thereof or, if this Agreement does not constitute a sale
of such property, it constitutes a grant of a security interest in such property (and any right, title and interest therein) to the Issuer, which is enforceable upon execution and delivery of this Agreement and the Initial Loan Assignment, in the
case of any Initial Loan (other than any 2022-2B SUBI Loan), and upon the execution and delivery of the applicable Additional Loan Assignment on such Addition Date, in the case of any Additional Loan (other
than any 2022-2B SUBI Loan). Upon the filing of the applicable financing statements, the Issuer shall have a first-priority perfected security interest or ownership interest in such property and proceeds; 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 (iii) each Loan conveyed by the Depositor to the Issuer hereunder on the Closing
Date or the relevant Addition Date, as applicable, was an Eligible Loan as of the applicable Cut-Off Date for such Loan; 

(iv) each of the representations and warranties of the Seller set forth in Section 4.02(a) of the Loan Purchase Agreement as of
the Closing Date or such Addition Date, as applicable, is true and correct as of such date; 
 (v) other than the security interest
granted and the conveyance to the Issuer pursuant to this Agreement, the Depositor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Sold Assets described in Section 2.01
except as expressly permitted hereunder; and 
 (vi) each of the representations and warranties set forth in Schedule III is
true and correct as of the Closing Date or such Addition Date, as applicable. 
 Notwithstanding any other provision of this Agreement or any other
Transaction Document, the perfection representations contained in Schedule III shall be continuing, and remain in full force and effect until such time as this Agreement terminates pursuant to Section 9.01 of this
Agreement. The parties to this Agreement: (A) shall not waive any of the perfection representations contained in Schedule III without satisfying the Rating Agency Notice Requirement; (B) shall provide each Rating Agency with prompt
written notice of any material breach of perfection representations contained in Schedule III and (C) shall not waive a breach of any of the perfection representations contained in Schedule III without satisfying the Rating Agency
Notice Requirement. 
 In addition, in the case of an Excluded Loan that is de-designated as such on any
Loan Action Date, the Depositor represents and warrants to the Issuer and the Servicer as of such Payment Date that such Loan would constitute an Eligible Loan as of the end of the related Collection Period if the last day of such Collection Period
were deemed to be such Loan’s Cut-Off Date. 
 (b) Notice of Breach. The representations and
warranties set forth in this Section 2.05 shall survive the transfers and assignments of the Loans to the Issuer, the grant of a security interest in the Loans to the Indenture Trustee pursuant to the Indenture, and the
issuance of the Notes. Upon discovery by the Depositor, the Servicer or the Issuer of a breach of any of the representations and warranties set forth in this Section 2.05, the party discovering such breach shall give notice
to the other parties and to the Indenture Trustee within five (5) Business Days following such discovery; provided that the failure to give notice within five (5) Business Days does not preclude subsequent notice. 

Section 2.06 Repurchase Obligations. (a) Upon obtaining actual knowledge of, or receipt of written notice by, the Indenture Trustee
or the Issuer of a breach of any representation or warranty contained in Section 2.05(a) hereof (or under Section 4.02(a) of the Loan Purchase Agreement as incorporated pursuant to
Section 2.05(a)(iv) of this Agreement) by the Depositor 

  
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with respect to a Loan sold hereunder to the Issuer at the time such representations and warranties were made, which breach materially adversely affects the interests of the Noteholders in such
Loan, the party discovering or receiving notice of such breach shall give prompt written notice thereof to the Seller, the Depositor, the Issuer and the Indenture Trustee (it being understood that the discovering party shall not be required to
notify itself); provided, that the Indenture Trustee shall not be deemed to have discovered, or deemed to have notice or knowledge of, any event, including, without limitation, with respect to a breach of any of the representations and warranties
set forth herein or any other Transaction Document, unless a Responsible Officer of the Indenture Trustee has actual knowledge or shall have received written notice thereof. In the case of a breach of any representation or warranty contained in
Section 2.05(a)(i), (iii), (iv) or (vi) hereof, the Depositor shall immediately exercise its rights under Section 6.01 of the Loan Purchase Agreement to require the Seller to cure such breach,
or if such breach is not cured during the applicable cure period, to repurchase such Loan, in each case, in accordance with and subject to Section 6.01 of the Loan Purchase Agreement. The obligations of the Depositor to require the Seller to
cure or the obligations of the Depositor to repurchase the affected Loan shall constitute the sole and exclusive remedy, under this Agreement or otherwise, against the Depositor in respect of a breach by the Depositor of any representations or
warranties contained in Section 2.05(a)(i), (iii), (iv) or (vi) hereof. In the case of a breach of any representation or warranty contained in Section 2.05(a)(ii) or
(v) with respect to any Loan, which breach materially adversely affects the interests of the Noteholders in such Loan (any such breach, a “Direct Depositor Breach”), the Depositor shall either cure such breach in all
material respects within forty-five (45) days from the date on which the Depositor is notified of, or discovered, such breach or repurchase the affected Loan at the applicable Repurchase Price in accordance with
Section 2.06(b) hereof. The obligations of the Depositor to so cure such breach or repurchase the affected Loan shall constitute the sole and exclusive remedy under this Agreement or otherwise against the Depositor in
respect of a breach by the Depositor of any representations or warranties contained in Section 2.05(a)(ii) or (v) hereof. 

(b) In the event that the Depositor has not cured any Direct Depositor Breach within the applicable forty-five day period in accordance with (and to
the extent required by) Section 2.06(a) hereof, the Depositor must repurchase its interests in the affected Loan on the first Payment Date following the end of the Collection Period in which such forty-five day period
expired; provided, that, in order to effectuate such repurchase, the Depositor shall deposit into the Collection Account, on or prior to such Payment Date, an amount equal to the Repurchase Price for such Loan in immediately available funds.
Upon receipt of the applicable Repurchase Price in the Collection Account and release of such Loan from the lien of the Indenture in accordance with the terms thereof, automatically and without further action, the Issuer hereby sell to the Depositor
without recourse, representation, or warranty, all of each of the Issuer’s right, title and interest in, to, and under (i) such Loan, (ii) with respect to the Issuer, the right to receive Collections in respect of such Loan from and
after the date of such repurchase, (iii) all Sold Assets relating to such Loan and (iv) all proceeds of any of the property and assets described in the foregoing clauses (i) through (iii). The Issuer shall execute such
documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested and provided by the party repurchasing such Loan to effect the conveyance of such Loan. 

Section 2.07 Covenants of the Depositor. The Depositor hereby covenants to the Issuer and the Servicer, that: 

  
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 (a) Security Interests. Except for the conveyances hereunder, the Depositor shall not sell,
pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Encumbrance arising through or under the Depositor on, any Sold Assets conveyed by it to the Issuer or any interest therein, and the Depositor
shall defend the right, title and interest of the Issuer and the Indenture Trustee in, to and under the Sold Assets, against all claims of third parties claiming through or under the Depositor. 

(b) Trust Certificates. Except in connection with any transaction permitted by Regulation RR and Section 5.02 and as
provided in the Indenture and the Trust Agreement, the Depositor agrees not to transfer, sell, assign, exchange, participate or otherwise convey or pledge, hypothecate or otherwise grant a security interest in the Trust Certificates held by the
Depositor, and any such attempted transfer, assignment, exchange, conveyance, pledge, hypothecation, grant or sale shall be void. 
 (c) Delivery
of Collections. In the event that the Depositor receives Collections, the Depositor agrees to deposit such Collections into the Collection Account as soon as practicable after receipt thereof. 

(d) Notice of Encumbrances. The Depositor shall notify the Owner Trustee and the Indenture Trustee promptly after becoming aware of any
Encumbrance on any Sold Asset conveyed by it to the Issuer other than the conveyances hereunder and under the Loan Purchase Agreement and the Indenture. 

(e) Amendment of the Certificate of Formation and Limited Liability Agreement. The Depositor will not amend in any respect its certificate of
formation, the Depositor LLC Agreement or other organizational documents unless (i) the Rating Agency Notice Requirement is satisfied, (ii) the Depositor shall have provided to the Indenture Trustee and the Issuer an Officer’s
Certificate of the Depositor, dated as of the date of such amendment, stating that such amendment is not reasonably expected to result in an Adverse Effect and (iii) such amendment is effected in accordance with the terms of the applicable
organizational document. 
 (f) Separate Existence. The Depositor agrees to comply with the separateness covenants in Section 4.01 of
the Depositor LLC Agreement. 
 (g) Amendments to Loan Purchase Agreement. The Depositor further covenants that it shall not enter into, or
consent to, any amendments, modifications, waivers or supplements to, or terminations of, the Loan Purchase Agreement or enter into a new Loan Purchase Agreement, without the prior written consent of the Issuer. 

(h) Enforcement of Loan Purchase Agreement. The Depositor shall take all steps, as directed by the Issuer (or the Indenture Trustee at the
written direction of the Required Noteholders), to enforce its rights (and the rights of the Issuer and the Indenture Trustee as assignees of the Depositor) against any Seller with respect to any matter arising under the Loan Purchase Agreement.

  
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 (i) Taxes. The Depositor shall pay out of its own funds, without reimbursement, the costs and
expenses relating to any stamp, documentary, excise, property (whether on real, personal or intangible property) or any similar tax levied on the Issuer or the Issuer’s assets that are not expressly stated in this Agreement to be payable by the
Issuer (other than federal, state, local and foreign income and franchise taxes, if any, or any interest or penalties with respect thereto, assessed on the Issuer). 

(j) Bankruptcy Limitations. The Depositor shall not, without the affirmative vote of each of the managers of the Depositor (which must include
the affirmative vote of the duly appointed Independent Manager as defined in the Depositor LLC Agreement): (A) to the fullest extent permitted by applicable law, dissolve or liquidate, in whole or in part, or institute proceedings to be adjudicated
bankrupt or insolvent, (B) consent to the institution of bankruptcy or insolvency proceedings against it, (C) file a voluntary bankruptcy petition or any other petition seeking, or consent to, reorganization or relief under any applicable
federal or state law relating to bankruptcy, (D) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Depositor or a substantial part of its property, (E) make a general
assignment for the benefit of creditors, (F) admit in writing its inability to pay its debts generally as they become due, or (G) take any entity action in furtherance of the actions set forth in clauses (A) through (F)
above.  
 (k) Depositor Acting for Another Issuer. The Depositor shall not act as depositor for another issuer under a different
securitization unless the Depositor delivers an Officer’s Certificate to the Indenture Trustee to the effect that, based upon due inquiry, it has reasonably concluded that acting as depositor for such other issuer under such securitization will
not adversely affect the holders of the Notes in any material respect. 
 Section 2.08 Addition of Loans. (a) The Depositor, with
the consent of the Issuer (which it may provide or withhold in its sole discretion), may designate from time to time Additional Loans to be sold to the Issuer pursuant to this Agreement in exchange for the Purchase Price, in each case on the
applicable Addition Date. 
 (b) On the applicable Addition Date with respect to any Additional Loans (which shall be a Payment Date), the Issuer
shall acquire such Additional Loans and the Depositor shall make the following representations on such Addition Date: 
 (i) as of
such Addition Date, no Insolvency Event with respect to the Depositor shall have occurred and the transfer to the Issuer of such Additional Loans was not made in contemplation of the occurrence thereof; 

(ii) as of the applicable Addition Date, the Revolving Period was then in effect; 

(iii) as of the applicable Addition Date, the Depositor reasonably believed that the transfer of such Additional Loans to the Issuer
would not result in an Adverse Effect; 
 (iv) as of the applicable Addition Date, the Depositor shall not have used selection
procedures reasonably believed by the Depositor to be materially adverse to the interests of the Issuer or any Class of Noteholders in selecting such Additional Loans to be conveyed to the Issuer; and 

  
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 (v) in connection with any such acquisition by the Issuer, the terms of the
Indenture (including, without limitation, Section 8.07 thereof) have been complied with in all material respects. 
 Notwithstanding the
foregoing, no such acquisition of any Additional Loans by the Issuer hereunder shall occur on any Addition Date unless, on or prior to such Addition Date, the Depositor shall have delivered to the Issuer an Additional Loan Assignment with respect to
the Additional Loans for such Addition Date, together with an Additional Loan Assignment Schedule with respect to such Additional Loans. 

Section 2.09 Optional Purchase and Optional Call. (a) On any Business Day occurring on or after the date on which the Aggregate Note
Balance of the Outstanding Notes is reduced to 10% or less of the Initial Note Balance, the Servicer shall have the option to purchase all of the Sold Assets at a purchase price equal to the Redemption Price in accordance with Section 8.08(a)
of the Indenture (an “Optional Purchase”). If the Servicer elects to exercise such Optional Purchase, it shall comply with all applicable conditions set forth in Sections 8.08(a) and (c) of the Indenture. Upon proper
exercise of such Optional Purchase and deposit of the Redemption Price into the Principal Distribution Account and the Collection Account in accordance with Section 8.08(c) of the Indenture, all of the Sold Assets to be sold in connection with
such Optional Purchase shall be sold to the Servicer. Such Redemption Price shall be applied to the Notes in accordance with the provisions for the redemption of such Notes on the applicable Redemption Date as set forth in the Indenture. 

(b) At any time on or after the date on which the Loans and related Sold Assets are released from the lien of the Indenture in connection with an
Optional Call pursuant to Section 8.05(i) of the Indenture, such Loans and related Sold Assets may be sold, distributed, transferred or otherwise disposed of at the direction of the Depositor in its sole discretion. 

Section 2.10 Optional Reassignment of Loans. (a) Subject to Sections 8.05 and 8.07 of the Indenture, on any Loan Action Date
occurring during the Revolving Period, the Servicer (at the direction of the Depositor or, in the case of 2022-2B SUBI Loans, the Initial Beneficiary), at its sole option, may require reassignment (or
reallocation, as applicable) from the Issuer of its interests in Loans that were not Charged-Off Loans or Delinquent Loans, in each case, as of the end of the immediately preceding Collection Period;
provided, that the Servicer shall select such Loans in a manner that the Issuer and the Servicer reasonably believe is not materially adverse to the interests of any Class of Noteholders. Any such Loans shall be reassigned to the
Depositor (or in the case of any 2022-2B SUBI Loan, reallocated from the 2022-2B SUBI) for the Reassignment Price applicable to such Loans, such Reassignment Price to be
paid (i) with respect to Reassigned Loans other than 2022-2B SUBI Loans, for so long as the Depositor is the holder of the Trust Certificate, and at the Depositor’s option, by an adjustment to the
value of the Trust Certificate, if such adjustment is available, in which case the Issuer will not receive a cash payment; provided, that no adjustment to the value of the Trust Certificate shall cause
non-compliance with Regulation RR) or (ii) otherwise, in immediately available funds to the Servicer (to be deposited in the Principal Distribution Account). Neither the Servicer (on behalf of the
Depositor or the Initial Beneficiary, as applicable) nor the Depositor shall cause any such reassignment (or reallocation, as applicable) to occur on any Loan Action Date unless: (x) (i) no Reinvestment Criteria Event is outstanding and
(ii) the reassignment of such Loans constitutes a 

  
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Permitted Reassignment, in each case, after giving effect to all Loan Actions that occur on such Loan Action Date and (y) the Reassignment Price shall have been paid as described above. No
such reassignment may cause the Issuer to breach or otherwise violate any provision of the Indenture.  

(b) To cause any such reassignment or reallocation, as applicable, of Loans, the Servicer (on behalf of the Depositor or, in the case of 2022-2B SUBI Loans, the Initial Beneficiary) shall take the following actions and make the following determinations: 

(i) on or before the Monthly Determination Date relating to the Loan Action Date on which such reassignment or reallocation, as
applicable, is to occur (such Loan Action Date, the “Reassignment Date”), furnish to the Issuer, the Indenture Trustee and each Rating Agency a written notice specifying the Loans which are expected to be reassigned from the Issuer
or reallocated from the 2022-2B SUBI, as applicable; 
 (ii) on or prior to the applicable
Reassignment Date, the Servicer shall supplement the Loan Schedule by delivering to the Issuer and the Indenture Trustee a computer file or microfiche or written list (which may be in electronic form, acceptable to the Indenture Trustee) containing
a true and complete list of the Loans that are to be reassigned or reallocated, as applicable, on such Reassignment Date, specifying for each such Loan, its loan number, Loan Principal Balance and the Subservicer, in each case as of the end of the
Collection Period immediately preceding the Collection Period in which such Reassignment Date occurs; and 
 (iii) represent and
warrant that the list of Loans delivered pursuant to clause (ii), as of the Reassignment Date, is true and complete in all material respects. 

Within five (5) Business Days after the applicable Reassignment Date of a Loan (other than a 2022-2B SUBI
Loan), the Issuer shall deliver to the Depositor a Loan Reassignment substantially in the form of Exhibit C, together with any appropriate UCC releases or termination statements prepared and filed on behalf of the Issuer. 

Section 2.11 Optional Sale of Charged-Off Loans. The Servicer (or any Affiliate of the Servicer)
may undertake to locate a third party purchaser that is not affiliated with the initial Servicer, any of its Affiliates, the Seller, the Depositor or the Issuer to purchase from the Issuer any Charged-Off
Loans, and shall have the right to direct the Issuer to sell any such Loans to such third party purchaser; provided that all recoveries and other amounts collected by the Issuer, the Depositor or the Servicer (or any Affiliate of the Servicer) with
respect to any Charged-Off Loan (including proceeds of any disposition by the Servicer or any Affiliate thereof to any third party) in accordance with the Credit and Collection Policy shall be paid to the
Issuer, by deposit in the Collection Account. 

  
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 Section 2.12 Issuer Loan Exclusions. Subject to the conditions specified in, and in
accordance with, Section 8.07 of the Indenture and the further conditions specified in this Section 2.12, on any Loan Action Date during the Revolving Period, the Servicer (at the direction of the Depositor or the
Initial Beneficiary, as applicable) may require the Issuer to designate one or more Loans included in the Sold Assets (or in the case of the 2022-2B SUBI, one or more
2022-2B SUBI Loans) as an Excluded Loan or cause one or more Loans included in the Sold Assets (or in the case of the 2022-2B SUBI, one or more 2022-2B SUBI Loans) to cease to be designated as an Excluded Loan. For the avoidance of doubt, until such time as an Excluded Loan ceases to be so designated, it shall not be included in the Loan Action Date Loan
Pool on any Loan Action Date (including the Loan Action Date on which it is designated as an Excluded Loan, but excluding the Loan Action Date on which it is de-designated as such) or taken into account for
purposes of determining whether or not a Reinvestment Criteria Event has occurred as of the end of the Collection Period preceding any such Loan Action Date, but it shall otherwise continue to constitute a Sold Asset (or in the case of the 2022-2B SUBI, a 2022-2B SUBI Loan) and all Collections in respect thereof during any Collection Period shall constitute Available Funds on the corresponding Payment Date. The
designation of a Loan or 2022-2B SUBI Loan as an Excluded Loan shall be effected by the delivery by the Depositor (or the Servicer on its behalf) to the Issuer and the Indenture Trustee on or before the
Monthly Determination Date relating to applicable Loan Action Date of a report identifying each such expected Loan (by loan number and Seller and Subservicer) as an Excluded Loan. The Excluded Loans outstanding from time to time for any Loan Action
Date shall be identified as such on each Loan Schedule delivered on the Monthly Determination Date relating to such Loan Action Date. On any Loan Action Date during the Revolving Period, an Excluded Loan may be
de-designated as such by the delivery by the Depositor (or the Servicer on its behalf) to the Issuer and the Indenture Trustee on or before the Monthly Determination Date relating to such Loan Action Date of a
report identifying each such expected Loan (by loan number and Seller and Subservicer) as ceasing to be designated as an Excluded Loan. No Excluded Loan may be de-designated as such on any Loan Action Date
unless such Loan would constitute an Eligible Loan as of the close of business on the last day of the Collection Period immediately preceding such Loan Action Date if such last day were deemed to be such Loan’s
Cut-Off Date. 
 Section 2.13 Investment Company Act Restriction. Notwithstanding anything to
the contrary in this Agreement, the Depositor and the Issuer hereby acknowledge and agree that neither the Depositor nor the Issuer shall, and neither shall be required to, acquire any additional Loans (or, in the case of North Carolina Loans,
beneficial interests therein) or related assets, or purchase, repurchase, reassign or otherwise dispose of any Loans (or, in the case of North Carolina Loans, beneficial interests therein) or related assets pursuant to this Agreement, for the
primary purpose of recognizing gains or decreasing losses for the Depositor or the Issuer as a result of market value changes. 
 ARTICLE III

 ADMINISTRATION AND SERVICING OF LOANS 

Section 3.01 Acceptance of Appointment and Other Matters Relating to the Servicer. (a) The Issuer and the North Carolina Trust
authorizes Regional Management to act as initial Servicer (but without transfer to Regional Management of the Issuer’s right to service the Loans) and Regional Management agrees to act as the initial Servicer, in each case hereunder. 

  
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 (b) The Servicer shall service and administer the Loans, shall collect and deposit into the
Collection Account or other applicable Note Account amounts received under the Loans, shall charge off Loans deemed to be uncollectible and shall extend, amend or otherwise modify Loans, all in accordance with its customary and usual servicing
procedures for servicing consumer loans comparable to the Loans and in accordance with the Credit and Collection Policy and all applicable Requirements of Law. The Servicer shall have full power and authority, acting alone or through any party
properly designated by it hereunder and under the 2022-2B SUBI Servicing Agreement, including the Subservicers, to do any and all things in connection with such servicing and administration which it may deem
necessary or desirable. Without limiting the generality of the foregoing and subject to Section 8.01, the Servicer or its designee is hereby authorized and empowered, unless such power is revoked by the Indenture Trustee on
account of the occurrence of a Servicer Default pursuant to Section 8.01, (i) to make withdrawals or to instruct the Indenture Trustee to make or cause to be made withdrawals from any Note Account permitted by the terms of
this Agreement or the Indenture and (ii) to execute and deliver, on behalf of the Issuer any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, to effect, on behalf of the Issuer and the North
Carolina Trust with respect to Loans in accordance with the requirements of this Agreement and the 2022-2B SUBI Servicing Agreement and after the delinquency of any Loan and to the extent permitted under and
in compliance with applicable Requirements of Law, to commence collection proceedings with respect to such Loans. The Issuer, and the Indenture Trustee shall furnish the Servicer with any documents reasonably requested by the Servicer or otherwise
necessary to enable the Servicer to carry out its servicing and administrative duties hereunder; provided, however, that none of the Owner Trustee or the Indenture Trustee shall be liable for any negligence with respect to, or misuse
of, any such documents by the Servicer or any of its agents and the Servicer shall hold the Owner Trustee and the Indenture Trustee harmless against any losses, claims, damages, fines or penalties of any nature incurred in connection therewith. 

(c) The Servicer shall pay out of its own funds, without payment or reimbursement therefor (except as provided in
Section 3.02 hereof), all fees, costs and expenses incurred by the Servicer in connection with the servicing activities hereunder and under the 2022-2B SUBI Servicing Agreement,
including expenses related to enforcement of the Loans. 
 (d) The Servicer shall not be required to use separate servicing operations, offices,
employees or accounts for servicing the Loans from the operations, offices, employees and accounts used by the Servicer in connection with servicing other consumer loans. 

(e) The Servicer shall: (i) not amend any related Contract other than on a per customer basis in accordance with the Credit and Collection
Policy; (ii) comply, in all material respects, with the terms and conditions of the related Contracts; and (iii) promptly inform the Issuer, and the Depositor of any material billing errors, claims, disputes or litigation with respect to
the related Loans. 
 Section 3.02 Servicing Compensation. As full compensation for its servicing activities hereunder and as
reimbursement for its expenses as set forth in the immediately following paragraph, the Servicer shall be entitled to receive the Servicing Fee payable in arrears on each Payment Date on or prior to the termination of the Issuer pursuant to the
terms of the Trust Agreement. The “Servicing Fee” for any Payment Date and the related Collection Period shall be 

  
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an amount equal to the product of (i) 4.75%, (ii) the aggregate Loan Principal Balance as of the first day of such Collection Period,
(iii) one-twelfth. The Servicing Fee shall be payable to the Servicer solely to the extent that amounts are available for payment in accordance with the terms of the Indenture (including by the
Servicer retaining Collections in an amount up to the aggregate accrued and unpaid Servicing Fee). For the avoidance of doubt, such Servicing Fee shall also constitute compensation for the Servicer’s services rendered pursuant to the 2022-2B SUBI Servicing Agreement and related North Carolina Trust Documents. 
 The Servicer’s fees, costs
and expenses include the reasonable fees and disbursements of attorneys, independent accountants and all other fees, costs and expenses incurred by the Servicer in connection with its activities hereunder, including, without limitation, any fees
payable to any Subservicer or any other Person performing any of the Servicer’s duties and obligations hereunder. The Servicer shall be required to pay such fees, costs and expenses for its own account and shall not be entitled to any payment
or reimbursement therefor or to any fee or other payment from, or claim on, any of the assets in the Trust Estate (other than the Servicing Fee). Notwithstanding the foregoing, no Successor Servicer will be responsible to pay the fees and expenses
of the Issuer. 
 The Issuer and the Servicer acknowledge and agree that (i) the servicing arrangements provided for in this Agreement and
under the 2022-2B SUBI Servicing Agreement, including the Servicing Fee, are on terms consistent with those arrived at as a result of arm’s length negotiations and that they are typical of servicing
arrangements made for servicing assets such as the Loans, (ii) the Servicing Fee is expected to more than cover the anticipated costs associated with the performance by the Servicer of its obligations hereunder with respect to the Loans, other
Sold Assets and the other 2022-2B SUBI Assets, and constitutes fair consideration and reasonable compensation to the Servicer for the performance of such obligations, and (iii) an unaffiliated third party
having the requisite experience servicing assets such as the Loans would be willing to assume the servicing obligations hereunder for compensation commensurate with the Servicing Fee. 

Section 3.03 Representations, Warranties and Covenants of the Servicer and each Subservicer. The Servicer, each Subservicer and any
Successor Servicer by its appointment hereunder hereby makes, with respect to itself only, on the Closing Date (or on the date of the appointment of such Successor Servicer) and on each Addition Date, the following representations, warranties and
covenants on which each of (x) the Issuer shall be deemed to rely in accepting its interest in the Loans, (y) the Back-up Servicer shall be deemed to have relied in accepting its appointment as Back-up Servicer under the Back-up Servicing Agreement, and (z) the Indenture Trustee shall be deemed to have relied in accepting the grant of a security interest in the
Loans and in entering into the Indenture: 
 (a) Organization. It is an organization validly existing and in good standing under the laws of,
and is duly qualified to do business in, the jurisdiction of its incorporation or organization and has, in all material respects, full power and authority to own its properties and conduct its consumer loan business as presently owned or conducted,
and to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party. 

  
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 (b) Due Qualification. It is in good standing and duly qualified to do business (or is exempt
from such requirements) and has obtained all necessary licenses and approvals (in the case of the Servicer, whether directly or indirectly through a Subservicer in the applicable jurisdiction) in each jurisdiction in which it is performing the
primary servicing function for any of the Loans under this Agreement, except where the failure to be in good standing, so qualify or obtain licenses or approvals would not have an Adverse Effect. 

(c) Due Authorization. The execution, delivery, and performance by it of this Agreement and the other agreements and instruments executed and
delivered by it as contemplated hereby, have been duly authorized by all necessary action on the part of such party. 
 (d) Binding
Obligation. This Agreement and each other Transaction Document to which it is a party constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms, except as such enforceability may be limited by
applicable Debtor Relief Laws or by general principles of equity (whether considered in a proceeding at law or in equity). 
 (e) No Conflict.
The execution and delivery of this Agreement and each Transaction Document to which it is a party by it, and the performance by it of the transactions contemplated by this Agreement and the fulfillment by it of the terms hereof and thereof
applicable to such party, will not conflict with, violate or result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, any material indenture, contract, agreement,
mortgage, deed of trust or other instrument to which it is a party or by which it or its properties are bound, except for any such conflict, violation, breach or default which would not have an Adverse Effect. 

(f) No Violation. The execution and delivery by it of this Agreement and each other Transaction Document to which it is a party, the performance
by it of the transactions contemplated by this Agreement and each other Transaction Document to which it is a party and the fulfillment by it of the terms hereof and thereof applicable to such party will not conflict with or violate any Requirements
of Law applicable to such party. 
 (g) No Proceedings. There are no Proceedings or investigations pending against it before any Governmental
Authority or, to the best of its knowledge, threatened, seeking to prevent the consummation of any of the transactions contemplated by this Agreement or seeking any determination or ruling that, in the reasonable judgment of such party, would
materially and adversely affect the performance by it of its obligations under this Agreement and the other Transaction Documents to which it is a party. 

(h) Compliance with Requirements of Law; Credit and Collection Policy. It shall (i) duly satisfy all obligations on its part to be
fulfilled hereunder and the 2022-2B SUBI Servicing Agreement or in connection with each Loan and will maintain in effect all qualifications required under Requirements of Law in order to service properly each
Loan; (ii) comply in all material respects with its Credit and Collection Policy and (iii) comply with all other Requirements of Law in connection with servicing each Loan the failure to comply with which would have an Adverse Effect. 

  
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 (i) No Modification, Rescission or Cancellation. It shall not permit any amendment, waiver,
modification, rescission or cancellation of any Loan, except in accordance with its Credit and Collection Policy, as required by Requirements of Law or as ordered by a court of competent jurisdiction or other Governmental Authority. 

(j) Protection of Rights. It shall take no action which, nor omit to take any action the omission of which, would impair, in any material
respect, the rights of the Issuer or the Indenture Trustee in any Loan, nor shall it reschedule, revise or defer payments due on any Loan, in each case except in accordance with its Credit and Collection Policy or as required by Requirements of Law.

 (k) Credit and Collection Policy. It shall not, and shall not permit any Subservicer to, amend, modify, waive or supplement the Credit and
Collection Policy in any manner that could reasonably be expected to result in an Adverse Effect, except as required by Requirements of Law or as ordered by a court of competent jurisdiction or other Governmental Authority. 

(l) Further Assurances. It shall do and perform, from time to time, such acts as are within its power and authority as the Servicer or a
Subservicer, as applicable, to maintain the perfection and priority of the security interests in the Loans granted hereunder and under the Loan Purchase Agreement. 

(m) Reserved. 
 (n) Change in
Underwriting Guidelines. The Servicer shall notify each Rating Agency of any change to the underwriting guidelines contained in the Credit and Collection Policy that could reasonably be expected to result in an Adverse Effect. 

In the event any representation, warranty or covenant of the Servicer or any Subservicer contained in paragraphs (h), (i) or
(j) of this Section 3.03 with respect to any Loan is breached (the “Applicable Representations”), which breach materially adversely affects the interests of the Noteholders in such Loan, and is
not cured within forty-five (45) days from the first date on which the Servicer or the breaching Subservicer either (y) is notified by the Issuer, the Indenture Trustee, the Servicer (with respect to any Subservicer), the North Carolina
Trustees or the Depositor of such breach, or (z) discovered such breach, then any Loan or Loans to which such event relates shall be assigned and transferred to the Servicer (or, in the case of the
2022-2B SUBI Loans, reallocated at the direction of the Servicer) on the terms and conditions set forth below. 

The Servicer shall effect such assignment or reallocation, as applicable, by making a deposit into the Collection Account or other applicable Note
Account in immediately available funds not later than the Payment Date immediately following the Collection Period in which such forty-five day period expired in an amount equal to the Repurchase Price of the affected Loans as of the date of such
deposit. The obligation of the Servicer to accept reassignment, reallocation or assignment of such Loans, and to make the deposits, if any, required to be made to the Collection Account or other applicable Note Account as provided in the preceding
paragraph, shall constitute the sole remedy available to the Issuer, the Depositor, the North Carolina Trust, the Noteholders or the Indenture Trustee with respect to a breach of such Applicable Representations, except as provided in
Section 6.04. 

  
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 Upon each such assignment to, reallocation or purchase by the Servicer, the Issuer shall
automatically and without further action sell, transfer, assign, set-over and otherwise convey to the Servicer, without recourse, representation or warranty, all right, title and interest of the Issuer in and
to such Loans, all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds thereof. The Issuer shall execute such documents and instruments of transfer or assignment and take such other actions as
shall be reasonably requested by the Servicer to effect the conveyance of any such Loans pursuant to this Section 3.03 but only upon receipt of an Officer’s Certificate of the Servicer that states that all conditions
set forth in this Section have been satisfied. 
 Section 3.04 Adjustments. If (i) the Servicer or any Subservicer makes a deposit
into the Collection Account or other applicable Note Account in respect of a Collection of a Loan and such Collection was received by the Servicer or such Subservicer in the form of a check or other payment which is not honored or is reversed for
any reason or (ii) the Servicer or any Subservicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer or such Subservicer shall
appropriately adjust the amount subsequently deposited into the Collection Account or other applicable Note Account to reflect such dishonored or reversed payment or mistake. Any such adjustment shall be reflected in the records of the Servicer or
the applicable Subservicer with respect to such Loan. 
 Section 3.05 Back-up Servicing
Agreement. (a) The Servicer shall comply with its obligations under the Back-up Servicing Agreement and the other Transaction Documents to which it is a party (in its capacity as Servicer). 

(b) Each Subservicer hereby agrees that it shall cooperate with the Servicer in the performance of the Servicer’s duties under the Back-up Servicing Agreement, during any Servicing Centralization Period and any Servicing Transition Period. 

Section 3.06 Monthly Servicer Report. Not later than the Monthly Determination Date relating to each Payment Date, but in no event later
than the second Business Day preceding each Payment Date, the Servicer shall deliver to the Issuer, each Rating Agency, the Back-up Servicer, the Owner Trustee and the Indenture Trustee the Monthly Servicer
Report, in substantially the form set forth in the Indenture. The Servicer shall calculate and provide to the Indenture Trustee in writing all applicable original issue discount information relating to the Notes in a timely manner in order to enable
the Indenture Trustee to perform any reporting obligations with respect thereto. 
 Section 3.07 Annual Compliance Certificate. The
Servicer shall deliver to the Issuer, each Rating Agency and the Indenture Trustee on or before March 31 of each calendar year, beginning with March 31, 2024, an Officer’s Certificate substantially in the form of Exhibit B
hereto, together with an agreed upon procedures letter delivered by a firm of nationally recognized independent public accountants (who may also render other services to the Servicer or the Seller) with respect to the Servicer’s activities
under the Transaction Documents. 

  
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 Section 3.08 Copies of Reports Available. A copy of each Monthly Servicer Report and
Officer’s Certificate (but not letters or reports from the independent public accountants) provided pursuant to Section 3.06 or 3.07 will be made available by the Indenture Trustee to the Noteholders via its
website at www.ctslink.com. 
 Section 3.09 Notices To Regional Management Corp. In the event that Regional Management is no
longer acting as Servicer, any Successor Servicer shall deliver to the Issuer, each Rating Agency, the Owner Trustee and the Indenture Trustee each Monthly Servicer Report, Officer’s Certificate and report required to be provided thereafter
pursuant to Section 3.06, 3.07 or 3.08. 
 Section 3.10 Subservicing. (a) Each Subservicer
shall be responsible for the servicing and administration of the Loans for which such Subservicer is designated as the Subservicer on the Loan Schedule; provided, however, that the Servicer may redesignate the Subservicers for
particular Loans from time to time; provided, further, that any such redesignation will comply with licensing regulations applicable to such Subservicers. Each Subservicer shall service and administer the related Loans in accordance
with the provisions of Section 3.01. As part of its servicing activities hereunder, the Servicer shall enforce the obligations of each Subservicer under this Agreement. Such enforcement, including, without limitation, the
legal prosecution of claims, termination of Subservicers, and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Servicer, in its good faith business judgment, would require
were it the owner of the related Loans. The Servicer shall pay the costs of such enforcement at its own expense. 
 (b) The Servicer shall be
entitled to terminate the subservicing of the Loans by any Subservicer under this Agreement at any time in its sole discretion. In the event of termination of any Subservicer, the Servicer shall either (A) directly service the related Loans,
but only to the extent the Servicer has the regulatory authorizations to do so, or (B) appoint another duly licensed Subservicer to service and administer such Loans and, in either case, such entity shall assume all such servicing obligations
immediately upon such termination. Notwithstanding anything else to the contrary contained herein, all rights and obligations of the Subservicers under this Agreement shall terminate upon the occurrence of a Servicing Transfer Date (including the
Servicing Assumption Date) and the related successor Servicer will not be required to enforce the obligations of any prior Subservicer that has been terminated in connection with such Servicing Transfer Date; provided, however, that
any Subservicer may be engaged (and each Subservicer has agreed to reasonably cooperate with the Back-up Servicer or any other Successor Servicer in arranging any such engagement) by any Successor Servicer,
including the Back-up Servicer, on terms reasonably satisfactory to such Subservicer, to provide servicing and administration of the Loans subject to the direction of such Successor Servicer (including the Back-up Servicer). 
 (c) Each Subservicer shall make available to the Servicer sufficient information relating to
the subservicing of Loans under this Agreement so as to enable the Servicer to prepare and deliver the Monthly Servicer Report and Officer’s Certificate required by Sections 3.06 and 3.07 of this Agreement. Each Subservicer will
provide or cause to be provided to the independent service provider selected by the Servicer to furnish any report required by Section 3.07 of this Agreement sufficient information relating to the subservicing of Loans
under this Agreement, or reasonable access to the premises of such Subservicer, as reasonably required by such independent service provider to furnish such report required by Section 3.07 of this Agreement. 

  
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 (d) Each Subservicer shall be entitled to compensation for its services as a Subservicer under this
Agreement by the Servicer as agreed to by the Servicer and such Subservicer, and no Subservicer will be entitled to any fee or other payment from, or claim on, any of the assets in the Trust Estate. 

(e) Notwithstanding the appointment of the Subservicers for any such servicing and administration of the related Loans or any other purpose hereunder,
the Servicer shall remain obligated and solely liable to the Issuer, the North Carolina Trust, the Indenture Trustee and the Noteholders for the servicing and administering of the Loans in accordance with the provisions of
Section 3.01 without diminution of such obligation or liability by virtue of such subservicing arrangement to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering
the Loans. 
 (f) The parties hereto acknowledge and agree that Regional North Carolina will act as the Subservicer with respect to the 2022-2B SUBI Assets. 
 Section 3.11 Custody of Receivable Files. 

(a) Custody. The Issuer, the North Carolina Trust and the Indenture Trustee, upon the execution and delivery of this Agreement, hereby revocably
appoint the Servicer, and the Servicer hereby accepts such appointment, to act as the agent (solely in its capacity as Servicer under the Transaction Documents) of the Issuer, the North Carolina Trust and the Indenture Trustee, solely in the
Servicer’s capacity as custodian of the Contracts. 
 (b) Safekeeping. The Servicer, in its capacity as custodian, or a Subservicer,
appointed by the Servicer as subcustodian pursuant to Section 3.11(e), shall hold the Contracts (i) in physical form (or, in the case of Convenience Checks, in physical or electronic form) or (ii) with respect to each Loan originated
in electronic form, in electronic form in the Electronic Vault, provided that if a contract is Exported from the Electronic Vault, the Custodian shall hold such Contract in physical form in accordance with its customary servicing practices. The
custodian or, if applicable, any Subservicer appointed by it as subcustodian (in the case of Loans held in physical form) will hold such Contracts for the benefit of the Issuer and the Indenture Trustee, as pledgee of the Issuer or the North
Carolina Trust, as applicable; provided, that the Servicer, in its capacity as custodian, shall ensure that the Electronic Contracts are maintained by the Electronic Vault Provider as a designated custodian of the Indenture Trustee (for the
benefit of the Noteholders) in the Electronic Vault. The Electronic Vault will be controlled by the Servicer in its capacity as custodian hereunder. In performing its duties as custodian, the Servicer shall act in accordance with its customary
servicing practices. The Servicer will promptly report to the Issuer, the 2022-2B SUBI Trustee and the Indenture Trustee any failure on its part (or, if applicable, a subcustodian’s part) to hold a
material portion of the Contracts (including Electronic Contracts, but not including any Convenience Checks) and maintain its account, records, and computer systems as herein provided and promptly take appropriate action to remedy any such failure.
Nothing herein will be deemed to require an initial review or any periodic review by the Issuer or the Indenture Trustee of the Contracts. The Servicer may, in accordance with its customary 

  
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servicing practices, maintain all or a portion of a Contract in electronic form in the Electronic Vault and/or maintain custody of all or any portion of a Contract with one or more Persons to
whom the Servicer has delegated responsibilities in accordance with Section 6.07. The Servicer will maintain each Contract in the United States (it being understood that (i) the Contracts, or any part thereof, may be maintained at the
offices of any Person to whom the Servicer has delegated responsibilities in accordance with Section 6.07 and (ii) Electronic Contracts shall be maintained in the Electronic Vault). The Servicer will make available to the Issuer and the
Indenture Trustee or their duly authorized representatives, attorneys or auditors a list of locations of the Contracts upon request. Notwithstanding any reference herein or in any other Transaction Document to the Electronic Vault Provider acting as
a designated custodian of the Indenture Trustee, the parties hereto acknowledge and agree that the Indenture Trustee shall not be liable for, and shall have no duty to supervise or monitor, the default, misconduct or any other action or omission of
the Electronic Vault Provider, and that the Indenture Trustee may assume the Electronic Vault Provider’s performance of its duties and obligations under the Transaction Documents. The Servicer shall cause the Electronic Vault to reflect the
name of the applicable Owner of Record as follows: “Regional Management Issuance Trust 2022-2B/Regional Management NC Receivables Trust, solely with respect to
2022-2B SUBI”. 
 (c) Effective Period and Termination. The Servicer’s appointment as
custodian with respect to any Loan shall become effective as of the Cut-Off Date for such Loan and will continue in full force and effect until terminated pursuant to this Section 3.11(c) (or such Loan
ceases to be a Sold Asset or 2022-2B SUBI Asset, as applicable); provided, the Servicer’s appointment as custodian in respect of the Initial Loans shall be deemed to have been effective as of the Initial Cut-Off Date. If Regional Management resigns as Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of the Servicer have been terminated under Section 8.01, the
Indenture Trustee may (and upon the written direction of the Required Noteholders shall) terminate the appointment of the Servicer as custodian hereunder in the same manner as the Indenture Trustee may terminate the rights and obligations of the
Servicer under Section 8.01. In the event that the Custodian is terminated in such capacity, each Subservicer will be terminated as subcustodian for each Loan with respect to which it is then acting in such capacity. Upon the resignation or
termination of the Servicer in accordance with this Agreement, control of the Contracts in the Electronic Vault shall be transferred to the Back-up Servicer to the extent it becomes the successor servicer in
accordance with this Agreement, or another successor servicer. In the event that the Back-up Servicer assumes servicing responsibilities or a successor Servicer, as applicable, is appointed, the outgoing
Servicer shall promptly transfer to the Back-up Servicer or a successor Servicer, as applicable, in such manner and to such location as the Back-up Servicer or a
successor Servicer, as applicable, shall reasonably designate, all of the Contracts and other Related Loan Assets in its possession or control; provided, however, if the Back-up Servicer is the successor
Servicer, it shall (i) notify the Electronic Vault Provider of the transfer of servicing responsibilities to the Back-up Servicer as Successor Servicer and (ii) accept the transfer of possession of
the Electronic Vault to the Back-up Servicer as Successor Servicer; it being agreed by the Servicer that it shall reasonably cooperate with the Back-up Servicer with
respect to effecting any such election, notification or transfer. 

  
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 (d) Establishment of Imaging System. Other than with respect to any Electronic Contract, the
Servicer shall maintain an imaging system through which the original physical Contract and, with respect to any Hard Secured Loan, the original physical certificate of title with respect to the Titled Asset securing such Hard Secured Loan may be
imaged and captured through a standalone PDF, or another electronic medium, device and validated through an internal, controlled process with images captured, stored and identifiable at a central location as a backup to physical documentation. For
the avoidance of doubt, the Servicer shall cause imaged files with respect to which the related Contract is an Electronic Contract to be stored in the Electronic Vault. 

(e) Subcustodian. The Servicer, in its capacity as custodian, may appoint a Subservicer as subcustodian with respect to any Contract pursuant to
Section 6.07. In the event that the custodian is terminated in such capacity hereunder, each subcustodian will be terminated as subcustodian for each Loan with respect to which it is then acting in such capacity. 

ARTICLE IV 
 COLLECTIONS AND ALLOCATIONS

 Section 4.01 Collections and Allocations. (a) The Servicer shall comply with its obligations in Article VIII of the
Indenture. 
 (b) Each Subservicer shall deliver any Collections received by such Subservicer to the Servicer for deposit into the Collection Account
in accordance with Section 8.03 of the Indenture. 
 ARTICLE V 

OTHER MATTERS RELATING TO THE DEPOSITOR 

Section 5.01 Liability of the Depositor. The Depositor shall be liable for all obligations, covenants, representations and warranties of
the Depositor arising under or related to this Agreement and each other Transaction Document to which it is a party. The Depositor shall be liable only to the extent of the obligations specifically undertaken by it in its capacity as a Depositor.

 Section 5.02 Merger or Consolidation of the Depositor. (a) The Depositor shall not dissolve, liquidate, consolidate with or
merge into any other corporation, limited liability company or other entity or convey, transfer or sell (other than conveyances hereunder) its properties and assets substantially as an entirety to any Person unless: 

(i) the entity formed by such consolidation or into which the Depositor is merged or the Person which acquires by conveyance, transfer
or sale the properties and assets of the Depositor substantially as an entirety shall be, if the Depositor is not the surviving entity, organized and existing under the laws of the United States of America or any state or the District of Columbia,
and shall be a special purpose corporation or other special purpose entity whose powers and activities are limited and, if the Depositor is not the surviving entity, such entity or Person shall expressly assume, by a written agreement supplemental
hereto, executed and delivered to the Servicer, the Issuer and the Indenture Trustee, in form reasonably satisfactory to the Servicer, the Issuer and the Indenture Trustee, the performance of every covenant and obligation of the Depositor hereunder;

  
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 (ii) the Depositor or the surviving or transferee entity, as the case may be, has
delivered to the Issuer and the Indenture Trustee (with a copy to each Rating Agency) (A) an Officer’s Certificate of the Depositor or such entity stating that such consolidation, merger, conveyance, transfer or sale and such supplemental
agreement complies with this Section 5.02 and that all conditions precedent herein provided for relating to such transaction have been complied with and (B) an Officer’s Certificate of the Depositor or such entity
and an Opinion of Counsel each stating that such supplemental agreement is a valid and binding obligation of such surviving entity enforceable against such surviving entity in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general principles of equity; 

(iii) the Depositor or the surviving or transferee entity, as the case may be, has delivered to the Indenture Trustee and the Servicer
an Officer’s Certificate of the Depositor or such entity to the effect that in the reasonable belief of the Depositor or such entity, such consolidation, merger, conveyance, transfer, sale or other specified action will not have an Adverse
Effect; and 
 (iv) the Rating Agency Notice Requirement with respect to such consolidation, merger, conveyance, transfer, sale or
other specified action has been satisfied. 
 Promptly upon such consolidation, merger, conveyance, transfer or sale, the Depositor shall deliver
written notice of the same to each Rating Agency. 
 (b) Except in connection with a transaction permitted under the foregoing clause (a), the
obligations, rights or any part thereof of the Depositor hereunder shall not be assignable nor shall any Person succeed to such obligations or rights of the Depositor hereunder. The sale or other conveyance of Loans by the Depositor to the Issuer
under this Agreement shall not constitute a conveyance, transfer or sale of its properties or assets substantially as an entirety to any Person for purposes of this Section 5.02. 

Section 5.03 Limitations on Liability of the Depositor. Subject to Section 5.01, none of the Depositor or any of
the directors, officers, employees, agents, members or managers of the Depositor acting in such capacities shall be under any liability to the Issuer, the Servicer, any Subservicer, the Seller, the North Carolina Trust, the Owner Trustee, the
Indenture Trustee, the Noteholders or any other Person for any action taken or for refraining from the taking of any action in good faith in such capacities pursuant to this Agreement or any other Transaction Document, it being expressly understood
that such liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement; provided, however, that this provision shall not protect the Depositor or any such Person against any
liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of reckless disregard of obligations and its duties hereunder.

  
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The Depositor and any director, officer, employee, member or manager or agent of the Depositor may rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person (other than the Depositor) respecting any matters arising hereunder. 
 Section 5.04 Limitations on Liability of the
Depositor. 
 (a) The Depositor shall not enter into any Permitted Securitization Transaction Document in connection with any Permitted
Securitization unless such Permitted Securitization Transaction Document contains provisions substantially similar in form, substance and effect to Sections 10.07(a) and 10.15(a) hereof and Section 11.19 of the Indenture and
Section 9.14 of the Loan Purchase Agreement. 
 (b) Other than the Transaction Documents, the Depositor shall not enter into any Permitted
Securitization Transaction Document except in connection with a Permitted Securitization. 
 ARTICLE VI 

OTHER MATTERS RELATING TO THE SERVICER AND THE SUBSERVICERS 

Section 6.01 Liability of Servicer and the Subservicers. The Servicer and the Subservicers shall be liable under this Article VI
only to the extent of the obligations specifically undertaken by the Servicer or such Subservicer in its capacity as Servicer or Subservicer, as applicable, subject to Section 3.10(e). 

Section 6.02 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer or a Subservicer. Neither the initial Servicer
nor a Subservicer shall consolidate with or merge into any other corporation, limited partnership, limited liability company or other entity or convey, transfer or sell its properties and assets substantially as an entirety to any Person (other than
any conveyance, transfer or sale by a Subservicer of its properties and assets to the initial Servicer or another Subservicer, provided that the transferor Subservicer continues to exist after such conveyance, transfer or sale), unless: 

(a) (i) in the case of any such event by the initial Servicer, the entity formed by such consolidation or merger into which the initial Servicer
is merged (in each case, if other than the initial Servicer) or the Person which acquires by conveyance, transfer or sale the properties and assets of the initial Servicer substantially as an entirety shall be an Eligible Servicer (after giving
effect to such consolidation, merger or transfer) and (ii) in the case of any such event by the initial Servicer or any Subservicer, if the initial Servicer or such Subservicer is not the surviving Person, such surviving Person shall expressly
assume, by a written agreement supplemental hereto, executed and delivered to the Issuer, the Indenture Trustee and the Depositor in a form reasonably satisfactory to the Issuer, the Indenture Trustee and the Depositor, the performance of every
covenant and obligation of the initial Servicer or such Subservicer hereunder and under each other Transaction Document to which it is a party; 

  
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 (b) the initial Servicer or the Subservicer, as applicable, or the surviving Person of such
consolidation or merger or Person which acquires the properties and assets of the initial Servicer or Subservicer, as the case may be, has delivered to the Issuer, the Indenture Trustee and the Depositor (A) an Officer’s Certificate of the
initial Servicer, such Subservicer or such entity, as applicable, stating that such consolidation, merger, conveyance, transfer or sale complies with this Section 6.02 and that, in the reasonable determination of the
officer signing such Officer’s Certificate, such consolidation, merger, conveyance, transfer or sale will not have an Adverse Effect, and (B) an Opinion of Counsel stating that such supplemental agreement described in clause
(a) is a valid and binding obligation of such surviving or transferee Person enforceable against such Person in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general principles of equity; and 
 (c)
the Rating Agency Notice Requirement with respect to such consolidation, merger, conveyance, transfer or sale has been satisfied, provided, however, that the sale by the Seller of Loans to the Depositor under the Loan Purchase
Agreement shall not be a conveyance, transfer or sale of its properties or assets substantially as an entirety to any Person for purposes of this Section 6.02. 

Upon any such merger, consolidation or transfer of all or substantially all of the assets of the initial Servicer or a Subservicer in accordance with
this Section 6.02, the surviving or transferee Person shall be the successor to and substituted for the initial Servicer or such Subservicer, as applicable, for all purposes under this Agreement. 

If a Successor Servicer consolidates with, merges or converts into, or transfers or sells all or substantially all of its corporate trust business or
assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor to and substituted for such Successor Servicer for all purposes under
this Agreement. 
 Section 6.03 Limitation on Liability of the Servicer, the Subservicers and Others. (a) Except as provided in
Section 6.04, neither the Servicer nor any of the directors, officers, partners, members, managers, employees or agents of the Servicer in its capacity as Servicer shall be under any liability to the Issuer, the Owner
Trustee, the North Carolina Trust, the Indenture Trustee, the Noteholders or any other Person for any action taken or for refraining from the taking of any action in good faith in its capacity as Servicer in accordance with this Agreement and the 2022-2B SUBI Servicing Agreement; provided, however, that this provision shall not protect the Servicer or any such Person against any liability which would otherwise be imposed by reason of willful misfeasance, bad
faith or negligence (or, if the Servicer is not Regional Management, gross negligence) in the performance of its duties or by reason of reckless disregard of its obligations and its duties hereunder. The Servicer and any director, officer, employee,
partner, shareholder, member or manager or agent of the Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than the Servicer) respecting any matters arising hereunder. The
Servicer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its duties as Servicer in accordance with this Agreement and which in its reasonable judgment may involve it in any material
expense or liability. In furtherance of its obligations hereunder, the Servicer may, in its sole discretion, undertake any such legal action which it may deem necessary or desirable for the benefit of the Issuer and the Noteholders with respect to
this Agreement and the rights and duties of the parties hereto and the interests of the Issuer and the Noteholders hereunder. 

  
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 (b) Except as provided in Section 6.04, neither any Subservicer nor any of
the directors, officers, partners, shareholders members, managers, employees or agents of a Subservicer in its capacity as a Subservicer shall be under any liability to the Issuer, the Owner Trustee, the North Carolina Trust, the Indenture Trustee,
the Noteholders, the Servicer or any other Person for any action taken or for refraining from the taking of any action in good faith in its capacity as a Subservicer pursuant to this Agreement; provided, however, that this provision shall not
protect a Subservicer or any such Person against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence (or, if such Subservicer is not an Affiliate of Regional Management, gross negligence) in the
performance of its duties or by reason of reckless disregard of its obligations and its duties hereunder. Each Subservicer and any director, officer, employee, partner, member or manager or agent of a Subservicer may rely in good faith on any
document of any kind prima facie properly executed and submitted by any Person (other than such Subservicer) respecting any matters arising hereunder. No Subservicer shall be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its duties as a Subservicer in accordance with this Agreement and which in its reasonable judgment may involve it in any expense or liability. 

Section 6.04 Servicer Indemnification of the Issuer, the Owner Trustee and the Indenture Trustee. The Servicer shall indemnify and hold
harmless each of the Issuer, the Owner Trustee (as such and in its individual capacity), the Indenture Trustee (as such and in its individual capacity) and any trustees predecessor thereto (including the Indenture Trustee in its capacity as Note
Registrar), and the Back-up Servicer (as such and in its individual capacity), the North Carolina Trust, the North Carolina Trustees and their respective directors, officers, employees, partners, members or
managers and agents from and against any and all loss, liability, expense, damage or injury suffered or sustained by reason of any acts or omissions of the Servicer (including in its capacity as 2022-2B SUBI
Servicer and as custodian of any Contracts pursuant to Section 3.11) or a Subservicer with respect to the Issuer in breach of this Agreement or the 2022-2B SUBI Servicing Agreement or
any other Transaction Document to which the Servicer is a party (other than such as may arise from the gross negligence or willful misconduct of the Owner Trustee, the Back-up Servicer or the Indenture
Trustee, as applicable), including any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense of any action, Proceeding or claim. In addition, the Servicer shall indemnify and
hold the Issuer harmless for any tax or fee to which the Issuer or the North Carolina Trust becomes subject in any jurisdiction by reason of the Servicer or a Subservicer being located in such jurisdiction or performing servicing activities in such
jurisdiction. Indemnification pursuant to this Section 6.04 shall not be payable from the Sold Asset or the 2022-2B SUBI Assets. Notwithstanding anything to the contrary herein,
neither the Servicer nor any Subservicer shall in any event be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, without limitation, loss of profit) irrespective of whether the Servicer
or such Subservicer, as applicable, has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  
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 Section 6.05 Resignation of the Servicer and the Subservicers. (a) The Servicer
shall not resign from the obligations and duties imposed on it hereunder, under the 2022-2B SUBI Servicing Agreement or the Indenture except upon a determination that (i) the performance of its duties
hereunder, under the 2022-2B SUBI Servicing Agreement or the Indenture is no longer permissible under applicable law and (ii) there is no reasonable action which the Servicer could take to make the
performance of its duties hereunder, under the 2022-2B SUBI Servicing Agreement or the Indenture permissible under applicable law. Any determination permitting the resignation of the Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Owner Trustee, the Back-up Servicer and the Indenture Trustee. No resignation shall become effective until a Successor Servicer (which shall
be the Back-up Servicer unless the Back-up Servicer is the resigning Servicer) or the Indenture Trustee shall have assumed the responsibilities and obligations of the
Servicer in accordance with Section 8.02 hereof, the 2022-2B SUBI Servicing Agreement and the Indenture (other than in the case of the Back-up
Servicer, any such duty or obligation that it is not required to assume under the express terms of the Back-up Servicing Agreement, the 2022-2B SUBI Servicing Agreement,
this Agreement or the Indenture). If within one hundred twenty (120) days of the date of the determination that the Servicer may no longer act as Servicer as described above, the Indenture Trustee is unable to appoint a Successor Servicer, the
Indenture Trustee shall serve as Successor Servicer. Notwithstanding the foregoing, the Indenture Trustee shall, if it is legally unable or unwilling so to act, petition a court of competent jurisdiction to appoint any established institution
qualifying as an Eligible Servicer as the Successor Servicer hereunder. The Issuer shall give prompt notice to each Rating Agency upon the appointment of a Successor Servicer. 

(b) Notwithstanding Section 6.05(a), the Servicer may, without the requirement of obtaining the prior consent of any Person,
assign part or all of its duties and obligations hereunder, under the 2022-2B SUBI Servicing Agreement or the Indenture to an Affiliate of the Servicer so long as (i) such entity is an Eligible Servicer
as of the date of such assignment, and (ii) the Servicer reasonably determines that such assignment will not materially adversely affect the interests of any Class of Noteholders; provided, that any such assignment shall not
constitute a resignation pursuant to this Section 6.05 
 (c) So long as Regional Management remains the Servicer, no
Subservicer shall resign from the obligations and duties hereby imposed on it except with the consent of the Servicer. Notwithstanding the foregoing, a Successor Servicer may, without the requirement of obtaining the prior consent of any Person,
delegate any or all of its duties and obligations hereunder, under the 2022-2B SUBI Servicing Agreement and the Indenture to one or more subservicers; provided, that such Successor Servicer shall remain
obligated and solely liable to the Depositor, the Indenture Trustee, the North Carolina Trust, and the Issuer for its duties, obligations and liabilities under this Agreement, the 2022-2B SUBI Servicing
Agreement and the Indenture to the same extent and under the same terms and conditions as if such Successor Servicer were acting alone; provided, further, that any such delegation shall not constitute a resignation pursuant to this
Section 6.05. 
 Section 6.06 Access to Certain Documentation and Information Regarding the Loans. The
Servicer and each Subservicer (including in its capacity as custodian or subcustodian, as applicable) shall provide to the Issuer or the Indenture Trustee, as applicable, access to the documentation regarding the Loans in such cases where the Issuer
or the Indenture Trustee, as applicable, is required in connection with the enforcement of the rights of the Issuer, the North Carolina Trust or the Noteholders or by applicable statutes or regulations to review such documentation, such access being
afforded without charge but only (a) upon reasonable request, 

  
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(b) during normal business hours, (c) subject to the Servicer’s or Subservicer’s, as applicable, normal security and confidentiality procedures and (d) at reasonably
accessible offices in the continental United States designated by the Indenture Trustee, the Servicer or Subservicer, as applicable. Nothing in this Section shall derogate from the obligation of the Depositor, the Issuer, the North Carolina Trust,
the Subservicer and the Servicer to observe any applicable law or regulation prohibiting disclosure of information regarding the Loan Obligors and the failure of the Servicer or Subservicer to provide access as provided in this Section as a result
of such obligation shall not constitute a breach of this Section. 
 Section 6.07 Delegation of Duties. In the ordinary course of
business (and subject to the standard of care set forth in Section 3.01), the Servicer (including any Successor Servicer) may at any time delegate its duties hereunder with respect to the Loans to any Person or enter
subservicing arrangements with any Person (including the Subservicers) that agrees to conduct such duties in accordance with the Credit and Collection Policy and this Agreement. Such delegation shall not relieve the Servicer of its liability and
responsibility with respect to such duties, and shall not constitute a resignation pursuant to Section 6.05. 

Section 6.08 Examination of Records. The Depositor, each Subservicer (with respect to the Loans being subserviced by it) and the Servicer
shall indicate generally in their computer files or other records that the Loans have been conveyed to the Issuer pursuant to the terms of this Agreement and the 2022-2B SUBI Supplement. Each of Depositor,
each Subservicer and the Servicer shall, prior to the sale or transfer to a third party of any loan held in its custody, examine its computer records and other records to determine that such loan is not, and does not include, a Loan. Upon such
examination and conclusion that such loan is not, and does not include, a Loan, the Depositor, each Subservicer and the Servicer shall be free to sell, transfer or otherwise assign such loan. 

Section 6.09 Servicer Power of Attorney. The Issuer and the North Carolina Trust hereby authorize the Servicer acting alone or through an
Affiliate, including the Subservicers, to execute, deliver and perform any and all agreements, documents or certificates as the Issuer may be requested or required by the Issuer or the North Carolina Trust, as applicable, to undertake in connection
with enforcing its rights as the legal title holder to the Loans. In connection with the enforcement of any rights of the Issuer or the North Carolina Trust, as applicable, with respect to any Loan, the Issuer or the North Carolina Trust, as
applicable, shall furnish the Servicer or Subservicers, as applicable, with a power of attorney (substantially in the form of Exhibit G hereto) and any other documents reasonably necessary or appropriate to enable the Servicer to enforce such
rights on behalf of the Issuer. 
 ARTICLE VII 

INSOLVENCY EVENTS 
 Section 7.01
Rights upon the Occurrence of an Insolvency Event. The Depositor shall, on the day that any Insolvency Event occurs with respect to the Depositor, immediately cease to transfer Additional Loans to the Issuer and the Depositor shall promptly
give notice to the Indenture Trustee and the Issuer thereof. Loans transferred to the Issuer prior to the occurrence of such Insolvency Event and Collections in respect of such Loans transferred to the Issuer shall continue to be a part of the Sold
Assets and shall be allocated and distributed to Noteholders in accordance with the terms of this Agreement and the Indenture. 

  
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 ARTICLE VIII 

SERVICER DEFAULTS 
 Section 8.01
Servicer Defaults. If any one of the following events (a “Servicer Default”) shall occur and be continuing: 
 (a) any
failure by the Servicer to make any required payment, transfer or deposit or to give instructions or notice to the Indenture Trustee to make or cause to be made such payment, transfer or deposit on or before the date such payment, transfer or
deposit or such instruction or notice is required to be made or given, as the case may be, under the terms of this Agreement, the Indenture, the 2022-2B SUBI Supplement, or the
2022-2B SUBI Servicing Agreement, in an aggregate amount exceeding $50,000, and which failure continues unremedied for a period of five (5) Business Days after the earlier of (i) the date on which
notice of such failure, requiring the same to be remedied, shall have been given by registered or certified mail to the Servicer by the Issuer or the Indenture Trustee, or to the Servicer, the Issuer and the Indenture Trustee by the Required
Noteholders and (ii) the actual knowledge of the Servicer thereof; 
 (b) any failure on the part of the Servicer duly to observe or perform any
other covenants or agreements of the Servicer set forth in this Agreement, the Indenture, the 2022-2B SUBI Supplement or the 2022-2B SUBI Servicing Agreement or in any
certificate delivered by the Servicer pursuant to this Agreement, the 2022-2B SUBI Supplement, the 2022-2B SUBI Servicing Agreement or the Indenture, which failure has a
material adverse effect on the interests of the Noteholders (as determined by the Threshold Noteholders) and which continues unremedied for a period of forty-five (45) days after the earlier of (i) the date on which notice of such failure,
requiring the same to be remedied, shall have been given by registered or certified mail to the Servicer by the Issuer or the Indenture Trustee, or to the Servicer, the Issuer and the Indenture Trustee by the Threshold Noteholders and (ii) the
actual knowledge of the Servicer thereof; 
 (c) any representation, warranty or certification made by the Servicer in this Agreement, the Indenture,
the 2022-2B SUBI Supplement or the 2022-2B SUBI Servicing Agreement or in any certificate delivered by the Servicer pursuant to this Agreement, the Indenture, the 2022-2B SUBI Supplement or the 2022-2B SUBI Servicing Agreement shall prove to have been incorrect when made or deemed made and such failure has a material adverse effect on
the Noteholders (as determined by the Threshold Noteholders) and which continues unremedied for a period of forty-five (45) days after the earlier of (i) the date on which a notice specifying such incorrect representation or warranty and
requiring the same to be remedied, shall have been given by registered or certified mail to the Servicer by the Issuer or the Indenture Trustee, or to the Servicer, the Issuer, and the Indenture Trustee by the Threshold Noteholders and (ii) the
actual knowledge of the Servicer thereof; or 
 (d) an Insolvency Event shall occur with respect to the Servicer; 

  
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 then, in the event of any Servicer Default, so long as a Servicer Default is continuing, the Indenture Trustee may
(and upon the written direction of the Required Noteholders shall), by notice then given to the Servicer, the Issuer, the North Carolina Trust and the Back-up Servicer (a “Termination Notice”)
(i) terminate all of the rights and obligations of the Servicer as Servicer under this Agreement, the 2022-2B SUBI Supplement, the 2022-2B SUBI Servicing Agreement and
the Indenture and (ii) direct the applicable party to terminate any power of attorney granted to the Servicer or any Subservicer and direct such party to execute a new power of attorney to the Indenture Trustee or its designee. The existence of
a Servicer Default may be waived with the consent of the Required Noteholders. 
 Notwithstanding the foregoing, a delay in or failure of
performance referred to under paragraph (a) above for an additional period of five (5) Business Days after the applicable grace period or referred to under paragraph (b) or (c) above for a period of forty-five (45) days after the
applicable grace period, shall not constitute a Servicer Default if such delay or failure could not be prevented by the exercise of reasonable diligence by the Servicer and such delay or failure was caused by a Force Majeure Event. If, following the
expiration of such incremental forty-five (45) day grace period in the case of a delay or failure of performance described in paragraph (b) or (c) above, the applicable delay or failure of performance remains outstanding but the Servicer
continues to work diligently to remedy such delay or failure of performance, then the grace period shall be extended for a further thirty (30) days upon notice from the Servicer to the Indenture Trustee. The preceding sentences will not relieve
the Servicer from using all commercially reasonable efforts to perform its obligations in a timely manner in accordance with the terms of this Agreement and the Servicer shall provide the Indenture Trustee, the Issuer and the Depositor with an
Officer’s Certificate giving prompt notice of such failure or delay, together with a description of its efforts so to perform its obligations. 

After receipt by the Servicer of a Termination Notice, and effective on the Servicing Transfer Date, all authority and power of the Servicer under
this Agreement shall pass to and be vested in the Successor Servicer (a “Servicing Transfer”) appointed by the Indenture Trustee (at the written direction of the Required Noteholders if the Successor Servicer is not the Back-up Servicer or the Indenture Trustee) pursuant to Section 8.02; and, without limitation, the Indenture Trustee is hereby authorized and empowered (upon the failure of the Servicer to
cooperate promptly) to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents and other instruments upon the failure of the
Servicer to execute or deliver such documents or instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such Servicing Transfer. The Servicer agrees to reasonably cooperate and to cause each
Subservicer to reasonably cooperate (and each Subservicer agrees to cooperate) with the Indenture Trustee and such Successor Servicer in (i) effecting the termination of the responsibilities and rights of the Servicer to conduct servicing
hereunder and (ii) transferring all duties and obligations of the Servicer hereunder to such Successor Servicer, including the transfer to such Successor Servicer of all authority of the Servicer to service and administer the Loans provided for
under this Agreement, including all authority over all Collections which shall on the date of transfer be held by the Servicer for deposit, or which have been deposited by the Servicer, in the Collection Account or other applicable Note Account, or
which shall thereafter be received with respect to the Loans, and in assisting the Successor Servicer. The Servicer shall transfer to the Successor Servicer all its electronic records relating to the Loans, together with all other records,
correspondence and documents necessary for the continued servicing and 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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administration of the Loans in the manner and at such times as the Successor Servicer shall reasonably request. Notwithstanding the foregoing, the Servicer shall be allowed to retain a copy of
all records, correspondence and documents provided to the Successor Servicer in compliance with the Servicer’s recordkeeping policies or Requirements of Law. The predecessor Servicer shall be responsible for all expenses incurred in
transferring the servicing duties to the Successor Servicer. To the extent that compliance with this Section shall require the Servicer to disclose to the Successor Servicer information of any kind which the Servicer deems to be confidential or give
the Successor Servicer access to software or other intellectual property, the Successor Servicer shall be required to enter into such customary licensing and confidentiality agreements as the Servicer shall deem reasonably necessary to protect its
interests. 
 Section 8.02 Indenture Trustee to Act; Appointment of Successor. (a) On and after the receipt by the Servicer of a
Termination Notice pursuant to Section 8.01, the Servicer shall continue to perform all servicing functions under this Agreement and the 2022-2B SUBI Servicing Agreement until the
earlier of (i) the date specified in the Termination Notice or otherwise specified by the Indenture Trustee and (ii) the Servicing Transfer Date. The Indenture Trustee shall as promptly as possible after the giving of a Termination Notice
appoint (at the written direction of the Required Noteholders in the case of a Successor Servicer that is not the Back-up Servicer or the Indenture Trustee) an Eligible Servicer (which shall be the Back-up Servicer unless the Back-up Servicer is then acting as the Servicer) as a successor Servicer (the “Successor Servicer”), and such Successor Servicer
shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the event that a Successor Servicer has not been appointed or has not accepted its appointment at the time when the Servicer ceases to act as
Servicer, the Indenture Trustee without further action shall automatically be appointed the Successor Servicer. The Indenture Trustee may delegate any of its servicing obligations to an Affiliate or agent in accordance with
Section 3.01(b) and Section 6.07. Notwithstanding the foregoing, the Indenture Trustee shall, if it is legally unable or unwilling so to act, petition a court of competent jurisdiction to appoint
any established institution qualifying as an Eligible Servicer as the Successor Servicer hereunder and under the 2022-2B SUBI Servicing Agreement. The Indenture Trustee shall give prompt notice to each Rating
Agency upon the appointment of a Successor Servicer. 
 (b) Upon its appointment, the Successor Servicer shall be the successor in all respects to
the Servicer with respect to servicing functions under this Agreement and the 2022-2B SUBI Servicing Agreement, and shall be subject to all the responsibilities, duties and liabilities relating thereto placed
on the Servicer by the terms and provisions hereof (other than in the case of the Back-up Servicer, any such responsibility, duty or liability that it is not required to assume under the terms of this
Agreement, the Back-up Servicing Agreement or the 2022-2B SUBI Servicing Agreement), and all references in this Agreement to the Servicer (including 2022-2B SUBI Servicer) shall be deemed to refer to the Successor Servicer. 
 Within five (5) Business Days
after the Servicer becomes aware of any Servicer Default, the Servicer shall give notice thereof to the Issuer, the 2022-2B SUBI Trustee, the Indenture Trustee, the
Back-up Servicer and each Rating Agency. Upon any termination or appointment of a Successor Servicer pursuant to this Article VIII, the Indenture Trustee shall give prompt notice thereof to the
Noteholders. 

  
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 Section 8.03 Rule 15Ga-1 Compliance. (a) To
the extent a Responsible Officer of the Successor Servicer receives a demand for the repurchase of a Loan based on a breach of a representation or warranty made by the Seller (or, with respect to the 2022-2B
SUBI Loans, the Servicer) of such Loan (each, a “Demand”), the Successor Servicer agrees (i) if such Demand is in writing, promptly to forward such Demand to the Depositor, and (ii) if such Demand is oral, to instruct the
requesting party to submit such Demand in writing to the Indenture Trustee and the Depositor. 
 (b) In connection with the repurchase of a Loan
pursuant to a Demand, any dispute with respect to a Demand, or the withdrawal or final rejection of a Demand, the Successor Servicer agrees, to the extent a Responsible Officer of the Successor Servicer has actual knowledge thereof, promptly to
notify the Depositor in writing. 
 (c) The Successor Servicer will (i) notify the Depositor, as soon as practicable and in any event within
five (5) Business Days of the receipt thereof and in the manner set forth in Exhibit F hereof, of all Demands and provide to the Depositor any other information reasonably requested to facilitate compliance by it with Rule 15Ga-1 under the Exchange Act, and (ii) if requested in writing by the Depositor, provide a written certification no later than fifteen (15) days following any calendar quarter or calendar year that the
Successor Servicer has not received any Demands for such period, or if Demands have been received during such period, that the Successor Servicer has provided all the information reasonably requested under clause (i) above with respect
to such demands. For purposes of this Agreement, references to any calendar quarter shall mean the related preceding calendar quarter ending in March, June, September, or December, as applicable. The Successor Servicer has no duty or obligation to
undertake any investigation or inquiry related to any repurchases of Loans, or otherwise assume any additional duties or responsibilities, other than those express duties or responsibilities the Successor Servicer has hereunder or under the
Transaction Documents, and no such additional obligations or duties are otherwise implied by the terms of this Agreement. The Depositor has full responsibility for compliance with all related reporting requirements associated with the transaction
completed by the Transaction Documents and for all interpretive issues regarding this information. 
 The Indenture Trustee shall provide the
Depositor and the Servicer (each, a “Regional Party” and, collectively, the “Regional Parties”) with (i) notification, as soon as practicable and in any event within five (5) Business Days, of all demands
communicated in writing to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Loan pursuant to this Agreement or the Loan Purchase Agreement, as applicable and (ii) promptly upon receipt by a Responsible
Officer of written request by a Regional Party, any other information reasonably requested by such Regional Party to facilitate compliance by the Regional Parties with Rule 15Ga-1 under the Exchange Act, and
Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Indenture Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of the Exchange Act, nor shall it have any responsibility for making any filing to be
made by a securitizer under the Exchange Act or Regulation AB. 

  
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 ARTICLE IX 

TERMINATION 
 Section 9.01
Termination of Agreement as to Servicing. Unless earlier terminated as contemplated herein, the appointment of the Servicer and the Subservicers under this Agreement and the 2022-2B SUBI Servicing
Agreement and the respective obligations and responsibilities of the Issuer, the Depositor, the North Carolina Trust, the Servicer, the Subservicers and the Indenture Trustee to the Servicer and the Subservicers, as applicable, under this Agreement
and the 2022-2B SUBI Servicing Agreement, and the rights and obligations of the Servicer and the Subservicers under this Agreement and the 2022-2B SUBI Servicing
Agreement except with respect to the obligations described in Section 10.07, shall terminate on the date of termination of the Trust Agreement. Such termination shall be automatic, without any required action of the
Depositor, the North Carolina Trust, the Indenture Trustee, the Issuer or any Noteholder. The obligations and responsibilities of the Indenture Trustee under this Agreement shall terminate upon the termination of the Indenture in accordance with its
terms, unless such obligations and responsibilities are terminated earlier as contemplated herein. 
 ARTICLE X 

MISCELLANEOUS PROVISIONS 

Section 10.01 Amendment; Waiver of Past Defaults; Assignment. (a) This Agreement may be amended from time to time by the Servicer,
the Depositor, the North Carolina Trust, and the Issuer by a written instrument signed by each of them, but without consent of any of the Noteholders, (i) to correct or supplement any provisions herein which may be inconsistent with any other
provisions herein, (ii) to conform the terms of this Agreement to the description hereof in the PPM, or (iii) to add any other provisions with respect to matters or questions arising under or related to this Agreement which shall not be
inconsistent with the provisions of this Agreement; provided, however, that such action shall not adversely affect in any material respect the interest of any of the Noteholders as evidenced by an Officer’s Certificate of the Depositor to such
effect delivered to the Indenture Trustee and the Issuer and the Rating Agency Notice Requirement shall have been satisfied with respect to such amendment. Additionally, this Agreement may be amended from time to time (including in connection with
the issuance of a supplement certificate or to change the definition of Collection Period, Monthly Determination Date or Payment Date) by the Servicer, the North Carolina Trust, the Depositor and the Issuer by a written instrument signed by each of
them, but without the consent of any of the Noteholders; provided that (i) the Depositor shall have delivered to the Indenture Trustee and the Issuer an Officer’s Certificate, dated the date of any such amendment, stating that the
Depositor reasonably believes that such amendment will not have an Adverse Effect and (ii) the Rating Agency Notice Requirement shall have been satisfied with respect to any such amendment. Notwithstanding anything else to the contrary herein,
this Agreement may be amended by the Servicer, the North Carolina Trust, the Depositor and the Issuer by a written instrument signed by each of them, but without the consent of the Noteholders, upon satisfaction of the Rating Agency Notice
Requirement with respect to such amendment (without anything further) as may be necessary or advisable in order (a) to avoid the imposition of any withholding taxes or state or local income or franchise taxes imposed on the Issuer’s
property or its income or (b) to amend the Intercreditor Agreement, including but not limited to adding and/or removing one or more Intercreditor Accounts. 

  
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 (b) Without limiting Section 10.01(a), this Agreement may also be amended
from time to time by the Servicer, the North Carolina Trust, the Depositor and the Issuer with the consent of the Required Noteholders, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that no such amendment effected pursuant to this clause (b) shall (i) reduce in any manner the amount of or delay the timing of
any distributions (changes in Early Amortization Events that decrease the likelihood of the occurrence thereof shall not be considered delays in the timing of distributions for purposes of this clause) to be made to Noteholders or deposits of
amounts to be so distributed without the consent of each affected Noteholder, (ii) change the definition of or the manner of calculating the interest of any Noteholder without the consent of each affected Noteholder or (iii) reduce the
aforesaid percentage required to consent to any such amendment, in each case, without the consent of each Noteholder. 
 (c) Promptly after the
execution of any such amendment or consent (other than an amendment pursuant to paragraph (a)), the Issuer shall furnish notification of the substance of such amendment to the Indenture Trustee and each Noteholder, and the Servicer shall
furnish notification of the substance of such amendment to each Rating Agency and the Issuer. 
 (d) It shall not be necessary for the consent of
Noteholders (if required) under this Section 10.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such
consents and of evidencing the authorization of the execution thereof by Noteholders shall be subject to such reasonable requirements as the Indenture Trustee may prescribe. 

(e) The Required Noteholders may, on behalf of all Noteholders, waive any default by the Depositor, the Issuer or the Servicer in the performance of
their obligations hereunder and its consequences, except the failure to make any distributions required to be made to Noteholders or to make any required deposits of any amounts to be so distributed (which such default may only be waived by 100% of
the affected Noteholders). Upon any such waiver of a past default, such default shall cease to exist, and any default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement; provided that no such waiver shall
extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. 
 (f) Any amendment
hereunder which affects the rights, duties, immunities or liabilities of the Owner Trustee or the Indenture Trustee shall require the Owner Trustee’s or the Indenture Trustee’s, as applicable, written consent. Each of the Owner Trustee and
the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s or the Indenture Trustee’s rights, duties, benefits, protections, privileges or immunities under this Agreement or
otherwise. In connection with the execution of any amendment hereunder on behalf of the Issuer, each of the Owner Trustee and the Indenture Trustee shall be entitled to receive an Opinion of Counsel and an Officer’s Certificate to the effect
that all conditions precedent thereto have been satisfied and that such amendment is permitted under the terms of this Agreement. All reasonable fees, costs and expenses (including reasonable attorneys’ fees, costs and expenses) incurred in
connection with any such amendment will be payable by the Issuer in accordance with and subject to Section 8.06 of the Indenture. 

  
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 (g) Notwithstanding anything in this Section 10.01 to the contrary, no
amendment may be made to this Agreement which would adversely affect in any material respect the rights or obligations of any Subservicer without the consent of such Subservicer. 

(h) Notwithstanding anything in this Section 10.01 to the contrary, no amendment may be made to this Agreement which would
adversely affect in any material respect the rights or obligations of the Indenture Trustee without the consent of the Indenture Trustee. 
 (i)
Except as contemplated in Sections 5.02, 6.02 and 6.05, no party may assign any interest in this Agreement, except that (i) the Issuer may assign their interest in this Agreement to the Indenture Trustee under the Indenture
and (ii) any party may assign its interest in this Agreement to any other Person if (A) at least ten days prior to the assignment notice is given to each other party hereto, and (B) each other party gives its prior written consent to
the assignment. 
 Section 10.02 Protection of Right, Title and Interest of Issuer. (a) The Depositor shall cause this Agreement,
all amendments and supplements hereto and all financing statements and amendments thereto and continuation statements and any other necessary documents covering the Issuer’s right, title and interest to the Sold Assets (and the Issuer hereby
authorize the Depositor to make such filings on its behalf to the extent that the applicable UCC provides that the Issuer is the person authorized to make such filings) to be promptly recorded, registered and filed, and at all times to be kept
recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect the right, title and interest of the Issuer hereunder to the Sold Assets. The Depositor shall deliver to the Issuer and
Indenture Trustee file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing. The Depositor shall cooperate fully with the
Servicer in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this paragraph. 

(b) The Servicer shall cause the 2022-2B Security Agreement, all amendments and supplements hereto and all
financing statements and amendments thereto and continuation statements and any other necessary documents covering the Related Collateral (and the Issuer and the North Carolina Trust hereby authorize the Servicer to make such filings on its behalf
to the extent that the applicable UCC provides that the Issuer and the North Carolina Trust are the persons authorized to make such filings) to be promptly recorded, registered and filed, and at all times to be kept recorded, registered and filed,
all in such manner and in such places as may be required by law fully to preserve and protect the right, title and interest of the Indenture Trustee in the Related Collateral. The initial Servicer shall deliver to the Issuer and Indenture Trustee
file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing. The Servicer shall cooperate fully with the Issuer, the North
Carolina Trust and the Indenture Trustee in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this paragraph. 

  
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 (c) Within thirty (30) days after the Depositor makes any change in its name, type or
jurisdiction of organization, or organizational identification number, the Depositor shall give the Issuer and the Indenture Trustee notice of any such change and shall file such financing statements or amendments as may be necessary to continue the
perfection and priority of the Issuer’s security interest or ownership interest in the Loans and the other Sold Assets. 
 Section 10.03
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
AND OF ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH 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. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST ANY OTHER PARTY HERETO OR ANY OF THEIR PROPERTY IN THE COURTS
OF OTHER JURISDICTIONS. 
 EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER ARISING
IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO AND INCIDENT TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS. 

Section 10.04 Notices. All demands, notices, instructions, directions and communications under this Agreement must be in writing and will
be considered effective when delivered by hand, electronic communication (including e-mail) by courier, by overnight delivery service, or by certified mail, return receipt requested and postage prepaid. 

 

	 	(a)	 in the case of the Depositor, to: 

979 Batesville Road, Suite B 
 Greer, South
Carolina 29651 
 Attention: Harpreet Rana, Executive Vice President and 

  
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 Chief Financial Officer 

Email: xxx@regionalmanagement.com 
  

	 	(b)	 in the case of the Servicer, to: 

979 Batesville Road, Suite B 
 Greer, South
Carolina 29651 
 Attention: Harpreet Rana, Executive Vice President and 

Chief Financial Officer 
 Email:
xxx@regionalmanagement.com 
  

	 	(c)	 in the case of the Issuer, to: 

979 Batesville Road, Suite B 
 Greer, South
Carolina 29651 
 Attention: Harpreet Rana, Executive Vice President and 

Chief Financial Officer 
 Email:
xxx@regionalmanagement.com 
  

	 	(d)	 in the case of the Owner Trustee, to: 

Wilmington Trust, National Association 
 Rodney
Square North 
 1100 North Market Street 

Wilmington, Delaware 19890 
 Attention:
Corporate Trust Administration – Regional Management Issuance Trust 2022-2B 
  

	 	(e)	 in the case of the Indenture Trustee, to: 

Computershare Trust Company, National Association 

Attention: Corporate Trust Services/Structured Products Services 

600 S 4th St. 
 MAC N9300-070 
 Minneapolis, MN 55415 

Telephone: xxx-xxx-xxxx 

 

	 	(f)	 in the case of the Back-up Servicer, to: 

Computershare Trust Company, National Association 

Attention: Corporate Trust Services/Structured Products Services 

600 S 4th St. 
 MAC N9300-070 
 Minneapolis, MN 55415 

  
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 Telephone:
xxx-xxx-xxxx 
  

	 	(g)	 in the case of notice to DBRS Morningstar, at the following addresses: 

DBRS, Inc. 
 140 Broadway 

New York, NY 10005 
 Attention: ABS Surveillance

 Email address: xxx@dbrs.com 
  

	 	(h)	 in the case of notice to S&P, to: 

S&P Global Ratings 
 55 Water Street 

New York, NY 10041-0003 
  

	 	(i)	 in the case of notice to the North Carolina Trust, to: 

979 Batesville Road, Suite B 
 Greer, South
Carolina 29651 
 Attention: Harpreet Rana, Executive Vice President and 

Chief Financial Officer 
 Email:
xxx@regionalmanagement.com 
  

	 	(j)	 to any other Person as specified in the Indenture. 

Any of these entities may designate a different address in a notice to the others under this Section 10.05. 

Unless a party hereto otherwise prescribes with respect to itself, notices and other communications sent to an
e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been
sent at the opening of business on the next Business Day for the recipient. 
 Section 10.05 Severability. If any part of this Agreement
is held to be invalid or otherwise unenforceable, the rest of this Agreement will be considered severable and will continue in full force. 

  
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 Section 10.06 Further Assurances. Each party must take all actions that are reasonably
requested by any other party to effect more fully the purposes of this Agreement. The parties hereto agree to (a) provide access to the Contracts and related documentation in their possession for inspection by governmental regulatory agencies
and (b) assist in the preparation of any routine reports required by regulatory bodies, if any. 
 Section 10.07 Nonpetition
Covenant. (a) To the fullest extent permitted by law and notwithstanding any prior termination of this Agreement, each of the Servicer, the Subservicers, the North Carolina Trust and the Issuer agree that it shall not file, commence, join,
or acquiesce in a petition or proceeding, or cause the Depositor to file, commence, join, or acquiesce in a petition or proceeding, that causes (a) the Depositor to be a debtor under any Debtor Relief Law or (b) a trustee, conservator,
receiver, liquidator, or similar official to be appointed for the Depositor or any substantial part of its property.  

(b) To the fullest extent permitted by law and notwithstanding any prior termination of this Agreement, each of the Servicer, the Subservicers, the
Depositor and the North Carolina Trust agree that it shall not file, commence, join, or acquiesce in a petition or proceeding, or cause the Issuer to file, commence, join, or acquiesce in a petition or proceeding, that causes (a) the Issuer to
be a debtor under any Debtor Relief Law or (b) a trustee, conservator, receiver, liquidator, or similar official to be appointed for the Issuer or any substantial part of its property. 

(c) To the fullest extent permitted by law and notwithstanding any prior termination of this Agreement, each of the Servicer, the Subservicers, the
Depositor and the Issuer agree that it shall not file, commence, join, or acquiesce in a petition or proceeding, or cause the North Carolina Trust to file, commence, join, or acquiesce in a petition or proceeding, that causes (a) the North
Carolina Trust to be a debtor under any Debtor Relief Law or (b) a trustee, conservator, receiver, liquidator, or similar official to be appointed for the North Carolina Trust or any substantial part of its property. 

(d) The parties hereto agree that the provisions of this Section 10.07 shall survive the resignation or removal of any such
party from this Agreement and the termination of this Agreement. 
 Section 10.08 No Waiver; Cumulative Remedies. No failure to exercise
or delay in exercising any right or remedy under this Agreement will effect a waiver of that right or remedy. No single or partial exercise of any right or remedy under this Agreement will preclude any other or further exercise of that right or
remedy or any other right or remedy. Except as otherwise expressly provided, the rights, remedies, powers and privileges provided under this Agreement are cumulative and not exhaustive. 

Section 10.09 Counterparts; Execution. This Agreement may be executed in any number of counterparts, each of which will be
considered an original, but all of which together will constitute one agreement.    This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by
means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law
including any relevant provisions of the UCC (collectively, 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Page 38 

 
“Signature Law”), in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic
signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon,
and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.
Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to
request execution thereof by original manual signature as a condition to the effectiveness thereof. 
 Section 10.10 Binding Effect;
Third-Party Beneficiaries. This Agreement benefits and is binding on the parties hereto, and their respective successor and permitted assigns. Each of the Back-up Servicer, the Indenture Trustee and the
Owner Trustee are third-party beneficiaries to this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. 

Section 10.11 Merger and Integration. Except as specifically stated otherwise herein, this Agreement contains all of the terms and
conditions relating to its subject matter to which the parties have agreed. All prior understandings of any kind are superseded by this Agreement. 

Section 10.12 Headings. The headings are for reference only and must not affect the interpretation of this Agreement. 

Section 10.13 Schedules and Exhibits. All schedules and exhibits are fully incorporated into this Agreement. 

Section 10.14 Survival of Representations and Warranties. All representations, warranties, and covenants in this Agreement will survive
the conveyance of the Purchased Assets to the Issuer and the grant of a security interest in the Purchased Assets to the Indenture Trustee under the Indenture. 

Section 10.15 Limited Recourse. (a) Notwithstanding anything to the contrary contained herein, no recourse under or with respect to
any obligation, covenant or agreement of the Depositor as contained in this Agreement or any of the other Transaction Documents or any other agreement, instrument or document to which the Depositor is a party shall be had against any incorporator,
stockholder, affiliate, officer, employee or director of the Depositor by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements
of the Depositor contained in this Agreement and all other agreements, instruments and documents entered into pursuant hereto or in connection herewith are, in each case, solely corporate obligations of the Depositor. Notwithstanding any provisions
contained in this Agreement to the contrary, the Depositor shall not, and shall not be obligated to, pay any fees, costs, indemnified amounts or expenses due pursuant to this Agreement until payment in full of all amounts that the Depositor is
obligated to pay for deposit into the Collection Account and the Principal Distribution Account pursuant to this 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Page 39 

 
Agreement; and all amounts that the Depositor is obligated, in its capacity as depositor with respect to any Permitted Securitization, to pay for deposit into any collection account and any
principal distribution account with respect to such Permitted Securitization pursuant to the sale and servicing agreement for such Permitted Securitization; provided, however, that the Noteholders shall be entitled to the benefits of the
subordination of the Collections allocable to the Trust Certificate to the extent provided in the Indenture. Any amount which the Depositor does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in
§101 of the United States Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.), as amended from time to time) against or obligation of the Depositor for any such insufficiency unless and until funds are available for the payment of such
amounts as aforesaid. 
 (b) Notwithstanding anything to the contrary contained herein, no recourse under or with respect to any obligation,
covenant or agreement of the Issuer as contained in this Agreement or any of the other Transaction Documents or any other agreement, instrument or document to which the Issuer is a party shall be had against any incorporator, stockholder, affiliate,
officer, employee or director of the Issuer by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Issuer contained in
this Agreement and all other agreements, instruments and documents entered into pursuant hereto or in connection herewith are, in each case, solely corporate obligations of the Issuer. Notwithstanding any provisions contained in this Agreement to
the contrary, the Issuer shall not, and shall not be obligated to, pay any fees, costs, indemnified amounts or expenses due pursuant to this Agreement other than in accordance with the order of priorities set forth in Section 8.06 of the
Indenture. Any amount which the Issuer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the United States Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.), as
amended from time to time) against or obligation of the Issuer for any such insufficiency unless and until funds are available for the payment of such amounts as aforesaid. The Issuer hereby acknowledges and agrees that it shall have no rights or
recourse to (or claim against) the assets of any issuer or other issuing entity with respect to any Permitted Securitization (it being understood that this acknowledgement and agreement shall not in any way limit the Issuer’s rights with
respect to the Sold Assets). 
 (c) Notwithstanding anything to the contrary contained herein, no recourse under or with respect to any obligation,
covenant or agreement of the North Carolina Trust as contained in this Agreement or any of the other Transaction Documents or any other agreement, instrument or document to which the North Carolina Trust is a party shall be had against any
incorporator, stockholder, affiliate, officer, employee or director of the North Carolina Trust by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and
understood that the agreements of the North Carolina Trust contained in this Agreement and all other agreements, instruments and documents entered into pursuant hereto or in connection herewith are, in each case, solely corporate obligations of the
North Carolina Trust. Notwithstanding any provisions contained in this Agreement to the contrary, the North Carolina Trust shall not, and shall not be obligated to, pay any fees, costs, indemnified amounts or expenses due pursuant to this Agreement.
Any amount which the North Carolina Trust does not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined in §101 of the United States Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.), as
amended from time to time) against or obligation of the North Carolina Trust for any such insufficiency unless and until funds are available for the payment of such amounts as aforesaid. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Page 40 

 (d) The parties hereto agree that the provisions of this Section 10.15
shall survive the resignation or removal of any such party to this Agreement and the termination of this Agreement. 
 Section 10.16 Rights
of the Indenture Trustee. The Indenture Trustee shall be entitled to all of the same rights, protections, immunities and indemnities set forth in the Indenture, mutatis mutandis. 

Section 10.17 Series Liabilities. (a) The 2022-2B SUBI is a separate series of the North
Carolina Trust as provided in Section 3806(b)(2) of the Delaware Statutory Trust Statute, (b)(i) claims incurred, contracted for or otherwise existing with respect to the 2022-2B SUBI or the 2022-2B SUBI Assets, including claims hereunder, shall be enforceable against the 2022-2B SUBI Assets only, and not against any UTI Assets or any SUBI assets other than the 2022-2B SUBI Assets (such other assets, “Other SUBI Assets”) and (ii) claims incurred, contracted for or otherwise existing with respect to any other SUBI, the UTI or any other North Carolina
Trust Assets shall be enforceable against the North Carolina Trust Assets with respect to such other SUBI or the UTI or such other North Carolina Trust Assets only and not against 2022-2B SUBI
Assets, (c) except to the extent required by law or specified in the North Carolina Trust Agreement, (i) North Carolina Trust Assets with respect to any other SUBI or with respect to the UTI shall not be subject to claims arising from
or with respect to the 2022-2B SUBI, (ii) no creditor or holder of a claim relating to the 2022-2B SUBI Assets shall be entitled to maintain any action against or
recover any UTI Assets or any Other SUBI Assets, and (iii) no creditor or holder of a claim relating to any other SUBI, the UTI or any other North Carolina Trust Assets shall be entitled to maintain any action against or recover any 2022-2B SUBI Assets, and (d) any purchaser, assignee or pledgee of an interest in the 2022-2B SUBI, the 2022-2B SUBI Certificate,
any other SUBI, any other SUBI certificate, the UTI or the UTI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the North Carolina Trust a non-petition covenant substantially similar to that set forth in Section 6.9 of the North Carolina Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from
time to time of the UTI or the UTI Certificate and any other SUBI or other SUBI certificate to release all claims to the UTI Assets and any Other SUBI Assets and in the event that such release is not given effect, to fully subordinate all claims it
may be deemed to have against the UTI Assets and any Other SUBI Assets. 
 Section 10.18 Intention of the Parties. It is the intention
of the parties hereto that each transfer and conveyance contemplated by this Agreement shall constitute an absolute sale of the related Sold Assets from the Depositor to the Issuer and that the related Sold Assets shall not be part of the
Depositor’s estate or otherwise be considered property of the Depositor in the event of the bankruptcy, receivership, insolvency, liquidation, conservatorship or similar proceeding relating to the Depositor or any of each of its property. The
intent expressed in the first sentence of this paragraph should not be deemed to be an expression of the intended tax treatment of the conveyance of the Sold Assets. It is not intended that any amounts available for reimbursement of any Sold Assets
be deemed to have been pledged by the Depositor to the Issuer to secure a debt or other obligation of the Depositor. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Page 41 

 Section 10.19 Additional Subservicers. The Depositor agrees that, subject to the
satisfaction of the conditions set forth below, any Affiliate of Regional Management may be added as a party to this Agreement (an “Accession”) as a “Subservicer” (each such Person, an “Additional
Subservicer”), upon the Depositor’s receipt of a written request from Regional Management requesting that such Additional Subservicer be added to this Agreement as a Subservicer at least five (5) days prior to the first
acquisition of Eligible Loans to be serviced by such Additional Subservicer: 
 (a) the Depositor shall have delivered to the Indenture Trustee a
fully executed copy of an Accession Agreement substantially in the form of Exhibit D hereto with respect to such Additional Subservicer; 

(b) notice of any Accession and the related Additional Subservicer shall have been provided to each Rating Agency; 

(c) there shall have been delivered to the Indenture Trustee (on behalf of the Noteholders) an Officer’s Certificate of Regional Management
stating that such Accession is not reasonably expected to result in an Adverse Effect; and 
 (d) as of the effective date of such Accession, the
conditions precedent applicable to such Additional Subservicer as set forth in Exhibit E shall have been fulfilled. 
 Upon the effectiveness
of any Accession, this Agreement shall be deemed amended to include the proposed Additional Subservicer as a “Subservicer” hereunder. For the avoidance of doubt, any Person to which the Servicer (including any Successor Servicer) has
delegated its duties hereunder in accordance with Section 6.07 shall not be subject to an Accession or be required to become a party to this Agreement. 

Section 10.20 Limitation of Liability of WTNA.  

(a) It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust, National
Association (“WTNA”), not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and
agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by WTNA but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall
be construed as creating any liability on WTNA, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by,
through or under the parties hereto, (d) WTNA has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement and (e) under no circumstances shall WTNA be personally
liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Page 42 

 (b) It is expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by WTNA, not individually or personally but solely as 2022-2B SUBI Trustee of the North Carolina Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings
and agreements herein made on the part of the North Carolina Trust is made and intended not as personal representations, undertakings and agreements by WTNA but is made and intended for the purpose of binding only the North Carolina Trust,
(c) nothing herein contained shall be construed as creating any liability on WTNA, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties hereto, (d) WTNA has made no investigation as to the accuracy or completeness of any representations and warranties made by the North Carolina Trust in this Agreement
and (e) under no circumstances shall WTNA be personally liable for the payment of any indebtedness or expenses of the North Carolina Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or
undertaken by the North Carolina Trust under this Agreement or any other related documents. 
 Section 10.21 EU Risk Retention. None of
Regional Management, the Issuer, the Initial Purchasers or their respective Affiliates or any other person intends to retain a material net economic interest in the transaction in accordance with the EU Securitization Regulation or take any other
action that may be required by EU Institutional Investors for the purpose of their compliance with the EU Securitization Regulation. 
 [Signature
Page Follows] 
  

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Page 43 

 IN WITNESS WHEREOF, the Depositor, the Servicer, the Subservicers, the Issuer and the North Carolina
Trust have caused this Sale and Servicing Agreement to be duly executed by their respective officers as of the date first above written. 
  

			
	REGIONAL MANAGEMENT RECEIVABLES III, LLC, as Depositor
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL MANAGEMENT CORP., as Servicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE CORPORATION OF ALABAMA, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE COMPANY OF GEORGIA, LLC, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer

  
 [Signature page to the Sale and
Servicing Agreement (RMIT 2022-2B)] 

 
			
	REGIONAL FINANCE COMPANY OF IDAHO, LLC, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title: Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE COMPANY OF ILLINOIS, LLC, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE COMPANY OF INDIANA, LLC, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE COMPANY OF MISSISSIPPI, LLC, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer

  
 [Signature page to the Sale and
Servicing Agreement (RMIT 2022-2B)] 

 
			
	REGIONAL FINANCE COMPANY OF MISSOURI, LLC, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE COMPANY OF NEW MEXICO, LLC, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE CORPORATION OF NORTH CAROLINA, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE COMPANY OF OKLAHOMA, LLC, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer

  
 [Signature page to the Sale and
Servicing Agreement (RMIT 2022-2B)] 

 
			
	REGIONAL FINANCE CORPORATION
	OF SOUTH CAROLINA, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE CORPORATION OF TENNESSEE, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE CORPORATION OF TEXAS, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE COMPANY OF UTAH, LLC, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer

  
 [Signature page to the Sale and
Servicing Agreement (RMIT 2022-2B)] 

 
			
	REGIONAL FINANCE COMPANY OF VIRGINIA, LLC, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	REGIONAL FINANCE CORPORATION OF WISCONSIN, as Subservicer
		
	By:	 	 /s/ Harp Rana

	Name:	 	Harpreet Rana
	Title:	 	Executive Vice President and Chief
		 	Financial Officer

  
 [Signature page to the Sale and
Servicing Agreement (RMIT 2022-2B)] 

 
			
	REGIONAL MANAGEMENT ISSUANCE TRUST 2022-2B, as Issuer
		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee of the Issuer
		
	By:	 	 /s/ Rachel Simpson

	Name:	 	Rachel Simpson
	Title:	 	Vice President

  
 [Signature page to the Sale and
Servicing Agreement (RMIT 2022-2B)] 

 
			
	REGIONAL MANAGEMENT NORTH CAROLINA RECEIVABLES TRUST, acting hereunder solely with respect to the 2022-2B SUBI
		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as 2022-2B SUBI Trustee of the North Carolina Trust
		
	By:	 	 /s/ Rachel Simpson

	Name:	 	Rachel Simpson
	Title:	 	Vice President

  
 [Signature page to the Sale and
Servicing Agreement (RMIT 2022-2B)] 

 ACKNOWLEDGED AND AGREED TO AS TO SECTIONS 6.05, 8.01 AND 8.02 BY: 

 

			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee
		
	By:	 	 /s/ Brett Hudson

	Name:	 	Brett Hudson
	Title:	 	Vice President

  
 [Signature page to the Sale and
Servicing Agreement (RMIT 2022-2B)] 

 Schedule I 

List of Subservicers 
 Regional Finance Corporation of
Alabama 
 Regional Finance Company of Georgia, LLC 
 Regional Finance Company
of Idaho, LLC 
 Regional Finance Company of Illinois, LLC 
 Regional Finance
Company of Indiana, LLC 
 Regional Finance Company of Mississippi, LLC 

Regional Finance Company of Missouri, LLC 
 Regional Finance Company of New
Mexico, LLC 
 Regional Finance Corporation of North Carolina 
 Regional Finance
Company of Oklahoma, LLC 
 Regional Finance Corporation of South Carolina 

Regional Finance Corporation of Tennessee 
 Regional Finance Corporation of Texas

 Regional Finance Company of Utah, LLC 
 Regional Finance Company of Virginia,
LLC 
 Regional Finance Corporation of Wisconsin 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule I 

 Schedule II 

Definitions Schedule and Rules of Construction 

(See attached) 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 1 

 PART A – Definitions Schedule 

“ABL Facility” shall mean the Seventh Amended and Restated Loan and Security Agreement, dated as of September 20, 2019, among
the lenders from time to time party thereto, Wells Fargo Bank, National Association, as agent, Regional Management and the other borrowers from time to time party thereto, as amended, restated, supplemented or otherwise modified from time to time.

 “Accession” shall have the meaning specified in Section 10.19 of this Agreement. 

“Accession Agreement” shall mean an accession agreement substantially in the form of Exhibit D of the Sale and Servicing Agreement.

 “Act” or “Act of Noteholder” shall have the meaning specified in Section 11.03(a) of the Indenture. 

“Addition Date” shall mean, with respect to any Additional Loan, the effective date of the conveyance or allocation of such
Additional Loan, as specified in the applicable Additional Loan Assignment, which date shall be a Loan Action Date. 
 “Additional Cut-Off Date” shall mean (a) with respect to the Loan Purchase Agreement and each Additional Loan, the Cut-Off Date specified in the related Additional Loan
Assignment, (b) with respect to the Sale and Servicing Agreement and each Additional Loan, the Cut-Off Date specified in the related Additional Loan Assignment, (c) with respect to the 2022-2B SUBI Supplement and each Additional Loan, the Cut-Off Date specified in the related Additional Loan Assignment, (d) with respect to each Purchase Agreement and
each Additional Loan transferred pursuant thereto, the Cut-Off Date specified in the related Additional Loan Assignment, (e) with respect to the Omnibus Distribution and Assignment Agreement and each
Additional Loan transferred pursuant thereto, the Cut-Off Date specified in the related Additional Loan Assignment, and (f) with respect to any Other Warehouse Purchase Agreement and each Additional Loan
transferred pursuant thereto, the Cut-Off Date specified in the related Additional Loan Assignment (for the avoidance of doubt, with respect to an Additional Loan, the
Cut-Off Date for such Additional Loan pursuant to (a), (b), (c), (d), (e) or (f), as applicable, shall be the same date). 

“Additional Loan” shall mean (a) with respect to the Loan Purchase Agreement, each additional
non-revolving personal loan that is sold to the Depositor pursuant to the Loan Purchase Agreement on an Addition Date, which, for the avoidance of doubt, may include Loans acquired by the Seller from Regional
Originators, (b) with respect to the Sale and Servicing Agreement, each additional non-revolving personal loan that is acquired by the Issuer pursuant to the Sale and Servicing Agreement on an Addition
Date, (c) with respect to the 2022-2B SUBI Supplement, each additional non-revolving personal loan that is allocated to the
2022-2B SUBI by the Servicer pursuant to the 2022-2B SUBI Supplement on an Addition Date, (d) with respect to each Purchase Agreement, each additional non-revolving personal loan that is sold to the Seller pursuant to such Purchase Agreement on each Addition Date, (e) with respect to the Omnibus Distribution and Assignment Agreement, each additional non-revolving personal loan that is transferred to the Seller pursuant to the Omnibus Distribution and Assignment Agreement on each Addition Date, and (f) with respect to any Other Warehouse Purchase Agreement,
each additional non-revolving personal loan that is sold to the Seller pursuant to such Other Warehouse Purchase Agreement on each Addition Date, which for the avoidance of doubt in each case shall include
Branch Loans and Convenience Checks. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 2 

 “Additional Loan Assignment” shall mean (a) with respect to the Loan Purchase
Agreement, a written assignment substantially in the applicable form attached to the Loan Purchase Agreement pursuant to which the Seller designates and assigns Additional Loans to the Depositor, (b) with respect to the Sale and Servicing
Agreement, a written assignment substantially in the applicable form attached to the Sale and Servicing Agreement pursuant to which the Depositor designates and further assigns Additional Loans to the Issuer, (c) with respect to the 2022-2B SUBI Supplement, a written allocation notice substantially in the applicable form attached to the 2022-2B SUBI Supplement pursuant to which the Servicer in accordance
with the 2022-2B SUBI Supplement designates and further allocates Additional Loans that are North Carolina Loans to the 2022-2B SUBI, (d) with respect to each
Purchase Agreement, a written assignment substantially in the applicable form attached to such Purchase Agreement pursuant to which the related Warehouse Borrower designates and assigns Additional Loans to the Seller, (e) with respect to the
Omnibus Distribution and Assignment Agreement, a written assignment substantially in the applicable form attached to the Omnibus Distribution and Assignment Agreement pursuant to which one or more Regional Originators designate and assign Additional
Loans to the Seller, and (f) with respect to any Other Warehouse Purchase Agreement, a written assignment substantially in the applicable form attached to such Other Warehouse Purchase Agreement pursuant to which the applicable warehouse
borrowers designate and assign Additional Loans to the Seller. 
 “Additional Loan Assignment Schedule” shall mean (a) with
respect to the Purchase Agreement and any Loan Action Date, the schedule to the related Additional Loan Assignment, listing the Additional Loans conveyed pursuant to the Purchase Agreement on such Loan Action Date and the related information with
respect thereto required to be included in the Loan Schedule, (b) with respect to a purchase agreement between the borrower under a warehouse facility other than the Warehouse Facility and the Seller and any Loan Action Date, the schedule to
the related Additional Loan Assignment, listing the Additional Loans conveyed pursuant to such purchase agreement on such Loan Action Date and the related information with respect thereto required to be included in the Loan Schedule, (c) with
respect to the Loan Purchase Agreement and any Loan Action Date, the schedule to the related Additional Loan Assignment, listing the Additional Loans conveyed pursuant to the Loan Purchase Agreement on such Loan Action Date and the related
information with respect thereto required to be included in the Loan Schedule, (d) with respect to the Sale and Servicing Agreement and any Loan Action Date, the schedule to the related Additional Loan Assignment, listing the related Additional
Loans conveyed pursuant to the Sale and Servicing Agreement on such Loan Action Date and the related information with respect thereto required to be included in the Loan Schedule and (e) with respect to the
2022-2B SUBI Supplement on any Loan Action Date, the schedule to the related Additional Loan Assignment, listing the related Additional Loans allocated pursuant to the
2022-2B SUBI Supplement on such Loan Action Date and the related information with respect thereto required to be included in the Loan Schedule. 

“Additional Subservicer” shall have the meaning specified in Section 10.19 of this Agreement. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 3 

 “Adjusted Loan Principal Balance” shall mean, with respect to any Collection
Period, an amount equal to the Loan Principal Balance of all Loans in the Trust Estate (including any Additional Loans with an Additional Cut-Off Date within such Collection Period), other than Charged-Off Loans and Excluded Loans, in each case, as of the close of business on the last day of such Collection Period. 

“Administration Agreement” shall mean the Administration Agreement, dated as of the Closing Date, among the Issuer, the North
Carolina Trust, the Administrator and the Depositor. 
 “Administrator” shall mean the Person acting in such capacity from time to
time pursuant to and in accordance with the Administration Agreement, which shall initially be Regional Management. 
 “Adverse
Effect” shall mean, with respect to any action, that such action will (a) result in the occurrence of an Early Amortization Event or an Event of Default or (b) materially and adversely affect the Noteholders. 

“Affiliate” of any specified Person shall mean any other Person directly or indirectly controlling or controlled by or under direct
or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person, shall mean the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Aggregate Note Balance” shall mean, as of any date of determination, the sum of the aggregate Class A Note Balance, the
aggregate Class B Note Balance and the aggregate Class C Note Balance, in each case, as of such date of determination. 
 “Amount
Financed” shall mean, with respect to a Loan, the “amount financed” (as defined in the Federal Truth-in-Lending Act (15 U.S.C. § 1601 et.
seq) and its implementing regulations) and as set forth in the Federal Truth in Lending disclosure in the related Contract. 
 “Annual
Percentage Rate” or “APR” shall mean, with respect to a personal loan in Regional’s managed portfolio, the “annual percentage rate” (as defined in the Federal Truth-in-Lending Act (15 U.S.C. § 1601 et. seq) and its implementing regulations) and as set forth in the Federal Truth in Lending disclosure in the related loan contract. If, after the
Closing Date, the rate per annum with respect to a Loan as of the related Cut-Off Date is reduced (i) as a result of an insolvency proceeding involving the related Loan Obligor or (ii) pursuant to
the Servicemembers Civil Relief Act or similar State law, “Annual Percentage Rate” or “APR” shall refer to such reduced rate. 

“Applicable Law” shall mean, with respect to any Person, all existing and future applicable laws, rules, regulations (including
proposed, temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including, but not limited to, the federal Dodd-Frank Act;
the Truth in Lending Act and its implementing regulation, Regulation Z, as these appeared under the Federal Reserve Board and, currently, under the CFPB; the Equal Credit Opportunity Act and its implementing regulation, Regulation B, as these
appeared under the 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 4 

 
Federal Reserve Board and, currently, under the CFPB; the Exchange Act; the Fair Credit Reporting Act, including Regulation V; the Fair Credit Billing Act; the Fair Debt Collection Practices Act;
the Federal Trade Commission Act; the Relief Act; state adoptions of the foregoing federal laws; state usury laws; and state-specific adoptions of the National Consumer Act and the Uniform Consumer Credit Code), and applicable judgments, decrees,
injunctions, writs, orders or line actions of any court, arbitrator or other administrative, judicial or quasi-judicial tribunal or agency of competent jurisdiction. 

“Applicable Representations” shall have the meaning specified in Section 3.03 of this Agreement. 

“Applicable SUBI Fee Letter” means that Schedule of Fees to Serve as Owner Trustee for Regional Management Issuance Trust 2022-2B, dated as of October 20, 2022. 
 “Assignment Agreement” shall mean (a) an
agreement substantially in the form of Exhibit A to the Purchase Agreement relating to the Loans and other Purchased Assets purchased by the Seller on the Closing Date, (b) an agreement substantially in the form of Exhibit A to the Loan
Purchase Agreement relating to the Loans and other Purchased Assets purchased by the Depositor on the Closing Date and (c) with respect to the 2022-2B SUBI Supplement, a written allocation notice
substantially in the applicable form attached to the 2022-2B SUBI Supplement pursuant to which the Servicer in accordance with the 2022-2B SUBI Supplement designates and
further allocates Additional Loans that are North Carolina Loans to the 2022-2B SUBI. 

“Authoritative Copy” means, with respect to any Contract that constitutes Electronic Chattel Paper, the authoritative copy thereof,
as such term is used in Section 9-105 of the UCC. 
 “Authorized Officer” shall mean:

 (a) with respect to the Issuer, (i) any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to
the Issuer and who is identified on the list of Authorized Officers, containing the specimen signature of each such Person, delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented
from time to time thereafter), (ii) any officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer and who is identified on the list of Authorized Officers (containing the specimen signatures of
such officers) delivered by the Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and (iii) any officer of the Depositor who is authorized to act for the
Depositor in matters relating to the Issuer and who is identified on the list of Authorized Officers, containing the specimen signature of each such Person, delivered by the Depositor to the Indenture Trustee on the Closing Date (as such list may be
modified or supplemented from time to time thereafter); 
 (b) with respect to the Depositor, any officer of the Depositor who is identified on the
list of Authorized Officers (containing the specimen signature of each such Person) delivered by the Depositor to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter); 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 5 

 (c) with respect to the Servicer, any President, Vice President, Treasurer, Secretary or Assistant
Secretary of the Servicer or any other officer who is authorized to act for the Servicer; 
 (d) Secretary or Assistant Secretary of the Seller or
any other officer who is authorized to act for the Seller; and 
 (e) with respect to the Indenture Trustee, any Responsible Officer. 

“Available Funds” for any Payment Date shall mean, without duplication, (a) the Collections received in the Collection Account
during the Collection Period, including any investment earnings in each of the Note Accounts, relating to such Payment Date (other than amounts permitted to be retained by the Servicer in respect of Servicing Fees), (b) all amounts on deposit in the
Reserve Account as of the related Monthly Determination Date, and (c) during the Revolving Period, all amounts on deposit in the Principal Distribution Account as of the commencement of such Payment Date. 

“Back-up Servicer” shall mean, initially, Computershare Trust Company, N.A., and at any other
time, the Person then acting as “Back-up Servicer” pursuant to and in accordance with the Back-up Servicing Agreement. 

“Back-up Servicer Termination Event” shall mean any
Back-up Servicer Termination Event specified in Section 4.3 of the Back-up Servicing Agreement. 

“Back-up Servicing Agreement” shall mean the Back-up
Servicing Agreement, dated as of the Closing Date, among the Issuer, the Depositor, the Indenture Trustee, the Servicer, the Back-up Servicer and the North Carolina Trust pursuant to which the Back-up Servicer has agreed to perform the back-up servicing duties specified therein for the benefit of the Issuer and the Noteholders, including with respect to the 2022-2B SUBI Assets. 
 “Back-up Servicing Fee” shall
mean, with respect to (i) any Payment Date other than the Initial Payment Date, an amount equal to the greater of (a) $5,000 and (b) the product of (1) 0.05% multiplied by (2) the aggregate Loan Principal Balance as of the first day
of the related Collection Period, multiplied by (3) one-twelfth, or (ii) the Initial Payment Date, an amount equal to the product of (x) 0.05%, multiplied by (y) the aggregate Loan Principal
Balance as of the Closing Date, multiplied by (z) a fraction, the numerator of which is the number of days from the Closing Date through the end of the initial Collection Period, and the denominator of which is 360. 

“Bankruptcy Code” shall mean Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq., as amended. 

“Bankruptcy Loan” shall mean, to the extent reflected on the servicing systems of the Servicer, any Loan (a) with respect to
which all or any portion of the Loan Principal Balance thereof has been discharged and has not been reaffirmed by the related Loan Obligor, or (b) the Loan Obligor of which has filed, or there has been filed against such Loan Obligor, voluntary
or involuntary proceedings under the Bankruptcy Code or any other Debtor Relief Laws and such Loan has not been reaffirmed by the Loan Obligor in that proceeding. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 “Beneficial Interests” shall mean the beneficial interests in the Trust evidenced
by the Trust Certificate. 
 “Beneficial Owner” shall mean, with respect to any Book-Entry Note, the Person who is the beneficial
owner of such Note as reflected on the books of DTC or on the books of a Person maintaining an account with DTC (directly as a Participant or indirectly through a Participant, in accordance with the rules of DTC). 

“Beneficiary” shall mean the registered holder of a Trust Certificate as reflected in the register maintained pursuant to
Section 10.01(d) of the Trust Agreement. Initially, the Depositor is the sole Beneficiary. 
 “Book-Entry Notes” shall mean
security entitlements to the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency, as described in Section 2.04 of the Indenture. 

“Branch Loans” shall mean Loans originated through Regional’s branches and Loans originated through a centralized branch, which
in each case, will include Electronic Loans. 
 “Business Day” shall mean any day other than (a) a Saturday or Sunday or
(b) any other day on which banking institutions in New York, New York, Minneapolis, Minnesota, Greer, South Carolina and Wilmington, Delaware or any other city in which the Corporate Trust Office of the Indenture Trustee or the Owner Trustee or
the principal executive offices of the Servicer or the Depositor, as the case may be, are located, are authorized or obligated by law, executive order or governmental decree to be closed or on which the fixed income markets in New York, New York are
closed. 
 “Certificate of Trust” shall mean the certificate of trust of the Trust, filed on October 25, 2021, with the Office
of the Secretary of State of the State of Delaware pursuant to the Delaware Statutory Trust Statute, and as amended by the Certificate of Amendment, filed on May 6, 2022 with the Office of the Secretary of State of the State of Delaware. 

“CFPB” shall mean the U.S. Consumer Financial Protection Bureau established by the Dodd-Frank Act within the Federal Reserve System.

 “Charged-Off Loan” shall mean any Loan (i) with respect to which a scheduled
payment thereon remains unpaid for 180 days or more after the related due date for such payment (or such longer period as permitted in accordance with the Credit and Collection Policy), or (ii) which has been charged off in full or in part by
the Servicer (as reflected in the records of the Servicer), in each case in accordance with the Credit and Collection Policy. The Loan Principal Balance of any Loan that becomes a “Charged-Off Loan”
will be deemed to be zero as of the date it becomes a “Charged-Off Loan.” 

“Class” shall mean the Class A Notes, the Class B Notes or the Class C Notes, as the context may require. 

“Class A Interest Rate” shall mean 7.10% per annum. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 “Class A Monthly Interest Amount” shall mean, for any Payment
Date, the amount of interest accrued during the related Interest Period at the Class A Interest Rate on the Class A Note Balance as of the close of business on the immediately preceding Payment Date, calculated on the basis of a 360-day year consisting of twelve 30-day months (or in the case of the Initial Payment Date, the period from (and including) the Closing Date to (but excluding) the Initial
Payment Date, assuming each month has 30 days). 
 “Class A Note” shall mean any one of the 7.10% Class A
Notes executed by the Owner Trustee on behalf of the Issuer and authenticated by the Indenture Trustee, substantially in the applicable form attached as Exhibit A to the Indenture. 

“Class A Note Balance” shall initially mean $130,810,000, and thereafter shall equal the initial Class A Note
Balance reduced by all previous payments to the Class A Noteholders in respect of the principal of the Class A Notes that have not been rescinded. 

“Class B Interest Rate” shall mean 8.51% per annum. 

“Class B Monthly Interest Amount” shall mean, for any Payment Date, the amount of interest accrued during the
related Interest Period at the Class B Interest Rate on the Class B Note Balance as of the close of business on the immediately preceding Payment Date, calculated on the basis of a 360-day year
consisting of twelve 30-day months (or in the case of the Initial Payment Date, the period from (and including) the Closing Date to (but excluding) the Initial Payment Date, assuming each month has 30 days).

 “Class B Note” shall mean any one of the 8.51% Class B Notes executed by the Owner Trustee on behalf of
the Issuer and authenticated by the Indenture Trustee, substantially in the applicable form attached as Exhibit A to the Indenture. 

“Class B Note Balance” shall initially mean $52,910,000, and thereafter shall equal the initial Class B Note
Balance reduced by all previous payments to the Class B Noteholders in respect of the principal of the Class B Notes that have not been rescinded. 

“Class C Interest Rate” shall mean 7.75% per annum. 

“Class C Monthly Interest Amount” shall mean, for any Payment Date, the amount of interest accrued during the
related Interest Period at the Class C Interest Rate on the Class C Note Balance as of the close of business on the immediately preceding Payment Date, calculated on the basis of a 360-day year
consisting of twelve 30-day months (or in the case of the Initial Payment Date, the period from (and including) the Closing Date to (but excluding) the Initial Payment Date, assuming each month has 30 days).

 “Class C Note” shall mean any one of the 7.75% Class C Notes executed by the Owner Trustee on behalf of
the Issuer and authenticated by the Indenture Trustee, substantially in the applicable form attached as Exhibit A to the Indenture. 

“Class C Note Balance” shall initially mean $16,280,000, and thereafter shall equal the initial Class C Note
Balance reduced by all previous payments to the Class C Noteholders in respect of the principal of the Class C Notes that have not been rescinded. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 “Clearing Agency” shall mean an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act and serving as a clearing agency for a Series or Class of Book-Entry Notes. 

“Clearstream” shall mean Clearstream Banking, société anonyme, a professional depository incorporated under the
laws of Luxembourg, and its successors. 
 “Closing Date” shall mean October 20, 2022. 

“Collection Account” shall have the meaning specified in Section 8.02(a)(i) of the Indenture. 

“Collection Period” shall mean, with respect to each Payment Date, the immediately preceding calendar month; provided,
however, that the initial Collection Period will commence on the day immediately following the Initial Cut-Off Date and end on (and include) the last day of the calendar month immediately preceding the
Initial Payment Date. 
 “Collections” shall mean all amounts collected on or in respect of the Loans after the applicable Cut-Off Date, including scheduled loan payments (whether received in whole or in part, whether related to a current, future or prior due date, whether paid voluntarily by a Loan Obligor or received in connection
with the realization of the amounts due and to become due under any defaulted Loan or upon the sale of any property acquired in respect thereof), all partial prepayments, all full prepayments, recoveries, insurance proceeds or any other form of
payment. 
 “Contract” shall mean, with respect to any Loan, the fully executed original (or, in the case of a Convenience Check, a
copy), electronically authenticated original or authoritative copy (in each case, within the meaning of the UCC) of any non-revolving promissory note and security agreement or other form of personal loan
contract entered into by a Loan Obligor under which an extension of credit by a Regional Originator was made in the ordinary course of business of such Regional Originator, which contract contains the terms and conditions applicable to such Loan and
any applicable Truth in Lending disclosure related thereto, in each case, as amended and in effect from time to time, including any related written allonges or extensions thereto. 

“Convenience Checks” shall mean personal loans originated through Regional’s convenience check direct mail campaigns. 

“Conveyance Papers” shall have the meaning specified in Schedule IV to this Agreement. 

“Corporate Trust Office” shall have the meaning (a) when used in respect of the Owner Trustee, the address of the Owner Trustee
at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attn: Corporate Trust Administration, and (b) when used in respect of the Indenture Trustee or the Back-up Servicer, the
address of the Indenture Trustee at 600 S. 4th Street, MAC N9300-070, Minneapolis, Minnesota 55415, Attn: Asset-Backed Securities Department. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 “Credit and Collection Policy” shall mean the credit and collection policies and
practices and procedures maintained by the Servicer relating to the Loans, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the Sale and Servicing Agreement. If there is a Successor Servicer,
“Credit and Collection Policy” shall mean the customary and usual servicing, administration and collection practices and procedures used by servicing companies of comparable experience to the Successor Servicer for servicing personal loans
comparable to the Loans which the Successor Servicer services for its own account, as the same may be amended, supplemented or otherwise modified from time to time. 

“Custodian” shall mean the Servicer, in its capacity as custodian of the Contracts under the Sale and Servicing Agreement. 

“Cut-Off Date” shall mean the Initial Cut-Off Date or
any Additional Cut-Off Date, as applicable. 
 “DBRS Morningstar” shall mean DBRS, Inc., or
any successor. 
 “Debtor Relief Laws” shall mean (i) the Bankruptcy Code and (ii) all other applicable liquidation,
conservatorship, bankruptcy, moratorium, arrangement, receivership, insolvency, reorganization, suspension of payments, adjustment of debt, marshalling of assets or similar debtor relief laws of the United States, any state or any foreign country
from time to time in effect affecting the rights of creditors generally. 
 “Definitive Notes” shall mean, for any Class, the Notes
issued in fully registered, certificated form issued to the owners of such Class or their nominee. 
 “Delaware Secretary of
State” shall mean the Office of the Secretary of State of the State of Delaware. 
 “Delaware Statutory Trust Statute”
shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as amended from time to time. 
 “Delinquent
Loan” shall mean a Loan, other than a Charged-Off Loan, with respect to which a scheduled monthly payment thereon remains unpaid for 60 days or more from the related due date in accordance with the
Credit and Collection Policy as reflected in the records of the Servicer or the applicable Subservicer. 
 “Delinquent Renewal”
shall mean, with respect to any Loan in the Trust Estate, a transaction in which a new non-revolving personal loan originated pursuant to a Contract is entered into between a Regional Originator and a Loan
Obligor, which new non-revolving personal loan (x) is originated in accordance with Regional’s delinquent renewal underwriting criteria as set forth in its Credit and Collection Policy,
(y) refinances such Loan in full or in part, and (z) may also extend additional financing to such Loan Obligor. 
 “Delinquent
Renewal Loan” shall mean the new non-revolving personal loan entered into between the applicable Regional Originator and the Loan Obligor pursuant to any Delinquent Renewal. 

“Deliveries” shall have the meaning specified in Section 12.02 of the Trust Agreement. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 10 

 “Demand” shall have the meaning specified in Section 6.14(a) of the Indenture.

 “Depositor” shall mean Regional Management Receivables III, LLC, a limited liability company formed and existing under the laws
of the State of Delaware, and its permitted successors and assigns. 
 “Depositor LLC Agreement” shall mean the Amended and
Restated Limited Liability Company Agreement of the Depositor, dated as of June 27, 2018. 
 “Direct Depositor Breach” shall
have the meaning specified in Section 2.06(a) of this Agreement. 
 “Directing Holder” shall mean (a) so long as the
Indenture shall not have terminated, the Required Noteholders, and (b) in all other instances, the holder or holders of more than 50% of the voting power of the Beneficial Interests. 

“Disqualification Event” with respect to the Owner Trustee shall mean (a) the bankruptcy, insolvency or dissolution of the Owner
Trustee, (b) the occurrence of the date of resignation of the Owner Trustee, as set forth in a notice of resignation given pursuant to Section 8.01 of the Trust Agreement, (c) the delivery to the Owner Trustee of the instrument or
instruments of removal referred to in Section 8.01 of the Trust Agreement (or, if such instruments specify a later effective date of removal, the occurrence of such later date), or (d) the failure of the Owner Trustee to qualify under the
requirements of Section 8.03 of the Trust Agreement. 
 “Distribution Compliance Period” shall have the meaning specified in
Section 2.05(b) of the Indenture. 
 “Dodd-Frank Act” shall mean the Dodd-Frank Wall Street Reform and Consumer Protection
Act, which was signed into law on July 21, 2010. 
 “Dollars,” “$” or “U.S. $” shall mean
(a) U.S. dollars or (b) denominated in U.S. dollars. 
 “DTC” shall mean The Depository Trust Company, a New York
corporation. 
 “Early Amortization Event” shall mean any Early Amortization Event specified in Section 5.01 of the Indenture.

 “Electronic Chattel Paper” shall have the meaning specified in Article 9 of the UCC. 

“Electronic Collateral Control Agreement” shall mean that certain Electronic Collateral Control Agreement, dated as of
October 20, 2022, by and among the Indenture Trustee, the Issuer, Regional Management, the North Carolina Trust and eOriginal, Inc., as the same may be amended, restated, supplemented or otherwise modified from time to time. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 11 

 “Electronic Contract” shall mean a Contract that was electronically executed and
authenticated; provided, that an Electronic Contract that has been Exported shall not constitute an Electronic Contract. 
 “Electronic
Loan” shall mean a Loan originated completely online without branch assistance, remotely with branch assistance or through a mobile application. 

“Electronic Vault” shall mean the electronic vault wherein custody of Electronic Contracts shall be maintained in electronic form by
the Servicer (in its capacity as custodian under the Transaction Documents) (or any successor servicer), in each case, through a third-party Electronic Vault Provider that enables electronic contracting pursuant to the related electronic vault
services agreement. 
 “Electronic Vault Provider” shall mean eOriginal, Inc., a Delaware corporation, and any successor or
replacement third-party provider of the technology platform on which the Electronic Vault operates acting in such capacity with the consent of the Indenture Trustee (with the written consent of the Required Noteholders). 

“Electronic Vault Services Agreement” shall mean any agreement between Regional Management and the Electronic Vault Provider that
provides for services related to the Electronic Vault. 
 “Electronic Vault System” shall mean the electronic vault system provided
by the Electronic Vault Provider pursuant to the Electronic Vault Services Agreement or such other electronic system provider as may be mutually agreed upon by the Issuer, Regional Management and the Indenture Trustee (with the written consent of
the Required Noteholders) that enables electronic contracting. 
 “Eligible Deposit Account” shall mean either (a) a
segregated account with an Eligible Institution or (b) a segregated trust account of a depository institution organized under the laws of the United States or any one of the states thereof, including the District of Columbia (or any domestic
branch of a foreign bank), and acting as a trustee for funds deposited in such account, so long as either (x)(A) such depository institution has a long-term issuer credit rating of “A” or higher from S&P and a long-term issuer credit
rating of “Baa1” or higher from Moody’s and (B) any of the unsecured, unguaranteed senior debt securities of such depository institution shall have a credit rating from Moody’s in one of its generic credit rating categories
that signifies “Baa2” or higher, or (y) the Rating Agency Notice Requirement with respect to such segregated trust account has been satisfied. 

“Eligible Institution” shall mean a depository institution organized under the laws of the United States of America or any one of the
states thereof, including the District of Columbia (or any domestic branch of a foreign bank), which at all times has (a)(i) a long-term unsecured debt rating of “A2” or better by Moody’s and (ii) a certificate of deposit rating
of “P-1” or better by Moody’s and (b)(i) a long-term issuer credit rating of “A” or better by S&P and a long-term issuer credit rating of “Baa1” or better by Moody’s
or (ii) a short-term issuer credit rating of “A-1+” or better by S&P and a short-term issuer credit rating of “P-1” or better by
Moody’s. If so qualified, any of the Indenture Trustee or the Administrator may be considered an Eligible Institution for the purposes of this definition. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 12 

 “Eligible Investments” shall mean book-entry securities, negotiable instruments or
securities represented by instruments in bearer or registered form which have maturities of no later than the Business Day immediately prior to the next succeeding Payment Date (unless payable on demand, in which case such securities or instruments
may mature on such next succeeding Payment Date) and which evidence: 
 (a) direct obligations of, and obligations fully guaranteed
as to timely payment by, the United States of America; 
 (b) demand deposits, time deposits or certificates of deposit (having
original maturities of no more than 365 days) of depository institutions or trust companies incorporated under the laws of the United States of America or any state thereof (or domestic branches of foreign banks) and subject to supervision and
examination by federal or state banking or depository institution authorities; provided that at the time of the Issuer’s investment or contractual commitment to invest therein, the short-term debt rating of such depository institution or trust
company will be rated “R-1(high)” or higher by DBRS Morningstar and “AA-“ or “A-1+” by S&P;

 (c) commercial paper (having remaining maturities of no more than 30 days) having, at the time of the Issuer’s investment or
contractual commitment to invest therein, a rating of “R-1(high)” or higher from DBRS Morningstar and a rating of “A-1” or higher from S&P; 

(d) investments in money market funds rated “AAAm” or higher by S&P and an equivalent rating by DBRS Morningstar or
otherwise approved in writing by DBRS Morningstar, if rated by DBRS Morningstar; 
 (e) demand deposits, time deposits and
certificates of deposit (having original maturities of no more than 365 days) which are fully insured by the Federal Deposit Insurance Corporation, having at the time of the Issuer’s investment or contractual commitment to invest therein, a
rating of “A-1+” by S&P and an equivalent rating by DBRS Morningstar; 
 (f)
notes or bankers’ acceptances (having original maturities of no more than 365 days) issued by any depository institution or trust company referred to in (b) above; 

(g) time deposits, other than as referred to in clause (e) above (having original maturities of no more than 365 days), with a
Person (i) the commercial paper of which is rated “A-1+” by S&P and an equivalent rating by DBRS Morningstar or (ii) that has a long-term unsecured debt rating of “A+” or
higher by S&P and an equivalent rating by DBRS Morningstar; or 
 (h) any other investments provided that the Rating Agency
Notice Requirement has been satisfied. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 13 

 Eligible Investments may be purchased by or through the Indenture Trustee or any of its Affiliates and may include
proprietary funds offered or managed any such Person. 
 “Eligible Loan” shall mean a Loan that, as of the related Cut-Off Date: (i) is not categorized as a Bankruptcy Loan, (ii) is either an interest-bearing loan or a Precompute Loan, (iii) has a fixed-rate of interest, (iv) is denominated in U.S. dollars,
(v) the maturity date therefor had not occurred, (vi) is not a Delinquent Loan or a Charged-Off Loan, (vii) is not a Revolving Loan, (viii) if an Electronic Loan, then the related Contract
is an Electronic Contract, (ix) if an Electronic Loan, then the related Loan Obligor is not a new borrower, (x) was originated in all material respects in accordance with the Credit and Collection Policy in effect as of the date of
origination of such Loan, (xi) has an origination term of not more than 72 months, (xii) in connection with the origination thereof, a Contract was created, (xiii) is not secured by real property, (xiv) has an Amount Financed
that is greater than $500 and less than $25,000, (xv) the collateral that secures such Loan had not been, and was not in the process of being, repossessed, (xvi) is not an Extension Loan, (xvii) the related Contract is not a Modified
Contract, (xviii) has an original and current APR equal to or greater than 5.00% and equal to or less than 36.00%, (xix) is not subject to litigation or legal proceedings, (xx) the Loan Obligor of which had a FICO® score at the time of origination and such FICO® score was at least 525 (or, in the case of a Loan with two Loan Obligors, based on the
higher of the two FICO® scores at origination), and (xxi) is not a Delinquent Renewal Loan for which no payment has been made since the related Delinquent Renewal. 

“Eligible Servicer” shall mean the Indenture Trustee, Regional Management, the Back-up
Servicer or an entity which, at the time of its appointment as Servicer, (a)(i) is the surviving Person of a merger or consolidation with, or the transferee of all or substantially all of the assets of, Regional Management in a transaction otherwise
complying with the relevant terms of the Sale and Servicing Agreement, (ii) is servicing a portfolio of personal loans, (iii) is legally qualified and has the capacity (in each case, either directly or through one or more subservicers) to
service and administer the Loans in accordance with the Sale and Servicing Agreement and the 2022-2B SUBI Servicing Agreement and (iv) is qualified to use the software that is then being used to service
the Loans or obtains the right to use or has its own software which is adequate to perform its duties under the Sale and Servicing Agreement the 2022-2B SUBI Servicing Agreement or (b)(i) is servicing a
portfolio of personal loans, (ii) is legally qualified and has the capacity (in each case, either directly or through one or more subservicers) to service and administer Loans in accordance with the Sale and Servicing Agreement and the 2022-2B SUBI Servicing Agreement, (iii) has demonstrated the ability to service professionally and competently a portfolio of loans which are similar to the Loans in accordance with high standards of skill and
care and (iv) is qualified to use the software that is then being used to service the Loans or obtains the right to use or has its own software which is adequate to perform its duties under the Sale and Servicing Agreement and the 2022-2B SUBI Servicing Agreement. 
 “Encumbrance” shall mean any security interest, mortgage,
claim, charge (fixed or floating), deed of trust, pledge, hypothecation, assignment, deposit arrangement, equity interest, encumbrance, lien (statutory or other), preference, participation interest, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement, or any financing lease having substantially the same economic effect as any of the foregoing, and the filing of any
financing statement under the UCC or comparable law of any jurisdiction to evidence any of the foregoing; provided, however, that 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 14 

 
any assignment permitted by Section 2.05 of, and the lien created by, the Sale and Servicing Agreement shall not be deemed to constitute an Encumbrance; provided further, however, that each
of (a) the lien created in favor of the Depositor under the Loan Purchase Agreement, (b) the lien created in favor of the Issuer under the Sale and Servicing Agreement and (c) the lien created in favor of the Indenture Trustee under
the Indenture shall not be deemed to constitute an Encumbrance. 
 “ERISA” shall mean the Employee Retirement Income Security Act
of 1974, as amended. 
 “EU Institutional Investor” means an institutional investor as such term is defined in Article 2(12) of the
EU Securitization Regulation. 
 “EU Securitization Regulation” means European Union legislation comprising EU Regulation (EU)
2017/2402. 
 “Euroclear” shall mean the Euroclear System. 

“Event of Default” shall have the meaning specified in Section 5.02 of the Indenture. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Excluded Loan” shall have the meaning specified in Section 8.07(iii) of the Indenture. 

“Exported” shall mean, with respect to a Contract, the Servicer (acting at the written direction of the Indenture Trustee) or the
Indenture Trustee has decommissioned the related Electronic Contract and the Authoritative Copy (in the case of an Electronic Contract that constitutes Electronic Chattel Paper) or the electronically authenticated original record (in the case of an
Electronic Contract that does not constitute Electronic Chattel Paper), as applicable, of such Contract is printed out pursuant to a “Paper Out”TM within the meaning specified in the
System Description. “Export” and “Exporting” shall have correlative meanings. 
 “Extension Loan”
shall mean, as of any date of determination, a personal loan contract with respect to which the time for payment of any scheduled monthly payment due under such personal loan contract has been extended for more than two months (in the aggregate)
within the twelve-month period preceding such date of determination; provided, that if any payment extension in respect of a personal loan is granted (i) due to the declaration of a state of emergency by the governor of a U.S. state or the
President of the United States, or (ii) due to the enactment of laws, regulations, executive orders or other guidance by any governmental authority (including federal, state or local governments), that mandates the granting of a payment
deferral or extension or prevents collection activities with respect to such loan, then, in the case of clause (i) or (ii), such extension shall not be counted for purposes of determining whether such personal loan contract constitutes an
“Extension Loan.” 
 “FATCA” shall have the meaning specified in Section 11.17(a) of the Indenture. 

  
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Schedule II - 15 

 “FATCA Withholding Tax” shall have the meaning specified in Section 11.17(a)
of the Indenture. 
 “Federal Reserve Board” shall mean the Board of Governors of the Federal Reserve System. 

“First Priority Principal Payment” shall mean, with respect to any Payment Date, (a) at any time prior to the occurrence of an
Event of Default, an amount equal to the excess (if any) of (i) the Class A Note Balance as of the end of the related Collection Period over (ii) the Adjusted Loan Principal Balance as of the end of the related Collection Period and
(b) at any time from and after the occurrence of an Event of Default or on or after the Stated Maturity Date in respect of the Class A Notes, the Class A Note Balance. 

“Force Majeure Event” shall mean an event that occurs as a result of an act of God, an act of the public enemy, acts of declared or
undeclared war (including acts of terrorism), public disorder, rebellion, sabotage, disease, quarantine, epidemics and/or public health emergencies, pandemics, landslides, lightning, fire, hurricanes, earthquakes, floods, other natural disasters, or
the declaration of a state of emergency by the governor of a U.S. state or the President of the United States. 
 “Global Note”
shall mean a Rule 144A Global Note or a Regulation S Global Note. 
 “Governmental Authority” shall mean any federal, state,
municipal, national, local or other governmental department, court, commission, board, bureau, agency, intermediary, carrier or instrumentality or political subdivision thereof, or any entity or officer exercising executive, legislative, judicial,
quasi-judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case, whether of the United States or a state, territory or possession thereof, a foreign sovereign entity or country or jurisdiction or
the District of Columbia. 
 “Grant” shall mean to grant, bargain, warrant, alienate, remise, demise, release, convey, assign,
transfer, mortgage, pledge, grant a security interest in, create a right of set-off against, deposit, set over and confirm. A Grant of any item of the Trust Estate shall include all rights, powers and options
(but none of the obligations) of the granting party thereunder, including without limitation the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of such item of the Trust
Estate, and all other monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring any suit in equity, action at law or other judicial or
administrative proceeding in the name of the granting party or otherwise, and generally to do and receive anything that the granting party may be entitled to do or receive thereunder or with respect thereto. 

“Hard Secured Loan” shall mean a Branch Loan that is, as of the date of the origination thereof, secured by a lien on one or more
Titled Assets. 
 “Indemnified Parties” shall have the meaning specified in Section 6.02 of the Loan Purchase Agreement or
Section 11.02 of the Trust Agreement, as applicable. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 16 

 “Indenture” shall mean the Indenture, dated as of the Closing Date, among the
Issuer, the Indenture Trustee, the Servicer, and the Securities Intermediary, as the same may be amended, supplemented or otherwise modified from time to time. 

“Indenture Trustee” shall mean Computershare Trust Company, N.A., in its capacity as indenture trustee under the Indenture, its
successors in interest and any successor indenture trustee under the Indenture. 
 “Independent” shall mean, when used with respect
to any specified Person, that the Person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Depositor, and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Depositor or any Affiliate of any
of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 

“Independent Manager” shall have the meaning specified in the Depositor LLC Agreement. 

“Initial Beneficiary” shall have the meaning specified in the North Carolina Trust Agreement. 

“Initial Cut-Off Date” shall mean September 30, 2022. 

“Initial Loan” shall mean (a) with respect to the Loan Purchase Agreement, each
non-revolving personal loan that is sold to the Depositor pursuant to the Loan Purchase Agreement on the Closing Date, (b) with respect to the Sale and Servicing Agreement, each non-revolving personal loan that is acquired by the Issuer pursuant to the Sale and Servicing Agreement on the Closing Date, (c) with respect to the 2022-2B SUBI
Supplement, each North Carolina Loan that is allocated to the 2022-2B SUBI on the Closing Date, (d) with respect to the Purchase Agreement, each non-revolving
personal loan that is sold to the Seller pursuant to the Purchase Agreement on the Closing Date, (e) with respect to the Omnibus Distribution and Assignment Agreement, each non-revolving personal loan
that is transferred to the Seller pursuant to the Omnibus Distribution and Assignment Agreement on the Closing Date, and (f) with respect to any Other Warehouse Purchase Agreement, each non-revolving
personal loan that is sold to the Seller pursuant to such Other Warehouse Purchase Agreement on the Closing Date, which for the avoidance of doubt in each case shall include Branch Loans and Convenience Checks. 

“Initial Loan Assignment” shall mean a written agreement substantially in the form of Exhibit
A-1 to the Sale and Servicing Agreement relating to the Loans and other Sold Assets acquired by the Issuer on the Closing Date. 

“Initial Note Balance” shall mean $200,000,000. 

“Initial Payment Date” shall mean November 15, 2022. 

“Initial Purchasers” shall mean Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and BMO
Capital Markets Corp. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 17 

 “Insolvency Event” with respect to any Person, shall occur if (a) such Person
shall file a petition or commence a Proceeding (i) to take advantage of any Debtor Relief Law or (ii) for the appointment of a trustee, conservator, receiver, liquidator, or similar official for or relating to such Person or all or
substantially all of its property, or for the winding up or liquidation of its affairs, (b) such Person shall consent or fail to object to any such petition filed or Proceeding commenced against or with respect to it or all or substantially all
of its property, or any such petition or Proceeding shall not have been dismissed or stayed within sixty (60) days of its filing or commencement, or a court, agency, or other supervisory authority with jurisdiction shall have decreed or ordered
relief with respect to any such petition or Proceeding, (c) such Person shall admit in writing its inability to pay its debts generally as they become due, (d) such Person shall make an assignment for the benefit of its creditors,
(e) such Person shall voluntarily suspend payment of its obligations, or (f) such Person shall take any action in furtherance of any of the foregoing. 

“Intercreditor Agreement” shall mean that certain Fourth Amended and Restated Intercreditor Agreement, dated as of December 17,
2021, among Regional Management, in its individual capacity and as servicer under the Warehouse Facilities and the Outstanding Securitizations, Wells Fargo Bank, National Association, Computershare Trust Company, N.A., as successor to Wells Fargo
Bank, National Association, acting through its Corporate Trust Services division, not in its individual capacity, but in its capacity as pre-approved third party allocation agent and the other parties thereto,
and the other parties joined thereto from time to time, as amended, restated, supplemented or otherwise modified from time to time. 

“Intercreditor Security Agreement” shall mean that certain Third Amended and Restated Security Agreement, dated as of
December 17, 2021, among Regional Management, Regional Management Receivables II, LLC, Regional Management Receivables IV, LLC, Regional Management Receivables V, LLC, the borrowers under the ABL Facility, each Outstanding Issuer, Credit
Recovery Associates, Inc. and Upstate Motor Company, as guarantors, Wells Fargo Bank, National Association, as collateral agent, and the other parties joined thereto from time to time, as amended, restated, supplemented or otherwise modified from
time to time. 
 “Interest Period” shall mean, for each Class of Notes and with respect to any Payment Date, the period from
and including the Payment Date immediately preceding such Payment Date to but excluding such Payment Date (or, in the case of the Initial Payment Date, the period from and including the Closing Date to but excluding such Payment Date). 

“Interest Rate” shall mean, with respect to the Class A Notes, the Class A Interest Rate, with respect to the Class B
Notes, the Class B Interest Rate, and with respect to the Class C Notes, the Class C Interest Rate. 
 “Internal Revenue
Code” shall mean the Internal Revenue Code of 1986, as amended. 
 “Investment Company Act” shall mean the Investment
Company Act of 1940, as amended. 
 “IRS” shall mean the U.S. Internal Revenue Service. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 18 

 “Issuer” shall mean Regional Management Issuance Trust 2022-2B, a statutory trust organized and existing under the laws of the State of Delaware, and its permitted successors and assigns. 

“Issuer Loan Release” shall have the meaning specified in Section 8.07(v) of the Indenture. 

“Issuer Order” shall mean a written order or request signed in the name of the Issuer by an Authorized Officer and delivered to the
Indenture Trustee. 
 “Later-Sold Note” shall have the meaning specified in Section 3.14(c) of the Indenture. 

“Lender Agents” shall mean the agent under the ABL Facility and the agent under the Warehouse Facility. 

“Lien” shall mean, with respect to any property, any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement,
equity interest, encumbrance, lien (statutory or other), preference, participation interest, priority or other security agreement or preferential arrangement of any kind or nature whatsoever relating to that property, including any conditional sale
or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the filing of any financing statement under the UCC or comparable law of any jurisdiction to evidence any of the
foregoing. 
 “Liquidation Proceeds” shall mean, for any Collection Period and any
Charged-Off Loan, the amount (which shall not be less than zero) received by the Servicer and deposited into the Collection Account after such Loan became a Charged-Off
Loan, in connection with the attempted realization of the full amounts due or to become due under such Loan, whether from the sale or other disposition of any underlying collateral securing the related Contract, the proceeds of repossession or any
collection effort, the proceeds of recourse or similar payments payable in respect of such Loan, or otherwise, net of any amounts required by Applicable Law to be remitted to the related Loan Obligor and net of any reasonable out-of-pocket expenses (exclusive of overhead) incurred by the Servicer with respect to the collection and enforcement of such Loan, to the extent not previously reimbursed to
the Servicer. 
 “Loan” shall mean any Initial Loan or Additional Loan, but excluding any Loan that has been reassigned to the
Seller (or in the case of the 2022-2B SUBI Loans, reallocated from the 2022-2B SUBI in accordance with the 2022-2B SUBI
Supplement) pursuant to Section 6.01 of the Loan Purchase Agreement or Section 3.02(d) of the 2022-2B SUBI Servicing Agreement or otherwise in accordance with the Transaction Documents. Unless
otherwise qualified herein, all references to “Loan” shall include the 2022-2B SUBI Loans. 

“Loan Action” shall have the meaning specified in Section 8.07 of the Indenture. 

“Loan Action Date” shall mean any Payment Date. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 19 

 “Loan Action Date Aggregate Principal Balance” shall mean, for any Loan Action
Date, the aggregate Loan Action Date Loan Principal Balance for all Loans in the Loan Action Date Loan Pool for such Loan Action Date. 

“Loan Action Date Loan Pool” shall mean, for any Loan Action Date, all Loans that (a)(i) constitute part of the Trust Estate and are
not Charged-Off Loans, in each case, as of the end of the Collection Period immediately preceding such Loan Action Date, or (ii) are added to the Trust Estate on such Loan Action Date; (b) have not
ceased to be part of the Trust Estate after the end of the Collection Period immediately preceding such Loan Action Date, including as a result of any Loan Actions on such Loan Action Date; and (c) are not, following the Loan Actions to be
taken on such Loan Action Date, designated as Excluded Loans. 
 “Loan Action Date Loan Principal Balance” shall mean, for any Loan
and any Loan Action Date, (a) with respect to any Additional Loan included in the Loan Action Date Loan Pool after the first day of the Collection Period which includes such Loan Action Date, the Loan Principal Balance of such Additional Loan
on its related Additional Cut-Off Date; and (b) with respect to any other Loan, the Loan Principal Balance of such Loan as of the close of business on the last day of the Collection Period immediately
preceding such Loan Action Date. 
 “Loan File” shall mean, with respect to each Loan, (i)(w) in the case of a Contract (other than
an Electronic Contract or a Convenience Check), the original fully executed Contract, including, in the case of a Contract which has been Exported, the physical rendering of the related Electronic Contract produced upon Export, together with the
related document history report, (x) in the case of an Electronic Contract that constitutes Electronic Chattel Paper, a single Authoritative Copy of the executed Contract, (y) in the case of an Electronic Contract that does not constitute
Electronic Chattel Paper, the electronically authenticated original record of the executed Contract, and (z) in the case of a Convenience Check, a copy of the Contract, and (ii) any additional original executed documents, if any,
evidencing a modification to any of the foregoing documents, whether executed physically or electronically and whether maintained in tangible or electronic form; provided, that with respect to clauses (i)(x) and (i)(y), the Electronic Contract is
maintained by the Electronic Vault Provider as a designated custodian of the Indenture Trustee (for the benefit of the Noteholders) in the Electronic Vault pursuant to Section 3.11(b) of the Sale and Servicing Agreement. 

“Loan Obligor” shall mean any borrower, co-borrower, guarantor, or other obligor with respect
to a Loan. In respect of each Loan, if there is more than one Loan Obligor (husband and wife, for example), references herein to Loan Obligor shall mean any or all of such Loan Obligors, as the context may require. 

“Loan Pool” shall mean the pool of Loans (including the 2022-2B SUBI Loans). 

“Loan Principal Balance” shall mean as of any determination date with respect to (a) a Loan other than a Precompute Loan, the
outstanding principal balance of such Loan and (b) a Loan that is a Precompute Loan, the calculated principal balance of such Precompute Loan, which is the result of (x) the remaining unpaid amount due in respect of such Precompute Loan
minus (y) the unearned interest on such Precompute Loan calculated on an accrual basis, provided, that the Loan Principal Balance of any Loan a portion of which has been charged off in accordance with the Credit and Collection Policy
shall be reduced by the portion so charged off. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 20 

 “Loan Purchase Agreement” shall mean the Loan Purchase Agreement, dated as of the
Closing Date, between the Seller and the Depositor. 
 “Loan Reassignment” shall mean a Loan Reassignment in substantially the form
of Exhibit C hereto, or in the case of the 2022-2B SUBI Loans in substantially the form of the Reallocation Notice of Exhibit D to the 2022-2B SUBI Supplement. 

“Loan Schedule” shall mean a complete schedule prepared by the Servicer on behalf of the Seller and the Depositor identifying all
Loans sold by the Seller to the Depositor (or in the case of the 2022-2B SUBI Loans, allocated to the 2022-2B SUBI in accordance with the
2022-2B SUBI Supplement) on the initial Closing Date, and which Loans (other than the 2022-2B SUBI Loans), in turn, are sold by the Depositor to the Issuer on the
initial Closing Date, as such schedule is updated or supplemented from time to time, including, without limitation, in connection with any Additional Loan Assignment or any reassignment (or in the case of the
2022-2B SUBI Loans, reallocation of such 2022-2B SUBI Loans from the 2022-2B SUBI) pursuant to Section 2.05 of this
Agreement or Section 11.2(a) of the 2022-2B SUBI Supplement, as applicable, or otherwise. The Loan Schedule may take the form of a computer file, or another tangible medium that is commercially
reasonable. The Loan Schedule shall identify each Loan by last name of the Loan Obligor, the Loan Obligor’s account number, whether such Loan is a Hard Secured Loan (with a certificate of title or not), the Loan amount, APR, contract term
(i.e., the number of payments), branch state and Loan Obligor’s state of residence at time of origination (to the extent such information appears in any relevant imaged file). 

“Material Adverse Effect” shall mean, in respect of any Person, a material adverse change in the business, assets or operations of
such Person. 
 “Modified Contract” shall mean a personal loan contract which, at any time, was in default and which default was
cured by adjusting or amending the contract terms or accepting a reduced payment, other than a personal loan contract that was modified in connection with an insolvency proceeding under Chapter 13 of the Bankruptcy Code. 

“Monthly Data Tape” shall mean the electronic files containing the information necessary for the Servicer to prepare the Monthly
Servicer Report pursuant to Section 3.06 of this Agreement and any additional information that may be reasonably requested by a Rating Agency. 

“Monthly Determination Date” shall mean, with respect to any Payment Date, the date that is two (2) Business Days prior to such
Payment Date. 
 “Monthly Net Loss Percentage” shall mean, for any Monthly Determination Date, the product of (i) the quotient
(expressed as a percentage) of (I) the sum of (x) the aggregate Loan Principal Balance of all Loans that became Charged-Off Loans during the related Collection Period, plus (y) the
aggregate amount by which the Loan Principal Balance of any Loans (other than Charged-Off Loans) were reduced due to being charged off in accordance with the Credit and Collection Policy during the related
Collection Period, minus (z) the aggregate amount of Monthly Recoveries collected during the related Collection Period and (II) the Adjusted Loan Principal Balance of all Loans in the Trust Estate immediately prior to the
commencement of such Collection Period, times (ii) twelve (12). 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 21 

 “Monthly Recoveries” shall mean, without duplication, with respect to any Loan, any
amounts (up to the aggregate principal balance of such Loan that has been charged off in accordance with the Credit and Collection Policy) actually collected that, in accordance with the Credit and Collection Policy in effect at the time of such
collection, constitute recoveries of amounts that were previously charged off with respect to such Loan. 
 “Monthly Servicer
Report” shall mean, with respect to each Payment Date, the certificate of the Servicer delivered pursuant to Section 3.06 of this Agreement with respect to such Payment Date, in the form attached as Exhibit C to the Indenture. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Non-Authoritative Copy” shall have the meaning specified in the Electronic Collateral
Control Agreement. 
 “North Carolina Loans” shall mean North Carolina Receivables as defined in the North Carolina Trust
Agreement. 
 “North Carolina Trust” shall mean Regional Management North Carolina Receivables Trust, a Delaware statutory trust.

 “North Carolina Trust Agreement” shall mean the Second Amended and Restated Trust Agreement, dated as of June 28, 2018, by
and between Regional North Carolina, as settlor and initial beneficiary and Wilmington Trust, National Association, as UTI trustee, Delaware trustee and Administrative Trustee, as amended, restated, supplemented or otherwise modified from time to
time. 
 “North Carolina Trust Assets” shall have the meaning specified in the North Carolina Trust Agreement. 

“North Carolina Trustees” shall mean Wilmington Trust, National Association, a national banking association, acting as the “UTI
Trustee,” the “Delaware Trustee,” the “Administrative Trustee,” and the “2022-2B SUBI Trustee,” in such capacities with respect to the North Carolina Trust. 

“Nortridge Loan System” means a third-party technology platform on which the Regional Management Entities’ underwriting,
servicing and collection activity are logged and maintained and which is integrated into such entities’ information technology infrastructure. 

“Note Account” shall mean the Collection Account, the Principal Distribution Account or the Reserve Account, as applicable. 

“Note Purchase Agreement” shall mean that certain Note Purchase Agreement, dated October 13, 2022 among the Issuer, the
Depositor, Regional Management and Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC and as the Initial Purchasers. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 “Note Register” shall mean the register maintained pursuant to Section 2.05(a)
of the Indenture in which the Notes are registered. 
 “Note Registrar” shall have the meaning specified in Section 2.05(a) of
the Indenture. 
 “Noteholder” or “Holder” shall mean the Person in whose name a Note is registered in the Note
Register, or such other Person deemed to be a “Noteholder” or “Holder” pursuant to the Indenture. 
 “Noteholder FATCA
Information” means properly completed and signed tax certifications (generally, in the case of U.S. federal income tax, IRS Form W-9 (or applicable successor form) in the case of a payee that is
“United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a payee that is not a
“United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code) or any other tax documentation which the Issuer or the Indenture Trustee may reasonably request. 

“Noteholder Redemption Notice” shall have the meaning specified in Section 8.08(c) of the Indenture. 

“Notes” shall mean the Class A Notes, the Class B Notes or the Class C Notes issued by the Issuer pursuant to the
Indenture. 
 “NRSROs” shall mean nationally recognized statistical rating organizations. 

“NYUCC” shall mean the UCC as in effect in the State of New York. 

“Officer’s Certificate” shall mean, except to the extent otherwise specified, a certificate signed by an Authorized Officer of
the Issuer, the Depositor, the Servicer, the Seller or the Indenture Trustee, as applicable. 
 “Omnibus Distribution and Assignment
Agreement” shall mean that Omnibus Distribution and Assignment Agreement, dated as of the Closing Date, by and among the Regional Originators, as assignors, and Regional Management, as assignee. 

“Opinion of Counsel” shall mean a written opinion of counsel, who may be counsel for, or an employee of, the Person providing the
opinion and who shall be reasonably acceptable to the Person to whom the opinion is to be provided; provided, however, that any Tax Opinion or other opinion relating to U.S. federal income tax matters shall be an opinion of nationally
recognized tax counsel experienced in the matters to which such Tax Opinion relates. 
 “Optional Call” shall have the meaning
specified in Section 8.08(b) of the Indenture. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 23 

 “Optional Call Amount” shall have the meaning specified in Section 8.08(b) of
the Indenture. 
 “Optional Purchase” shall have the meaning specified in Section 2.09(a) of this Agreement. 

“Original Loan Principal Balance” shall mean, with respect to any Loan, the outstanding principal balance of such Loan, or if such
Loan is a Precompute Loan, the principal balance of such Precompute Loan calculated in accordance with the definition of “Loan Principal Balance,” in each case as of the related Cut-Off Date with
respect to such Loans. 
 “Other SUBI” shall have the meaning set forth in the 2022-2B SUBI
Supplement. 
 “Other SUBI Assets” shall have the meaning specified in Section 10.17 of this Agreement. 

“Other Warehouse Purchase Agreement” shall mean each purchase agreement entered into after the Closing Date between Regional
Management and one or more borrowers under one or more warehouse facilities, which borrowers are wholly-owned special purpose subsidiaries of Regional Management, for the purpose of transferring Loans directly or indirectly to the Issuer. 

“Outstanding” shall mean, as of any date of determination, all Notes previously authenticated and delivered under the Indenture
except: 
 (a) Notes previously cancelled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation; 

(b) Notes for whose payment or redemption money in the necessary amount has been previously deposited with the Indenture Trustee for
the holders of such Notes; provided, that if such Notes are to be redeemed, any required notice of such redemption pursuant to the Indenture or provision for such notice satisfactory to the Indenture Trustee has been made; and 

(c) Notes that have been paid under Section 2.06 of the Indenture or in exchange for or in lieu of which other Notes have been
authenticated and delivered under the Indenture, other than any such Notes for which there shall have been presented to the Indenture Trustee proof satisfactory to it that such Notes are held by a protected purchaser; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Notes have given any request, demand,
authorization, direction, notice, consent or waiver under the Indenture, Notes owned by the Issuer, any other obligor upon the Notes, the Depositor, the Servicer or the Seller or any Affiliate thereof shall be disregarded and considered not to be
Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee,
as the case may be, has actual knowledge of being so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 24 

 
Trustee the pledgee’s right so to act for such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Depositor, the Servicer, or the Seller or any Affiliate
thereof. In making any such determination, the Indenture Trustee may rely on the representations of the pledgee and shall not be required to undertake any independent investigation. 

“Outstanding Securitizations” shall mean the 2020-1 Securitization, the 2021-1 Securitization, the 2021-2 Securitization, the 2021-3 Securitization, and the 2022-1
Securitization. 
 “Overcollateralization Event” shall mean, for any Loan Action Date, after giving effect to all Loan Actions to
be taken on such Loan Action Date and all payments and distributions to be made in accordance with Section 8.06 of the Indenture and all principal payments to be made on the Notes, in each case, on the Payment Date that occurs on such
Loan Action Date, (a) the Loan Action Date Aggregate Principal Balance minus the Required Overcollateralization Amount is less than (b) the Aggregate Note Balance minus the amounts on deposit in the Principal Distribution
Account. 
 “Ownership Interest” shall have the meaning specified in Section 10.01 of the Trust Agreement. 

“Owner of Record” shall mean the owner of an Authoritative Copy (in the case of an Electronic Contract that constitutes Electronic
Chattel Paper) or an electronically authenticated original record of an executed Contract (in the case of an Electronic Contract that does not constitute Electronic Chattel Paper), which, within the Electronic Vault System, is the Issuer, with
respect to all Loans that are not North Carolina Loans, and is the North Carolina Trust, with respect to all North Carolina Loans. 

“Owner Trustee” shall mean Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as owner
trustee under the Trust Agreement, its successors in interest and any successor owner trustee under the Trust Agreement. 
 “Owner Trust
Estate” shall have the meaning specified in Section 2.01 of the Trust Agreement. 
 “Participant” shall mean a
broker, dealer, bank, other financial institution or other Person for whom from time to time DTC effects book-entry transfers and pledges of securities deposited with DTC. 

“Payment Date” shall mean the fifteenth (15th) day of each calendar month, or if such
15th day is not a Business Day, the next succeeding Business Day, beginning on November 15, 2022. 

“Periodic Filing” shall mean any filing or submission that the Trust is required to make with any federal, state or local authority
or regulatory agency. 
 “Permanent Regulation S Global Note” shall have the meaning specified in Section 2.05(b) of the
Indenture. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 “Permitted Assignee” shall mean any Person who, if it were to purchase Loans in
connection with a sale under Sections 5.05 and 5.17 of the Indenture, would not cause the Issuer to be taxable as a publicly traded partnership for federal income tax purposes. 

“Permitted Lien” shall mean (a) Liens for taxes not delinquent or for taxes being contested in good faith and by appropriate
proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with generally accepted accounting principles promulgated or adopted by the Financial Accounting Standards Board and its
predecessors and successors from time to time, (b) mechanics’, materialmen’s, landlords’, warehousemen’s, garagemen’s and carriers’ Liens, and other like Liens imposed by law, securing obligations arising in the
ordinary course of business, (c) motor vehicle accident liens and towing and storage liens, (d) any Lien created by each Purchase Agreement, the Omnibus Distribution and Assignment Agreement or any Other Warehouse Purchase Agreement in
favor of the Seller, (e) any Lien created by the Loan Purchase Agreement in favor of the Depositor, (f) any Lien created by the Sale and Servicing Agreement in favor of the Issuer, (g) any Lien created by the 2022-2B Security Agreement in favor of the Indenture Trustee and (h) any Lien created by the Indenture for the benefit of the Indenture Trustee on behalf of the Noteholders. 

“Permitted Reassignment” shall mean with respect to (i) any reassignment by the Issuer to the Depositor, (ii) any
reassignment by the Depositor to the Seller or (iii) any reallocation from the 2022-2B SUBI to the UTI or an Other SUBI held by the Initial Beneficiary or the Seller or any other sale of a 2022-2B SUBI Loan from the 2022-2B SUBI to the Initial Beneficiary or the Seller, so long as, after giving effect to such reassignment or reallocation, as applicable, and all
other Loan Actions to be taken such Loan Action Date, the aggregate of the Loan Principal Balances of all Reassigned Loans measured as of the Loan Action Date on which such Loans became Reassigned Loans for such Loan Action Date and the preceding
eleven (11) consecutive Collection Periods (or, if shorter, the most recently ended period of consecutive Collection Periods since the Closing Date), in each case, measured as of the end of the most recently ended Collection Period prior to
such Loan being reassigned (or in the case of the 2022-2B SUBI Loans, reallocated from the 2022-2B SUBI)) will not exceed 10.0% of the aggregate Loan Principal Balance
as of the Initial Cut-Off Date. 
 “Permitted Securitization” shall mean any personal loan
securitization transaction (other than the personal loan securitization transaction evidenced by the Transaction Documents) pursuant to which the Depositor (i) acts as depositor, (ii) acquires personal loans from the Seller or Affiliates
of Regional Management, (iii) enters solely into Permitted Securitization Transaction Documents and (iv) with respect to which Opinions of Counsel relating to the “true sale” of such personal loans and the “substantive
consolidation” of the Depositor are delivered. 
 “Permitted Securitization Transaction Documents” shall mean, as the context
may require, the Transaction Documents and/or, with respect to any personal loan securitization for which the Depositor is acting as depositor, (other than the personal loan securitization transaction evidenced by the Transaction Documents),
transaction documents that are substantially the same as the Transaction Documents except for the terms of the securities being issued by the relevant securitization trust (such as the amount and type of securities, eligible pool criteria, events of
default, early amortization events, maturity and amortization dates, the length of any applicable revolving period, interest rates and fees, the priority of payment and other economic terms of such securities). 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 26 

 “Permitted Transferee” is defined in Section 10.02 of the Trust Agreement.

 “Permitted Trust Investments” shall mean any of the following investments: 

(a) Marketable securities issued by the U.S. Government and supported by the full faith and credit of the U.S. Treasury, either by
statute or an opinion of the Attorney General of the United States; 
 (b) Directly or fully guaranteed obligations of the U.S.
Treasury, the Government National Mortgage Association guaranteed mortgage-back securities, the consolidated debt obligations of the Federal Home Loan Banks, debt obligations of Federal Home Loan Mortgage Corp., and debt obligations of Federal
National Mortgage Association; 
 (c) Certificates of deposit, time deposits, and bankers’ acceptances of any bank or trust
company incorporated under the laws of the United States or any state, provided that, at the date of acquisition, such investment, and/or the commercial paper or other short term debt obligation of such bank or trust company has a short-term
credit rating or ratings from Moody’s and/or S&P, each at least P-1 or A-1; 

(d) Deposit accounts with any bank that are insured by the Federal Deposit Insurance Corporation and whose long-term obligations are
rated A2 or better by Moody’s and/or A or better by S&P; 
 (e) Commercial paper of any corporation incorporated under the
laws of the United States or any state thereof which on the date of acquisition is rated by Moody’s and/or S&P, provided each such credit rating is least P-1 and/or A-1; 
 (f) Money market mutual funds that are registered with the Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, and operated in accordance with Rule 2a-7 and that at the time of such investment are rated Aaa by Moody’s and/or AAAm by S&P,
including such funds for which the Owner Trustee or an affiliate provides investment advice or other services; 
 (g) Tax-exempt variable rate commercial paper, tax-exempt adjustable rate option tender bonds, and other tax-exempt bonds or notes issued
by municipalities in the United States, having a short-term rating of “MIG-1” or “VMIG-1” or a long term rating of “Aa” (Moody’s), or
a short-term rating of “A-1” or a long term rating of “AA” (S&P); 

(h) Repurchase obligations with a term of not more than thirty (30) days, 102% collateralized, for underlying securities of the
types described in clauses (a) and (b) above, entered into with any bank or trust company or its respective affiliate meeting the requirements specified in clause (c) above; and 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 (i) Maturities on the above securities shall not exceed 365 days and all rating
requirements and/or percentage restrictions are based on the time of purchase. 
 “Person” shall mean any legal person, including
any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, governmental entity or other entity of any nature. 

“PPM” shall have the meaning specified in Section 9.01(a)(i) of the Indenture. 

“Precompute Loan” shall mean any Loan reflected as a “precompute loan” on the records of the Servicer or the applicable
Subservicer. 
 “Principal Distribution Account” shall have the meaning specified in Section 8.02(a)(ii) of the Indenture.

 “Proceeding” shall mean any suit in equity, action at law or other judicial or administrative proceeding. 

“Purchase Agreement(s)” shall mean each Purchase Agreement, dated as of the Closing Date, between Regional Management and each
Warehouse Borrower. 
 “Purchase Price” shall mean (i) for purposes of the Sale and Servicing Agreement, the meaning specified
in Section 2.01(b) of the Sale and Servicing Agreement, and (ii) for purposes of the Loan Purchase Agreement, the meaning specified in Section 3.01(a) of the Loan Purchase Agreement. 

“Purchased Assets” shall have the meaning specified in Section 2.01(a) of the Loan Purchase Agreement. 

“QIB” shall mean a “qualified institutional buyer” as defined in Rule 144A. 

“Rating Agency” shall mean DBRS Morningstar or S&P, and “Rating Agencies” shall mean DBRS Morningstar and
S&P, collectively. 
 “Rating Agency Notice Requirement” shall mean, with respect to any action subject to such condition,
(i) the notification in writing by each Rating Agency then rating any Outstanding Class of Notes (which notification may be in the form of e-mail, facsimile, press release, posting to its website or
other such means then considered industry standard as determined by the applicable Rating Agency) that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the then-current rating of such Class, or (ii) (a) if
a Rating Agency then rating any Outstanding Class of Notes has informed the Issuer that such Rating Agency does not provide such written notifications for actions of the type being proposed or (b) with respect to S&P (so long as
S&P is then rating any Outstanding Class of Notes), then as to such Rating Agency the Issuer shall deliver written (which may include e-mail) notice of the proposed action to such Rating Agency or
Rating Agencies at least ten (10) Business Days prior to the effective date of such action (or such shorter notice period if specified in the Indenture with respect to any specific action, or if ten (10) Business Days prior notice is
impractical, such advance notice as is practicable). 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 28 

 “Reassigned Loan” shall have the meaning specified in Section 8.07(v) of the
Indenture. 
 “Reassignment Date” shall have the meaning specified in Section 2.10(b)(i) of this Agreement. 

“Reassignment Price” shall mean, with respect to any Reassigned Loan, an amount equal to the greater of (a) the fair market
value of such Reassigned Loan, which shall be determined as of the close of business on the day prior to the related Loan Action Date on which such reassignment is to occur, or (b) the outstanding principal amount of such Reassigned Loan
together with all accrued and unpaid interest thereon to, but excluding, the related Loan Action Date on which such reassignment is to occur. 

“Recharacterized Notes” shall have the meaning specified in Section 3.14(b) of the Indenture. 

“Record Date” shall mean, with respect to any Payment Date, the last Business Day of the calendar month immediately preceding the
calendar month during which such Payment Date occurs; provided, that the first Record Date shall be the Closing Date. 
 “Records”
shall mean, with respect to any Contract, all documents, books, records and other information (including computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to any related
item of the Purchased Assets, Sold Assets or 2022-2B SUBI Assets, as applicable, and the related Loan Obligor. 

“Redeeming Party” shall have the meaning specified in Section 8.08(c) of the Indenture. 

“Redeeming Party Notice” shall have the meaning specified in Section 8.08(c) of the Indenture. 

“Redemption Date” shall have the meaning specified in Section 8.08(c) of the Indenture. 

“Redemption Price” shall have the meaning specified in Section 8.08(a) of the Indenture. 

“Regional” shall mean Regional Management, together with the Regional Originators. 

“Regional Management” shall mean Regional Management Corp., a Delaware corporation. 

“Regional Management Entities” shall mean Regional Management, the Issuer and the Regional Originators. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 29 

 “Regional North Carolina” shall mean Regional Finance Corporation of North
Carolina, a North Carolina corporation. 
 “Regional Originators” shall mean Regional Finance Corporation of Alabama, an Alabama
corporation, Regional Finance Company of Georgia, LLC, a Delaware limited liability company, Regional Finance Company of Idaho, LLC, a Delaware limited liability company, Regional Finance Company of Illinois, LLC, a Delaware limited liability
company, Regional Finance Company of Indiana, LLC, a Delaware limited liability company, Regional Finance Company of Mississippi, LLC, a Delaware limited liability company, Regional Finance Company of Missouri, LLC, a Delaware limited liability
company, Regional Finance Company of New Mexico, LLC, a Delaware limited liability company, Regional Finance Corporation of North Carolina, a North Carolina corporation, Regional Finance Company of Oklahoma, LLC, a Delaware limited liability
company, Regional Finance Corporation of South Carolina, a South Carolina corporation, Regional Finance Corporation of Tennessee, a Tennessee corporation, Regional Finance Corporation of Texas, a Texas corporation, Regional Finance Company of Utah,
LLC, a Delaware limited liability company Regional Finance Company of Virginia, LLC, a Delaware limited liability company, Regional Finance Corporation of Wisconsin, a Wisconsin corporation, and any additional Regional Affiliate that may originate
Loans from the time after the Closing Date and prior to the end of the Revolving Period. From time to time after the Closing Date, prior to the end of the Revolving Period, additional Affiliates of Regional Management may become “Regional
Originators” provided that the Rating Agency Notice Requirement is satisfied. 
 “Regional Party” or “Regional
Parties” shall have the meaning specified in Section 8.03 of this Agreement. 
 “Regular Principal Payment Amount”
shall mean, with respect to any Payment Date, an amount equal to the excess (if any) of (a) the Aggregate Note Balance as of the end of the related Collection Period minus the amount on deposit in the Principal Distribution Account
(after giving effect to any allocations on such Payment Date to the Principal Distribution Account pursuant to Sections 8.06(a)(v), (vii) and (ix) of the Indenture) over (b) (i) the Adjusted Loan Principal Balance as of the end of the
related Collection Period minus (ii) the Required Overcollateralization Amount. 
 “Regulation RR” shall mean the SEC’s
credit risk retention rules, 17 C.F.R. Part 246. 
 “Regulation S” shall mean Regulation S promulgated under the Securities Act.

 “Regulation S Definitive Note” shall have the meaning specified in Section 2.05(b) of the Indenture. 

“Regulation S Global Note” shall have the meaning specified in Section 2.05(b) of the Indenture. 

“Reinvestment Criteria Event” shall mean, for any Loan Action Date, the existence of any of the following, as determined based on the
Loan Principal Balance and other characteristics of each Loan in the applicable Loan Action Date Loan Pool as of the end of the Collection Period relating to such Loan Action Date: 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 30 

 (a) the aggregate Loan Action Date Loan Principal Balance of (i) all Single State Originated
Loans in the Loan Action Date Loan Pool for the Top Three States for such Loan Action Date shall exceed 80.0% of the Loan Action Date Aggregate Principal Balance or (ii) all Single State Originated Loans in the Loan Action Date Loan Pool for
any single State shall exceed 45.0% of the Loan Action Date Aggregate Principal Balance; 
 (b) the aggregate Loan Action Date Loan Principal Balance
of all Single State Originated Loans in the Loan Action Date Loan Pool for any single State (other than any Top Three State for such Loan Action Date) shall exceed 15.0% of the Loan Action Date Aggregate Principal Balance; 

(c) the Weighted Average Coupon for such Loan Action Date shall be less than 27.5%; 

(d) the Weighted Average Loan Remaining Term for such Loan Action Date shall exceed 48 months; 

(e) the aggregate Loan Action Date Loan Principal Balance of all Loans in the Loan Action Date Loan Pool that have received a payment deferment during
the Collection Period relating to such Loan Action Date shall exceed 10.0% of the Loan Action Date Aggregate Principal Balance; 
 (f) the aggregate
Loan Action Date Loan Principal Balance of all Loans in the Loan Action Date Loan Pool, the Loan Obligors of which have a FICO® score at the time of origination within any “FICO® Score Range” listed below, shall exceed the percentage of the Loan Action Date Aggregate Principal Balance set forth in the table below opposite such “FICO® Score Range”; 
  

					
	 FICO® Score
Range
	  	Percentage	 
	 Less than 541
	  	 	4.0	% 
	 Less than 581
	  	 	13.0	% 
	 Less than 621
	  	 	45.0	% 
	 Less than 661
	  	 	80.0	% 

 (g) the aggregate Loan Action Date Loan Principal Balance of all Unsecured Loans in the Loan Action Date Loan Pool
shall exceed 30.0% of the Loan Action Date Aggregate Principal Balance, provided that with respect to such Unsecured Loans in the Loan Action Date Loan Pool, Convenience Checks shall not exceed 20.0% of the Loan Action Date Aggregate Principal
Balance; 
 (h) an Overcollateralization Event shall exist; and 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 31 

 (i) the aggregate Loan Action Date Loan Principal Balance of all Convenience Checks in the Loan
Action Date Loan Pool, the Loan Obligors of which have a FICO® score at the time of origination less than 621, shall exceed 3.0%. 

“Related Collateral” shall have the meaning specified in Section 2 of the 2022-2B
Security Agreement. 
 “Related Loan Assets” shall mean (i) with respect to a Loan (other than a 2022-2B SUBI Loan), the Purchased Assets related to such Loan and (ii) with respect to a 2022-2B SUBI Loan, the Trust Assets related to such 2022-2B SUBI Loan, in each case, including any proceeds of the foregoing. 
 “Renewal” shall
mean, with respect to any Loan in the Trust Estate, a transaction in which a new non-revolving personal loan originated pursuant to a Contract is entered into between a Regional Originator and a Loan Obligor,
which new non-revolving personal loan (x) is originated in accordance with Regional’s renewal underwriting criteria as set forth in its Credit and Collection Policy, (y) refinances such Loan in
full or in part and (z) may also extend additional financing to such Loan Obligor. 
 “Renewal Loan” shall mean the new non-revolving personal loan entered into between the applicable Regional Originator and the Loan Obligor pursuant to any Renewal. 

“Repurchase Price” shall mean an amount equal to the Purchase Price paid for such Loan (or in the case of a 2022-2B SUBI Loan, the amount paid in consideration for the allocation of such Loan to the 2022-2B SUBI) as of the Closing Date or the related Addition Date, as applicable,
less any Collections representing payment of principal received by the Issuer since the date of the purchase of such Loan (or in the case of a 2022-2B SUBI Loan, allocation to the 2022-2B SUBI), plus any out-of-pocket costs incurred by the Servicer, the Depositor or the Issuer, as applicable, in connection with
such repurchase or reallocation. 
 “Required Noteholders” shall mean, at any time, the Holders of Notes evidencing more than 50%
of the Outstanding Notes. 
 “Required Overcollateralization Amount” shall mean $32,558,139.54. 

“Requirements of Law” shall mean, for any Person, (a) any certificate of incorporation, certificate of formation, articles of
association, bylaws, limited liability company agreement, or other organizational or governing documents of that Person and (b) any law, treaty, statute, regulation, or rule, or any determination by a Governmental Authority or arbitrator, that
is applicable to or binding on that Person or to which that Person is subject. This term includes usury laws, the Truth in Lending Act, and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System. 

“Reserve Account” shall have the meaning specified in Section 8.02(a)(iii) of the Indenture. 

“Reserve Account Draw Amount” shall have the meaning specified in Section 8.02(a)(iii) of the Indenture. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 32 

 “Reserve Account Required Amount” shall mean, with respect to the Closing Date and
any Payment Date an amount equal to $2,325,581.40. 
 “Responsible Officer” shall mean, (a) with respect to the Indenture
Trustee, the Back-up Servicer or the Owner Trustee, any officer within the Corporate Trust Office of such Person, as applicable, as the case may be, including any Vice President, Assistant Vice President,
Assistant Treasurer, Assistant Secretary, or any other officer of such Person, as applicable, customarily performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, in each case having direct responsibility for the administration of the Indenture and the other Transaction
Documents on behalf of such Person, as applicable, and (b) with respect to any of Regional Management, the Issuer or the Regional Originators, with respect to a particular matter, any officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject, in each case having direct responsibility for the administration of the Transaction Documents on behalf of such Person. 

“Revolving Loan” shall mean any personal loan which (a) is reflected as a “revolving loan” on the records of the
Servicer or the applicable Subservicer and (b) arises under an account pursuant to which an obligor may request future advances or draws pursuant to the applicable loan agreement. 

“Revolving Period” shall mean the period beginning at the close of business on the Closing Date and ending on the close of business
on the earlier of (a) the Revolving Period Termination Date and (b) the close of business on the Business Day immediately preceding the day on which an Early Amortization Event or an Event of Default is deemed to have occurred;
provided, that the Revolving Period shall be reinstated upon the occurrence of either of the following: (x)(i) the Revolving Period terminated due to the occurrence of an Early Amortization Event under Section 5.01(a) of the
Indenture, and such Early Amortization Event shall have been cured as of three (3) consecutive Loan Action Dates and (ii) no other event that would have caused the Revolving Period to terminate shall have occurred on or prior to, and be
continuing as of, such reinstatement; or (y)(i) the Revolving Period terminated due to the occurrence of an Early Amortization Event under Section 5.01(b) of the Indenture, and there subsequently occurs a Loan Action Date with respect to
which no Reinvestment Criteria Event exists and (ii) no other event that would have caused the Revolving Period to terminate shall have occurred on or prior to, and be continuing as of, such reinstatement; provided, further that,
in the event that the Revolving Period is reinstated on any Loan Action Date, such reinstatement shall be given effect for purposes of determining any distributions and allocations to occur on the Payment Date following such Loan Action Date
pursuant to Section 8.06 and Section 8.07 of the Indenture. For purposes of this definition, “cured” shall mean that the circumstances that would constitute an Early Amortization Event do not exist. 

“Revolving Period Termination Date” shall mean the close of business October 31, 2024; provided, that, the Revolving Period may
terminate earlier than such date as a result of an Early Amortization Event or an Event of Default. 
 “Rule 144A” shall mean Rule
144A promulgated under the Securities Act. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 33 

 “Rule 144A Definitive Note” shall have the meaning specified in
Section 2.05(b) of the Indenture. 
 “Rule 144A Global Note” shall have the meaning specified in Section 2.05(b) of the
Indenture. 
 “Rule 15Ga-1 Information” shall have the meaning specified in
Section 6.14(c) of the Indenture. 
 “S&P” shall mean Standard & Poor’s Rating Services, a
Standard & Poor’s Financial Services LLC business, and its successors.  
 “Sale and Servicing Agreement”
shall mean the Sale and Servicing Agreement, dated as of the Closing Date, among the Depositor, the Servicer, the Subservicers, the Issuer, and the North Carolina Trust. 

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

“Second Priority Principal Payment” shall mean, with respect to any Payment Date, (a) at any time prior to the occurrence of an
Event of Default, an amount equal to the excess (if any) of (i) the sum of (A) the Class A Note Balance as of the end of the related Collection Period plus (B) the Class B Note Balance as of the end of the related
Collection Period minus the amount on deposit in the Principal Distribution Account (after giving effect to any allocations to the Principal Distribution Account pursuant to Section 8.06(a)(v) of the Indenture) over (ii) the
Adjusted Loan Principal Balance as of the end of the related Collection Period and (b) at any time from and after the occurrence of an Event of Default or on or after the Stated Maturity Date in respect of the Class B Notes, the sum of the
Class A Note Balance and the Class B Note Balance minus the amount on deposit in the Principal Distribution Account (after giving effect to any allocations to the Principal Distribution Account pursuant to Section 8.06(a)(v) of
the Indenture). 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 

“Securities Intermediary” shall mean Computershare Trust Company, N.A., in its capacity as securities intermediary under the
Indenture, its successors in interest and any successor securities intermediary under the Indenture. 
 “Seller” shall mean
Regional Management. 
 “Servicer” shall mean (a) initially Regional Management, in its capacity as Servicer pursuant to the
Sale and Servicing Agreement and the 2022-2B SUBI Servicing Agreement and any Person that becomes the successor thereto pursuant to the Sale and Servicing Agreement, and (b) after any Servicing Transfer
Date, the Successor Servicer. 
 “Servicer Default” shall have the meaning specified in Section 8.01 of this Agreement. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 34 

 “Servicer File” shall mean, with respect to a Loan, each of the following
documents: (i) application of the Loan Obligor for credit; (ii) a copy (but not the original) of the Contract and any amendments or modifications thereto; provided, however, if such documents constitute Electronic Contracts, originals or
copies thereof may be accessible via the Electronic Vault System or via the Nortridge Loan System; and (iii) such other documents as the Servicer customarily retains in its files in order to accomplish its duties under this Agreement; provided,
that in each case such documents may be in either tangible or electronic form. 
 “Servicing Assumption Date” shall have the
meaning specified in Section 1.1 of the Back-up Servicing Agreement. 
 “Servicing
Centralization Period” shall have the meaning specified in Section 1.1 of the Back-up Servicing Agreement. 

“Servicing Fee” shall have the meaning specified in Section 3.02 of this Agreement. 

“Servicing Transfer” shall have the meaning specified in Section 8.01 of this Agreement. 

“Servicing Transfer Date” shall mean the date on which a Successor Servicer has assumed all of the duties and obligations of the
Servicer under the Sale and Servicing Agreement and the 2022-2B SUBI Servicing Agreement (other than in the case of the Back-up Servicer, any such duty or obligation
that it is not required to assume under the terms of the Back-up Servicing Agreement, the Sale and Servicing Agreement or the 2022-2B SUBI Servicing Agreement, as
applicable) after the resignation or termination of the Servicer. 
 “Servicing Transfer Notice” shall mean a written notice
substantially in the applicable form attached to the Back-up Servicing Agreement from the Indenture Trustee to the Back-up Servicer.  

“Servicing Transition Costs” shall have the meaning specified in Section 1.1 of the
Back-up Servicing Agreement. 
 “Servicing Transition Period” shall have the meaning
specified in Section 1.1 of the Back-up Servicing Agreement. 
 “Similar Law” shall
mean any non-U.S., federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Internal Revenue Code. 

“Single State Originated Loans” shall mean, with respect to any State and for any Loan Action Date, all of the Loans in the Loan
Action Date Loan Pool with respect to such Loan Action Date that were originated by any branch within such State. 
 “Soft Secured
Loan” shall mean a Branch Loan that is, as of the date of the origination thereof, secured by untitled assets, including but not limited to, personal property, such as furniture, electronic equipment or other household goods, subject to
limitations imposed by applicable law on the taking of non-purchase money security interests in such items. 

“Sold Assets” shall have the meaning specified in Section 2.01(a) of this Agreement. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 35 

 “State” shall mean any of the fifty (50) states in the United States of
America or the District of Columbia. 
 “Stated Maturity Date” shall mean, with respect to each Class of Notes,
November 17, 2031. 
 “SUBI” shall mean special unit of beneficial interest. 

“SUBI Certificate Purchase Agreement” shall mean the SUBI Certificate Purchase Agreement, dated as of the date hereof, by and between
Regional North Carolina and the Seller. 
 “Subservicer” shall mean (a) prior to any Servicing Transfer Date, each subservicer
identified in Schedule I of the Sale and Servicing Agreement, in its capacity as a Subservicer pursuant to the Sale and Servicing Agreement, any person that becomes an Additional Subservicer pursuant to Section 10.19 of this Agreement and any
Person that becomes the successor thereto under Section 6.02 of this Agreement as a “Subservicer” after the Closing Date and any assignee thereof pursuant to Section 6.05 of this Agreement, and (b) after any Servicing
Transfer Date, any subservicers appointed by the Successor Servicer, which may include some or all of the subservicers referred to in the foregoing clause (a). 

“Successor Servicer” shall mean the successor servicer appointed in accordance with Section 8.02 of this Agreement. 

“System Description” shall mean the written description of the Electronic Vault System, attached hereto as Exhibit H. 

“Tax Opinion” shall mean, with respect to any action, an Opinion of Counsel to the effect that, for U.S. federal income tax purposes,
(a) such action will not adversely affect the tax characterization as debt of any Note of any Outstanding Class with respect to which an Opinion of Counsel was delivered at the time of its original issuance as to the characterization of
such Note as debt for U.S. federal income tax purposes (it being understood that any such Opinion of Counsel shall not be required to provide any greater level of assurance regarding the tax characterization of any Class of Notes than was
provided in the original Opinion of Counsel with respect to such Class), (b) with respect to any subsequent sale of any Note retained or reacquired by the Issuer or its Affiliates, if such subsequent sale is with respect to a Class A Note,
Class B Note or Class C Note, such Class A Note, Class B Note or Class C Note, as applicable, will be characterized as indebtedness for U.S. federal income tax purposes, and (c) such action will not cause the Issuer to
be classified as an association (or publicly traded partnership) taxable as a corporation. 
 “Temporary Regulation S Global Note”
shall have the meaning specified in Section 2.05(b) of the Indenture. 
 “Termination Notice” shall have the meaning specified
in Section 8.01 of this Agreement. 
 “Third Party Allocation Agent” shall mean the
pre-approved third party allocation agent pursuant to the Intercreditor Agreement, which as of the Closing Date is Computershare Trust Company, N.A., as successor to Wells Fargo. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule II - 36 

 “Third Priority Principal Payment” shall mean, with respect to any Payment Date,
(a) at any time prior to the occurrence of an Event of Default, an amount equal to the excess (if any) of (i) the sum of (A) the Class A Note Balance as of the end of the related Collection Period plus (B) the
Class B Note Balance as of the end of the related Collection Period plus (C) the Class C Note Balance as of the end of the related Collection Period minus the amount on deposit in the Principal Distribution Account
(after giving effect to any allocations to the Principal Distribution Account pursuant to Sections 8.06(a)(v) and (vii) of the Indenture) over (ii) the Adjusted Loan Principal Balance as of the end of the related Collection Period and
(b) at any time from and after the occurrence of an Event of Default or on or after the Stated Maturity Date in respect of the Class C Notes, the sum of the Class A Note Balance, the Class B Note Balance and the Class C Note
Balance minus the amount on deposit in the Principal Distribution Account (after giving effect to any allocations to the Principal Distribution Account pursuant to Sections 8.06(a)(v) and (vii) of the Indenture). 

“Threshold Noteholders” shall mean, at any time, the Holders of Notes evidencing more than 25% of the Outstanding Notes. 

“Titled Asset” shall mean a motor vehicle, boat, trailer or other asset for which, under applicable State law, a certificate of title
is issued and any security interest therein is required to be perfected by notation on such certificate of title or recorded with the relevant Governmental Authority that issued such certificate of title. 

“Top Three States” shall mean, for any Loan Action Date, the three States that have the highest concentrations of Single State
Originated Loans in the Loan Action Date Loan Pool with respect to such Loan Action Date. 
 “Transaction Documents” shall mean the
Certificate of Trust, the Trust Agreement, the Note Purchase Agreement, the SUBI Certificate Purchase Agreement, each Purchase Agreement, the Omnibus Distribution and Assignment Agreement, any Other Warehouse Purchase Agreement, the Loan Purchase
Agreement, the Sale and Servicing Agreement, the Indenture, the Administration Agreement, the Back-up Servicing Agreement, the Intercreditor Agreement, the Intercreditor Security Agreement, the North Carolina
Trust Agreement, the UTI Administration Agreement, the 2022-2B SUBI Servicing Agreement, the 2022-2B SUBI Supplement, the 2022-2B
Security Agreement, the Electronic Collateral Control Agreement, the Electronic Vault Services Agreement and such other documents and certificates delivered in connection with the foregoing. 

“Trust” shall mean the Trust established by the Trust Agreement. 

“Trust Assets” shall have the meaning specified in Section 2.1(a) of the North Carolina Trust Agreement. 

“Trust Account” shall mean the account established by the Owner Trustee on behalf of the Trust pursuant to Section 4.04 of the
Trust Agreement. 
 “Trust Agreement” shall mean the Amended and Restated Trust Agreement relating to the Issuer, dated as of the
Closing Date, between the Depositor and the Owner Trustee. 

  
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 “Trust Certificate” shall have the meaning specified in Section 10.01 of the
Trust Agreement. 
 “Trust Company” shall mean Wilmington Trust, National Association or any successor thereto that is acting as
Owner Trustee. 
 “Trust Estate” shall have the meaning specified in the Granting Clause of the Indenture. 

“UCC” shall mean the Uniform Commercial Code of the applicable jurisdiction. 

“Unsecured Loan” shall mean a Loan that is, as of the date of the origination thereof, not secured, which for the avoidance of doubt
shall include Convenience Checks. 
 “UTI” shall have the meaning specified in the North Carolina Trust Agreement. 

“UTI Administration Agreement” shall mean the UTI Administration Agreement, dated as of June 28, 2018, by and between Regional
North Carolina and Regional Management. 
 “UTI Trustee” shall mean Wilmington Trust, National Association, and any Person that
becomes the successor thereto pursuant to the North Carolina Trust Agreement. 
 “Volcker Rule” shall mean Section 619 of the
Dodd-Frank Act, together with any implementing regulations. 
 “Warehouse Borrowers” shall mean each of (i) Regional
Management Receivables II, LLC, (ii) Regional Management Receivables IV, LLC and (iii) Regional Management Receivables V, LLC. 

“Warehouse Facilities” shall mean each of the (i) Second Amended and Restated Credit Agreement, dated as of April 14, 2021
(as amended, restated, supplemented or otherwise modified from time to time), by and among Regional Management Receivables II, LLC, as borrower, Regional Management, as servicer, the lenders from time to time thereto, the agents from time to time
thereto, Wells Fargo Bank, National Association, as account bank and back-up servicer, and Credit Suisse AG, New York Branch, as administrative agent and structuring and syndication agent, (ii) Credit
Agreement, dated as of April 19, 2021 (as amended, restated, supplemented or otherwise modified from time to time), by and among Regional Management Receivables IV, LLC, as borrower, Regional Management, as Servicer, the lenders from time to
time thereto, the agents from time to time thereto, Wells Fargo Bank, National Association, as account bank and back-up servicer, and Wells Fargo Bank, National Association as administrative agent, and
(iii) Credit Agreement, dated as of April 28, 2021 (as amended, restated, supplemented or otherwise modified from time to time), by and among Regional Management Receivables V, LLC, as borrower, Regional Management, as Servicer, the
lenders from time to time thereto, the agents from time to time thereto, Wells Fargo Bank, National Association, as account bank and back-up servicer, and JPMorgan Chase Bank, N.A., as administrative agent.

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
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 “Weighted Average Coupon” shall mean, with respect to any Loan Action Date, the
weighted average APR of all Loans in the Loan Action Date Loan Pool for such Loan Action Date, determined based upon (i) the Loan Action Date Loan Principal Balance of such Loans and (ii) the APR of such Loans as of the close of business
on the last day of the Collection Period immediately preceding such Loan Action Date (or, if such Loan did not exist as of the last day of such Collection Period, the date on which such Loan was originated). 

“Weighted Average Loan Remaining Term” shall mean, with respect to any Loan Action Date, the weighted average remaining term to
maturity (as set forth in the applicable Contracts) of all Loans in the Loan Action Date Loan Pool for such Loan Action Date, determined based upon (i) the Loan Action Date Loan Principal Balance of such Loans and (ii) the remaining term
to maturity of such Loans as of the close of business on the last day of the Collection Period immediately preceding such Loan Action Date (or, if such Loan did not exist as of the last day of such Collection Period, the date on which such Loan was
originated). 
 “Wells Fargo” shall mean Wells Fargo Bank, National Association, a national banking association, and its permitted
successors and assigns. 
 “WTNA” shall mean Wilmington Trust, National Association. 

“2020-1 Indenture” shall mean the Indenture, dated as of September 23, 2020, among
Regional Management Issuance Trust 2020-1, as issuer, Regional Management, as servicer, Wells Fargo Bank, N.A., as indenture trustee and as account bank. 

“2020-1 Indenture Trustee” shall mean Wells Fargo Bank, N.A., in its capacity as indenture
trustee under the 2020-1 Indenture. 
 “2020-1
Issuer” shall mean Regional Management Issuance Trust 2020-1. 
 “2020-1 Securitization” shall mean the asset-backed securitization transaction in an aggregate principal amount of $180,000,000 consummated by Regional Management as of September 23, 2020. 

“2021-1 Indenture” shall mean the Indenture, dated as of February 18, 2021, among
Regional Management Issuance Trust 2021-1, as issuer, Regional Management, as servicer, Wells Fargo Bank, N.A., as indenture trustee and as account bank. 

“2021-1 Indenture Trustee” shall mean Wells Fargo Bank, N.A., in its capacity as indenture
trustee under the 2021-1 Indenture. 
 “2021-1
Issuer” shall mean Regional Management Issuance Trust 2021-1. 
 “2021-1 Securitization” shall mean the asset-backed securitization transaction in an aggregate principal amount of $248,700,000 consummated by Regional Management as of February 18, 2021. 

“2021-2 Indenture” shall mean the Indenture, dated as of July 22, 2021, among Regional
Management Issuance Trust 2021-2, as issuer, Regional Management, as servicer, Wells Fargo Bank, N.A., as indenture trustee and as account bank. 

  
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 “2021-2 Indenture Trustee” shall mean Wells
Fargo Bank, N.A., in its capacity as indenture trustee under the 2021-2 Indenture. 
 “2021-2 Issuer” shall mean Regional Management Issuance Trust 2021-2. 

“2021-2 Securitization” shall mean the asset-backed securitization transaction in an
aggregate principal amount of $200,000,000 consummated by Regional Management as of July 22, 2021. 

“2021-3 Indenture” shall mean the Indenture, dated as of October 8, 2021, among Regional
Management Issuance Trust 2021-3, as issuer, Regional Management, as servicer, Wells Fargo Bank, N.A., as indenture trustee and as account bank. 

“2021-3 Indenture Trustee” shall mean Wells Fargo Bank, N.A., in its capacity as indenture
trustee under the 2021-3 Indenture. 
 “2021-3
Issuer” shall mean Regional Management Issuance Trust 2021-3. 
 “2021-3 Securitization” shall mean the asset-backed securitization transaction in an aggregate principal amount of $125,000,000 consummated by Regional Management as of October 8, 2021. 

“2022-1 Indenture” shall mean the Indenture, dated as of February 22, 2022, among
Regional Management Issuance Trust 2022-1, as issuer, Regional Management, as servicer, and Computershare Trust Company, N.A., as indenture trustee 

“2022-1 Indenture Trustee” shall mean Computershare Trust Company, N.A. in its capacity as
indenture trustee under the 2022-1 Indenture. 
 “2022-1
Issuer” shall mean Regional Management Issuance Trust 2022-1. 
 “2022-1 Securitization” shall mean the asset-backed securitization transaction in an aggregate principal amount of $250,000,000 consummated by Regional Management as of February 22, 2022. 

“2022-2B Security Agreement” shall mean the Security Agreement, dated as of the Closing Date,
among the North Carolina Trust, the Issuer, Regional North Carolina and the Indenture Trustee. 

“2022-2B SUBI” shall have the meaning specified in the
2022-2B SUBI Supplement. 
 “2022-2B SUBI Assets”
shall have the meaning specified in the 2022-2B SUBI Supplement. 

“2022-2B SUBI Certificate” shall have the meaning specified in the 2022-2B SUBI Supplement. 

  
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 “2022-2B SUBI Loans” shall have the meaning
specified in the 2022-2B SUBI Supplement. 
 “2022-2B SUBI
Servicer” shall have the meaning specified in the 2022-2B SUBI Servicing Agreement. 
 “2022-2B SUBI Servicing Agreement” shall mean the 2022-2B SUBI Servicing Agreement, dated as of the Closing Date, among the North Carolina Trust, the Issuer, as 2022-2B SUBI holder, and Regional Management, as 2022-2B SUBI Servicer. 

“2022-2B SUBI Transferred Assets” shall have the meaning specified in Section 2.01 of
the SUBI Certificate Purchase Agreement. 
 “2022-2B SUBI Supplement” shall mean the 2022-2B SUBI Supplement to the North Carolina Trust Agreement, dated as of the Closing Date, among Regional North Carolina, as settlor and initial beneficiary, the Issuer, as
2022-2B SUBI beneficiary and 2022-2B SUBI holder, and Wilmington Trust, National Association, as UTI trustee, 2022-2B SUBI
trustee and Administrative Trustee. 
 “2022-2B SUBI Trustee” shall mean Wilmington Trust,
National Association, in its capacity as 2022-2B SUBI Trustee. 

  
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 Part B – Rules of Construction 

(a) All terms defined in this Appendix or any Transaction Document shall have the defined meanings when used in any certificate or other document made
or delivered pursuant hereto or thereto unless otherwise defined therein. 
 (b) As used in this Appendix or any Transaction Document, accounting
terms that are not defined herein or therein, and accounting terms partly defined herein or therein shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting
terms in this Appendix or any Transaction Document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Appendix or such Transaction Document will control. 

(c) Any reference in this Appendix or any Transaction Document to “the Rating Agency” shall only apply to any specific rating agency if such
rating agency is then rating any Class of Notes at the request of the Issuer or Depositor and otherwise such references shall have no force or effect; provided, that, in the event that the Depositor, the Issuer or any representative
thereof requested that such rating agency cease rating the Notes, such references shall continue in full force and effect. Any reference in this Appendix or any Transaction Document to a specified rating level from any rating agency shall mean at
least such specified rating and any rating level higher than the rating level specified shall also be deemed to satisfy the referenced rating requirement. 

(d) With respect to any Payment Date or Loan Action Date, (i) the “related Collection Period” shall mean the Collection Period
immediately prior to the Collection Period in which such Payment Date or Loan Action Date occurs and (ii) the “related Monthly Determination Date” shall mean the Monthly Determination Date first preceding such Payment Date, and the
relationships among Collection Periods and Monthly Determination Dates will be correlative to the foregoing relationships. 
 (e) Each defined term
used in this Appendix or any Transaction Document has a comparable meaning when used in its plural or singular form. Each gender-specific term used in this Appendix or any Transaction Document has a comparable meaning whether used in a masculine,
feminine or gender-neutral form. 
 (f) Unless otherwise specified, references in this Appendix or any Transaction Document to any amount as on
deposit or outstanding on any particular date shall mean such amount at the close of business on such day. 
 (g) The words
“hereof”, “herein” and “hereunder” and words of similar import when used in this Appendix or any Transaction Document shall refer to this Appendix or such Transaction Document as a whole and not to
any particular provision or subdivision of this Appendix or such Transaction Document; references to any subsection, Section, Schedule or Exhibit contained in this Appendix or any Transaction Document are references to subsections, Sections,
Schedules and Exhibits in or to this Appendix or such Transaction Document unless otherwise specified; and the term “including” shall mean “including without limitation.” The word “or” when used in this
Appendix or any Transaction Document is not exclusive. Whenever the 

  
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term “including” (whether or not followed by the phrase “but not limited to” or “without limitation” or words of similar effect) is used in this Appendix or any
Transaction Document in connection with a listing of items within a particular classification, that listing will be interpreted to be illustrative only and will not be interpreted as a limitation on, or exclusive listing of, the items within that
classification. 
 (h) Terms used in this Appendix or any Transaction Document herein that are defined in the NYUCC and not otherwise defined shall
have the meanings set forth in the NYUCC unless the context requires otherwise. 
 (i) Any reference in this Appendix or any Transaction Document to
the “Appendix,” this “Appendix,” the “Agreement,” this “Agreement” or words of like import shall be a reference to this Appendix or such Transaction Document as it may be amended, supplemented or modified from
time to time. Any definition of or reference to any agreement, instrument or other document in this Appendix or any Transaction Document shall be construed as referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth in any Transaction Document). 

(j) Any reference in this Appendix or any Transaction Document to a “beneficial interest” in a security also shall mean a security
entitlement with respect to such security, and any reference herein to a “beneficial owner” or “beneficial holder” of a security also shall mean the holder of a security entitlement with respect to such security. 

(k) Any reference in this Appendix or any Transaction Document to any law shall include all statutory and regulatory provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time. 

(l) Any reference to any Person shall include such Person’s respective permitted successors and assigns. 

  
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 Schedule III 

Perfection Representations, Warranties and Covenants 

In addition to the representations, warranties and covenants contained in this Sale and Servicing Agreement, the Depositor hereby represents,
warrants, and covenants to the Issuer as follows on the Closing Date (it being understood that each such representation, warranty and covenant is not being made in respect of any 2022-2B SUBI Loan): 

1. This Sale and Servicing Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Loans in favor of the
Issuer, which security interest is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from the Depositor. 

2. The Loans constitute “tangible chattel paper,” “payment intangibles,” “accounts,” “instruments,”
“general intangibles” or “electronic chattel paper” within the meaning of the UCC. 
 3. The Depositor owns and has good and
marketable title to the Loans free and clear of any Lien (other than any Permitted Lien), claim or encumbrance of any Person. 
 4. The Depositor
will cause, within ten (10) days after the effective date of this Sale and Servicing Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the sale of and the security interest in each Loan sold by the Depositor, and if any additional such filing is necessary in connection with any Additional Loans sold by the Depositor to the Issuer, the Depositor will cause such filings to be
made within ten (10) days of the applicable Addition Date. All financing statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will
violate the rights of the Secured Party/Purchaser”. 
 5. (a) Other than the conveyance (including any security interest granted) to the Issuer
pursuant to this Sale and Servicing Agreement, the Depositor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Sold Assets (other than any such pledge, assignment, sale, grant or conveyance that is no
longer effective); and (b) the Depositor has not authorized the filing of, and is not aware of, any financing statements against the Depositor that include a description of collateral covering any Loan sold by the Depositor to the Issuer other
than any financing statement (i) relating to the conveyance of the Loans by the Warehouse Borrower to the Seller under the Purchase Agreement, (ii) relating to the conveyance of Loans by a borrower under a warehouse facility pursuant to an
Other Warehouse Purchase Agreement, if applicable, (iii) relating to the conveyance of Loans by a Regional Originator to the Seller under the Omnibus Distribution and Assignment Agreement, (iv) relating to the conveyance of the 2022-2B SUBI Certificate by Regional North Carolina to the Seller under the SUBI Certificate Purchase Agreement, (v) relating to the pledge of the 2022-2B SUBI Assets by
each of the North Carolina Trust and the Issuer to the Indenture Trustee, (vi) relating to the conveyance of the 2022-2B SUBI Certificate and the Loans (other than the
2022-2B SUBI Loans) by the Seller to the Depositor pursuant to the Loan Purchase Agreement, (vii) relating to the conveyance of the Loans (other than the 2022-2B
SUBI Loans) by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement, (viii) relating to the security interest granted to the Indenture Trustee under the Indenture or (ix) that has been terminated. 

  
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 6. The Depositor is not aware of any material judgment, ERISA or tax lien filings against the
Depositor. 
 7. On the date of the conveyance of any Loan by the Depositor to the Issuer, the Seller (or any Affiliate thereof) has in its
possession all originals (or, in the case of Convenience Checks, copies) of the instruments and tangible chattel paper that constitute or evidence each Loan sold by the Seller to the Depositor; and none of the tangible chattel paper that constitute
or evidence such Loan sold by such Seller to the Depositor has any stamps, marks or notations indicating that such Loan has been pledged, assigned or otherwise conveyed to any Person other than the Seller, the North Carolina Trust, the Depositor,
the Issuer or the Indenture Trustee other than any such stamps, marks or notations that relate to a pledge, assignment, conveyance or other interest that has been cancelled, terminated or voided (or if such stamp, mark or notation is in the name of
an agent (or any predecessor agent) under the ABL Facility, the Issuer has the right to cancel or void such stamp, mark or notation without the consent of such agent (or any predecessor agent, as applicable), and such agent (or any predecessor
agent, as applicable) has released in writing its lien on such Contract). 
 8. Notwithstanding any other provision of this Sale and Servicing
Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this Schedule III shall be continuing, and remain in full force and effect until such time as all obligations under this Sale and
Servicing Agreement have been finally and fully paid and performed. 
 9. The Depositor has received all consents and approvals to the sale of each
Loan sold by it under the Sale and Servicing Agreement to the Issuer required by the terms of the Sale and Servicing Agreement to the extent that it constitutes an instrument. 

10. To the extent that any Contract relating to a Loan constitutes Electronic Chattel Paper, there is only one single Authoritative Copy of each
electronic “record” constituting or evidencing a Contract that is Electronic Chattel Paper, the record or records composing the Electronic Chattel Paper are created, stored and assigned in such a manner that (A) a single authoritative
copy of the record or records exists which is unique, identifiable and unalterable (other than a revision that is readily identifiable as an authorized or unauthorized revision), (B) each copy of the authoritative copy and any copy of a copy is
readily identifiable as a copy that is not the authoritative copy, (C) the authoritative copy has been communicated to and is maintained by the Electronic Vault Provider as a designated custodian of the Indenture Trustee, (D) all copies or
revisions that add or change an identified assignee of the Authoritative Copy of such Contract that constitutes or evidences the Loan must be made with the participation of the Indenture Trustee, and (E) such Authoritative Copy identifies only
the Indenture Trustee as the assignee. To the extent that any Contract relating to a Loan constitutes Electronic Chattel Paper, none of the Seller, the Servicer, the Electronic Vault Provider nor any other Person has communicated an Authoritative
Copy of such Contract that constitutes or evidences the Loan to any Person other than the Electronic Vault Provider as a designated custodian of the Indenture Trustee pursuant to the terms of the Sale and Servicing Agreement and the Electronic
Collateral Control Agreement from and after the Closing Date or the applicable Addition Date. 

  
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 The parties to this Sale and Servicing Agreement shall provide each Rating Agency with prompt
written notice of any material breach of the perfection representations, warranties and covenants contained in this Schedule III, and shall not, without satisfying the Rating Agency Notice Requirement, waive a breach of any of such perfection
representations, warranties or covenants. 
 The Depositor covenants that, in order to evidence the interests of the Issuer under this the Sale and
Servicing Agreement, the Depositor shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by the Issuer) to maintain and perfect, as a
first-priority interest, the Issuer’s security interest in the Loans. 

  
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 Schedule IV 

Loan Level Representations, Warranties and Covenants 

With respect to any Loan that is sold by the Seller to the Depositor (or in the case of the 2022-2B SUBI
Loans, allocated to the 2022-2B SUBI by the Servicer in accordance with the 2022-2B SUBI Supplement) the following representations and warranties are made as of the
Closing Date and on each Addition Date as applicable: 
  

	 	1.	 (A) With respect to a Loan other than a North Carolina Loan, immediately prior to the sale and assignment to the
Depositor, (i) the Seller has sole and exclusive ownership of such Loan and any Related Loan Assets free and clear of any Lien (other than any Permitted Lien), (ii) the Loan Purchase Agreement effects a valid sale to the Depositor of such Loan
and the Related Loan Assets free and clear of any Liens (other than any Permitted Lien), (iii) upon the Closing Date or Addition Date, as applicable, with respect to such Loan, (a) there will be vested in the Depositor sole and exclusive
ownership of such Loan and all Related Loan Assets free and clear of any Lien (other than any Permitted Lien) of any Person claiming through or under the Seller and in compliance with all Requirements of Law applicable to the Seller and
(b) there will have been effected a valid assignment of the Seller’s interest in such Loan and all Related Loan Assets, enforceable against the Seller and, upon the filing of all appropriate UCC financing statements, against all other
persons, including creditors of and all other entities that have purchased or will purchase assets from the Seller, (iv) no filings, notices or other compliance with any bulk sales provisions of the UCC or other applicable Requirements of Law
in respect of bulk sales are required to be made by the Seller, the Depositor or any Affiliate thereof and (v) such Loan is not subject to any right of set off or similar right, and (B) with respect to a North Carolina Loan only,
(i) immediately prior to the contribution and assignment to the North Carolina Trust, Regional North Carolina has sole and exclusive ownership of such North Carolina Loan and any related Contributed Assets free and clear of any Lien (other than
any Permitted Lien), (ii) the Transfer and Contribution Agreement effects a valid contribution to the North Carolina Trust of such North Carolina Loan and the related Contributed Assets free and clear of any Liens (other than any Permitted Lien),
(iii) upon the Closing Date or Addition Date, as applicable, with respect to each North Carolina Loan to be allocated to the 2022-2B SUBI, (a) there will be vested in the North Carolina Trust sole and
exclusive ownership of such Loan and all related 2022-2B SUBI Assets free and clear of any Lien (other than any Permitted Lien) of any Person claiming through or under Regional North Carolina and in compliance
with all Requirements of Law applicable to Regional North Carolina and (b) there will have been effected a valid assignment of Regional North Carolina’s interest in such Loan and all related 2022-2B
SUBI Assets, enforceable against Regional North Carolina and, upon the filing of all appropriate UCC financing statements, against all other persons, including creditors of and all other entities that have purchased or will purchase assets from
Regional North Carolina, (iv) no filings, notices or other compliance with any bulk sales provisions of the UCC or other applicable Requirements of Law in respect of bulk sales are required to be made by the Regional North Carolina, the North
Carolina Trust or any Affiliate thereof and (v) such Loan is not subject to any right of set off or similar right. 

  
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Schedule IV - 1 

	 	2.	 All consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental
Authority that are required in connection with the sale of such Loan and the Related Loan Assets (or in the case of the 2022-2B SUBI Loans, the allocation of such Loan and related 2022-2B SUBI Assets) or in order for the Depositor (or in the case of the 2022-2B SUBI Loans, the Issuer) or any transferee thereof to realize all rights and benefits with
respect to such Loan and the Related Loan Assets, in each case have been obtained or made by it or an Affiliate thereof and are fully effective. 

  

	 	3.	 It has not used any selection procedure adverse to the interests of the Depositor (or in the case of the 2022-2B SUBI Loans, the North Carolina Trust), its transferees or the Noteholders in selecting the related Loans to be sold under the Loan Purchase Agreement (or in the case of the
2022-2B SUBI Loans, allocated to the 2022-2B SUBI) on the Closing Date or such Addition Date, as applicable. 

 

	 	4.	 The Loan Schedule (as supplemented by any applicable additional Loan Schedule) identifies each Loan conveyed by the
Seller to the Depositor or allocated to the 2022-2B SUBI, as applicable, on the Closing Date or such Addition Date, as applicable. 

 

	 	5.	 As of the applicable Cut-Off Date, such Loan was an Eligible Loan.

  

	 	6.	 Such Loan complies in all material respects with the terms of the applicable Contract. 

 

	 	7.	 The Contract for such Loan is a legal, valid and binding obligation of the applicable Regional Originator thereunder
and the related Loan Obligor and any guarantor or co-signer named therein, in each case enforceable in accordance with its terms (except as enforceability may be limited by Debtor Relief Laws or general
principles of equity), and, to its knowledge, is not subject to offset, recoupment, adjustment or any other claim. 

  

	 	8.	 It or an Affiliate thereof has in its possession all originals (or, in the case of Convenience Checks, copies) of the
instruments and tangible chattel paper (if any) that constitute or evidence such Loan on the Closing Date or such Addition Date, as applicable. 

  

	 	9.	 None of the tangible chattel paper that constitute or evidence such Loan on the Closing Date or such Addition Date, as
applicable, has any stamps, marks or notations indicating that such Loan has been pledged, assigned or otherwise conveyed to any Person other than the Seller, the North Carolina Trust, the Depositor, the Issuer or the Indenture Trustee, other than
any such stamps, marks or notations that relate to a pledge, assignment, conveyance or other interest that has been cancelled, terminated or voided (or if such stamp, mark or notation is in the name of an agent (or any predecessor agent) under the
ABL Facility, the Issuer has the right to cancel or void such stamp, mark or notation without the consent of such agent (or any predecessor agent, as applicable), and such agent (or any predecessor agent, as applicable) has released in writing its
lien on such Contract). 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule IV - 2 

	 	10.	 The Contract for such Loan is freely assignable and such Contract does not require the approval or consent of any
related Loan Obligor or any other person to effectuate the valid assignment of the same by the Regional Originator, the Seller, the North Carolina Trust or any Affiliate thereof. 

 

	 	11.	 Such Loan has been serviced and at all times maintained in accordance with the Credit and Collection Policy by it or an
Affiliate thereof. 

  

	 	12.	 Such Loan arises from or in connection with a bona fide sale or loan transaction (including any amounts in
respect of interest amounts and other charges and fees assessed on such Loan). 

  

	 	13.	 Each Loan Obligor of such Loan is an individual, and such Loan has not been entered into with any corporation,
partnership, association or other similar entity. 

  

	 	14.	 Such Loan, the related Contract and all other related documents comply in all material respects with all Requirements
of Law. It and each Affiliate thereof has complied in all material respects with all applicable Requirements of Law with respect to the origination, marketing, maintenance and servicing of such Loan and the disclosures in respect thereof including
any change in the terms of such Loan. The interest rates, fees and charges in connection with such Loan comply, in all material respects, with all Requirements of Law. 

 

	 	15.	 (A) It or an Affiliate thereof has performed all obligations required to be performed by it or any Affiliate to date
under the related Contract, and all actions of it or an Affiliate thereof taken with respect to such Contract prior to the Closing Date or the related Addition Date, as applicable, have been in compliance, in all material respects, with such
Contract; (B) neither the Seller nor any Affiliate is in default under such Contract; and (C) no event has occurred under such Contract that, with the lapse of time or action by the applicable Loan Obligor or any third party, is reasonably
likely to result in a material default by it or any Affiliate under, any such Contract. 

  

	 	16.	 It and each Affiliate thereof (A) has complied in all material respects with the Credit and Collection Policy
relating to such Loan at all times; (B) has not entered into any transaction or made any commitment or agreement in connection with such Loan, other than in the ordinary course of such person’s business consistent in all material respects
with the Credit and Collection Policy as in effect on the date of such transaction, commitment or agreement; and (C) has not amended the terms of any related Contract except in accordance in all material respects with the Credit and Collection
Policy relating to such Loan as in effect on the date of such amendment. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule IV - 3 

	 	17.	 Neither it nor any Affiliate thereof has any known material obligations, commitments or other liabilities, absolute or
contingent, relating to such Loan or the Related Loan Assets. 

  

	 	18.	 It or an Affiliate thereof has properly and timely filed all foreign, federal, state, county, local and other tax
returns, including information returns required by law to be filed prior to the Closing Date or the applicable Addition Date with respect to such Loan and the Related Loan Assets and has withheld, paid or accrued all amounts shown thereon to be due
that are due prior to the applicable Cut-Off Date or accrue prior to such time. 

  

	 	19.	 The related Contract, together with its other records relating to such Loan are complete in all material respects and,
upon conveyance thereof to the Depositor under the Loan Purchase Agreement (or in the case of a 2022-2B SUBI Loan, allocation to the 2022-2B SUBI), the Custodian (or any
applicable subcustodian or designee of the Indenture Trustee) will be in possession of (or, in the case of an Electronic Contract, the Electronic Vault will contain) all documents necessary to enforce the rights and remedies of the Regional
Originator (as assigned in accordance with the Transaction Documents) in respect of such Loan against the Loan Obligor in accordance with the related Contract. 

 

	 	20.	 No transfer of such Loan and Related Loan Assets to the Depositor (or in the case of a
2022-2B SUBI Loan, no allocation of such 2022-2B SUBI Loan and related 2022-2B SUBI Assets) is being made with intent to hinder,
delay or defraud any of its creditors. 

  

	 	21.	 With the exception of Convenience Checks, to the extent that any Contract relating to such Loan constitutes an
instrument or tangible chattel paper (each within the meaning of Section 9-102 of the UCC), there is only one original of such executed Contract. 

 

	 	22.	 Reserved. 

  

	 	23.	 (A) With respect to a Loan other than a 2022-2B SUBI Loan, the Loan Purchase
Agreement, all documents or instruments delivered pursuant to the Loan Purchase Agreement by or with reference to the Seller or any transaction under the Loan Purchase Agreement, including any Additional Loan Assignment and the assignment agreement
(the “Conveyance Papers”) and any statement, report or other document furnished pursuant to the Loan Purchase Agreement or during the Depositor’s due diligence with respect to the Loan Purchase Agreement and the Conveyance Papers,
including documents and information in magnetic or electronic form, are true and correct in all material respects and do not contain any untrue statement of fact by the Seller or omit to state a fact necessary to make the statements of the Seller
contained in the Loan Purchase Agreement or therein, in light of the circumstances under which such statements were made, not misleading, and (B) with respect to a 2022-2B SUBI Loan only, the 2022-2B SUBI Supplement and the 2022-2B SUBI Servicing Agreement, all documents or instruments 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule IV - 4 

	 	
delivered pursuant to the 2022-2B SUBI Supplement and the 2022-2B SUBI Servicing Agreement by or with reference to
the Servicer or any transaction under such agreements, including any allocation notice or reallocation notice and any statement, report or other document furnished pursuant to such 2022-2B SUBI Supplement and
the 2022-2B SUBI Servicing Agreement or during the Servicer’s due diligence with respect to such agreement, including documents and information in magnetic or electronic form, are true and correct in all
material respects and do not contain any untrue statement of fact by the Servicer or omit to state a fact necessary to make the statements of the Servicer contained in either the 2022-2B SUBI Supplement and
the 2022-2B SUBI Servicing Agreement or therein, in light of the circumstances under which such statements were made, not misleading. 

 

	 	24.	 (i) (x) The Loan Purchase Agreement creates a valid and continuing ownership or security interest (as defined in
the applicable UCC) in the 2022-2B SUBI Certificate and such Loan (other than a 2022-2B SUBI Loan) sold by the Seller in favor of the Depositor, which security interest
or ownership interest is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from the Seller, and (y) with respect to a 2022-2B SUBI
Loan only, the Transfer and Contribution Agreement creates a valid and continuing ownership or security interest (as defined in the applicable UCC) in such 2022-2B SUBI Loan transferred by Regional North
Carolina to the North Carolina Trust, which security interest or ownership interest is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from Regional North Carolina;

 (ii) such Loan constitutes “tangible chattel paper,” “electronic chattel paper,” “payment
intangibles,” “accounts,” “instruments” or “general intangibles” within the meaning of the UCC; 
 (iii) (x)
with respect to a Loan other than a 2022-2B SUBI Loan, the Seller owns and has good and marketable title to such Loan and the related Purchased Assets sold by the Seller free and clear of any Lien, claim or
encumbrance of any Person and (y) with respect to a 2022-2B SUBI Loan, the North Carolina Trust owns and has good and marketable title to such 2022-2B SUBI Loan,
free and clear of any Lien, claim or encumbrance of any Person (in each case, other than any Permitted Liens); 
 (iv) it has received all consents
and approvals to the sale of each Loan required by the terms of the applicable Contract to the extent that it constitutes an instrument; 
 (v) it
has caused or will cause, within ten (10) days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of and the
security interest in the Purchased Assets sold by the Seller to the Depositor (or with respect to the 2022-2B SUBI Loans, the 2022-2B SUBI Assets contributed by Regional
North Carolina to the North Carolina Trust), and if any additional such filing is necessary in connection with any transfer of Additional Loans, it will cause such filings to be made within ten (10) days of the applicable Addition Date; all
such financing statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser”; 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule IV - 5 

 (vi) (a) other than the security interest granted and the conveyance to the Depositor pursuant to
the Loan Purchase Agreement, it has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any Purchased Assets sold by the Seller (other than any such pledge, assignment, sale, grant or conveyance that is no longer
effective); and 
 (b) it has not authorized the filing of, and is not aware of, any financing statements against the Seller that include a
description of collateral covering any Loans other than any financing statement (1) relating to the conveyance of the Loans by each Warehouse Borrower to the Seller under the related Purchase Agreement, (2) relating to the conveyance of
Loans by a borrower under a warehouse facility pursuant to an Other Warehouse Purchase Agreement, if applicable, (3) relating to the conveyance of Loans by a Regional Originator to the Seller under the Omnibus Distribution and Assignment
Agreement, (4) relating to the conveyance of the 2022-2B SUBI Certificate by Regional North Carolina to the Seller under the SUBI Certificate Purchase Agreement, (5) relating to the pledge of the 2022-2B SUBI Assets by each of the North Carolina Trust and the Issuer to the Indenture Trustee, (6) relating to the conveyance of the 2022-2B SUBI Certificate and the
Loans (other than the 2022-2B SUBI Loans) by the Seller to the Depositor pursuant to the Loan Purchase Agreement, (7) relating to the conveyance of the Loans (other than the
2022-2B SUBI Loans) by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement, (8) relating to the security interest granted to the Indenture Trustee under the Indenture or (9) that
has been terminated; 
 (vii) it is not aware of any material judgment, ERISA or tax lien filings against it; 

(viii) the Seller (or any Affiliate thereof) has in its possession all original copies (except in the case of Convenience Checks) of the instruments
and tangible chattel paper that constitute or evidence each Loan sold by it (or in the case of a 2022-2B SUBI Loan, allocated to the 2022-2B SUBI); and none of the
tangible chattel paper that constitute or evidence such Loan has any stamps, marks or notations indicating that such Loan has been pledged, assigned or otherwise conveyed to any Person other than the Seller, the North Carolina Trust, the Depositor,
the Issuer or the Indenture Trustee, other than any such stamps, marks or notations that relate to a pledge, assignment, conveyance or other interest that has been cancelled, terminated or voided (or if such stamp, mark or notation is in the name of
an agent (or any predecessor agent) under the ABL Facility, the Issuer has the right to cancel or void such stamp, mark or notation without the consent of such agent (or any predecessor agent, as applicable), and such agent (or any predecessor
agent, as applicable) has released in writing its lien on such Contract); and 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule IV - 6 

 (ix) to the extent that any Contract relating to a Loan constitutes Electronic Chattel Paper, there
is only one single Authoritative Copy of each electronic “record” constituting or evidencing a Contract that is Electronic Chattel Paper, the record or records composing the Electronic Chattel Paper are created, stored and assigned in such
a manner that (A) a single authoritative copy of the record or records exists which is unique, identifiable and unalterable (other than a revision that is readily identifiable as an authorized or unauthorized revision), (B) each copy of the
authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy, (C) the authoritative copy has been communicated to and is maintained by the Electronic Vault Provider as a designated custodian of
the Indenture Trustee, (D) all copies or revisions that add or change an identified assignee of the Authoritative Copy of such Contract that constitutes or evidences the Loan must be made with the participation of the Indenture Trustee, and
(E) such Authoritative Copy identifies only the Indenture Trustee as the assignee. To the extent that any Contract relating to a Loan constitutes Electronic Chattel Paper, none of the Seller, the North Carolina Trust, the Servicer (including in
its capacity as 2022-2B SUBI Servicer), the Electronic Vault Provider nor any other Person has communicated an Authoritative Copy of such Contract that constitutes or evidences the Loan to any Person other
than the Electronic Vault Provider as a designated custodian of the Indenture Trustee pursuant to the terms of the Sale and Servicing Agreement and the Electronic Collateral Control Agreement from and after the Closing Date or the applicable
Addition Date. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B) -
Schedule IV - 7 

 Exhibit A-1 

Form of Initial Loan Assignment 
 This
INITIAL LOAN ASSIGNMENT (this “Agreement”), dated October 20, 2022, is by Regional Management Receivables III, LLC, a Delaware limited liability company (the “Assignor”), in favor of Regional Management
Issuance Trust 2022-2B, a Delaware statutory trust (the “Assignee”). Capitalized terms used herein but not defined shall have the meaning ascribed to such terms in the Sale and Servicing
Agreement, dated as of October 20, 2022 (the “Sale and Servicing Agreement”) among the Assignor, the Assignee, the North Carolina Trust, Regional Management Corp., as Servicer and the Subservicers party thereto. 

For good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto hereby agree as follows: 

In accordance with the terms and conditions of the Sale and Servicing Agreement, the Assignor hereby confirm the sale, transfer, conveyance and
assignment to the Assignee of all of the right, title and interest of the Assignor, as Purchaser, in, to and under the Loans identified on Schedule A (the “Initial Assigned Loans”) and the other Sold Assets related thereto. The Cut-Off Date for the Initial Assigned Loans is September 30, 2022. 
 The Assignor specifically reserve and
do not confirm the assignment to the Assignee hereunder of any of their rights, title or interest in, to and under, and all obligations of the Assignor with respect to, any loans which are not the initial Loans set forth on Schedule A and are not
the subject of this Agreement. 
 Schedule A hereto includes the information with respect to the initial Loans required to be included in the Loan
Schedule to be delivered under the Sale and Servicing Agreement on the Closing Date. 
 The Owner Trustee is executing this Agreement not in its
individual capacity, but solely as Owner Trustee on behalf of the Issuer and, accordingly, the Owner Trustee shall incur no personal liability in connection herewith or the transactions contemplated hereby. 

[Signature Page Follows] 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit A-1 – 1 

 IN WITNESS WHEREOF, the parties have caused this Initial Loan Assignment to be executed by their
duly authorized officers as of the date first above written. 
  

			
	ASSIGNOR:
	
	 REGIONAL MANAGEMENT RECEIVABLES III,
 LLC, as
Depositor

		
	By:	 	  

	Name: 	 	Harpreet Rana
	Title: 	 	Executive Vice President and Chief
		 	Financial Officer
	
	ASSIGNEE:
	
	 REGIONAL MANAGEMENT ISSUANCE
 TRUST 2022-2B, as Issuer

	
	 By: WILMINGTON TRUST, NATIONAL
 ASSOCIATION, not in
its individual capacity, but
 solely as Owner Trustee of the Issuer

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit A-1 – 2 

 Schedule A 

Loan Schedule 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit A-1 – 3 

 Exhibit A-2 

Form of Additional Loan Assignment 
 This
ADDITIONAL LOAN ASSIGNMENT (this “Agreement”), dated as of [the applicable Addition Date] (the “Addition Date”), is by Regional Management Receivables III, LLC, a Delaware limited liability company (the
“Assignor”), in favor of Regional Management Issuance Trust 2022-2B, a Delaware statutory trust (the “Assignee”). Capitalized terms used herein but not defined shall have the
meaning ascribed to such terms in the Sale and Servicing Agreement, dated as of October 20, 2022 (the “Sale and Servicing Agreement”) among the Assignor, the Assignee, the North Carolina Trust, Regional Management Corp., as
Servicer and the Subservicers party thereto. 
 For good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged,
the parties hereto hereby agree as follows: 
 In accordance with the terms and conditions of the Sale and Servicing Agreement, the Assignor hereby
confirms the sale, transfer, conveyance and assignment to the Assignee all of the right, title and interest of the Assignor, as Purchasers, in, to and under the Additional Loans identified on Schedule A (the “Assigned Additional
Loans”) and the other Sold Assets related thereto. The Cut-Off Date for the Assigned Additional Loans is [ ]. 

The Assignor specifically reserve and do not confirm the assignment to the Assignee hereunder any of its right, title or interest in, to and under and
all obligations of the Assignor with respect to any loans which are not the Additional Loans set forth on Schedule A and are not the subject of this Agreement. 

Schedule A hereto includes the information required to be included in the Loan Schedule with respect to the Assigned Additional Loans and the Loan
Schedule is hereby supplemented to include the Assigned Additional Loans and other information included in Schedule A. 
 [Signature Page Follows]

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit A-2 – 1 

 IN WITNESS WHEREOF, the parties have caused this Additional Loan Assignment to be executed by their
duly authorized officers as of the date first above written. 
  

			
	ASSIGNOR:
	
	 REGIONAL MANAGEMENT RECEIVABLES III,
 LLC, as
Depositor

		
	By:	 	  

	Name:	 	Harpreet Rana
	Title: 	 	 Executive Vice President and Chief
 Financial
Officer

	
	ASSIGNEE:
	
	 REGIONAL MANAGEMENT ISSUANCE
 TRUST 2022-2B, as Issuer

		
	By: 	 	 REGIONAL MANAGEMENT CORP.,
 as Administrator

		
	By:	 	  

	Name:	 	Harpreet Rana
	Title: 	 	 Executive Vice President and Chief
 Financial
Officer

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit A-2 – 2 

 SCHEDULE A 

LOAN SCHEDULE 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit A-2 – 3 

 EXHIBIT B 

FORM OF ANNUAL COMPLIANCE CERTIFICATE 
 The
undersigned, the duly [OFFICER TITLE] of (“[                     ]”), does hereby certify that: 

(1) [                     ]
is, as of the date hereof, the Servicer under that certain Sale and Servicing Agreement, dated as of October 20, 2022 (as amended and supplemented, or otherwise modified and in effect from time to time, the “Sale and Servicing
Agreement”) among the Assignor, the Assignee, the North Carolina Trust, Regional Management Corp., as Servicer and the Subservicers party thereto. 

(2) The undersigned is an Authorized Officer of the Servicer and is duly authorized pursuant to the Sale and Servicing Agreement
to execute and deliver this Officer’s Certificate to the Issuer, each Rating Agency and the Indenture Trustee. 
 (3) A review
of the activities of the Servicer during preceding calendar year and of its performance under the Sale and Servicing Agreement was conducted under my supervision. 

(4) Based on such review, the Servicer has, to the best of my knowledge, performed in all material respects all of its obligations
under the Sale and Servicing Agreement and other Transaction Documents throughout such year and no Servicer Default has occurred and is continuing, except as set forth in paragraph 5 below. 

(5) The following is a description of each Servicer Default known to me to have occurred and be continuing as of the date of this
Officer’s Certificate made by the Servicer during the calendar year ended December 31,                     , which sets forth in
detail the (a) nature of each such Servicer Default, (b) the action taken by the Servicer, if any, to remedy each such Servicer Default and (c) the current status of each such Servicer Default: (If applicable, insert
“None.”) 
 Capitalized terms used but not defined herein are used as defined in the Sale and Servicing Agreement. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit B –1 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Officer’s Certificate this
             day of                     .1 
  

			
	  

		
	By:	 	  

	    Name:	 	  

	    Title:	 	  

  

	1 	 Required to be delivered on or before March 31 of each calendar year, beginning with March 31, 2024 pursuant
to Section 3.07 of the Sale and Servicing Agreement. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit B– 2 

 EXHIBIT C 

FORM OF LOAN REASSIGNMENT 
 This LOAN
REASSIGNMENT (this “Agreement”) dated as of [date of applicable Document Delivery Date], by Regional Management Issuance Trust 2022-2B, a Delaware statutory trust (the
“Assignor”), in favor of Regional Management Receivables III, LLC, a Delaware limited liability company (the “Assignee”). Capitalized terms used herein but not defined shall have the meaning ascribed to such terms
in the Sale and Servicing Agreement, dated as of October 20, 2022 (the “Sale and Servicing Agreement”) among the Assignor, the Assignee, the North Carolina Trust, Regional Management Corp., as Servicer and the Subservicers
party thereto. 
 For good and valuable consideration, the Assignor hereby agrees as follows: 

In accordance with the terms and conditions of the Sale and Servicing Agreement, the Assignor hereby grants, transfers and assigns to the Assignee all
of the right, title and interest of the Assignor in, to and under (i) the Loans identified on Schedule A (the “Reassigned Loans”), (ii) the Purchased Assets related thereto, (iii) the right to receive all Collections with respect
to the Purchased Assets after the date hereof, and (iv) all proceeds thereof. 
 The Assignee hereby accepts such assignment and shall deliver
to or at the direction of the Assignor the consideration identified in the preceding paragraph. 
 Notwithstanding anything to the contrary herein,
in no event shall any Loans or related Purchased Assets be transferred from the Assignor to the Assignee pursuant to this Agreement unless such Loans and related Purchased Assets have been released from the lien of the Indenture in accordance with
the terms thereof. 
 The Assignor specifically reserves and does not assign to the Assignee hereunder any of its right, title or interest in, to
and under and all obligations of the Assignor with respect to any Loans which are not the Reassigned Loans set forth on Schedule A and are not the subject of this Agreement. 

The Owner Trustee is executing this Agreement not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer and, accordingly,
the Owner Trustee shall incur no personal liability in connection herewith or the transactions contemplated hereby. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit C-1 

 IN WITNESS WHEREOF, the parties have caused this Loan Reassignment to be executed by their duly
authorized officers as of the date first above written. 
  

			
	ASSIGNOR:
	
	 REGIONAL MANAGEMENT ISSUANCE
 TRUST 2022-2B, as Issuer

		
	By:	 	 REGIONAL MANAGEMENT CORP.,
 as Administrator

		
	By:	 	  

	Name:	 	Harpreet Rana
	Title: 	 	 Executive Vice President and Chief
 Financial
Officer

	
	ASSIGNEE:
	
	 REGIONAL MANAGEMENT RECEIVABLES III,
 LLC, as
Depositor

		
	By:	 	  

	Name:	 	Harpreet Rana
	Title: 	 	 Executive Vice President and Chief
 Financial
Officer

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit C – 2 

 SCHEDULE A 

LOAN SCHEDULE 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit C – 3 

 EXHIBIT D 

FORM OF ACCESSION AGREEMENT 
 THIS
ACCESSION AGREEMENT dated as of [____] [__], [____] (this “Agreement”) is by and among _______________________, a __________________ (the “Company”), and Regional Management Receivables III, LLC (the
“Depositor”). 
 Reference is made to the Sale and Servicing Agreement, dated as of October 20, 2022 (as amended, restated,
modified or supplemented from time to time, the “Sale and Servicing Agreement”), among the Depositor, Regional Management Corp., as Servicer, the Subservicers party thereto, the North Carolina Trust and Regional Management Issuance Trust 2022-2B, as Issuer. 
 Capitalized terms used herein without definition shall have the meanings given to them in
the Sale and Servicing Agreement. 
 Pursuant to Section 10.19 of the Sale and Servicing Agreement, an Affiliate of Regional Management may be
added as a party to the Sale and Servicing Agreement as a Subservicer upon satisfaction of the conditions set forth in the Sale and Servicing Agreement, including the delivery to the Indenture Trustee of a fully executed copy of this Agreement. 

In connection therewith: 
 1. The Company hereby
joins in and agrees to be bound by and to comply with each and every provision of the Sale and Servicing Agreement as a Subservicer thereunder. 

2. The Company hereby represents and warrants that each representation and warranty contained in Section 3.03 of the Sale and Servicing Agreement
is true and correct with respect to the Company as of the date of this Agreement, as if such representations and warranties were set forth at length herein. 

3. This Accession Agreement shall be a Transaction Document, shall be binding upon and enforceable against the Company and its successors and assigns,
and shall inure to the benefit of and be enforceable by the Depositor and its assigns. 
 [Signature Page Follows] 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit D – 1 

 IN WITNESS WHEREOF, each party hereto has caused this Accession Agreement to be executed by its duly
authorized officer as of the date first above written. 
  

			
	[NAME OF COMPANY]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	REGIONAL MANAGEMENT RECEIVABLES III, LLC, as Depositor
		
	By:	 	  

	Name:	 	Harpreet Rana
	Title: 	 	Executive Vice President and Chief
		 	Financial Officer

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit D – 2 

 EXHIBIT E 

CONDITIONS TO ACCESSION 
 The Depositor
shall have received each of the following in form and substance satisfactory to the Depositor and any assignee thereof: 
 (i) a
fully-executed copy of an Accession Agreement with respect to the Additional Subservicer; 
 (ii) a certificate of the Secretary or
Assistant Secretary of the Additional Subservicer, dated the date of the proposed Accession, certifying (a) the names and true signatures of the incumbent officers of the Additional Subservicer authorized to sign on behalf of the Additional
Subservicer this Agreement Agreements and all other documents to be executed by the Additional Subservicer hereunder or in connection herewith, (b) that the copy of the certificate of formation or articles of incorporation of the Additional
Subservicer, as applicable, is a complete and correct copy and that such certificate of formation or articles of incorporation have not been amended, modified or supplemented and are in full force and effect, (c) that the copy of the limited
liability company agreement or by-laws, as applicable, of the Additional Subservicer are a complete and correct copy, and that such limited liability company agreement or
by-laws have not been amended, modified or supplemented and are in full force and effect, and (d) the resolutions of the board of directors or board of managers of the Additional Subservicer approving and
authorizing the execution, delivery and performance by the Additional Subservicer of this Agreement and all other documents to be executed by the Additional Subservicer hereunder or in connection herewith; 

(iii) a good standing certificate for the Additional Subservicer, dated as of a recent date, issued by the Secretary of State of the
Additional Subservicer’s State of formation or incorporation, as applicable; 
 (iv) an Opinion of Counsel from counsel to the
Additional Subservicer with respect to corporate matters; 
 (v) an Opinion of Counsel from counsel to the Additional Subservicer
with respect to the true sale of Loans sold by the Additional Subservicer and the non consolidation of the Additional Subservicer with the Depositor; and 

(vi) an Officer’s Certificate stating that all conditions precedent to the effectiveness of such Accession are satisfied. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit E – 1 

 EXHIBIT F 

RULE 15GA-1 INFORMATION 

Reporting Period: 
  

	☐	 Check here if nothing to report. 

 

																													
	 Asset
 Class
	  	Shelf	  	 Series
 Name
	  	CIK	  	Originator	  	 Loan
 No
	  	 Servicer
 Loan No
	  	 Outstanding
 Principal

Balance
	  	 Repurchasing
 Type
	  	Indicate Repurchase Activity During the Reporting Period by Checkmark or by Date Reference (as Applicable)
		  		  		  		  		  		  		  		  		  	Subject to Demand	  	 Repurchased
 or Replaced
	  	 Repurchase
 Pending
	  	 Demand
 in Dispute
	  	 Demand
 Withdrawn
	  	 Demand
 Rejected

 TERMS AND DEFINITIONS 

NOTE: Any date included on this report is subject to the descriptions below. Dates referenced on this report for this Transaction where the Servicer
is not the Repurchase Enforcer (as defined below), availability of such information may be dependent upon information received from other parties. 

References to “Repurchaser” shall mean the party obligated under the Transaction Documents to repurchase a Loan. References to
“Repurchase Enforcer” shall mean the party obligated under the Transaction Documents to enforce the obligations of any Repurchaser. 

Outstanding Principal Balance: For purposes of this report, the Outstanding Principal Balance of a Loan in this Transaction equals the
remaining outstanding principal balance of the Loan reflected on the distribution or payment reports at the end of the related reporting period, or if the Loan has been liquidated prior to the end of the related reporting period, the final
outstanding principal balance of the Loan reflected on the distribution or payment reports prior to liquidation. 
 Subject to Demand: The
date when a demand for repurchase is identified and coded by the Servicer or Indenture Trustee as a repurchase related request. 
 Repurchased or
Replaced: The date when a Loan is repurchased or replaced. To the extent such date is unavailable, the date upon which the Servicer or Indenture Trustee obtained actual knowledge a Loan has been repurchased or replaced. 

Repurchase Pending: A Loan is identified as “Repurchase Pending” when a demand notice is sent by the Indenture Trustee, as
Repurchase Enforcer, to the Repurchaser. A Loan remains in this category until (i) a Loan has been Repurchased, (ii) a request is determined to be a “Demand in Dispute,” (iii) a request is determined to be a “Demand
Withdrawn,” or (iv) a request is determined to be a “Demand Rejected.” 
 With respect to the Servicer only, a Loan is
identified as “Repurchase Pending” on the date (y) the Servicer sends notice of any request for repurchase to the related Repurchase Enforcer, or (z) the Servicer receives notice of a repurchase request but determines it is not
required to take further action regarding such request pursuant to its obligations under the applicable Transaction Documents. The Loan will remain in this category until the Servicer receives actual knowledge from the related Repurchase Enforcer,
Repurchaser, or other party, that the repurchase request should be changed to “Demand in Dispute”, “Demand Withdrawn”, “Demand Rejected”, or “Repurchased.” 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit F – 1 

 Demand in Dispute: Occurs (i) when a response is received from the Repurchaser which
refutes a repurchase request, or (ii) upon the expiration of any applicable cure period. 
 Demand Withdrawn: The date when a previously
submitted repurchase request is withdrawn by the original requesting party. To the extent such date is not available, the date when the Servicer or the Indenture Trustee receives actual knowledge of any such withdrawal. 

Demand Rejected: The date when the Indenture Trustee, as Repurchase Enforcer, has determined that it will no longer pursue enforcement of a
previously submitted repurchase request. To the extent such date is not otherwise available, the date when the Servicer receives actual knowledge from the Indenture Trustee, as Repurchase Enforcer that it has determined not to pursue a repurchase
request. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit F – 2 

 EXHIBIT G 

LIMITED POWER OF ATTORNEY 
 REGIONAL
MANAGEMENT ISSUANCE TRUST 2022-2B (the “Grantor”), hereby makes, constitutes and appoints each of Regional Management Corp., a Delaware corporation (the “Servicer”) and
Regional Finance Corporation of Alabama, an Alabama corporation, Regional Finance Company of Georgia, LLC, a Delaware limited liability company, Regional Finance Company of Idaho, LLC, a Delaware limited liability company, Regional Finance Company
of Illinois, LLC, a Delaware limited liability company, Regional Finance Company of Indiana, LLC, a Delaware limited liability company, Regional Finance Company of Mississippi, LLC, a Delaware limited liability company, Regional Finance Company of
Missouri, LLC, a Delaware limited liability company, Regional Finance Company of New Mexico, LLC, a Delaware limited liability company, Regional Finance Corporation of North Carolina, a North Carolina corporation, Regional Finance Company of
Oklahoma, LLC, a Delaware limited liability company, Regional Finance Corporation of South Carolina, a South Carolina corporation, Regional Finance Corporation of Tennessee, a Tennessee corporation, Regional Finance Corporation of Texas, a Texas
corporation, Regional Finance Company of Utah, LLC, a Delaware limited liability company, Regional Finance Company of Virginia, LLC, a Delaware limited liability company, and Regional Finance Corporation of Wisconsin, a Wisconsin corporation
(collectively, the “Subservicers”) (each Subservicer and the Servicer individually and collectively, the “Grantee”), by and through themselves, their affiliates and their permitted subcontractors, and their
respective officers, designees and attorneys-in-fact, its true and lawful
Attorneys-in-Fact with full power of substitution, and hereby authorizes and empowers each Grantee, in the name of and on behalf of the Grantor, to have full power and
authority to take any and all lawful acts which it may deem necessary or desirable to effect the servicing and administration of the Loans pursuant to the Sale and Servicing Agreement, dated as of October 20, 2022, among the Grantor, as Issuer,
Regional Management Receivables III, LLC, as Depositor, the Servicer, the Subservicers and the North Carolina Trust, acting thereunder solely with respect to the 2022-2B SUBI (the “Sale and Servicing
Agreement”), including, but not limited to: 
 (i) Collecting amounts payable under the Loans, 

(ii) Bringing legal actions, enforcing legal prosecution of claims and pursuing any other appropriate remedies in connection with the
servicing and administration of the Loans, and 
 (iii) Signing, executing, acknowledging, delivering, filing for record and/or
recording on behalf of the Grantor all such documents, reports, filings, instruments, certificates and opinions required in connection with the foregoing, including, without limitation, notices, proofs of claim, affidavits, sworn statements, agreed
orders, stipulations, modification agreements, subordination agreements, endorsements, allonges, assignments, and cancellations of promissory notes or other instruments evidencing secured or unsecured indebtedness; and assignments, full and partial
releases, and terminations of UCC financing statements, motor vehicle liens, or other evidence or instrument of lien or security, in each case, to the extent the Servicer or any Subservicer is authorized to take such action pursuant to the Sale and
Servicing Agreement. 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit G – 1 

 The power herein granted to the
Attorney-in-Fact shall include the power to name itself as grantee, assignee, or beneficiary of said instrument or act. 

The Grantor gives said Attorney-in-Fact full power and authority to
execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the Grantor might or could do, and hereby does
ratify and confirm all that said Attorney-in-Fact shall lawfully do or cause to be done by authority hereof. 

Third parties without actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney, and may be satisfied that
this Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made in writing by the Grantor. Capitalized terms used herein but not defined shall have the meanings set
forth in the Sale and Servicing Agreement. 
 The Owner Trustee is executing this Agreement not in its individual capacity, but solely as Owner
Trustee on behalf of the Issuer and, accordingly, the Owner Trustee shall incur no personal liability in connection herewith or the transitions contemplated hereby. 

[Remainder of Page Intentionally Left Blank] 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit G – 2 

 IN WITNESS WHEREOF, this Power of Attorney is executed by Grantor as of the date first above
written. 
  

			
	REGIONAL MANAGEMENT ISSUANCE TRUST 2022-2B, as Issuer
	
	By: WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee of the Issuer
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	STATE OF	  	}
		  	}ss.:
	COUNTY OF	  	}

 On this ____ day of ___________________, 2022, before me, the under-signed officer, personally appeared _____________________________,
and acknowledged that he or she, as such ______________________ [title of officer] on behalf of Wilmington Trust, National Association, solely in its capacity as Owner Trustee, being authorized so to do, executed the foregoing instrument for the
purposes therein contained, by signing the name of the Owner Trustee by himself or herself as __________________. 
 In witness whereof I hereunto set my hand and
official seal. 
  

	
	
	  
 Notary Public

 [Notarial Seal] 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit G – 3 

 EXHIBIT H 

System Description 
 [On file with the
Indenture Trustee] 

  
 SALE AND SERVICING AGREEMENT (RMIT 2022-2B)
– Exhibit H – 1Exhibit 10.1

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

Research Collaboration and License Agreement

 

This Agreement is entered into with effect as of the Effective Date
(as defined below)

 

by and between

 

F. Hoffmann-La Roche Ltd

 

with an office and place of business at Grenzacherstrasse
124, 4070 Basel, Switzerland (“Roche Basel”)

 

and

 

Hoffmann-La Roche Inc.

 

with an office and place of business at 150 Clove
Road, Suite 8, Little Falls, New Jersey 07424, U.S.A. (“Roche US”; Roche Basel and Roche US together referred
to as “Roche”)

 

on the one hand

 

and

 

Hookipa Biotech
GmbH with an office and place of business at St Marx Vienna BioCenter, Helmut-Qualtinger-Gasse 2, 1030 Vienna, Austria (“Hookipa”)

 

on the other hand.

 

     

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

Table of Contents

	 	 	 	 	 
	1.	 	Definitions	 	1
	 	 	 	 	 
	2.	 	Licenses and Options	 	21
	 	 	 	 	 
	3.	 	Research And Development	 	25
	 	 	 	 	 
	4.	 	Diligence	 	30
	 	 	 	 	 
	5.	 	Governance	 	31
	 	 	 	 	 
	6.	 	Manufacture and Supply	 	33
	 	 	 	 	 
	7.	 	Regulatory	 	35
	 	 	 	 	 
	8.	 	Commercialization	 	36
	 	 	 	 	 
	9.	 	Payment	 	37
	 	 	 	 	 
	10.	 	Accounting and reporting	 	42
	 	 	 	 	 
	11.	 	Taxes	 	43
	 	 	 	 	 
	12.	 	Auditing	 	45
	 	 	 	 	 
	13.	 	Intellectual Property	 	46
	 	 	 	 	 
	14.	 	Representations and Warranties and Covenants	 	54
	 	 	 	 	 
	15.	 	Indemnification (Schadloshaltung gegen Ansprüche Dritter)	 	57
	 	 	 	 	 
	16.	 	Liability	 	57
	 	 	 	 	 
	17.	 	Confidential Information; Information Security Incident	 	58
	 	 	 	 	 
	18.	 	Term and Termination	 	61
	 	 	 	 	 
	19.	 	Effects of Change of Control	 	64
	 	 	 	 	 
	20.	 	Bankruptcy	 	65
	 	 	 	 	 
	21.	 	Miscellaneous	 	65

 

    	 	- 2 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

Research Collaboration and License Agreement

 

WHEREAS, Hookipa has expertise in the discovery
and generation of off-the-shelf arenaviral immunotherapeutics (as opposed to personalized immunotherapeutics), and owns or controls a
proprietary arenaviral vector platform for engineering arenaviruses to carry and deliver tumor-specific genes directly in patients to
evoke an immune response by T cells;

 

WHEREAS, Roche has expertise in the research,
development, manufacture and commercialization of pharmaceutical products, including in the field of immuno-oncology;

 

WHEREAS, the Parties wish to enter into a collaboration
to research and develop Hookipa’s pre-clinical HB700 cancer vaccine program, an arenaviral immunotherapeutic for KRAS-mutated cancers;

 

WHEREAS, Hookipa is willing to grant to Roche
rights under certain of Hookipa’s intellectual property rights to develop, make, have made, use, register, sell, offer for sale,
import, and export Collaboration Compounds, Derivatives and Products in the Field in the Territory (as such terms are respectively defined
below);

 

WHEREAS, Hookipa is willing to grant to Roche
an exclusive option right to license a second, novel arenaviral immunotherapeutic program of Hookipa targeting ***, for which the Parties
will determine and align upon the specific *** (as defined below) and combinations thereof to be included; and

 

WHEREAS, the
Parties will combine their respective expertise to develop Products *** and will collaborate, on a program-by-program basis, until the
end of the first clinical phase 1a/1b trial of such program, at which point Roche shall become solely responsible for all further clinical
development and commercialization of such program (with the exception of manufacturing as set forth below).

 

NOW, THEREFORE, in consideration of the mutual
covenants and promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto, intending to be legally bound, do hereby agree as follows:

 

	1.	Definitions

 

Where this Agreement in parenthesis refers to
a legal expression in German it is the relevant Swiss nomenclature. In case of a dispute solely such Swiss nomenclature shall be relevant
and shall prevail over the English expression.

 

    	 	- 1 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

As used in this Agreement, the following terms,
whether used in the singular or plural, shall have the following meanings:

 

	1.1	Affiliate

 

The term “Affiliate” shall
mean any individual, corporation, association or other business entity that directly or indirectly controls, is controlled by, or is under
common control with the Party in question. As used in this definition of “Affiliate,” the term “control” shall
mean the direct or indirect ownership of more than fifty percent (>50%) of the stock having the right to vote for directors thereof
or the ability to otherwise control the management of the corporation or other business entity whether through the ownership of voting
securities, by contract, resolution, regulation or otherwise. Anything to the contrary in this paragraph notwithstanding, Chugai Pharmaceutical
Co., Ltd, a Japanese corporation (“Chugai”) or its subsidiaries (if any) shall not be deemed as Affiliates of Roche
unless Roche provides written notice to Hookipa of its desire to include Chugai or its respective subsidiaries (as applicable) as Affiliate(s) of
Roche.

 

	1.2	Agreement

 

The term “Agreement”
shall mean this document including any and all appendices and amendments to it as may be added or amended from time to time in
accordance with the provisions of this Agreement.

 

	1.3	Agreement Term

 

The term “Agreement
Term” shall mean the period of time commencing on the Effective Date and, unless this Agreement is terminated sooner as provided
in Article 18, expiring on the date when no royalty or other payment obligations under this Agreement are or will become due.

 

	1.4	Applicable Law

 

The term “Applicable Law” shall
mean any law, statute, ordinance, code, rule or regulation that has been enacted by a government authority (including without limitation,
any Regulatory Authority) and is in force as of the Effective Date or comes into force during the Agreement Term, in each case to the
extent that the same is applicable to the performance by the Parties of their respective obligations under this Agreement. Applicable
Law includes the FDCA, GCP, GLP and GMP.

 

	1.5	Available

 

The term “Available” or “Availability”
shall mean that a given Designated *** or Selected *** is not subject to (i) *** or (ii) ***

 

	1.6	***

 

***

 

	1.7	*** Knowledge

 

The term “***
Knowledge” of a Party shall mean ***

 

	1.8	Biosimilar Product

 

The term “Biosimilar Product”
shall mean a product that is not produced, licensed or owned by the Roche Group and is, according to the relevant Regulatory Authority
for the given country or jurisdiction, highly similar with respect to a given Product, notwithstanding minor differences in clinically
inactive components, and with no clinically meaningful differences between the Biosimilar Product and the given Product in terms of the
safety, purity and potency of the product. For countries or jurisdictions where no explicit biosimilar regulations exist, Biosimilar Product
includes products that (i) have been deemed to be a Biosimilar Product by a Regulatory Authority in another country or jurisdiction
or (ii) have the same amino acid sequence.

 

    	 	- 2 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.9	Calendar Quarter

 

The term “Calendar Quarter”
shall mean each period of three (3) consecutive calendar months, ending March 31, June 30, September 30, and December 31,
except that the first Calendar Quarter of the Agreement Term shall begin on the Effective Date and end on the first to occur of March 31,
June 30, September 30, or December 31 after the Effective Date and the last Calendar Quarter shall end on the last day
of the Agreement Term.

 

	1.10	Calendar Year

 

The term “Calendar Year” shall
mean each period of twelve (12) consecutive calendar months, beginning on January 1 and ending December 31, except that the
first Calendar Year of the Agreement Term shall begin on the Effective Date and end on December 31 of the year in which the Effective
Date occurs and the last Calendar Year shall begin on January 1 and end on the last day of the Agreement Term.

 

	1.11	Change of Control

 

The term “Change of Control”
shall mean, with respect to a Party: (a) the acquisition by any Third Party of beneficial ownership of fifty percent (50%) or more
of the then outstanding common shares or voting power of such Party, other than acquisitions by employee benefit plans sponsored or maintained
by such Party; (b) the consummation of a business combination involving such Party, unless, following such business combination,
the stockholders of such Party immediately prior to such business combination beneficially own directly or indirectly more than fifty
percent (50%) of the then outstanding common shares or voting power of the entity resulting from such business combination; or (c) the
sale of all or substantially all of such Party’s assets or business relating to the subject matter of the Agreement.

 

	1.12	Change of Control Group

 

The term “Change of Control Group”
shall mean with respect to a Party, the person or entity, or group of persons or entities, that is the acquirer of, or a successor to,
a Party in connection with a Change of Control, together with affiliates of such persons or entities that are not Affiliates of such Party
immediately prior to the completion of such Change of Control of such Party.

 

	1.13	Clinical Study

 

The term “Clinical Study” shall
mean a Phase I Study, Phase II Study, Phase III Study, as applicable.

 

	1.14	Collaboration Compound

 

The term “Collaboration Compound”
shall mean any Initial Compound and, upon Option Exercise, any Option Compound.

 

	1.15	Collaboration Plan

 

The term “Collaboration Plan”
shall mean a plan for research and early clinical development activities to generate Collaboration Compounds as more fully described in
Section 3.2.3 and shall include the HB700 Collaboration Plan and the*** Collaboration Plan.

 

    	 	- 3 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.16	Collaboration Term

  

The term “Collaboration Term”
shall mean, (a) for the HB700 Program, the period starting at the Effective Date of the Agreement and ending upon *** (b) for
the *** Program, the Pre-Option *** Collaboration Period, provided that, upon Option Exercise, the Collaboration Term for the *** Program
will be extended until Completion of the First Human Trial of the *** Program and successful implementation of the Roche Go-Decision Technology
Transfer, or (c) such other period mutually agreed between the Parties.

 

	1.17	Combination Product

 

The term “Combination Product”
shall mean (a) a single pharmaceutical formulation containing as its active ingredients both a Collaboration Compound and one or
more other therapeutically or prophylactically active ingredients, (b) a combination therapy comprised of a Collaboration Compound
and one or more other therapeutically or prophylactically active products, priced and sold in a single package containing such multiple
products or packaged separately but sold together for a single price, (c) a combination therapy comprised of a Collaboration Compound
and a Companion Diagnostic, priced and sold in a single package containing such multiple products or packaged separately but sold together
for a single price, or (d) a combination of products comprised of a Collaboration Compound and one or more other goods, services
or intangibles, priced and sold in a single package containing such multiple products or packaged separately but sold together for a single
price, in each case ((a) through (d)), including all dosage forms, formulations, presentations, line extensions, and package configurations.
All references to Product in this Agreement shall be deemed to include Combination Product.

 

	1.18	Commercially Reasonable Efforts

 

The term “Commercially
Reasonable Efforts” shall mean with respect to Roche or Hookipa, as applicable, such level of efforts and resources consistent
with the efforts and resources that Roche or Hookipa, as applicable, devotes at the same stage of development or commercialization, as
applicable, for its own internally developed pharmaceutical products in a similar area with similar market potential, at a similar
stage of their product life taking into account, inter alia, the existence of other competitive products in the market place or under
development, the proprietary position of the product, the regulatory structure involved, the anticipated profitability of the product
and other relevant factors. It is understood that such product potential may change from time to time based upon changing scientific,
business and marketing and return on investment considerations. ***

 

	1.19	Companion Diagnostic

 

The term “Companion Diagnostic”
shall mean any product or service that (a) identifies a person having a disease or condition, or a molecular genotype or phenotype
that predisposes a person to such disease or condition, for which a Product could be used to treat or prevent such disease or condition;
(b) defines the prognosis or monitors the progress of a disease or condition in a person for which a Product could be used to treat
or prevent such disease or condition; (c) is used to select a therapeutic or prophylactic regimen, wherein at least one (1) potential
therapeutic or prophylactic regimen involves a Product, and where the selected regimen is determined, based on the use of such product
or service, to likely be effective or to be safe for a person; or (d) is used to confirm a Product’s biological activity or
to optimize dosing or the scheduled administration of a Product.

 

    	 	- 4 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.20	Completion

 

The term “Completion” or as
verb “Complete” shall mean (a) with regard to a preclinical activity, the achievement of the Selection Criteria
for activities set forth in the Collaboration Plan; and (b) with regard to the First Human Trial, the availability of the final report
of such First Human Trial and submission thereof to Roche.

 

	1.21	Composition of Matter Claim

 

The term “Composition
of Matter Claim” shall mean, for a given Product in a given country of the Territory, a patent claim that Covers the structure
of the ***, as the case may be, alone per se included in such Product. ***

 

	1.22	Compulsory Sublicense

 

The term “Compulsory Sublicense”
shall mean, in a country or region, a license or sublicense of Hookipa Patent Rights and/or Joint Collaboration Patent Rights granted
to a Third Party (the “Compulsory Sublicensee”) through the order, decree or grant of a governmental authority having
competent jurisdiction in such country or region, authorizing such Third Party to manufacture, use, sell, offer for sale, import or export
a Product in such country or region.

 

	1.23	Confidential Information

 

The term “Confidential
Information” shall mean any and all information (including business or financial information), data or know-how (including Know-How),
whether technical or non-technical, oral or written, that is disclosed by one Party or its Affiliates (“Disclosing Party”)
to the other Party or its Affiliates (“Receiving Party”). Confidential Information shall not include any information,
data or know-how that (a) was generally available to the public at the time of disclosure, or becomes available to the public
after disclosure by the Disclosing Party other than through fault (whether by action or inaction) of the Receiving Party; (b) can
be evidenced by written records to have been already known to the Receiving Party prior to its receipt from the Disclosing Party; (c) is
obtained at any time lawfully from a Third Party under circumstances permitting its use or disclosure; (d) is developed independently
by the Receiving Party as evidenced by written records other than through knowledge of Confidential Information; or (e) is approved
in writing by the Disclosing Party for release by the Receiving Party. The terms of this Agreement shall be considered Confidential Information
of the Parties.

  

	1.24	Continuation Election Notice

 

The term “Continuation Election Notice”
shall mean the notice Hookipa provides to Roche under Section 18.5.1 describing ***.

 

    	 	- 5 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.25	Control

 

The term “Control”
shall mean (as an adjective or as a verb including conjugations and variations such as “Controls” “Controlled”
or “Controlling”), with respect to any Patent Rights, Know-How, material, or other intellectual property rights,
or any proprietary or trade secret information, that a Party or any of its Affiliates: (a) owns such Patent Right, Know-How, material,
or other intellectual property right, or proprietary or trade secret information; or (b) has a license to or a right to use such
Patent Right, Know-How, material, or other intellectual property right, or proprietary or trade secret information and, in each case of
(a) or (b), possesses the right (other than by operation of this Agreement), whether directly or indirectly, to grant the other Party
access, a right to use, or a license or sublicense, as applicable, to or under such Patent Rights, Know-How, material, or other intellectual
property rights, or proprietary or trade secret information, as provided herein, without: (i) violating the terms of any agreement
or arrangement with or obligation to any Third Party in existence as of, as applicable, either the Effective Date or at the time such
Patent Rights, Know-How, material, or other intellectual property rights, or any proprietary or trade secret information become owned
or controlled by such Party under (a) or (b); or (ii) incurring any financial or other material obligation towards any Third
Party that assigned or licensed such Patent Rights, Know-How, material, or other intellectual property rights, or disclosed such proprietary
or trade secret information to such first Party or any Affiliates of such first Party that become due in connection with the other Party’s
use thereof hereunder, unless, with respect to (ii): (A) such other Party agrees in writing to pay any sums arising from such financial
obligations, or (B) such financial obligations are triggered pursuant to an Existing Third Party License, both (A) and (B) if
paid by Roche, being deductible pursuant to Section 9.9.5.

 

	1.26	Cover

 

The term “Cover” shall mean
(as an adjective or as a verb including conjugations and variations such as “Covered,” “Coverage”
or “Covering”) that the developing, making, using, offering for sale, promoting, selling, exporting or importing of
a given compound, formulation or product would infringe a Valid Claim in the absence of a license under or ownership in the Patent Rights
to which such Valid Claim pertains. The determination of whether a compound, formulation, process or product is Covered by a particular
Valid Claim shall be made on a country-by-country basis.

 

	1.27	***

 

***.

 

	1.28	***

 

***.

 

	1.29	***

 

***.

 

	1.30	*** Cargo

 

The term “***
Cargo” shall mean the ***, which is contained in the *** Development Candidate for which Roche has exercised the Option as
set forth in Section 2.3.2.

 

	1.31	*** Collaboration Plan

 

The term “*** Collaboration Plan”
shall mean the Pre-Option ***Collaboration Plan and, after Option Exercise, the portion of the Collaboration Plan relating to the ***
Program.

 

	1.32	*** Development Candidate

 

The term “*** Development Candidate”
shall mean an arenaviral immunotherapeutic ***

 

	1.33	*** Program

 

The term “*** Program” shall
mean the program to develop arenaviral immunotherapeutics based on the Hookipa Technology and containing Selected *** (including *** Development
Candidates) under the Collaboration Plan.

 

	1.34	Derivative

 

The term “Derivative” shall
mean an Initial Compound Derivative or, upon Option Exercise, an Option Compound Derivative.

 

    	 	- 6 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.35	Early Go-Decision

 

The term “Early
Go-Decision” shall mean a Roche Go-Decision issued by Roche as may be triggered by any of the events described in ***
, Section 3.8 (Insolvency Event of Hookipa or Breach by Hookipa or Change of Control of Hookipa during the Collaboration Term) and
Section 9.3.4 (Hookipa’s Financial Obligations).

 

	1.36	Effective Date

 

The term “Effective Date” shall
mean October 18, 2022.

 

	1.37	Endpoints

 

The term “Endpoints” shall
mean with respect to the First Human Trial, the measurable outcomes that *** by such First Human Trial and the measurable outcomes that
*** about the First Human Trial as set forth in Section 4 of the Collaboration Plan.

 

	1.38	EU

 

The term “EU” shall mean the
European Union and all its then-current member countries but including in any case France, Germany, Italy, Spain and the United Kingdom
(“EU5”) regardless of whether they are then-current member countries. For the purpose of Section 9.7, EU shall
mean at least two (2) EU5 countries.

 

	1.39	Excluded ***

 

The term “Excluded ***” shall
mean the ***s listed on Appendix 1.39.

 

	1.40	Exercised ***

 

The term “Exercised
***” shall mean the Selected *** for which Roche has exercised the Option as set forth in Section 2.3.2.

 

	1.41	Existing Third Party Licenses

 

The term “Existing Third Party Licenses”
means the ***.

 

	1.42	Expert

 

The term “Expert” shall mean
a person with no less than *** years of pharmaceutical or biotechnology industry experience and expertise having occupied at ***within
a large pharmaceutical or biotechnology company relating to product commercialization or licensing but excluding any and all current and
former employees and consultants of either Party, unless such employment or consulting relationship was terminated more than *** years
ago. Such person shall be fluent in the English language.

 

	1.43	Failure

 

The term “Failure” shall mean
(a) with respect to a given Clinical Study with a Collaboration Compound or Product, that such Clinical Study has shown *** that
reasonably cause Roche to discontinue development of such Collaboration Compound or Product or (b) that a given preclinical activity
has not achieved one or more of the Selection Criteria.

 

	1.44	FDA

 

The term “FDA” shall mean the
Food and Drug Administration of the United States of America.

 

	1.45	FDCA

 

The term “FDCA” shall mean
the Food, Drug and Cosmetics Act.

 

    	 	- 7 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.46	Field

  

The term “Field” shall mean
all uses.

 

	1.47	Filing

 

The term “Filing” shall mean
the filing of an application with and acceptance thereof by the FDA as defined in the FDCA and applicable regulations, or the equivalent
application to the equivalent agency in any other country or group of countries, the official approval of which is required before any
lawful commercial sale or marketing of Products.

 

	1.48	Final Report

 

The term “Final Report” shall
mean the formal written report in relation to a Clinical Study setting out a final assessment of the results and conclusion of such Clinical
Study.

 

	1.49	***

 

***.

 

	1.50	First Commercial Sale

 

The term “First
Commercial Sale” shall mean, on a country-by-country basis, the first invoiced sale of a Product to a Third Party by the Roche
Group following the receipt of any Regulatory Approval required for the sale of such Product in such country, or in countries where no
such Regulatory Approval is required for the sale of such Product, the date of the first invoiced sale of a Product to a Third Party by
the Roche Group in such country.

 

	1.51	First Human Trial

 

The term “First Human Trial”
shall mean, for a Program, the first Phase I Clinical Study to be conducted by or on behalf of Hookipa for such Program, including a phase
Ia and phase Ib portion as further described in the Collaboration Plan.

 

	1.52	First Registrational Study

 

The term “First Registrational Study”
shall mean, for a Program, the first Registrational Study to be conducted for any Product under such Program and, for a Product, the first
Registrational Study to be conducted for such Product.

 

	1.53	Force Majeure Event

 

The term “Force
Majeure Event” shall mean an event beyond the reasonable control of the affected Party not caused by the fault or negligence
of such Party, which may include, but is not limited to, an embargo, war, act of war (whether war be declared or not), act of terrorism,
insurrection, riot, civil commotion, strike, lockout or other labor disturbance, fire, flood, earthquake, epidemic, pandemic or other
act of God or act, omission or delay in acting by any governmental authority or the other Party.

 

	1.54	FTE

 

The term “FTE” shall mean a
full-time equivalent person-year, based upon a total of no less than *** working hours per year, undertaken in connection with the conduct
of activities under the Collaboration Plan. In no circumstance can the work of any given person exceed one (1) FTE.

 

	1.55	FTE Rate

 

The term “FTE
Rate” shall mean the amount of *** per FTE per annum (as of the Effective Date), on a fully burdened cost basis, to be
pro-rated on a daily basis if necessary ***.

 

    	 	- 8 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.56	GCP

 

The term “GCP” shall mean the
then-current standards, practices, and procedures on good clinical practice: (a) promulgated or endorsed by the FDA as set forth
in the guidelines entitled, “Guidance for Industry E6 Good Clinical Practice: Consolidated Guidance,” including related regulatory
requirements imposed by the FDA; (b) set forth in Directive 2001/20/EC of the European Parliament and of the Council of April 4,
2001, Commission Directive 2005/28/EC of April 8, 2005 and Regulation (EU) No 536/2014 of the European Parliament and of the Council
of 16 April 2014; (c) ICH Guideline for Good Clinical Practice E6; (d) comparable standards, practices, and procedures
promulgated by Applicable Law or any competent Regulatory Authority of the relevant country in the Territory; and (e) all additional
Applicable Law or Regulatory Authority standards, practices, and procedures that replace, amend, modify, supplant, or complement any of
the foregoing.

 

	1.57	***

 

***.

 

	1.58	GLP

 

The term “GLP” shall mean the
then-current standards, practices, and procedures on good laboratory practice: (a) promulgated or endorsed by the FDA as defined
in 21 C.F.R. Part 58; (b) set forth in the European Community Directive 2004/10/EC relating to the application of good laboratory
practice; (c) comparable standards, practices, and procedures promulgated by Applicable Law or any competent Regulatory Authority
of the relevant country in the Territory; and (d) all additional Applicable Law or Regulatory Authority standards, practices, and
procedures that re-place, amend, modify, supplant, or complement any of the foregoing.

 

	1.59	GMP

 

The term “GMP” shall mean the
then-current standards, practices, and procedures on good manufacturing practice: (a) promulgated or endorsed by the FDA as defined
in 21 C.F.R. Parts 210, 211, 601, 610 and 820; (b) set forth in European Community Directives 2003/94 and 91/356/EC; (c) the
EU Commission’s Guidelines on Good Manufacturing Practices, (d) applicable ICH guidelines regarding good manufacturing practice,
including but not limited to, ICH Q7; (e) comparable standards, practices, and procedures promulgated by Applicable Law or any
competent Regulatory Authority; and (f) all additional Applicable Law or Regulatory Authority standards, practices, and procedures
that replace, amend, modify, supplant, or complement any of the foregoing.

 

	1.60	GMP Go-Decision

 

The term “GMP Go-Decision”
shall mean, with respect to the *** Program, the decision of the JRC, following achievement of the preclinical proof of concept, to initiate
production of Clinical Study material under GMP, including the entering into of binding commitments with Third Party contract manufacturing
organizations.

 

	1.61	HB700 Cargo

 

The term “HB700 Cargo” shall
mean ***.

 

	1.62	HB700 Program

 

The term “HB700 Program” shall
mean the program to develop arenaviral immunotherapeutics based on the Hookipa Technology and including HB700 Cargo, under the Collaboration
Plan.

 

    	 	- 9 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.63	Hookipa Background Intellectual Property

 

The term “Hookipa Background Intellectual
Property” shall mean, collectively:

 

		a)	“Hookipa Background Know-How”, which shall mean any Know-How that is (i) Controlled
by Hookipa or any of its Affiliates as of the Effective Date or that arises outside of any activities under the Collaboration Plan and
is Controlled by Hookipa or any of its Affiliates during the Agreement Term, and (ii) necessary or reasonably useful for researching,
developing, making, using or selling Collaboration Compounds, Derivatives and Products; and

 

		b)	“Hookipa Background Patent Rights”, which shall mean any Patent Rights that (i) are
Controlled by Hookipa or any of its Affiliates as of the Effective Date or that arise outside of any activities under the Collaboration
Plan and are Controlled by Hookipa or any of its Affiliates during the Agreement Term and (ii) Cover any Hookipa Background Know-How.
As of the Effective Date, Hookipa Background Patent Rights include the Patent Rights listed in Appendix 1.63.

 

***.

 

***

 

	1.64	Hookipa Cell Line Materials

 

The term “Hookipa
Cell Line Materials” shall mean the cell lines and cell banks Controlled by Hookipa or any of its Affiliates and then
currently used or held for use by or on behalf of Hookipa to manufacture or produce the Collaboration Compounds and Products.

 

	1.65	Hookipa Collaboration Intellectual Property

 

The term “Hookipa Collaboration Intellectual
Property” shall mean, collectively:

 

		a)	“Hookipa Collaboration Know-How”, which shall mean any Know-How other than Roche Collaboration
Know-How that is invented, discovered, developed, or otherwise generated by or on behalf of either (a) Roche or any of its Affiliates,
or (b) Hookipa or any of its Affiliates, or (c) jointly by Roche or any of its Affiliates, on the one hand, and Hookipa or any
of its Affiliates, on the other hand, in each case ((a) to (c)) whether solely or jointly with any Third Party, in the conduct of
any activity under the Collaboration Plan, and that is ***; and

 

		b)	“Hookipa Collaboration Patent Rights”, which shall mean any Patent Rights that solely
Cover any Hookipa Collaboration Know-How.

 

	1.66	Hookipa Intellectual Property

 

The term “Hookipa Intellectual Property”
shall mean the Hookipa Background Intellectual Property and the Hookipa Collaboration Intellectual Property.

 

	1.67	***

 

***.

 

    	 	- 10 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.68	Hookipa Know-How

  

The term “Hookipa Know-How”
shall mean the Hookipa Background Know-How and the Hookipa Collaboration Know-How.

 

	1.69	Hookipa Patent Rights

 

The term “Hookipa Patent Rights”
shall mean the Hookipa Background Patent Rights and the Hookipa Collaboration Patent Rights.

 

	1.70	Hookipa Technology

 

The term “Hookipa Technology”
shall mean Hookipa’s proprietary replicating arenaviral vector (TheraT®) platform including any improvements and modifications
made to the foregoing ***

 

	1.71	ICD-11

 

The term “ICD-11” shall mean
the Eleventh Revision of the International Statistical Classifications of Diseases and Related Health Problems, as may be revised or amended
from time to time, or a successor classification.

 

	1.72	IFRS

 

The term “IFRS” shall mean
International Financial Reporting Standards.

 

	1.73	IND

 

The term “IND” shall mean an
application as defined in the FDCA and applicable regulations promulgated by the FDA, or the equivalent application to the equivalent
agency in any other country or group of countries, the filing of which is necessary to commence clinical testing of the Products in humans.

 

	1.74	Indication

 

The term “Indication”
shall mean a disease (i) for which the Product is indicated for treatment and (ii) that is described in the Product label
as required by the Regulatory Approval granted by the applicable Regulatory Authority *** .

 

	1.75	Information Security Incident

 

The term “Information Security Incident”
shall mean, with respect to Confidential Information, any unauthorized use, unauthorized disclosure, corruption (including ransomware
attack) or loss of such Confidential Information.

 

	1.76	Initial Compound

 

The term “Initial Compound”
shall mean any arenaviral immunotherapeutic (i) based on the Hookipa Technology and (ii) generated under the Collaboration Plan
and (iii) including HB700 Cargo.

 

	1.77	Initial Compound Derivative

 

The term “Initial Compound Derivative”
shall mean a modified Initial Compound wherein the initial HB700 Cargo is modified by ***.

 

	1.78	Initial Compound Product

 

The term “Initial Compound Product”
shall mean a product, including without limitation any Combination Product***.

 

    	 	- 11 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.79	Initiation

  

The term “Initiation” shall
mean the date that a human is first dosed with the Product in a Clinical Study approved by the respective Regulatory Authority.

 

	1.80	Insolvency Event

 

The term “Insolvency Event”
shall mean circumstances under which a Party (i) has a receiver or similar officer appointed over all or a material part of its assets
or undertaking; (ii) passes a resolution for winding-up (other than a winding-up for the purpose of, or in connection with, any solvent
amalgamation or reconstruction) or a court makes an order to that effect or a court makes an order for administration (or any equivalent
order in any jurisdiction); (iii) enters into any composition or arrangement with its creditors (other than relating to a solvent
restructuring); (iv) ceases to carry on business; (v) is unable to pay its debts as they become due in the ordinary course of
business.

 

	1.81	Internal Costs

 

The term “Internal Costs” shall
mean those FTE costs incurred by or on behalf of a Party or any of its Affiliates that indirectly support the performance of any activity
for a First Human Trial. Internal Costs include FTE dedicated to the selection of and contracting with the CRO, activities of the JRC
supporting the conduct of the First Human Trial and ***.

 

	1.82	Invention

 

The term “Invention” shall
mean any invention, whether or not patentable, that is conceived or discovered by or on behalf of any Party or any of its respective Affiliates,
whether solely or jointly with the other Party, any Affiliate of either Party, or any Third Party, in the course of activities under the
Collaboration Plan.

 

	1.83	Inventory

 

The term “Inventory” shall
mean (i) all existing clinical and non-clinical grade drug product, active pharmaceutical ingredient, intermediates and raw materials
associated with Collaboration Compounds and (ii) any other existing Materials (such as reference standards and retention samples),
drug delivery systems and packaging associated with the manufacture or testing of such Collaboration Compounds , in each case (i) and
(ii) in the possession and Control of Hookipa or any of its Affiliates as of the Effective Date.

 

	1.84	Joint Collaboration Intellectual Property

 

The term “Joint Collaboration Intellectual
Property” shall mean, collectively:

 

		(a)	“Joint Collaboration Know-How”, which shall mean any Know-How other than Hookipa Collaboration
Know-How and Roche Collaboration Know-How that is invented, discovered, developed, or otherwise generated by or on behalf of both Roche
or any of its Affiliates, on the one hand, and Hookipa or any of its Affiliates, on the other hand, whether solely or jointly with any
Third Party, in the conduct of any activity under the Collaboration Plan; and

 

		(b)	“Joint Collaboration Patent Rights”, which shall mean any Patent Rights that solely
Cover any Joint Collaboration Know-How; but excluding each Hookipa Collaboration Patent Right and Roche Collaboration Patent Right.

 

    	 	- 12 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.85	JRC or Joint Research Committee

 

The term “JRC” or “Joint
Research Committee” shall mean the joint research committee described in Section 5.

 

	1.86	Know-How

 

The term “Know-How” shall mean
inventions (including Inventions), data, knowledge and information, including materials, samples, chemical manufacturing data, toxicological
data, pharmacological data, preclinical and clinical data, assays, platforms, formulations, specifications, quality control testing data,
that are confidential and necessary or useful for the discovery, manufacture, development or commercialization of Products.

 

	1.87	KRAS

 

The term “KRAS” shall mean
the protein product of the KRAS ***.

 

	1.88	Launch Milestone

 

The term “Launch Milestone”
shall mean “First Commercial Sale” for the first Indication to launch, and “Regulatory Approval” for following
Indication launches.

 

	1.89	Manufacturing Plan

 

The term “Manufacturing
Plan” shall mean a plan for the manufacturing and supply of pre-clinical and clinical supply and commercial supply of
Collaboration Compounds and Products to Roche under this Agreement.

 

	1.90	Manufacturing Technology Transfer

 

The term “Manufacturing Technology Transfer”
shall mean the transfer of the Roche Continued Program Technology to Roche or Roche’s designee(s) as further described in Section 6.1.3.

 

	1.91	Materials

 

The term “Materials” shall
mean any chemical or biological substances including any: (i) organic or inorganic chemical or compound; (ii) gene; (iii) vector
or construct, whether plasmid, phage, virus or any other type; (iv) host organism, including bacteria and eukaryotic cells; (v) eukaryotic
or prokaryotic cell line or expression system; (vi) protein, including any peptide or amino acid sequence, enzyme, antibody or protein
conferring targeting properties and any fragment of a protein or peptide or enzyme; (vii) genetic material, including any genetic
control element (e.g., promoters); (viii) virus; or (ix) assay or reagent.

 

	1.92	Net Sales

 

The term “Net
Sales” shall mean, for a Product in a particular period, the amount calculated by subtracting from the Sales of such
Product for such period: ***.

 

	1.93	***

 

***.

 

	1.94	***

 

***.

 

	1.95	Option Compound

 

The term “Option Compound”
shall mean ***.

 

    	 	- 13 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.96	Option Compound Derivative

  

The term “Option Compound Derivative”
shall mean ***.

 

	1.97	Option Compound Product

 

The term “Option Compound Product”
shall mean a product, including without limitation any Combination Product, ***.

 

	1.98	Option Exercise

 

The term “Option Exercise”
shall mean exercise by Roche of the Option pursuant to Section 2.3.2.

 

	1.99	Option Exercise Data Package

 

The term “Option
Exercise Data Package” shall mean the deliverables package consisting of the data and results created during the Pre-Option
*** Collaboration Period as set forth in Appendix 3.1.2.

 

	1.100	***

 

***

 

	1.101	Party

 

The term “Party” shall mean
Hookipa or Roche, as the case may be, and “Parties” shall mean Hookipa and Roche collectively.

 

	1.102	Patent Rights

 

The term “Patent Rights” shall
mean all rights under any patent or patent application, in any country of the Territory, including any patents issuing on such patent
application, and further including any substitution, extension or supplementary protection certificate (including Patent Term Extensions),
reissue, reexamination, renewal, divisional, continuation or continuation-in-part of any of the foregoing.

 

	1.103	Phase I Study

 

The term “Phase
I Study” shall mean a human clinical trial in any country that would satisfy the requirements of 21 C.F.R. § 312.21(a) (FDCA),
as amended from time to time, and the foreign equivalent thereof.

 

	1.104	Phase II Study

 

The term “Phase
II Study” shall mean a human clinical trial, for which the primary endpoints include a determination of dose ranges or
a preliminary determination of efficacy in patients being studied as described in 21 C.F.R. § 312.21(b) (FDCA), as amended from
time to time, and the foreign equivalent thereof.

 

	1.105	Phase III Study

 

The term “Phase
III Study” shall mean a human clinical trial that is prospectively designed to demonstrate statistically whether a product
is safe and effective for use in humans in a manner sufficient to obtain regulatory approval to market such product in patients having
the disease or condition being studied as described in 21 C.F.R. § 312.21(c) (FDCA), as amended from time to time, and the foreign
equivalent thereof.

 

    	 	- 14 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.106	Pre-Option *** Collaboration Period

 

The term “Pre-Option *** Collaboration
Period” shall mean the period starting upon the earlier of (i) commencement of activities under the Pre-Option *** Collaboration
Plan, or (ii) *** months after the Effective Date, and ending at the earlier of (i) *** months thereafter or (ii) as soon
as all activities under the Pre-Option *** Collaboration Plan are completed.

 

	1.107	Product

 

The term “Product”
shall mean any Initial Compound Product or, upon Option Exercise, any Option Compound Product. For clarity, ***.

 

	1.108	Product-Specific Patent Right

 

The term “Product-Specific Patent Right”
shall mean any Hookipa Patent Right that ***.

 

	1.109	Program

 

The term “Program” shall mean
the HB700 Program or, upon Option Exercise, *** Program, as applicable.

 

	1.110	Prosecution

 

The term “Prosecution” or “Prosecute”
shall mean the filing, preparation, prosecution, and maintenance of any Patent Rights, including any pre-grant proceeding before any patent
authority, such as any interference.

 

	1.111	Registrational Study

 

The term “Registrational Study”
shall mean with respect to a Product, any Clinical Study that at the time of Initiation (or any later expansion of patient enrollment,
if applicable), is the basis for Regulatory Approval of such Product.

 

	1.112	Regulatory Approval

 

The term “Regulatory Approval”
shall mean all approvals (excluding pricing and reimbursement approvals), licenses, registrations or authorizations by a Regulatory Authority,
necessary for the sale of a Product in the Field in a regulatory jurisdiction in the Territory.

 

	1.113	Regulatory Authority

 

The term “Regulatory
Authority” shall mean any national, supranational, regional, state or local regulatory agency, department, bureau, commission,
council or other governmental entity in each regulatory jurisdiction involved in the granting of Regulatory Approval for the Product,
including, the FDA, the European Commission, the Council of the European Union and the European Medicines Agency.

 

	1.114	Roche Background Intellectual Property

 

The term “Roche Background Intellectual
Property” shall mean, collectively,

 

		a)	“Roche Background Know-How”, which shall mean any Know-How that is (i) Controlled
by Roche or any of its Affiliates as of the Effective Date or that arises outside of any activities under the Collaboration Plan and is
Controlled by Roche or any of its Affiliates during the Agreement Term, and (ii) necessary or reasonably useful for researching,
developing, making, using or selling Collaboration Compounds, Derivatives and Products; and

 

    	 	- 15 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		b)	“Roche Background Patent Rights”, which shall mean any Patent Rights that (i) are
Controlled by Roche or any of its Affiliates as of the Effective Date or that arise outside of any activities under the Collaboration
Plan and are Controlled by Roche or any of its Affiliates during the Agreement Term and (ii) Cover any Roche Background Know-How.

 

	1.115	Roche Collaboration Intellectual Property

 

The term “Roche Collaboration Intellectual
Property” shall mean, collectively:

 

		a)	“Roche Collaboration Know-How”, which shall mean any Know-How that is (i) invented,
discovered, developed, or otherwise generated by or on behalf of either (a) Roche or any of its Affiliates, or (b) Hookipa or
any of its Affiliates, or (c) jointly by Roche or any of its Affiliates, on the one hand, and Hookipa or any of its Affiliates, on
the other hand, in each case ((a) to (c)) whether solely or jointly with any Third Party, in the conduct of any activity under the
Collaboration Plan, and (ii) ***; and

 

		b)	“Roche Collaboration Patent Rights”, which shall mean any Patent Rights that solely
Cover any Roche Collaboration Know-How.

 

	1.116	Roche Go-Decision

 

The term “Roche Go-Decision”
shall mean the written notice provided by Roche to Hookipa informing Hookipa of the decision by Roche to solely continue development,
and commercialization of the Collaboration Compounds, Derivatives and Products.

 

	1.117	Roche Go-Decision Technology Transfer

 

The term “Roche
Go-Decision Technology Transfer” shall mean the transfer, after a Roche Go-Decision or an Early Go-Decision, as applicable,
of the Roche Go-Decision Data to Roche or Roche’s designee(s) as further described in Section 3.11.2.

 

	1.118	Roche Group

 

The term “Roche Group” shall
mean collectively Roche, its Affiliates and its Sublicensees.

 

	1.119	Roche Intellectual Property

 

The term “Roche Intellectual Property”
shall mean the Roche Background Intellectual Property and the Roche Collaboration Intellectual Property.

 

	1.120	Roche Know-How

 

The term “Roche Know-How” shall
mean the Roche Background Know-How and the Roche Collaboration Know-How.

 

	1.121	Roche Patent Rights

 

The term “Roche Patent Rights”
shall mean the Roche Background Patent Rights and the Roche Collaboration Patent Rights.

 

	1.122	Royalty Term

 

The term “Royalty
Term” shall mean, with respect to a given Product and for a given country, the period of time commencing on the date of First
Commercial Sale of such Product in such country and ending on the later of the date that is ***.

 

    	 	- 16 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.123	Sales

 

The term “Sales”
shall mean, for a Product in a particular period, the sum of (i) and (ii):

 

	(i)	***.

 

***

 

		***	

 

		***	

 

		***	

 

		***	

 

		***	

 

***

 

***

 

	1.124	Scientific Expert

 

The term “Scientific
Expert” shall mean a scientific expert with at least *** years of experience and expertise in the pharmaceutical, biopharmaceutical,
or biotechnology industry in the field of preclinical in vivo pharmacology and immunology but excluding any and all current and former
employees and consultants of either Party, unless such employment or consulting relationship was terminated more than *** years ago. Such
person shall be fluent in the English language.

 

	1.125	Senior Officers

 

The term “Senior
Officers” shall mean, with respect to Roche, its *** or ***, and, with respect to Hookipa, its ***. If a designee is
chosen for either Party, such designee should have sufficient seniority and the required subject matter expertise.

 

	1.126	Standalone Initial Compound Product

 

The term “Standalone
Initial Compound Product” shall mean an Initial Compound Product for which an ***.

 

	1.127	Standalone Option Compound Product

 

The term “Standalone
Option Compound Product” shall mean an Option Compound Product for which an ***

 

	1.128	Start of GMP Manufacturing

 

The term “Start
of GMP Manufacturing” shall mean the start of the HB700 ***

 

	1.129	Sublicensee

 

The term “Sublicensee” shall
mean an entity to which Roche or any of its Affiliates has licensed rights (through one or multiple tiers), other than through a Compulsory
Sublicense, pursuant to this Agreement.

 

    	 	- 17 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

	1.130	Territory

 

The term “Territory” shall
mean worldwide.

 

	1.131	Third Party

 

The term “Third
Party” shall mean a person or entity other than (i) Hookipa or any of its Affiliates or (ii) a member of the
Roche Group.

 

	1.132	Third Party License Agreement

 

The term “Third Party License Agreement”
shall mean any of the Existing Third Party Licenses and the Hookipa Future Third Party In-License Agreements.

 

	1.133	Trial Costs

 

The term “Trial Costs” shall
mean

 

*** the
costs incurred by Hookipa and its Affiliates and/or Roche and its Affiliates, as applicable, for a given Collaboration Compound or Product,
including a Product containing a combination of an Initial Compound and an Option Compound, and shall include the following: ***

 

***

 

	1.134	***

 

***

 

	1.135	***

 

***.

 

	1.136	US

 

The term “US” shall mean the
United States of America and its territories and possessions.

 

	1.137	US$

 

The term “US$” shall mean US
Dollars.

 

	1.138	Valid Claim

 

The term “Valid
Claim” shall mean ***.

 

	1.139	Additional Definitions

 

Each of the following definitions is set forth
in the Section of this Agreement indicated below:

 

	Definition	Section
	Accounting Period	10.1
	Acquired Party	19.1
	Alliance Director	5.9
	Bankruptcy Code	20
	Breaching Party	18.2.1
	Chairperson	5.2
	Chugai	1.1
	Collaboration Budget	3.2.3
	Compulsory Sublicense	1.22
	Compulsory Sublicensee	1.22

 

    	 	- 18 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

	Definition	Section
	*** Replacement Right	3.6.1
	Cure Period	2.4.2
	Data Packages	3.2.3
	Decision Period	13.9
	Designated ***	3.6.2
	Disagreement Notice	3.1.4.2
	Disclosing Party	1.23
	Exclusive	3.1.1
	Expert Committee	9.9.3
	German WHT Requirement	11.2
	GITA	11.2
	Go-Decision Period	3.9
	Handoff Payment	9.5
	HB700 Collaboration Plan	3.2.3
	Hookipa	cover page
	Hookipa Background Know-How	1.63
	Hookipa Background Patent Rights	1.63
	Hookipa Collaboration Know-How	1.65
	Hookipa Collaboration Patent Rights	1.65
	Hookipa Future Third Party In-License Agreement	1.63
	Hookipa Indemnitee	15.1
	***	3.7
	***	3.7
	Hookipa-Originated Transfer Activities	18.3.5
	Inactivity Period	4
	Indemnified Party	15.3
	Indemnifying Party	15.3
	Initiating Party	13.9
	Invalidity Claim	13.11
	Joint Collaboration Know-How	1.84
	Joint Collaboration Patent Rights	1.84
	JMC / Joint Manufacturing Committee	6.3.1
	***	3.7
	Manufacturing License Agreement	2.1.5
	Manufacturing Technology Transfer Plan	6.1.3
	Members	5.2
	Minimum Transfer Payment	18.3.5
	Negotiation Period	18.5.1
	Non-Acquired Party	19.1
	Non-Breaching Party	18.2.1
	Option 	2.3.1

 

    	 	- 19 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

	Definition	Section
	Option Exercise Data Package	3.1.2
	Option Exercise Fee	9.2
	Option Exercise Period	2.3.2
	Patent Coordination Team	13.6.1
	Patent Term Extensions	13.14
	Payment Currency	10.3
	Peremptory Notice Period	18.2.1
	PII/Samples	18.3.5
	***	19.5
	Pre-Option *** Collaboration Plan	3.1.2
	Proposed Reversion License Terms	18.5.1
	Publishing Notice	17.4
	Publishing Party	17.4
	Receiving Party	1.23
	Reference Product Sponsor	13.13
	Relative Commercial Value	9.9.3
	Replacement Notice	3.6.2
	Research Budgets	9.1
	Reversion License Agreement	18.3.5
	Reversion License Terms	18.5.1
	Reversion Products	18.5.1
	Roche	cover page
	Roche Background Know-How	1.114
	Roche Background Patent Rights	1.114
	Roche Basel	cover page
	Roche Collaboration Know-How	1.115
	Roche Collaboration Patent Rights	1.115
	Roche Continued Program Technology	6.1.3
	Roche Go-Decision Data	3.11.2
	Roche Go-Decision Technology Transfer Plan	3.11.2
	Roche Indemnitee	15.2
	Roche Manufacturing Technology Transfer Decision	6.1.3
	Roche Transfer Activities	18.3.5
	Roche US	cover page
	Royalty Buy-Out Offer(s)	10.7
	Selected ***	3.1.1
	Selection Criteria	3.2.3
	Sensitive Information	19.1
	Settlement	13.9
	Suit Notice	13.9
	Terminated Countries	18.5.1
	Terminated Products	18.5.1
	Third Party Payments	9.9.5

 

    	 	- 20 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

	Definition	Section
	Triggering Event	3.8

 

		2.	Licenses and Options

 

		2.1	Licenses

 

		2.1.1	Research Cross License

 

Subject to the terms and conditions of this Agreement,
(i) Hookipa hereby grants to Roche during the Collaboration Term a non-exclusive, royalty-free, fully-paid up, transferrable (pursuant
to Section 21.3), sublicensable (pursuant to Section 2.2.1) right and license under the Hookipa Intellectual Property and Hookipa’s
share in the Joint Collaboration Intellectual Property solely to enable Roche to perform the activities assigned to Roche under the Collaboration
Plan under this Agreement; and (ii) Roche hereby grants to Hookipa during the Collaboration Term a non-exclusive, royalty-free, fully-paid
up, transferrable (pursuant to Section 21.3), sublicensable (pursuant to Section 2.2.3) right and license under the Roche Intellectual
Property and Roche’s share in the Joint Collaboration Intellectual Property solely to enable Hookipa to perform the activities assigned
to Hookipa under the Collaboration Plan under this Agreement.

 

		2.1.2	HB700 Commercial License

 

		(a)	Initial Compounds, Initial Compound Derivatives, Initial
Compound Products

 

Subject to the terms and conditions of this Agreement,
Hookipa hereby grants to Roche a milestone- and royalty-bearing, transferrable (pursuant to Section 21.3), sublicensable (pursuant
to Section 2.2.1) right and license under the Hookipa Intellectual Property and Hookipa’s share in the Joint Collaboration
Intellectual Property to research, have researched, develop, have developed, register, have registered, use, have used, make, have made,
import, have imported, export, have exported, market, have marketed, distribute, have distributed, sell and have sold Initial Compounds, Initial
Compound Derivatives and Initial Compound Products in the Field in the Territory.

 

The right and license granted by Hookipa to Roche
pursuant to this Section 2.1.2(a) shall, as applicable, be: (A) exclusive (even as to Hookipa and its Affiliates) with
respect to Hookipa Intellectual Property owned by Hookipa or any
of its Affiliates; (B) exclusive (even as to Hookipa and its Affiliates) with respect to Hookipa Intellectual Property that has
been in-licensed by Hookipa or any of its Affiliates from a Third Party on an exclusive basis; and (C) non-exclusive (but exclusive
as between Hookipa and its Affiliates, on the one hand, and Roche, on the other hand) with respect to Hookipa Intellectual Property which
has been in-licensed by Hookipa or any of its Affiliates from a Third Party on a non-exclusive basis.

 

		(b)	Companion Diagnostics for Initial Compound Products

 

Subject to the terms and conditions of this Agreement,
Hookipa hereby grants to Roche a non-exclusive, transferrable (pursuant to Section 21.3), sublicensable (pursuant to Section 2.2.1)
right and license under the Hookipa Intellectual Property and Hookipa’s share in the Joint Collaboration Intellectual Property to
research, have researched, develop, have developed, register, have registered, use, have used, make, have made, import, have imported,
export, have exported, market, have marketed, distribute, have distributed, sell and have sold Companion Diagnostics specific for Initial
Compound Products in the Field in the Territory.

 

    	 	- 21 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		2.1.3	*** Commercial License

 

		(a)	Option Compounds, Option Compound Derivatives, Option Compound
Products

 

Subject to the terms
and conditions of this Agreement, effective upon Option Exercise, Hookipa hereby grants to Roche a milestone- and royalty-bearing,
transferrable (pursuant to Section 21.3), sublicensable (pursuant to Section 2.2.1) right and license under the Hookipa Intellectual
Property and Hookipa’s share in the Joint Collaboration Intellectual Property to research, have researched, develop, have developed,
register, have registered, use, have used, make, have made, import, have imported, export, have exported, market, have marketed, distribute,
have distributed, sell and have sold Option Compounds, Option Compound Derivatives and Option Compound Products in the Field in the Territory.

 

The right and license granted by Hookipa to Roche
pursuant to this Section 2.1.3(a) shall, as applicable, be: (A) exclusive (even as to Hookipa and its Affiliates) with
respect to Hookipa Intellectual Property owned by Hookipa or any
of its Affiliates; (B) exclusive (even as to Hookipa and its Affiliates) with respect to Hookipa Intellectual Property that has
been in-licensed by Hookipa or any of its Affiliates from a Third Party on an exclusive basis; and (C) non-exclusive (but exclusive
as between Hookipa and its Affiliates, on the one hand, and Roche, on the other hand) with respect to Hookipa Intellectual Property which
has been in-licensed by Hookipa or any of its Affiliates from a Third Party on a non-exclusive basis.

 

		(b)	Companion Diagnostics for Option Compound Products

 

Subject to the terms
and conditions of this Agreement, effective upon Option Exercise, Hookipa hereby grants to Roche a non-exclusive, transferrable
(pursuant to Section 21.3), sublicensable (pursuant to Section 2.2.1) right and license under the Hookipa Intellectual Property
and Hookipa’s share in the Joint Collaboration Intellectual Property to research, have researched, develop, have developed, register,
have registered, use, have used, make, have made, import, have imported, export, have exported, market, have marketed, distribute, have
distributed, sell and have sold Companion Diagnostics specific for Option Compound Products in the Field in the Territory.

 

		2.1.4	No License for Other Products

 

For the avoidance
of doubt, subject to Section 3.1.1, nothing in this Agreement shall limit Hookipa’s right to develop products ***.

 

		2.1.5	***

 

***

 

    	 	- 22 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		2.2	Sublicensing and Subcontracting

 

		2.2.1	Right to Sublicense of Roche

 

Roche shall have
the right to grant sublicenses (through multiple tiers) under its rights granted under Section 2.1 to its Affiliates and to
Third Parties; provided, that: (i) sublicenses granted to Affiliates of Roche and to Chugai (if Chugai is not an Affiliate under
this Agreement) shall not require the prior approval of Hookipa provided that any sublicense granted to Chugai (if Chugai is not an Affiliate
under this Agreement) shall be notified by Roche to Hookipa in writing without delay; (ii) sublicenses granted to Third Parties other
than Affiliates of Roche and to Chugai (if Chugai is not an Affiliate under this Agreement) shall likewise not require the prior written
approval of Hookipa, however, in course of the Parties’ exchange in the JRC and Roche’s reporting on its development and commercialization
activities, Roche shall inform Hookipa without undue delay about any concluded or terminated Third Party sublicense relationship in the
Territory and thereby shall provide to Hookipa information on the Sublicensee; (iii) where any such rights granted under Section 2.1
are in-licensed by Hookipa from a Third Party licensor and sublicensed hereunder, the grant of such sublicense is permitted under the
terms and conditions of the applicable Third Party License Agreement; (iv) Roche shall ensure that any such Affiliate or Third Party
is bound by a written agreement that is consistent with and subject to the applicable terms and conditions of this Agreement and, as the
case may be, the applicable Third Party License Agreement; (v) Roche shall remain responsible for the performance of this Agreement
and shall cause any such Affiliate or Third Party to comply with all applicable terms and conditions of this Agreement and, as the case
may be, the applicable Third Party License Agreement; and (vi) promptly following the full execution of each sublicense agreement
with a Third Party other than Chugai (if Chugai is not an Affiliate under this Agreement) but not if concluded with Roche’s Affiliates,
Roche shall provide Hookipa with a copy of each such sublicense agreement, which copy may be redacted in order to prevent the disclosure
of any information not reasonably necessary to confirm compliance with this Agreement and, as the case may be, the applicable Third Party
License Agreement.

 

		2.2.2	Right to Subcontract of Roche

 

Roche shall have the right, without prior approval
of Hookipa, to subcontract to Affiliates or Third Parties the performance of tasks and obligations of Roche hereunder as Roche deems reasonably
appropriate; provided, that Roche shall remain responsible for the performance of this Agreement and shall cause any such subcontractor
to comply with all applicable terms and conditions of this Agreement.

 

		2.2.3	Right to Subcontract of Hookipa

 

Hookipa shall have the right to subcontract to
Affiliates or Third Parties the performance of tasks and obligations of Hookipa hereunder, subject to (i) such subcontractors being
listed on the “Initial Subcontractor List” attached to this Agreement as Appendix 2.2.3 or (ii) for subcontractors
not listed on Appendix 2.2.3 the written approval of Roche, which shall not be unreasonably withheld; provided, that Hookipa
shall remain responsible for the performance of this Agreement and shall cause any such subcontractor to comply with all applicable terms
and conditions of this Agreement. Any subcontract contemplated by this Section 2.2.3 may include a sublicense of rights granted to
Hookipa under Section 2.1.1 necessary for the performance of the subcontract as reasonably required.

 

    	 	- 23 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		2.3	Option

 

		2.3.1	Grant of Option

 

Hookipa hereby grants to Roche an exclusive option
to extend the collaboration of the Parties in relation to the *** Program beyond the Pre-Option *** Collaboration Period and to further
research, have researched, develop, have developed, register, have registered, use, have used, make, have made, import, have imported,
export, have exported, market, have marketed, distribute, have distributed, sell and have sold Option Compounds, Option Compound Derivatives
and Option Compound Products in the Field in the Territory in accordance with the terms and conditions of this Agreement (the “Option”).

 

		2.3.2	Exercise of Option Right

 

Roche shall have the right to exercise the Option
within *** weeks after Hookipa’s delivery of the Option Exercise Data Package to Roche pursuant to Section 3.1.4 by giving
a written notice to Hookipa (“Option Exercise Period”). In the event that Roche exercises the Option during the Option
Exercise Period in accordance with the foregoing sentence:

 

		(i)	the Collaboration Term for the *** Program will be extended in accordance with Section 1.16;

 

		(ii)	the license grant hereunder will include the rights and licenses provided in Section 2.1.3;

 

		(iii)	the Collaboration Plan shall be updated in accordance with Section 3.2.3;

 

		2.3.3	Option Right Not Exercised

 

In the event that Roche decides not to exercise
the Option and provides Hookipa with written notice thereof during the Option Exercise Period, or the Option Exercise Period expires without
Hookipa having received written notice from Roche that it exercises the Option:

 

		(i)	this Agreement shall be deemed terminated by Roche with respect to the *** Program and the Option Compounds,
Option Compound Derivatives and Option Compound Products pursuant to Section 18.2.318.2.3;

 

		(ii)	Hookipa and its Affiliates shall not be restricted from independently undertaking further research, development,
manufacturing, commercialization and other exploitation of the Option Compounds, Option Compound Derivatives and Option Compound Products
alone, or with any Affiliates or Third Parties;

 

		(iii)	the Parties hereby grant to each other the licenses pursuant to Section 18.3.2.

 

		2.4	Existing Third Party Licenses and Hookipa Future Third Party In-License Agreement

 

		2.4.1	Hookipa shall be responsible for performing all obligations under each of its Third Party License Agreements
(including any payment obligations) even if such obligations arise as a result of Roche’s (or an Affiliate’s or Sublicensee’s)
activities in compliance with this Agreement. During the Agreement Term, Hookipa shall maintain each of its Third Party License Agreements
in full force and effect, in each case in accordance with its terms and conditions, and shall not amend or terminate such Third Party
License Agreements or exercise or waive any rights it may have under such Third Party License Agreements, in all cases, without the prior
consent of Roche. Neither Hookipa nor Roche shall commit any acts or omissions that could cause a breach of or give rise to a right to
terminate such Third Party License Agreement.

 

    	 	- 24 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		2.4.2	In the event Hookipa receives a notice of breach by the counterparty to any of its Third Party License
Agreements, Hookipa shall (i) promptly notify Roche in writing of such breach, (ii) discuss with Roche in good faith how to
cure such breach, and (iii) use commercially reasonable efforts to resolve any such breach within *** days after receipt of the respective
breach notice by Hookipa or such shorter cure period provided for such breach in the applicable Third Party License Agreement (“Cure
Period”) or notify Roche promptly and at the latest *** days after receipt by Hookipa of such notice of breach from the counterparty
to any of its Third Party License Agreements that it refuses to resolve any such breach. ***

 

		2.4.3	Roche acknowledges that (i) the rights and licenses under, or with respect to, the Hookipa Background
Intellectual Property granted by Hookipa to Roche under this Agreement shall be no greater in scope than those granted by the applicable
Third Party to Hookipa under the applicable Third Party License Agreement and (ii) Roche shall comply and permit Hookipa to comply,
and shall cause its Affiliates and Sublicensees to comply and permit Hookipa to comply, with the relevant terms and conditions of the
applicable Third Party License Agreement.

 

		2.4.4	***.

 

		3.	Research And Development

 

		3.1	Initial *** Program

 

		3.1.1	Selection of ***

 

Within *** months following the Effective Date,
Roche shall determine the *** to be included in the *** Program by providing written notice to Hookipa (the “Selected ***”).
***

 

		3.1.2	Pre-Option *** Collaboration Plan

 

Within *** months following the Effective Date,
Roche and Hookipa will jointly agree to a plan for research activities to be conducted by the Parties with respect to the Selected ***
during the Pre-Option *** Collaboration Period with a goal of identifying one Option Compound as a *** Development Candidate (the “Pre-Option
*** Collaboration Plan”) and such Pre-Option *** Collaboration Plan shall be attached to the HB700 Collaboration Plan.
Unless decided otherwise by the JRC, the Pre-Option *** Collaboration Plan will be updated every *** by the JRC and approved by the JRC.
The Pre-Option *** Collaboration Plan will set forth: (a) the scope of the research activities and the resources that will be dedicated
to the activities contemplated within the scope of the *** Program during the Pre-Option *** Collaboration Period, including the responsibilities
of each Party; (b) specific objectives for each period, which objectives will be updated or amended, as appropriate, by the JRC as
research progresses; (c) success criteria for identification of a *** Development Candidate; and (d) contents of the data package
consistent with the items set forth on Appendix 3.1.2 to be delivered by Hookipa to Roche upon completion of all activities
under the Pre-Option *** Collaboration Plan (the “Option Exercise Data Package”). The Pre-Option *** Collaboration
Plan shall allow for sufficient flexibility to optimize the composition of the ***.

 

    	 	- 25 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		3.1.3	Diligent Efforts

 

Roche and Hookipa shall each use Commercially
Reasonable Efforts to perform their respective tasks and obligations in conducting all activities ascribed to it in the Pre-Option***
Collaboration Plan, in accordance with the time parameters set forth therein.

 

		3.1.4	Option Exercise Data Package

 

		3.1.5	General Procedure

 

Within *** weeks
after expiry of the Pre-Option *** Collaboration Period, Hookipa shall provide Roche with the Option Exercise Data Package. If the Option
Exercise Data Package provided by Hookipa to Roche is incomplete, Roche may notify Hookipa within *** days in writing of the incomplete
status of such Option Exercise Data Package, including any items that, in Roche’s reasonable determination made in good faith, should
have been included. Following receipt of such notice, in the event Hookipa agrees with Roche’s determination (or it is determined
through the dispute resolution procedures pursuant to Section 3.1.6) that an initially proposed or revised Option Exercise Data Package
is incomplete (i) Hookipa will promptly deliver the items requested by Roche to complete such Option Exercise Data Package, (ii) delivery
of the Option Exercise Data Package will not be considered complete, and (iii) the Option Exercise Period will not commence, until
Hookipa has delivered all such items. Upon delivery by Hookipa of the completed Option Exercise Data Package, Roche will have the right
to exercise the Option as set forth in Section 2.3. If Roche exercises the Option pursuant to Section 2.3.2, then all the Selected
*** included in the *** Development Candidate shall become Exercised *** after the Option Exercise, and the Agreement shall terminate
with regards to such Selected *** not included in the *** Development Candidate and Section 18.4 shall apply.

 

		3.1.6	Dispute Resolution

 

***.

 

		3.2	Conduct of the Program(s)

 

		3.2.1	Scope

 

Roche and Hookipa shall conduct the Program(s) pursuant
to the Collaboration Plan during the Collaboration Term. The activities conducted in connection with a Program will be overseen by the
JRC.

 

		3.2.2	Diligent Efforts

 

Roche and Hookipa shall each use Commercially
Reasonable Efforts to perform their respective tasks and obligations in conducting all activities ascribed to it in each then-current
Collaboration Plan, in accordance with the time parameters set forth therein.

 

    	 	- 26 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		3.2.3	Collaboration Plan

 

The Parties will conduct each Program in accordance
with the Collaboration Plan. Unless decided otherwise by the JRC, the Collaboration Plan will be updated annually by the JRC. The Collaboration
Plan for the HB700 Program and, if Roche exercises the Option pursuant to Section 2.3.2, the *** Program will set forth: (a) the
scope of the Program and the resources that will be dedicated to the activities contemplated within the scope of the Program, including
the responsibilities of each Party; (b) specific objectives for each year, which objectives will be updated or amended, as appropriate,
by the JRC as research progresses; (c) criteria for progression of Collaboration Compounds during the preclinical stages up to and
including IND submission (“Selection Criteria”); (d) contents of the respective data packages that Parties shall
provide to the JRC (“Data Packages”); and (e) budgets for the activities under the scope of the Program prior
to Roche Go-Decision with respect to such Program, including a budget for the Trial Costs (“Collaboration Budget”).
An initial Collaboration Budget for the HB700 Program and the *** Program, including the activities to be conducted pursuant to the Pre-Option
*** Collaboration Plan is attached as Appendix 3.2.3(A). Prior to the Option Exercise, the *** Program will be conducted pursuant
to the Pre-Option *** Collaboration Plan. The JRC shall review the Collaboration Plan on an ongoing basis and may amend such plan. Any
such changes shall be reflected in written amendments to the Collaboration Plan. The initial Collaboration Plan, hereto attached as Appendix 3.2.3(B),
relates to the HB700 Program and Initial Compounds (the “HB700 Collaboration Plan”) and includes a high-level plan
for the First Human Trial for an Initial Compound, including clinical Endpoints, subject to further revisions. If Roche exercises the
Option as set forth in Section 2.3.2, the Collaboration Plan shall be updated to include further development of the *** Program through
a First Human Trial for an Option Compound, in the same manner as for the HB700 Program, with the Parties having the same responsibilities
with respect to the *** Program as for the HB700 Program.

 

		3.2.4	Duration

 

Each Program shall continue until the end of the
Collaboration Term for such Program.

 

		3.2.5	Extension

 

If the activities pursuant to the Collaboration
Plan under the respective Program are not Completed, but the funding contributed by Hookipa to the conduct of such activities has reached
the cap pursuant to Section 9.3.4 for the *** Program, then the Parties shall discuss in good faith commercially reasonable options
and agree on terms acceptable to both Parties to Complete such activities.

 

		3.3	Records; Reports

 

		3.3.1	Progress Reports

 

At least ***
during the Collaboration Term for each Program, Hookipa shall prepare and provide to the JRC, through the Alliance Director, a detailed
written report summarizing the progress of the work performed by Hookipa in the course of the Program during the preceding Calendar Quarter.
Promptly upon expiry of the Collaboration Term for a Program, Hookipa shall provide a final written report summarizing its activities
under such Program and the results thereof.

 

    	 	- 27 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		3.3.2	Research and Development Records

 

For each Program, each Party shall maintain records
of the activities performed under the Collaboration Plan (or cause such records to be maintained) in sufficient detail and in good scientific
manner as will properly reflect all work done and results achieved by or on behalf of such Party in the performance of such Program. All
laboratory notebooks or equivalent documents used at Hookipa shall be maintained for no less than the term of any Patent Rights issuing
therefrom.

 

Upon the written
request of Roche and not more than *** in each Calendar Year, Hookipa shall permit Roche, at Roche’s expense, to have access
during normal business hours to those records of Hookipa that may be necessary to verify the basis for any payments hereunder.

 

		3.4	Progression of Activities under the Program(s)

 

Hookipa will compile supporting Data Packages
after completion of all activities of each phase for a Program as set forth in the Collaboration Plan. Within *** days after receipt of
the Data Package for a Program, Roche through the JRC shall evaluate such Data Package and all Collaboration Compounds for the respective
stage against the applicable Selection Criteria.

 

		3.5	Incomplete Data Packages

 

If a Data Package for a Program provided by Hookipa
in accordance with the applicable Collaboration Plan to the JRC is incomplete, Roche may notify Hookipa within *** days in writing of
the incomplete status of such Data Package, including any items that, in Roche’s reasonable determination made in good faith, should
have been included in accordance with the applicable Collaboration Plan. Following receipt of such notice, Hookipa will promptly deliver
the items requested by Roche to complete such Data Package.

 

		3.6	Replacement of Exercised *** under the *** Program

 

		3.6.1	Right to replace Exercised *** due to Failure

 

Subject to Section 3.6.2,
if there is a Failure with respect to an Option Compound containing an Exercised ***, Roche shall have the right to replace one
of the Exercised *** in such Option Compound (“*** Replacement Right”). Roche may exercise such *** Replacement Right
up to ***, prior to *** and shall follow the replacement mechanism set forth in Section 3.6.2.

 

		3.6.2	Determination of Availability

 

If Roche decides
to exercise ***Replacement Right under Section 3.6.1, Roche shall, within *** after Roche or the JRC, as applicable, has determined
that a Failure has occurred, notify Hookipa of its desire to replace an Exercised ***with a new designated Selected *** (“Replacement
Notice”). Within *** after Hookipa’s receipt of the Replacement Notice, Hookipa shall confirm whether or not the designated
new *** as set forth in the Replacement Notice (“Designated ***”) is Available at the time of receipt of such Replacement
Notice by Hookipa and explain underlying reasons if the Designated *** is not Available. If the Designated *** is Available at the time
of receipt of such Replacement Notice by Hookipa, such Designated *** shall become an Exercised *** under this Agreement, and the Agreement
shall terminate with regards to the replaced Exercised *** and Section 18.4 shall apply. Once a Designated *** is an Exercised ***,
Hookipa shall present the budget for the activities related to the new Exercised *** and such budget shall be approved by the JRC. If
at the time of the Replacement Notice, Hookipa has already reached the cap pursuant to Section 9.3.4, then the Parties shall negotiate
in good faith how the costs related to such budget shall be borne. For clarity, ***.

 

    	 	- 28 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		3.7	***

 

***

 

		3.8	Insolvency Event of Hookipa or Breach by Hookipa or Change of Control of Hookipa During Collaboration
Term

 

If, during the Collaboration Term and the subsequent
period during which Hookipa is responsible for manufacture and supply hereunder, subject to Section 6.1.3, (i) an Insolvency
Event or a reasonably foreseeable Insolvency Event occurs or (ii) a breach by Hookipa occurs pursuant to Section 18.2.1 18.2.1
or (iii) Hookipa undergoes a Change of Control pursuant to Article 19, Hookipa shall notify Roche immediately in writing but
no later than *** days after learning of it or after such event has occurred, the day of the notice being the triggering event (each a
 “Triggering Event”), then Roche, within its sole discretion may (a) terminate this Agreement pursuant to Section 18.2
or (b) issue an Early Go-Decision within *** days after a Triggering Event has occurred.

 

		3.9	Roche Go-Decision

 

With regard to a Program, after Completion of
the First Human Trial for such Program, Roche shall have the sole right and discretion, within *** days of such Completion (“Go-Decision
Period”), to decide whether to progress the development of such Program by issuing a Roche Go-Decision. If Roche does not issue
a Roche Go-Decision within the Go-Decision Period or if Roche notifies Hookipa in writing that it will not issue a Roche Go-Decision within
the Go-Decision Period, this Agreement shall be deemed terminated by Roche with respect to such Program and the respective Collaboration
Compounds and Products pursuant to Section 18.2.3.

 

		3.10	Transfer of Materials

 

If
applicable pursuant to the then current Collaboration Plan and on a Program-by-Program basis, in order to facilitate the activities contemplated
under the Collaboration Plan, one Party shall provide the other Party with sufficient quantities of certain physical Materials as set
forth in the Collaboration Plan and other Materials as such Party may provide from time to time under this Agreement. Except as otherwise
expressly set forth in this Agreement, all such Materials delivered to one Party by the other Party will remain the sole property of the
delivering Party, will be used only as specified in the Collaboration Plan and shall not be reverse engineered, deconstructed or analyzed
in any way except as expressly permitted in the Collaboration Plan. The receiving Party shall not transfer, deliver or disclose any such
Materials, or any derivatives, analogs, modifications or components thereof, to any Third Party without the prior written approval of
the other Party, except to subcontractors performing any activities as contemplated in the Collaboration Plan under written conditions
as restrictive as those set forth herein, Sublicensees and to Regulatory Authorities for the purpose of carrying out the development and
commercialization of Collaboration Compound and Product.

 

The
receiving Party will use the Materials supplied under this Agreement with appropriate caution in any experimental work as not all of their
characteristics may be known. The delivering Party will provide to the other Party the most current material safety data sheet for the
Materials upon transfer of any Materials, if available.

 

Roche
will deliver Materials to Hookipa under DAP Hookipa Vienna or Hookipa’s designee), Incoterms® 2020. Hookipa will provide
to Roche prior to Material deliveries all the necessary import documentation including but not limited to licenses and other permissions.
Hookipa will deliver Materials to Roche under DAP (Roche Basel or Roche’s designee), Incoterms® 2020.

 

    	 	- 29 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

At
the end of the Collaboration Term for a Program, any unused Materials supplied by one Party hereunder and any derivatives, analogs, modifications
or components thereof shall be, at the delivering Party’s option, either returned to or destroyed at the receiving Party’s
cost in accordance with instructions by the delivering Party.

 

		3.11	Exchange of Information

 

		3.11.1	The Parties shall disclose and make available to each other all data and information necessary to conduct
the activities under each Program. The Parties, through the JRC, shall answer any questions reasonably posed and provide any information
reasonably requested.

 

		3.11.2	After a Roche Go-Decision or an Early Go-Decision, as applicable, for a Program, Hookipa shall initiate
within thirty (30) days of such Roche Go-Decision or Early-Go Decision a technology transfer regarding all preclinical and clinical data
and regulatory filings which are necessary and useful for Roche to further research, develop, manufacture and commercialize Collaboration
Compounds and Products for such Program (collectively, “Roche Go-Decision Data”). Such transfer will be conducted in
accordance with a technology transfer plan created by the JRC (each a “Roche Go-Decision Technology Transfer Plan”),
which shall be a plan and timeline for the complete transfer of the Roche Go-Decision Data, including detailing the Roche Go-Decision
Data to be transferred and the conditions for such transfer, including the criteria determining successful implementation of the Roche
Go-Decision Technology Transfer.

 

		3.12	Research and Pre-Clinical Development Activities After the Collaboration Plan

 

After a Roche Go-Decision or an Early Go Decision,
as applicable, for a Program, Roche has, within its sole discretion, the right to conduct research and pre-clinical development activities
regarding Collaboration Compounds and Products related to such Program outside such Program.

 

		3.13	Development

 

After a Roche Go-Decision or an Early Go-Decision,
as applicable, for a Program, Roche, at its sole cost, shall be responsible for pursuing further clinical development of Products resulting
from such Program. Following the dissolution of the JRC pursuant to Section 5.12 and subject to special reporting obligations as
set forth in Article 4, Roche shall provide to Hookipa *** per Calendar Year and for the first time *** days after the start of the
first Calendar Quarter in the first Calendar Year after the dissolution of the JRC, a written report that summarizes the development activities
performed by the Roche Group with respect to each Product. If requested by Hookipa within *** days after receipt of such written report,
Roche shall address any questions that Hookipa may have in a meeting (face to face/ tele-presence/ videoconference or telephone). All
information presented to Hookipa pursuant to this Section 3.13 shall be treated as Confidential Information of Roche hereunder.

 

		4.	Diligence

 

Roche agrees to
use Commercially Reasonable Efforts to pursue further development and commercialization of Products referred to in the first sentence
of Section 3.13 in the Field in the Territory after completion of the Roche Go-Decision Technology Transfer pursuant to Section 3.11.2.
Roche shall be deemed to use Commercially Reasonable Efforts if it develops and commercializes at least *** Product in at least ***
Indication in any *** in the Territory.

 

***

 

    	 	- 30 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		5.	Governance

 

		5.1	Joint Research Committee

 

Within *** days after the Effective Date of this
Agreement, the Parties shall establish a JRC to oversee the research and development activities under this Agreement during the Collaboration
Term.

 

		5.2	Members

 

The JRC shall be composed of six (6) persons
(“Members”). Roche and Hookipa each shall be entitled to appoint three (3) Members with appropriate seniority
and functional expertise. Each Party may replace any of its Members and appoint a person to fill the vacancy arising from each such replacement.
A Party that replaces a Member shall notify the other Party at least *** days prior to the next scheduled meeting of the JRC. Both Parties
shall use reasonable efforts to keep an appropriate level of continuity in representation. Both Parties may invite a reasonable number
of additional experts or advisors to attend part or the whole JRC meeting with prior notification to the JRC. Members may be represented
at any meeting by another person designated by the absent Member. The chairperson of the JRC shall alternate between a representative
of Hookipa, on the one hand, and Roche, on the other hand, as designated by Hookipa or Roche, as applicable, for each *** month period
during the Collaboration Term, with Hookipa having the right to designate the chairperson for the first such period (“Chairperson”).

 

		5.3	Responsibilities of the JRC

 

The JRC shall have the responsibility and authority
to:

 

		(a)	approve the Pre-Option *** Collaboration Plan;

 

		(b)	revise and approve any revisions to the HB700 Collaboration Plan, Pre-Option *** Collaboration Plan and
the *** Collaboration Plan;

 

		(c)	review and oversee the execution of the Pre-Option *** Collaboration Plan and the Collaboration Plan;

 

		(d)	review the Data Packages pursuant to Section 3.4;

 

		(e)	establish and revise timelines, Selection Criteria and Endpoints for the HB700 Program and the *** Program
and approve the *** Cargo design;

 

		(f)	determine whether the Selection Criteria and Endpoints have been achieved and decide whether the activities
shall move into the subsequent research or development phase of the Program;

 

		(g)	determine if and when GMP Go-Decision for the *** Program shall occur;

 

		(h)	determine if and when to submit IND for the First Human Trial in the HB700 Program and the *** Program,
approve its design and respective Endpoints;

 

		(i)	review the efforts of the Parties under each Program and approve and allocate those resources for the
Collaboration Plan (including the Collaboration Budget);

 

    	 	- 31 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		(j)	establish and set expectations and mandates for JOTS;

 

		(k)	create, oversee and disband JOTs as deemed appropriate;

 

		(l)	[intentionally left blank];

 

		(m)	establish and approve the Roche Go-Decision Technology Transfer Plan and monitor and implement the transfer
of the Roche Go-Decision Data and the Roche Continued Program Technology to Roche pursuant to the Roche Go-Decision Technology Transfer
Plan and determine whether the Roche Go-Decision Technology Transfer is implemented successfully pursuant to the Roche Go-Decision Technology
Transfer Plan;

 

		(n)	monitor the Trial Costs and preclinical costs and manage reimbursement to Hookipa as set forth in Section 9.3.3;

 

		(o)	recommend action items to its respective decision making bodies; and

 

		(p)	attempt to resolve any disputes on an informal basis.

 

The JRC shall have no responsibility and authority
other than that expressly set forth in this Section 5.3 or jointly assigned by the Parties to the JRC in an amendment to this Agreement
pursuant to Section 21.9 during the lifetime of the JRC pursuant to Section 5.12.

 

		5.4	Meetings

 

The Chairperson or his/her delegate will be responsible
for sending invitations and agendas for all JRC meetings to all Members at least *** days before the next scheduled meeting of the JRC.
The venue for the meetings shall be agreed by the JRC. The JRC shall hold meetings at least *** per Calendar Year either in person or
by tele-/video-conference, and in any case as frequently as the Members of the JRC may agree shall be necessary, generally four times
a year, unless otherwise requested by a Party or both Parties. The Alliance Director of each Party may attend the JRC meetings as a permanent
participant.

 

		5.5	Minutes

 

The Chairperson will be responsible for designating
a Member to record in reasonable detail and circulate draft minutes of JRC meetings to all Members of the JRC for comment and review within
*** days after the relevant meeting. The Members of the JRC shall have *** days to provide comments. The Party preparing the minutes shall
incorporate timely received comments and distribute finalized minutes to all Members of the JRC within *** days of the relevant meeting.
The Chairperson approves the final version of the minutes before its distribution.

 

		5.6	Decisions

 

		5.6.1	Decision Making Authority

 

The JRC shall decide matters within its responsibilities
set forth in Section 5.3.

 

		5.6.2	Consensus; Good Faith

 

The Members of the JRC shall act in good faith
to cooperate with one another and seek agreement with respect to issues to be decided by the JRC. The Parties shall use reasonable efforts
to attempt to make decisions by consensus.

 

    	 	- 32 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		5.6.3	Failure to Reach Consensus

 

If the JRC is unable to decide a matter by consensus
*** either Party may refer such disagreement to the Senior Officers for resolution. Only if the Senior Officers cannot resolve such disagreement
within *** days, then *** shall have the final decision making authority. Notwithstanding the foregoing and in any event, ***.

 

		5.7	Information Exchange

 

Hookipa and Roche shall exchange the information
in relation to its activities under this Agreement through the JRC and Hookipa and Roche may ask reasonable questions in relation to the
above information provided by the other Party and offer advice in relation thereto and Hookipa and Roche shall give due consideration
to such input. The JRC may determine other routes of information exchange.

 

		5.8	Joint Operational Teams (JOTs)

 

The JRC shall have the right to establish JOTs.

 

		5.9	Alliance Director

 

Each Party shall appoint one person to be its
point of contact with responsibility for facilitating communication and collaboration between the Parties (each, an “Alliance
Director”). The Alliance Directors shall be permanent participants of the JRC meetings (but not members of the JRC) and may
attend JOT meetings as appropriate. The Alliance Directors shall facilitate resolution of potential and pending issues and potential disputes
to enable the JRC to reach consensus and avert escalation of such issues or potential disputes.

 

		5.10	Limitations of Authority

 

The JRC shall have no authority to amend or waive
any terms of this Agreement.

 

		5.11	Expenses

 

Each Party shall be responsible for its own expenses
including travel and accommodation costs incurred in connection with the JRC and its JOTs (if any).

 

		5.12	Lifetime

 

Following the Roche Go-Decision (or Early Go-Decision)
for a Program, all decisions with respect to such Program and the Collaboration Compounds and Products for such Program will be made by
Roche. The JRC shall exist during the Collaboration Term and shall be dissolved upon expiry of the Collaboration Term.

 

		6.	Manufacture and Supply

 

		6.1	Pre-clinical, clinical and initial commercial Supply of Product and transfer of associated Inventory

 

		6.1.1	Principle

 

Subject to Section 6.1.2 and Section 6.1.3,
Hookipa shall be responsible for the manufacture, supply of pre-clinical and clinical supplies and initial commercial supplies of the
Collaboration Compounds and Products for such Program, with the expense responsibilities as specified in Section 6.1.2 and Section 6.1.3.

 

    	 	- 33 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		6.1.2	Supply Prior to Roche Go-Decision or Early Go-Decision

 

Prior to a Roche Go-Decision or Early Go-Decision,
as applicable, the manufacturing and supply of Collaboration Compounds and Products for such Program shall be at Hookipa’s cost.

 

		6.1.3	Supply After Roche Go-Decision or Early Go-Decision

 

Following a Roche
Go-Decision or Early Go-Decision, as applicable, Roche may elect to request in writing a Manufacturing Technology Transfer (“Roche
Manufacturing Technology Transfer Decision”). Absent a Roche Manufacturing Technology Transfer Decision, Hookipa shall continue
to be responsible for manufacturing and supply of pre-clinical and clinical supply and initial commercial supply of Collaboration Compounds
and Products for such Program, for a period until no later than *** years after the First Commercial Sale of a Product for such Program.
For any supplies provided by Hookipa after a Roche Go-Decision or Early Go-Decision, as applicable, for a Program, ***.

 

Hookipa shall initiate
within *** days after receipt of the Roche Manufacturing Technology Transfer Decision and in any event no later than within the timelines
set forth in the Manufacturing Technology Transfer Plan a Manufacturing Technology Transfer to Roche or Roche’s designee(s), ***
(“Roche Continued Program Technology”). Such transfer will be conducted in accordance with a manufacturing technology
transfer plan created by the JMC (each a “Manufacturing Technology Transfer Plan”), which shall be a plan including
costs, resources and timeline for the complete transfer of the Roche Continued Program Technology, including detailing the Roche Continued
Program Technology to be transferred and the conditions for such transfer, including the criteria determining successful implementation
of the plan. Hookipa shall maintain in full force and effect all agreements and relationships with Third Parties then currently in effect
so that Roche has uninterrupted access to non-clinical, clinical and commercial supply prior to and during any manufacturing transition
from Hookipa to Roche, at no cost to Roche but no longer *** years from the start of the Manufacturing Technology Transfer. The Manufacturing
Technology Transfer Plan may include ***.

 

Unless otherwise
specified in this Agreement or as agreed to by the Parties, the following shall apply: shipment of Hookipa Inventory and any other Materials
that Hookipa or Hookipa’s designees are to provide to Roche shall be shipped ***.

 

		6.2	Commercial Supply of Products

 

Subject to Section 6.1.3,
Roche shall be solely responsible at its own expense for the commercial manufacture and commercial supply of Products for sale in the
Territory, either by itself or through Third Parties.

 

		6.3	Joint Manufacturing Committee

 

		6.3.1	Formation

 

Promptly after the Effective Date, the Parties
shall establish a joint manufacturing committee (“JMC” or “Joint Manufacturing Committee”), which
shall oversee, review, monitor, and coordinate the activities to be performed by or on behalf of the Parties with respect to the Manufacturing
Plan, the production and supply of Product, and serve as a forum for the exchange and discussion of information with respect thereto.

 

    	 	- 34 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		6.3.2	Membership

 

The Joint Manufacturing Committee shall be comprised
of an equal number of representatives from each of Hookipa and Roche, each with the requisite experience and seniority to enable such
person to make decisions on behalf of such Party with respect to the production and supply of Products, and unless otherwise agreed such
number shall be three (3) representatives from each of Hookipa and Roche. From time to time, each Party may substitute one (1) or
more of its representatives on the Joint Manufacturing Committee upon written notice to the other Party. Unless otherwise agreed by the
Parties, Hookipa shall appoint one (1) of its representatives to chair the Joint Manufacturing Committee.

 

		6.3.3	Specific Responsibilities

 

The Joint Manufacturing Committee shall oversee
the production and supply of Products under this Agreement, and shall in particular: (a) review the Parties’ manufacturing
and supply related activities under the Collaboration Plan; (b) provide guidance with respect to such activities; (c) be responsible
for resolving any disputes that arise in connection with the performance of the Manufacturing Plan; (d) consider any amendments to
the Collaboration Plan, including any increase or decrease in the budget for activities to be conducted thereunder; (e) approve the
Manufacturing Plan (including but not limited to specifications, budget, and timelines); (f) establish and approve the Manufacturing
Technology Transfer Plan; (g) monitor the implementation of the Manufacturing Technology Transfer Plan and (h) decide whether
the Manufacturing Technology Transfer Plan was implemented successfully. The JMC shall have no responsibility and authority other than
that expressly set forth in this Section 6.3. After successful implementation of the Manufacturing Technology Transfer Plan and when
Hookipa does no longer have any obligations with regard to manufacturing and supply under this Agreement, the lifetime of the JMC ends.

 

		7.	Regulatory

 

		7.1	Responsibility Prior to Roche Go-Decision or Early Go-Decision

 

Prior to the Roche Go-Decision (or Early Go-Decision)
for a Program and for the purpose of preparing and conducting the First Human Trial for such Program, the JRC shall serve as a forum for
the Parties to monitor and share information with respect to regulatory filings, including but not limited to IND, for such Program. Hookipa
is responsible to conduct the First Human Trial and is, for that purpose, responsible for all interactions with Regulatory Authorities, IND
filings, clinical liability insurance (such insurance covering the development, manufacture and use of any Collaboration Compounds or
Products used in the First Human Trial in the minimum amount of *** per occurrence, commencing at least thirty (30) days prior to any
period during which Hookipa is conducting such First Human Trial) and any other activities as required in preparation of the First Human
Trial for such Program. Upon Hookipa’s reasonable request, Roche shall provide support and advise Hookipa as reasonably necessary.
***.

 

		7.2	Responsibility after Roche Go-Decision or Early Go-Decision

 

At a date to be defined by Roche after the Roche
Go-Decision or Early Go-Decision as applicable for a Program, Hookipa shall use Commercially Reasonable Efforts to ***. In addition, at
a date defined by Roche after the Roche Go-Decision or Early Go-Decision as applicable for a Program, Hookipa ***. For all completed study
reports, Hookipa shall provide necessary documentation to confirm data reliability, as required by Article 43 of the Japanese Pharmaceutical
Affairs Law Enforcement Regulations and related notifications, including, but not limited to original author signatures, raw data lists,
GLP and GCP compliance information. All documentation is to be provided in English.

 

    	 	- 35 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

After such transfer as set forth in this Section 7.2
for a Program, Roche shall be solely responsible at its own expense for all regulatory affairs related to Collaboration Compounds and
Products for such Program in the Territory including the preparation and filing of applications for Regulatory Approval, as well as any
or all governmental approvals required to develop, have developed, make, have made, use, have used, manufacture, have manufactured, import,
have imported, sell and have sold Products. Roche shall be responsible for pursuing, compiling and submitting all regulatory filing documentation,
and for interacting with regulatory agencies, for all Collaboration Compounds and Products for such Program in all countries in the Territory.
Roche or its Affiliates shall own and file in their discretion all regulatory filings and Regulatory Approvals for all Collaboration Compounds
and Products for such Program in all countries of the Territory. Upon Roche’s reasonable request, Hookipa shall support and advise
Roche on the regulatory activities conducted by Roche pursuant to this Section 7.2 for a maximum period of *** months after such
transfer as set forth in this Section 7.2. at no additional cost to Roche. Roche shall reimburse Hookipa for additional support and
advice which is requested by Roche after such *** months period at the FTE Rate.

 

		7.3	Data Privacy

 

If necessary, the Parties will enter into the
relevant agreements under applicable data privacy laws (such as a data transfer agreement) when required. The terms of such agreement
will be agreed upon by the Parties when the requirement to enter into such agreement has been confirmed by the Parties.

 

		7.4	Access to Drug Master File

 

In response to a written request from Roche, Hookipa
will provide the relevant information from the Drug Master File (MF# 28318) to Roche to support regulatory filings and review of regulatory
documents.

 

		8.	Commercialization

 

		8.1	Responsibility

 

Roche, at its own expense, shall have sole responsibility
and decision making authority for the marketing, promotion, sale and distribution of Products in the Territory.

 

		8.2	Updates to Hookipa

 

Upon request of Hookipa, Roche shall update Hookipa
regarding the commercialization of the Product in the Territory in the Field by Roche, its Affiliates or Sublicensees. If Hookipa requests
an update, Roche shall provide a high level summary, in writing or through a meeting (face to face/ tele-presence/videoconference or telephone).
Hookipa shall not request an update more frequently than *** per Calendar Year.

 

    	 	- 36 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		9.	Payment

 

		9.1	Upfront Payment/Collaboration Payment

 

Within ***
days after the Effective Date and receipt of an invoice from Hookipa, Roche shall pay to Hookipa a non-refundable, non-creditable upfront
payment of twenty-five million US Dollars (US$ 25,000,000), which will be paid in consideration for (a) the collaboration and the
license granted to Roche under the HB700 Program, and (b) the collaboration and the Option granted to Roche for the *** Program.

 

		9.2	Exercise Fee for the Roche Option

 

Upon exercise of
the Option pursuant to Section 2.3.2, Roche shall pay to Hookipa a non-refundable, non-creditable fee (the “Option Exercise
Fee”) in the amount of fifteen million US Dollars (US$ 15,000,000). The Option Exercise Fee shall be paid by Roche to Hookipa
within *** days from Option Exercise and receipt of an invoice from Hookipa.

 

		9.3	Funding of Activities under the Collaboration

 

		9.3.1	Generally

 

On a Program-by-Program basis, from the Effective
Date through the earlier of (a) Early Go-Decision or (b) a Roche Go-Decision, Hookipa shall be responsible for the costs of
conducting its own activities for such Program, except that the Parties shall jointly fund activities for the First Human Trial for such
Program as set forth in Section 9.3.3.

 

		9.3.2	Prior to Initiation of the First Human Trial

 

Subject to Section 9.3.4, during the period
from the Effective Date through the Initiation of the First Human Trial for a Program, Hookipa shall fund all activities allocated to
Hookipa under the Collaboration Plan and according to the Collaboration Budget set forth in Appendix 3.2.3(A) as amended from time
to time and approved by the JRC for such Program. For the avoidance of doubt, any Trial Costs in connection with the preparation of the
First Human Trial, incurred by Hookipa prior to the Initiation, shall be shared by the Parties in accordance with Section 9.3.3.

 

		9.3.3	During the First Human Trial

 

The Parties shall share equally (50:50) the Trial
Costs of conducting activities for each respective First Human Trial, as designated for each Program in the Collaboration Plan and as
set forth in the Collaboration Budget in Appendix 3.2.3(A) as amended from time to time and approved by the JRC except that: ***.

 

If
Hookipa anticipates any changes which impact the Collaboration Budget, Hookipa shall raise such changes with the JRC in order for the
JRC to discuss and approve such changes to the Collaboration Budget. Additionally, starting from the Calendar Year before activities
pursuant to the Collaboration Plan are due to begin, the JRC will hold an annual
budget review meeting before the end of each Calendar Year (to be scheduled to accommodate Roche’s and Hookipa’s internal
budgeting cycles) to review and approve any updates to the Collaboration Budget which have not been discussed previously.

 

Under this Section 9.3.3, Roche shall pay
the amounts due to Hookipa within thirty (30) days after receipt by Roche of an invoice from Hookipa, which Hookipa shall not send more
often than once per Calendar Quarter. Such invoice shall be accompanied by a calculation and appropriate set of documents supporting the
Trial Costs.

 

    	 	- 37 -	 

     

    

 

Certain information has been excluded from
this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and
(ii) would be competitively harmful if publicly disclosed.

 

		9.3.4	Hookipa’s Financial Obligations

 

During the Collaboration Term, Hookipa shall ensure
that it has sufficient funding and staffing to fulfil its obligations under the Collaboration Plan; provided that Hookipa shall not be
obliged to fund the *** Program with more than ***, excluding Internal Cost.***.

 

		9.4	Research Event Payments

 

Roche shall pay to Hookipa up to a total ***,
in relation to the achievement of *** events under the Collaboration Plan with respect to a Program. The research event payments under
this Section 9.4 shall be paid by Roche according to the following schedule of research events, ***

 

	Research Event	HB700 Program 

(Million US$)	*** Program (Million 

US$)
	***	***	***
	***	***	***
	***	***	***
	Potential Total	20	20

 

Each research event payment pursuant to this Section 9.4
shall be ***

 

Research event payments
shall be paid by Roche to Hookipa within *** days from occurrence of the applicable research event and receipt of an invoice from Hookipa;
***.

 

		9.5	Handoff Payments

 

With regard to a Program, Roche shall pay to Hookipa
the following amounts after a Roche Go-Decision for such Program (each a “Handoff Payment”): ***

 

	Handoff Event	HB700 Program 

(million US$)	*** Program (million

 US$)
	***	***	***

 

Each Handoff Payment pursuant to this Section 9.5
shall be paid ***.

 

Handoff Payments shall be paid by Roche to Hookipa
within *** days from occurrence of the applicable handoff event and receipt of an invoice from Hookipa.

 

    	 	- 38 -	 

     

    

 

 

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		9.6	Early Go-Decision and Capping of Costs for First Human Trial

 

		9.6.1	9.6.1 Early Go-Decision

 

On a Program-by-Program basis and in the event
of an Early Go-Decision, the corresponding milestones for the HB700 Program and the *** Program shall be reduced as follows:

 

		(a)	***.

 

		(b)	***

 

		9.6.2	***

 

***.

 

		9.7	Development and Commercial Event Payments

 

Roche shall pay
to Hookipa up to a total of ***. The development and commercial event payments under this Section 9.7 shall be paid ***, as
follows:

 

	Development 

and 

Commercial 

Event	
    The 1st Product to Reach Milestone

Event

(Standalone Initial Compound 

Product or Product containing a 

combination of an Initial Compound 

and an Option Compound)

Million US$
	
    Standalone Option Compound Product

Million
US$

	***	***	***
	***	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***	***
	Total	245	118

 

Each milestone in the table shall be paid ***.
For example, ***.

 

If one or more development or commercial event
milestone is not achieved for a given Collaboration Compound or Product prior to the achievement of a subsequent development or commercial
event milestone for such Collaboration Compound or Product, then the development or commercial event payment due for such skipped research
and development event milestone(s) will be payable upon the first achievement by a Collaboration Compound or Product of any such
subsequent development or commercial event milestone (e.g., a *** will be deemed to trigger the development event milestones for *** and
***, to the extent such development or commercial milestones have not already been made, as well as triggering the US Launch Milestone
for NSCLC in the US).

 

    	 	- 39 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

Upon reaching any
development or commercial events milestone, Roche shall timely notify Hookipa and the development or commercial event payment shall
be paid by Roche to Hookipa within *** days from occurrence of the applicable event and receipt of an invoice from Hookipa.

 

		9.8	Sales Based Events

 

Roche shall pay
to Hookipa up to a total of (a) two hundred and fifty million US Dollars (US$ 250,000,000) for a standalone Initial Compound
Product or a Product containing a combination of an Initial Compound and an Option Compound as the first Product that reaches the corresponding
milestone event and (b) one hundred and sixty million US Dollars (US$ 160,000,000) for a standalone Option Compound Product that
reaches the corresponding milestone event

 

Roche shall pay Hookipa the following sales-based
event payments for the first Product to achieve the corresponding sales-based event milestone in case such Product is Covered by a Valid
Claim in the Territory. ***

 

	Calendar Year Worldwide 

Net Sales Thresholds in 

Million US$	The
1st Product to Reach 

Milestone Event 

(Initial Compound 

Product or Product containing a 

combination of an Initial 

Compound
and an Option 

Compound) 

Million US$	Standalone Option 

Compound Product 

Million US$
	***	***	***
	***	***	***
	***	***	***
	Total	250	160

 

Each of the non-refundable
sales-based event payments shall be paid no more than *** (i) *** days after the end of the Calendar Year in which the event
first occurs for the Product in the Territory, irrespective of whether or not the previous sales-based event payment was triggered by
the same or by a different Product, and (ii) after receipt of an invoice from Hookipa.

 

		9.9	Royalty Payments

 

		9.9.1	Royalty Term

 

During the Royalty Term, Roche shall pay to Hookipa
royalties on Net Sales of Products on a Product-by-Product and country-by-country basis. Thereafter, the licenses granted to Roche with
respect to such Product and such country shall be ***, fully paid up, irrevocable and royalty-free.

 

    	 	- 40 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		9.9.2	Royalty Rates

 

The following royalty rates shall apply to the
respective tiers of aggregate Calendar Year Net Sales of a Product in all countries of the Territory in which the Royalty Term for such
Product has not expired, on an incremental basis, as follows:

 

	
    Tier of Calendar
    Year

    Net Sales in million
    US$
	
    Royalty Rate

    Percent (%) of Net Sales

	***	***
	***	***
	***	***
	***	***
	***	***

 

For the purpose of calculating royalties of a
Product, Calendar Year Net Sales and the royalty rates shall be subject to the adjustments set forth in Sections 9.9.3, 9.9.4 and
9.9.5, as applicable:

 

		9.9.3	Combination Product

 

If Roche or its
Affiliates intend to sell a Combination Product, then the Parties shall meet approximately *** year prior to the anticipated First
Commercial Sale of such Combination Product in the Territory to negotiate in good faith and agree to an appropriate adjustment to Net
Sales to reflect the relative commercial value contributed by the components of the Combination Product (the “Relative Commercial
Value”). If, after such good faith negotiations not to exceed ***, the Parties cannot agree to an appropriate adjustment, the
dispute shall be initially referred to the Senior Officers of the Parties in accordance with Section 21.2.

 

If the Parties are
unable to agree on the Relative Commercial Value within *** days of such referral, then the Relative Commercial Value shall be
determined by the following procedure. Roche will select *** who would qualify as an Expert, Hookipa will select *** who would qualify
as an Expert, and those *** shall select *** who would qualify as an Expert and who shall be chairman of a committee of the three Experts
(the “Expert Committee”), each with a ***. The Expert Committee will promptly hold a meeting to review the issue under
review, at which it will consider memoranda submitted by each Party at least *** days before the meeting, as well as reasonable presentations
that each Party may present at the meeting. The determination of the Expert Committee as to the issue under review will be binding on
both Parties. The Parties will share equally in the costs of the Expert Committee. Unless otherwise agreed to by the Parties, the Expert
Committee may not decide on issues outside the scope mandated under terms of this Agreement.

 

		9.9.4	No Valid Claim; Biosimilar Product Competition

 

For a given Product, if in a given
country within the Territory:

 

		(a)	there is no Valid Claim that Covers such Product and that would be infringed by the sale of such Product
in such country or

 

		(b)	entry of a Biosimilar Product has occurred, ***

 

then, commencing on the first day of the Calendar
Quarter thereafter, the royalty payments due to Hookipa for such Product in such country shall be reduced by ***relative to the table
set forth in Section 9.9.2. ***

 

    	 	- 41 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		9.9.5	Third Party Payments

 

With the exception
of any Hookipa Patent Rights, Roche shall be responsible for and pay or have paid any consideration owed to any Third Party in
relation to Third Party intellectual property rights necessary or reasonably useful to make, use or sell Products. The portion of such
consideration attributable to Products (in the event of Combination Products expressly excluding the portion of such consideration attributable
to any other component contained in such Combination Products other than Collaboration Compounds) are hereinafter referred to as “Third
Party Payments”. Roche shall have the right to deduct a maximum *** of all *** included in such Third Party Payments and actually
paid to a Third Party from royalty payments pursuant to Section 9.9.2 otherwise due and payable by Roche to Hookipa under this Agreement,
***.

 

		9.9.6	***

 

***

 

		9.10	Disclosure of Payments

 

Each Party acknowledges that the other Party may
be obligated to disclose this financial arrangement, including all fees, payments and transfers of value, as may be advisable or required
under Applicable Law, including the US Sunshine Act.

 

		9.11	No Exclusion for a Bona Fide Claim / Bankruptcy Proceedings

 

For clarity, the designation of a payment under
this Article 9 as non-refundable is not intended to limit in any way Roche’s right to claim damages as a result of the other
Party’s breach of its obligations under this Agreement or, in case of a bankruptcy proceeding, as a result of the other Party's
or the trustee's non-fulfilment of such Party's obligations under this Agreement in accordance with applicable bankruptcy law.

 

		10.	Accounting and reporting

 

		10.1	Timing of Payments

 

Roche shall calculate royalties on Net Sales quarterly
as of March 31, June 30, September 30 and December 31 (each being the last day of an “Accounting Period”)
and shall pay royalties on Net Sales within *** days after the end of each Accounting Period in which such Net Sales occur.

 

		10.2	Late Payment

 

Any payment under this Agreement that is not paid
on or before the date such payment is due shall bear interest, to the extent permitted by Applicable Law, *** points above the average
one-month (i) Euro Interbank Offered Rate (EURIBOR) for payments in EUR or, (ii) USD LIBOR for payments in USD, each as reported
by Reuters from time to time, calculated on the number of days such payment is overdue.

 

		10.3	Method of Payment

 

Royalties on Net Sales and all other amounts payable
by Roche hereunder shall be paid by Roche in US Dollars (the “Payment Currency”) to account(s) designated by Hookipa.

 

		10.4	Currency Conversion

 

When calculating the Sales of any Product that
occur in currencies other than the Payment Currency, Roche shall convert the amount of such sales into Swiss Francs and then into the
Payment Currency using Roche’s then-current internal foreign currency translation method actually used on a consistent basis in
preparing its audited financial statements (at the Effective Date, YTD average rate as reported by Reuters).

 

    	 	- 42 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		10.5	Blocked Currency

 

In a given country, if by reason of Applicable
Law (for example governmental restrictions on foreign exchange trade) the local currency is blocked and cannot be removed from such country,
Roche will notify Hookipa in writing and

 

		(a)	Hookipa will have the right to receive the applicable royalties of Net Sales in such country in local
currency by deposit in a local bank designated by Hookipa, or

 

		(b)	if such local currency payment is not allowed by reason of Applicable Law or if otherwise requested by
Hookipa, then the royalties related to such Net Sales in such country shall continue to be accrued and shall continue to be reported,
but such royalties will not be paid until the sales proceeds related to such Net Sales may be removed from such country. At such time
as Roche, its Affiliates or their Sublicensees, as the case may be, is able to remove the sales proceeds related to such Net Sales from
such country, Roche shall also pay such accrued royalties in Payment Currency using the actual exchange rate which is used to remove such
sales proceeds from such country.

 

		10.6	Reporting

 

With each payment Roche shall provide Hookipa
in writing for the relevant Accounting Period on a Product-by-Product basis the following information:

 

		(a)	Sales in local currency and Swiss Francs on a country by country and Product by Product basis;

 

		(b)	Net Sales in local currency and Swiss Francs on a country by country and Product by Product basis;

 

		(c)	adjustments made pursuant to Section 9.9.3;

 

		(d)	Net Sales in Swiss Francs after adjustments made pursuant to Section 9.9.3 in Swiss Francs;

 

		(e)	Net Sales after adjustments made pursuant to Section 9.9.3 in the Payment Currency;

 

		(f)	royalty rate pursuant to Section 9.9.2;

 

		(g)	adjustments made pursuant to Sections 9.9.4 - 9.9.5; and

 

		(h)	total royalty payable in the Payment Currency after adjustments made pursuant to Sections 9.9.4 -
9.9.5.

 

		10.7	***

 

***.

 

		11.	Taxes

 

		11.1	General

 

Hookipa shall pay all sales, turnover, income,
revenue, value added, and other taxes levied on account of any payments accruing or made to Hookipa under this Agreement.

 

    	 	- 43 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

If provision is made in law or regulation of any
country for withholding of taxes of any type, levies or other charges with respect to any royalty or other amounts payable under this
Agreement to Hookipa, then Roche shall promptly pay such tax, levy or charge for and on behalf of Hookipa to the proper governmental authority,
and shall promptly furnish Hookipa with receipt of payment. Roche shall be entitled to deduct any such tax, levy or charge actually paid
from royalty or other payment due to Hookipa or be promptly reimbursed by Hookipa if no further payments are due to Hookipa. Each Party
agrees to reasonably assist the other Party, including by making filings with the proper tax or governmental authorities, in claiming
exemption from such deductions or withholdings under double taxation or similar agreement or treaty from time to time in force and in
minimizing or recovering the amount required to be so withheld or deducted. If and to the extent Roche receives a repayment of an amount
previously withheld, Roche shall repay such amount to Hookipa without undue delay.

 

		11.2	German Withholding Tax Requirement.

 

		11.2.1	Following the view of the German tax authorities, royalty income generated by a non-German licensor for
the temporary licensing of rights that are entered in a German domestic public book or register is subject to German income tax pursuant
to Article 49 para. 1 German Income Tax Act (“GITA”). Consequently, the respective royalty payment is subject
to withholding tax pursuant to Article 50a para. 1 GITA (the “German WHT Requirement”). Against this background,
the Parties agree that a possible German income tax on Hookipa’s royalty income pursuant to Article 49 para. 1 GITA and a possible
withholding tax in connection with such income pursuant to Article 50a para. 1 GITA shall be borne by Hookipa. In accordance with
this common understanding, the following shall apply with regard to the German WHT Requirement

 

		11.2.2	Hookipa shall procure that Roche receives all information relevant to assess the applicability of and
the tax assessment basis for the German WHT Requirement.

 

		11.2.3	Roche shall use Commercially Reasonable Efforts to assess (i) whether the German WHT Requirement
is applicable on the licenses granted to Roche under this Agreement and, if so, (ii) the amount to be withheld and remitted (including
the allocation to and calculation of the assessment basis for the withholding).

 

		11.2.4	Based on the assessment pursuant to Section 11.2.3 and reasonably taking into account any comments
and information received from Hookipa, Roche shall decide in good faith whether a portion of the royalty payment shall be withheld in
order to satisfy the German WHT Requirement. In this case Roche shall remit the withheld amount to the competent German tax authority
in due course. With regards to Roche’s obligation to make royalty payments under this Agreement, any amount paid to the German tax
authority pursuant to the preceding sentence shall be deemed as payment to Hookipa.

 

		11.2.5	As soon as Roche has received a valid exemption certificate (Freistellungsbescheinigung) issued
by a competent German tax authority (upon the application of Hookipa) confirming that Roche is not required to make a withholding pursuant
to the German WHT Requirement Roche shall not be allowed to make any deductions pursuant to Section 11.2.4 from any royalty payments
pursuant to Section 9.9 for the time period specified in the exemption certificate.

 

    	 	- 44 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		11.2.6	If Roche receives a request by a German tax authority to make a payment based on or in connection with
the German WHT Requirement Hookipa shall indemnify Roche from such payment obligation without undue delay. Roche shall be allowed to offset
its indemnification claim pursuant to the preceding sentence against payment obligations vis-à-vis Hookipa (if applicable).

 

		11.2.7	If and to the extent Roche receives from a German tax authority a repayment of an amount previously withheld
and remitted pursuant to Section 11.2.4, Roche shall repay such amount to Hookipa without undue delay.

 

		11.2.8	The Parties agree to cooperate with each other in good faith with regard to the German WHT Requirement.
Roche shall in particular (i) inform Hookipa without undue delay if it intends to make a deduction pursuant to Article 50a para.
1 GITA based on an assessment pursuant to Section 11.2.3; (ii) deliver reasonable evidence of the payment to the competent German
tax authority (e.g. a tax certificate); and (iii) cooperate in good faith to minimize a possible withholding obligation. Hookipa
shall keep Roche informed about the change of any circumstances that could affect Roche’s obligation to make a withholding in accordance
with the German WHT Requirement.

 

In case of a conflict between this Section 11.2
and other provisions of this Agreement, this Section 11.2 shall prevail.

 

		12.	Auditing

 

		12.1	Hookipa Right to Audit

 

		12.1.1	Roche shall keep, and shall require its Affiliates and Sublicensees to keep, full, true and accurate books
of account containing all particulars that may be necessary for the purpose of calculating all royalties, milestone and other payments
payable under this Agreement. Such books of accounts shall be kept at their principal place of business. At the expense of Hookipa, Hookipa
shall have the right to engage an internationally recognized independent public accountant reasonably acceptable to Roche to perform,
on behalf of Hookipa, an audit of such books and records of Roche and its Affiliates that are deemed necessary by the independent public
accountant to report on Net Sales of Product and other relevant payments for the period or periods requested by Hookipa and the correctness
of any financial report or payments made under this Agreement.

 

		12.1.2	Upon timely request and at least *** days prior written notice from Hookipa, such audit shall be conducted
for those countries Hookipa has specifically requested, during regular business hours in such a manner as to not unnecessarily interfere
with Roche’s normal business activities. Such audit shall be limited to results in the *** Calendar Years prior to audit notification,
and if Hookipa requests an audit for a given Calendar Year, no additional audits may be conducted in the Territory for such Calendar Year.
If Hookipa does not request an audit of a given Calendar Year on or before the *** anniversary of the end of such Calendar Year, then
Hookipa will be deemed to have accepted the royalty, milestone and other payments and reports in such Calendar Year.

 

    	 	- 45 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		12.1.3	Such audit shall not be performed more frequently than once per Calendar Year nor more frequently than
once with respect to records covering any specific period of time.

 

		12.1.4	All information, data documents and abstracts herein referred to shall be used only for the purpose of
verifying royalty, milestone and other payments statements, shall be treated as Roche’s Confidential Information subject to the
obligations of this Agreement and need neither be retained more than *** years after completion of an audit hereof, if an audit has been
requested; nor more than *** years from the end of the Calendar Year to which each audit shall pertain; nor more than *** years after
the date of termination of this Agreement.

 

		12.2	Audit Reports

 

The auditors shall only state factual findings
in the audit reports and shall not interpret the Agreement. The auditors shall share all draft audit findings with Roche before the final
audit report is issued. The final audit report shall be shared with Roche at the same time it is shared with Hookipa.

 

		12.3	Over-or Underpayment

 

If the audit reveals an overpayment, Hookipa shall
reimburse Roche for the amount of the overpayment within *** days. If the audit reveals an underpayment, Roche shall make up such underpayment
with the next royalty or other payment or, if no further royalty or other payments are owed by Roche, Roche shall reimburse Hookipa for
the amount of the underpayment within ***days . Roche shall pay for the audit costs if the underpayment of Roche exceeds *** of the aggregate
amount of royalty or other payments owed with regard to the royalty or other statements subject to the audit. Section 10.2 shall
apply to this Section 12.3.

 

		13.	Intellectual Property

 

		13.1	Ownership of Patent Rights and Know-How

 

		13.1.1	Each Party shall retain its ownership of Patent Rights, Know-How and other intellectual property rights
existing on or before the Effective Date or arising after the Effective Date outside of the Agreement.

 

		13.1.2	Roche shall own all right, title, and interest in and to all Roche Collaboration Intellectual Property,
and Hookipa hereby assigns, and agrees to assign, to Roche all of Hookipa’s right, title, and interest in and to any Roche Collaboration
Intellectual Property.

 

		13.1.3	Hookipa shall own all right, title, and interest in and to all Hookipa Collaboration Intellectual Property,
and Roche hereby assigns, and agrees to assign, to Hookipa all of Roche’s right, title, and interest in and to any Hookipa Collaboration
Intellectual Property.

 

		13.1.4	Joint Collaboration Intellectual Property shall be owned jointly by the Parties as provided in Section 13.2.

 

		13.1.5	Except as explicitly regulated otherwise in the Agreement, ownership of intellectual property generated
under the Collaboration Plan shall follow inventorship. The determination of inventorship for Inventions shall be in accordance with US
inventorship laws as if such Inventions were made in the US.

 

    	 	- 46 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		13.1.6	Except as specifically set forth herein, this Agreement shall not be construed as (i) giving any
of the Parties any license, right, title, interest in or ownership to the Confidential Information of the other Party; (ii) granting
any of the Parties any license or right under any intellectual property rights of the other Party; or (iii) representing any commitment
by either Party to enter into any additional agreement, by implication or otherwise. Each Party shall require all of its employees and
subcontractors to assign to such Party all intellectual property rights made by them.

 

		13.2	Joint Collaboration Intellectual Property

 

Hookipa and Roche shall jointly own all Joint
Collaboration Intellectual Property, such that each Party has an equal, undivided interest in such Joint Collaboration Intellectual Property.
Subject to the licenses granted to Roche under this Agreement, each Party shall have the right to use and practice under such Joint Collaboration
Intellectual Property with no duty of accounting to the other Party and no requirement to obtain consent from the other Party in connection
with respect to such use and practice or with respect to any licenses granted by any Party to any Third Party with respect to such Joint
Collaboration Intellectual Property. The Parties’ rights to enforce such Joint Collaboration Intellectual Property will be as set
forth in Section 13.5, or as otherwise agreed by the Parties in writing. To the extent necessary in any jurisdiction to give effect
to the foregoing and subject to the licenses granted to Roche under this Agreement, each Party hereby grants to the other Party a non-exclusive,
royalty-free, fully-paid, worldwide license, with the right to grant sublicenses, to practice such Joint Collaboration Intellectual Property
for any and all purposes.

 

During the Term, each Party will disclose to the
other Party all Joint Collaboration Intellectual Property of which such Party becomes aware. Such disclosure shall (i) be made promptly
and in any event reasonably prior to the filing of any patent application with respect to such Joint Collaboration Intellectual Property
and (ii) include all invention disclosures or other similar documents submitted to such Party by its or its Affiliates’ employees,
independent contractors, or other agents relating thereto.

 

		13.3	German Statute on Employee Inventions

 

In accordance with the German Statute on Employees
Inventions and to the extent applicable, each Party agrees to claim the unlimited use of any Invention conceived, reduced to practice,
developed, made or created in the performance of, or as a result of, any Program by employees of any German Affiliates. For the avoidance
of doubt, to the extent applicable, each Party is responsible for fulfilling the obligations towards their employees under the German
Statute of Employee’s Inventions.

 

		13.4	Trademarks and Labelling

 

Roche shall own all trademarks used on or in connection
with Products in the Territory, and shall, at its sole cost, be responsible for procurement, maintenance, enforcement and defense of all
trademarks used on or in connection with Products in the Territory.

 

Roche shall have the right to obtain the International
Non-proprietary Name (INN) from the World Health Organization and the US Adopted Name (USAN) from the US adopted Names Council (USANC)
as the generic name(s) for the Products. Before doing so, Roche will consult with Hookipa via the Patent Coordination Team set forth
in Section 13.6 and duly consider Hookipa’s reasonable comments.

 

    	 	- 47 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		13.5	Prosecution of Patent Rights

 

		13.5.1	First Prosecution Rights. As between the Parties, (i) Roche will have the first right (but not the
obligation) to Prosecute each Product-Specific Patent Right and Roche Patent Rights and (ii) Hookipa will have the first right (but
not the obligation) to Prosecute each Hookipa Patent Right that is not a Product-Specific Patent Right. In case of Joint Collaboration
Patent Rights, the Parties shall discuss in good faith which Party will file and Prosecute each Joint Collaboration Patent Right, provided
that, if a Joint Collaboration Patent Right is primarily related to the Hookipa Technology, a Hookipa development program or any other
Hookipa Patent Right that is not a Product-Specific Patent Right, Hookipa shall have the first right (but not the obligation) to Prosecute
such Joint Collaboration Patent Right, if a Joint Collaboration Patent Right is primarily related to a Roche development program or a
Product-Specific Patent Right, Roche shall have the first right (but not the obligation) to Prosecute such Joint Collaboration Patent
Right. Unless otherwise specified in this Agreement, the Party Prosecuting a Patent Right shall bear the costs associated with Prosecution
of such Patent Right.

 

***.

 

		13.5.2	Step-In Right. If Hookipa decides not to Prosecute any Hookipa Patent Right that is not a Product-Specific
Patent Right, or any Joint Collaboration Patent Right for which Hookipa would have the first right to Prosecute in accordance with Section 13.5.1,
or if Roche decides not to Prosecute any Product-Specific Patent Right, or any Joint Collaboration Patent Right for which Roche would
have the first right to Prosecute in accordance with Section 13.5.1, in any country in the Territory, or if such Party intends to
allow any such Patent Right to lapse or become abandoned without having first filed a substitute, it shall notify the other Party of,
and consult with such other Party regarding, such decision or intention at least *** days prior to the date upon which the subject matter
of such Patent Right shall become unpatentable or shall lapse or become abandoned, and such other Party shall thereupon have the right
(but not the obligation) to assume the Prosecution thereof with counsel of its choice. Each Party shall provide reasonable assistance
to the other Party, and shall cooperate with the other Party, in connection with the transition of Prosecution responsibilities under
this Section 13.5, including execution of such documents as may be necessary to effect such transition. Notwithstanding anything
of the above, Hookipa shall Prosecute any Hookipa Patent Right that is not a Product-Specific Patent Right and any Joint Collaboration
Patent Right that is Prosecuted by Hookipa in accordance with Section 13.5.1 at its sole cost and expense in at least the following
countries: United States, Europe (EPC contracting states Germany, France, United Kingdom, Italy, Switzerland, Belgium, Netherlands,
Spain, Sweden, Austria and Norway), Australia, Canada, Japan, India, South Korea and China. Roche shall have the right to request
Hookipa to Prosecute in additional countries, provided that the costs associated with nationalization in the additional countries so requested
by Roche shall be covered by Roche.

 

    	 	- 48 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		13.5.3	Information Sharing and Commenting. Each Party shall, with respect to each Hookipa Patent Right and Joint
Collaboration Patent Right, (i) keep the other Party informed as to material developments with respect to the Prosecution of such
Patent Right, including by providing copies of all substantive office actions or any other substantive documents in connection with such
Patent Right that such Party receives from any patent office, and (ii) provide the other Party with a reasonable opportunity to comment
substantively on the Prosecution of such Patent Right prior to taking material actions (including the filing of initial applications)
with respect to such Patent Right, and will consider in good faith (or, with respect to Roche’s Prosecution of Product-Specific
Patent Rights, not unreasonably refuse to implement) any comments made, and actions recommended, by such other Party with respect thereto,
as long as such other Party does so promptly and consistently with any applicable filing deadlines. For the avoidance of doubt, the Party
Prosecuting the Patent Right shall have the authority to make, in good faith, all final decisions.

 

		13.6	Patent Coordination Team

 

		13.6.1	Where the Parties need to consult with each other on the Prosecution of
Patent Rights pursuant to Section 13.5 and the handling of International Non-proprietary Name (INN) pursuant to Section 13.4,
the Parties shall establish a patent coordination team comprising each Party’s designated internal or external patent experts (“Patent
Coordination Team”) and shall adopt procedures for interacting on patent matters. ***.

 

		13.6.2	***.

 

		13.7	Unified Patent Court (Europe)

 

At any time prior to the end of the “transitional
period” as such term is used in Article 83 of the Agreement on a Unified Patent Court between the participating Member States
of the European Union, for a given relevant EU Patent Right within Product-Specific Patent Rights, Roche may request in writing that Hookipa,
within *** days of receipt of Roche’s written request or such longer time parameters specified by Roche in such request, either
(i) opt out from the exclusive competence of the Unified Patent Court or (ii) if applicable, withdraw a previously-registered
opt-out, and Hookipa shall notify the relevant patent office, pay any such registry fee and take such other action as may be necessary
to effect the opt-out or opt-out withdrawal.

 

		13.8	CREATE Act

 

It is the intention of the Parties that this Agreement
is a “joint research agreement” as that phrase is defined in 35 USC § 102(c) (AIA). In the event
that either Party to this Agreement intends to overcome a rejection of a claimed invention covered by Joint Collaboration Patent Rights,
Roche Collaboration Patent Rights or Hookipa Patent Rights pursuant to the provisions of 35 USC §§ 102(a)-(d),
such Party shall first obtain the prior written consent of the other Party. Following receipt of such written consent, such Party shall
limit any amendment to the specification or statement to the patent office with respect to this Agreement to that which is strictly required
by the applicable subsection of 35 USC § 102 and the rules and regulations promulgated thereunder and which is
consistent with the terms and conditions of this Agreement (including the scope of the Program). To the extent that the Parties agree
that, in order to overcome a rejection of a claimed invention covered by Joint Collaboration Patent Rights, Roche Collaboration Patent
Rights or the Hookipa Patent Rights pursuant to the provisions of the applicable subsection of 35 USC § 102, if the
filing of a terminal disclaimer is required or advisable, the Parties shall first agree on terms and conditions under which the patent
application subject to such terminal disclaimer and the patent or application over which such application is disclaimed shall be jointly
enforced, to the extent that the Parties have not previously agreed to such terms and conditions. In the event that a first Party enters
into an agreement with a Third Party with respect to the further research, development or commercialization of a product, including a
Product, the other Party shall, upon such first Party’s request, similarly enter into such agreement with such Third Party for the
purposes of furthering the Parties’ objectives under this Agreement, provided that such agreement does not place any material obligation
on such other Party.

 

    	 	- 49 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		13.9	Infringement

 

Each Party shall promptly provide written notice
to the other Party during the Agreement Term of any (i) known infringement or suspected infringement by a Third Party of any Hookipa
Patent Rights, or (ii) known or suspected unauthorized use or misappropriation by a Third Party of any Hookipa Know-How or Roche
Know-How, in each case (i) and (ii) arising from the exploitation of a product competitive with a Product, or the composition
of matter, method of use or method of making such Product, and shall provide the other Party with all evidence in its possession supporting
such infringement or unauthorized use or misappropriation.

 

To the extent such infringement or unauthorized
use or misappropriation is related to a Product-Specific Patent Right, within *** days after Roche provides or receives such written notice
(“Decision Period”), Roche, in its sole discretion, shall decide whether or not to initiate a suit or action in the
Territory regarding such infringement or unauthorized use or misappropriation and shall notify Hookipa of its decision in writing (“Suit
Notice”).

 

If Roche decides to bring a suit or take action,
once Roche provides Suit Notice, Roche may immediately commence such suit or take such action at its own expense, and Hookipa shall have
the right, at its own expense, to be represented in any such suit or action by counsel of its own choice. In the event that Roche (i) does
not in writing advise Hookipa within the Decision Period that Roche will commence suit or take action, or (ii) fails to commence
suit or take action within a reasonable time after providing Suit Notice, at the latest prior to *** months before the time limit (except
that such *** month period shall not apply for proceedings seeking preliminary relief), if any, specified under Applicable Law for the
commencement of such suit or taking of such action, Hookipa shall thereafter have the right (subject to Roche’s written consent,
not to be unreasonably withheld) to commence suit or take action in the Territory and shall provide written notice to Roche of any such
suit commenced or action taken by Hookipa. Roche shall have the right, at its own expense, to be represented in any such suit or action
by counsel of its own choice.

 

To the extent such infringement or unauthorized
use or misappropriation is related to any other Hookipa Patent Right or Hookipa Know-How, within *** days after Hookipa provides or receives
such written notice, Hookipa in its sole discretion, shall decide whether or not to initiate a suit or action in the Territory regarding
such infringement or unauthorized use or misappropriation and shall notify Roche of its decision in writing. If Hookipa decides to bring
a suit or take action, Hookipa may immediately commence such suit or take such action at its own expense, and Roche shall have the right,
at its own expense, to be represented in any such suit or action by counsel of its own choice.

 

    	 	- 50 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

Upon written request, the Party bringing suit
or taking action (“Initiating Party”) shall keep the other Party informed of the status of any such suit or action
and shall provide the other Party with copies, to the extent the Initiating Party is lawfully permitted to do so, of all substantive documents
or communications filed in such suit or action. The Initiating Party shall have the sole and exclusive right to select counsel for any
such suit or action.

 

The Initiating Party shall, except as provided
below, pay all expenses of the suit or action, including the Initiating Party’s attorneys’ fees and court costs. Unless otherwise
agreed by the Parties, and subject to the Parties’ respective obligations under Section 15, all monies recovered upon the final
judgment or settlement of any action described in this Section 13.9  shall be used as follows:

 

		(a)	First, to reimburse the Initiating Party for its costs associated with such action and, if any remains,
to the other Party for the costs (including any advisory counsel fees) incurred in connection with joining such action; and

 

		(b)	Second,

 

		(i)	if a member of the Roche Group is the Initiating Party,

 

		(A)	any remaining amount that represents compensation for lost sales, a reasonable royalty or lost profits,
shall be retained by or paid to the Initiating Party; provided, however, any such amount (after relevant adjustment to convert to Net
Sales of Products) shall be subject to the royalty obligations set forth in Section 9.9; and

 

		(B)	any remaining amount that represents additional damages (e.g., enhanced or punitive damages) shall
be allocated to the Initiating Party; and

 

		(ii)	if Hookipa is the Initiating Party, the balance, if any, shall be allocated *** to the Initiating Party,
and *** to the other Party.

 

If the Initiating Party believes it is reasonably
necessary or desirable to obtain an effective remedy, upon written request the other Party agrees to be joined as a party to the suit
or action but shall be under no obligation to participate except to the extent that such participation is required as the result of its
being a named party to the suit or action. At the Initiating Party’s written request, the other Party shall offer reasonable assistance
to the Initiating Party in connection therewith at no charge to the Initiating Party except for reimbursement of reasonable out-of-pocket
expenses incurred by the other Party in rendering such assistance. The other Party shall have the right to participate and be represented
in any such suit or action by its own counsel at its own expense.

 

The Initiating Party may settle, consent judgment
or otherwise voluntarily dispose of the suit or action (“Settlement”) without the written consent of the other Party
but only if such Settlement can be achieved without adversely affecting the other Party (including any of its Patent Rights). For the
avoidance of doubt, the Initiating Party shall not enter into any settlement admitting the invalidity of, or otherwise impairing the other
Party’s rights in, any of its Patent Rights. If a Settlement could adversely affect the other Party, then the prior written consent
of the other Party would be required, which consent shall not be unreasonably withheld.

 

For any patent that is not a Hookipa Patent Right,
Roche, in its sole discretion, shall decide whether or not to initiate such suit or action in the Territory. Roche shall have full discretion
as to how it wishes to handle such suit and may reach Settlement and retain all damages, settlement fees or other consideration under
any terms and conditions it desires and retain whatever. Only if a Settlement could adversely affect Hookipa shall the written consent
of Hookipa be required, which consent shall not be unreasonably withheld.

 

    	 	- 51 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		13.10	Defense

 

If an action for infringement is commenced against
Hookipa, its licensees or its sublicensees related to Hookipa’s conduct of a Program within the scope of the Collaboration Plan,
then Hookipa shall defend such action at its own expense, and Roche shall assist and cooperate with Hookipa, at Hookipa’s expense,
to the extent necessary in the defense of such suit. If an action for infringement is commenced against Roche, its licensees or its Sublicensees
related to the discovery, development, manufacture, use or sale of a Product, then Roche shall defend such action at its own expense,
and Hookipa shall assist and cooperate with Roche, at Roche’s expense, to the extent necessary in the defense of such suit. Besides,
either Party shall have the right to be represented in any such action of the other Party by counsel of its own choice at its sole cost
and expense. The Party against which an action for infringement has been commenced shall have the right to settle the suit or consent
to an adverse judgment thereto, in its sole discretion, so long as such settlement or adverse judgment does not adversely affect the rights
of the other Party and its Affiliates (including any patent rights Controlled by any of them). For the avoidance of doubt, neither Hookipa
nor Roche shall settle the suit or consent to an adverse judgment thereto by admitting that any of the other Party’s Patent Right
is invalid or unenforceable, unless explicitly approved by the other Party in writing. Subject to Section 9.9.5, the Party against
which an action for infringement has been commenced shall assume full responsibility for the payment of any award for damages, or any
amount due pursuant to any settlement entered into by it with such Third Party.

 

		13.11	Patent Invalidity Claim

 

If any Third Party at any time asserts any claim
that any issued Hookipa Patent Right is invalid or otherwise unenforceable, or if any such Hookipa Patent Right is the subject of any
post-grant proceeding or any European opposition proceeding, whether as a defense in an infringement action brought by Hookipa or Roche
pursuant to Section 13.9, or in a declaratory judgment action, in an infringement claim commenced against Hookipa or Roche pursuant
to Section 13.10, or otherwise (each, an “Invalidity Claim”), the Parties shall cooperate with each other in preparing
and formulating a response to such Invalidity Claim. The Party controlling the infringement action pursuant to Section 13.9 or defending
a third party infringement claim pursuant to Section 13.10 in which such Invalidity Claim arises, or, if such Invalidity Claim arises
in a declaratory judgment action, a European opposition proceeding, as a post-grant proceeding, or otherwise, the Party Prosecuting such
Patent Right, shall have the first right (but not the obligation) to control the defense and settlement of such Invalidity Claim.

 

		13.12	Common Interest Disclosures

 

With regard to any privileged information and
materials, including legal opinions, disclosed pursuant to this Agreement by one Party to the other regarding intellectual property or
technology owned by Third Parties, the Parties agree that they have a common legal interest in determining whether, and to what extent,
Third Party intellectual property rights may affect the conduct of the Program or Collaboration Compounds or Products, and have a further
common legal interest in defending against any actual or prospective Third Party claims based on allegations of misuse or infringement
of intellectual property rights relating to the conduct of the Program or Collaboration Compounds or Products. Accordingly, the Parties
agree that all such privileged information and materials obtained by Hookipa and Roche from each other will be used solely for purposes
of the Parties’ common legal interests as described in sentence 1 of this Section 13.12. All such information and materials
will be treated as protected by the attorney-client privilege, the work product privilege, and any other privilege or immunity that may
otherwise be applicable. When disclosing any such information and materials to the other Party, the disclosing Party shall mark such information
and materials as “confidential and subject to the common interest doctrine and/or joint defense agreement” and the receiving
Party shall treat such information and materials in strict confidence in accordance with Article 17 or as otherwise agreed between
the Parties in writing, including in a joint defense agreement.

 

    	 	- 52 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

By sharing any such information and materials,
neither Party intends to waive or limit any privilege or immunity that may apply to the shared information and materials. Neither Party
shall have the authority to waive any privilege or immunity on behalf of the other Party without such other Party’s prior written
consent, nor shall the waiver of privilege or immunity resulting from the conduct of one Party be deemed to apply against any other Party.
Notwithstanding the foregoing, neither Party’s attorney represents the other Party.

 

		13.13	Biosimilar or interchangeable biological products

 

Notwithstanding
anything herein to the contrary, within *** years after the approval of a Product that has been licensed in the US as a biological product
under 42 USC §262(a), and as may be needed from time to time thereafter, the Parties shall consult as to potential strategies
with respect to unexpired US Patent Rights that Cover the Product. Specifically, in anticipation of a receipt by the Product’s reference
product sponsor (“Reference Product Sponsor”) of a biosimilar or interchangeable product application pursuant to the
Biologics Price Competition and Innovation Act of 2009 (Public Law 111-148), the Parties will discuss the Reference Product Sponsor’s
likely course of action with regard to each such US Patent Right in the procedural steps set forth under 42 USC §262(l), including
a general plan for timely communication between the Parties in light of the statutory response deadlines.

 

		13.14	Patent Term Extensions

 

The Parties shall
use Commercially Reasonable Efforts to obtain all available patent term extensions, adjustments, restorations or supplementary protection
certificates (collectively, “Patent Term Extensions”) applicable to the Hookipa Patent Rights, the Roche Patent Rights,
and the Joint Collaboration Patent Rights. For clarity, Roche has the sole right to file for Patent Term Extensions relating to Product
Specific Patent Rights. This notwithstanding, Roche acknowledges that Hookipa’s internal patent strategies and business considerations
as well as obligations under any applicable Existing Third Party License will be taken into account. With respect to the Hookipa Patent
Rights, but excluding Product-Specific Patent Rights, Roche shall obtain Hookipa’s consent (such consent not to be unreasonably
withheld) before obtaining Patent Term Extensions of such Hookipa Patent Rights. Hookipa shall execute such authorizations and other documents
and take such other actions as may be reasonably requested by Roche to obtain such Patent Term Extensions, including designating Roche
as its agent for such purpose as provided in 35 USC § 156. All filings for such Patent Term Extensions shall be made
by Roche; provided, that in the event that Roche elects not to file for a Patent Term Extension, Roche shall (a) promptly inform
Hookipa of its intention not to file and (b) grant Hookipa the right to file for such Patent Term Extension. Each Party shall execute
such authorizations and other documents and take such other actions as may be reasonably requested by the other Party to obtain such Patent
Term Extensions. The Parties shall cooperate with each other in gaining Patent Term Extensions wherever applicable to such Hookipa Patent
Rights, Roche Patent Rights or Joint Collaboration Patent Rights, and Hookipa shall have the right to review and comment on any drafts
related to obtaining such Patent Term Extensions.

 

    	 	- 53 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		14.	Representations and Warranties and Covenants

 

		14.1	Hookipa Representations and Warranties and Covenants

 

Hookipa represents, warrants and covenants to
Roche as of the Effective Date:

 

		14.1.1	Safety Data

 

Hookipa has disclosed to Roche and will continue
to disclose to Roche without delay (i) the results of all preclinical testing and human clinical testing of Product in its possession
or control and (ii) all information in its possession or control concerning side effects, injury, toxicity or sensitivity reaction
and incidents or severity thereof with respect to Product.

 

		14.1.2	Third Party Patent Rights

 

Subject to the Existing Third Party Licenses ***
to the ***Knowledge of Hookipa, there are no issued patents owned by or licensed to any Third Party that could prevent Roche from making,
having made, using, offering for sale, selling or importing the Product in the Territory***

 

		14.1.3	Ownership of Patent Rights

 

Hookipa is the exclusive owner of all right, title
and interest in, or is the exclusive or non-exclusive licensee of, the Hookipa Background Patent Rights as listed in Appendix 1.63.
Appendix 1.63 contains a complete and accurate list of all patents and patent applications included in the Hookipa Background
Patent Rights as of the Effective Date ***

 

		14.1.4	Third Party Licenses

 

The Existing Third Party Licenses include all
agreements with a Third Party pursuant to which Hookipa Controls any Hookipa Background Patent Rights or Hookipa Background Know-How as
of the Effective Date. ***

 

		14.1.5	Inventors

 

Hookipa has obtained the assignment of, or an
exclusive license under, all interest and all rights or licenses thereunder with respect to the Hookipa Background Patent Rights owned
by Hookipa and necessary to grant the licenses granted hereunder. All of Hookipa’s employees, officers and consultants have executed
agreements requiring assignment to Hookipa of all Inventions made by such individuals during the course of and as a result of their association
with Hookipa.

 

		14.1.6	Grants

 

To Hookipa’s *** Knowledge, Hookipa has
the lawful right to grant Roche and its Affiliates the rights and licenses described in this Agreement. Hookipa has not granted any right,
license or interest in or to the Hookipa Intellectual Property or any portion thereof, inconsistent with the rights granted to Roche herein
or entered into any agreement that conflicts with this Agreement or its obligations hereunder.

 

		14.1.7	Validity of Patent Rights

 

*** To the *** Knowledge of Hookipa, there are
no inventorship disputes concerning any Hookipa Background Patent Rights.

 

    	 	- 54 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		14.1.8	Ownership and Legitimacy of Know-How and Inventory

 

Hookipa’s Know-How is legitimately in the
possession of Hookipa and, to Hookipa’s *** Knowledge, has not been misappropriated from any Third Party. Hookipa has taken reasonable
measures to protect the confidentiality of its Know-How. Hookipa is the sole and exclusive owner of, or has a valid, enforceable and non-exclusive
license to use, all Inventory and Hookipa Cell Line Materials, in each case free and clear of all liens. All Inventory and Hookipa Cell
Line Materials have been developed and produced in compliance in all material respects with all GMP and other Applicable Laws and to the
*** Knowledge of Hookipa there are no material defects in any of the Inventory or Hookipa Cell Line Materials. The Hookipa Cell Line Materials
are suitable to be used as starting material for (i) further manufacturing of the Collaboration Compounds and (ii) the production
of a working cell bank.

 

		14.1.9	Excluded ***

 

Each of the Excluded *** listed on Appendix 1.39
is a *** not Available as a Designated *** or Selected *** as of the Effective Date. ***

 

		14.1.10	Nagoya Protocol

 

Hookipa represents and warrants that, to Hookipa’s
*** Knowledge, to the extent applicable, the execution, delivery and performance of this Agreement by Roche and Hookipa complies with
all obligations arising from and does not contravene any specific use restrictions of the United Nations’ Convention on Biological
Diversity as entered into force on December 29, 1993 (CBD), the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable
Sharing of Benefits Arising from their Utilization to the Convention on Biological Diversity as entered into force on October 12,
2014, the Convention on International Trade in Endangered Species of Wild Fauna and Flora as entered into on March 3, 1973 (CITES)
and all their implementing and other relevant national, local or indigenous access and benefit-sharing laws.

 

		14.2	Mutual Representations and Warranties and Covenants

 

		14.2.1	Organization

 

Each Party represents and warrants to the other
Party as of the Effective Date that it is a corporation duly organized, validly existing, and in good standing under the laws of its jurisdiction
of formation.

 

		14.2.2	Due Authorization

 

Each Party represents and warrants to the other
Party as of the Effective Date that it has full corporate power and authority to execute, deliver, and perform this Agreement, and has
taken all corporate action required by Applicable Law and its organizational documents to authorize the execution and delivery of this
Agreement and the consummation of the transactions contemplated by this Agreement.

 

		14.2.3	Valid and Binding Obligation

 

Each Party represents and warrants to the other
Party as of the Effective Date that this Agreement constitutes a valid and binding agreement enforceable against it in accordance with
its terms.

 

    	 	- 55 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		14.2.4	No Conflict

 

Hookipa represents and warrants to Roche as of
the Effective Date that the execution, delivery and performance of this Agreement by Hookipa and all instruments and documents to be delivered
by Hookipa hereunder: (i) will not violate the terms of any indenture, mortgage, deed of trust, lease, agreement, or other instrument
to which Hookipa is a party or by which Hookipa or any of its property is bound, which violation would have an adverse effect on the financial
condition of Hookipa or on the ability of Hookipa to perform its obligations hereunder; (ii) do not require any filing or registration
with, or the consent or approval of, any governmental body, agency, authority or any other person, which has not been made or obtained
previously (other than Regulatory Approvals required for the sale of Products and filings with Regulatory Authorities required in connection
with Products); (iii) will not conflict with or result in a breach of any provision of its organizational documents; and (iv) will
not violate any Applicable Law.

 

Roche represents
and warrants to Hookipa as of the Effective Date that, to Roche’s Best Knowledge, neither Roche nor any of its Affiliates
is or will be under any obligation to any person, contractual or otherwise, that is conflicting with the terms of this Agreement or that
would impede the fulfillment of Roche’s obligations hereunder.

 

		14.2.5	No Claims

 

Hookipa represents and warrants to Roche as of
the Effective Date that there are no claims or investigations (other than with respect to the Parties’ HSR filings, if any), pending
or threatened against Hookipa or any of its Affiliates, at law or in equity, or before or by any governmental authority relating to the
matters contemplated under this Agreement or that would materially adversely affect Hookipa’s ability to perform its obligations
hereunder.

 

***

 

		14.2.6	Debarment

 

Hookipa represents
and warrants to Roche as of the Effective Date that neither Hookipa nor Hookipa’s employees have ever been debarred, disqualified
or banned from practicing medicine and that neither Hookipa nor Hookipa’s employees are under investigation by any regulatory authority
for debarment, disqualification or any similar regulatory action in any country. Hookipa covenants to Roche that it will notify Roche
immediately in writing if any such investigation, disqualification, debarment or ban occurs. Any breach of this Section 14.2.6 shall
give Roche the right to terminate this Agreement immediately for breach.

 

Roche covenants to Hookipa that if it becomes
aware that any employee or agent performing activities in connection with Collaboration Compounds or Products is, at any time during the
conduct of such activities, a debarred or disqualified entity or a debarred or disqualified individual or is subject to a similar regulatory
action in any country, it shall immediately notify Hookipa thereof and ensure the concerned entity or individual shall not continue to
perform activities in connection with Collaboration Compounds or Products.

 

		14.3	No Other Representations and Warranties and Covenants

 

The foregoing representations and warranties are
in lieu of all other representations and warranties not expressly set forth herein. Hookipa and Roche disclaim all other warranties, whether
express or implied, with respect to each of their research, development and commercialization efforts hereunder, including, without limitation,
whether the Products can be successfully developed or marketed, the accuracy, performance, utility, reliability, technological or commercial
value, comprehensiveness, merchantability or fitness for any particular purpose whatsoever of the Products. Materials provided under Section 3.4are
provided “as is”.

 

    	 	- 56 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		15.	Indemnification (Schadloshaltung gegen Ansprüche Dritter)

 

		15.1	Indemnification by Roche

 

Roche shall indemnify, hold harmless and defend
Hookipa, Hookipa’s Affiliates and their directors, officers, employees and agents (“Hookipa Indemnitees”) from
and against any and all losses, expenses, cost of defense (including without limitation reasonable attorneys’ fees, witness fees,
damages, judgments, fines and amounts paid in settlement) and any amounts Hookipa Indemnitees become legally obligated to pay because
of the breach of the Agreement by Roche or of any claim or claims against it to the extent that such claim or claims arise out of activities
related to the Product (e.g. product liability claims) conducted by or on behalf of Roche, Affiliates or Sublicensees, except to the extent
such losses, expenses, costs and amounts are due to the breach of the Agreement by Hookipa or the gross negligence or willful misconduct
or failure to act of Hookipa Indemnitees.

 

		15.2	Indemnification by Hookipa

 

Hookipa shall indemnify, hold harmless and defend
Roche, Roche’s Affiliates and their directors, officers, employees and agents (“Roche Indemnitees”) from and
against any and all losses, expenses, cost of defense (including without limitation reasonable attorneys’ fees, witness fees, damages,
judgments, fines and amounts paid in settlement) and any amounts Roche Indemnitees become legally obligated to pay because the breach
of the Agreement by Hookipa or of any claim or claims against it to the extent that such claim or claims arise out of activities related
to the Product (e.g. product liability claims) conducted by or on behalf of Hookipa or its Affiliates, except to the extent such losses,
expenses, costs and amounts are due to the breach of the Agreement by Roche or the gross negligence or willful misconduct or failure to
act of Roche Indemnitees.

 

		15.3	Procedure

 

In the event of
a claim by a Third Party against a Party entitled to indemnification under this Agreement (“Indemnified Party”),
the Indemnified Party shall promptly notify the other Party (“Indemnifying Party”) in writing of the claim and the
Indemnifying Party shall undertake and solely manage and control, at its sole expense, the defense of the claim and its settlement. The
Indemnified Party shall cooperate with the Indemnifying Party and may, at its option and expense, be represented in any such action or
proceeding by counsel of its choice. The Indemnifying Party shall not be liable for any litigation costs or expenses incurred by the Indemnified
Party without the Indemnifying Party’s written consent. The Indemnifying Party shall not settle any such claim unless such settlement
fully and unconditionally releases the Indemnified Party from all liability relating thereto, unless the Indemnified Party otherwise agrees
in writing.

 

		16.	Liability

 

		16.1	Limitation of Liability

 

Subject to Section 3.1.3
(Diligent Efforts) and Article 4 (Diligence), neither Party shall be liable to the other Party as a result of failure or delay to
develop or commercialize the compound or the Product, as applicable, including but not limited to a) a delay in timelines, or b) delay
or failure to recruit patients, or c) a change in its respective study protocols, or d) failure to obtain Regulatory Approval for the
compound or the Product, as applicable. In no event shall either Party or its Affiliates be liable for indirect damages (indirekte
Schäden/weitere Schäden als Schäden mit langem Kausalzusammenhang), consequential damages (Mangelfolgeschäden)
including lost revenues or profits (entgangener Gewinn), irrespective of the legal basis (contract, tort or otherwise) for such
claims. This limitation of liability shall not apply in the event of damages (a) caused by gross negligence (grobe Fahrlässigkeit)
or willful misconduct (Vorsatz) or fraud (Arglist) of the damaging Party or ***.

 

    	 	- 57 -	 

     

    

 

Certain
information has been excluded from this agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

		17.	Confidential Information; Information Security Incident

 

		17.1	Non-Use and Non-Disclosure

 

During the Agreement Term and *** years thereafter,
a Receiving Party shall (i) treat Confidential Information provided by the Disclosing Party as it would treat its own information
of a similar nature, (ii) take all reasonable precautions not to disclose such Confidential Information to Third Parties, without
the Disclosing Party’s prior written consent, and (iii) not use such Confidential Information other than for fulfilling its
obligations under this Agreement.

 

		17.2	Permitted Disclosure

 

Notwithstanding the obligation of non-use and
non-disclosure set forth in Section 17.1, the Parties recognize the need for certain exceptions to this obligation, specifically
set forth below, with respect to press releases, patent rights, publications, certain commercial considerations or court or administrative
order.

 

		17.3	Press Releases

 

On or promptly after the Effective Date, Hookipa
shall issue a press release announcing the existence and selected key terms of this Agreement, in a form attached as Appendix 17.3.

 

Roche may issue press releases in accordance with
its internal policy that typically does not issue a press release until proof of concept has been achieved for a Collaboration Compound.
Roche shall provide Hookipa with a copy of any draft press release that makes reference to Hookipa at least *** weeks prior to its intended
publication for Hookipa’s review and Hookipa may provide Roche with suggested modification to the draft press release. Roche shall
consider Hookipa’s suggestions in issuing its press release.

 

Hookipa may issue press releases in accordance
with its internal policy related to the activities contemplated by this Agreement (including, for clarity, the receipt of an option or
milestone payment according to Article 9) that either (i) have been approved by Roche, which approval shall not be unreasonably
withheld, conditioned, or delayed, or (ii) are required to be issued by Hookipa as a matter of law and Hookipa is advised by its
legal counsel to that effect in writing and providing reasonably detailed rationale. In all circumstances, Hookipa shall provide Roche
with a draft press release at least *** weeks prior to its intended publication for Roche’s review. During such period, Roche shall
contact Hookipa to discuss modification to the draft press release and, if the approval of Roche to such press release is required, Roche
shall (a) approve the draft press release and permit Hookipa to issue the press release, or (b) contact Hookipa and disapprove
the press release, it being understood that Roche’s approval shall not be unreasonably withheld, conditioned, or delayed. If Roche
asks for modification of a press release where the approval of Roche is required, then Hookipa shall either make such modification or
work with Roche to arrive at a press release that Roche approves.

 

    	 	- 58 -	 

     

    

 

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

To ensure communication alignment, responses
(if any) to inquiries by media or other Third Parties after issuance of a permitted press release by Hookipa (solely or jointly with
Roche) shall consist solely of the press release language or shall follow the response guidelines that may be mutually developed by the
Parties.

 

		17.4	Publications

 

During the Agreement Term, the following restrictions
shall apply with respect to disclosure by any Party of Confidential Information relating to the Product in any publication or presentation:

 

		a)	Both Parties acknowledge that it is their
                                            policy for the studies and results thereof to be registered and published in accordance with
                                            their internal guidelines. Roche, in accordance with its internal policies and procedures,
                                            shall have the right to publish all studies, clinical trials and results thereof on the clinical
                                            trial registries that are maintained by or on behalf of Roche. Hookipa shall not publish
                                            any studies, clinical trials or results thereof on its clinical trial registry, provided
                                            however, that Roche’s clinical trial registry can be accessed via a link from Hookipa’s
                                            clinical trial registry.

 

		b)	A Party (“Publishing Party”)
                                            shall provide the other Party with a copy of any proposed publication or presentation at
                                            least *** days prior to submission for publication so as to provide such other Party with
                                            an opportunity to recommend any changes it reasonably believes are necessary to continue
                                            to maintain the Confidential Information disclosed by the other Party to the Publishing Party
                                            in accordance with the requirements of this Agreement. The incorporation of such recommended
                                            changes shall not be unreasonably refused; and if such other Party notifies (“Publishing
                                            Notice”) the Publishing Party in writing, within *** days after receipt of the
                                            copy of the proposed publication or presentation, that such publication or presentation in
                                            its reasonable judgment (i) contains an invention, solely or jointly conceived or reduced
                                            to practice by the other Party, for which the other Party reasonably desires to obtain patent
                                            protection or (ii) could be expected to have a material adverse effect on the commercial
                                            value of any Confidential Information disclosed by the other Party to the Publishing Party,
                                            the Publishing Party shall prevent such publication or delay such publication for a mutually
                                            agreeable period of time. In the case of inventions, a delay shall be for a period reasonably
                                            sufficient to permit the timely preparation and filing of a patent application(s) on
                                            such invention, and in no event less than *** days from the date of the Publishing Notice.

 

		17.5	Commercial Considerations

 

Nothing in this Agreement shall prevent Roche
or its Affiliates from disclosing Confidential Information of Hookipa to (i) governmental agencies to the extent required or desirable
to secure government approval for the development, manufacture or sale of Product in the Territory, (ii) Third Parties acting on
behalf of Roche, to the extent reasonably necessary for the development, manufacture or sale of Product in the Territory, (iii) Third
Parties requesting clinical trial data information (in accordance with Roche’s then-current data sharing policy or (iv) Third
Parties to the extent reasonably necessary to market the Product in the Territory. Nothing in this Agreement shall prevent Hookipa or
its Affiliates from disclosing Confidential Information of Roche to governmental agencies and Third Parties to the extent required to
perform its tasks and obligations in conducting all activities ascribed to it in the Collaboration Plan. The Receiving Party may disclose
Confidential Information of the Disclosing Party to the extent that such Confidential Information is required to be disclosed by the
Receiving Party to comply with Applicable Law, to defend or prosecute litigation or to comply with governmental regulations, provided
that the Receiving Party provides prior written notice of such disclosure to the Disclosing Party and, to the extent practicable, takes
reasonable and lawful actions to minimize the degree of such disclosure.

 

    	 	- 59 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

		17.6	Court or Administrative Order

 

Nothing in this
Agreement shall prevent the Receiving Party or its Affiliates to disclose Confidential Information of the Disclosing Party as and to
the extent that such Confidential Information is required to be disclosed by the Receiving Party or its Affiliates to comply with a
court or administrative order, Applicable Law, IFRS, GAAP, applicable regulations of a stock exchange or to defend or prosecute
litigation, provided that the Receiving Party or its Affiliates furnishes prompt notice (in no event less than *** days of such disclosure
to the Disclosing Party to enable it to resist such disclosure and, to the extent practicable, takes reasonable and lawful actions to
minimize the degree of such disclosure. No notice shall be required under this Section 17.6 if and to the extent that the specific
information contained in the proposed disclosure has previously been included in any previous disclosure made by either Party hereunder
pursuant to Article 17, or is otherwise approved in advance in writing by the other Party.

 

		17.7	Information Security Incident

 

		17.7.1	Notification

 

A Party shall provide to the other Party written
notice within *** days of such Party’s confirmation of an Information Security Incident with respect to the other Party’s
Confidential Information. Such notice shall describe in reasonable detail the Information Security Incident, including the other Party’s
Confidential Information impacted, the extent of such impact and any corrective action taken or to be taken by such Party. In addition,
if a Party reasonably suspects (even if it has not confirmed) that an actual or attempted Information Security Incident has occurred
with respect to the other Party’s Confidential Information, then the Party shall promptly notify the other Party of such suspected
actual or suspected Information Security Incident.

 

		17.7.2	Non-Disclosure

 

Except to the extent required by Applicable Law,
neither Party shall disclose any information related to an actual or suspected Information Security Incident of the other Party’s
Confidential Information to any Third Party without the other Party’s prior written consent.

 

		17.8	Ongoing Obligation for Confidentiality

 

Upon the effective date of the termination of
this Agreement in its entirety for any reason, each Party shall, with respect to Confidential Information to which such Party does not
retain rights under the surviving provisions of this Agreement, as soon as reasonably practicable, destroy all copies of such Confidential
Information in the possession of such first Party and confirm such destruction in writing to the other Party, provided, that such first
Party shall be permitted to retain one (1) copy of such Confidential Information for the sole purpose of performing any continuing
obligations hereunder, as required by Applicable Law, or for archival purposes. If the effective date of termination is after the Roche
Go-Decision or Early Go-Decision, as applicable, then the obligation to destroy Confidential Information for the Terminated Product shall
be limited to the extent such destruction is reasonably practicable, provided that, for clarity, each Party shall continue to comply
with the obligations pursuant to this Article 17 as applicable. Notwithstanding the foregoing, each Party also shall be permitted
to retain such additional copies of or any computer records or files containing such Confidential Information that have been created
solely by such Party’s automatic archiving and back-up procedures, to the extent created and retained in a manner consistent with
such other Party’s standard archiving and back-up procedures, but not for any other use or purpose.

 

    	 	- 60 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

		18.	Term and Termination

 

		18.1	Commencement and Term

 

This Agreement shall commence upon the Effective
Date and continue for the Agreement Term.

 

		18.2	Termination

 

		18.2.1	Termination for Breach

 

A Party (“Non-Breaching Party”)
shall have the right to terminate this Agreement in its entirety or on a Product-by-Product or on a country-by-country basis in the event
the other Party (“Breaching Party”) is in breach of any of its material obligations under this Agreement. The non-Breaching
Party shall provide written notice to the Breaching Party, which notice shall identify the breach and, as applicable, the Products and/or
the countries in which the Non-Breaching Party intends to have this Agreement terminate. The Breaching Party shall have a period of ***
days after such written notice is provided (“Peremptory Notice Period”) to cure such breach. If the Breaching Party
has a dispute as to whether such breach occurred or has been cured, it will so notify the Non-Breaching Party, and the expiration of
the Peremptory Notice Period shall be tolled until such dispute is resolved pursuant to Section 21.2. Upon a determination of breach
or failure to cure, the Breaching Party may have the remainder of the Peremptory Notice Period to cure such breach. If such breach is
not cured within the Peremptory Notice Period, then absent withdrawal of the Non-Breaching Party’s request for termination, this
Agreement shall terminate in its entirety or with respect to such identified Products and/or countries, as applicable, effective as of
the expiration of the Peremptory Notice Period.

 

		18.2.2	Insolvency

 

A Party shall have the right to terminate this
Agreement, if the other Party incurs an Insolvency Event; provided, however, in the case of any involuntary bankruptcy proceeding, such
right to terminate shall only become effective if the Party that incurs the Insolvency Event consents to the involuntary bankruptcy or
such proceeding is not dismissed within *** days after the filing thereof.

 

		18.2.3	No Roche Go-Decision; no Option Exercise

 

If Roche does not exercise the Option pursuant
to Section 2.3.2 for the *** Program or does not issue a timely Roche Go-Decision for a Program as provided in Section 3.9,
this Agreement shall automatically terminate with respect to such Program and all Collaboration Compounds for such Program with immediate
effect.

 

		18.2.4	Termination by Roche without a Cause

 

Roche shall have the right to terminate this
Agreement at any time *** (i) with *** months prior written notice, if before First Commercial Sale of the first Product for a given
Program or (ii) with *** months prior written notice, if after the First Commercial Sale of the first Product for a given Program.
The effective date of termination under this Section 18.3.3 shall be the date *** months (or *** months as the case may be) after
Roche provides such written notice to Hookipa.

 

    	 	- 61 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

		18.3	***

 

		18.3.1	***

 

***.

 

		18.3.2	***

 

***.

 

		18.3.3	***

 

***.

 

		18.3.4	***

 

***

 

		18.3.5	***

 

***.

 

		18.4	Consequences of Termination

 

		18.4.1	Termination by Hookipa for Breach by Roche,
                                            by Roche without a Cause after Initiation of First Human Trial under Roche’s responsibility
                                            due to an Early Go-Decision or Initiation of another Clinical Study by Roche under this Agreement.

 

		18.5	***

 

		18.5.1	***.

 

		(a)	***.

 

		(b)	***.

 

		(c)	***:

 

		(1)	***.

 

		(2)	***.

 

		(3)	***.

 

		(4)	***.

 

		(5)	***.

 

		(6)	***:

 

		a.	***.

		b.	***.

 

    	 	- 62 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

		c.	***.

		d.	***

		e.	***.

		f.	***.

		g.	***.

		h.	***.

		i.	***.

 

		18.5.2	***

 

***.

 

		18.5.3	***;

 

***.

 

		18.5.4	***

 

***,

 

		(a)	***

		(b)	***.

 

		18.5.5	***

 

		(a)	***

 

***.

 

***.

 

***.

 

***

 

		(i)	***;

		(ii)	***; and

		(iii)	***.

 

		(b)	***

 

		(i)	***

***.

 

		(ii)	***

***.

 

		(c)	***

 

***.

 

		(d)	***

 

***:

 

		(i)	***.

 

    	 	- 63 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

		(ii)	***

 

		(iii)	***.

 

		(iv)	***

 

		(e)	***

 

***.

 

		18.6	Survival

 

Article 1 (Definitions, to the extent necessary
to interpret this Agreement), Articles 9, 10 and 12 (Payment, Accounting and Reporting, and Auditing, each to the extent payment obligations
exist at the time of termination or expiration), Article 11 (Taxes, to the extent such were incurred at the time of termination),
Section 13.1 (Ownership of Patent Rights and Know-How), Article 15 (Indemnification), Article 16 (Liability), Article 17
(Confidential Information; Information Security Incident), Article 18 (Term and Termination), Section 21.1 (Governing Law and
Jurisdiction) shall survive any expiration or termination of this Agreement for any reason.

 

		19.	Effects
                                            of Change of Control

 

		19.1	Effects of Change of Control

 

If there is a Change of Control, then the Party
experiencing such Change of Control (“Acquired Party”) shall provide written notice to the other Party (“Non-Acquired
Party”) at least *** prior to completion of such Change of Control, subject to any confidentiality obligations of the Acquired
Party then in effect (but in any event shall notify the Non-Acquired Party within *** after completion of such Change of Control).

 

The Acquired Party shall, and shall use commercially
reasonable efforts that the other members of the Change of Control Group in connection with such Change of Control will, agree in writing
with the Non-Acquired Party not to utilize any of the Non-Acquired Party’s Know-How, Patent Rights, Inventions, Materials
or Confidential Information or Joint Collaboration Intellectual Property (collectively, “Sensitive Information”) for
the research, development or commercialization of any product for the treatment of any indication or patient population for which a Product
is developed or commercialized by the Non-Acquired Party pursuant to the terms of this Agreement.

 

Following consummation of the Change of Control,
the Non-Acquired Party and the Acquired Party shall, and the Acquired Party shall use commercially reasonable efforts that the other
members of the Change of Control Group will, adopt in writing reasonable procedures to prevent the disclosure of Sensitive Information
beyond the Acquired Party’s personnel who need to know the Sensitive Information solely for the purpose of fulfilling the Acquired
Party’s obligations under this Agreement. The Non-Acquired Party may restrict the Acquired Party’s participation in the JRC
and any other committee in effect at the time of the Change of Control, and decisions of the JRC and other such committees shall be made
by the Non-Acquired Party.

 

		19.2	***

 

***.

 

    	 	- 64 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

		20.	Bankruptcy

 

All licenses (and to the extent applicable rights)
granted under or pursuant to this Agreement by Hookipa to Roche are, and shall otherwise be deemed to be, for purposes of Section 365(n) of
Title 11, US Code (the “Bankruptcy Code”) licenses of rights to “intellectual property” as defined
under Section 101(35A) of the Bankruptcy Code. Unless Roche elects to terminate this Agreement, the Parties agree that Roche, as
a licensee or sublicensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under
the Bankruptcy Code, subject to the continued performance of its obligations under this Agreement.

 

		21.	Miscellaneous

 

		21.1	Governing Law and Jurisdiction

 

		21.1.1	This Agreement shall be governed by and
                                            construed in accordance with the laws of Switzerland, without reference to its conflict of
                                            laws principles, and shall not be governed by the United Nations Convention of International
                                            Contracts on the Sale of Goods (the Vienna Convention).

 

		21.1.2	The competent courts of Basel-City, Switzerland,
                                            shall have the exclusive jurisdiction.

 

		21.2	Disputes

 

Unless otherwise set forth in this Agreement,
in the event of any dispute in connection with this Agreement, such dispute shall be referred to the respective Senior Officers of the
Parties for good faith negotiations attempting to resolve the dispute. If the Senior Officers of the Parties fail to resolve the dispute
within *** days after such dispute has been referred to them, each Party may have such dispute decided by the competent courts of jurisdiction
pursuant to Section 21.1.2.

 

		21.3	Assignment

 

Neither Party shall have the right to assign
the present Agreement or any part thereof to any Third Party (but excluding Affiliates) without the prior written approval of the other
Party which approval shall not be unreasonably withheld.

 

		21.4	Independent Contractor

 

No employee or representative of either Party
shall have any authority to bind or obligate the other Party to this Agreement for any sum or in any manner whatsoever or to create or
impose any contractual or other liability on the other Party without said Party’s prior written approval. For all purposes, and
notwithstanding any other provision of this Agreement to the contrary, Hookipa’s legal relationship to Roche under this Agreement
shall be that of independent contractor, and nothing contained in this Agreement shall be deemed or construed to create a partnership,
joint venture, employment, franchise, agency or fiduciary relationship between the Parties.

 

		21.5	Unenforceable Provisions and Severability

 

If any of the provisions of this Agreement are
held to be void or unenforceable, then such void or unenforceable provisions shall be replaced by valid and enforceable provisions that
will achieve as far as possible the economic business intentions of the Parties. However, the remainder of this Agreement will remain
in full force and effect, provided that the material interests of the Parties are not affected, i.e. the Parties would presumably have
concluded this Agreement without the unenforceable provisions.

 

    	 	- 65 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

		21.6	Waiver

 

The failure by either Party to require strict
performance or observance of any obligation, term, provision or condition under this Agreement will neither constitute a waiver thereof
nor affect in any way the right of the respective Party to require such performance or observance. The waiver by either Party of a breach
of any obligation, term, provision or condition hereunder shall not constitute a waiver of any subsequent breach thereof or of any other
obligation, term, provision or condition.

 

		21.7	Interpretation

 

Except where the context expressly requires otherwise:

 

		(a)	the use of any gender herein shall be deemed
                                            to encompass references to either or both genders, and the use of the singular shall be deemed
                                            to include the plural (and vice versa),

 

		(b)	the words “include”, “includes”
                                            and “including” shall be deemed to be followed by the phrase “without limitation”,

 

		(c)	the word “will” shall be construed
                                            to have the same meaning and effect as the word “shall”,

 

		(d)	any definition of or reference to any agreement,
                                            instrument or other document herein shall be construed as referring to such agreement, instrument
                                            or other document as from time to time amended, supplemented or otherwise modified (subject
                                            to any restrictions on such amendments, supplements or modifications set forth herein),

 

		(e)	any reference herein to any Party or Third
                                            Party or person shall be construed to include the Party’s or Third Party’s or
                                            person’s permitted successors and assigns,

 

		(f)	the words “herein”, “hereof”
                                            and “hereunder”, and words of similar import, shall be construed to refer to
                                            this Agreement in its entirety and not to any particular provision hereof,

 

		(g)	all references herein to Articles, Sections
                                            or Appendices shall be construed to refer to Articles, Sections or Appendices of this Agreement,
                                            and references to this Agreement include all Appendices hereto,

 

		(h)	references to any specific law, rule or
                                            regulation, or article, section or other division thereof, shall be deemed to include the
                                            then-current amendments thereto or any replacement or successor law, rule or regulation
                                            thereof, and

 

		(i)	the term “or” shall be interpreted
                                            in the inclusive sense commonly associated with the term “and/or”.

 

		21.8	Force Majeure

 

Neither Party shall be held liable or responsible
to the other Party or be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any
term of this Agreement to the extent, and for so long as, such failure or delay is caused by or results from one or more Force Majeure
Events; provided that the affected Party gives the other Party prompt written notice of any such Force Majeure Event and the cessation
thereof; and provided further that the affected Party promptly undertakes and continues to use Commercially Reasonable Efforts to cure
such failure or delay resulting from the Force Majeure Event as soon as practicable and to mitigate its effects, and promptly resumes
performance whenever such Force Majeure Event is removed. Any deadline or time period affected by such a Force Majeure Event or a Party’s
failure to perform resulting therefrom shall be extended automatically by the number of days equal to the number of days that such Force
Majeure Event or failure persisted.

 

    	 	- 66 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

		21.9	Amendments

 

No amendments of the terms and conditions of
this Agreement shall be binding upon either Party hereto unless in writing and signed by both Parties.

 

		21.10	Invoices

 

All invoices that are required or permitted hereunder
shall be in writing and sent by Hookipa to Roche at the following address or such other address as Roche may later provide:

 

F. Hoffmann-La Roche Ltd

Kreditorenbuchhaltung

Grenzacherstrasse 124

4070 Basel

Switzerland

Attn: (name of a Roche contact at time
of invoice, e.g. the Alliance Director)

 

		21.11	Notice

 

All notices that are required or permitted hereunder
shall be in writing and sufficient if delivered personally, sent by facsimile (and promptly confirmed by personal delivery, registered
or certified mail or overnight courier), sent by nationally recognized overnight courier or sent by registered or certified mail, postage
prepaid, return receipt requested, addressed as follows:

 

	 	if to Hookipa, to:

     
	Hookipa Biotech GmbH

    St Marx Vienna BioCenter

    Helmut-Qualtinger-Gasse 2

    1030 Vienna

    Austria

    Attn: Legal Department

	 	 	 
	 	if
    to Roche, to:	F. Hoffmann-La Roche Ltd

    Grenzacherstrasse 124

    4070 Basel

    Switzerland

    Attn: Legal and Sustainability

     

	 	and:	Hoffmann-La Roche Inc.

    150 Clove Road

    Suite 8

    Little Falls, New Jersey 07424

    U.S.A.

    Attn. Corporate Secretary

 

or to such other address as the Party to whom
notice is to be given may have furnished to the other Party in writing in accordance herewith.

 

Additionally, notices via email and PDF/docusigned
PDFs are also acceptable.

 

    	 	- 67 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

if to
Hookipa, to:         ***

 

if to Roche, to:            ***

 

		21.12	Counterparts; Electronic Signatures

 

This Agreement
may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall be deemed
to constitute one and the same agreement. The Parties agree that execution of this Agreement by e-Signatures or by exchanging executed
signature pages in .pdf format shall have the same legal force and effect as the exchange of original signatures. As used
in this Section 21.12, “e-Signature” shall mean a signature that consists of one or more letters, characters, numbers
or other symbols in digital form incorporated in, attached to or associated with the electronic document, that (a) is unique to
the person executing the signature; (b) the technology or process used to make the signature is under the sole control of the person
making the signature; (c) the technology or process can be used to identify the person using the technology or process; and (d) the
electronic signature can be linked with an electronic document in such a way that it can be used to determine whether the electronic
document has been changed since the electronic signature was incorporated in, attached to or associated with the electronic document.

 

[Signature Page Follows]

 

IN WITNESS WHEREOF, the Parties have entered
into this Agreement as of the Effective Date.

 

	Hookipa Biotech GmbH

     

     

     

    /s/ Joern Aldag

     

    Name: Joern Aldag

     

    Title: Chief Executive Officer
	 

     

     

     

     

     

     

 

	F. Hoffmann-La Roche Ltd

     

     

     

    /s/ Barbara
    Schroeder de Castro Lopes

     

    Name: Barbara Schroeder de Castro Lopes

     

    Title:
	 

     

     

     

    /s/ Vikas Kabra

     

    Name: Vikas Kabra

     

    Title:

 

    	 	- 68 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

	 

 

	Hoffmann-La Roche Inc.

     

     

     

    /s/ John Parise

     

    Name: John Parise

     

    Title:
	 

 

    	 	- 69 -	 

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 1.39 

Excluded ***

 

***

 

     

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 1.63

Hookipa Background Patent Rights Existing as
of the Effective Date

 

***

 

     

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 1.67

***

 

***

 

     

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 2.1.5

***

 

     

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 3.2.3

Initial Subcontractor List

 

***

 

     

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 3.1.2

Content of Option Exercise Data Package

 

***

 

     

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 3.2.3(A)

Initial Collaboration Budget

 

***

 

     

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 3.2.3(B)

HB700 Collaboration Plan

 

***

 

     

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 9.1

Budget for Collaboration Activities

 

***

 

     

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 14.1.7

Validity of Patent Rights

 

***

 

     

     

    

 

Certain information has been excluded from this
agreement (indicated by “[***]”) HOOKIPA PHARMA INC. has determined such information (i) is not material and (ii) would
be competitively harmful if publicly disclosed.

 

Appendix 17.3

Form of Press Release

 

***

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