Document:

EX-10.8

 Exhibit 10.8 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 FIFTH THIRD AUTO TRUST
20[●]-[●], 
 as Issuer, 

FIFTH THIRD BANK, 
 as Servicer

 and 
 [●], 

as Asset Representations Reviewer 

Dated as of [●], 20[●] 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	
ARTICLE I           USAGE AND DEFINITIONS
	  	 	1	  
			
	 Section 1.1.
	 	 Usage and Definitions
	  	 	1	  
			
	 Section 1.2.
	 	 Additional Definitions
	  	 	1	  
		
	 ARTICLE II         ENGAGEMENT OF
ASSET REPRESENTATIONS REVIEWER
	  	 	2	  
			
	 Section 2.1.
	 	 Engagement; Acceptance
	  	 	2	  
			
	 Section 2.2.
	 	 Confirmation of Scope
	  	 	2	  
		
	 ARTICLE III       ASSET REPRESENTATIONS
REVIEW PROCESS
	  	 	2	  
			
	 Section 3.1.
	 	 Review Notices
	  	 	2	  
			
	 Section 3.2.
	 	 Identification of Subject Receivables
	  	 	2	  
			
	 Section 3.3.
	 	 Review Materials
	  	 	2	  
			
	 Section 3.4.
	 	 Performance of Reviews
	  	 	3	  
			
	 Section 3.5.
	 	 Review Reports
	  	 	4	  
			
	 Section 3.6.
	 	 Dispute Resolution
	  	 	5	  
			
	 Section 3.7.
	 	 Limitations on Review Obligations
	  	 	5	  
		
	 ARTICLE IV       ASSET REPRESENTATIONS
REVIEWER
	  	 	5	  
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	5	  
			
	 Section 4.2.
	 	 Covenants
	  	 	6	  
			
	 Section 4.3.
	 	 Fees, Expenses and Indemnities
	  	 	7	  
			
	 Section 4.4.
	 	 Limitation on Liability
	  	 	8	  
			
	 Section 4.5.
	 	 Indemnification by Asset Representations Reviewer
	  	 	8	  
			
	 Section 4.6.
	 	 Indemnification of Asset Representations Reviewer
	  	 	8	  
			
	 Section 4.7.
	 	 Inspections of Asset Representations Reviewer
	  	 	9	  
			
	 Section 4.8.
	 	 Delegation of Obligations
	  	 	9	  
			
	 Section 4.9.
	 	 Confidential Information
	  	 	9	  
			
	 Section 4.10.
	 	 Personally Identifiable Information
	  	 	11	  
		
	 ARTICLE V         RESIGNATION AND
REMOVAL; SUCCESSOR ASSET REPRESENTATIONS

                   
           REVIEWER
	  	 	13	  
			
	 Section 5.1.
	 	 Eligibility Requirements for Asset Representations Reviewer
	  	 	13	  
			
	 Section 5.2.
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	13	  
			
	 Section 5.3.
	 	 Successor Asset Representations Reviewer
	  	 	13	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 5.4.
	  	 Merger, Consolidation or Succession
	  	 	14	  
		
	 ARTICLE VI        OTHER
AGREEMENTS
	  	 	14	  
			
	 Section 6.1.
	  	 Independence of Asset Representations Reviewer
	  	 	14	  
			
	 Section 6.2.
	  	 No Petition
	  	 	14	  
			
	 Section 6.3.
	  	 Limitation of Liability of Owner Trustee
	  	 	15	  
			
	 Section 6.4.
	  	 Termination of Agreement
	  	 	15	  
		
	 ARTICLE VII      MISCELLANEOUS
PROVISIONS
	  	 	15	  
			
	 Section 7.1.
	  	 Amendments
	  	 	15	  
			
	 Section 7.2.
	  	 Assignment; Benefit of Agreement; Third Party Beneficiaries
	  	 	16	  
			
	 Section 7.3.
	  	 Notices
	  	 	16	  
			
	 Section 7.4.
	  	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	  	 	17	  
			
	 Section 7.5.
	  	 No Waiver; Remedies
	  	 	18	  
			
	 Section 7.6.
	  	 Severability
	  	 	18	  
			
	 Section 7.7.
	  	 Headings
	  	 	18	  
			
	 Section 7.8.
	  	 Counterparts
	  	 	18	  
			
	 Schedule A
	  	 Representations and Warranties, Review Materials and Tests
	  			

  
 ii 

 ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of [●], 20[●] (this
“Agreement”), among FIFTH THIRD AUTO TRUST 20[●]-[●], a Delaware statutory trust, as issuer (the “Issuer”), FIFTH THIRD BANK, an Ohio banking corporation (“Fifth Third Bank”), as
servicer (the “Servicer”), and [●], a [●], as asset representations reviewer (the “Asset Representations Reviewer”). 

WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain Receivables for
compliance with the representations and warranties made by Fifth Third Bank, as Seller, about the Receivables in the pool. 

NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration, and the mutual terms and conditions
contained herein, the parties hereto agree as follows. 
 ARTICLE I 

USAGE AND DEFINITIONS 

Section 1.1.     Usage and Definitions.  (a) Except as otherwise specified herein or
if the context may otherwise require, capitalized terms not defined in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale Agreement, dated as of the date hereof (the “Sale Agreement”),
between the Fifth Third Auto Trust 20[●]-[●], as issuer, and the Depositor. 

(b)       With respect to all terms in this Agreement, the singular includes the plural and
the plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other
contractual instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons
include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including without
limitation;” and the term “or” is not exclusive. 
 Section 1.2.     Additional
Definitions.   The following terms have the meanings given below: 
 “Asset Representations
Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable according to Section 3.4. 

“Confidential Information” has the meaning stated in Section 4.9(b). 

“Information Recipients” has the meaning stated in Section 4.9(a). 

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

“Personally Identifiable Information” or “PII” has the meaning stated in Section
4.10(a). 

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

 “Review Materials” means, for an Asset Representations Review and a Subject Receivable, the documents
and other materials for each Test listed under “Review Materials” in Schedule A. 
 “Review
Report” means, for an Asset Representations Review, the report of the Asset Representations Reviewer prepared according to Section 3.5. 

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

“Test Complete” has the meaning stated in Section 3.4(c). 

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

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

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

ARTICLE II 
 ENGAGEMENT OF ASSET
REPRESENTATIONS REVIEWER 
 Section 2.1.     Engagement;
Acceptance.    The Issuer 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 on the
terms in this Agreement. 
 Section 2.2.     Confirmation of
Scope.       The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the representations and warranties under the Transaction
Documents, except as described in this Agreement or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents. 

ARTICLE III 
 ASSET
REPRESENTATIONS REVIEW PROCESS 
 Section 3.1.     Review Notices.    On
receipt of a Review Notice in accordance with Section 7.5 of the Indenture, the Asset Representations Reviewer will commence an Asset Representations Review. The Asset Representations Reviewer will have no obligation to start an Asset
Representations Review until a Review Notice is received. 
 Section 3.2.     Identification of
Subject Receivables.         Within [●] [Business Days][calendar days] after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer a list of the Subject
Receivables. 
 Section 3.3.     Review Materials. 

  
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 (a)       Access to Review
Materials.   The Servicer will give the Asset Representations Reviewer access to the Review Materials maintained by the Servicer for all of the Subject Receivables within [●] [Business Days][calendar days] after receipt of
the Review Notice in one or more of the following ways in the Servicer’s reasonable discretion: (i) by electronic posting of Review Materials to a password-protected website to which the Asset Representations Reviewer has access, (ii) by
providing originals or photocopies of documents relating to the Subject Receivables at one of the properties of the Servicer during the normal business hours of the Servicer or (iii) in another manner agreed by the Servicer and the Asset
Representations Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Representations Review remains intact
and unchanged. 
 (b)       Missing or Insufficient Review
Materials.   The Asset Representations Reviewer will promptly review the Review Materials to determine if, in its reasonable judgment, any Review Materials are missing or insufficient for the Asset Representations Reviewer to
perform any Test. If the Asset Representations Reviewer reasonably determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the
Servicer promptly, and in any event no less than [●] [Business Days][calendar days] before completing the Asset Representations Review, and the Servicer will use reasonable efforts to provide the Asset Representations Reviewer access to such
missing Review Materials or other documents or information to correct the insufficiency within [●] [Business Days][calendar days]. [If the missing or insufficient Review Materials have not been provided by the Servicer within [●]
[Business Days][calendar days], the parties agree that the Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete. 

Section 3.4.     Performance of Reviews. 

(a)       Test Procedures.  For an Asset Representations Review, the Asset
Representations Reviewer will perform for each Subject Receivable the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for
each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”) or if the Test has not been
satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all
Subject Receivables that are subject to the same Test. 
 (b)       Review
Period.   The Asset Representations Reviewer will complete the Asset Representations Review of all of the Subject Receivables within [●] [Business Days][calendar days] after receiving access to the Review Materials under
Section 3.3(a). However, if missing or additional Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the review period will be extended for an additional [●] [Business Days][calendar
days]. 
 (c)       Completion of Review for Certain Subject
Receivables.  Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset 

  
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Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by the Obligor or purchased from the Issuer by Fifth Third Bank
according to the applicable Transaction Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Review of such Receivables will be considered complete (a “Test
Complete”). In this case, the Review Report will indicate a Test Complete for the Receivables and the related reason. 

(d)       Previously Reviewed Receivable.  If a Subject Receivable was
included in a prior Asset Representations Review, the Asset Representations Reviewer will not conduct additional Tests on any such duplicate Subject Receivable unless such Subject Receivable was deemed a Test Incomplete as a result of the failure of
the Servicer to provide missing Review Material for such Subject Receivable and the Servicer elects to have such Subject Receivable included in the current Asset Representations Review. The Asset Representations Reviewer will include the previously
reported Test results for any such duplicate Subject Receivable within the Review Report for the current Asset Representations Review. 

(e)       Duplicative Tests.  If the same Test is required for more than
one representation or warranty listed on Schedule A, the Asset Representations Reviewer will only perform the Test once for each Subject Receivable but will report the results of the Test for each applicable representation
or warranty on the Review Report. 
 (f)       Termination of
Review.  If an Asset Representations Review is in process and all of the Notes 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 ten days
before that 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 3.5.      Review Reports.  (a) Within [●] [Business
Days][calendar days] after the earlier of (a) the completion of the Review of all Subject Receivables or (b) the end of the Asset Representations Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the
Servicer and the Indenture Trustee a Review Report indicating for each Subject Receivable whether there was a Test Pass, a Test Incomplete or a Test Fail for each Test, or whether the Subject Receivable was a Test Complete and the related reason.
The Review Report will contain a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset Representations Review to be included in the Issuer’s Form 10-D report for the Collection Period in which
the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer PII. On the reasonable request of the Servicer, the Asset Representations Reviewer will provide additional details on
the Test results. 
 (b)       Questions About
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 Servicer until payment
in full of the Notes. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person other than the Servicer and will direct such Persons to submit written
questions or requests to the Servicer. 

  
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 Section 3.6.      Limitations on Review
Obligations.  The Asset Representations Reviewer may rely on the information in any Review Notice, the list(s) of the Subject Receivables provided by the Servicer, and the accuracy and completeness of the Review Materials. The
Asset Representations Reviewer will have no obligation: 
 (a)       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; 

(b)       to determine which Receivables are Subject Receivables; 

(c)       to confirm the validity of the Review Materials; or 

(d)       to take any action or cause any other party to take any action under any of the
Basic Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Subject Receivables. 

Section 3.7.      Dispute Resolution.  The Asset Representations Reviewer
acknowledges and agrees that any Review Report may be used by the Issuer, the Seller or the Servicer in any dispute resolution proceeding related to the Subject Receivables. No additional fees or reimbursement of expenses shall be paid to the Asset
Representations Reviewer regarding the Issuer’s, the Seller’s or the Servicer’s use of any Review Report; provided that the Asset Representations Reviewer will be reimbursed for its out-of-pocket expenses incurred in its participation
in any dispute resolution proceeding. 
 ARTICLE IV 

ASSET REPRESENTATIONS REVIEWER 

Section 4.1.      Representations and Warranties.   The Asset
Representations Reviewer represents and warrants as of the Closing Date: 

(a)       Organization and Qualification.   The Asset Representations
Reviewer is duly organized and validly existing as a [●] in good standing under the laws of [●]. The Asset Representations Reviewer is qualified as a [●] 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. 

  
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 (c)       No Conflicts and No
Violation.  The execution, delivery and performance by the Asset Representations Reviewer of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this
Agreement will not (A) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or other agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the
creation or imposition of any Lien on any of the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or other agreement or instrument, (C) violate the
organizational documents of the Asset Representations Reviewer or (D) violate any law or, 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 Consent Required.   No approval or authorization by, or
filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Asset Representations Reviewer of this Agreement other than (i) approvals and authorizations that have previously been obtained and
filings that have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Asset Representations Reviewer to perform its obligations under
this Agreement. 
 (e)       No Proceedings.     There
are no proceedings or investigations pending or threatened in writing before a federal or state court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its
properties (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected to have a material
adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(f)       Eligibility.        The Asset
Representations Reviewer meets the eligibility requirements in Section 5.1 and will notify the Issuer and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in
Section 5.1. 
 Section 4.2.     Covenants.   The
Asset Representations Reviewer covenants and agrees that: 

(a)       Eligibility.  It will notify the Issuer and the Servicer
promptly if it no longer meets the eligibility requirements in Section 5.1. 

(b)       Review Systems; Personnel.   It will maintain business
process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will

  
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ensure that these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset
Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Representations Reviews as required by this Agreement. 

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

Section 4.3.     Fees, Expenses and Indemnities. 

(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][an upfront] fee of $[●]. The [monthly][annual][upfront] fee will be paid as agreed in
this Section 4.3(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 Issuer and the Servicer of the Review Report, or the termination of an Asset Representations Review in accordance with Section 3.4(e), and the delivery to the Servicer of a
detailed invoice, the Asset Representations Reviewer will be entitled to a fee of [$[●] for each Subject Receivable][$[●] per hour][insert any other rate agreed upon by the Asset Representations Reviewer and the Servicer (the
“Review Fee”). However, no Review Fee will be charged for any Tests that were performed in a prior Asset Representations Review or for any Asset Representations Review in which no Tests were completed prior to the Asset
Representations Reviewer being notified of a termination of the Asset Representations Review in accordance with Section 3.4(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 in accordance with Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the
terminated Asset Representations 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 Travel Expenses.    If the Servicer
provides access to the Review Materials at one of its properties, the Servicer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Representations Review upon receipt of a
detailed invoice. 
 (d)       Payment of Fees, Expenses and
Indemnities.     The Asset Representations Reviewer shall submit reasonably detailed invoices to the Servicer for any amounts owed to it under this Agreement. To the extent not paid by the Servicer within [●]
([●]) [calendar days][Business Days] following the receipt of a detailed invoice on the due date therefor hereunder, the fees provided for in this Section 4.3 and the indemnities provided for in Section 4.6(a)
shall be paid by the Issuer pursuant to the priority of payments set forth in Section 8.5 or Section 5.4 of the Indenture; provided, that prior to any such payment pursuant to the Indenture, the Asset Representations Reviewer shall
notify the Servicer in writing that such payments have been outstanding for at least [●] ([●]) [calendar days][Business Days]. For the 

  
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avoidance of doubt, to the extent that such owed amounts are not paid in full by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be
entitled to payment by the Servicer of incurred but otherwise unpaid amounts. 
 Section
4.4.       Limitation on Liability.   The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement. However,
the Asset Representations Reviewer will be liable for its willful misfeasance, bad faith, breach of this Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer be liable
for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action. 

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

(a)       Indemnification.      The Servicer will
indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its
obligations under this Agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s
willful misconduct, bad faith or negligence (other than errors in judgment), (ii) the Asset Representations Reviewer’s failure to comply with the requirements of applicable federal, state and local laws and regulations in the performance of its
duties hereunder or (iii) the Asset Representations Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement. 

(b)       Proceedings.    Promptly on receipt by an Indemnified
Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), notify the Seller of the Proceeding. The Servicer may participate in and assume the defense and settlement of a
Proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Servicer assumes the defense
of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Servicer will not be liable for legal 

  
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expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer, and an Indemnified Person. If there is a conflict, the Servicer will pay for
the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a Proceeding may be made without the approval of the Servicer and the Indemnified Person, which approval will not be unreasonably withheld. 

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

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

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

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

Section 4.9.     Confidential Information. 

(a)       Treatment.      The Asset Representations
Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the
confidentiality of the Confidential Information. The Confidential Information will not, without the prior consent of the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents,
representatives or affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Asset Representations Reviews of Subject Receivables or performing its obligations under
this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its 

  
 9 

 
Affiliates to not (i) purchase or sell securities issued by the Fifth Third Bank or its affiliates or special purpose entities on the basis of Confidential Information or (ii) use the
Confidential Information for the preparation of research reports, newsletters or other publications or similar communications. 

(b)        Definition.      “Confidential
Information” means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by
this Agreement, including: 
 (i)        lists of Subject
Receivables and any related Review Materials; 
 (ii)       origination
and servicing guidelines, policies and procedures and form contracts; and 

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

(c)        Protection.  The Asset Representations Reviewer will use
best efforts to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and 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 4.10. 

(d)        Disclosure.  If the Asset Representations Reviewer is
required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a
required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will cooperate, at the Servicer’s
expense, in the Issuer’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer 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. 

  
 10 

 (e)        Responsibility for
Information Recipients.  The Asset Representations Reviewer will be responsible for a breach of this Section 4.9 by its Information Recipients. 

(f)        Violation.  The Asset Representations Reviewer agrees that
a violation of this Agreement may cause irreparable injury to the Issuer and the Servicer, and the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or the Servicer to
enforce this Section 4.9, the prevailing party will be entitled to reimbursement of costs and expenses, including reasonable attorney’s fees, incurred by it for the enforcement. 

Section 4.10.  Personally Identifiable Information. 

(a)        Definitions.  “Personally Identifiable
Information” or “PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification number or
“VIN”, any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. “Issuer
PII” means PII furnished by the Issuer, 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. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only
reproduce Issuer PII to the extent necessary for these purposes. 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 protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and
procedures that comply with applicable laws and regulations and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and
physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of
Issuer PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion
protection, data storage protection and data transmission protection) and physical security measures. 

(c)        Additional Limitations.   In addition to the use and
protection requirements described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of 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 

  
 11 

 
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 with access to Issuer PII on the proper use 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. 

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

(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 4.10. The Asset Representations Reviewer and the Issuer agree to modify this
Section 4.10 as necessary from time to time for either party to comply with applicable law. 

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

(h)        Affiliates and Third Parties.  If the Asset
Representations Reviewer processes the 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 4.10, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party will be 

  
 12 

 
entitled to enforce the PII related terms of this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement. 

ARTICLE V 
 RESIGNATION AND
REMOVAL; 
 SUCCESSOR ASSET REPRESENTATIONS REVIEWER 

Section 5.1.     Eligibility Requirements for Asset Representations
Reviewer.    The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not,
and is not Affiliated with a Person that was, engaged by the Sponsor or any underwriter to perform any due diligence on the Receivables prior to the Closing Date. 

Section 5.2.     Resignation and Removal of Asset Representations Reviewer. 

(a)        No Resignation of Asset Representations Reviewer.  The
Asset Representations Reviewer will not resign as Asset Representations Reviewer unless the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1. The Asset Representations Reviewer will notify the
Issuer and the Servicer of its resignation as soon as practicable after it determines it is required to resign and stating the resignation date and including an Opinion of Counsel supporting its determination. 

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

 (i)        the Asset Representations Reviewer no longer meets the
eligibility requirements in Section 5.1; 
 (ii)       the
Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or 

(iii)      an Insolvency Event of the Asset Representations Reviewer occurs.

 (c)        Notice of Resignation or Removal.  The Issuer will
notify the Servicer and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 

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

  
 13 

 (a)       Engagement of Successor Asset
Representations Reviewer.      Following the resignation or removal of the Asset Representations Reviewer, the Issuer will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of
Section 5.1. 
 (b)       Effectiveness of Resignation or
Removal.  No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its
engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement with the Issuer on substantially the same terms as this Agreement. 

(c)       Transition and Expenses.   If the Asset Representations
Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and
obligations under this Agreement to the successor Asset Representations Reviewer. [The Asset Representations Reviewer][The Servicer] will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset
Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor
Asset Representations Reviewer. 
 Section 5.4.     Merger, Consolidation or
Succession.   Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the
business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer
and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 

ARTICLE VI 
 OTHER AGREEMENTS 

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

Section 6.2.     No Petition.  Each of the parties, by entering into this
Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) 

  
 14 

 
after payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not
start or pursue against, or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any
bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement. 
 Section
6.3.     Limitation of Liability of Owner Trustee.    This Agreement has been signed on behalf of the Issuer by [●] not in its individual capacity but solely in its capacity as Owner Trustee
of the Issuer. In no event will [●] in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to,
and entitled to the benefits of, the Trust Agreement. 
 Section 6.4.     Termination of
Agreement.  This Agreement will terminate, except for the obligations under Section 4.5 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 and (b) the date the Issuer is terminated under the Trust Agreement. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1.     Amendments. 

(a)       Any term or provision of this Agreement may be amended by the parties hereto, but
without the consent of the Indenture Trustee, the Owner Trustee, any of the Noteholders or the Certificateholders or any other Person subject to one of the following conditions: 

(i)        the Servicer delivers an Opinion of Counsel or an
Officer’s Certificate to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interest of the Noteholders; or 

(ii)        the Rating Agency Condition is satisfied with respect to
such Amendment and the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 

[provided, that such amendment shall not materially and adversely affect the rights or obligations of the Swap
Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing
within ten (10) Business Days after receipt of a written request for such consent)]. 

(b)       This Agreement may also be amended from time to time by the parties hereto with
the consent of (i) the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance, voting as a single class, and (ii) the Majority Certificateholders, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the 

  
 15 

 
provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the consent of Noteholders or
Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and
Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of
record dates pursuant to the Note Depository Agreement. 
 (c)       Prior to the
execution of any amendment pursuant to this Section 7.1, the Servicer shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Servicer shall
furnish a copy of such amendment to each Rating Agency and the Indenture Trustee; provided, that no amendment pursuant to this Section 7.1 shall be effective which materially and adversely affects the rights, protections or duties of the
Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

(d)       Prior to the execution of any amendment to this Agreement, the Owner Trustee and
the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate from the Seller or the
Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied. 

(e)       Notwithstanding subsections (a) or (b) of this Section 7.1, this Agreement
may only be amended by the parties hereto if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Servicer or an Opinion of Counsel delivered to the
Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the consent of the Certificateholders to approve the particular form of any proposed amendment or
consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement) and of evidencing the authorization of the
execution thereof by Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe. 

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

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

(b)        Benefit of Agreement; Third-Party
Beneficiaries.   This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Indenture Trustee, for the benefit of the Noteholders, 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. 

Section 7.3.     Notices. 

  
 16 

 (a)       Delivery of
Notices.  All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing and will be considered given: 

(i)        For overnight mail, on delivery or, for a letter mailed by
registered first class mail, postage prepaid, three days after deposit in the mail; 

(ii)       for a fax, when receipt is confirmed by telephone, reply email
or reply fax from the recipient; 
 (iii)      for an email, when receipt is
confirmed by telephone or reply email from the recipient; and 
 (iv)      for
an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 

(b)       Notice Addresses.     Any notice, request,
demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in the case of the Servicer, to Fifth Third Bank, 38 Fountain Square Plaza, Cincinnati, Ohio 45263, (b) in the case of the Issuer or the Owner Trustee, to
Fifth Third Auto Trust 20[●]-[●], c/o [●], (c) in the case of the Indenture Trustee, to [●], and (d) in the case of the Asset Representations Reviewer, to [●] or, (ii) as to each party, at such other address or email as
shall be designated by such party in a written notice to each other party. 

Section 7.4.     Governing Law; Submission to Jurisdiction; Waiver of Jury
Trial.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. EACH OF THE PARTIES HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT IN ANY OF
THE AFORESAID COURTS, THAT ANY SUCH COURT LACKS JURISDICTION OVER SUCH PARTY. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF
ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

  
 17 

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

Section 7.5.     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 7.6.     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 7.7.     Headings.  The headings in this Agreement are included for
convenience and will not affect the meaning or interpretation of this Agreement. 

Section 7.8.     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] 

  
 18 

 EXECUTED BY: 

 

			
	 FIFTH THIRD AUTO TRUST 20[●]-[●],

	       as Issuer

		
	 By:
	 	 [●], not in its individual capacity,

		 	 but solely as Owner Trustee

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 FIFTH THIRD BANK,

	         as Servicer

		
	 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
	 	 TestsExhibit

SEPARATION AGREEMENT AND RELEASE IN FULL
THIS SEPARATION AGREEMENT AND RELEASE IN FULL (the “Agreement”) is effective as of July 1, 2016 (the “Effective Date”), by and between Bristow Group Inc., a Delaware corporation (the “Company”), and Hilary S. Ware (“Executive”).
RECITALS
WHEREAS, the Company and Executive are parties to that certain Amended and Restated Severance Benefits Agreement dated as of November 4, 2010 (the “Employment Agreement”);
WHEREAS, the Executive holds the office of Senior Vice President and Chief Administration Officer which is considered a Tier 2 employee position under the Company’s Management Severance Benefits Plan for U.S. Employees effective June 4, 2014  (the “Severance Plan”); 
WHEREAS, the Company and Executive have determined that Executive will resign from any and all officer and director positions and separate from employment with the Company and its affiliates and subsidiaries effective as of July 1, 2016 (the “Termination Date”) under certain terms herein set forth; 
WHEREAS, the Company and Executive hereby agree that Executive’s separation from the Company in a manner consistent with those set forth herein shall qualify as a “Termination without Cause” for purposes of the Employment Agreement and the Severance Plan; 
WHEREAS, in consideration of the mutual promises contained herein, Executive voluntarily enters into this Agreement upon the terms and conditions herein set forth; and
WHEREAS, in consideration of the mutual promises contained herein, the Company is willing to enter into this Agreement upon the terms and conditions herein set forth.
AGREEMENT
NOW, THEREFORE, intending to be legally bound and in consideration of the mutual covenants and agreements hereinafter set forth, the Company and Executive agree to the following terms and conditions:
1.    Resignation from Officer and Director Positions.  Effective as of the Termination Date, Executive hereby resigns from her position as Senior Vice President and Chief Administration Officer of the Company and any and all director, manager and other officer (or equivalent) positions she holds with the Company and any entity controlled by, controlling or under common control with the Company (the “Affiliated Group”).  Executive agrees to take any and all further acts necessary to accomplish these resignations.  Company agrees to take all actions necessary to remove Executive from all officer and board positions that she holds at the Company and within the Affiliated Group and defend and indemnify Executive from any claims that may arise from holding those officer or board positions to the extent provided in the Company’s bylaws and in accordance with Section 11(n) of this Agreement.

Page 1

2.    Payment of Accrued Amounts; Pro Rated FY 2017 Bonus. 
(a)    The Company shall pay Executive her accrued and unpaid base salary through the Termination Date, in accordance with the Company’s normal payroll schedule and procedures for its executives and applicable law.  In addition, the Company shall reimburse Executive for any eligible business expenses incurred prior to the Effective Date to which she is otherwise entitled to reimbursement in accordance with the provisions of applicable Company policy and applicable law.
(b)    On or prior to the “Settlement Date” (as defined below), the Company shall pay to Executive an amount equal to $11,901 which represents payment for all of Executive’s unused paid time off as of the Termination Date. The “Settlement Date” shall be (i) August 1, 2016, in the event Executive executes and delivers to the Company the waiver and release attached as Exhibit B (the “Release”) on or before July 20, 2016, without subsequent revocation, and (ii) August 15, 2016 if the Release is executed and delivered to the Company, without subsequent revocation, in accordance with the requirements of Section 9 of this Agreement after July 20, 2016.
(c)    Executive shall be entitled to payment at target of Executive’s annual bonus (with the discretionary component deemed for this purpose to be earned at 100% of the target bonus) with respect to the Company’s fiscal year ending March 31, 2017, in accordance with the Company’s FY 2017 Annual Incentive Compensation Plan, with such payment pro-rated by a fraction, the numerator of which shall equal the number of days between April 1, 2016 and the Termination Date and the denominator of which shall equal 365.  The parties agree that the pro-rated annual bonus payable pursuant to this Section 2(c) equals $66,815, and shall be paid to Executive on or prior to the Settlement Date.
3.    Separation Payment.  On or prior to the Settlement Date, the Company shall pay to Executive an amount in cash totaling $680,292 (the “Separation Payment”), which amount shall include the following components:
	
				
	A.
	1.0 X Annual Salary of $412,298
	=
	$412,298

	 
	 
	 
	 

	B.
	1.0 X Full Target Bonus of $267,994
	=
	$267,994

	 
	 
	 
	 

	Total
	 
	 
	$680,292

; provided however, Company’s obligation to make the payments described in this Section 3 is subject to Executive’s compliance with Section 10 below.  Executive’s breach of any of the provisions of Section 10 below may delay or otherwise relieve Company of its obligation to make said payments.   

Page 2

4.    Restricted Stock Units and Options.  
(a)    All outstanding awards of restricted stock units and non-qualified stock options as of the Termination Date shall fully vest effective on the Settlement Date; provided, however, each of (i) the retention award consisting of 13,206 restricted stock units that was granted to the Executive on February 3, 2014 with a scheduled cliff vesting date of February 3, 2017 and (ii) the long-term incentive awards consisting of 20,576 “phantom” restricted stock units with a scheduled cliff vesting date of June 7, 2019 and 57,589 “phantom” non-qualified stock options with scheduled pro rata vesting dates of June 7, 2017, June 7, 2018 and June 7, 2019 that were granted to the Executive on June 7, 2016 shall be forfeited in full per the terms of those awards and shall not vest with the other outstanding awards of restricted stock units and non-qualified stock options on the Settlement Date. Exhibit A hereto lists the unvested restricted stock unit awards that shall vest on the Settlement Date.   
(b)    Unexercised non-qualified stock options that have vested and are held by the Executive on the Termination Date together with unvested non-qualified stock options held by the Executive on the Termination Date that vest on the Settlement Date pursuant to the terms of this Agreement shall remain exercisable until August 1, 2017.  Exhibit A hereto lists the expiration date with respect to unexercised stock options.
(c)    Nothing in this Agreement will affect Executive’s rights with respect to any restricted stock units that have previously been awarded to Executive and have vested prior to July 1, 2016. 
5.    Performance Cash Awards.  Upon the Termination Date, Executive shall be fully vested in the right to receive, without pro-ration, her outstanding performance cash awards.  Exhibit A hereto lists Executive’s outstanding performance cash awards granted in June 2014, June 2015 and June 2016 which shall be payable to Executive on the Settlement Date based upon achievement of “target” level performance criteria.    
6.    Deferred Compensation.  Company and Executive acknowledge that Executive’s rights under the Bristow Group Inc. Deferred Compensation Plan, as amended and restated effective as of August 1, 2008 (the “Deferred Compensation Plan”), are not intended to be affected by this Agreement, except that Executive’s termination of employment with the Company will terminate any obligation of the Company to make future contributions to the Deferred Compensation Plan for Executive’s benefit. Company and Executive also acknowledge that pursuant to the provisions of the Deferred Compensation Plan, Executive is not entitled to any contribution for the plan year ending December 31, 2016.  Executive’s benefit under the Deferred Compensation Plan shall be paid to Executive on the first business day occurring on or after the date that is six months after the Termination Date, pursuant to the terms of the Deferred Compensation Plan and in compliance with the six-month delay requirement under Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”). 
7.    Group Health Coverage; Life Insurance.  Effective as of the first day of the month following the Termination Date, until the earliest to occur of (A) the expiration of eighteen months 

Page 3

after the Termination Date, (B) the date the Executive first becomes eligible to receive health benefits under another employer-provided plan, from and after the Termination Date, or (C) the death of the Executive, the Company shall, subject to proper COBRA election by Executive, continue medical and dental benefits to the Executive (and, if applicable, to the spouse and dependents of the Executive who received such benefits under the Executive’s coverage immediately prior to the Termination Date) at least equal to those that would have been provided to the Executive (and to any such dependent) in accordance with the plans, programs, practices and policies of the Company had the Executive remained actively employed, provided that Executive makes all required COBRA payments to the Company, and the Company shall immediately reimburse Executive for each such COBRA payment.  Continued group health coverage shall be subject to imputed tax on Executive in accordance with applicable law.
8.    Outplacement.  The Company shall provide to Executive outplacement services in accordance with the current Human Resources’ practice for a period of up to twelve months after the Termination Date.
9.    Release.  Executive acknowledges that this Agreement provides Executive with rights and privileges to which Executive would not otherwise be entitled in the absence of the execution of a waiver and release, and, in exchange for the same and pursuant to Section 1(a)(iv) of the Employment Agreement, Executive agrees to take action to timely execute a full and complete release of claims against the Company, its affiliates, officers and directors in the form of the Release attached hereto as Exhibit B.  Notwithstanding any provision herein to the contrary, if Executive has not executed and delivered to the Company this Release and corresponding resignation notice(s) for each applicable affiliate and subsidiary of the Company for which the Executive serves as an officer or director executed by or on behalf of Executive on or before the thirtieth (30th) day after the Termination Date, or if the Release is subsequently revoked, Executive shall have no rights to the payments and benefits specified in Sections 2(b), 2(c), 3, 4(b), 5, 7, and 8 hereof.
10.    Covenants.  Executive and the Company agree that the covenants in Section 3 of Executive’s Employment Agreement will remain in effect, the substance of which has been reproduced below for convenience. Pursuant to Executive’s Employment Agreement, the “Restricted Period” referenced herein shall mean the twelve-month period of time immediately following the Termination Date.
		
	(a)
	Confidential Information.  During the course of Executive’s employment with the Company, the Company has provided its confidential and trade secret information to the Executive, and the Executive agreed and continues to agree to hold in a fiduciary capacity for the benefit of the Company and the Affiliated Group, all Confidential Information.  The Executive shall not communicate, divulge or disseminate Confidential Information at any time during or after the Executive’s employment with the Company and the Affiliated Group, except with the prior written consent of the Company, or as otherwise required by law or legal process or governmental inquiry or as such disclosure or use may be required in the course of the Executive performing the Executive’s duties and responsibilities hereunder.  Notwithstanding the foregoing provisions, if the Executive is required to disclose any such confidential or proprietary information pursuant to applicable law or 

Page 4

governmental inquiry or a subpoena or court order, the Executive shall promptly notify the Company in writing of any such requirement so that the Company or the appropriate member of the Affiliated Group may seek an appropriate protective order or other appropriate remedy.  The Executive shall reasonably cooperate with the Company and the Affiliated Group to obtain such a protective order or other remedy.  If such order or other remedy is not obtained prior to the time the Executive is required to make the disclosure, then unless the Company waives compliance with the provisions hereof, the Executive shall disclose only that portion of the confidential or proprietary information which the Executive is advised by counsel (either the Executive’s or the Company’s) in writing that the Executive is legally required to so disclose.  Upon the Termination Date, the Executive shall promptly return to the Company all records, files, memoranda, correspondence, notebooks, notes, reports, customer lists, drawings, plans, documents, and other documents and the like relating to the business of the Company and the Affiliated Group or containing any Confidential Information relating to the Company and the Affiliated Group or that the Executive used, prepared or came into contact with during the course of the Executive’s employment with the Company and the Affiliated Group, and all keys, credit cards and passes, and such materials shall remain the sole property of the Company and/or the Affiliated Group, as applicable.  The Executive agrees to represent in writing to the Company on the Termination Date that the Executive has complied with the foregoing provisions of this Section 10(a).
		
	(b)
	Work Product and Inventions.  The Company and/or its nominees or assigns shall own all right, title and interest in and to the Developments, whether or not patentable, that were reduced to practice or registrable under patent, copyright, trademark or other intellectual property law anywhere in the world, made, authored, discovered, reduced to practice, conceived, created, developed or otherwise obtained by the Executive (alone or jointly with others) during the Executive’s employment with the Company and the Affiliated Group, and arising from or relating to such employment or the business of the Company or of other member of the Affiliated Group (whether during business hours or otherwise, and whether on the premises of using the facilities or materials of the Company or of other members of the Affiliated Group or otherwise).  On or prior to the Termination Date, the Executive shall promptly and fully disclose to the Company and to no one else all Developments, and hereby assigns to the Company without further compensation all right, title and interest the Executive has or may have in any Developments, and all patents, copyrights, or other intellectual property rights relating thereto, and agrees that the Executive has not acquired and shall not acquire any rights during the course of the Executive’s employment with the Affiliated Group or thereafter with respect to any Developments.

		
	(c)
	Non-Solicitation of Affiliated Group Employees.  The Executive shall not, at any time during the Restricted Period, without the prior written consent of the Company, directly or indirectly, solicit, recruit, or employ (whether as an employee, officer, agent, consultant or independent contractor) any person who is or was at any time 

Page 5

during the previous twelve months, an employee, representative, officer or director of the Company or any member of the Affiliated Group.  Further, during the Restricted Period, the Executive shall not take any action that could reasonably be expected to have the effect of directly encouraging or inducing any person to cease their relationship with the Company or any member of the Affiliated Group for any reason.  A general employment advertisement by an entity of which the Executive is a part will not constitute solicitation or recruitment. 
		
	(d)
	Non-Competition.  

		
	(i)
	Areas Other Than Louisiana.  Except with respect to competition in the State of Louisiana, or with respect to competition in or above the waters off the State of Louisiana in the areas specified in subparagraph (B) of Section 10(d)(ii) of this Agreement, during the Restricted Period, the Executive shall not, either directly or indirectly, compete with the business of the Company anywhere in the world where the Company or any member of the Affiliated Group conducts business by (1) becoming an officer, agent, employee, partner or director of any other corporation, partnership, limited liability company or other entity, or otherwise render services (including consulting or advisory services) to or assist or hold an interest (except as a less than 2-percent shareholder of a publicly traded corporation or as a less than 5-percent shareholder of a corporation that is not publicly traded) in any business similar to the business of the Company or any member of the Affiliated Group, or from soliciting customers of the business of the Company or any member of the Affiliated Group, or (2) soliciting, servicing, or accepting the business of (A) any active customer of the Company or any member of the Affiliated Group, or (B) any person or entity who is or was at any time during the previous twelve months a customer of the Company or any member of the Affiliated Group, provided that such business is competitive with any business of the Company or any member of the Affiliated Group. 

		
	(ii)
	Louisiana.  With respect to competition in the State of Louisiana, or with respect to competition in or above the waters specified in subparagraph (B) of this Section 10(d)(ii).

		
	A.
	Executive, during the Restricted Period, agrees to refrain from carrying on or engaging in a business similar to the business of the Company or any member of the Affiliated Group, or from soliciting customers of the business of the Company or any member of the Affiliated Group, within the Parishes of Lafayette, Vermillion, Cameron, Iberia, St. Mary, Plaquemines, Terrebonne, Lafourche, St. Bernard, Orleans, Calcasieu and Jefferson in the State of Louisiana, so long as the Company or any member of the Affiliated Group carries on a like business therein during the Restricted Period; and

Page 6

		
	B.
	Executive, during the Restricted Period, agrees to refrain from carrying on or engaging in a business similar to the business of the Company or any member of the Affiliated Group or from soliciting customers of the business of the Company or any member of the Affiliated Group in or above the waters of the Gulf of Mexico adjacent to the Parishes of Lafayette, Vermillion, Cameron, Iberia, St. Mary, Plaquemines, Terrebonne, Lafourche, St. Bernard, Orleans, Calcasieu and Jefferson in the State of Louisiana, so long as the Company or any member of the Affiliated Group carries on a like business therein during the Restricted Period. 

		
	C.
	All non-capitalized terms in subparagraphs (A) and (B) of this Section 10(d)(ii) are intended to and shall have the same meanings that those terms (to the extent they appear therein) have in La. R.S. 23:921.C.  Subject to and only to the extent not inconsistent with the foregoing sentence, the Parties understand the following phrases to have the following meanings: 

		
	(1)
	The phrases “carrying on or engaging in a business similar to the business of the Company or any member of the Affiliated Group” and “any business similar to the business of the Company or any member of the Affiliated Group” includes and is limited to engaging, as principal, agent, trustee, or through the agency of any corporation, partnership, limited liability company, association or agent or agency, in any business that conducts an offshore oil and gas helicopter or fixed wing service business in competition with the Company or any member of the Affiliated Group or being the owner (except as a less than 2-percent direct shareholder of a publicly traded corporation or as a less than 5-percent direct shareholder of a corporation that is not publicly traded) of any interest in any corporation or other entity, or an officer, director, or employee of any corporation or other entity (other than the Company or any member of the Affiliated Group), or a member or employee or any partnership, or employee of any other business that conducts an offshore oil and gas helicopter or fixed wing service business in competition with the Company or any member of the Affiliated Group.  Moreover, the term also includes (i) directly or indirectly inducing any current customers of the Company or any member of the Affiliated Group to patronize any offshore oil and gas helicopter or fixed wing service business in competition with the Company or any member of the Affiliated Group; (ii) canvassing or soliciting any offshore oil and gas helicopter service business of the type conducted by 

Page 7

the Company or any member of the Affiliated Group; (iii) directly or indirectly requesting or advising any current customers of the Company or any member of the Affiliated Group to withdraw, curtail or cancel such customer’s offshore oil and gas helicopter or fixed wing service business with the Company or any member of the Affiliated Group; or (iv) directly or indirectly disclosing to any other person, firm, corporation or entity, the names and addresses of any of the current customers of the Company or any member of the Affiliated Group.  In addition, the term includes, directly or indirectly, through any person, firm, association, corporation, limited liability company or other entity with which Executive is now or may hereafter become associated, causing or inducing any present employee of the Company or any of the Affiliated Group to leave the employ of the Company or any of the Affiliated Group to accept employment with the Executive or with such person, firm, association, corporation, limited liability company or other entity. 
		
	(2)
	The phrase “a similar business to the business of the Company or any member of the Affiliated Group” means an offshore oil and gas helicopter or fixed wing service business.

		
	(3)
	The phrase “carries on a like business” includes, without limitation, actions taken by or through a wholly-owned subsidiary or other affiliated corporation or entity. 

		
	D.
	Notwithstanding any other provision of this Agreement, Section 10(d)(ii) of this Agreement shall not apply with respect to any geographic area outside of the geographic territory expressly set forth in this Section 10(d)(ii). 

		
	(e)
	Assistance.  The Executive agrees that after the Termination Date, upon request by the Company, the Executive will assist the Company and the Affiliated Group in the defense of any claims, or potential claims that may be made or threatened to be made against the Company and/or any member of the Affiliated Group in any Proceeding, and will assist the Company and the Affiliated Group in the prosecution of any claims that may be made by the Company and/or any member of the Affiliated Group in any Proceeding, to the extent that such claims may relate to the Executive’s employment or the period of the Executive’s employment by the Company.  The Executive agrees, unless precluded by law, to promptly inform the Company if the Executive is asked to participate (or otherwise become involved) in any Proceeding involving such claims or potential claims.  The Executive also agrees, unless precluded by law, to promptly inform the Company if the Executive is asked to assist in any investigation (whether governmental or otherwise) of the Company and/or any member of the Affiliated Group (or their actions), regardless of whether a lawsuit 

Page 8

has then been filed against the Company and/or any member of the Affiliated Group with respect to such investigation.  The Executive agrees to fully and completely cooperate with any investigations conducted by or on behalf of the Company and for any member of the Affiliated Group from time to time.  The Company agrees to reimburse the Executive for all of the Executive’s reasonable out-of-pocket expenses associated with such assistance, including travel expenses and any attorneys’ fees, and shall pay a per diem fee of $500 per hour (the “Per Diem Rate”) for the Executive’s service.  In addition, the Executive agrees to provide such services as are reasonably requested by the Company to assist any successor to the Executive in the transition of duties and responsibilities to such successor.  Any services or assistance contemplated in this Section 10(e) shall be at mutually agreed to and convenient times and paid at the Per Diem Rate.
		
	(f)
	Remedies.  The Executive acknowledges and agrees that the terms of this Section 10 (i) are reasonable in geographic and temporal scope and (ii) are necessary to protect legitimate proprietary and business interests of the Company in, inter alia, near permanent customer relationships and confidential information.  The Executive further acknowledges and agrees that (x) the Executive’s breach of the provisions of this Section 10 will cause the Company irreparable harm, which cannot be adequately compensated by money damages, and (y) if the Company elects to prevent the Executive from breaching such provisions by obtaining an injunction against the Executive, there is a reasonable probability of the Company’s eventual success on the merits.  The Executive consents and agrees that if the Executive commits any such breach or threatens to commit any breach, the Company shall be entitled to temporary and permanent injunctive relief from a court of competent jurisdiction, in addition to, and not in lieu of, such other remedies as may be available to the Company for such breach, including the recovery of money damages.  If any of the provisions of this Section 10 are determined to be wholly or partially unenforceable, the Executive hereby agrees that this Agreement or any provision hereof may be reformed so that it is enforceable to the maximum extent permitted by law.  If any of the provisions of this Section 10 are determined to be wholly or partially unenforceable in any jurisdiction, such determination shall not be a bar to or in any way diminish the Company’s right to enforce any such provisions in any other jurisdiction.

11.    Miscellaneous.
(a)    Dispute Resolution.  In the event of any dispute or controversy relating to or arising under this Agreement, including any challenges to the validity hereof, the parties hereto mutually consent to the exclusive jurisdiction of the state courts in the State of Texas and of the federal courts within Texas.  In the event any of the provisions of this Agreement or the application of any such provisions to the parties hereto with respect to their obligations, shall be held by a court of competent jurisdiction to be contrary to the laws of the State of Texas or federal law, the remaining provisions of the Agreement shall remain in force and effect.  TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, THE 

Page 9

PARTIES HERETO KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY THAT SUCH PARTY MAY HAVE IN ANY ACTION OR PROCEEDING, IN LAW OR IN EQUITY, IN CONNECTION WITH THIS AGREEMENT.  Executive acknowledges that by agreeing to this provision, she knowingly and voluntarily waives any right she may have to a jury trial based on any claims she has, had, or may have against the Company, including any right to a jury trial under any local, municipal, state or federal law including, without limitation, claims under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Age Discrimination In Employment Act of 1967, the Older Workers Benefit Protection Act, the Texas Commission on Human Rights Act, claims of harassment, discrimination or wrongful termination, and any other statutory or common law claims.
(b)    Governing Law.  This Agreement is entered into under, and shall be governed, interpreted and enforced for all purposes by, the laws of the State of Texas, without regard to conflicts of laws principles thereof.
(c)    Entire Agreement.  Except as specifically set forth herein, including without limitation the provisions referenced in Section 10 hereof, this Agreement contains the entire agreement and understanding between the parties hereto and supersedes any prior or contemporaneous written or oral agreements, representations and warranties between them respecting the subject matter hereof.
(d)    Amendment.  This Agreement may be amended only by a writing signed by Executive and by a duly authorized representative of the Company.
(e)    Tax Withholding; Right of Offset.  The Company may withhold and deduct from any benefits and payments made or to be made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling, (b) all other normal deductions made with respect to the Company’s employees generally, and (c) any advances made to Executive and owed to the Company.
(f)    Assignability.  The Company shall have the right to assign this Agreement and its rights hereunder, in whole or in part.  Executive shall not have any right to pledge, hypothecate, anticipate, or in any way create a lien upon any amounts provided under this Agreement, and no payments or benefits due hereunder shall be assignable in anticipation of payment either by voluntary or involuntary acts or by operation of law.
(g)    Severability.  It is the desire of the parties hereto that this Agreement be enforced to the maximum extent permitted by law, and should any provision contained herein be held unenforceable by a court of competent jurisdiction, the parties hereby agree and consent that such provision shall be reformed to create a valid and enforceable provision to the maximum extent permitted by law; provided, however, if such provision cannot be reformed, it shall be deemed ineffective and deleted herefrom without affecting any other provision of this Agreement.  This Agreement should be construed by limiting and reducing it only to the minimum extent necessary to be enforceable under then applicable law.

Page 10

(h)    Construction.  The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement.  The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against the Company or Executive.  
(i)    Counterparts.  This Agreement may be executed in two or more counterparts, each of which will be deemed an original, and all of which together will constitute one document.
(j)    Nonwaiver.  No failure or neglect of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of any other right, power or privilege or of the same right, power or privilege in any other instance.  All waivers by either party hereto must be contained in a written instrument signed by the party to be charged and, in the case of the Company, by an officer of the Company (other than Executive) or other person duly authorized by the Company.
(k)    Notices.  Any notice, request, consent or approval required or permitted to be given under this Agreement or pursuant to law shall be sufficient if in writing, and if and when sent by certified or registered mail, with postage prepaid, to Executive’s residence, 11702 Bistro Lane, Houston, Texas 770082, or to the Company’s principal office, as the case may be.
(l)    Section 409A.
(i)    Interpretation.  Each payment under this Agreement is intended to be (1) exempt from Section 409A of the Code, the regulations and other binding guidance promulgated thereunder (“Section 409A”), including, but not limited to, by compliance with the short-term deferral exemption as specified in Treas. Reg. § 1.409A-1(b)(4), or (2) compliant with Section 409A, and the provisions of this Agreement will be administered, interpreted and construed accordingly.  Payments under this Agreement in a series of installments shall be treated as a right to receive a series of separate payments for purposes of Section 409A.
(ii)    Separation from Service.  Executive shall be considered to have incurred a “separation from service” with the Company and its affiliates within the meaning of Treas. Reg. § 1.409A-1(h)(1)(ii) as of the Termination Date.  
(iii)    Specified Employee.  Notwithstanding any other provision in this Agreement to the contrary, payments and benefits payable under this Agreement due to a “separation from service” within the meaning of Section 409A that are deferred compensation subject to (and not otherwise exempt from) Section 409A that would otherwise be paid or provided during the six-month period commencing on the date of Executive’s “separation from service” within the meaning of Section 409A, shall be deferred until the first business day after the date that is six (6) months following Executive’s “separation from service” within the meaning of Section 409A.
(iv)    Reimbursements.  To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for 

Page 11

purposes of Section 409A, (1) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the second taxable year following Executive’s “separation from service” pursuant to Treasury Regulation § 1.409A-1(b)(9)(iii)(B), (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.
(v)    Unfunded Status.  Amounts payable pursuant to this Agreement are intended to be unfunded for purposes of Section 409A.  Although bookkeeping accounts may be established with respect to payments due under the Agreement, any such accounts shall be used merely as a bookkeeping convenience.  No provision of this Agreement shall require the Company to purchase assets, place assets in a trust or segregate assets in connection with amounts due under the Agreement.  Any obligation of the Company to Executive under this Agreement shall be based solely upon any contractual obligations that may be created by this Agreement.
(m)    No Duty to Mitigate.  In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not Executive obtains other employment.
(n)    Director’s and Officer’s Insurance.  The Company shall provide Executive with Director’s and Officer’s insurance coverage, including indemnification, on terms no less favorable than the terms of the coverage provided to similarly situated current and former directors and officers of the Company.  In the event this Section 11(n) is challenged (other than by Executive or Executive’s representatives), Executive’s reasonable expenses incurred in connection therewith shall be reimbursed by the Company. 
(o)    Non-Disparagement. The Company agrees that it will refrain from disclosing, communicating or publishing any Disparaging Information about Executive to third parties, whether such disclosures, communications, or publications are made on behalf of the Company directly or indirectly through its affiliates or its or their respective officers, directors or employees. Disparaging Information shall have the same definition as contained in Exhibit B, Release, article 4. 
(p)    iPad. The Company agrees that Executive may retain the Company-provided iPad in her possession as of the Effective Date. 

Page 12

[Execution Page Follows]

Page 13

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date set forth below, but effective as of the Effective Date.

	
					
	BRISTOW GROUP INC. (“COMPANY”)
	 
	 

	 
	 
	 
	 

	By:
	 
	 
	Date: ____________, 2016    

	 
	Name: Jonathan E. Baliff  
Title: President, Chief Executive Officer and Director
	 
	 

	
					
	HILARY S. WARE (“EXECUTIVE”)
	 
	 

	 
	 
	 
	 

	By:
	 
	 
	Date: ____________, 2016    

	 
	Hilary S. Ware
	 
	 

Page 14

EXHIBIT A
Outstanding Equity and Performance Cash Awards
	
					
	1. Options
	 
	 
	 
	 

	Grant Date
	Option Price
	Options Remaining Exercisable
	Options Unvested as of the Effective Date and Accelerating on the Termination Date
	Option Expiration

	6/5/2008
	$50.25
	7,000
	 
	8/1/2017

	6/8/2011
	$43.79
	11,928
	 
	8/1/2017

	5/25/2012
	$43.38
	17,149
	 
	8/1/2017

	6/6/2013
	$62.65
	16,690
	 
	8/1/2017

	6/4/2014
	$74.37
	19,313
	6,438
	8/1/2017

	6/4/2015
	$58.17
	36,910
	24,607
	8/1/2017

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	2. Restricted Stock Units (RSUs)
	 
	 
	 

	Grant Date
	RSUs Granted
	RSUs Subject to Accelerated Vesting
	 
	 

	6/4/2014
	4,654
	4,654
	 
	 

	6/4/2015
	7,005
	7,005
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	3. Performance Cash Awards
	 
	 
	 

	Grant Date
	Actual Amount
	 
	 
	 

	6/4/2014
	$346,330
	 
	 
	 

	6/4/2015
	$412,298
	 
	 
	 

	6/7/2016
	$329,838
	 
	 
	 

Page A-1

EXHIBIT B
RELEASE
Pursuant to the terms of the Separation Agreement and Release In Full effective as of July 1, 2016, between Bristow Group Inc. (the “Company”) and me (the “Separation Agreement”) and the Amended and Restated Employment Agreement dated as of November 4, 2010 between the Company and me (the “Employment Agreement”), and in consideration of the payments made to me and other benefits to be received by me pursuant thereto, I, Hilary S. Ware, do freely and voluntarily enter into this RELEASE (the “Release”), which shall become effective and binding on the eighth day following my signing this Release as provided herein (the “Waiver Effective Date”).  It is my intent to be legally bound, according to the terms set forth below. 
In exchange for the payments and other benefits to be provided to me by the Company pursuant to Section 2 through Section 8 of the Separation Agreement (the “Separation Benefits”), none of which I would have otherwise been entitled to if I had not executed this Agreement, I hereby agree and state as follows:
1.    I, individually and on behalf of my heirs, personal representatives, successors, and assigns, release, waive, and discharge the Company, its predecessors, successors, parents, subsidiaries, merged entities, operating units, affiliates, divisions, insurers, administrators, trustees, and the agents, representatives, officers, directors, shareholders, employees and attorneys of each of the foregoing (hereinafter “Released Parties”), from all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs, expenses, damages, actions, and causes of action, whether in law or in equity, whether known or unknown, suspected or unsuspected, arising from my employment and termination from employment with the Company, including but not limited to any and all claims pursuant to Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991 (42 U.S.C. § 2000e, et seq.), which prohibits discrimination in employment based on race, color, national origin, religion or sex; the Civil Rights Act of 1866 (42 U.S.C. §§1981, 1983 and 1985), which prohibits violations of civil rights; the Age Discrimination in Employment Act of 1967, as amended, and as further amended by the Older Workers Benefit Protection Act (29 U.S.C. §621, et seq.), which prohibits age discrimination in employment; the Employee Retirement Income Security Act of 1974, as amended (29 U.S.C. § 1001, et seq. ), which protects certain employee benefits; the Americans with Disabilities Act of 1990, as amended (42 U.S.C. § 12101, et seq.), which prohibits discrimination against the disabled; the Family and Medical Leave Act of 1993 (29 U.S.C. § 2601, et seq.), which provides medical and family leave; the Fair Labor Standards Act (29 U.S.C. § 201, et seq.), including the wage and hour laws relating to payment of wages; and all other federal, state and local laws and regulations prohibiting employment discrimination.  This Release also includes, but is not limited to, a release of any claims for breach of contract, including breach of the Employment Agreement, mental pain, suffering and anguish, emotional upset, impairment of economic opportunities, unlawful interference with employment rights, defamation, intentional or negligent infliction of emotional distress, fraud, wrongful termination, wrongful discharge in violation of public policy, breach of any express or implied covenant of good faith and 

Page B-1

fair dealing, that the Company has dealt with me unfairly or in bad faith, and all other common law contract and tort claims.
Notwithstanding the foregoing, I am not waiving any rights or claims under the Separation Agreement or the Employment Agreement or that may arise after this Release is signed by me.  Moreover, this Release does not apply to any claims or rights which, by operation of law, cannot be waived, including the right to file an administrative charge or participate in an administrative investigation or proceeding; however, by signing this Release I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding.  Nothing in this Release shall affect in any way my rights of indemnification and directors and officers liability insurance coverage provided to me pursuant to the Company’s (or any Company affiliate’s or subsidiary’s) certificate of incorporation, by-laws or other constituent documents, and/or pursuant to any other agreements or policies including, without limitation, directors’ and officers’ insurance policies in effect prior to the effective date of my termination of employment or service to the Company, which shall continue in full force and effect, in accordance with their terms, following the Waiver Effective Date.  Nothing in this Release shall affect my rights as a shareholder of the Company.  Nothing in this release will affect my vested benefits under the Company’s 401(k) plan or any benefits that are vested or any claim accrued under the terms of a health benefit plan.
2.    I forever waive and relinquish any right or claim to reinstatement to active employment or service with the Company, its affiliates, subsidiaries, divisions, parent, and successors.  I further acknowledge that the Company has no obligation to rehire or return me to active duty or service at any time in the future.
3.    I acknowledge that all agreements applicable to my employment respecting non-competition, non-solicitation, non-recruitment, and the confidential or proprietary information of the Company shall continue in full force and effect as described in the Separation Agreement.
4.    I agree for a period  of one year from the Waiver Effective Date not to, directly or indirectly, disclose, communicate, or publish any intentionally disparaging, negative, harmful, or disapproving information, written communications, oral communications, electronic or magnetic communications, writings, oral or written statements, comments, opinions, facts, or remarks, of any kind or nature whatsoever (collectively, “Disparaging Information”), concerning or related to any of the Released Parties. I understand and acknowledge that this non-disparagement clause prevents me from disclosing, communicating, or publishing, directly or indirectly, any Disparaging Information concerning or related to the Released Parties. Further, I acknowledge that in executing this Agreement, I have knowingly, voluntarily, and intelligently waived any free speech, free association, free press or First Amendment to the United States Constitution (including, without limitation, any counterpart or similar provision or right under the Texas Constitution or any other state constitution which may be deemed to apply) rights to disclose, communicate, or publish Disparaging Information concerning or related to the Released Parties. I also understand and agree that I have had a reasonable period of time to consider this non-disparagement clause, to review the non-disparagement clause with my attorney, and to consent to this clause and its terms knowingly 

Page B-2

and voluntarily. I further acknowledge that this non-disparagement clause is a material term of this Agreement. If I breach this paragraph 4, the Company will not be limited to a damages remedy, but may seek all other equitable and legal relief including, without limitation, a temporary restraining order, temporary injunctive relief, a permanent injunction, and its attorneys’ fees and costs, against me and any other persons, individuals, corporations, businesses, groups, partnerships or other entities acting by, through, under, or in concert with me. I further acknowledge that if I breach this paragraph 4 or Section 10 of the Separation Agreement, the Company shall have no further obligation to pay or provide any unpaid Separation Benefits.  Nothing in this Waiver and Release shall, however, be deemed to prevent me from testifying fully and truthfully in response to a subpoena from any court or from responding to investigative inquiry from any governmental agency or during interviews of audit committee counsel related to or in anticipation of government investigations.
5.    I hereby acknowledge and affirm as follows:
(a)    I have been advised to consult with an attorney prior to signing this Release.
(b)    I have been allowed a period of 30 days in which to consider this Release.
(c)    I understand that for a period of seven days following my execution of this Release, I may revoke the Release by notifying the Company, in writing at 2103 City West Blvd. 4th Floor, Houston, Texas 77042, Attn: Senior Vice President and Chief Legal Officer, of my desire to do so.  I understand that after the seven-day period has elapsed and I have not revoked this Release, it shall then become, irrevocable, effective and enforceable.
(d)    Except as provided in the Separation Agreement, I acknowledge that I have received payment for all wages and other compensation due up to the Termination Date, including any reimbursement for any and all business related expenses.  I further acknowledge that the Separation Benefits are consideration to which I am not otherwise entitled under any Company plan, program, or prior agreement.
(e)    I certify that I have returned all property of the Company, including but not limited to, laptops, handheld devices, keys, credit and fuel cards, parking and building passes, files, lists, and documents of all kinds regardless of the medium in which they are maintained. This provision does not apply to my Company-provided iPad. 
(f)    I have carefully read the contents of this Release and I understand its contents.  I am executing this Release voluntarily, knowingly, and without any duress or coercion.
6.    I acknowledge that this Release shall not be construed as an admission by any of the Released Parties of any liability whatsoever, or as an admission by any of the Released Parties of any violation of my rights or of any other person, or any violation of any order, law, statute, duty or contract.
7.    In the event that any provision of this Release should be held void, voidable, or unenforceable, the remaining portions shall remain in full force and effect.

Page B-3

8.    I hereby declare that this Release and the Separation Agreement constitute the entire and final settlement between me and the Company, superseding any and all prior agreements, including the Employment Agreement, and that the Company has not made any promise or offered any other agreement, except those expressed in this Release and the Separation Agreement, to induce or persuade me to enter into this Release.
9.    I understand that in order to be effective this Release must be executed by me, without subsequent revocation, and delivered to the Company in conformity with the time frames described in Section 5 of this Release.
IN WITNESS WHEREOF, I have signed this Release on the __ day of ____, 2016.

	
			
	 
	 
	 

	 
	 
	Hilary S. Ware

	 
	 
	 

	 
	 
	 

	Witness
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	Name:
	 
	 

	Date:
	 
	 

Page B-4

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