Document:

EX-4.8

 Exhibit 4.8 

FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 FIRST NATIONAL BANK OF
OMAHA, 
 as RPA Seller 

FIRST NATIONAL FUNDING LLC, 

as Transferor 
 FIRST NATIONAL
BANK OF OMAHA, 
 as Servicer 

FIRST NATIONAL MASTER NOTE TRUST, 

as Issuer 
 and 

                    , 

as Asset Representations Reviewer 

Dated as of             , 20     

 
  

 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	
	ARTICLE I
	USAGE AND DEFINITIONS
			
	 Section 1.01.
	  	 Usage and Definitions
	  	1
	 Section 1.02.
	  	 Additional Definitions
	  	1
	
	ARTICLE II
	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
			
	 Section 2.01.
	  	 Engagement; Acceptance
	  	5
	 Section 2.02.
	  	 Confirmation of Status
	  	5
	 Section 2.03.
	  	 Use and Purpose of Reports
	  	5
	
	ARTICLE III
	ASSET REPRESENTATIONS REVIEW PROCESS
			
	 Section 3.01.
	  	 Review Notices
	  	5
	 Section 3.02.
	  	 Identification of Subject Receivables
	  	5
	 Section 3.03.
	  	 Review Materials
	  	6
	 Section 3.04.
	  	 Performance of Reviews
	  	6
	 Section 3.05.
	  	 Review Reports
	  	7
	 Section 3.06.
	  	 Review Representatives; Cooperation
	  	8
	 Section 3.07.
	  	 Dispute Resolution
	  	8
	 Section 3.08.
	  	 Limitations on Review Obligations
	  	9
	
	ARTICLE IV
	ASSET REPRESENTATIONS REVIEWER
			
	 Section 4.01.
	  	 Representations and Warranties
	  	9
	 Section 4.02.
	  	 Covenants
	  	11
	 Section 4.03.
	  	 Fees and Expenses
	  	15
	 Section 4.04.
	  	 Limitation on Liability. The Asset Representations Reviewer will not be liable to any Person
for any action taken, or not taken, in good faith under this Agreement or for errors in judgment
	  	15
	 Section 4.05.
	  	 Indemnification
	  	15
	 Section 4.06.
	  	 Inspections of Asset Representations Reviewer
	  	17
	 Section 4.07.
	  	 Delegation of Obligations
	  	17
	 Section 4.08.
	  	 Confidential Information
	  	18
	 Section 4.09.
	  	 Personally Identifiable Information
	  	19
	
	ARTICLE V
	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER
			
	 Section 5.01.
	  	 Eligibility Requirements for Asset Representations Reviewer
	  	21
	 Section 5.02.
	  	 Resignation and Removal of Asset Representations Reviewer
	  	21
	 Section 5.03.
	  	 Successor Asset Representations Reviewer
	  	23
	 Section 5.04.
	  	 Merger, Consolidation or Succession
	  	24

							
	ARTICLE VI	  
	OTHER AGREEMENTS	  
			
	 Section 6.01.
	  	 Independence of Asset Representations Reviewer
	  	 	24	  
	 Section 6.02.
	  	 No Petition
	  	 	24	  
	 Section 6.03.
	  	 Limitation of Liability
	  	 	24	  
	 Section 6.04.
	  	 Termination of Agreement
	  	 	24	  
	
	ARTICLE VII	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 7.01.
	  	 Amendments
	  	 	25	  
	 Section 7.02.
	  	 Assignment; Benefit of Agreement; Third-Party
Beneficiaries
	  	 	25	  
	 Section 7.03.
	  	 Notices
	  	 	26	  
	 Section 7.04.
	  	 Governing Law: Jurisdiction
	  	 	27	  
	 Section 7.05.
	  	 No Waiver; Remedies
	  	 	28	  
	 Section 7.06.
	  	 Severability
	  	 	28	  
	 Section 7.07.
	  	 Headings
	  	 	28	  
	 Section 7.08.
	  	 Counterparts
	  	 	28	  
			
	 SCHEDULE A
	  	 REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND TESTS
	  			
			
	 EXHIBIT A
	  	 INDEMNIFICATION AGREEMENT
	  			

  
 ii 

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

THIS ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of             ,
20     (this “Agreement”), among FIRST NATIONAL BANK OF OMAHA, a national banking association, as RPA Seller (in such capacity, the “RPA Seller), FIRST NATIONAL FUNDING LLC, a Nebraska limited
liability company, as Transferor (the “Transferor”), FIRST NATIONAL BANK OF OMAHA, as Servicer (in such capacity, the “Servicer”), FIRST NATIONAL MASTER NOTE TRUST, a Delaware statutory trust, as Issuer (the
“Issuer”), and [Name of Asset Representations Reviewer], a [        ] [limited liability company][corporation], as asset representations reviewer (the “Asset Representations Reviewer”).

 BACKGROUND: 
 In connection
with its credit card securitization program, the RPA Seller transferred, and will transfer, receivables arising in certain credit card accounts to the Transferor. The Transferor has transferred, and will transfer, such receivables to the
Issuer. 
 The Issuer has issued, and will issue, from time to time, one or more series of notes pursuant to the Master Indenture (as
defined herein). The primary assets of the Issuer are the receivables and in order to secure its repayment obligations relating to the notes, the Issuer has granted a security interest in the receivables to U.S. Bank National Association, as
indenture trustee (the “Indenture Trustee”) for the benefit of the Noteholders under the Master Indenture. 
 The Issuer has
determined to engage the Asset Representations Reviewer to perform reviews of compliance of certain receivables with the representations and warranties made by the RPA Seller and the Transferor with respect to certain receivables on the terms set
forth herein. 
 The parties agree as follows: 

ARTICLE I 
 USAGE AND
DEFINITIONS 
 Section 1.01. Usage and Definitions. Capitalized terms used but not defined in this
Agreement shall have the meaning (if any) specified in the Indenture (including any supplement thereto). 
 Section
1.02. Additional Definitions. The following terms have the meanings given below: 
 “Additional Review
Materials” means any additional documents or other material that the Asset Representations Reviewer may reasonably request pursuant to Section 3.03(b) of this Agreement or any additional documents or other material that the Servicer may
provide to the Asset Representations Reviewer pursuant to Section 3.05(b) of this Agreement. 

 “Affiliate” or “Affiliates” mean, as to any specified person,
any other person or persons controlling or controlled by or under common control with such specified person. For this purpose, “control” means the power to direct the management and policies of a person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and “controlling” and “controlled” have correlative meanings. 

“ARR Property” means the methodology, layout, structure, sequence, organization, summary, calculation, or other tools used by
the Asset Representations Reviewer to produce the Work Product, and any pre-existing or newly created materials which the Asset Representations Reviewer has used or intends to use in delivering services as an asset representations reviewer to
multiple customers. 
 “Asset Representations Review” means the performance by the Asset Representations Reviewer of the
testing procedures for each Test and each Subject Receivable according to Section 3.04. 
 “Asset Representations Review
Period” has the meaning stated in Section 3.04(b). 
 “Confidential Information” has the meaning stated in
Section 4.08. 
 “Conflict of Interest” means a conflict of interest arising from the performance, or proposed
performance, by the Asset Representations Reviewer of its obligations under this Agreement and the engagement or proposed engagement of the Asset Representations Reviewer with respect to other obligations or services for or on behalf of the RPA
Seller, the Transferor, the Servicer, the Issuer or any of their Affiliates (the “Second Matter”), where the performance or proposed performance of the obligations under this Agreement has an adverse effect on [Name of Asset
Representations Reviewer] obtaining an engagement with respect to the Second Matter, provided, that, any conflict of interest can only become a Conflict of Interest if so determined by the RPA Seller, the Servicer or such Affiliate, as applicable,
in its reasonable discretion (i.e., such person deems [Name of Asset Representations Reviewer] to be disqualified from acting with respect to the Second Matter due to the conflict of interest if it remains unresolved ), provided, further, that, a
conflict of interest arising from the performance by the Working Team of other obligations or services by or on behalf of the RPA Seller or the Servicer shall in no event constitute a Conflict of Interest. 

“Draft Review Report” has the meaning stated in Section 3.05(b). 

“Fee Letter” has the meaning stated in Section 4.03(a). 

“Indemnified Person” has the meaning stated in Section 4.05(a). 

“Indemnifying Person” has the meaning stated in Section 4.05(a). 

“Information Recipients” has the meaning stated in Section 4.08(a). 

“Indenture” means that certain Second Amended and Restated Master Indenture, dated as of
[                    ] [    ], 2016, by and between the Issuer and the Indenture Trustee, as such agreement may be amended,
restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

  
 2 

 “Indenture Supplement” or “Indenture Supplements” means, with respect
to a series of notes issued by Issuer pursuant to the Master Indenture, a supplement to the Master Indenture executed and delivered in connection with the original issuance of such series of notes and containing provisions relating to asset
representations review. 
 “Indenture Trustee” has the meaning stated in the second paragraph of the “Background”
section. 
 “Issuer PII” has the meaning stated in Section 4.09(a). 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for, or an employee of, the Asset Representations
Reviewer. 
 “Personally Identifiable Information” or “PII” has the meaning stated in
Section 4.09(a). 
 “Receivables Purchase Agreement” means the Second Amended and Restated Receivables Purchase, dated
as of [                    ] [    ], 2016, between the RPA Seller and the Transferor, as amended, restated, amended and restated,
supplemented, replaced or otherwise modified from time to time. 
 “Resignation Condition” means (i) the Asset
Representations Reviewer determines that it is not eligible to be an asset representations reviewer under Section 5.01 and delivers to the RPA Seller an Opinion of Counsel supporting its determination (unless receipt of an opinion of counsel is
waived by the RPA Seller), (ii) the Asset Representations Reviewer determines that it is legally unable to act or perform its obligations under this Agreement and there is no reasonable action it could take to make the performance of its obligations
under this Agreement permitted under applicable law and delivers to the RPA Seller an Opinion of Counsel supporting its determination (unless receipt of such Opinion of Counsel is waived by the RPA Seller), (iii) there exists an Unresolved Conflict
of Interest or (iv) an amount is due and unpaid under this Agreement (including an uncontested amount due in respect of indemnifications) for ninety (90) calendar days after notice from the Asset Representations Reviewer to the RPA Seller of the
amount due and owing. 
 “Review Commencement Date” has the meaning stated in Section 3.02. 

“Review Fee” has the meaning stated in Section 4.03(b). 

“Review Materials” means, for an Asset Representations Review and a Subject Receivable, (i) the documents and other materials
for each Test listed under “Review Materials” in Schedule A and (ii) any Additional Review Materials. 
 “Review
Notice” means the written notice delivered by Indenture Trustee to the Transferor, Servicer and all Noteholders of Outstanding Notes to the effect the Noteholders have voted to cause an Asset Representations Review on the date specified in
such notice pursuant to Section 4.19(c)(iv) of the Indenture Supplements. 

  
 3 

 “Review Report” means, for an Asset Representations Review, the report of the
Asset Representations Reviewer prepared according to Section 3.05. 
 “Review Satisfaction Date” means the date on
which the Noteholders have voted to cause the Asset Representations Reviewer to conduct an Asset Representations Review pursuant to Section 4.19 of the Indenture Supplements, as specified in the Review Notice delivered by the Indenture Trustee
to the Transferor, Servicer and all Noteholders of Outstanding Notes pursuant to Section 4.19(c)(iv) of the applicable Indenture Supplements. 

“Sponsor” means First National Bank of Omaha, a national banking association. 

“Subject Receivables” means, for any Asset Representations Review, all Receivables which are
60-Day Delinquent Receivables as of the last day of the Monthly Period prior to the related Review Satisfaction Date, provided that any Receivable which has been repurchased or reassigned to the Transferor
pursuant to the Transfer and Servicing Agreement or to the RPA Seller pursuant to the Receivables Purchase Agreement on or after the Review Satisfaction Date will no longer be a Subject Receivable. 

“Test” has the meaning stated in Section 3.04(a). 

“Test Complete” has the meaning stated in Section 3.04(c). 

“Test Fail” has the meaning stated in Section 3.04(a). 

“Test Pass” has the meaning stated in Section 3.04(a). 

“Transfer and Servicing Agreement” means the Second Amended and Restated Transfer and Servicing Agreement, dated as of
[                    ] [    ], 2016, among the Transferor, the Servicer and the Issuer, as amended, restated, amended and
restated, supplemented, replaced or otherwise modified from time to time. 
 “Unresolved Conflict of Interest” means a
Conflict of Interest that has not been resolved by the parties, including by means of waivers or ethical walls, within thirty (30) days of the receipt of written notice by the RPA Seller and the Servicer from the Asset Representations Reviewer of
such Conflict of Interest, as determined by the RPA Seller, the Servicer or an Affiliate; provided, that, upon a determination that a Conflict of Interest remains unresolved at the end of such thirty day period, the RPA Seller shall send written
notice of the Unresolved Conflict of Interest to the Asset Representations Reviewer. 
 “Working Team” means
        ,             and the other employees of [Name of Asset Representations Reviewer] that are assigned to the engagement described in this
Agreement, and their successors. 
 “Work Product” means all works, data, reports and other items created, conceived or
reduced to product by the Asset Representations Reviewer pursuant to or in connection with this Agreement, including any Review Report. 

  
 4 

 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

Section 2.01. Engagement; Acceptance. The Issuer engages
                     to act as the Asset Representations Reviewer for the
Issuer.                     accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer, including conducting
a review of the underlying assets of the Issuer for compliance with representations and warranties on the pool assets, on the terms set forth in this Agreement. 

Section 2.02. Confirmation of Status. The parties confirm that the Asset Representations Reviewer is not
responsible for (a) reviewing the Receivables and Accounts for compliance with the representations and warranties under the Pooling and Servicing Agreement, the Transfer Agreement or the Receivables Purchase Agreement, except as described in
this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of any contractual provision under the Transfer and Servicing Agreement, the Transfer Agreement or the Receivables Purchase
Agreement. 
 Section 2.03. Use and Purpose of Reports. Except as otherwise provided herein, any Review Report
provided by the Asset Representations Reviewer is provided for the sole use and benefit of the RPA Seller and the Transferor for the purposes provided in this Agreement and the Indenture. Unless required by law or in accordance with this Agreement,
the RPA Seller and the Transferor shall not provide to any third party any information provided, or any Review Report, or refer to the Asset Representations Reviewer or its obligations under this Agreement, without the prior written consent of the
Asset Representations Reviewer, which shall be conditioned on the execution of a third-party release letter in the form provided by the Asset Representations Reviewer. 

ARTICLE III 
 ASSET
REPRESENTATIONS REVIEW PROCESS 
 Section 3.01. Review Notices. On receipt of a Review Notice in
accordance with Section 4.19(c)(iv) of the Indenture Supplements, the Servicer shall deliver a copy thereof to the Asset Representations Reviewer. 

Section 3.02. Identification of Subject Receivables. Within sixty (60) calendar days of its receipt of the Review
Notice from the Indenture Trustee, the Servicer will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the Accounts, identified by unique identification number assigned by the Servicer, in which the Subject
Receivables arise. The Asset Representations Reviewer will have no obligation to start an Asset Representations Review until it has received a Review Notice, a list of the Accounts related to the Subject Receivables and access to the Review
Materials in accordance with Section 3.03 (the “Review Commencement Date”). 

  
 5 

 Section 3.03. Review Materials. 

(a) Access to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review
Materials for all of the Subject Receivables within 60 calendar days after receipt of the Review Notice in one or more of the following ways: (i) by providing remote access to the Servicer’s receivables systems, (ii) by electronic
posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing photocopies of documents relating to the Subject Receivables to the Asset Representations
Reviewer for use at its property or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer shall redact or remove Personally Identifiable Information from the Review Materials. 

(b) Missing or Insufficient Review Materials. The Asset Representations Reviewer will notify the Servicer if it
determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test and the Servicer will have 15 calendar days to give the Asset Representations Reviewer access to such missing Review
Materials or other documents or information to correct the insufficiency (“Additional Review Materials”). If Additional Review Materials have not been provided by the Servicer within 15 calendar days after receipt of such notice,
the parties agree that each Subject Receivable subject to the applicable Test(s) will have a Test Fail for the related Test(s) and the Test(s) will be considered completed and the Review Report will indicate the reason for the Test Fail. 

Section 3.04. Performance of Reviews. 

(a) Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for the
Subject Receivables the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A. For each Test, the Asset
Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). If the result for more than one Subject Receivable is
determinable by performing a Test once for such group of Subject Receivables, the Asset Representations Reviewer will use such determination for all such Subject Receivables. 

(b) Review Period. The Asset Representations Reviewer will complete the Asset Representations Review of all of
the Subject Receivables within 90 calendar days after the Review Commencement Date; provided that if Additional Review Materials are provided to the Asset Representations Reviewer under Section 3.03(b), the permissible period for completion of
the Asset Representations Review will be extended for an additional 30 calendar days after the Review Commencement Date (as such period may be extended, the “Asset Representations Review Period”). 

(c) Completion of Asset Representations Review for Certain Subject Receivables. Following the delivery of
the list of the Accounts related to the Subject Receivables and before the delivery of the Review Report by the Asset Representations 

  
 6 

 
Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by the related Obligor or purchased by the Servicer, the RPA Seller or the Transferor
according to the applicable Related Document. On receipt of notice, the Asset Representations Review of such Subject Receivables will be considered complete (a “Test Complete”). In this case, the Review Report will indicate a Test Complete
for such Subject Receivables and the related reason. 
 (d) Previously Performed Test. If any Test was
performed in a prior Asset Representations Review, the Asset Representations Reviewer will not perform such Test again in connection with any additional Asset Representations Review, if and to the extent the initial review is sufficient for the
purpose of determining compliance with the Test in the subsequent Asset Representations Review, but will include the determination of such previous Test in the Review Report for the current Asset Representations Review, provided that the Asset
Representations Reviewer may, at any time, conduct Tests relating to Subject Receivables for any time period not covered in previous Tests. 

(e) Termination of Asset Representations Review. If an Asset Representations Review is in process and all
Outstanding Notes of the Issuer will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than 10 calendar days before such Payment Date. On receipt of notice,
the Asset Representations Reviewer will terminate the Asset Representations Review immediately and will have no obligation to deliver a Review Report. 

Section 3.05. Review Reports. 

(a) Review Report. In the event that the Asset Representations Reviewer determines there is no
Test Fail for any of the Tests in connection with an Asset Representations Review, within ten (10) Business Days after the end of the Asset Representations Review Period, the Asset Representations Reviewer will deliver to the Indenture Trustee, the
RPA Seller, the Servicer and the Transferor a Review Report indicating, with respect to each Subject Receivable, the findings of each Test. 

(b) Draft Review Report. In the event the Asset Representations Reviewer determines there is a
Test Fail for any Test in connection with an Asset Representations Review, the Asset Representations Reviewer will, within ten (10) Business Days after the completion of the Asset Representations Review, deliver to Transferor and Servicer a
preliminary report (a “Draft Review Report”) with respect to such Test, and the Servicer may provide Additional Review Materials and/or provide clarification regarding the previously provided Review Materials, within fifteen (15) Business
Days of receiving the Draft Review Report in order to resolve any Asset Representations Review. The Asset Representations Reviewer will deliver a final Review Report to Indenture Trustee, the RPA Seller, the Servicer and the Transferor within 10
Business Days of receipt of such Additional Review Materials and/or clarification from the Servicer. 
 (c) Review
Report Contents. The Review Report will contain a summary of the Asset Representations Review results, which may (in whole or in part) be included in 

  
 7 

 
the Form 10-D report with respect to the Issuer for the Monthly Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not
contain any Issuer PII. Upon the reasonable request of the Transferor or Servicer, the Asset Representations Reviewer will provide additional detail on the Review results. 

Section 3.06. Review Representatives; Cooperation. 

(a) Servicer, RPA Seller and Transferor Representatives. Each of the Servicer, the RPA Seller and the
Transferor agrees to designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Asset Representations Review, including responding to requests and answering questions from the Asset
Representations Reviewer about access to Review Materials, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests. 

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

(c) RPA Seller and Transferor Cooperation. Each of the RPA Seller and the Transferor shall
(i) cooperate with the Asset Representations Reviewer in completing procedures for an Asset Representations Review and (ii) provide the Asset Representations Reviewer with reasonable access to its offices and information databases upon
written request from the Asset Representations Reviewer. 
 (d) Questions About Asset Representations
Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Issuer, the Indenture Trustee, the RPA Seller,
the Transferor or the Servicer until the earlier of (i) the payment in full of all of the Outstanding Notes of the Issuer or (ii) one year after the delivery of the Review Report. The Asset Representations Reviewer will not be
obligated to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Transferor or Servicer. 

Section 3.07. Dispute Resolution. The Asset Representations Reviewer agrees and acknowledges that any Review
Report may be used by the Issuer, the RPA Seller, the Transferor, the Indenture Trustee or the Servicer in any dispute resolution proceeding, but the Asset Representations Reviewer shall not be required to participate in the dispute resolution
proceeding. No additional fees or reimbursement of expenses shall be paid to the Asset Representations Reviewer regarding such use of any Review Report. 

  
 8 

 Section 3.08. Limitations on Review Obligations. 

(a) Review Process Limitations. The Asset Representations Reviewer will have no obligation: 

(i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to
direct an Asset Representations Review under the Indenture Supplements, and may rely on the information in any Review Notice delivered to the Asset Representations Reviewer; 

(ii) to determine which Receivables are subject to an Asset Representations Review, and may rely on the lists of Subject
Receivables provided by the Servicer; 
 (iii) to obtain or confirm the validity of the Review Materials, and shall have no
liability for any errors in the Review Materials, and may rely on the accuracy and completeness of the Review Materials; 

(iv) to obtain missing or insufficient Review Materials from any party or any other source; 

(v) to take any action or cause any other party to take any action under any of the Related Documents or otherwise to enforce
any remedies against any person for breaches of representations or warranties about the Subject Receivables; 
 (vi) to
provide or obtain a legal opinion or to make a legal determination or conclusion with respect to any Test relating to a Subject Receivable; or 

(vii) to determine the reason for the delinquency of any Subject Receivable, the creditworthiness of any Obligor, the overall
quality of any Subject Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Subject Receivable. 

(b) Testing Procedure Limitations. The Asset Representations Reviewer will only be required to perform the
testing procedures listed under “Tests” in Schedule A, and will not be obligated to perform additional procedures on any Subject Receivable or to provide any information other than a Review Report indicated for each Subject Receivable
whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Receivable was a Test Complete and the related reason. Any amendments to the procedures set forth on Schedule A will be implemented as set forth in Section 7.01. 

ARTICLE IV 
 ASSET
REPRESENTATIONS REVIEWER 
 Section 4.01. Representations and Warranties. The Asset Representations
Reviewer represents and warrants to the Issuer as of the Closing Date: 
 (a) Organization and
Qualification. The Asset Representations Reviewer is duly organized and validly existing as a corporation in good standing under the laws of 

  
 9 

 
the State of [                    ]. The Asset Representations Reviewer is qualified to do
business as a foreign [                    ] in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the
ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse
effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 
 (b)
Power, Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution,
delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy,
reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles. 
 (c)
No Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with, or be a
breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the
properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations
Reviewer or (iv) violate any law or, to the Asset Representations Reviewer’s knowledge, any order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Asset Representations Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations
Reviewer’s ability to perform its obligations under this Agreement. 
 (d) No Proceedings. There are no
proceedings or investigations pending or, to the best of the Asset Representations Reviewer’s knowledge, threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of the transactions contemplated by this Agreement or (iii) seeking any
determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(e) Eligibility. The Asset Representations Reviewer meets the eligibility requirements in Section 5.01.

  
 10 

 (f) Consents. All material authorizations, consents, orders,
approvals or other actions of any governmental authority required to be obtained or effected by the Asset Representations Reviewer in connection with its execution and delivery of this Agreement, its performance of the transactions contemplated by
this Agreement and the fulfillment of the terms hereof have been duly obtained or effected and are in full force and effect. 

(g) Safeguards. The Asset Representations Reviewer has, and will continue to have, adequate administrative,
technical and physical safeguards designed to: (i) ensure the security and confidentiality of all Confidential Information, (ii) protect against any anticipated threats or hazards to the security or integrity of Confidential Information
and (iii) protect against any unauthorized acquisition of, access to or use of Confidential Information. 
 (h)
Intellectual Property. The Asset Representations Reviewer owns or has the right to use all software, designs, utilities, tools, models, systems and other methodologies and know-how that the
Asset Representations Reviewer may use in performing its obligations under this Agreement and such usage shall not infringe upon the rights of any third party or misappropriate the property of any third party or violate any applicable laws. 

Section 4.02. Covenants. The Asset Representations Reviewer covenants and agrees that: 

(a) Eligibility. It will notify the Issuer, the Transferor, the RPA Seller, the Servicer and the Indenture
Trustee promptly upon becoming aware that it no longer meets the eligibility requirements in Section 5.01. 
 (b)
Review Systems; Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform each Test. The Asset Representations Reviewer will maintain adequate staff that is properly
trained to conduct Asset Representations Reviews as required by this Agreement. 
 (c) Maintenance of Review
Materials. 
 (i) Except as otherwise provided in the clause (ii) of this subsection 4.01(c), the Asset
Representations Reviewer will maintain copies of any Review Materials and other related documents received from the Servicer until the termination of this Agreement. Upon termination of this Agreement, the Asset Representations Reviewer shall return
any Review Materials and related documents to the RPA Seller at its expense. 
 (ii) If a Review has ever taken place during
the term of this Agreement, the Asset Representations Reviewer will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset Representations Review, including internal correspondence and work papers, for a
period of five (5) years after the termination of this Agreement. Upon termination of such five-year period, the Asset Representations Reviewer shall (at 

  
 11 

 
the RPA Seller’s option) either (A) promptly return to the RPA Seller all such information in its possession and at its expense or (B) destroy or erase permanently all such information and
confirm in writing to the RPA Seller that it has done so. 
 (d) Review Procedures Audit. The Asset
Representations Reviewer will maintain an audit trail for the Review Materials received, the Review Procedures performed and any determinations made in connection with a Review for a period of five (5) years after the Review. 

(e) Work Product. The RPA Seller will receive title to all Work Product free and clear of all mortgages, liens,
pledges, custodianships, security interest or other encumbrances, restrictions, claims or charges of any kind, except to the extent it constitutes ARR Property. The Asset Representations Reviewer hereby grant the RPA Seller a royalty-free, paid-up,
non-exclusive, worldwide, irrevocable, perpetual license to use and reproduce the ARR Property in connection with the RPA Seller’s use of the Work Product. 

(f) Information To Be Provided. 

(i) The Asset Representations Reviewer shall (A) within 30 calendar days after the end of each calendar quarter, provide
to the Transferor such information regarding the Asset Representations Reviewer for purposes of compliance with Items 1109(b), 1117 and 1119 of Regulation AB, and (B) upon five Business Days’ prior request from the Transferor,
enter into an Indemnification Agreement in substantially the form of Exhibit A hereto. As promptly as practicable following notice to or discovery by the Asset Representations Reviewer of any material changes to the most recently provided
information for purposes of compliance with Items 1117, 1109(b) or 1119 of Regulation AB, the Asset Representations Reviewer shall provide to the Transferor, in writing, notice of such material changes. Such information shall include: 

(A) the Asset Representations Reviewer’s name and form of organization; 

(B) a description of the extent to which the Asset Representations Reviewer has had prior experience serving as an asset
representations reviewer for asset-backed securities involving credit card receivables; 

(C) a description of any affiliation between the Asset Representations Reviewer and any of the following parties to a
securitization transaction, as such parties are identified by name to the Asset Representations Reviewer by the Transferor no later than the end of the relevant calendar quarter; 

  
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 (1) the sponsor; 

(2) any depositor; 

(3) the issuing entity; 

(4) any servicer; 

(5) any trustee; 

(6) any originator; 

(7) any significant obligor; 

(8) any enhancement or support provider; 

(9) any underwriter; 

(10) any person hired by the First National Bank of Omaha or an underwriter to perform due diligence on the Receivables; and

 (11) any other material transaction party. 

(ii) In connection with each Report on Form 10-K with respect to the Notes and
each Report on Form 10-D with respect to the Notes filed by or on behalf of the Transferor, the Asset Representations Reviewer shall be deemed to represent and warrant, as of the date that is fifteen (15)
calendar days prior to the Issuer’s filing date of each calendar year for the Report on Form 10-K with respect to the information most recently provided by the Asset Representations Reviewer for the
purposes of compliance with Items 1109(b), 1117 and 1119 of Regulation AB, and as of the related Payment Date for each Report on Form 10-D with respect to the information most recently provided
by the Asset Representations Reviewer for the purposes of compliance with Item 1117, that such information is materially correct and does not have any material omissions, unless the Asset Representations Reviewer has provided an update to such
information. 
 (g) Control Requirements. Reserved. 

  
 13 

 (h) Opinion of Counsel. On the date hereof and promptly five
Business Days’ prior written notice in connection with an issuance of Notes registered on Form SF-3, the Asset Representations Reviewer shall provide an Opinion of Counsel, addressed to the Servicer,
the Indenture Trustee, the Owner Trustee, the Issuer, each Rating Agency and the representative or representatives of the underwriters of the Notes to the effect that: 

(i) the Asset Representations Reviewer is validly existing and in good standing as a corporation under the laws of the State of
[     ] and has the power and authority to transact the business in which it is now engaged and to enter into and to perform all of its obligations under this Agreement; 

(ii) the execution, delivery and performance by the Asset Representations Reviewer of this Agreement and the consummation by
the Asset Representations Reviewer of the services contemplated hereby have been duly authorized by all necessary corporate action; 

(iii) this Agreement has been duly and validly executed and delivered by the Asset Representations Reviewer; 

(iv) the execution and delivery by the Asset Representations Reviewer of this Agreement and the consummation of the services
contemplated hereby will not conflict with, result in a breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under (A) the bylaws of the Asset Representations Reviewer, (B) to the
best of such counsel’s knowledge after due inquiry and investigation, any material indenture, contract, lease, mortgage, deed of trust or other instrument of agreement to which the Asset Representations Reviewer is a party or by which the Asset
Representations Reviewer is bound or (C) to the best of such counsel’s knowledge after due inquiry and investigation, any judgment, writ, injunction, decree, order or ruling of any court or governmental authority having jurisdiction over
the Asset Representations Reviewer; 
 (v) the execution and delivery by the Asset Representations Reviewer of this Agreement
and the consummation of the services contemplated hereby will not result in a violation of any applicable statute, rule or regulation to which the Asset Representations Reviewer is subject that would have a material adverse effect on (A) the
ability of the Asset Representations Reviewer to perform its obligations under this Agreement or (B) the business, operations, assets, liabilities or financial condition of the Asset Representations Reviewer and its subsidiaries as a whole; and

 (vi) to the best of counsel’s knowledge after due inquiry and investigation, the Asset Representations Reviewer is
not a party to any pending action or proceeding before any court, governmental agency or arbitrator which (A) purports to affect the legality, validity, binding effect or enforceability of this Agreement, or (B) could have a material
adverse effect on (1) the ability of the Asset Representations Reviewer to perform its obligations under the Agreement or (2) the business, operations, assets, liabilities or financial condition of the Asset Representations Reviewer and
its subsidiaries as a whole. 

  
 14 

 Section 4.03. Fees and Expenses. 

(a) [Monthly][Annual] Fee. The Servicer will pay the Asset Representations Reviewer, as compensation for agreeing
to act as the Asset Representations Reviewer under this Agreement, [a monthly][an annual] fee in the amount set forth in a fee letter, dated as of the date hereof, among the Servicer, the Issuer and the Asset Representations Reviewer (the “Fee
Letter”). The [monthly][annual] fee will be paid as agreed in this Section 4.03(a) by the Servicer until this Agreement is terminated. 

(b) Review Fee. Following the completion of an Asset Representations Review and the delivery to the Indenture
Trustee, the RPA Seller, the Servicer and the Transferor of the Review Report, or the termination of an Asset Representations Review according to Section 3.04(e), and the delivery to the Servicer, of a detailed invoice, the Asset
Representations Reviewer will be entitled to a fee for each Asset Representations Review as set forth in the Fee Letter (the “Review Fee”). However, no Review Fee will be charged for any Tests that were performed in a prior Asset
Representations Review to the extent provided under Section 3.04(d), or for any Asset Representations Review in which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Representations
Review in accordance with Section 3.04(e). The Servicer will pay the Review Fee to the Asset Representations Reviewer in accordance with the terms of the detailed invoice from the Asset Representations Reviewer. If an Asset Representations
Review is terminated according to Section 3.04(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no later than five Business Days before the final Payment Date in order to be reimbursed
no later than the final Payment Date. 
 (c) Reimbursement of Expenses. The Servicer will reimburse the
Asset Representations Reviewer for its reasonable expenses incurred in connection with the Asset Representations Review, including the reasonable fees of legal counsel, upon receipt of a detailed invoice, with supporting receipts or other
documentation and all expenses invoiced at cost, without markup. 
 Section 4.04. Limitation on Liability. The
Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable to the extent finally
determined by a court of competent jurisdiction to have resulted from its willful misconduct, bad faith or gross negligence in performing its obligations under this Agreement. In no event shall either the Asset Representations Reviewer or the
Servicer be liable for consequential, indirect or punitive damages, damages for lost profits or opportunities or other like damages or claims of any kind, even if the Asset Representations Reviewer or Servicer, as the case may be, has been advised
of the likelihood of the loss or damage and regardless of the form of action. 
 Section 4.05. Indemnification.

 (a) Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will
indemnify each of the Issuer, the Transferor, the RPA 

  
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Seller, the Servicer, the Owner Trustee and the Indenture Trustee and any of its respective subsidiaries and affiliates, directors, officers, principals, shareholders, independent contractors,
employees and agents (each, an “Issuer Indemnified Person”) for all costs, expenses (including reasonable attorneys’ fees and expenses and costs of investigation), losses, damages and liabilities resulting from (i) the willful
misconduct, bad faith or gross negligence of the Asset Representations Reviewer in performing its obligations under this Agreement or (ii) the Asset Representations Reviewer’s breach of any of its representations, warranties, covenants and
other obligations in this Agreement (the “Issuer Losses”), except to the extent that any such Issuer Losses are determined by a final nonappealable order of a court of competent jurisdiction to have resulted from the bad faith, gross
negligence or willful misconduct of the Issuer Indemnified Person or persons in respect of whom such liability is asserted. 

(b) Indemnification by Servicer. The Servicer will indemnify the Asset Representations Reviewer and its
subsidiaries and affiliates, officers, directors, principals, shareholders, independent contractors, employees and agents (each, an “ARR Indemnified Person”) for all costs, expenses (including reasonable attorneys’ fees and expenses
and costs of investigation), losses, damages and liabilities resulting from the performance of its obligations under this Agreement (the “ARR Losses”), except to the extent that any such ARR Losses are determined by a final nonappealable
order of a court of competent jurisdiction to have resulted from (i) the bad faith, gross negligence or willful misconduct of the ARR Indemnified Person or persons in respect of whom such liability is asserted or (ii) the Asset
Representations Reviewer’s breach of any of its representations, warranties or covenants in this Agreement. 
 (c)
Proceedings. Promptly on receipt by an Issuer Indemnified Person or an ARR Indemnified Person (each, an “Indemnified Party”) of notice of a proceeding against it, the Indemnified Person will, if a claim is to be made under
Section 4.05(a) or Section 4.05(b), notify the Servicer or the Asset Representations Reviewer, as applicable (each, an Indemnifying Party”) of the proceeding. The Indemnifying Party may participate in and assume the defense and settlement
of a Proceeding at its expense. If the Indemnifying Party notifies the Indemnified Party of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Party, and so long as the Indemnifying Party
assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Party, the Indemnifying Party will not be liable for legal expenses of counsel to the Indemnified Party unless there is a conflict between the interests of
the Indemnifying Party and an Indemnified Party. If there is a conflict, the Indemnifying Party will pay for the reasonable fees and expenses of separate counsel to the Indemnified Party. No settlement of a Proceeding may be made without the
approval of the Indemnifying Party and the Indemnified Party, which approval will not be unreasonably withheld. 
 (d)
Survival of Obligations. Each of the Servicer’s and the Asset Representations Reviewer’s obligations under this Section 4.05 will survive the resignation or removal of the Asset Representations Reviewer and the
termination of this Agreement. 

  
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 (e) Repayment. If the Indemnifying Party makes any payment
under this Section 4.05 and the Indemnified Party later collects any of the amounts for which the payments were made to it from others, the Indemnified Party will promptly repay the amounts to the Indemnifying Party. 

Section 4.06. Inspections of Asset Representations Reviewer. 

(a) The Asset Representations Reviewer agrees that, from and after the completion of the first Asset Representations Review, if
any,, upon reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer, the RPA Seller, the Servicer, the Transferor or the Indenture Trustee, during the Asset Representations Reviewer’s
normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to the performance of the Asset Representations Reviewer’s obligations under
this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer’s, the RPA Seller’s, the Servicer’s, the Transferor’s or the Indenture Trustee’s representatives to make copies and extracts of any of
those documents and to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuer, RPA Seller, the Servicer and the Transferor will, and will cause its authorized representatives to hold in confidence the
information except if disclosure may be required by law or if the Issuer, the RPA Seller, the Servicer or Transferor reasonably determines that it is required by law to make the disclosure under this Agreement or the other Related Documents. The
Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials at all times during the term of this Agreement; provided, that if a Review has taken place during the term of the Agreement, such
retention shall be for a period of five (5) years after termination of this Agreement. 
 (b) The Asset Representations
Reviewer further agrees that, in connection with the execution of this Agreement, and from time to time thereafter, but in any event no more frequently than annually, it will make appropriate personnel available to authorized representatives of the
Issuer, the RPA Seller, the Servicer, the Transferor or the Indenture Trustee, to discuss the Asset Representations Reviewer’s practices, procedures and systems for protection of confidential information, including the Confidential Information,
and its practices, procedures and systems for the protection and destruction of any Issuer PII actually known to be received by the Asset Representations Reviewer, as required by Section 4.09(e). 

Section 4.07. Delegation of Obligations. The Asset Representations Reviewer may not delegate or subcontract its
obligations under this Agreement to any Person without the consent of the parties to this Agreement, which may be withheld in such party’s sole discretion. Any such delegation or subcontracting to which the parties to this Agreement have
consented shall not relieve the Asset Representations Reviewer of its liability and responsibility with respect to such obligations and shall not constitute a resignation within the meaning of Section 5.02. 

  
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 Section 4.08. Confidential Information. 

(a) Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it
under this Agreement, as well as any initial materials previously provided, in confidence and under the terms and conditions of this Section 4.08, and will implement and maintain safeguards to further assure the confidentiality of the
Confidential Information. The Confidential Information will not, without the prior consent of the Issuer, the Servicer and the Transferor, be disclosed or used by the Asset Representations Reviewer, any of its Affiliates or its Affiliates’ or
its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Asset Representations Reviews of Subject Receivables
or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not, (i) purchase or sell securities issued by the RPA Seller or the Issuer or their Affiliates or special-purpose entities on the basis of Confidential Information, (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications or
(iii) rent, sell, lease, transfer, provide or otherwise disclose Confidential Information to a third party, except as provided in subsection (d) of this Section 4.08. 

(b) Definition. “Confidential Information” means oral, written and electronic materials (irrespective
of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including, but not limited to: 

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

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

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

  
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 (c) Protection. The Asset Representations Reviewer will
protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information using commercially reasonable methods, including those measures that it takes to protect its own confidential information and not less than a reasonable
standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.09. 

(d) Disclosure. If the Asset Representations Reviewer is required by applicable law, regulation (including,
without limitation, any rule, regulation or policy statement of any organized securities exchange, market or automated quotation system on which any securities of the RPA Seller or the Issuer or their Affiliates or
special-purpose entities are listed or quoted, or of any self-regulatory organization) rule, order, request or direction issued by an administrative, governmental, regulatory or judicial authority or an
examiner to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule, order, request or direction,
will use its commercially reasonable efforts to provide the Issuer, the RPA Seller, the Transferor and the Servicer with prompt notice of the requirement and will cooperate, at the Servicer’s expense, in the Issuer’s, the RPA
Seller’s, the Transferor’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer, the RPA Seller, the Transferor or the Servicer is unable to obtain a
protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is
legally required to disclose. 
 (e) Responsibility for Information Recipients. The Asset Representations
Reviewer will be responsible for a breach of this Section 4.08 by its Information Recipients. 
 (f)
Violation. The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the RPA Seller, the Servicer or the Transferor and each of the Issuer, the RPA Seller, the Servicer or
Transferor may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer, the RPA Seller, the Servicer or the Transferor to enforce this Section 4.08, the prevailing party will be entitled to reimbursement of
costs and expenses, including reasonable attorneys’ fees, incurred by it for the enforcement. The provisions of this Section 4.08 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal
of the Asset Representations Reviewer. 
 Section 4.09. Personally Identifiable Information. 

(a) Definitions. “Personally Identifiable Information” or “PII” means
information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), personal identification number(s), any other actual or assigned attribute
associated with or identifiable to an individual and any information that when used separately or in combination with other information could 

  
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identify an individual; provided, however, that Personally Identifiable Information or PII shall not mean or be deemed to include any identification number that is assigned for recordkeeping
purposes by the Servicer or an affiliate thereof to an individual or an account and that is not a cardholder account number. “Issuer PII” means PII furnished by the Issuer, the RPA Seller, the Transferor, the Servicer or their Affiliates
to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement. 

(b) Use of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII.
None of the Issuer, the RPA Seller, the Transferor or the Servicer intend to share, provide or supply any Issuer PII to the Asset Representations Reviewer. However, if the Asset Representations Reviewer receives any Issuer PII, the Asset
Representations Reviewer will immediately (i) notify the Servicer and (ii) indefeasibly delete and destroy such Issuer PII. Notwithstanding the foregoing, the Asset Representations Reviewer must comply with all laws applicable to PII,
Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will implement and maintain
reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (A) protect the security, confidentiality and integrity of Issuer PII, (B) ensure against anticipated threats or
hazards to the security or integrity of Issuer PII, (C) protect against unauthorized access to or use of Issuer PII and (D) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan,
employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures. 

(c) Additional Limitations. In addition to the use and protection requirements described in Section 4.09(b),
the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 
 (i) The
Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Representations
Review, (B) with the prior consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the
assigned task. The Asset Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel who may access Issuer PII on the proper use of and protection of Issuer
PII. 
 (ii) The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third
party without the prior consent of the Issuer. 

  
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 (d) Notice of Breach. The Asset Representations Reviewer will
notify the Issuer, the RPA Seller, the Transferor and the Servicer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of
Issuer PII, if any, and, where applicable, immediately take action to prevent any further breach. 
 (e) Destruction of
Issuer PII. Except where destruction is prohibited by applicable law, promptly on actual knowledge that it has received any Issuer PII in any medium, the Asset Representations Reviewer will destroy such Issuer PII in a manner that prevents
its recovery or restoration without charge to the Issuer. If destruction of any Issuer PII is prohibited by applicable law, the Asset Representations Reviewer will return such Issuer PII to the Servicer promptly upon actual knowledge that it is in
receipt of Issuer PII. The Asset Representations Reviewer’s obligations under this Section 4.09(e) will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations
Reviewer. 
 (f) Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide
information to the Issuer regarding the Asset Representations Reviewer’s compliance with this Section 4.09. The Asset Representations Reviewer and the Issuer agree to modify this Section 4.09 as necessary from time to time for either
party to comply with applicable law. 
 (g) Affiliates and Third Parties. If the Asset Representations Reviewer
processes the PII of the Issuer’s Affiliates or a third party when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an
intended third-party beneficiary of this Section 4.09, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII-related terms of this Section 4.09 against the Asset Representations Reviewer as if each were a signatory to this Agreement. 

ARTICLE V 
 RESIGNATION
AND REMOVAL; 
 SUCCESSOR ASSET REPRESENTATIONS REVIEWER 

Section 5.01. Eligibility Requirements for Asset Representations Reviewer. The Asset Representations Reviewer
must be a Person who (a) is not an Affiliate of the Sponsor, the Transferor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by
the Sponsor or any underwriter to perform any due diligence on the Receivables. 
 Section 5.02. Resignation and
Removal of Asset Representations Reviewer. 
 (a) No Resignation of Asset Representations
Reviewer. The Asset Representations Reviewer will not resign as Asset Representations Reviewer prior to the second anniversary of the date hereof unless a Resignation Condition has occurred. In

  
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addition, unless the Resignation Condition specified in clause (i) or clause (ii) of the definition thereof has occurred, the Asset Representations Reviewer will not resign (v) if an Asset
Representations Review is ongoing, (w) on any date that is not more than 90 calendar days after the filing of a Form 10-D report on behalf of the Issuer to the effect a Delinquency Trigger has occurred, (x) if the Indenture Trustee is conducting a
vote of the Noteholders pursuant to Section 4.19(d) of the applicable Indenture Supplements as to whether an Asset Representations Review should be initiated, (y) if a Review Notice has been received by the Asset Representations Reviewer or (z) if
the result of the Delinquency Trigger Rate over the Three-Month Average 60-Day Delinquency Rate for the immediately preceding Monthly Period is 2.00% or less. The Asset Representations Reviewer will deliver sixty (60) calendar days’ prior
written notice of its resignation to the RPA Seller, the Servicer, the Issuer, the Transferor and the Indenture Trustee. 

(b) Removal of Asset Representations Reviewer for Cause. Subject to Section 5.02(e), the Issuer, by thirty
(30) calendar days’ notice to the Asset Representations Reviewer, may immediately remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement if any of the following events shall occur: 

(i) the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.01; 

(ii) the Asset Representations Reviewer breaches any of its representations, warranties, covenants or obligations in this
Agreement; or 
 (iii) an Insolvency Event of the Asset Representations Reviewer occurs. 

(c) Voluntary Removal of Asset Representations Reviewer. Subject to Section 5.02(e), the Issuer, in its sole
discretion, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement by providing the Asset Representations Reviewer with at least sixty (60) calendar days’ prior written notice; provided,
however, that the Issuer may not terminate the Asset Representations Reviewer under this Section 5.02(c)(i) if an Asset Representations Review is ongoing, (ii) on any date that is not more than 90 calendar days after the filing of a Form 10-D
report on behalf of the Issuer to the effect a Delinquency Trigger has occurred, (iii) if the Indenture Trustee is conducting a vote of the Noteholders pursuant to Section 4.19(d) of the applicable Indenture Supplements as to whether an Asset
Representations Review should be initiated, (iv) if a Review Notice has been received by the Asset Representations Reviewer or (v) if the result of the Delinquency Trigger Rate over the Three-Month Average 60-Day Delinquency Rate for the immediately
preceding Monthly Period is 2.00% or less. 
 (d) Notice of Resignation or Removal. The Issuer will notify
the Transferor, the RPA Seller, the Servicer, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 

  
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 (e) Continue To Perform After Resignation or Removal. No
resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its
engagement according to Section 5.03(b). 
 Section 5.03. Successor Asset Representations Reviewer. 

(a) Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the
Asset Representations Reviewer, the Servicer, on behalf of Issuer, will use commercially reasonable efforts to engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.01 within 90 calendar days of
such resignation or removal. If no successor asset representations reviewer has been appointed by the ninetieth day after notice of resignation or removal of the Asset Representations Reviewer, the Asset Representations Reviewer shall be
entitled to petition a court of competent jurisdiction for the appointment of a successor asset representations reviewer that meets the eligibility requirements of Section 5.01. 

(b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer
will be effective until the earlier of (i) the date of the successor Asset Representations Reviewer has executed and delivered to the Issuer, the RPA Seller, the Servicer and the Transferor an agreement accepting its engagement and agreeing to
perform the obligations of the Asset Representations Reviewer under this Agreement or entering into a new agreement with the Issuer, the Servicer, the RPA Seller and the Transferor on substantially the same terms as this Agreement or (ii) the
date on which no Notes are outstanding. 
 (c) Transition and Expenses. If the Asset Representations Reviewer
resigns or is removed, the Asset Representations Reviewer will use commercially reasonable efforts to cooperate with the RPA Seller, the Servicer, the Transferor and the Indenture Trustee and take all actions reasonably requested to assist the RPA
Seller, the Servicer, the Transferor and the Indenture Trustee in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer, including, but
not limited to, (i) transferring all Review Materials to the successor asset representations reviewer, (ii) returning or destroying all Confidential Information in its possession and (iii) making appropriate personnel available to
respond to questions or requests from the Transferor or the Servicer, for a period of one year after the effective date of its resignation or removal. The Asset Representations Reviewer will bear its own costs and expenses in (x) ceasing to the
Asset Representations Reviewer hereunder and (y) transitioning the Asset Representations Reviewer’s obligations under this Agreement. For the avoidance of doubt, the Asset Representations Reviewer will bear the costs and expenses relating to
the procedures described in clauses (i), (ii) and (iii) of this subsection 5.03(c). In no event shall the Asset Representations Reviewer be responsible for the costs or expenses of any third party in connection with the transition to a successor
asset representations reviewer, including the successor asset representations reviewer, the RPA Seller, the Transferor, the Servicer, the Issuer or the Indenture Trustee. 

  
 23 

 Section 5.04. Merger, Consolidation or Succession. Any Person
(a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset
Representations Reviewer, if that Person meets the eligibility requirements in Section 5.01, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer
an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 

ARTICLE VI 
 OTHER
AGREEMENTS 
 Section 6.01. Independence of Asset Representations Reviewer. The Asset Representations
Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the RPA Seller, the Servicer, the Transferor or the Indenture Trustee for the manner in which it accomplishes the performance of its obligations
under this Agreement. Unless authorized by the Issuer, the Asset Representations Reviewer will have no authority to act for or represent the Issuer and will not be considered an agent of the Issuer, the RPA Seller, the Transferor, the Servicer
or the Indenture Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Servicer, the Transferor, the RPA Seller or the Indenture Trustee members of any partnership, joint venture or other
separate entity or impose any liability as such on any of them. 
 Section 6.02. No Petition. Each of the
parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all securities issued by the Transferor or by a trust for which
the Transferor was a depositor or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Transferor or (ii) the Issuer, respectively, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.02 will survive the termination of this Agreement. 

Section 6.03. Limitation of Liability. It is expressly understood and agreed by the parties hereto that
(a) this document is executed and delivered by Wilmington Trust Company, not individually or personally, but solely as Owner Trustee of the Issuer, (b) each of the representations, undertakings and agreements herein made on the part of the
Issuer is made and intended not as a personal representation, undertaking and agreement by Wilmington Trust Company, 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 Wilmington Trust Company, 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 and (d) under no circumstances shall Wilmington Trust Company 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 document. 
 Section
6.04. Termination of Agreement. This Agreement will terminate, except for the provisions of Sections 4.04, 4.05, 4.08, 4.09(e) and 6.02 or as otherwise stated in this Agreement, on the earlier of (a) the payment
in full of all outstanding Notes and the satisfaction and discharge of the Indenture or (b) the date the Issuer is terminated under the Trust Agreement. 

  
 24 

 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.01. Amendments. 

(a) This Agreement, including Schedule A hereto, can be modified only in a written document executed by the parties hereto
without the consent of the Noteholders or any other Person, provided, that, so long as any Note is outstanding except with respect to amendments (i) to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement
that may be defective or inconsistent with the other terms of this Agreement, (ii) to provide for, or facilitate the acceptance of this Agreement by, a successor asset representations reviewer or (iii) to convert or supplement any provision in a
manner consistent with the intent of this Agreement, either (A) such amendment shall not, as evidenced by an officer’s certificate of the Transferor, materially and adversely affect the interests of the holders of any outstanding Note or
(B) the Rating Agency Condition shall be satisfied with respect to such amendment. With respect to any amendment for which clause (A) or (b) of the immediately preceding sentence cannot be satisfied, this Agreement can only be amended with
the consent of the Noteholders constituting a majority of the Outstanding Amount of the Notes of each adversely affected Series. 

(b) Notice of Amendments. The Transferor will notify the Rating Agencies in advance of any amendment to this
Agreement. Promptly after the execution of an amendment, the Transferor will deliver a copy of the amendment to the Rating Agencies. 

Section 7.02. Assignment; Benefit of Agreement; Third -Party
Beneficiaries. 
 (a) Assignment. Except as stated in Section 5.04, this Agreement may not be
assigned by the Asset Representations Reviewer without the consent of the RPA Seller, the Servicer and the Transferor. 
 (b)
Benefit of Agreement; Third -Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and
assigns. The Indenture Trustee will be a third-party beneficiary of this Agreement and entitled to enforce this Agreement against the Asset Representations Reviewer. No other Person will have any
right or obligation under this Agreement. 

  
 25 

 Section 7.03. Notices. 

(a) Delivery of Notices. All notices, requests, demands, consents, waivers or other communications to or
from the parties must be in writing and will be considered given: 
 (i) for overnight mail, on delivery or, for a letter
mailed by registered first-class mail, postage prepaid, three days after deposit in the mail; 

(ii) for a fax, when receipt is confirmed by telephone, reply e-mail or reply fax from
the recipient; 
 (iii) for an e-mail, when receipt is confirmed by telephone or
reply e-mail from the recipient; and 
 (iv) for an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an e-mail to that recipient stating that the
electronic posting has occurred. 
 (b) Notice Addresses. Any notice, request, demand, consent, waiver or
other communication will be delivered or addressed to: 
  

			
	In the case of RPA Seller:	  	First National Bank of Omaha
		  	1620 Dodge Street
		  	Stop Code 3395
		  	Omaha, Nebraska 68197-3395
		  	Attention: Treasurer
		  	Facsimile: (402) 602-3199
		  	E-mail: thart@fnni.com
		
	In the case of Transferor:	  	First National Funding LLC
		  	1620 Dodge Street
		  	Stop Code 3395
		  	Omaha, Nebraska 68197-3395
		  	Attention: President
		  	Facsimile: (402) 602-3199
		  	E-mail: thart@fnni.com
		
	In the case of the Indenture Trustee:	  	U.S. Bank National Association
		  	60 Livingston Avenue
		  	Mail Code: EP-MN-WS3D
		  	St. Paul, Minnesota 55107
		  	Attention: U.S. Bank Structured Finance/FNBO
		  	Facsimile: (    )[    -    ]
		  	E-mail: [                    ]

  
 26 

							
	In the case of the Servicer:	  	First National Bank of Omaha	  	
		  	1620 Dodge Street	  	
		  	Stop Code 3395	  	
		  	Omaha, Nebraska 68197-3395	  	
		  	Attention: Treasurer	  	
		  	Facsimile: (402) 602-3199	  	
		  	E-mail: thart@fnni.com	  	
				
		  	and	  		  	
	In the case of the Asset Representations Reviewer:	  	  
	  	
		  	  
	  	
		  	  
	  	
		  	Attention:	  	  
	  	
		  	Facsimile:	  	  
	  	
		  	E-mail:	  	  
	  	

 as to each party, at such other address or e-mail as shall be designated by such party
in a written notice to each other party. 
 Section 7.04. Governing Law: Jurisdiction. 

(a) THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD
TO ANY OTHER CONFLICT-OF-LAW PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

(b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW
YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT, PROVIDED THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY
APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND
EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY
SUCH COURT. 

  
 27 

 
EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS
MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 7.03 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR
THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

(c) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN
EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE
BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE,
ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 7.05. No Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under
this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and
remedies under this Agreement are in addition to any powers, rights and remedies under law. 
 Section
7.06. Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the
remaining Agreement. 
 Section 7.07. Headings. The headings in this Agreement are included for convenience
and will not affect the meaning or interpretation of this Agreement. 
 Section 7.08. Counterparts. This
Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. 

[Remainder of page left blank] 

  
 28 

 EXECUTED BY: 

 

			
	FIRST NATIONAL BANK OF OMAHA,
	as RPA Seller
		
	By	 	  

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL FUNDING LLC,
	as Transferor
		
	By:	 	First National Funding Corporation, its Managing Member
		
	By	 	  

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL BANK OF OMAHA,
	as Servicer
		
	By	 	  

	Name	 	  

	Title	 	  

	
	FIRST NATIONAL MASTER NOTE TRUST,
	as Issuer
		
	By:	 	Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee
		
	By	 	  

	Name	 	  

	Title	 	  

	
	                                    
                    ,
	as Asset Representations Reviewer
		
	By	 	  

	Name	 	  

	Title	 	  

 [Signature page to Asset Representations Review Agreement] 

 SCHEDULE A 

REPRESENTATIONS AND WARRANTIES, 

REVIEW MATERIALS AND TESTS 
  

					
	Representations and Warranty	 	Review Materials	 	Tests
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

 EXHIBIT A 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT, dated as of             ,
20    , is between FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company, as depositor (the “Depositor”) and [Name of Asset Representations Reviewer], a
[            ] limited liability company][corporation], as asset representations reviewer (the “Asset Representations Reviewer”). 

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

DEFINITIONS 
 Section
1.01. Certain Defined Terms. The following terms shall have the meanings set forth below, unless the context clearly indicates otherwise: 

“Agreement” means this Indemnification Agreement, as the same may be amended in accordance with the terms hereof. 

“Asset Representations Review Agreement” means the Asset Representations Review Agreement, dated
            , 2016, among First National Bank of Omaha, as RPA Seller and Servicer, the Depositor, in its capacity as Transferor, First National Master Note Trust, as Issuer, and the Asset
Representations Reviewer, as such agreement may be amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

“ARR Information” means the information attached hereto as Exhibit A. 

“Offered Notes” means the (Series 20    -    ) Notes referred to as offered notes by
the Prospectus. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture,
estate, trust or unincorporated association, any other entity, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Prospectus” means the prospectus, dated             ,
20    , relating to the offering of the Offered Notes. 
 “Securities Act” means the provisions of the
Securities Act of 1933, 15 U.S.C. Sections 77a et seq., and any regulations promulgated thereunder, as may be amended or modified from time to time. 

 “Securities Exchange Act” means the provisions of the Securities Exchange Act of
1934, 15 U.S.C. Sections 78a et seq., and any regulations promulgated thereunder, as may be amended or modified from time to time. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.01. Each party hereto represents and warrants that: 

(a) it has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement;

 (b) this Agreement has been duly authorized, executed and delivered by such party; and 

(c) assuming the due authorization, execution and delivery by each other party hereto, this Agreement constitutes the legal,
valid and binding obligation of such party. 
 Section 2.02. The Asset Representations Reviewer represents and warrants to the
Depositor that as of the date of the Prospectus, there are no material pending legal or other proceedings involving the Asset Representations Reviewer or of which any property of Asset Representations Reviewer is the subject that, individually or in
the aggregate as to the Asset Representations Reviewer, would have a material adverse impact on investors in the Offered Notes. As promptly as possible following notice to or discovery by the Asset Representations Reviewer of any event or
circumstance that would make the representation and warranty in the previous sentence untrue, the Asset Representations Reviewer shall provide the Depositor notice of such event or circumstance. 

ARTICLE III 

INDEMNIFICATION 

Section 3.01. Indemnification. The Asset Representations Reviewer agrees to indemnify and hold harmless the
Depositor and its officers, directors, shareholders, employees, agents and each Person, if any, who controls the Depositor within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act from and
against any and all claims, losses, liabilities, actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of attorneys) of any nature resulting from or directly related to (a) any untrue statement
of a material fact contained in the ARR Information, (b) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which
they were made, not misleading or (c) a breach of any of the representations and warranties of the Asset Representations Reviewer contained in Section 2.02 of this Agreement, in each case solely to the extent such claims, losses,
liabilities, actions, suits, judgments, demands, damages, costs or expenses are not incurred as a result of the Depositor’s misfeasance, bad faith, fraud or negligence. In no event shall the Asset Representations Reviewer be responsible or
liable for 

 
special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Asset Representations Reviewer has been
advised of the likelihood of such loss or damage and regardless of the form of action. 
 Section 3.02. Notification:
Procedural Matters. Promptly after receipt by any indemnified party under Section 3.01 of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against any
indemnifying party under Section 3.01, notify the indemnifying party in writing of the claim or the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which
it may have under Section 3.01 except to the extent it has been materially prejudiced by such failure; and provided further, however, that the Indemnification Agreement failure to notify the indemnifying party shall not relieve it from any
liability which it may have to any indemnified party otherwise than under Section 3.01. In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying
party shall be entitled to participate therein and, to the extent that, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, the indemnifying party elects to assume the
defense thereof, it may participate with counsel reasonably satisfactory to such indemnified party; provided, however, that if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party
or parties shall reasonably have concluded that there may be legal defenses available to it or them and/or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties
shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such
indemnified party of its election so to assume the defense of such action and approval by the indemnified party of such counsel, the indemnifying party shall not be liable to such indemnified party under this paragraph for any legal or other
expenses subsequently incurred by such indemnified party in connection with the defense thereof, unless (a) the indemnified party shall have employed separate counsel (plus any local counsel) in connection with the assertion of legal defenses
in accordance with the proviso to the immediately preceding sentence, (b) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after
notice of commencement of the action or (c) the indemnifying party shall have authorized the employment of counsel for the indemnified party at the expense of the indemnifying party. No party shall be liable for contribution with respect
to any action or claim settled without its consent, which consent shall not be unreasonably withheld. In no event shall the indemnifying party be liable for the fees and expenses of more than one counsel (in addition to any local counsel)
representing an indemnified party separate from its own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances. 

 ARTICLE IV 

GENERAL 
 Section
4.01. Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their affiliates and their respective successors and assigns and the officers, directors, partners and controlling
Persons referred to in Article III hereof and their respective successors and assigns, and no other Person shall have any right or obligation hereunder. 

Section 4.02. Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS. 
 Section 4.03. Acknowledgement. The Asset
Representations Reviewer hereby acknowledges and agrees that the ARR Information shall be used in the Prospectus. 
 Section
4.04. Miscellaneous. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated except by a writing signed by the party against which enforcement of such change, waiver, discharge or
termination is sought. This Agreement may be signed in any number of counterparts, each of which shall be deemed an original, which taken together shall constitute one and the same instrument. 

Section 4.05. Notices. All communications hereunder shall be in writing and shall be deemed to have been duly
given when delivered to (a) in the case of the Depositor, First National Funding LLC, 1620 Dodge Street, Mail Stop 3395, Omaha, Nebraska 68197-3395, Attention: President, and (b) in the case of the Asset Representations Reviewer,
[Name and Address of Asset Representations Reviewer], Attention:                         ; or, in each case, to such other
address as to which the applicable party has notified the other parties in writing pursuant to this Section. 
 Section
4.06. Waiver of July Trial. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING
TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 
 Section
4.07. Submission to Jurisdiction; Waivers. Each of the parties hereto hereby irrevocably and unconditionally: 

(a) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND
ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NONEXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM
ANY THEREOF; AND 

 (b) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS
AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO
PLEAD OR CLAIM THE SAME. 

 IN WITNESS WHEREOF, the parties have executed this Agreement by their duly authorized officers as
of the date first above written. 
  

			
	FIRST NATIONAL FUNDING LLC
		
	By:	 	 First National Funding Corporation,

its Managing Member

		 
		
	Name	 	  

	Title	 	  

	
	[NAME OF ASSET REPRESENTATIONS REVIEWER]
		
	By	 	  

	Name	 	  

	Title	 	  

 EXHIBIT A 

ARR INFORMATION 
 Item 1109(b)(1)-(2): 
 Item 1117: See Representation 2.02 of this Indemnification Agreement. 

Item 1119: The following is a description of the Asset Representations Reviewer’s affiliation, if any, with any of the following persons,
in each case, only to the extent that the identity of such persons has been identified to the Asset Representations Reviewer pursuant to Section 4.02(d)(ii)(C) of the Asset Representations Review Agreement: the sponsor, the depositor, the
issuing entity, each servicer, each trustee and each person hired by First National Bank of Omaha or an underwriter to perform due diligence on the Receivables, any originator, any significant obligor, any enhancement or support provider, any
underwriter, or any other material transaction party.Exhibit 10.1

 

LIQUIDITY SERVICES, INC.

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of June 13, 2016 (the “Effective Date”), by and between Liquidity Services, Inc., a Delaware corporation (“LSI” or the “Company”), and William P. Angrick, III (the “Executive”).

 

1.                                      Employment Agreement.  On the terms and conditions set forth in this Agreement, the Company agrees to employ the Executive and the Executive agrees to be employed by the Company for the Employment Period set forth in Section 2 hereof and in the position and with the duties set forth in Section 3 hereof.  Terms used herein with initial capitalization are defined in Section 10.12 below.

 

2.                                      Term.  The term of employment under this Agreement shall be the period set forth in Schedule 1 attached hereto commencing on the Effective Date (the “Employment Period”).

 

3.                                      Position and Duties.  The Executive shall serve in the position and with the duties and title set forth in Schedule 1 attached hereto during the Employment Period.  In such capacity, the Executive shall have the normal duties, responsibilities, and authority of such position, subject to the power of the Executive’s “Reporting Officer” as designated in Schedule 1, the Company’s Chairman of the Board of Directors (the “Board”) or the Board to reasonably expand or limit such duties, responsibilities and authority. The Executive shall report to the Reporting Officer designated in Schedule 1.  The Executive shall devote the Executive’s best efforts and full business time and attention to the business and affairs of the Company; provided, however, that Executive may, to the extent such participation or service does not materially interfere with the performance of the obligations described in this Agreement, (i) participate in charitable, civic, political, social, trade, or other non-profit organizations and (ii) with the consent of the Board such consent not to be unreasonably withheld, serve as a non-management director of business corporations (or in a like capacity in other for-profit organizations).

 

4.                                      Place of Performance.  In connection with the Executive’s employment by the Company, the Executive shall be based at the principal executive offices of the Company, except as otherwise agreed by the Executive and the Company and except for reasonable travel on Company business.

 

5.                                      Compensation.

 

5.1.     Base Salary.  During the Employment Period, the Company shall pay to the Executive an annual base salary (the “Base Salary”), which initially shall be at the rate per year as set forth in Schedule 1.  The Base Salary shall be payable semi-monthly or in such other installments as shall be consistent with the Company’s payroll procedures. The Base Salary may be increased at any time or from time to time, but it may not be decreased without the consent of the Executive.

 

5.2                               Bonus.  The Executive shall be eligible for a performance bonus consistent with the bonus plan adopted by the Board for each fiscal year as set forth in Schedule 1.

 

5.3                               Benefits.  During the Employment Period, the Executive will be entitled to receive such other benefits approved by the Board and made available to similarly situated senior executives of the Company, including health insurance, disability insurance, and 401-K benefits.  At

 

 

all times the Company agrees to maintain Director’s and Officer’s Liability coverage for the Executive. Nothing contained in this Agreement shall prevent the Company from changing insurance carriers.

 

5.4                               Employee Leave.  The Executive shall be entitled to all public holidays observed by the Company, a total of 26 days of paid time off in accordance with the applicable policies of the Company, which shall be taken at a reasonable time or times per year.

 

6.                                      Expenses.  The Executive is expected and is authorized to incur reasonable expenses in the performance of his duties hereunder, including the costs of entertainment, travel, and similar business expenses incurred in the performance of his duties.  Company shall reimburse the Executive for all such expenses promptly upon periodic presentation by the Executive of an itemized account of such expenses and appropriate receipts.

 

7.                                      Termination of Employment.

 

7.1.                            Termination.  The Executive’s employment by the Company during the Employment Period will continue until Executive’s death, Disability, resignation or until Executive’s termination by the Board at any time.

 

7.2.                            Notice of Termination.  Any termination of the Executive’s employment by the Company or the Executive (other than because of the Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 10.1 hereof.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon, if any, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.  Termination of the Executive’s employment shall take effect on the Date of Termination.

 

8.                                      Compensation Upon Termination.

 

8.1.                            Death.  If the Executive’s employment is terminated during the Employment Period as a result of the Executive’s death, the Company shall pay to the Executive’s estate, or as may be directed by the legal representatives of such estate, the Executive’s full Base Salary through the next full calendar month following the Date of Termination and all other unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination in connection with any fringe benefits pursuant to Section 5.3 and expenses pursuant to Section 6. Subject to Section 8.5 below, the payments contemplated by this Section 8.1 shall be paid at the time they are due, and the Company shall have no further obligations to the Executive or his or her estate under this Agreement.

 

8.2.                            Disability.  If the Company terminates the Executive’s employment during the Employment Period because of the Executive’s Disability, the Company shall pay the Executive the Executive’s full Base Salary through the third full calendar month following the Date of Termination and all other unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination in connection with any fringe benefits pursuant to Section 5.3 and expenses pursuant to Section 6. Subject to Section 8.5 below, the payments contemplated by this Section 8.2 shall be paid at the time they are due, and the Company shall have no further obligations to the Executive under this Agreement; provided, however, that the Base Salary shall be reduced by the amount of any disability benefit payments made to the Executive during a period of Disability from any insurance or other policies provided by the Company.

 

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8.3.                            By the Company with Cause or by the Executive without Good Reason.  If the Company terminates the Executive’s employment during the Employment Period for Cause or if the Executive voluntarily terminates the Executive’s employment during the Employment Period other than for Good Reason, the Company shall pay the Executive the Executive’s full Base Salary through the Date of Termination and all other unpaid amounts, if any, to which Executive is entitled as of the Date of Termination in connection with any fringe benefits pursuant to Section 5.3 and expenses pursuant to Section 6.  Subject to Section 8.5 below, the payments contemplated by this Section 8.3 shall be paid at the time such payments are due, and the Company shall have no further obligations to the Executive under this Agreement.

 

8.4.                            By the Company without Cause or by the Executive for Good Reason.  If the Company terminates the Executive’s employment during the Employment Period other than for Cause, Death, or Disability or the Executive terminates his employment during the Employment Period for Good Reason, the Company shall pay the Executive: (A) the Executive’s full Base Salary through the Date of Termination and all other unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination in connection with any fringe benefits pursuant to Section 5.2 and expenses pursuant to Section 6; and (B) a lump-sum severance package equal to (i) twelve months of the Executive’s Base Salary and (ii) an amount equal to the average incentive bonus earned by the Executive over the past two fiscal years (collectively the “Severance Payment”).  Subject to Section 8.5 below, the Severance Payment shall be payable to the Executive within 30 days of the Notice of Termination.

 

8.5.                            Code Section 409A Matters. Anything in this Agreement to the contrary notwithstanding, if (A) on the date of Executive’s “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (the “Code”)) with the Company, Executive is a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i) of the Code) and (B) as a result of such separation from service, Executive would receive any payment under this Agreement that, absent the application of this Section 8.5, would be subject to the additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(2)(B)(i) of the Code, then no such payment shall be payable prior to the date that is the earliest of (1) six months after the Executive’s separation from service, (2) the Executive’s death or (3) such other date as will cause such payment not to be subject to such additional tax. Any payments which are required to be delayed as a result of this Section 8.5 shall be accumulated and paid as a lump-sum on the earliest possible date determined in accordance the preceding sentence.

 

9.                                      Other Agreements.   As a pre-condition to the effectiveness of this Agreement, Executive agrees to execute the Employee Agreement attached hereto as Exhibit A (the “Employee Agreement”), the terms and conditions of which are specifically incorporated herein by reference.

 

10.                               Miscellaneous.

 

10.1.                     Notices.  All notices, demands, requests or other communications required or permitted to be given or made hereunder shall be in writing and shall be delivered, telecopied or mailed by first class registered or certified mail, postage prepaid, addressed as follows:

 

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10.1.1.           If to the Company:

 

Liquidity Services, Inc.

1920 L Street, NW, 6th Floor

Washington DC 20036

ATTN:  William P. Angrick, III, Chairman and CEO

Fax:  (202) 467-6868

Phone:  (202) 558-6205

 

10.1.2.           If to the Executive:

 

at the address set forth in Schedule 1.

 

or to such other address as may be designated by either party in a notice to the other.  Each notice, demand, request or other communication that shall be given or made in the manner described above shall be deemed sufficiently given or made for all purposes three days after it is deposited in the U.S. mail, postage prepaid, or at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, the answer back, the confirmation (if telecopy) or the affidavit of messenger being deemed conclusive evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation.

 

10.2.                     Representations.  Executive agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement.  Executive represents that performance of all the terms of this Agreement and the Employee Agreement will not breach any non-compete or similar agreement.  Executive has not entered into, and Executive agrees not to enter into, any oral or written agreement in conflict herewith.

 

10.3.                     Severability.  The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect.

 

10.4.                     Survival.  It is the express intention and agreement of the parties hereto that the provisions of Section 8 hereof shall survive the termination of employment of the Executive.  In addition, all obligations of the Company to make payments hereunder shall survive any termination of this Agreement on the terms and conditions set forth herein.

 

10.5.                     Assignment.  The rights and obligations of the parties to this Agreement shall not be assignable or delegable, except that (i) in the event of the Executive’s death, the personal representative or legatees or distributees of the Executive’s estate, as the case may be, shall have the right to receive any amount owing and unpaid to the Executive hereunder and (ii) the rights and obligations of the Company hereunder shall be assignable and delegable to any Affiliate of the Company or in connection with any subsequent merger, consolidation, sale of all or substantially all of the assets of the Company or similar reorganization of a successor corporation.

 

10.6.                     Binding Effect.  Subject to any provisions hereof restricting assignment, this Agreement shall be binding upon the parties hereto and shall inure to the benefit of the parties and their respective heirs, devisees, executors, administrators, legal representatives, successors and assigns.

 

10.7.                     Amendment; Waiver.  This Agreement shall not be amended, altered or modified except by an instrument in writing duly executed by the parties hereto; provided, that the parties may amend Schedule 1 hereto by executing and delivering a revised version of Schedule 1

 

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and attaching such revised version to this Agreement.  Neither the waiver by either of the parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure of either of the parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges hereunder.

 

10.8.                     Headings.  Section and subsection headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof.

 

10.9.                     Governing Law.  This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the District of Columbia not including the choice of law rules thereof.

 

10.10.              Entire Agreement. This Agreement, including Schedule 1 hereto and the Employee Agreement, constitute the entire agreement between the parties respecting the employment of Executive, there being no representations, warranties or commitments except as set forth herein.

 

10.11                 Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which shall be deemed to constitute one and the same instrument.

 

10.12.              Definitions.

 

“Affiliate” means as to a specified Person any other person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person.

 

“Agreement” means this Executive Employment Agreement.

 

“Base Salary” is defined in Section 5.1 above.

 

“Beneficial Owner” means a beneficial owner within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended.

 

“Cause” means (i) the commission of a felony or a crime involving moral turpitude (specifically excluding felonies or crimes under any applicable state or federal vehicle code) or the commission of any other act or omission involving dishonesty or fraud with respect to the Company or any of its Subsidiaries or any of their customers or suppliers, or (ii) recurring violations of material Company rules, regulations policies or any material provisions of this Agreement (which are not inconsistent with or in violation of any of the provisions of this Agreement) after written notice to Executive from the Company specifically enumerating all of the facts and circumstances constituting the violation, the conduct or action which can be taken by Executive to cure the violation, and a reasonable opportunity for Executive to take corrective action, or (iii)  gross negligence or willful misconduct with respect to the Company or any of its Subsidiaries.

 

“Company” means Liquidity Services, Inc. and its successors and assigns.

 

“Date of Termination” means (i) if the Executive’s employment is terminated by the Executive’s death, the date of the Executive’s death; (ii) if the Executive’s employment is

 

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terminated because of the Executive’s Disability, 30 days after Notice of Termination; (iii) if the Executive’s employment is terminated by the Company for Cause or by the Executive for Good Reason, the date specified in the Notice of Termination; or (iv) if the Executive’s employment is terminated during the Employment Period other than pursuant to Section 7.1, the date on which Notice of Termination is given.

 

“Disability” means the Executive’s inability to perform all of the Executive’s duties hereunder by reason of illness, physical or mental disability or other similar incapacity, as determined by a competent medical doctor appointed by the Board after a complete and thorough medical examination and evaluation, which inability shall continue for more than three consecutive months or for such shorter periods that when aggregated exceed six (6) months in any twelve (12) month period.

 

“Effective Date” means the date as of which this Agreement is executed as set out above.

 

“Employee Agreement” is defined in Section 9 above.

 

“Employment Period” is defined in Section 2 above.

 

“Good Reason” means (i) the Company’s failure to perform or observe any of the material terms or provisions of this Agreement (including the provisions of Schedule 1) or the Employee Agreement, and the continued failure of the Company to cure such default within 30 days after written demand for performance has been given to the Company by the Executive, which demand shall describe specifically the nature of such alleged failure to perform or observe such material terms or provisions; or (ii) a material reduction in the scope of the Executive’s responsibilities and duties without the written consent of Executive; or (iii) any change to the job title given to Executive without his written consent; (iv) any reduction in Base Salary or any other benefits provided to Executive hereunder; or (v) any constructive termination of Executive; (vi) any request, instruction, directive or order, whether direct or indirect, to Executive by the Board, the Company or any executive officer of the Company to perform any act which is unlawful; or (vii) a requirement by the Company for the Executive to relocate outside of the Washington DC metropolitan region to retain his position without the written consent of the Executive.

 

“Notice of Termination” is defined in Section 7.2 above.

 

“Person” means an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Severance Payments” is defined in Section 8.4 above.

 

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IN WITNESS WHEREOF, the undersigned have duly executed this Agreement, or have caused this Agreement to be duly executed on their behalf, as of the day and year first hereinabove written.

 

	
 
    	
LIQUIDITY   SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Lutz
    
	
 
    	
Michael Lutz
    
	
 
    	
Vice President, Human   Resources
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EXECUTIVE:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ William P.   Angrick, III
    
	
 
    	
William P.   Angrick, III
    

 

7

 

SCHEDULE 1

 

CERTAIN TERMS OF EMPLOYMENT

 

All capitalized but undefined terms in this Schedule shall have the meaning ascribed to them in the Agreement.

 

Name:  William P. Angrick, III

 

Position/Title:  Chairman and Chief Executive Officer

 

Employment Period:  One Year from the Effective Date, automatically renewable for successive one year terms unless earlier terminated by either party.

 

Reporting Officer:  Board of Directors

 

Base Salary:  $380,000 per annum

 

Bonus:  Executive shall be eligible for an incentive bonus under a sliding scale as approved by the Board’s Compensation Committee based on achieving selected financial targets as discussed and approved by the Board’s Compensation Committee. In addition, the Executive shall be eligible for discretionary bonuses for the completion of projects that increase shareholder value, at the discretion of the Board’s Compensation Committee. Such annual bonus shall be paid within 60 days following the close of the Company’s fiscal year.

 

Notice Address:

 

William P. Angrick, III

7506 Persimmon Tree Lane

Bethesda. MD 20817

 

	
COMPANY:
    	
 
    	
EXECUTIVE:
    
	
 
    	
 
    	
 
    
	
/s/ Michael Lutz
    	
 
    	
/s/ William P.   Angrick, III
    
	
 
    	
 
    	
 
    
	
Michael Lutz
    	
 
    	
William P.   Angrick, III
    
	
Vice President, Human   Resources

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