Document:

Exhibit 10.10

Execution Version

 

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

among

 

FORD CREDIT AUTO LEASE TRUST 2022-A,

as Issuer

 

FORD MOTOR CREDIT COMPANY LLC,

as Servicer

 

and

 

CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

 

Dated as of April 1, 2022

 

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I USAGE AND Definitions 	1

	 	Section 1.1.	Usage
    and Definitions	1
	 	Section 1.2.	Additional
    Definitions	1
	 	Section 1.3.	Review
    Materials and Test Definitions	2
	 	 	 	 

	ARTICLE II Engagement of ASSET REPRESENTATIONS REVIEWER
	2

	 	Section 2.1.	Engagement;
    Acceptance	2
	 	Section 2.2.	Confirmation
    of Status	2
	 	 	 	 

	ARTICLE III Asset Representations Review PROCESS 	3

	 	Section 3.1.	Review
    Notices	3
	 	Section 3.2.	Identification
    of Review Leases	3
	 	Section 3.3.	Review
    Materials	3
	 	Section 3.4.	Performance
    of Reviews	3
	 	Section 3.5.	Review
    Reports	4
	 	Section 3.6.	Review
    Representatives	5
	 	Section 3.7.	Dispute
    Resolution	5
	 	Section 3.8.	Limitations
    on Review Obligations	5
	 	 	 	 

	ARTICLE IV Asset Representations Reviewer 	6

	 	Section 4.1.	Representations
    and Warranties	6
	 	Section 4.2.	Covenants	

                                                                             7

	 	Section 4.3.	Fees
    and Expenses	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	9
	 	Section 4.7.	Review
    of Asset Representations Reviewer's Records	9
	 	Section 4.8.	Delegation
    of Obligations	10
	 	Section 4.9.	Confidential
    Information	10
	 	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	14
	 	Section 5.4.	Merger,
    Consolidation or Succession	14
	 	 	 	 

	ARTICLE VI OTHER AGREEMENTS	15

	 	Section 6.1.	Independence
    of Asset Representations Reviewer	15
	 	Section 6.2.	No
    Petition	15
	 	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	17
	 	Section 7.5.	Submission
    to Jurisdiction	17
	 	Section 7.6.	WAIVER
    OF JURY TRIAL	17
	 	Section 7.7.	No Waiver; Remedies	17
	 	Section 7.8.	Severability	17
	 	Section 7.9.	Headings	17
	 	Section 7.10.	Counterparts	17

 

Schedule A – Review Materials

Schedule B – Representations and Warranties and Tests

 

    i

     

    

 

ASSET REPRESENTATIONS REVIEW AGREEMENT, dated
as of April 1, 2022 (this "Agreement"), among FORD CREDIT AUTO LEASE TRUST 2022-A, a Delaware statutory trust,
as Issuer, FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Servicer, and CLAYTON FIXED INCOME SERVICES LLC, a
Delaware limited liability company, as Asset Representations Reviewer.

 

BACKGROUND

 

In the normal course of its business, the Titling
Companies purchase leases and leased cars, light trucks and utility vehicles from motor vehicle dealers.

 

In connection with a securitization transaction
sponsored by Ford Credit, the Titling Companies issued a 2022-A Exchange Note to Ford Credit that is secured by a 2022-A Reference Pool
of Leases and Leased Vehicles. Ford Credit sold the 2022-A Exchange Note to the Depositor, who sold it to the Issuer.

 

The Issuer has granted a security interest in
the 2022-A Exchange Note to the Indenture Trustee, for the benefit of the Secured Parties, as security for the Notes issued by the Issuer
under the Indenture.

 

The Issuer has determined to engage the Asset
Representations Reviewer to perform reviews of certain Leases for compliance with the representations and warranties made by Ford Credit
and the Depositor about the Leases in the 2022-A Reference Pool.

 

The parties agree as follows.

 

ARTICLE I

USAGE AND Definitions

 

Section 1.1.     Usage
and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 2022-A Exchange Note Supplement,
dated as of April 1, 2022 (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security
Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"),
among the CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral
Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and
Appendix A also contain usage rules that apply to this Agreement. Appendix 1 and Appendix A are incorporated by reference into this
Agreement.

 

Section 1.2.     Additional
Definitions. The following terms have the meanings given below:

 

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

 

"Contract" has the meaning stated
in Schedule A.

 

"Information Recipient" has the
meaning stated in Section 4.9(a).

 

     

     

    

 

"Indemnified Parties" has the
meaning stated in Section 4.6(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" means the performance
by the Asset Representations Reviewer of the testing procedures for each Test and each Review Lease according to Section 3.4.

 

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

 

"Review Materials" means, for
a Review and a Review Lease, the documents and other materials listed in Schedule A, as applicable.

 

"Review Report" means, for a
Review, the report of the Asset Representations Reviewer as described in 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 Pass" has the meaning stated
in Section 3.4(a).

 

Section 1.3.     Review
Materials and Test Definitions. Capitalized terms or terms or phrases in quotation marks used in the Tests, if not defined in Appendix
1 to the Exchange Note Supplement, Appendix A to the Credit and Security Agreement or in this Agreement, including Schedule A to this
Agreement, refer to sections, titles or terms in the Contract or other Review Materials.

 

ARTICLE II

Engagement of ASSET REPRESENTATIONS REVIEWER

 

Section 2.1.     Engagement;
Acceptance. The Issuer engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer. Clayton
Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms
in this Agreement.

 

Section 2.2.     Confirmation
of Status. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Leases 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.

 

    2

     

    

 

ARTICLE III

Asset Representations Review PROCESS

 

Section 3.1.     Review
Notices. On receipt of a Review Notice from the Indenture Trustee according to Section 7.2 of the Indenture, the Asset Representations
Reviewer will start a Review. The Asset Representations Reviewer will not be obligated to start a Review until a Review Notice is received.

 

Section 3.2.     Identification
of Review Leases. Within ten Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations
Reviewer and the Indenture Trustee a list of the Review Leases.

 

Section 3.3.     Review
Materials.

 

(a)            Access
to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Review
Leases within 60 days after receipt of the Review Notice in one or more of the following ways: (i) by providing access to the Servicer's
receivables systems, either remotely or at an office of the Servicer, (ii) by electronic posting to a password-protected website
to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at an office of the Servicer
where the Lease Files are located or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer
may redact or remove Personally Identifiable Information from the Review Materials without changing the meaning or usefulness of the
Review Materials for the Review.

 

(b)            Missing
or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any Review
Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer
determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in
any event no less than 20 days before completing the Review. The Servicer will have 15 days to give the Asset Representations Reviewer
access to the missing Review Materials or other documents or information to correct the insufficiency. If the missing Review Materials
or other documents have not been provided by the Servicer within 15 days, the related Review Receivable will have a Test Fail for the
Test or Tests that require use of the missing or insufficient Review Materials. If the Contract for any Review Receivable is not provided
or is illegible, the Asset Representations Reviewer will be unable to perform any Tests and the related Review Lease will have an overall
Test Fail for all Tests. In either of these cases, the Test or Tests will be considered completed and the Review Report will report a
Test Fail for the related Review Lease or applicable representation or warranty and the reason for the Test Fail.

 

Section 3.4.     Performance
of Reviews.

 

(a)            Test
Procedures. For a Review, the Asset Representations Reviewer will perform for each Review Lease the procedures listed under "Tests"
in Schedule B for each representation and warranty (each, a "Test"), using the Review Materials necessary to perform
the procedures as stated in the Test. For each Test and Review Lease, the Asset Representations Reviewer will determine if the Test has
been satisfied (a "Test Pass") or if the Test has not been satisfied (a "Test Fail"). If a Test or
part of a Test cannot be performed for a Review Lease because the Test circumstances do not apply to the Review Lease, the Test will
be considered to be satisfied and will be reported as a Test Pass.

 

    3

     

    

 

(b)            Review
Period. The Asset Representations Reviewer will complete the Review of all of the Review Leases within 60 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 30 days.

 

(c)            Completion
of Review for Certain Review Leases. Following the delivery of the list of the Review Leases and before the delivery of the Review
Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Review Lease is paid in
full by the Lessee or reallocated from the 2022-A Reference Pool by the Sponsor, the Depositor or the Servicer according to the Transaction
Documents. If such a notice is received, the Asset Representations Reviewer will immediately terminate all Tests of such Lease and the
Review of the Lease will be considered complete (a "Test Complete"). In this case, the Asset Representations Reviewer
will report a Test Complete for the Lease on the Review Report and the related reason.

 

(d)            Previously
Reviewed Lease; Duplicative Tests. If a Review Lease was included in a prior Review, the Asset Representations Reviewer will not
perform any Tests on it, but will report the results of the previous Tests in the Review Report for the current Review and note that
the results relate to a prior Review. If the same Test is required for more than one representation or warranty listed on Schedule B,
the Asset Representations Reviewer will only perform the Test once for each Review Lease but will report the results of the Test for
each applicable representation and warranty on the Review Report.

 

(e)            Termination
of Review. If a Review is in process and 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 Review immediately and will not be obligated to deliver a Review Report.

 

Section 3.5.     Review
Reports. Within five days after the end of the Review period under Section 3.4(b), the Asset Representations Reviewer will deliver
to the Sponsor, the Depositor, the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Review Lease whether
there was a Test Pass or a Test Fail for each Test, or whether the Review Lease was an overall Test Fail (for a missing or illegible
Contract) or a Test Complete. For each Test Fail, overall Test Fail or Test Complete, the Review Report will indicate the related reason.
The Review Report will contain a summary of the Review results 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 reasonable request of the Servicer, the Asset Representations Reviewer will provide additional detail on the Test
results.

 

    4

     

    

 

Section 3.6.     Review
Representatives.

  

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

 

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

 

(c)            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 Indenture Trustee or the Servicer until the earlier of (i) the payment
in full of the Notes and (ii) one year after the delivery of the Review Report. The Asset Representations Reviewer will not be obligated
to respond to questions or requests for clarification from a Noteholder or any other Person and will direct such Persons to submit written
questions or requests to the Indenture Trustee.

 

Section 3.7.     Dispute
Resolution. If a Lease that was Reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding
under Section 3.4 of the Exchange Note Sale Agreement, the Asset Representations Reviewer will participate in the dispute resolution
proceeding on request of a party to the proceeding. The reasonable expenses of the Asset Representations Reviewer for its participation
in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid
by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 3.4
of the Exchange Note Sale Agreement. However, if such expenses are not paid by a party to the dispute resolution within 90 days after
the end of the proceeding, the expenses will be paid by the Issuer according to Section 4.3(d).

 

Section 3.8.     Limitations
on Review Obligations.

 

(a)            Review
Process Limitations. The Asset Representations Reviewer is not obligated to:

 

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

 

(ii)           determine
which Leases are subject to a Review, and may rely on the lists of Review Leases provided by the Servicer;

 

(iii)          obtain
or confirm the validity of the Review Materials, and may rely on the accuracy and completeness of the Review Materials and will have
no liability for any errors in the Review Materials;

 

    5

     

    

 

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

 

(v)          take
any action or cause any other party to take any action under any of the Transaction Documents or otherwise to enforce any remedies against
any Person for breaches of representations or warranties about the Review Leases.

 

(b)            Testing
Procedure Limitations. The Asset Representations Reviewer will only be required to perform the testing procedures listed under "Tests"
in Schedule A, and will not be obligated to perform additional procedures on any Review Lease or to provide any information other than
a Review Report. However, the Asset Representations Reviewer may provide additional information in a Review Report about any Review Lease
that it determines in good faith to be material to the Review.

 

ARTICLE IV

Asset Representations Reviewer

 

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

 

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

 

(b)            Power,
Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its
obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement.
This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations
Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors'
rights or by general equitable principles.

 

(c)            No
Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations
Reviewer's obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage,
deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor,
(ii) result in the creation or imposition of a Lien on the Asset Representations Reviewer's properties or assets under the terms
of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents
of the Asset Representations Reviewer or (iv) violate a law or, to the Asset Representations Reviewer's knowledge, an 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.

 

    6

     

    

 

(d)            No
Proceedings. To the Asset Representations Reviewer's knowledge, 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 (i) asserting the invalidity of this Agreement, (ii) seeking to prevent
the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably
be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under, or the
validity or enforceability of, this Agreement.

 

(e)            Eligibility.
The Asset Representations Reviewer meets the eligibility requirements in Section 5.1.

 

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 ensure that
these systems allow for each Review Lease 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 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 a Review, including
internal correspondence and work papers, for a period of two years after the termination of this Agreement.

 

Section 4.3.     Fees
and Expenses.

 

(a)            Annual
Fee. The Issuer will, or will cause the Administrator to, pay the Asset Representations Reviewer as compensation for acting as the
Asset Representations Reviewer under this Agreement an annual fee separately agreed to by the Issuer and the Asset Representations Reviewer.
The annual fee will be paid as agreed by the Issuer and the Asset Representations Reviewer until this Agreement is terminated.

 

(b)            Review
Fee. Following the completion of a Review and the delivery to the Indenture Trustee of the Review Report, or the termination of a
Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will
be entitled to a fee of $175 for each Review Lease for which the Review was started (the "Review Fee"). However, no
Review Fee will be paid for any Review Lease which was included in a prior Review or for which no Tests were completed before the Asset
Representations Reviewer received notice of termination of the Review according to Section 3.4(e) or due to missing or insufficient
Review Materials under Section 3.3(b). If a detailed invoice is submitted on or before the first day of a month, the Review Fee
will be paid by the Issuer starting on or before the Payment Date in that month. However, if the Review is terminated according to Section 3.4(e),
the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no later than five Business Days
before the final Payment Date to be reimbursed no later than the final Payment Date.

 

    7

     

    

 

(c)            Reimbursement
of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the Issuer will reimburse the
Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review on receipt of a detailed invoice.

 

(d)            Dispute
Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.7
and its reasonable expenses for participating in the proceeding are not paid by a party to the dispute resolution within 90 days after
the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses on receipt of a detailed invoice.

 

(e)            Payments
by Issuer. All amounts payable by the Issuer under this Section 4.3 will be payable according to the priority of payments in
Section 8.2 of the Indenture.

 

Section 4.4.     Limitation
on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good
faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful
misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event will the Asset Representations
Reviewer be liable for special, punitive, 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 Depositor, the Servicer,
the Owner Trustee, the Delaware Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for
all fees, expenses, losses, damages and liabilities (including the fees and expenses of defending itself against any loss, damage or
liability and any fees and expenses incurred in connection with any proceedings brought by that Person to enforce the indemnification
obligations 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 or (b) the Asset Representations Reviewer's breach of
any of its representations or warranties 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.

 

    8

     

    

 

Section 4.6.     Indemnification
of Asset Representations Reviewer.

  

(a)            Indemnification.
The Issuer will, or will cause the Administrator to, indemnify the Asset Representations Reviewer and its officers, directors, employees
and agents (each, an "Indemnified Person"), for all fees, expenses, losses, damages and liabilities resulting from the
performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or
liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the indemnification
obligations of the Issuer and the Administrator), but excluding any fee, expense, loss, damage or liability resulting from (i) the
Asset Representations Reviewer's willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer's breach
of any of its representations or warranties in this Agreement.

 

(b)            Proceedings.
If an Indemnified Person receives notice of a proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a),
promptly notify the Issuer and the Administrator of the proceeding. The Issuer or the Administrator may participate in and assume the
defense and settlement of a proceeding at its expense. If the Issuer or the Administrator 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 Issuer or
the Administrator assumes the defense of the proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer and
the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the
interests of the Issuer or the Administrator, as applicable, and an Indemnified Person. If there is a conflict, the Issuer or the Administrator
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 Issuer and the Administrator and the Indemnified Person, which approval will not be unreasonably withheld.

 

(c)            Survival
of Obligations. The obligations of the Issuer and the Administrator 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 Issuer or the Administrator makes a payment to an Indemnified Person under this Section 4.6 and the Indemnified Person later
collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Issuer
or the Administrator, as applicable.

 

Section 4.7.     Review
of Asset Representations Reviewer's Records. The Asset Representations Reviewer agrees that, with reasonable advance notice not more
than once during any year, it will permit authorized representatives of the Issuer, the Servicer or the Administrator, during the Asset
Representations Reviewer's normal business hours, to have access to and review the facilities, processes, 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, the Servicer's or the Administrator'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. Any access and review will be subject to the Asset
Representations Reviewer's confidentiality and privacy policies. 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.

 

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Section 4.8.     Delegation
of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person
without the consent of the Issuer and the Servicer.

 

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 consent of the Issuer and the Servicer, be disclosed
or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including
legal counsel (each, an "Information Recipient") other than for the purposes of performing Reviews of Review Leases
or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates
to not (i) purchase or sell securities issued by Ford Credit 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 (regardless 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 Review Leases 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 an Information Recipient, (B) was
available to, or becomes available to, an Information Recipient on a non-confidential basis from a Person or entity other than the Issuer
or the Servicer before its disclosure to the Information Recipient 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
Recipient, (C) is independently developed by an Information Recipient without the use of the Confidential Information, as shown
by the Information Recipient's files and records or other evidence in its possession or (D) the Issuer or the Servicer gives permission
to the Information Recipient to release.

 

    10

     

    

  

(c)            Protection.
The Asset Representations Reviewer will take reasonable measures 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 applicable law, regulation, rule or order, will
use its reasonable efforts to notify the Issuer and the Servicer 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.

 

(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 reimbursed for its fees and expenses, including reasonable
attorney's fees, incurred for the enforcement.

 

Section 4.10.     Personally
Identifiable Information.

 

(a)            Definitions.
 "Personally Identifiable Information" or "PII" means information in any format about an identifiable
individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or
assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with
other information could identify an individual. "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 except as provided in this Agreement.
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 law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate
practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality
and integrity of 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
will include a written data security plan, employee training, information access controls, restricted disclosures, systems protections
(including intrusion protection, data storage protection and data transmission protection) and physical security measures.

 

    11

     

    

 

(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 a Review, (B) with the consent of the Issuer or (C) as
required by applicable law. When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary
for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with access to Issuer PII
of the confidentiality requirements in this Agreement and train its personnel 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 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 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 for either party to comply with applicable law.

 

    12

     

    

 

(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
with the inspections described in Section 4.7. The Asset Representations Reviewer will also permit the Issuer during normal business
hours on reasonable advance 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
a 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 may 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, the Delaware 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 Leases prior to the Closing Date.

 

Section 5.2.     Resignation
and Removal of Asset Representations Reviewer.

 

(a)            No
Resignation. The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally
unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of
its obligations under this Agreement permitted under applicable law. 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, including
an Opinion of Counsel supporting its determination.

 

    13

     

    

 

(b)            Removal.
If any of the following events occur, the Issuer may remove the Asset Representations Reviewer and terminate its rights and obligations
under this Agreement by notifying the Asset Representations Reviewer:

 

(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, the Owner Trustee 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 .

 

(a)            Engagement
of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer, the Issuer
will engage 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
will pay the reasonable expenses of transitioning the Asset Representations Reviewer's obligations under this Agreement and preparing
the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice in reasonable detail 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 Asset Representations
Reviewer's business, 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).

 

    14

     

    

 

 

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 or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this
Agreement. Unless authorized by the Issuer or the Owner Trustee, respectively, the Asset Representations Reviewer will have no authority
to act for or represent the Issuer or the Owner Trustee and will not be considered an agent of the Issuer or the Owner Trustee. Nothing
in this Agreement will make the Asset Representations Reviewer and either of the Issuer 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 agrees that, before the date that is one year and one day (or, if longer, any applicable preference
period) after payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all
securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or
pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company,
(ii) the Depositor or (iii) 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 The Bank of New York Mellon not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will The Bank of New York Mellon 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 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)            Amendments.
The parties may amend this Agreement:

 

(i)            to
clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with
the other terms of this Agreement or any prospectus or offering memorandum related to the Notes or to provide for, or facilitate the
acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case, without the consent of the Noteholders or
any other Person;

 

    15

     

    

 

 

(ii)            to
add, change or eliminate terms of this Agreement, in each case, without the consent of the Noteholders or any other Person, if the Administrator
delivers an Officer's Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have
a material adverse effect on the Noteholders; or

 

(iii)            to
add, change or eliminate terms of this Agreement for which an Officer's Certificate is not or cannot be delivered under Section 7.1(a)(ii),
with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting
separately, except that all Noteholders of Class A Notes will vote together as a single class).

 

(b)            Indenture
Trustee Consent. No amendment to this Agreement that could have a material adverse effect on the rights or responsibilities of the
Indenture Trustee will be effective without the consent of the Indenture Trustee.

 

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

 

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

 

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

 

(b)            Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted
successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries
of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have
any right or obligation under this Agreement.

 

Section 7.3.     Notices.

 

(a)            Notices
to Parties. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing
and will be considered received by the recipient:

 

(i)             for
overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed
to the recipient;

 

(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

 

    16

     

    

 

(iv)           for
an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement
of confirmation of receipt) stating that the electronic posting has been made.

 

(b)            Notice
Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address
stated in Schedule A to the Indenture, which address the party may change by notifying the other parties.

 

Section 7.4.     GOVERNING
LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

Section 7.5.     Submission
to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District
of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party
irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding
brought in such a court and any claim that the proceeding has been brought in an inconvenient forum.

 

Section 7.6.     WAIVER
OF JURY TRIAL. Each party irrevocably waives, to the fullest extent permitted by law, THE
right to trial by jury in legal proceedingS relating to this agreement.

 

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

 

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

 

Section 7.9.     Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.10.   Counterparts.
This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one
document.

 

[Remainder of Page Left Blank]

 

    17

     

    

 

EXECUTED BY:

 

	 	FORD CREDIT AUTO LEASE TRUST 2022-A,

as Issuer

 

		By:	THE BANK OF NEW YORK MELLON, not in its individual capacity, but
                                            solely as Owner Trustee

 

		By:	/s/ Leslie Morales
	 	 	Name: Leslie Morales
	 	 	Title:   Vice President

 

	 	FORD MOTOR CREDIT COMPANY LLC,

as Servicer

 

	 	By:	  /s/ Ryan Hershberger

	 	 	Name:	Ryan Hershberger
	 	 	Title:	Assistant Treasurer

 

	 	CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

 

	 	By:	  /s/ Anthony Neske

	 	 	Name:	Anthony Neske

	 	 	Title:	Senior Vice President

 

[Signature Page to Asset Representations Review Agreement]

 

     

     

    

 

Schedule A

 

Review Materials

 

		1.	A copy of the Lease File that includes the following documents, if
                                            applicable:

 

		(a)	The
                                            motor vehicle lease agreement or similar document as amended that evidences the Lease.

 

		(b)	The
                                            following documents related to the Lease (collectively, the "Amendments"):

 

		(i)	Any correction notices to the Lease prior to the Cutoff Date, and

 

		(ii)	Any modification agreements completed by the parties to the Lease
                                            prior to the Cutoff Date;

 

		(c)	The certificate of title, motor vehicle lien statement, application
                                            for title, application for registration for motor vehicle, certificate of origin or manufacturer
                                            statement of origin for a vehicle, or other evidence (including eAtlas reporting for electronic
                                            titling states) showing the security interest in the Leased Vehicle (collectively, the "Title
                                            Documents");

 

		(d)	Proof of insurance;

 

		(e)	Any ancillary documents for credit insurance, service contracts or other
                                            products and services (collectively, the "Ancillary Documents");

 

		(f)	Military orders; and

 

		(g)	State specific documents related to the Lease.

 

		2.	Copies of applicable Ford Credit procedures, as of the date of the
                                            Lease, including:

 

		(a)	Ford Credit's procedure listing approved lease forms as of the date
                                            of the Lease (the "List of Approved Contract Forms");

 

		(b)	Ford Credit's procedure listing acceptable name variations of Ford Credit,
                                            Lincoln Automotive Financial Services, CAB East LLC, CAB West LLC, CABT and HTD Leasing LLC
                                            (the "List of Acceptable Name Variations"); and

 

		(c)	Ford Credit's procedure listing approved providers and form numbers
                                            for credit insurance, service contracts and other products and services (the "List
                                            of Approved Products").

 

    SA-1

     

    

 

		3.	A copy of the Red Carpet Lease Assignment with the Dealer that originated
                                            the Lease (the "Dealer Assignment").

 

		4.	Applicable screen prints from Ford Credit's receivables systems.

 

    SB-2

     

    

 

Schedule B

 

Representations and Warranties and Tests

 

	Representation
    and Warranty

    (Section references are to the Exchange Note Purchase Agreement)	Tests
	Section 3.3(a) –
    Origination of Leases.  The Lease was originated by a Dealer in the United States and has a garaging location
    in an Eligible State.  The Lease was originated by a Dealer for the retail lease of a Leased Vehicle in the ordinary course
    of the Dealer's business.  The Lease was signed by the parties to the Lease.  The Lease was purchased by a Titling
    Company qualified to hold the Lease and the related Leased Vehicle and was validly assigned by the Dealer to that Titling Company.	Test 3.3(a) – 1:
    Dealer Address

    Observe the address of the Dealer on the Lease and confirm it
    is in the United States.

    Test 3.3(a) – 2:
    Garaging Location

    Observe the Lease account in Ford Credit's receivables systems
    and confirm the state in the garaging address on the date of the Lease corresponds to the correct Titling Company as stated in the
    applicable Ford Credit procedure.

    Test 3.3(a) – 3:
    Lease Signed

    Observe the Lease and confirm signatures are present for the Dealer
    and the Lessee.

    Test 3.3(a) – 4:
    Lease Form

    Observe the form number and revision date on the Lease and confirm
    they are on the List of Approved Contract Forms.

    Test 3.3(a) – 5:
    Qualified Titling Company

    Observe the Lease and confirm the Titling Company identified as
    the Holder is qualified to do business in the state of the Dealer's address.

    Test 3.3(a) – 6:
    Valid Assignment

    Observe the Lease and confirm the Dealer's signature is present
    to assign the lease to a Titling Company.

    Test 3.3(a) – 7:
    Dealer Confirmation

    Observe the Dealer name on the Lease and confirm it matches the
    Dealer name on the Dealer Assignment.

	Section 3.3(b) –
    New Vehicle.  The Leased Vehicle was a new car, light truck or utility vehicle according to the Underwriting
    Procedures at the beginning of the related Lease.	Test 3.3(b) – 1:
    New Vehicle

    Observe the Lease account in Ford Credit's receivables systems
    and confirm that the Leased Vehicle is identified as "new" or "demo."

	Section 3.3(c) –
    Monthly Payments.  The Lease (if not an Advance Payment Plan Lease) provides for monthly payments in U.S. dollars
    in an amount equal to the sum of (i) a level scheduled payment that provides a fixed internal rate of return and amortizes the
    Adjusted Capitalized Cost stated in the Lease to the Contract Residual Value of the related Leased Vehicle over the term of the Lease,
    plus (ii) other fees and taxes on the Lease.	Test 3.3(c) – 1:
    Monthly Payments

    Observe the Lease and confirm it reflects monthly payments.

    Test 3.3(c) – 2:
    U.S. Dollars

    Observe the Lease and confirm it is payable in U.S. dollars.

    Test 3.3(c) – 3:
    Level Monthly Payments

    Observe the Lease and confirm it reflects a level scheduled payment.

    Test 3.3(c) – 4:
    Rate of Return

    Observe the Lease and confirm the sum of "Depreciation and
    other Amortized Amounts" and "Rent Charge" divided by "Lease Payments" equals "Base Payment."

    Test 3.3(c) – 5:
    Amortization

    Observe the Lease and confirm "Adjusted Capitalized Cost"
    minus the product of "Lease Payments" multiplied by "Base Payment" minus "Rent Charge" equals "Residual
    Value."

    Test 3.3(c) – 6:
    Total Payment

    Observe the Lease and confirm "Base Payment" plus other
    fees and taxes equals "Total Payment."

 

    SB-1

     

    

 

	Representation
    and Warranty

    (Section references are to the Exchange Note Purchase Agreement)	Tests
	Section 3.3(d) –
    Certificate of Title.  The Leased Vehicle was titled, or the Servicer has started procedures that will result
    in the Leased Vehicle being titled in a manner acceptable to the relevant governmental authority.	Test 3.3(d) – 1:
    Garaging Location

    Observe the Lease account in Ford Credit's receivables systems
    and confirm the state in the garaging address on the date of the Lease matches the state on the Title Documents.

    Observe the Title Documents and confirm they reflect the Titling
    Company as stated in the applicable Ford Credit procedure, using a name included in the List of Acceptable Name Variations, as the
    Owner.

    Test 3.3(d) – 2:
    Title Verification

    Observe the Holder on the Lease and confirm it matches the Owner
    on the Title Documents.

    Observe the vehicle identification number on the Lease and confirm
    it matches the vehicle identification number on the Title Documents.

	Section 3.3(e) –
    No Government Lessee.  The Lease is not an obligation of the United States or a State or local government or
    any agency, department, instrumentality or political subdivision of the United States or a State or local government.	Test 3.3(e) – 1:
    No Government Lessee

    Observe the Lease and confirm the Leased Vehicle is leased for
    personal use or, if not, confirm the Lessee is not a government Lessee. If the name of the Lessee contains a word indicating it may
    be a government Lessee, use online sources to confirm the Lessee is a commercial business and not a government Lessee.

	Section 3.3(f) –
    No Commercial Lessee.  The Lease is not a commercial lease contract, master lease contract or fleet vehicle
    lease contract, but the Lease may have been entered by a business entity and the Leased Vehicle may be used for commercial purposes.	Test 3.3(f) – 1:
    Lease Form

    Observe the form number and revision date on the Lease and confirm
    they are on the List of Approved Contract Forms.

	Section 3.3(g) –
    Insurance.  The Lease requires the Lessee to have physical damage insurance covering the Leased Vehicle.	Test 3.3(g) – 1:
    Insurance

    Observe the Lease and confirm it contains an agreement from the
    Lessee to insure against loss of or risk to the Leased Vehicle.

 

    SB-2

     

    

 

	Representation
    and Warranty

    (Section references are to the Exchange Note Purchase Agreement)	Tests
	Section 3.3(h) –
    Compliance with Underwriting Procedures.  The Lease was underwritten according to the Underwriting Procedures
    in effect at the time in all material respects.	Test 3.3(h) – 1:
    Lease Form

    Observe the form number and revision date on the Lease and confirm
    they are on the List of Approved Contract Forms.

    Test 3.3(h) – 2:
    Leased Vehicle Description

    Observe the Lease and confirm the description of the Leased Vehicle,
    including the vehicle identification number, year, make and model, new, used or demo, matches the vehicle information for the Lease
    account in Ford Credit's receivables systems.

    Observe each Ancillary Document, if any, and confirm any information
    describing the Leased Vehicle matches the corresponding information on the Lease.

    Test 3.3(h) – 3:
    Fees and Additional Products

    Observe the fees, if any, included in the "Amounts Due At
    Lease Signing or Delivery" section of the Lease and confirm they do not exceed the limits stated in the applicable Ford Credit
    procedure.

    Observe the Lease and confirm the amount the acquisition fee is
    the amount required by Ford Credit procedure and, if it is an advance payment lease, confirm the acquisition fee is listed in the
    "Amounts Due At Lease Signing or Delivery" section.

    Observe the amount for each additional product, if any, included
    in the "Itemization of Gross Capitalized Cost" section of the Lease and confirm each amount does not exceed the advance
    cap amount stated in the applicable Ford Credit procedure.

    Test 3.3(h) – 4:
    Lease Signed

    Observe the Lease and confirm signatures are present for the Dealer
    and the Lessee.

    Test 3.3(h) – 5:
    Insurance

    Observe the insurance section of the Lease and confirm the minimum
    limits meet the requirements as stated in the applicable Ford Credit procedure.

    Confirm the Lease File contains proof of insurance as stated in
    the applicable Ford Credit procedure.

    Test 3.3(h) – 6:
    Dealer Confirmation

    Observe the Lease and confirm that the Dealer name matches the
    Dealer name on the Red Carpet Lease Assignment.

    Test 3.3(h) – 7:
    Additional Document Requirements

    Observe the Lease account in Ford Credit's receivables systems
    and confirm that no additional document requirements are indicated for origination or, if so, confirm all required documents are
    in the Lease File.

    Test 3.3(h) – 8:
    Notice to Co-Signer

    Observe the Lease and confirm the "Vehicle Use" is personal
    and if so, confirm if a "Notice to Cosigner" document is required by the applicable Ford Credit procedure and if so, confirm
    a signed and dated "Notice to Cosigner" document is in the Lease File.

    Test 3.3(h) – 9:
    Odometer Disclosure Statement

    Observe the Odometer Disclosure Statement and confirm it is completed
    and signed as stated in the applicable Ford Credit procedure.

    Test 3.3(h) – 10:
    Finance Company and Holder

    Observe the Lease and confirm the "Finance Company"
    and "Holder" section is completed as stated in the applicable Ford Credit procedure.

	Section 3.3(i) –
    Valid Assignment.  The Lease was originated in, and is subject to the laws of, a jurisdiction which permits
    the sale and assignment of the Lease and the related Leased Vehicle to the Titling Company.  The terms of the Lease do
    not limit the right of the owner of the Lease to sell the Lease.	Test 3.3(i) – 1:
    Lease Form

    Observe the form number and revision date on the Contract and
    confirm they are on the List of Approved Contract Forms.

 

    SB-3

     

    

 

	Representation
    and Warranty

    (Section references are to the Exchange Note Purchase Agreement)	Tests
	Section 3.3(j) –
    Compliance with Law.  At the time it was originated, the Lease complied in all material respects with all requirements
    of law in effect at the time.	Test 3.3(j) – 1:
    Lease Form

    Observe the form number and revision date on the Lease and confirm
    they are on the List of Approved Contract Forms.

    Test 3.3(j) – 2:
    Legibility of Lease

    Observe the Lease and confirm all printed sections are legible
    and aligned on the correct line.

    Test 3.3(j) – 3:
    Additional Product Provider and Form

    Observe the provider name, form number and revision date on each
    Ancillary Document, if any, and confirm they are on the List of Approved Products.

    Test 3.3(j) – 4:
    Lease Signed

    Observe the Lease and confirm signatures are present for the Dealer
    and the Lessee.

    Test 3.3(j) – 5:
    Total of Payments

    Observe the "Total of Payments" on the Lease. Calculate
    the "Total of Payments" using the "Amount Due at Lease Signing or Delivery" plus "The total of Your monthly
    payment is" minus "Your first monthly payment of" and confirm it matches "Total of Payments."

    Test 3.3(j) – 6:
    Payment Schedule

    Observe the scheduled due date on the Lease and confirm it follows
    the payment due date requirements in the applicable Ford Credit procedure.

    Test 3.3(j) – 7:
    Tax Disclosure

    Observe the Lease and confirm the tax on capitalized cost reduction,
    if any, is disclosed as required by Ford Credit procedure.

    Test 3.3(j) – 8:
    Gross Capitalized Cost

    Observe the "Gross capitalized cost" in the "Your
    payment is determined as shown below" section of the Lease and confirm that it equals the "Total Gross Capitalized Cost"
    in the "Itemization of Gross Capitalized Cost" section.

    Test 3.3(j) – 9:
    Adjusted Capitalized Cost

    Observe the "Your payment is determined as shown below"
    section of the Lease and confirm that "Gross capitalized cost" minus "Capitalized cost reduction" equals "Adjusted
    capitalized cost."

    Test 3.3(j) – 10:
    Term

    Observe the "Payments" box on the Lease and confirm
    it matches the "Lease payments" in the "Your payment is determined as shown below" section.

    Test 3.3(j) – 11:
    Total Miles Allowed

    Observe the "Excess Wear and Use" section of the Lease
    and confirm the price per mile and the mileage lines are completed according to applicable Ford Credit procedure.

    Test 3.3(j) – 12:
    Warranty Disclosure

    Observe the "Warranty" disclosure box on the Lease and
    confirm it has been completed according to applicable Ford Credit procedure.

    Test 3.3(j) – 13:
    Official Fees and Taxes Disclosure

    Observe the "Official Fees and Taxes" disclosure box
    on the Lease and confirm it has been competed according to applicable Ford Credit procedure.

    Test 3.3(j) – 14:
    Equal Credit Opportunity Act - Origination

    Observe the Lease account in Ford Credit's receivables systems
and confirm any comments at origination do not conflict with the prohibited practices described in the applicable Ford Credit procedure.

 

    SB-4

     

    

 

	Representation
    and Warranty

    (Section references are to the Exchange Note Purchase Agreement)	Tests
	 	Test 3.3(j) – 15: State Disclosures;
Contract Complete

Observe the Lease and confirm all lines on the Lease are completed
or properly left blank.

Test 3.3(j) – 16: State-Specific
Underwriting Requirements

Observe the state in the address of the Dealer on the Lease. If the
state is listed below, perform the tests for the specific state.

California

Observe the Lease and confirm that it indicates it was negotiated primarily
in English or, if it indicates one of the other languages, confirm a completed translation of the Lease in that language is in the Lease
File.

Florida

Confirm a signed "Customer-Dealer Registration Agreement"
or a document identifying that the Dealer used the actual registration amount is in the Lease file.

Illinois

Illinois-1-Sales Tax Form

Confirm a completed sales tax form is in the Lease File.

Illinois-2-Translation

Confirm there is no translation acknowledgment form in the Lease File
or, if so, confirm the form is completed and signed.

Kansas

Observe the Lease and confirm that no credit insurance was purchased
or, if so, confirm the "Credit Insurance Premium Refund Notice" is in the Lease File and the date of the form is within ten
days of the Lease purchase date.

New Jersey

Observe the Lease and confirm the date the Lessee signed the Lease
is at least one business day after the date of the Lease or, if the dates are the same, confirm a waiver signed by the Lessee is in the
Lease File.

New York

Confirm there is no translation acknowledgment form in the Lease File
or, if so, confirm the form is completed and signed.

Ohio

Observe the Lease and confirm that no credit insurance was purchased
or, if so, confirm a completed and signed "Notice of Optional Credit Insurance" is in the Lease File.

 

    SB-5

     

    

 

	Representation
    and Warranty

    (Section references are to the Exchange Note Purchase Agreement)	Tests

	Section 3.3(k) –
    Binding Obligation.  The Lease is on a form contract that includes rights and remedies allowing the holder to
    enforce the obligation and realize on the Leased Vehicle and represents the legal, valid and binding payment obligation of the Lessee,
    enforceable in all material respects by the holder of the Lease, except as may be limited by bankruptcy, insolvency, reorganization
    or other similar laws relating to the enforcement of creditors' rights or by general equitable principles and consumer financial
    protection laws.	Test 3.3(k) – 1:
    Lease Form

    Observe the form number and revision date on the Contract and
    confirm they are on the List of Approved Contract Forms.

	Section 3.3(l) –
    Security Interest in Leased Vehicle.  The Collateral Agent has, or the Servicer has started procedures that
    will result in the Collateral Agent having, a perfected, first-priority security interest in the Leased Vehicle, which security interest
    was validly created.	Test 3.3(l) – 1:
    Security Interest in Lease Vehicle

    Observe the Title Documents and confirm they show HTD Leasing
    LLC, using a name included in the List of Acceptable Name Variations, as the first lienholder.

    Observe the vehicle identification number on the Lease and confirm
    it matches the vehicle identification number on the Title Documents.

	Section 3.3(m) –
    Good Title to Lease and Leased Vehicle.  The applicable Titling Company has good title, or the Servicer has
    started procedures that will result in good title, to the Lease and Leased Vehicle, free and clear of Liens other than Permitted
    Liens.	Test 3.3(m) – 1:
    Garaging Location

    Observe the Lease account in Ford Credit's receivables systems
    and confirm the state in the garaging address on the date of the Lease matches the state on the Title Documents.

    Observe the Title Documents and confirm they reflect the Titling
    Company as stated in the applicable Ford Credit procedure, using a name included in the List of Acceptable Name Variations, as the
    Owner.

    Test 3.3(m) – 2:
    Valid Assignment

    Observe the Lease and confirm the Dealer signature is present
    to assign the lease to the applicable Titling Company.

	Section 3.3(n) –
    Chattel Paper.  The Lease is either "tangible chattel paper" or "electronic chattel paper"
    within the meaning of the applicable UCC and there is only one original authenticated copy of the Lease.	Test 3.3(n) – 1:
    Lease Signed

    Observe the Lease and confirm signatures are present for the Dealer
    and Lessee.

    Test 3.3(n) – 2:
    Lease Form

    Observe the form number and revision date on the Lease and confirm
    they are on the List of Approved Contract Forms.

    Test 3.3(n) – 3:
    One Original

    Observe the Lease and confirm it is an electronic contract or,
    if not, confirm it states "original" above the ply description line.

 

    SB-6

     

    

 

	Representation
    and Warranty

    (Section references are to the Exchange Note Purchase Agreement)	Tests
	Section 3.3(o) –
    Servicing.  The Lease was serviced in compliance with law and the Servicing Procedures in all material respects
    from the time it was originated to the Cutoff Date.	Test 3.3(o) – 1:
    Credit Bureau Reporting

    Observe the Lease account in Ford Credit's receivables systems
    and confirm the number of days, if any, the Lease account was past due for each month preceding the Cutoff Date matches the information
    reported to the credit bureaus for the Lease account.

    Test 3.3(o) – 2:
    Lessee Complaints

    Observe the Lease account in Ford Credit's receivables systems
    and confirm that "Complaints/Feedback" is not indicated for the Lease account as of the Cutoff Date or, if so, confirm
    that the documentation indicated in Ford Credit's receivables systems related to the complaint follows the applicable Ford Credit
    procedures.

    Test 3.3(o) – 3:
    Equal Credit Opportunity Act - Servicing

    Observe the customer service notes, if any, for the Lease account
    in Ford Credit's receivables systems and confirm any comments do not conflict with the prohibited practices described in the applicable
    Ford Credit procedure.

    Test 3.3(o) – 4:
    Servicemembers Civil Relief Act

    Observe the Lease account in Ford Credit's receivables systems
    and confirm that Servicemembers Civil Relief Act is not indicated for the Lease account as of the Cutoff Date or, if so and if military
    orders are in the Lease File, confirm the lease factor for the Lease account indicated in Ford Credit's receivables systems is less
    than or equal to 4.25%.

	Section 3.3(p) –
    No Bankruptcy.  As of the Cutoff Date, the Sponsor's receivables systems do not indicate that the Lessee on
    the Lease is a debtor in a bankruptcy proceeding.	Test 3.3(p) – 1:
    No Bankruptcy

    Observe the Lease account in Ford Credit's receivables systems
    as of the Cutoff Date and confirm the "Bankrupt" field is blank.

	Section 3.3(q) –
    Leases in Force.  As of the Cutoff Date, neither the Sponsor's receivables systems nor the Lease File indicate
    that the Lease (i) was a Terminating Lease or a Closed Lease or (ii) was satisfied, subordinated, rescinded, cancelled
    or terminated.	Test 3.3(q) – 1:
    Terminating Lease or Closed Lease

    Observe the Lease account in Ford Credit's receivables systems
    and confirm it was not a Terminating Lease or a Closed Lease.

    Test 3.3(q) – 2:
    Leases in Force

    Observe the Lease account in Ford Credit's receivables systems
    and confirm it was an active account on the Cutoff Date.

	Section 3.3(r) –
    No Amendments or Modifications.  No material term of the Lease has been affirmatively amended or modified (other
    than the assessment of a security deposit or a Payment Extension Fee or the payment of any other amount that would be a Lease Administration
    Amount, or a default relating to failure by the related Lessee to pay any such amount), except amendments and modifications indicated
    in the Sponsor's receivables systems or in the Lease File.	Test 3.3(r) – 1:
    No Amendments

    Observe the Lease account in Ford Credit's receivables systems
    and confirm a "Substitution Agreement" and/or "Transfer of Lease" account message is not indicated or, if so,
    confirm a substitution agreement and/or transfer agreement is in the Lease File.

 

    SB-7

     

    

 

	Representation
    and Warranty

    (Section references are to the Exchange Note Purchase Agreement)	Tests
	Section 3.3(s) –
    No Extensions.  As of the Cutoff Date, the Lease was not amended to extend the due date for any payment, other
    than Payment Extensions totaling no more than three months, as recorded in the Sponsor's receivables systems and in the Lease File.	Test 3.3(s) – 1:
    No Extensions

    Observe the Lease account in Ford Credit's receivables systems
    and confirm the Lease was not extended more than three months as of the Cutoff Date.

	Section 3.3(t) –
    No Defenses.  There is no right of rescission, setoff, counterclaim or defense asserted or threatened against
    the Lease indicated in the Sponsor's receivables systems or in the Lease File.	Test 3.3(t) – 1:
    No Defenses

    Observe the Lease account in Ford Credit's receivables systems
    and confirm there are no "Litigation Pending," "Attorney Representation" and/or "Second Lien" account
    messages or, if so, confirm the account message(s) were not present as of the Cutoff Date.

	Section 3.3(u) –
    No Payment Default.  Except for a payment that is not more than 30 days Delinquent as of the Cutoff Date, no
    payment default exists on the Lease.	Test 3.3(u) – 1:
    No Payment Default

    Observe the Lease account in Ford Credit's receivables systems
    and confirm the Lease was not more than 30 days Delinquent as of the Cutoff Date.

	Section 3.3(v) –
    Maturity of Leases.  The Lease has a Scheduled Lease End Date of not greater than 48 months from the date of
    the Lease.	Test 3.3(v) – 1:
    Maturity of Leases

    Observe the "Lease Term in Months" on the Lease and
    confirm it is not greater than 48.

 

    SB-8Exhibit 10.23
​

OMNIAB, INC.
INDEMNIFICATION AGREEMENT
This Indemnification Agreement (“Agreement”) is made as of ________ __, 20__ by and between OmniAb, Inc., a Delaware corporation (the “Company”), and ______________, [a member of the Board of Directors/ an officer] of the Company (“Indemnitee”).  This Agreement supersedes and replaces any and all previous Agreements between the Company and Indemnitee covering indemnification and advancement.
RECITALS
WHEREAS, the Board of Directors of the Company (the “Board”) believes that highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification and advancement of expenses against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;
WHEREAS, the Board has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities.  Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions.  At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.  The Bylaws and Certificate of Incorporation of the Company require indemnification of the officers and directors of the Company.  Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”).  The Bylaws, Certificate of Incorporation, and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification and advancement of expenses;
WHEREAS, the uncertainties relating to such insurance, to indemnification, and to advancement of expenses may increase the difficulty of attracting and retaining such persons;
WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;
WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;
​
​

​

WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws,  Certificate of Incorporation and any resolutions adopted pursuant thereto, and is not a substitute therefor, nor diminishes or abrogates any rights of Indemnitee thereunder; and
WHEREAS, Indemnitee does not regard the protection available under the Bylaws, Certificate of Incorporation, DGCL and insurance as adequate in the present circumstances, and may not be willing to serve or continue to serve as an officer or director without adequate additional protection, and the Company desires Indemnitee to serve or continue to serve in such capacity.  Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced expenses.
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
Section 1.Services to the Company. Indemnitee agrees to serve as a [director/officer] of the Company.  Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law).  This Agreement does not create any obligation on the Company to continue Indemnitee in such position and is not an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.
Section 2.Definitions. As used in this Agreement:
(a)“Agent” means any person who is authorized by the Company or an Enterprise to act for or represent the interests of the Company or an Enterprise, respectively.
(b)A “Change in Control” occurs upon the earliest to occur after the date of this Agreement of any of the following events:
i.Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities unless the change in relative beneficial ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;
ii.Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;
​

-2-

​

iii.Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;
iv.Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and
v.Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.
vi.For purposes of this Section 2(b), the following terms have the following meanings:
		1
	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

		2
	“Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

		3
	“Beneficial Owner” has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity.

(c)“Corporate Status” describes the status of a person who is or was acting as a director, officer, employee, fiduciary, or Agent of the Company or an Enterprise.
(d)“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.
​

-3-

​

(e)“Enterprise” means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity for which Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent.
(f)“Expenses” includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding.  Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise.  The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel will be presumed conclusively to be reasonable.  Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
(g)“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent:  (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” does not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
(h)“Potential Change in Control” means the occurrence of any of the following events: (i) the Company enters into any written or oral agreement, undertaking or arrangement, the consummation of which would result in the occurrence of a Change in Control; (ii) any Person or the Company publicly announces an intention to take or consider taking actions which if consummated would constitute a Change in Control; (iii) any Person who becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 5% or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors increases his beneficial ownership of such securities by 5% or more over the percentage so owned by such Person on the date hereof; or (iv) the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred.
(i)The term “Proceeding” includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or
​

-4-

​

completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement.  A Proceeding also includes a situation the Indemnitee believes in good faith may lead to or culminate in the institution of a Proceeding.
Section 3.Indemnity in Third-Party Proceedings. The Company will indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor.  Pursuant to this Section 3, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee’s conduct was unlawful.
Section 4.Indemnity in Proceedings by or in the Right of the Company. The Company will indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor.  Pursuant to this Section 4, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.  The Company will not indemnify Indemnitee for Expenses under this Section 4 related to any claim, issue or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company, unless, and only to the extent that, the Delaware Court of Chancery or any court in which the Proceeding was brought determines upon application by Indemnitee that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.
Section 5.Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with  any Proceeding the extent that Indemnitee is successful, on the merits or otherwise.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to
​

-5-

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each successfully resolved claim, issue or matter to the fullest extent permitted by law.  For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue or matter.
Section 6.Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement and to the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee is a witness, deponent, interviewee, or otherwise asked to participate.
Section 7.Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.
Section 8.Additional Indemnification. Notwithstanding any limitation in Sections 3, 4, or 5, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law (including but not limited to, the DGCL and any amendments to or replacements of the DGCL adopted after the date of this Agreement that expand the Company’s ability to indemnify its officers and directors) if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor).
Section 9.Exclusions. Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to make any indemnification payment to Indemnitee in connection with any Proceeding:
(a)for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except to the extent provided in Section 15(b) and except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or
(b)for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act; or
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(c)initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to indemnification or advancement, of Expenses, including a Proceeding (or any part of any Proceeding) initiated pursuant to Section 14 of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.
Section 10.Advances of Expenses.
(a)The Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee or any Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to obtain indemnification or advancement of Expenses from the Company or Enterprise, including a proceeding initiated pursuant to Section 14 or (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation. The Company will advance the Expenses within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding.
(b)Advances will be unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the execution of this Agreement and delivery to the Company.  No other form of undertaking is required other than the execution of this Agreement.  The Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.
Section 11.Procedure for Notification of Claim for Indemnification or Advancement.
(a)Indemnitee will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof.  Indemnitee will include in the written notification to the Company a description of the nature of the Proceeding and the facts underlying the Proceeding and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding.  Indemnitee’s failure to notify the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and any delay in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Agreement.  The Secretary of the Company will, promptly upon receipt of such a request for indemnification or advancement, advise the Board in writing that Indemnitee has requested indemnification or advancement.
(b)The Company will be entitled to participate in the Proceeding at its own expense.
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Section 12.Procedure Upon Application for Indemnification.
(a)Unless a Change of Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made:
i.by a majority vote of the Disinterested Directors, even though less than a quorum of the Board;
ii.by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board;
iii. if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent Counsel selected by the Board; or
iv.if so directed by the Board, by the stockholders of the Company.
(b)If a Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made by written opinion provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board).
(c)The party selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will provide written notice of the selection to the other party.  The notified party may, within ten (10) days after receiving written notice of the selection of Independent Counsel, deliver to the selecting party a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection will set forth with particularity the factual basis of such assertion.  Absent a proper and timely objection, the person so selected will act as Independent Counsel.  If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit.  If, within thirty (30) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of the Proceeding, Independent Counsel has not been selected or, if selected, any objection to has not been resolved, either the Company or Indemnitee may petition the Delaware Court for the appointment as Independent Counsel of a person selected by such court or by such other person as such court designates.  Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel will be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).
(d)Indemnitee will cooperate with the person, persons or entity making the determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making the indemnification determination irrespective of the determination as to Indemnitee’s entitlement to indemnification and the Company hereby indemnifies and agrees to hold Indemnitee
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harmless therefrom. The Company promptly will advise Indemnitee in writing of the determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied and providing a copy of any written opinion provided to the Board by Independent Counsel.
(e)If it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within thirty (30) days after such determination.
Section 13.Presumptions and Effect of Certain Proceedings.
(a)In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company will, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption.  Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
(b)If the determination of the Indemnitee’s entitlement to indemnification has not been made pursuant to Section 12 within sixty (60) days after the later of (i) receipt by the Company of Indemnitee’s request for indemnification pursuant to Section 11(a) and (ii) the final disposition of the Proceeding for which Indemnitee requested Indemnification (the “Determination Period”), the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee will be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.  The Determination Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, the Determination Period may be extended an additional fifteen (15) days if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a)(iv) of this Agreement.
(c)The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.
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(d)For purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties, or on the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or reports made to the Company or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise.  Further, Indemnitee will be deemed to have acted in a manner “not opposed to the best interests of the Company,” as referred to in this Agreement if Indemnitee acted in good faith and in a manner Indemnitee  reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan.  The provisions of this Section 13(d) is not exclusive and does not limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.
(e)The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, Agent or employee of the Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under this Agreement.
Section 14.Remedies of Indemnitee.
(a)Indemnitee may commence litigation against the Company in the Delaware Court of Chancery to obtain indemnification or advancement of Expenses provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company does not advance Expenses pursuant to Section 10 of this Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of this Agreement within the Determination Period, (iv) the Company does not indemnify Indemnitee pursuant to Section 5 or 6 or the second to last sentence of Section 12(d) of this Agreement within thirty (30) days after receipt by the Company of a written request therefor, (v) the Company does not indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder.  Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.  Indemnitee must commence such Proceeding seeking an adjudication or an award in arbitration within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such Proceeding pursuant to this Section 14(a); provided, however, that the foregoing clause does not apply in respect of a Proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 5 of this Agreement.  The Company will not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(b)If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced
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pursuant to this Section 14 will be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee may not be prejudiced by reason of that adverse determination.  In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be and will not introduce evidence of the determination made pursuant to Section 12 of this Agreement.
(c)If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is entitled to indemnification, the Company will be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.
(d)The Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
(e)It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder.  The Company, to the fullest extent permitted by law, will (within thirty (30) days after receipt by the Company of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection with any action concerning this Agreement, Indemnitee’s right to indemnification or advancement of Expenses from the Company, or concerning any directors’ and officers’ liability insurance policies maintained by the Company, and will indemnify Indemnitee against any and all such Expenses unless the court determines that each of the Indemnitee’s claims in such Proceeding were made in bad faith or were frivolous or are prohibited by law.
Section 15.Non-exclusivity; Survival of Rights; Insurance; Subrogation.
(a)The indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise.  The indemnification and advancement of Expenses provided by this Agreement may not be limited or restricted by any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or omitted by  Indemnitee in Indemnitee’s Corporate Status occurring prior to any amendment, alteration or repeal of this Agreement.  To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Bylaws, Certificate of Incorporation, or this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change.  No right or remedy herein conferred is intended to be exclusive of any other right or
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remedy, and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other right or remedy.
(b)The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided by one or more other Persons with whom or which Indemnitee may be associated.  The relationship between the Company and such other Persons, other than an Enterprise, with respect to the Indemnitee’s rights to indemnification, advancement of Expenses, and insurance is described by this subsection, subject to the provisions of subsection (d) of this Section 15 with respect to a Proceeding concerning Indemnitee’s Corporate Status with an Enterprise.
i.The Company hereby acknowledges and agrees:
1)the Company is the indemnitor of first resort with respect to any request for indemnification or advancement of Expenses made pursuant to this Agreement concerning any Proceeding arising from or related to Indemnitee’s Corporate Status with the Company;
2)the Company is primarily liable for all indemnification and indemnification or advancement of Expenses obligations for any Proceeding arising from or related to Indemnitee’s Corporate Status, whether created by law, organizational or constituent documents, contract (including this Agreement) or otherwise;
3)any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee and/or advance Expenses to Indemnitee in respect of any proceeding are secondary to the obligations of the Company’s obligations;
4)the Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of any such Person; and
ii.the Company irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee may be associated from any claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to this Agreement.
iii.In the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this Agreement.  In no event will payment by any other Person with whom or which Indemnitee may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company’s obligation to indemnify or advance of Expenses to any other Person with whom or which Indemnitee may be associated.
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iv.Any indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated is specifically in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company.
(c)To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or Agents of the Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage available for any such director, officer, employee or Agent under such policy or policies, including coverage in the event the Company does not or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement.  If, at the time of the receipt of a notice of a claim pursuant to this Agreement, the Company has director and officer liability insurance in effect, the Company will give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance with the procedures set forth in the respective policies.  The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.  Indemnitee agrees to assist the Company efforts to cause the insurers to pay such amounts and will comply with the terms of such policies, including selection of approved panel counsel, if required.
(d)The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee’s Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of first resort with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status with such Enterprise.  The Company’s obligation to indemnify and advance Expenses to Indemnitee is secondary to the obligations the Enterprise or its insurers owe to Indemnitee.  Indemnitee agrees to take all reasonably necessary and desirable action to obtain from an Enterprise indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status with such Enterprise.
(e)In the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee from any Enterprise or insurance carrier.  Indemnitee will execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.
Section 16.Duration of Agreement. This Agreement continues until and terminates upon the later of: (a) ten (10) years after the date that Indemnitee ceases to have a Corporate Status or (b) one (1) year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto.  The indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement are binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger,
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consolidation or otherwise to all or substantially all of the business or assets of the Company), continue as to an Indemnitee who has ceased to be a director, officer, employee or Agent of the Company or of any other Enterprise, and inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.
Section 17.Severability. If any provision or provisions of this Agreement is held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and remain enforceable to the fullest extent permitted by law; (b) such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent manifested thereby.
Section 18.Interpretation.  Any ambiguity in the terms of this Agreement will be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement of Expenses permitted by law.  The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted by law for indemnification and advancement in excess of that expressly provided, without limitation, by the Certificate of Incorporation, the Bylaws, vote of the Company stockholders or disinterested directors, or applicable law.
Section 19.Enforcement.
(a)The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as a director or officer of the Company.
(b)This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law, and is not a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.
Section 20.Modification and Waiver. No supplement, modification or amendment of this Agreement is binding unless executed in writing by the parties hereto.  No waiver of any of the provisions of this Agreement will be deemed or constitutes a waiver of any other provisions of this Agreement nor will any waiver constitute a continuing waiver.
Section 21.Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
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information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise.
Section 22.Notices. All notices, requests, demands and other communications under this Agreement will be in writing and will be deemed to have been duly given if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent by facsimile transmission or electronic mail, with receipt of oral confirmation that such communication has been received:
(a)If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides to the Company.
(b)If to the Company to:
		Name:
	OmniAb, Inc.

		Address:
	5980 Horton Street, Suite 405

Emeryville, CA 94608
		Attention:
	Chief Legal Officer

		Email:
	[CBerkman]@OmniAb.com

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or to any other address as may have been furnished to Indemnitee by the Company.
Section 23.Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and Agents) and Indemnitee in connection with such event(s) and/or transaction(s).
Section 24.Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties are governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.  Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or Proceeding arising out of or in connection with this Agreement may be brought only in the Delaware Court of Chancery and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or Proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or Proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such
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action or Proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.
Section 25.Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed to be an original but all of which together constitutes one and the same Agreement.  Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.
Section 26.Headings. The headings of this Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction thereof.
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.
	  

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	OMNIAB, INC.
	    
	INDEMNITEE

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