Document:

EX-10.5

 Exhibit 10.5 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

DRIVE AUTO RECEIVABLES TRUST 2021-2, 

as Issuer 
 and 

SANTANDER CONSUMER USA INC., 
 as
Sponsor and Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 
  

 
 Dated as of
August 25, 2021 
  
  

 
  

 

							
	TABLE OF CONTENTS	 
			
	 	 	 	  	Page	 
			
	 ARTICLE I.
	 	 DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
			
	 ARTICLE II.
	 	 ENGAGEMENT; ACCEPTANCE
	  	 	3	 
			
	 Section 2.01
	 	 Engagement; Acceptance
	  	 	3	 
	 Section 2.02
	 	 Eligibility of Asset Representations Reviewer
	  	 	3	 
	 Section 2.03
	 	 Independence of the Asset Representations Reviewer
	  	 	3	 
			
	 ARTICLE III.
	 	 DUTIES OF THE ASSET REPRESENTATIONS REVIEWER
	  	 	3	 
			
	 Section 3.01
	 	 Review Scope
	  	 	3	 
	 Section 3.02
	 	 Review Notices
	  	 	4	 
	 Section 3.03
	 	 Review Materials
	  	 	4	 
	 Section 3.04
	 	 Missing or Incomplete Review Materials
	  	 	4	 
	 Section 3.05
	 	 The Asset Review
	  	 	5	 
	 Section 3.06
	 	 Review Period
	  	 	5	 
	 Section 3.07
	 	 Review Report
	  	 	5	 
	 Section 3.08
	 	 Completion of Review for Certain Subject Receivables
	  	 	6	 
	 Section 3.09
	 	 Termination of Review
	  	 	6	 
	 Section 3.10
	 	 Review and Procedure Limitations
	  	 	6	 
	 Section 3.11
	 	 Review Systems
	  	 	6	 
	 Section 3.12
	 	 Representatives
	  	 	7	 
	 Section 3.13
	 	 Dispute Resolution
	  	 	7	 
	 Section 3.14
	 	 Records Retention
	  	 	7	 
	 Section 3.15
	 	 No Delegation
	  	 	7	 
			
	 ARTICLE IV.
	 	 PAYMENTS TO ASSET REPRESENTATIONS REVIEW
	  	 	8	 
			
	 Section 4.01
	 	 Annual Fee
	  	 	8	 
	 Section 4.02
	 	 Review Fee
	  	 	8	 
	 Section 4.03
	 	 Dispute Resolution Expenses
	  	 	8	 
	 Section 4.04
	 	 Payment
	  	 	9	 
	 Section 4.05
	 	 Payments by the Issuer
	  	 	9	 
			
	 ARTICLE V.
	 	 OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER
	  	 	9	 

  
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(Continued)
	 
			
	 	 	 	  	Page	 
			
	 Section 5.01
	 	 Representations and Warranties of the Asset Representations Reviewer
	  	 	9	 
	 Section 5.02
	 	 Limitation of Liability of Asset Representations Reviewer
	  	 	10	 
	 Section 5.03
	 	 Indemnification of Asset Representations Reviewer
	  	 	10	 
	 Section 5.04
	 	 Indemnification by Asset Representations Reviewer
	  	 	11	 
			
	 ARTICLE VI.
	 	 REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER
	  	 	12	 
			
	 Section 6.01
	 	 Eligibility Requirements for Asset Representations Reviewer
	  	 	12	 
	 Section 6.02
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	12	 
	 Section 6.03
	 	 Successor Asset Representations Reviewer
	  	 	12	 
	 Section 6.04
	 	 Merger, Consolidation or Succession
	  	 	13	 
			
	 ARTICLE VII.
	 	 TREATMENT OF CONFIDENTIAL INFORMATION
	  	 	13	 
			
	 Section 7.01
	 	 Confidential Information
	  	 	13	 
	 Section 7.02
	 	 Safeguarding Personally Identifiable Information
	  	 	15	 
			
	 ARTICLE VIII.
	 	 OTHER MATTERS PERTAINING TO THE ISSUER
	  	 	16	 
			
	 Section 8.01
	 	 Termination of this Agreement
	  	 	16	 
	 Section 8.02
	 	 Limitation of Liability
	  	 	16	 
			
	 ARTICLE IX.
	 	 MISCELLANEOUS PROVISIONS
	  	 	17	 
			
	 Section 9.01
	 	 Amendment
	  	 	17	 
	 Section 9.02
	 	 Notices, Etc
	  	 	18	 
	 Section 9.03
	 	 Severability Clause
	  	 	18	 
	 Section 9.04
	 	 Governing Law
	  	 	18	 
	 Section 9.05
	 	 Headings
	  	 	19	 
	 Section 9.06
	 	 Separate Counterparts and Electronic Signature
	  	 	19	 
	 Section 9.07
	 	 Waivers
	  	 	19	 
	 Section 9.08
	 	 Entire Agreement
	  	 	19	 
	 Section 9.09
	 	 Severability of Provisions
	  	 	19	 
	 Section 9.10
	 	 Binding Effect
	  	 	19	 
	 Section 9.11
	 	 Cumulative Remedies
	  	 	20	 
	 Section 9.12
	 	 Nonpetition Covenant
	  	 	20	 
	 Section 9.13
	 	 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	20	 

  
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(Continued)
	 
			
	 	 	 	  	Page	 
	 Section 9.14
	 	 Third-Party Beneficiaries
	  	 	21	 

 Exhibit A – Agreed Upon Procedures 

  
 -iii- 

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

This ASSET REPRESENTATIONS REVIEW AGREEMENT is made and entered into as of August 25, 2021 (this “Agreement”), by and
between Drive Auto Receivables Trust 2021-2, a Delaware statutory trust (the “Issuer”), Santander Consumer USA Inc., an Illinois corporation (“SC”, and in its capacity as
sponsor, the “Sponsor”, and in its capacity as servicer, the “Servicer”), and Clayton Fixed Income Services LLC, a Delaware limited liability company (“Clayton”, and in its capacity as asset
representations reviewer, the “Asset Representations Reviewer”). 
 WHEREAS, the Issuer will engage the Asset
Representations Reviewer to perform reviews of Receivables for compliance with the representations and warranties made by the Sponsor regarding such Receivables. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 ARTICLE I.

 DEFINITIONS 

Section 1.01    Definitions. Except as otherwise defined herein or as the context may otherwise require,
capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in
effect, the “Sale and Servicing Agreement”) between the Issuer, the Servicer, Santander Drive Auto Receivables LLC and Wilmington Trust, National Association, as indenture trustee, which also contains rules as to usage that are
applicable herein. 
 Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual ARR Fee” has the meaning set forth in Section 4.01. 

“Asset Review” means the completion by the Asset Representations Reviewer of the “Tests” set forth in Exhibit A for
each Subject Receivable as further described in Section 3.05. 
 “Client Records” has the meaning
set forth in Section 3.14. 
 “Confidential Information” has the meaning set forth in
Section 7.01. 
 “Disclosing Party” has the meaning set forth in
Section 7.01. 
 “Eligible Asset Representations Reviewer” means a Person who (i) is not,
and is not Affiliated with, the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (ii) was not engaged or Affiliated with a Person that was engaged by the Sponsor or any Underwriter to
perform any due diligence on the Receivables prior to the Closing Date. 

  

					
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 “Eligibility Representations” shall mean those representations identified
in Exhibit A. 
 “Indemnified Person” has the meaning set forth in Section 5.03. 

“Personally Identifiable Information” or “PII” has the meaning set forth in
Section 7.02. 
 “Privacy Laws” has the meaning set forth in
Section 7.02. 
 “Receiving Party” has the meaning set forth in
Section 7.01. 
 “Representatives” has the meaning set forth in
Section 7.01. 
 “Review Fee” has the meaning set forth in
Section 4.02. 
 “Review Invoice” means, with respect to any Asset Review, a detailed invoice
prepared by the Asset Representations Reviewer setting forth the calculation of the applicable Review Fee for such Asset Review. 

“Review Materials” means the documents, data, and other information required for each “Test” in Exhibit A. 

“Review Period” has the meaning set forth in Section 3.06. 

“Review Report” has the meaning set forth in Section 3.07. 

“Subject Receivables” means, for any Asset Review, all Receivables which are 60-Day
Delinquent Receivables as of the related Review Satisfaction Date; provided, that any Receivable repurchased by the Sponsor or the Servicer in accordance with the Transaction Documents or paid in full by the related obligor after the Review
Satisfaction Date will no longer be a Subject Receivable. 
 “Tests” mean the procedures listed in Exhibit A as applied to
the process described in Section 3.05. 
 “Test Complete” has the meeting set forth in
Section 3.08. 
 “Test Fail” has the meaning set forth in Section 3.05.

 “Test Incomplete” has the meaning set forth in Section 3.05. 

“Test Pass” has the meaning set forth in Section 3.05. 

  

					
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 ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01    Engagement; Acceptance. 

The Issuer hereby engages Clayton to act as the Asset Representations Reviewer for the Issuer. Clayton hereby accepts the engagement and
agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 

Section 2.02    Eligibility of Asset Representations Reviewer. 

Clayton represents and warrants to the Issuer and the Sponsor that it is an Eligible Asset Representations Reviewer. The Asset Representations
Reviewer will notify the Issuer, the Sponsor and the Servicer promptly if it is not, or on the occurrence of any action that would result in it not being, an Eligible Asset Representations Reviewer. 

Section 2.03    Independence of the Asset Representations Reviewer. 

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

ARTICLE III. 
 DUTIES OF
THE ASSET REPRESENTATIONS REVIEWER 
 Section 3.01    Review Scope. 

The parties confirm that the Asset Representations Review is not responsible for (a) reviewing the Receivables for compliance with the
representations and warranties under the Transaction Documents, except as described in this Agreement or (b) determining whether noncompliance with the representations and warranties constitutes a breach of the Eligibility Representations. For
the avoidance of doubt, the parties confirm that the review is not designed to determine why an Obligor is delinquent or the creditworthiness of the Obligor, either at the time of any Asset Review or at the time of origination of the related
Receivable. Further, the Asset Review is not designed to establish cause, materiality or recourse for any Test Fail (as defined in Section 3.05). 

  

					
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 Section 3.02    Review Notices. 

Upon receipt of (i) a Review Notice from the Indenture Trustee in accordance with Section 7.6(b) of the
Indenture and (ii) the Review Materials in accordance with Section 3.03 of this Agreement, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will not be obligated to
begin, and may not begin, an Asset Review until the Asset Representations Reviewer receives a Review Notice. Within ten Business Days of receipt of a Review Notice, the Servicer shall provide the list of Subject Receivables to the Asset
Representations Reviewer in the format selected by the Servicer to the address specified in Section 9.02. 
 None
of the Issuer, the Servicer, the Sponsor or the Asset Representations Reviewer is obligated to verify whether the Indenture Trustee properly determined that a Review Notice was required. None or the Issuer, the Sponsor or the Asset Representations
Reviewer is obligated to verify the accuracy or completeness of the list of Subject Receivables provided by the Servicer. 

Section 3.03    Review Materials. 

The Servicer will provide reasonable assistance to the Asset Representations Reviewer to facilitate the Asset Review. Within 60 days of
receipt by the Servicer of the Review Notice, the Servicer will provide the Asset Representations Reviewer with the Review Materials for all Subject Receivables in one or more of the following ways, as elected by the Servicer: (i) by providing
access to the Servicer’s receivables system, either remotely or at one or more of the properties of the Servicer; (ii) by electronic posting of Review Materials to a password-protected website to which the Asset Representations Reviewer
has access; (iii) by providing originals or photocopies at one or more of the properties of the Servicer where the Receivable Files are located; (iv) by sending originals or photocopies of Review Materials to the Asset Representations
Reviewer at the address specified in Section 9.02; or (v) in another manner agreed to by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable Information from
the Review Materials so long as such redaction or removal does not result in a change in the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall not be liable for any failure of the Review Materials to be accurate
and complete, including any failure that results in the Review Materials being misleading in any material respect. 

Section 3.04    Missing or Incomplete Review Materials. 

The Asset Representations Reviewer will complete the Tests for each Eligible Representation only using documentation that is made available to
it. Upon receipt of the Review Materials, the Asset Representations Reviewer will complete an initial document inventory to verify there are no systemic documentation errors, including but not limited to consistently missing or incomplete
information in the Review Materials with respect to each Subject Receivable. Once the Asset Representations Reviewer has confirmed the majority of the Review Materials have been provided in accordance with Section 3.03, the
Asset Representations Reviewer will commence the Asset Review. In instances where Review Material is not accessible, clearly unidentifiable, and/or illegible, the Asset Representations Reviewer will request that the Servicer (with a copy to the
Sponsor) provide an updated copy of 

  

					
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such Review Material. If the Servicer and the Sponsor have not provided the missing Review Material for a Subject Receivable to the Asset Representations Reviewer within 60 days of notification
by the Asset Representations Reviewer, the parties agree that such Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete. 

Section 3.05    The Asset Review. 

For an Asset Review, the Asset Representations Reviewer will perform the applicable procedures listed under “Tests” in Exhibit A for
each Eligibility Representation. In the course of its review, the Asset Representations Reviewer will use the Review Materials listed in Exhibit A. For each Test, the Asset Representations Reviewer will determine if the Test has been satisfied (a
“Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). 

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

Section 3.06    Review Period. 

The Asset Representations Reviewer will complete the Review within 60 days of receiving access to the Review Materials in accordance with
Section 3.03 (such time period, the “Review Period”); provided, that if additional Review Materials are provided to the Asset Representations Reviewer as described in
Section 3.04, the Review Period will be extended for an additional 30 days. 

Section 3.07    Review Report. 

Within five Business Days following the end of the applicable Review Period described in Section 3.06, the Asset
Representations Reviewer will provide the Issuer, the Sponsor, the Servicer and the Indenture Trustee with (i) a report (a “Review Report”) specifying for each Subject Receivable whether there was a Test Pass, a Test Fail, a
Test Incomplete (as contemplated by Section 3.05) or a Test Complete (as contemplated by Section 3.08) for each Test and Subject Receivable and (ii) the related Review Invoice. The Review
Report will include a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset Review to be included in the Form 10-D for the Issuer 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 Personally Identifiable Information. For the avoidance of doubt, the Indenture Trustee shall have no obligation to
forward the Review Report to any Noteholder or any other person. 

  

					
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 Section 3.08    Completion of Review for Certain Subject
Receivables. 
 Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset
Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by or on behalf of the Obligor or purchased from the Issuer by the Sponsor or the Servicer in accordance with the
Transaction Documents. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In
this case, the Review Report will indicate a Test Complete for the Receivables and the related reason. 

Section 3.09    Termination of Review. 

If an Asset Review is in process and the Notes will be paid in full on the next Payment Date (including any payment in full as a result of any
early redemption of the Notes), the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset
Review immediately and will not be obligated to deliver a Review Report. 
 Section 3.10    Review and Procedure
Limitations. 
 The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency Trigger has
occurred, (ii) to determine whether the required percentage of Noteholders has voted to direct an Asset Review and may rely on the information in any Review Notice delivered by the Indenture Trustee, (iii) to determine which Receivables
are Subject Receivables and may rely on the list of Subject Receivables provided by the Servicer, (iv) to confirm the validity of the Review Materials, (v) other than as specified in Section 3.03, to obtain
missing or insufficient Review Materials, or (vi) to take any action or to cause any other party to take any action under any of the Transaction Documents to enforce any remedies for any breach of a representation, warranty or covenant,
including any Eligibility Representation. 
 The Asset Representations Reviewer shall only be required to perform the testing procedures
listed under “Tests” in Exhibit A, and shall have no obligation to perform additional testing procedures on any Subject Receivables or to consider any additional information provided by any party. The Asset Representations Reviewer
shall have no obligation to provide reporting or other information other than the Review Report described in Section 3.07. However, the Asset Representations Reviewer may provide additional information about any Subject
Receivable that it determines in good faith to be material to its performance of an Asset Review. 

Section 3.11    Review Systems. 

The Asset Representations Reviewer shall maintain and utilize an electronic case management system to manage the Tests and to provide
systematic control over each step in the Asset Review process and ensure consistency and repeatability for the Tests. The Asset Representations Reviewer will ensure that these systems allow for each Subject Receivable and the related Review
Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. 

  

					
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 Section 3.12    Representatives. 

(a)    Servicer Representative. The Servicer will provide reasonable access to one or more designated
representatives to respond to reasonable requests and inquiries made by the Asset Representations Reviewer in its completion of an Asset Review. 

(b)    Asset Representations Review Representative. The Asset Representations Reviewer will provide reasonable
access to one or more designated representatives to respond to reasonable requests and inquiries made by the Servicer, the Sponsor, the Issuer or the Indenture Trustee during the Asset Representations Reviewer’s completion of an Asset Review.
The Asset Representations Reviewer shall have no obligation to respond to requests or inquires, and other than as specified in Section 3.13 shall not respond to requests or inquiries, made by any Person not party to this
Agreement other than the Indenture Trustee; provided, that if the Asset Representations Reviewer receives any request or inquiry from a Person not a party to this Agreement, then the Asset Representations Reviewer may inform such Person that
they may contact the Servicer and/or the Indenture Trustee with respect to such request or inquiry. 

Section 3.13    Dispute Resolution. 

If a Subject Receivable that was reviewed by the Asset Representations Reviewer during an Asset Review is the subject of a dispute resolution
proceeding under Section 9.24 of the Sale and Servicing Agreement, the Asset Representations Reviewer shall participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses and reasonable compensation 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 (subject to Section 4.03) will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to
Section 9.24 of the Sale and Servicing Agreement. 
 Section 3.14    Records
Retention. 
 The Asset Representations Reviewer will maintain copies of Review Materials, Review Reports and internal work papers and
correspondence (collectively the “Client Records”) for a period of two years after the termination of this Agreement. At the expiration of the retention period, the Asset Representations Reviewer shall return all Client Records to
the Servicer, in electronic format or, to the extent held in tangible form, in that form. Upon the return of the Client Records, the Asset Representations Reviewer shall have no obligation to retain such Client Records or to respond to inquiries
concerning any Asset Review. 
 Section 3.15    No Delegation. 

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

  

					
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 ARTICLE IV. 

PAYMENTS TO ASSET REPRESENTATIONS REVIEW 

Section 4.01    Annual Fee. 

As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee in an amount equal
to $5,000 (the “Annual ARR Fee”) during the term of this Agreement, which shall be paid by or on behalf of the Sponsor within 30 days of the date hereof, with respect to the initial Annual ARR Fee, and within 30 days of the annual
anniversary of this Agreement with respect to each subsequent Annual ARR Fee; provided, however, that if the Asset Representations Reviewer resigns or is removed in accordance with Section 6.02, then the Asset
Representations Reviewer shall refund to the Sponsor the portion of the Annual ARR Fee attributable to the portion of the annual period during which Clayton will no longer act as the Asset Representations Reviewer, assuming for purposes of such
calculation that the Annual ARR Fee for each day during the annual period is an amount equal to the Annual ARR Fee divided by 365. 

Section 4.02    Review Fee. 

Following the completion of an Asset Review and delivery to the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review
Report and the related Review Invoice, the Sponsor shall pay to the Asset Representations Reviewer a fee of $200.00 for each Subject Receivable for which the Asset Review was completed plus reasonable out-of-pocket expenses incurred in connection with travel to the location at which Review Materials are made available in accordance with Section 3.03 (the “Review
Fee”). However, no Review Fee will be charged for any Subject Receivable which was included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the
Asset Review according to Section 3.09. To the extent not paid by the Sponsor and outstanding for at least 90 days after receipt by the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review Invoice, the
Review Fee shall be paid by the Issuer pursuant to the priority of payments sets forth in Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. For the
avoidance of doubt, there shall be no aggregate limit on the Review Fee paid by the Sponsor to the Asset Representations Reviewer pursuant to this Section 4.02. 

Section 4.03    Dispute Resolution Expenses. 

If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.13 and its
reasonable out-of-pocket expenses and reasonable compensation for the time it incurs in participating in the proceeding are not paid by a party to the dispute resolution
within ninety (90) days of the end of the proceeding, the Sponsor will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice. 

  

					
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 Section 4.04    Payment. 

All payments made to the Asset Representations Reviewer shall be made to the account specified by the Asset Representations Reviewer from time
to time in writing to the Indenture Trustee, the Sponsor, the Servicer and the Issuer. 

Section 4.05    Payments by the Issuer. 

The Asset Representations Reviewer acknowledges and agrees that any payments payable by the Issuer under this Agreement, including pursuant to
this Article IV or Section 5.03, shall be limited to amounts available to make such payments pursuant to Section 4.4 of the Sale and Servicing Agreement and Section 5.4(b)
of the Indenture, as applicable. 
 ARTICLE V. 

OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 

Section 5.01    Representations and Warranties of the Asset Representations Reviewer. 

Clayton hereby makes the following representations and warranties as of the date hereof: 

(a)    Existence and Power. Clayton is a limited liability company validly existing and in good standing under the
laws of its state of formation and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver and to perform its obligations under this Agreement.
Clayton has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of Clayton to perform its obligations under this Agreement. 

(b)    Authorization and No Contravention. The execution, delivery and performance by Clayton of the Transaction
Documents to which it is a party have been duly authorized by all necessary limited liability company action on the part of Clayton and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its
organizational documents or (iii) any material indenture or material agreement or instrument to which Clayton is a party or by which its properties are bound (other than violations of such laws, rules, regulations, organizational documents,
indentures, agreements or instruments which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or
Clayton’s ability to perform its obligations under, this Agreement). 
 (c)    No Consent Required. No
approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by Clayton of this Agreement other than (i) approvals and authorizations that have previously been
obtained and filings that have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of Clayton to perform its obligations under this
Agreement. 

  

					
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 (d)    Binding Effect. This Agreement constitutes the legal,
valid and binding obligation of Clayton enforceable against Clayton in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other
similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity. 

(e)    No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge of Clayton,
threatened against Clayton before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or (ii) seek any determination or ruling that would materially and adversely affect the performance by
Clayton of its obligations under this Agreement. 
 (f)    Eligibility. The Asset Representations Reviewer is an
Eligible Asset Representations Reviewer. 
 Section 5.02    Limitation of Liability of Asset Representations
Reviewer. 
 To the fullest extent permitted by applicable law, the Asset Representations Reviewer shall not be under any liability to
the Issuer, the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, any Noteholder or any other Person for any action taken or for refraining from the taking of an action in its capacity as Asset Representations Reviewer pursuant to
this Agreement, or for errors in judgment, whether arising from express or implied duties under this Agreement; provided, however, that this provision shall not protect the Asset Representations Reviewer against any liability which
would otherwise be imposed by reason of willful misconduct, bad faith, breach of this Agreement or negligence in the performance of its duties. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential loss
or damage (including loss of 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. 

The Asset Representations Reviewer and any director, officer, employee, or agent may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising hereunder. The Asset Representations Reviewer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its
duties as Asset Representations Reviewer hereunder. 
 Section 5.03    Indemnification of Asset Representations
Reviewer. 
 (a)    The Sponsor will indemnify the Asset Representations Reviewer and its officers, directors,
employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of the Asset Representations Reviewer’s obligations under this Agreement (including
the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or
negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations, warranties or covenants in this Agreement. To the extent not paid by the Sponsor, any such indemnification amounts shall be paid by the Issuer
pursuant to the priority of payments set forth in Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. 

  

					
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 (b)    The indemnification set forth in this
Section 5.03 will survive the termination of this Agreement and the resignation or removal of the Asset Representations Reviewer. 

(c)    If the Sponsor or the Issuer makes any payment under this Section 5.03 and the
Indemnified Person later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amount to the Sponsor or the Issuer, as applicable. 

Section 5.04    Indemnification by Asset Representations Reviewer. 

(a)    To the fullest extent permitted by law, the Asset Representations Reviewer shall indemnify and hold harmless each
of the Issuer, the Owner Trustee, the Servicer, the Sponsor and the Indenture Trustee, and its officers, directors, successors, assigns, legal representatives, agents, and servants (each an “Indemnified Person”), from and against
any and all liabilities, obligations, losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which may be
imposed on, incurred by, or asserted at any time against an Indemnified Person (whether or not also indemnified against by any other person) which arose out of the negligence, willful misconduct or bad faith of the Asset Representations Reviewer in
the performance of its obligations and duties under this Agreement; provided, however, that the Asset Representations Reviewer shall not be liable for or required to indemnify an Indemnified Person from and against expenses arising or
resulting from (i) the Indemnified Person’s own willful misconduct, bad faith or negligence, or (ii) the breach of any representation, warranty or covenant made by the Indemnified Person. 

(b)    In case any such action, investigation or proceeding will be brought involving an Indemnified Person as
contemplated by Section 5.04(a), the Asset Representations Reviewer will assume the defense thereof, including the employment of counsel and the payment of all expenses. The Issuer, the Servicer, the Sponsor and the
Indenture Trustee each will have the right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the reasonable fees and expenses of such counsel will be paid by the Asset
Representations Reviewer. In the event of any claim, action, or proceeding for which indemnity will be sought pursuant to this Section 5.04, the Issuer’s, the Servicer’s, the Sponsor’s and the Indenture
Trustee’s choice of legal counsel shall be subject to the good faith objection by the Asset Representations Reviewer to a conflict of interest under the applicable rules of professional conduct. 

(c)    The indemnification set forth in this Section 5.04 will survive the termination or
assignment of this Agreement and the resignation or removal of the Asset Representations Reviewer or any Indemnified Person. 

  

					
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 ARTICLE VI. 

REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER 

Section 6.01    Eligibility Requirements for Asset Representations Reviewer. The Asset Representations
Reviewer must be an Eligible Asset Representations Reviewer. 
 Section 6.02    Resignation and Removal of Asset
Representations Reviewer. 
 (a)    No Resignation of Asset Representations Reviewer. The Asset
Representations Reviewer may not resign as Asset Representations Reviewer except (i) if the Asset Representations Reviewer is no longer an Eligible Asset Representations Reviewer, (ii) upon a determination that the performance of its
duties under this Agreement is no longer permissible under applicable law or (iii) if it does not receive payment in full of any amounts required to be paid to the Asset Representations Reviewer in accordance with Article IV and pursuant to an
undisputed invoice, which failure continues unremedied for a period of ninety (90) days after written notice of such failure shall have been given to the Issuer, the Sponsor and the Indenture Trustee. Without limiting the foregoing, the Asset
Representations Review shall promptly resign if it is no longer an Eligible Asset Representations Reviewer. If the Asset Representations Reviewer resigns pursuant to clause (ii) above, the Asset Representations Reviewer shall deliver a notice
of resignation to the Issuer and the Servicer, with a copy to the Indenture Trustee, no less than thirty (30) days prior to the date of its resignation. 

(b)    Removal of Asset Representations Reviewer. If any of the following events occur, the Indenture Trustee may,
or, at the direction of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes shall, by notice to the Asset Representations Reviewer, remove the Asset Representations Reviewer and terminate its rights and obligations
under this Agreement: 
 (i)    the Asset Representations Reviewer is no longer an Eligible Asset
Representations Reviewer; 
 (ii)    the Asset Representations Reviewer breaches any of its
representations, warranties, covenants or obligations in this Agreement; or 
 (iii)    a Bankruptcy
Event of the Asset Representations Reviewer occurs. 
 (c)    Notice of Resignation or Removal. The Servicer will
notify the Issuer, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 

Section 6.03    Successor Asset Representations Reviewer. 

(a)    Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset
Representations Reviewer, (i) if the Delinquency Percentage has exceeded the Delinquency Trigger as of the most recent Payment Date, the Indenture Trustee (at the direction of the Noteholders, provided, that if the Indenture Trustee has
received conflicting or inconsistent requests from two or more groups of Noteholders, each representing 

  

					
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less than the majority of the Note Balance, the Indenture Trustee shall follow the direction of the Noteholders representing the greater percentage of the Note Balance) and (ii) if the
Delinquency Percentage has not exceeded the Delinquency Trigger as of the most recent Payment Date, the Sponsor, will appoint a successor Asset Representations Reviewer which is an Eligible Asset Representations Reviewer. 

(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, the Sponsor 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, the Sponsor and the Servicer on substantially the same terms as this Agreement. 

(c)    Transition and Expenses. If the Asset Representations Review 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 (including the fees and expenses of counsel) of transitioning the Asset Representations Reviewer’s obligations under this Agreement
and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer. 

Section 6.04    Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations
Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person is an
Eligible Asset Representations Reviewer, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer, the Sponsor and the Servicer an agreement to assume the Asset
Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 
 ARTICLE VII.

 TREATMENT OF CONFIDENTIAL INFORMATION 

Section 7.01    Confidential Information. 

(a)    Confidential Information Defined. For the purposes of this Agreement, “Confidential
Information” means nonpublic proprietary information of a party (the “Disclosing Party”) that is disclosed to the other party (the “Receiving Party”), including but not limited to: (i) business or
technical processes, formulae, source codes, object code, product designs, sales, cost and other unpublished financial information, customer information, product and business plans, projections, marketing data or strategies, trade secrets,
intellectual property rights, know-how, expertise, methods and procedures for operation, information about employees, customer names, business or technical proposals, and any other information which is or
should reasonably be understood to be confidential or proprietary to the Disclosing Party; (ii) PII (as defined in 

  

					
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Section 7.02 of this Agreement). The foregoing definition of Confidential Information applies to: (i) all such information, whether tangible or intangible and
regardless of the medium in which it is stored or presented; and (ii) all copies of such information, as well as all memoranda, notes, summaries, analyses, computer records, and other materials prepared by the Receiving Party or any of its
employees, agents, advisors, directors, officers, and subcontractors (collectively “Representatives”) that contain or reflect the Confidential Information. 

(b)    Use of Confidential Information. Each party acknowledges that during the term of this Agreement it may be
exposed to or acquire Confidential Information of the other party or its Affiliates. The Receiving Party shall hold the Confidential Information of the Disclosing Party in strict confidence and will not disclose such information except to its
Representatives who have a need to know such information for the purpose of effecting the terms and conditions of this Agreement and who have entered into an agreement with the Receiving Party with confidentiality restrictions materially equivalent
to those contained herein. The Receiving Party shall be responsible for the breach of this Agreement by any of its Representatives. The Receiving Party will protect the Disclosing Party’s Confidential Information using the same degree of care
that it uses to protect its own information of like import, but in no event with less than a commercially reasonable standard of care. 

(c)    Exceptions. Confidential Information shall not include, and this Agreement imposes no obligations with
respect to, information that: 
  

	 	(i)	 is or becomes part of the public domain other than by disclosure by a party in violation of this Agreement;

  

	 	(ii)	 was disclosed to a party prior to the effective date of this Agreement without a duty of confidentiality;

  

	 	(iii)	 is independently developed by a party outside of this Agreement and without reference to or reliance on any
Confidential Information of the other party; or 

  

	 	(iv)	 was obtained from a third party not known after reasonable inquiry to be under a duty of confidentiality.

 The foregoing exceptions shall not apply to any PII, which shall remain confidential in all circumstances, except as
required or permitted to be disclosed by applicable law, statute, or regulation. 
 (d)    Disclosure by Operation of
Law. If either party is requested to disclose all or any part of any Confidential Information under a subpoena, or inquiry issued by a court of competent jurisdiction or by a judicial or administrative agency or legislative body or committee,
such party shall (i) to the extent permitted by law, promptly notify the other party of the existence, terms and circumstances surrounding such request; (ii) consult with the other party on the advisability of taking legally available
steps to resist or narrow such request and cooperate with such Party on any steps it considers advisable; and (iii) if disclosure of the Confidential Information is required or deemed advisable, exercise commercially reasonable efforts to
obtain an order, stipulation or other reliable assurance that confidential treatment shall be accorded to such portion of the Confidential Information to be disclosed. Each party shall reimburse the other party for reasonable legal fees and expenses
incurred in connection with such party’s effort to comply with this section. 

  

					
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 (e)    Return of Confidential Information. Upon the request of
the Disclosing Party, the Receiving Party shall return all Confidential Information to the Disclosing Party provided to it pursuant to this Agreement; provided, however, (i) the Receiving Party shall be permitted to retain copies of the
Disclosing Party’s Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory purposes, and (ii) neither party will be required to search archived electronic
back-up files of its computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential Information from its archived files; provided further, that any
Confidential Information so retained will (x) remain subject to the obligations and restrictions contained in this Agreement, (y) will be maintained in accordance with the retaining party’s document retention policies and procedures,
and (z) the retaining party will not use the retained Confidential Information for any other purpose. 

(f)    Remedies. The parties agree that an actual or threatened breach of this Section by it or its Representatives
may cause irreparable damage to the Disclosing Party and that damages may not be an adequate remedy for any such breach. Accordingly, each party shall be entitled to seek injunctive relief to restrain any such breach, threatened or actual, without
the necessity of posting bond, in addition to any other remedies available to such party at law or in equity. 

Section 7.02    Safeguarding Personally Identifiable Information. 

(a)    Definition. “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, as further described in § 501(b) of the Gramm-Leach-Bliley Act and the
Interagency Guidelines Establishing Standards for Safeguarding Customer Information (12 C.F.R. Section 208, Appendix D-2) (collectively, the “Privacy Laws”), that is provided or made
available to the Asset Representations Reviewer pursuant to this Agreement. 

(b)    Non-Disclosure. To the extent the Asset Representations Reviewer
receives Personally Identifiable Information in the performance its obligations hereunder, the Asset Representations Reviewer agrees that it will not disclose or use any Personally Identifiable Information except (i) to the extent necessary to
carry out its obligations under the Agreement and for no other purpose; or (ii) as may be required by valid operation of law. 

(c)    Safeguards. To the extent the Asset Representations Reviewer receives Personally Identifiable Information in
the performance of services under this Agreement, the Asset Representations Reviewer represents and warrants that it has, and will continue to have adequate administrative, technical, and physical safeguards: (i) to ensure the security and
confidentiality of Personally Identifiable Information; (ii) to protect against any anticipated threats or hazards to the security or integrity of Personally Identifiable Information; and (iii) to protect against unauthorized acquisition
of, access to or use of Personally Identifiable Information which could result in a “breach” as that term is defined under applicable Privacy Laws. 

  

					
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 (d)    Information. The Asset Representations Reviewer agrees to
provide the Issuer and the Sponsor with information regarding its privacy and information security systems, policies and procedures as the Issuer may reasonably request relating to compliance with this Agreement and applicable Privacy Laws. The
Asset Representations Reviewer agrees to provide training in the Privacy Laws and the Asset Representations Reviewer’s information security policies to all personnel whose duties pursuant to this Agreement could bring them in contact with
Personally Identifiable Information. 
 (e)    Breach. In the event of any actual or apparent theft, unauthorized
use or disclosure of any Personally Identifiable Information, the Asset Representations Reviewer will commence all reasonable efforts to investigate and correct the causes and remediate the results thereof, and as soon as practicable following
discovery of any such event, provide the Issuer and the Sponsor notice thereof, and such further information and assistance as may be reasonably requested. 

ARTICLE VIII. 
 OTHER
MATTERS PERTAINING TO THE ISSUER 
 Section 8.01    Termination of this Agreement. This Agreement will
terminate, except for obligations under Section 5.03, Section 5.04, Section 9.13 and Article VII, 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. 

Section 8.02    Limitation of Liability. It is expressly understood and agreed by the parties that
(a) this document is executed and delivered by Wells Fargo Delaware Trust Company, N.A., not individually or personally, but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, pursuant
to the Trust Agreement, (b) each of the representations, warranties, covenants, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, covenants undertakings and
agreements by Wells Fargo Delaware Trust Company, N.A., but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wells Fargo Delaware Trust Company, N.A.,
individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto,
(d) Wells Fargo Delaware Trust Company, N.A. has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer or any other Person in this Agreement and (e) under no circumstances shall
Wells Fargo Delaware Trust Company, N.A. be personally liable for the payment of any indebtedness, indemnities or expenses of the Issuer or be liable for the breach or failure of any obligation, duty (including fiduciary duty, if any),
representation, warranty or covenant made or undertaken by the Issuer under this Agreement or under the Notes or any of the other Transaction Documents or in any of the certificates, notices or agreements delivered pursuant thereto, as to all of
which recourse shall be had solely to the assets of the Issuer. 

  

					
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 ARTICLE IX. 

MISCELLANEOUS PROVISIONS 

Section 9.01    Amendment. 

(a)    Any term or provision of this Agreement may be amended by the Sponsor, the Servicer and the Asset Representations
Reviewer without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i)    the Sponsor or the Servicer delivers an Opinion of Counsel to the Indenture Trustee to the effect
that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii)    the Rating Agency Condition is satisfied with respect to such amendment and the Sponsor or the
Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 
 provided, that no
amendment pursuant to this Section 9.01(a) shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

(b)    This Agreement may also be amended from time to time by the Sponsor, the Servicer and the Asset Representations
Reviewer, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal amount of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the Noteholders, provided, that no amendment pursuant to this Section 9.01(b) shall be effective which affects the rights, protections or
duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be
sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will
be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 

(c)    Any term or provision of this Agreement may also be amended from time to time by the Sponsor, the Servicer and the
Asset Representations Reviewer for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect
to the 144A Notes or the Certificates without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person, provided, however, that the Sponsor, the Servicer and the Asset Representations
Reviewer shall provide written notification of the substance of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee and promptly after the execution of such amendment, the Sponsor and the Servicer shall furnish a copy of such
amendment to the Indenture Trustee, the Issuer and the Owner Trustee. 

  

					
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 (d)    Prior to the execution of any amendment or consent pursuant to
this Section 9.01, the Sponsor shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Sponsor shall furnish a copy
of such amendment or consent to each Rating Agency and the Indenture Trustee. 
 (e)    Prior to the execution of any
amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that
all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner
Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement. 

Section 9.02    Notices, Etc. All demands, notices and communications hereunder shall be in writing and shall
be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or by electronic transmission, and addressed in each case as specified on Schedule I to
the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by
an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

Section 9.03    Severability Clause. 

This Agreement constitutes the entire agreement between the Asset Representations Reviewer, the Issuer, Servicer, and the Sponsor. All prior
representations, statements, negotiations and undertakings with regard to the subject matter hereof are superseded hereby. 
 If any term or
provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remaining terms and provisions of this Agreement, or the application of such terms or provisions to persons
or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

Section 9.04    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  

					
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 Section 9.05    Headings. The article and section headings
hereof have been inserted for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement. 

Section 9.06    Separate Counterparts and Electronic Signature. This Agreement shall be valid, binding, and
enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of: (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state
enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”); (ii) an original manual
signature; or (iii) a faxed, scanned, or photocopied manual signature. Each faxed, scanned, or photocopied manual signature or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in
evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature or other electronic signature of any other
party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts
shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to
the character or intended character of the writings. 
 Section 9.07    Waivers. No failure or delay on the
part of the Sponsor, the Servicer, the Asset Representations Reviewer, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the any party hereto in any case shall entitle it to any notice or
demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this
Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 

Section 9.08    Entire Agreement. This Agreement contains a final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There
are no unwritten agreements among the parties. 
 Section 9.09    Severability of Provisions. If any one or
more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

Section 9.10    Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the
parties hereto shall agree. 

  

					
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 Section 9.11    Cumulative Remedies. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. 
 Section 9.12    Nonpetition
Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such
party hereto shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other
similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding
commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join
with any other Person in commencing or institute with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any
jurisdiction. This Section shall survive the termination of this Agreement. 
 Section 9.13    Submission to
Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 

(a)    submits for itself and its property in any Proceeding relating to this Agreement or any documents executed and
delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof; 
 (b)    consents that any such Proceeding may be brought
and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c)    agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 9.02 of this Agreement; 

(d)    agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law
or shall limit the right to sue in any other jurisdiction; and 

  

					
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 (e)    to the extent permitted by applicable law, each party hereto
irrevocably waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

Section 9.14    Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and permitted assigns and each of the Owner Trustee and the Indenture Trustee shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto.
Except as otherwise provided in this Section, no other Person will have any right hereunder. 
 [Remainder of Page Intentionally Left Blank]

  

					
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first written above. 
  

			
	SANTANDER CONSUMER USA INC.
		
	By:	 	/s/ Corey Henry
		 	Name: Corey Henry
		 	Title:   Vice President
	
	DRIVE AUTO RECEIVABLES TRUST 2021-2
		
	By:	 	Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
		
	By:	 	/s/ Melody Kitchen
		 	Name: Melody Kitchen
		 	Title:   Assistant Vice President
	
	CLAYTON FIXED INCOME SERVICES LLC,
	as Asset Representations Reviewer
		
	By:	 	/s/ Anthony Neske
		 	Name: Anthony Neske
		 	Title:   Senior Vice President

  

					
		  	S-1	  	 Asset Representations Review

Agreement (DRIVE 2021-2)

 EXHIBIT A 
  

 
  
  

Santander Consumer USA Agreed Upon Procedures 

Representation 
  

	 	a)	 Characteristics of Receivables 

As of the Cut-Off Date (or such other date as may be specifically set forth below), each Receivable: 

(i) has been fully and properly executed or electronically authenticated by the Obligor thereto; 

(ii) either (A) has been originated by a Dealer to finance the retail sale by that Dealer of the related Financed Vehicle and has been purchased by
Santander Consumer in accordance with the terms of a dealer agreement between Santander Consumer and that Dealer, (B) has been originated by Santander Consumer or (C) has been acquired by Santander Consumer in accordance with the terms of
a purchase agreement between the applicable originator and Santander Consumer; 
 (iii) as of the Closing Date, is secured by a first priority validly
perfected security interest in the Financed Vehicle in favor of the Originator, as secured party, or all necessary actions have been commenced that would result in a first priority security interest in the Financed Vehicle in favor of the
Originator, as secured party; 
 (iv) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for
realization against the collateral of the benefits of the security; 
 (v) provided, at origination, for level monthly payments which fully amortize the
initial Principal Balance over the original term; provided, that the amount of the first or last scheduled payment may be different from the level payment but in no event more than three times the level monthly payment; 

(vi) provides for interest at the Contract Rate specified in the Schedule of Receivables; 

(vii) was originated in the United States and denominated in Dollars; 

(viii) is secured by a new or used automobile, light-duty truck, SUV or van; 

(ix) has a Contract Rate of at least 0.00%; 
 (x) had an
original term to maturity of not more than 75 months and each Receivable has a remaining term to maturity, as of the Cut-Off Date, of not more than 75 months and not less than 4 months; 

  
 Exh. A - 1 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 (xi) has an outstanding Principal Balance of at least $500.00 and no more than $150,000.00; 

(xii) has a final scheduled payment due not later than December 11, 2027; 

(xiii) was not more than 30 days past due as of the Cut-Off Date; 

(xiv) was not identified in the records of the Servicer as being the subject of any pending bankruptcy or insolvency proceeding; 

(xv) is not subject to a force-placed Insurance Policy on the related Financed Vehicle; 

(xvi) is a Simple Interest Receivable; and 
 (xvii) provides
that a prepayment by the related Obligor will fully pay the Principal Balance and accrued interest through the date of prepayment based on the Receivable’s Contract Rate. 

Documents 
 Retail Sale Contract 

Title Documents 
 Receivable File 

Schedule of Receivables 
 Servicing System/Data Tape 

Procedures to be Performed 
  

	i)	 Confirm the contract was signed or electronically authenticated by the obligor 

 

	ii)	 Origination of the Receivable 

 

	 	a)	 Review the Retail Sale Contract and confirm that Santander Consumer USA or another Approved Party is listed as
the Assignee within the Assignment Section.1 

  

	iii)	 Security Interest Enforcement 

 

	 	a)	 Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder

  

	 	b)	 Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction
related to the deal 

  

	1 	 “Approved Party” means a party specified as an “Approved Party” on the list of Approved
Parties provided by Santander Consumer to Clayton. 

  
 Exh. A - 2 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

	iv)	 Customary and Enforceable Provisions 

 

	 	a)	 Confirm the Contract form number is listed on the Approved Contract Form List2 

  

	v)	 Fully Amortizing Payment Schedule 

 

	 	a)	 Confirm all payments are equivalent with the possible exception that the first and last payments may be
different from the level monthly payment 

  

	 	I)	 If the first and last payments are different from the level monthly payment, confirm that these payments are no
more than three times the level monthly payment amount 

  

	 	b)	 Review the Truth in Lending section of the Retail Sale Contract and calculate the product of the Amount of
Payments with the Number of Payments and confirm that this amount is equal to the Total of Payments 

  

	vi)	 Provides for Interest at the Contract Rate 

 

	 	a)	 Review the Schedule of Receivables and confirm that the stated rate is equal to the APR as shown in the Federal
Truth in Lending section of the Retail Sale Contract 

  

	vii)	 Origination of the Receivable 

 

	 	a)	 Review the Retail Sale Contract and confirm the Dealer address is in the United States 

 

	 	b)	 Review the Retail Sale Contract and confirm that the amounts stated within the Truth in Lending section are
denominated in US dollars 

  

	viii)	 Condition, Make and Model of Financed Vehicle 

 

	 	a)	 Review the New/Used section of the Retail Sale Contract and confirm that the Financed Vehicle is stated to be
new or used 

  

	 	b)	 Review the “Year and Make” and “Model” sections of the Retail Sale Contract and confirm
that the Financed Vehicle constitutes a light-duty truck or van 

  

	ix)	 Contract Annual Percentage Rate 

 

	 	a)	 Review the Federal Truth in Lending Section of the Retail Sale Contract and Confirm that the Annual Percentage
Rate is greater than the minimum allowed percentage rate 

  

	x)	 Remaining Maturity Date 

 

	 	a)	 Confirm that the Number of Payments section within the Truth in Lending section of the Retail Sale Contract
indicates a number of payments that does not exceed the maximum allowable number of payments 

  

	 	b)	 Review the Data Tape and confirm that the remaining term to maturity is within the stated allowable limits

  

	xi)	 Outstanding Principal Balance 

 

	 	a)	 Review the Data and confirm that the Unpaid Principal Balance as of the Cutoff Date is within the stated
allowable limits 

  

	xii)	 Final Scheduled Payment Date 

 

	 	a)	 Review the Data Tape and confirm that the Final Scheduled Payment Due Date will occur on or before the latest
allowable final payment date 

  

	2 	 “Approved Contract Form List” means a list of Approved Contract Forms provided by Santander Consumer
to Clayton. 

  
 Exh. A - 3 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

	xiii)	 Days Past Due 

  

	 	a)	 Review the data file and confirm the Receivable was not more than 30 days past due as of the Cutoff Date

  

	xiv)	 Bankruptcy 

  

	 	a)	 Review the Receivable File and any applicable servicing notes and confirm there is no indication of pending
bankruptcy or insolvency proceedings 

  

	xv)	 Force Place Insurance 

 

	 	a)	 Review the servicing system and confirm the Receivable did not have Force Place Insurance as of the Cutoff Date

  

	xvi)	 Simple Interest Receivable 

 

	 	a)	 Confirm the Contract is a Simple Interest Contract 

 

	 	b)	 Review the payment history and confirm the first payment was appropriately applied to principal and interest

  

	xvii)	 Prepayment 

  

	 	a)	 Confirm the contract contains the appropriate Prepayment Disclosures 

 

	xviii)	 If sections i through xvii are confirmed, then Test Pass 

  
 Exh. A - 4 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	b)	 Compliance with Law 

The Receivable complied at the time it was originated or made in all material respects with all requirements of applicable federal, state and local laws, and
regulations thereunder, except where the failure to comply (i) was remediated or cured in all material respects prior to the Cut-Off Date or (ii) would not render such Receivable unenforceable or
create liability for the Purchaser or the Issuer, as assignee of such Receivable. 
 Document 

Retail Sale Contract 
 Servicing System/Data Tape 

Approved Contract Form List 
 Procedures to be Performed

  

	i)	 Confirm the Contract Form number and revision date are on the Approved Contract Form List

  

	ii)	 Confirm the Contract is complete 

 

	 	a)	 Confirm that all lines in the contract are filled out appropriately 

 

	 	b)	 Confirm the Name and address of Creditor, APR, Finance Charge, Amount of Payments, Total of Payments and Total
Sale Price are properly filled out 

  

	 	c)	 Confirm all lines on the contract are completed or properly left blank 

 

	iii)	 Confirm the Amount Financed is correctly calculated 

 

	 	a)	 Calculate the Amount Financed using the Cash Price, Total Down Payment and Total Amount Paid on Buyer’s
Behalf 

  

	 	b)	 Confirm the Calculated Amount Financed matches the Amount Financed as stated within the Truth in Lending
section of the Contract 

  

	iv)	 Confirm the Total Sale Price is correctly calculated 

 

	 	a)	 Calculate the Total Sale Price by taking the difference of the Total of Payments as stated within the Truth in
Lending section and the Total Down Payment as stated within the Itemization of Amount Financed 

  

	 	b)	 Confirm the Calculated Total Sale Price matches the Total Sale Price as stated within the Truth in Lending
section of the Contract 

  

	v)	 Confirm the Total of Payments is correctly calculated 

 

	 	a)	 Calculate the Total of Payments by taking the product of the Number of Payments and Amount of Payments as
stated within the Truth in Lending section of the Contract 

  
 Exh. A - 5 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

	 	b)	 Confirm the Calculated Total of Payments from step (a) is equal to the Total of Payments as stated within
the Truth in Lending section of the Contract 

  

	 	c)	 Calculate the Total of Payment by taking the sum of the Finance Charge and Amount Financed as stated within the
Truth in Lending section of the Contract 

  

	 	d)	 Confirm the Calculated Total of Payments from step (c) is equal to the Total of Payments as stated within
the Truth in Lending section of the Contract 

  

	vi)	 Confirm the APR is correctly calculated 

 

	 	a)	 Calculate the APR using information within the Truth in Lending section of the Contract 

 

	 	b)	 Confirm the Calculated APR is within an acceptable range of the APR as stated within the Truth in Lending
Section of the Contract 

  

	vii)	 Confirm the first payment due date as stated within the When Payments are Due section of the Truth in Lending
section of the Contract is within an acceptable timeframe of the Contract Date 

  

	viii)	 If Steps i through vii are confirmed, then Test Pass 

  
 Exh. A - 6 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	c)	 Binding Obligation 

The Receivable constitutes the legal, valid and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in accordance
with its terms, except (i) as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights
generally and (ii) as such Receivable may be modified by the application after the Cut-Off Date of the Servicemembers Civil Relief Act, as amended, to the extent applicable to the related Obligor. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	i)	 Confirm the Contract Form number is on the Approved Contract Form List. 

 

	ii)	 Confirm the borrower and co-borrower (if applicable) signed the
contract 

  

	iii)	 If Steps i and ii are confirmed, then Test Pass 

  
 Exh. A - 7 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	d)	 Receivable in Force 

The Receivable has not been satisfied, subordinated or rescinded nor do the records of the Servicer indicate that the related Financed Vehicle has been
released from the lien of such Receivable in whole or in part. 
 Documents 

Servicing System/Data Tape 
 Title Documents 

Procedures to be Performed 
  

	i)	 Confirm the Receivable exists on the Servicing System as an active Receivable 

 

	ii)	 Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder

  

	iii)	 If Steps i and ii are confirmed, then Test Pass 

  
 Exh. A - 8 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	e)	 No Default; No Waiver 

Except for payment delinquencies continuing for a period of not more than 30 days as of the Cut-Off Date, the records
of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date or that any continuing condition that with
notice or lapse of time, or both, would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable had arisen as of the Cut-Off Date and the Seller has not
waived any of the foregoing. 
 Documents 

Receivable File 
 Servicing System/Data Tape 

Procedures to be Performed 
  

	i)	 Confirm there is no indication of a default, breach, violation or event that would permit acceleration under
the terms of the Receivable except for payment default within 30 days of the Cut-Off Date 

  

	ii)	 Confirm that no continuing condition would constitute a default, breach, violation or event permitting
acceleration under the terms of the Receivable 

  

	iii)	 If Steps (i) and (ii) are confirmed, then Test Pass 

  
 Exh. A - 9 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	f)	 Insurance 

The Receivable requires that the Obligor thereunder obtain physical damage insurance covering the related Financed Vehicle. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	i)	 Confirm the Retail Sale Contract contains language that required the Obligor to obtain and maintain insurance
against physical damage to the Financed Vehicle 

  

	ii)	 If confirmed, then Test Pass 

  
 Exh. A - 10 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	g)	 No Government Obligor 

The Obligor on the Receivable is not the United States of America or any state thereof or any local government, or any agency, department, political
subdivision or instrumentality of the United States of America or any state thereof or any local government. 
 Documents 

Retail Sale Contract 
 Procedures to be Performed

  

	i)	 Review the buyer section on the Contract and confirm a person’s or business name is reported

  

	ii)	 If the buyer section on the Contract does not report a person’s or business name, confirm internet search
results do not indicate the buyer to be a government agency, department, political subdivision or instrumentality. 

  

	iii)	 If (i) and (ii) are confirmed, then Test Pass 

  
 Exh. A - 11 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	h)	 Assignment 

No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, assignment, contribution, conveyance or
pledge of such Receivable would be unlawful, void, or voidable. 
 Documents 

Retail Sale Contract 
 Receivable File 

Servicing System 
 Procedures to be Performed 

 

	i)	 Confirm the Retail Sale Contract was completed on a contract form included in the Approved Contract Form List

  

	ii)	 If Step (i) is confirmed, then Test Pass 

  
 Exh. A - 12 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	i)	 Good Title 

As of the Closing Date and immediately prior to the sale and transfer contemplated in the Purchase Agreement and the Sale and Servicing Agreement, Santander
Consumer had good and marketable title to and was the sole owner of each Receivable free and clear of all Liens created by Santander Consumer (except any Lien which will be released prior to assignment of such Receivable thereunder), and,
immediately upon the sale and transfer thereof, the Issuer will have good and marketable title to each Receivable, free and clear of all Liens created by Santander Consumer (other than Permitted Liens). 

Documents 
 Title Documents 

Procedures to be Performed 
  

	i)	 Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder

  

	ii)	 Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction
related to the deal 

  

	iii)	 If (i) and (ii) are confirmed, then Test Pass 

  
 Exh. A - 13 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	j)	 Characterizations of Receivables 

Each Receivable constitutes either “tangible chattel paper”, “electronic chattel paper”, an “account”, an
“instrument”, or a “general intangible”, each as defined in the UCC. 
 Documents 

Contract 
 Title Documents 

Approved Contract Form List 
 Procedures to be Performed

  

	i)	 Confirm the Contract form number is on the Approved Contract Form List 

 

	ii)	 Confirm the Amount Financed as reported on the Contract is greater than zero 

 

	iii)	 Confirm there is documentation of a lien against the financed vehicle 

 

	iv)	 If tests (i) through (iii) are confirmed, then Test Pass 

  
 Exh. A - 14 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	k)	 One Original 

There is only one executed original, electronically authenticated original or authoritative copy of the Contract (in each case within the meaning of the UCC)
related to each Receivable. 
 Documents 

Contract 
 Procedures to be Performed 

 

	i)	 Confirm there is a final version of the Contract available for review 

 

	ii)	 Confirm the Contract was signed by the buyer(s) and the Dealer 

 

	iii)	 If (i) and (ii) are confirmed, then Test Pass 

  
 Exh. A - 15 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	l)	 No Defenses 

The records of the Servicer do not reflect any material facts which have not been remediated or cured which would constitute the basis for any right of
rescission, offset, claim, counterclaim or defense with respect to such Receivable or the same being asserted or threatened with respect to such Receivable. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	i)	 Review the Receivable File and servicing system and confirm there is no evidence of litigation or other
attorney involvement as of the Cut-Off Date. 

  

	ii)	 If confirmed, then Test Pass. 

  
 Exh. A - 16 

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	m)	 Early Payments 

The Obligor on the Receivable has made, or will make, the first two monthly payments under such Receivable. 

Documents 
 Servicing System/Data Tape 

Procedures to be Performed 
  

	i)	 Confirm that there is no indication that the Obligor did not make the first two monthly payments on the
Receivable by verifying that the payments made field in the Data Tape is at least two as of the Review Date. 

  

	ii)	 If Step i is confirmed, then Test Pass. 

  
 Exh. A - 17EX-4.2

 Exhibit 4.2 

DICE MOLECULES HOLDINGS, LLC 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (the “Agreement”) is entered into as of the 18th day of December, 2020, by and among DiCE Molecules Holdings, LLC, a Delaware limited liability company (the “Company”), the investors listed on Exhibit A
hereto, referred to hereinafter as the “Investors” and each individually as an “Investor”, and any Additional Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in
accordance with Section 5.10 hereof. 
 RECITALS 

WHEREAS, certain of the Investors (the “Prior Investors”) are holders of the Company’s previously issued
Series A-1 Preferred Units (the “Series A-1 Preferred Units”), Series A-2 Preferred Units (the
“Series A-2 Preferred Units”) and Series B Preferred Units (the “Series B Preferred Units”) issued by the Company to such Prior Investors, and each possess
information rights, participation rights and other rights pursuant to that certain Amended and Restated Investor Rights Agreement dated as of July 11, 2018, between the Company and the Prior Investors (the “Prior
Agreement”); 
 WHEREAS, concurrently herewith, certain of the Investors (the “New Investors”)
are purchasing Series C Preferred Units (the “Series C Preferred Units”, and together with the Series A-1 Preferred Units, the Series A-2
Preferred Units and Series B Preferred Units, the “Preferred Units”) from the Company on the terms and conditions set forth in that certain Series C Preferred Unit Purchase Agreement, dated as of even date herewith, by and
among the Company and such New Investors (the “Purchase Agreement”); and 
 WHEREAS, in order to induce the
Company to enter into the Purchase Agreement and to induce the New Investors to invest funds in the Company pursuant to the Purchase Agreement, the Company and the Prior Investors desire to amend and restate the Prior Agreement in its entirety as
set forth in this Agreement in order to amend, restate and replace the rights and obligations under the Prior Agreement with the rights and obligations set forth in this Agreement. 

NOW, THEREFORE, in consideration of these premises and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

AGREEMENT 
 SECTION 1. GENERAL.

 1.1. Definitions. As used in this Agreement the following terms shall have the following respective meanings: 

(a) “Affiliate” means, with respect to any specified Person, or any other Person who or which, directly or indirectly,
controls, is controlled by, or is under common control with such Person including without limitation any general partner, managing partner, managing member, officer or director of such Person or any venture capital fund or other investment fund now
or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company or investment manager with, such Person. For purposes of this definition, the terms
“controlling,” “controlled by,” or “under common control with” shall mean the possession, directly or indirectly, of (a) the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise, or (b) the power to elect or appoint at least fifty percent (50%) of the directors, managers, general partners, or persons
exercising similar authority with respect to such Person. 

 (b) “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 (c) “Form S-3” means such form under the Securities Act as in
effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company
with the SEC. 
 (d) “Fund Investor” means Mutual Fund Series Trust On Behalf Of Eventide Healthcare & Life
Sciences Fund, Aventis Inc., Driehaus Life Sciences Maser Fund, L.P., Sands Capital, Northpond Ventures, L.P., RA Capital Fund and Soleus Private Equity Fund I, L.P. 

(e) “Holder” means any person owning of record Registrable Securities that have not been sold to the public or any
assignee of record of such Registrable Securities in accordance with Section 2.9 hereof. 
 (f) “Initial
Offering” means the Company’s first firm commitment underwritten public offering of its Common Units (or equivalent common securities) registered under the Securities Act. 

(g) “Major Investor” means any Investor that, individually or collectively with such Investor’s Affiliates, holds
at least an aggregate of 500,000 Series A-1 Preferred Units, 632,191 Series A-2 Preferred Units, 4,200,000 Series B Preferred Units, or 1,028,370 Series C Preferred
Units (in each case as adjusted for any unit splits, dividends, combinations or other reclassification effected after the date hereof); provided that, any Major Investor shall cease to be a Major Investor for purposes of this Agreement if
such Major Investor or any of his, her or its Affiliates is issued Common Units upon conversion of Series C Preferred Units pursuant to a Special Mandatory Conversion (as such term is defined in the Purchase Agreement). 

(h) “Person” means any individual, corporation, partnership, trust, limited liability company, association or other
entity. 
 (i) “RA Capital Fund” means, collectively, RA Capital Healthcare Fund, L.P. and RA Capital NEXUS Fund II,
L.P.. 
 (j) “Register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

(k) “Registrable Securities” means (a) Common Units of the Company issuable or issued upon conversion of the
Preferred Units and (b) any Common Units of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or
in replacement of, such above-described securities. Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a person to the public either pursuant to a registration statement or Rule 144, (ii) sold in
a private transaction in which the transferor’s rights under Section 2 of this Agreement are not assigned or (iii) held by an Investor that is issued, or is Affiliated with a Person that is issued, Common Units upon conversion of
Series C Preferred Units pursuant to a Special Mandatory Conversion, except in the cases of clauses (ii) and (iii) for purposes of Sections 2.11 and 2.12. 

  
 2 

 (l) “Registrable Securities then outstanding” shall be the number of
Common Units that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible securities. 

(m) “Registration Expenses” shall mean all expenses incurred by the Company in complying with Sections 2.2, 2.3 and 2.4
hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements not to exceed fifty thousand dollars ($50,000) of a single special
counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the
Company). 
 (n) “SEC” or “Commission” means the Securities and Exchange Commission. 

(o) “Securities Act” shall mean the Securities Act of 1933, as amended. 

(p) “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale. 

(q) “Special Registration Statement” shall mean (i) a registration statement relating to any employee benefit plan
or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements related to the issuance or resale of securities issued in such a transaction or (iii) a registration
related to securities issued solely upon conversion of debt securities. 
 (r) “Standoff Period” means the period
commencing on the date of the final prospectus relating to the Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days). 

SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER. 

2.1. Restrictions on Transfer. 

(a) Each Holder agrees not to make any disposition of all or any portion of the Preferred Units or Registrable Securities unless and
until: 
 (i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such
disposition is made in accordance with such registration statement; or 
 (ii) following the Initial Offering, the transfer is made
pursuant to Rule 144; or 
 (iii) (A) The transferee has agreed in writing to be bound by the terms of this Agreement,
(B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, provided that no such notice shall be
required in connection if the intended sale, pledge or transfer complies with Rule 144, and (C) if reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the
Company, that such disposition will not require registration of such units under the Securities Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances.
After its Initial Offering, the Company will not require any transferee pursuant to Rule 144 to be bound by the terms of this Agreement if the units so transferred do not remain Registrable Securities hereunder following such transfer. 

  
 3 

 (b) Notwithstanding the provisions of subsection (a) above, no such restriction
shall apply to a transfer by a Holder that is (A) a partnership transferring to its partners or former partners in accordance with partnership interests, (B) a corporation transferring to a wholly-owned subsidiary or a parent corporation
that owns all of the capital stock of the Holder, (C) a limited liability company transferring to its members or former members in accordance with their interest in the limited liability company, (D) an individual transferring to the
Holder’s family member or trust for the benefit of an individual Holder; or (E) a Holder transferring to such Holder’s Affiliates; provided that in each case the transferee will agree in writing to be subject to the terms of this
Agreement to the same extent as if he were an original Holder hereunder. 
 (c) If and to the extent any of the Preferred Units or
Registrable Securities are certificated, each certificate representing such Preferred Units or Registrable Securities, as applicable, shall be stamped or otherwise imprinted with legends substantially similar to the following (in addition to any
legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE SECURITYHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE
SECRETARY OF THE COMPANY. 
 (d) The Company shall be obligated to reissue promptly unlegended certificates at the request of any
Holder thereof if the Company has completed its Initial Offering and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed
to be disposed of may lawfully be so disposed of without registration, qualification and legend, provided that the second legend listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any
restrictions hereunder. 
 (e) Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer
instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 

  
 4 

 2.2. Demand Registration. 

(a) Subject to the conditions of this Section 2.2, if the Company shall receive a written request from the Holders of a majority of
the Registrable Securities then outstanding (the “Initiating Holders”) that the Company file a registration statement under the Securities Act covering the registration of at least a majority of the Registrable Securities
then outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed $7,500,000), then the Company shall, within thirty (30) days of the receipt thereof, give written
notice of such request to all Holders, and subject to the limitations of this Section 2.2, effect, as expeditiously as reasonably possible, the registration under the Securities Act of all Registrable Securities that all Holders request to be
registered. 
 (b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the Company shall include such information in the written notice referred to in
Section 2.2(a) or Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities then held by all Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company).
Notwithstanding any other provision of this Section 2.2 or Section 2.4, if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities)
then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of securities that may be included in the underwriting shall be allocated to the Holders of such Registrable
Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the
registration. 
 (c) The Company shall not be required to effect a registration pursuant to this Section 2.2: 

(i) prior to the earlier of (A) the fifth anniversary of the date of this Agreement or (B) of the expiration of the
restrictions on transfer set forth in Section 2.11 following the Initial Offering; 
 (ii) after the Company has effected two
(2) registrations pursuant to this Section 2.2, and such registrations have been declared or ordered effective; 
 (iii)
during the period starting with the date of filing or confidential draft submission of, and ending on the date one hundred eighty (180) days following the effective date of the registration statement pertaining to the Initial Offering,
other than pursuant to a Special Registration Statement; provided that the Company makes reasonable good faith efforts to cause such registration statement to become effective; 

(iv) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.2 a certificate signed
by the Chairman of the Board of Managers of the Company (the “Board”) stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its securityholders for such registration
statement to be effected at such time because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of
material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, in which event the Company shall
have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided that such right to delay a request shall be exercised by the Company not more than once in any
twelve (12) month period; 

  
 5 

 (v) if the Initiating Holders propose to dispose of Registrable Securities that may
be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below; or 

(vi) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance unless already so qualified or consented to. 
 2.3.
Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least twenty (20) days prior to the filing of any registration statement under the Securities Act for purposes of a public offering
of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to
include in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within fifteen
(15) days after the above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of
its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration
statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

(a) Underwriting. If the registration statement of which the Company gives notice under this Section 2.3 is for an underwritten
offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include Registrable Securities in a registration pursuant to this Section 2.3 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such
underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company; provided, however, that the liability of each Holder of Registrable
Securities in respect of any indemnification, contribution or other obligation of such Holder arising under such underwriting agreement (i) shall be limited to losses arising out of or based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement, incorporated document or other such disclosure document or other document or report,
in reliance upon and in conformity with written information furnished to the Company by or on behalf of, and relating to, such Holder expressly for inclusion therein and (ii) shall not in any event exceed an amount equal to the net proceeds to
such Holder (after deduction of all underwriters’ discounts and commissions paid by such Holder) from the disposition of the Registrable Securities disposed of by such Holder pursuant to such registration. Notwithstanding any other provision of
this Agreement, if the Company determines in good faith, based on consultation with the underwriter, that marketing factors require a limitation of the number of securities to be underwritten, the number of securities that may be included in the
underwriting shall be allocated, first, to the Company; second, to the Holders on a pro rata basis based on the total number of Registrable Securities held by the Holders; and third, to any securityholder of the Company (other than a Holder) on a
pro rata basis; provided, however, that no such reduction shall reduce the amount of securities of the selling Holders included in the registration below twenty percent (20%) of the total amount of securities included in such registration,
unless such offering is the Initial Offering and such registration does not include securities of any other selling securityholders, in which event any or all of the Registrable 

  
 6 

 
Securities of the Holders may be excluded in accordance with the immediately preceding clause. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw
therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall
be excluded and withdrawn from the registration. For any Holder which is a partnership, limited liability company or corporation, the partners, retired partners, members, retired members and stockholders of such Holder, or the estates and family
members of any such partners, retired partners, members and retired members and any trusts for the benefit of any of the foregoing person shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such
“Holder” shall be based upon the aggregate amount of securities carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 

(b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 2.3 whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder that has elected to include securities in such registration of such termination or withdrawal. The
Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5 hereof. 
 2.4.
Form S-3 Registration. In case the Company shall receive from the Holders of Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) with respect to at least two million dollars ($2,000,000) of Registrable Securities or any similar short-form registration statement and any
related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holders, the Company will: 

(a) promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders of
Registrable Securities; and 
 (b) as soon as practicable, effect such registration and all such qualifications and compliances as may
be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any
other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any
such registration, qualification or compliance pursuant to this Section 2.4: 
 (i) if Form
S-3 is not available for such offering by the Holders, or 
 (ii) if the Holders, together
with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million dollars
($1,000,000), or 
 (iii) if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board stating that
in the good faith judgment of the Board, it would be seriously detrimental to the Company and its securityholders for such Form S-3 registration to be effected at such time because such action would
(i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business
purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than ninety (90) days after receipt of the request of the Holder or Holders under this Section 2.4; provided, that such right to delay a request shall be
exercised by the Company not more than once in any twelve (12) month period, or 

  
 7 

 (iv) if the Company has, within the twelve (12) month period preceding the date
of such request, already effected two (2) registrations on Form S-3 for the Holders pursuant to this Section 2.4, or 

(v) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance unless already so qualified or consented to. 
 (c)
Subject to the foregoing, the Company shall file a Form S-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after
receipt of the requests of the Holders. Registrations effected pursuant to this Section 2.4 shall not be counted as demands for registration or registrations effected pursuant to Section 2.2. 

2.5. Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any
registration, qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder, shall be borne by the holders of the securities so
registered pro rata on the basis of the number of securities so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to Section 2.2 or 2.4, the request of which has
been subsequently withdrawn by the Initiating Holders unless (a) the withdrawal is based upon material adverse information concerning the Company of which the Initiating Holders were not aware at the time of such request or (b) the Holders
of a majority of Registrable Securities agree to deem such registration to have been effected as of the date of such withdrawal for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b)(v), as
applicable, to undertake any subsequent registration, in which event such right shall be forfeited by all Holders. If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including
Registrable Securities) requesting such registration in proportion to the number of securities for which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause
(a) above, then such registration shall not be deemed to have been effected for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b)(v), as applicable, to undertake any subsequent
registration. 
 2.6. Obligations of the Company. Whenever required to effect the registration of any Registrable Securities, the
Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration statement with respect to
such Registrable Securities and use all reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration
statement effective for up to thirty (30) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that at any time, upon written notice to the participating Holders and for a period
not to exceed sixty (60) days thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement (and
the Initiating Holders hereby agree not to offer or sell any Registrable Securities pursuant to such registration statement during the Suspension Period) if the Company reasonably believes that there is or may be in existence material nonpublic
information or events involving the Company, the failure of which to be disclosed in the prospectus included in the registration statement could result in a Violation (as defined below). In the event that the Company shall exercise its right to
delay or suspend the filing or effectiveness of a registration hereunder, the applicable time period 

  
 8 

 
during which the registration statement is to remain effective shall be extended by a period of time equal to the duration of the Suspension Period. The Company may extend the Suspension Period
for an additional consecutive sixty (60) days with the consent of the holders of a majority of the Registrable Securities registered under the applicable registration statement. If so directed by the Company, all Holders registering securities
under such registration statement shall (i) not offer to sell any Registrable Securities pursuant to the registration statement during the period in which the delay or suspension is in effect after receiving notice of such delay or suspension;
and (ii) use their best efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holders’ possession, of the prospectus relating to such Registrable Securities current at
the time of receipt of such notice. Notwithstanding the foregoing, the Company shall not be required to file, cause to become effective or maintain the effectiveness of any registration statement other than a registration statement on Form S-3 that contemplates a distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 

(b) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in subsection (a) above.

 (c) Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(d) Use its reasonable efforts to register and qualify the securities covered by such registration statement under such other securities
or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions. 
 (e) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an
agreement. 
 (f) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use reasonable efforts to amend or supplement such prospectus
in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then
existing. 
 (g) Use its reasonable efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters
for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

  
 9 

 2.7. Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result
of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 (b) It shall be a
condition precedent to the obligations of the Company to take any action pursuant to Section 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them
and the intended method of disposition of such securities as shall be required to effect the registration of their Registrable Securities. 

(c) The Company shall have no obligation with respect to any registration requested pursuant to Section 2.2 or Section 2.4 if
the number of securities or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of securities or the anticipated aggregate offering price required to
originally trigger the Company’s obligation to initiate such registration as specified in Section 2.2 or Section 2.4, whichever is applicable. 

2.8. Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2, 2.3 or
2.4: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, legal
counsel, accountants, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls or is alleged to control such Holder or underwriter within the meaning of the
Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or
alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto,
(ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will
reimburse each such Holder, partner, member, legal counsel, accountant, officer, director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is
effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based
upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by or on behalf of, and relating to, such Holder, partner, member, legal counsel, accountant,
officer, director, underwriter or controlling person of such Holder. 

  
 10 

 (b) To the extent permitted by law, each Holder will, if Registrable Securities held
by such Holder are included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the
Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who controls such Holder,
against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder
may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the following statements:
(i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the
Company of the Securities Act (collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such Holder Violation occurs in reliance upon and in conformity with written information furnished
by or on behalf of, and relating to, such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably
incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim,
damage, liability or action if it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of
any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this
Section 2.8 exceed the net proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by an indemnified
party under this Section 2.8 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses thereof to be
paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified
party under this Section 2.8 to the extent, and only to the extent, prejudicial to its ability to defend such action, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have
to any indemnified party otherwise than under this Section 2.8. 
 (d) If the indemnification provided for in this
Section 2.8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified
party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, 

  
 11 

 
whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the
offering received by such Holder. 
 (e) The obligations of the Company and Holders under this Section 2.8 shall survive
completion of any offering of Registrable Securities in a registration statement and, with respect to liability arising from an offering to which this Section 2.8 would apply that is covered by a registration filed before termination of this
Agreement, such termination. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

2.9. Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this
Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities (for so long as such securities remain Registrable Securities) that (a) is a subsidiary, parent, general partner, limited partner, retired
partner, member or retired member, or stockholder of a Holder that is a corporation, partnership or limited liability company, (b) is a Holder’s family member or trust for the benefit of an individual Holder, or (c) acquires at least
one hundred thousand (100,000) Registrable Securities (as adjusted for unit splits and combinations); or (d) is an Affiliate of such Holder; provided, however, (i) the transferor shall, within ten (10) days after such
transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall agree to be subject to
all restrictions set forth in this Agreement. 
 2.10. Limitation on Subsequent Registration Rights. Other than as provided in
Section 5.10, after the date of this Agreement, the Company shall not enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder rights to demand the registration of securities
of the Company, or to include such securities in a registration statement that would reduce the number of securities includable by the Holders. 

2.11. Market Stand-Off Agreement. Each Holder hereby agrees that, during the Standoff
Period, such Holder shall not, without the prior written consent of the Company or the managing underwriter, 
 (a) lend, offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Common Units of the
Company, or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Units of the Company, held immediately before the effective date of the registration statement for such offering; or 

(b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of such securities, whether any such transaction described in clause (a) above is to be settled by delivery of Common Units of the Company or other securities, in cash, or otherwise. 

The foregoing provisions of this Section 2.11 shall not apply to the sale of any securities of the Company to an underwriter pursuant to an underwriting
agreement, and shall be applicable to the Holders only if all officers, directors, and securityholders individually owning more than one percent (1%) of the Company’s voting securities (after giving effect to conversion into Common Units of all
outstanding Preferred Units) 

  
 12 

 
are similarly bound. For purposes of this Section 2.11 and Section 2.12, the term “Company” shall include any wholly-owned subsidiary of the Company into which the Company
merges or consolidates. In order to enforce the covenants in this Section 2.11, the Company shall have the right to place restrictive legends on the certificates representing the securities of the Company subject to these Sections and to impose
stop transfer instructions with respect to such securities until the end of such period. The underwriters in connection with such registration are intended third-party beneficiaries of Section 2.11 and Section 2.12 hereof and shall have
the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that
are consistent with this Section 2.11 and Section 2.12 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters
shall apply pro rata to all Holders subject to such agreements, based on the number of units subject to such agreements. Each Holder agrees that any transferee of any Registrable Securities shall be bound by Sections 2.11 and 2.12 hereof. 

2.12. Agreement to Furnish Information. If reasonably requested by the Company or the representative of the underwriters of
securities of the Company, each Holder participating in the offering shall provide, within ten (10) days of such request, such information as may be legally required with the completion of any public offering of the Company’s securities
pursuant to a registration statement filed under the Securities Act.. The obligations described in Section 2.11 and this Section 2.12 shall not apply to a Special Registration Statement. 

2.13. Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which
may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

(a) Make and keep public information available, as those terms are understood and defined in SEC Rule 144 or any similar or analogous
rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 

(b) File with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act; and 

(c) So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: a written statement by the
Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual or quarterly
report of the Company filed with the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell any such securities without
registration. 
 2.14. Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable
Securities in any registration pursuant to Section 2.2, Section 2.3, or Section 2.4 hereof shall terminate upon the date three (3) years following an initial public offering that results in the conversion of all outstanding
Preferred Units. Upon such termination, such securities shall cease to be “Registrable Securities” hereunder for all purposes. 

  
 13 

 SECTION 3. COVENANTS OF THE COMPANY. 

3.1. Basic Financial Information and Reporting. 

(a) The Company will maintain true books and records of account in which full and correct entries will he made of all its business
transactions pursuant to a system of accounting established and administered in accordance with generally accepted accounting principles consistently applied (except as noted therein), and will set aside on its books all such proper accruals and
reserves as shall be required under generally accepted accounting principles consistently applied. 
 (b) As soon as practicable after
the end of each fiscal year of the Company, and in any event within one hundred twenty (120) days thereafter, the Company will furnish to each Major Investor an audited balance sheet of the Company, as at the end of such fiscal year, and
audited statements of income and cash flows of the Company, for such year, all prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein) and setting forth in each case in comparative form the
figures for the previous fiscal year, all in reasonable detail; provided, that the Board, including consent of the Requisite Investor Managers (as defined in the LLC Agreement), may waive the requirement that the financial statements are
audited. Unless waived by the Board pursuant to the foregoing sentence, such financial statements shall be accompanied by a report and opinion thereon by independent public accountants selected by the Board. 

(c) The Company will furnish each Major Investor as soon as practicable after the end of the first, second and third quarterly
accounting periods in each fiscal year of the Company, and in any event within forty-five (45) days thereafter, a balance sheet of the Company as of the end of each such quarterly period and a statement of income and a statement of cash flows
of the Company for such period and for the current fiscal year to date, all prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein), with the exception that no notes need be attached to
such statements and year-end audit adjustments may not have been made. 
 (d) The Company will
furnish each Major Investor as soon as practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company, and in any event within forty-five (45) days thereafter, a statement showing the
number of units of each class and series of units and securities convertible into or exercisable for units of the Company outstanding at the end of the period, the Common Units issuable upon conversion or exercise of any outstanding securities
convertible or exercisable for Common Units and the exchange ratio or exercise price applicable thereto, and the number of shares of issued unit options and unit options not yet issued but reserved for issuance, if any, all in sufficient detail as
to permit the Major Investors to calculate their respective percentage equity ownership in the Company. 
 (e) The Company will
furnish each Major Investor: (i) at least thirty (30) days prior to the beginning of each fiscal year, an annual budget and operating plans for such fiscal year (and as soon as available, any subsequent written revisions thereto); and
(ii) as soon as practicable after the end of each month, and in any event within thirty (30) days thereafter, a balance sheet of the Company as of the end of each such month, and a statement of income and a statement of cash flows of the
Company for such month and for the current fiscal year to date, including a comparison to plan figures for such period, prepared in accordance with generally accepted accounting principles consistently applied (except as noted thereon), with the
exception that no notes need be attached to such statements and year-end audit adjustments may not have been made. 

3.2. Inspection Rights. Each Major Investor shall have the right to visit and inspect any of the properties of the Company or any
of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably requested all at such reasonable times and as often as may be
reasonably requested; provided, however, that the Company shall not be obligated under Section 3.1 or this Section 3.2 with respect to a competitor of the Company or with respect to information which the Board determines in
good faith is highly confidential, a 

  
 14 

 
trade secret or attorney-client privileged and should not, therefore, be disclosed; provided, further, that Sands Capital Private Growth Fund III, L.P., Sands Capital Private Growth Fund III-DC, L.P. (together with their respective Affiliates, “Sands Capital”), Northpond Ventures, L.P., Mutual Fund Series Trust, On Behalf Of Eventide Healthcare & Life Sciences Fund,
Driehaus Life Sciences Master Fund, L.P. and the RA Capital Funds and their respective Affiliates will not be considered competitors of the Company for any purpose under this Agreement. 

3.3. Confidentiality of Records. Each Investor agrees to use the same degree of care as such Investor uses to protect its own
confidential information to keep confidential any information furnished to such Investor pursuant to Section 3.1 and 3.2 hereof that the Company identifies as being confidential or proprietary (so long as such information is not in the public
domain), except that such Investor may disclose such proprietary or confidential information (i) to any of such Investor’s attorneys, accountants and other advisors in connection with their services and advice related to the same, and to
any existing or prospective partner, limited partner, Affiliate, subsidiary or parent of such Investor as long as such partner, limited partner, Affiliate, subsidiary or parent is advised of and agrees or has agreed to be bound by the
confidentiality provisions of this Section 3.3 or comparable restrictions; (ii) at such time as it enters the public domain through no fault of such Investor; (iii) that is communicated to it free of any obligation of confidentiality;
(iv) that is developed by Investor or its agents independently of and without reference to any confidential information communicated by the Company; or (v) as required by applicable law. 

3.4. Reservation of Common Units. The Company will at all times reserve and keep available, solely for issuance and delivery upon the
conversion of the Preferred Units, all Common Units issuable from time to time upon such conversion. 
 3.5. Proprietary Information and
Inventions Agreement. The Company shall require all employees and consultants to execute and deliver a Proprietary Information and Inventions Agreement substantially in a form approved by the Company’s counsel or the Board. 

3.6. Directors’ Liability, Indemnification and Insurance. The Company’s limited liability company
agreement then in effect (the “LLC Agreement”) shall provide (a) for elimination of the liability of director to the maximum extent permitted by law and (b) for indemnification of directors for acts on behalf of the
Company to the maximum extent permitted by law. The Company shall use commercially reasonable efforts to maintain, from financially sound and reputable insurers, Directors and Officers liability insurance in an amount and on terms and conditions
satisfactory to the Board, until such time as the Board determines that such insurance should be discontinued 
 3.7. Board Matters.
The Board shall meet at least quarterly. The Series B Preferred Managers (as defined in the LLC Agreement) and Series C Preferred Manager (as defined in the LLC Agreement) will have the right to sit on any committees of the Board, and the
Company will reimburse the Series B Preferred Managers and Series C Preferred Manager for all reasonable, documented out-of-pocket travel expenses incurred (consistent
with the Company’s travel policy) in connection with attending meetings of the Board and for other meetings or events attended at the request of the Company. 

3.8. Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other
Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the
Company with respect to indemnification of members of the Board of Managers as in effect immediately before such transaction, whether such obligations are contained in the LLC Agreement, or elsewhere, as the case may be. 

  
 15 

 3.9. Employee Equity. Unless otherwise approved by the Board of Managers, all future
employees of the Company who purchase, receive options to purchase, or receive awards of the Company’s Units after the date hereof shall be required to execute agreements, as applicable, providing for (i) vesting of the Units over a four
(4) year period, with the first twenty-five percent (25%) of such Units vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Section 2.11. Without the prior approval by the Board of
Managers, the Company shall not amend, modify, terminate, waive or otherwise alter, in whole or in part, any unit purchase, grant or profits interest agreement with any existing employee or service provider if such amendment would cause it to be
inconsistent with this Section 3.9. In addition, unless otherwise approved by the Board of Managers, the Company (x) shall not offer or allow any acceleration of vesting, and (y) shall retain (and not waive) a “right of first
refusal” on employee transfers until the Company’s Initial Offering. 
 3.10. Right to Conduct Activities. The Company
hereby agrees and acknowledges that each Fund Investor (together with its respective Affiliates) is a professional investment organization, and as such reviews the business plans and related proprietary information of many enterprises, some of which
may compete directly or indirectly with the Company’s business (as currently conducted or as currently propose to be conducted). Nothing in this Agreement shall preclude or in any way restrict the Investors from evaluating or purchasing
securities, including publicly traded securities, of a particular enterprise, or investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company; and the Company
hereby agrees that, to the extent permitted under applicable law, no Fund Investor (nor its respective Affiliates) shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by such Fund Investor (or any of
such Fund Investor’s Affiliates) in any entity competitive with the Company, or (ii) actions taken by any partner, officer, employee or other representative of such Fund Investor (or its Affiliates) to assist any such competitive company,
whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall
not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any Manager or officer of the Company from any
liability associated with his or her fiduciary duties to the Company. 
 3.11. Anti-Harassment Policy. The Company shall maintain in
effect (i) a Code of Conduct governing appropriate workplace behavior and (ii) an Anti-Harassment and Discrimination Policy prohibiting discrimination and harassment at the Company. Such policy shall be reviewed and approved by the Board
of Managers. 
 3.12. FCPA. The Company covenants that it shall not (and shall not permit any of its subsidiaries or Affiliates or any
of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to) promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any third
party, including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), in each case, in violation of the FCPA, the
U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further covenants that it shall (and shall cause each of its subsidiaries and Affiliates to) cease all of its or their respective activities, as well as
remediate any actions taken by the Company, its subsidiaries or Affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or
any other applicable anti-bribery or anti-corruption law. The Company further covenants that it shall use commercially reasonable efforts to (and shall take commercially reasonable efforts to cause each of its subsidiaries and Affiliates to)
maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) that are customary and appropriate for companies similarly situated to the Company to ensure compliance with the FCPA,
the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. 

  
 16 

 3.13. Cybersecurity. The Company shall, within one hundred eighty (180) days
following the Initial Closing (as defined in the Purchase Agreement), use commercially reasonable efforts to (a) identify and restrict access (including through physical and/or technical controls) to the Company’s confidential business
information and trade secrets and any information about identified or identifiable natural persons maintained by or on behalf of the Company (collectively, “Protected Data”) to those individuals who have a need to access it
and (b) implement reasonable physical, technical and administrative safeguards designed to protect the confidentiality, integrity and availability of its technology and systems (including servers, laptops, desktops, cloud, containers, virtual
environments and data centers) and all Protected Data. The Company shall evaluate on a periodic basis at least annually whether such safeguards should be updated to maintain a level of security appropriate to the risk posed to Company systems and
Protected Data. The Company shall educate its employees about the proper use and storage of Protected Data, including periodic training as determined reasonably necessary by the Company or the Board of Managers. 

3.14. Expenses of Counsel. In the event of a Deemed Liquidation Event (as defined in the LLC Agreement), the reasonable fees and
disbursements, not to exceed $50,000, of one counsel for the Major Investors (“Investor Counsel”), in their capacities as members, shall be borne and paid by the Company. At the outset of considering a transaction which, if
consummated would constitute a Deemed Liquidation Event, the Company shall obtain the ability to share with the Investor Counsel (and such counsel’s clients) and shall share the confidential information (including, without limitation, the
initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete, employment, consulting and other compensation agreements and plans) pertaining to and memorializing any of the
transactions which, individually or when aggregated with others would constitute the Deemed Liquidation Event. The Company shall be obligated to share (and cause the Company’s counsel and investment bankers to share) such materials when
distributed to the Company’s executives and/or any one (1) or more of the other parties to such transaction(s). In the event that Investor Counsel deems it appropriate, in its reasonable discretion, to enter into a joint defense (or common
interest) agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney client privilege, the Company shall, and shall direct its counsel to, execute and deliver
to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel and the Company’s counsel. In the event that one (1) or more of the other party or parties to such transactions require
the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense (or common interest) agreement in order to receive such information, then the Company shall share whatever information can be shared without entry into
such agreement and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the clients of Investor Counsel. 

3.15. Termination of Covenants. All covenants of the Company contained in Section 3 of this Agreement (other than the provisions of
Section 3.3, 3.6 and 3.8) shall expire and terminate as to each Investor upon the earlier of (i) the effective date of the registration statement pertaining to an Initial Offering that results in the Preferred Units being converted into
Common Units or (ii) upon an “Acquisition” as defined in the LLC Agreement as in effect as of the date hereof. 
 SECTION 4.
RIGHTS OF FIRST REFUSAL. 
 4.1. Subsequent Offerings. Subject to applicable securities laws, each Major Investor shall have a
right of first refusal to purchase its pro rata share of all Equity Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the

  
 17 

 
Equity Securities excluded by Section 4.6 hereof. Each Investor’s pro rata share is equal to the ratio of (a) the number of the Company’s Common Units (including all
Common Units issuable or issued upon conversion of the Preferred Units or upon the exercise of outstanding warrants, options or any other securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or
indirectly) Common Units) of which such Investor is deemed to be a holder immediately prior to the issuance of such Equity Securities to (b) the total number of the Company’s outstanding Common Units (including all Common Units issued or
issuable upon conversion of the Preferred Units or upon the exercise of any outstanding warrants, options or any other securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly) Common
Units)) immediately prior to the issuance of the Equity Securities. The term “Equity Securities” shall mean (i) any Common Units, Preferred Units or other security of the Company, (ii) any security convertible into
or exercisable or exchangeable for, with or without consideration, any Common Units, Preferred Units or other security (including any option to purchase such a convertible security), (iii) any security carrying any warrant or right to subscribe to
or purchase any Common Units, Preferred Units or other security or (iv) any such warrant or right. 
 4.2. Exercise of
Rights. If the Company proposes to issue any Equity Securities, it shall give each Major Investor written notice of its intention, describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue
the same. Each Major Investor shall have fifteen (15) days from the giving of such notice to agree to purchase its pro rata share of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving
written notice to the Company and stating therein the quantity of Equity Securities to be purchased. Notwithstanding the foregoing, the Company shall not be required to offer or sell such Equity Securities to any Major Investor who would cause the
Company to be in violation of applicable federal securities laws by virtue of such offer or sale. 
 4.3. Issuance of Equity Securities to
Other Persons. If not all of the Major Investors elect to purchase their pro rata share of the Equity Securities, then the Company shall promptly notify in writing the Major Investors who do so elect and shall offer such Major Investors
the right to acquire such unsubscribed Equity Securities on a pro rata basis. The Major Investors shall have five (5) days after receipt of such notice to notify the Company of its election to purchase all or a portion thereof of the
unsubscribed Equity Securities. The Company shall have ninety (90) days thereafter to sell the Equity Securities in respect of which the Major Investor’s rights were not exercised, at a price not lower and upon general terms and conditions
not materially more favorable to the purchasers thereof than specified in the Company’s notice to the Major Investors pursuant to Section 4.2 hereof. If the Company has not sold such Equity Securities within ninety (90) days of the
notice provided pursuant to Section 4.2, the Company shall not thereafter issue or sell any Equity Securities, without first offering such Equity Securities to the Major Investors in the manner provided above. 

4.4. Termination and Waiver of Rights of First Refusal. The rights of first refusal established by this Section 4 shall not apply
to, and shall terminate upon the earlier of (i) the effective date of the registration statement pertaining to the Company’s Initial Offering or (ii) an Acquisition. Notwithstanding Section 5.5 hereof, the rights of first refusal
established by this Section 4 may be amended, or any provision waived with and only with the written consent of the Company and the Major Investors holding a majority of the Registrable Securities then held by all Major Investors or as
permitted by Section 5.5. 
 4.5. Assignment of Rights of First Refusal. The rights of first refusal of each Major Investor under
this Section 4 may be assigned to the same parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.9. 

  
 18 

 4.6. Excluded Securities. The rights of first refusal established by this
Section 4 shall have no application to (a) any of the securities excluded from the definition of “Additional Common Units” as set forth in Exhibit B of the LLC Agreement or (b) any Series C Preferred Units
issued pursuant to, and in accordance with, Section 2.3 or Section 2.4 of the Purchase Agreement. 
 SECTION 5. MISCELLANEOUS. 

5.1. Governing Law. This Agreement shall be governed by and construed under the laws of the State of California in all respects as such
laws are applied to agreements among California residents entered into and to be performed entirely within California, without reference to conflicts of laws or principles thereof. 

5.2. Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable Securities from time to time;
provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat the person
listed as the holder of such securities in its records as the absolute owner and holder of such securities for all purposes, including the payment of dividends or any redemption price. 

5.3. Entire Agreement. This Agreement, the Exhibits and Schedules hereto, the LLC Agreement, the Purchase Agreement and the other
documents delivered pursuant thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written
representations, warranties, covenants and agreements (including the Prior Agreement) except as specifically set forth herein and therein. Each party expressly represents and warrants that it is not relying on any oral or written representations,
warranties, covenants or agreements outside of this Agreement. 
 5.4. Severability. In the event one or more of the provisions of
this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as
if such invalid, illegal or unenforceable provision had never been contained herein. 
 5.5. Amendment and Waiver. 

(a) Except as otherwise expressly provided herein, this Agreement may be amended or modified, and the obligations of the Company and the
rights of the Holders under this Agreement may be waived, only upon the written consent of the Company and (a) with respect to Sections 3 and 4 and any other provision of this Agreement to the extent such provision pertains to Section 3 or
4, the Major Investors who own at least a majority of the Units then owned by Major Investors or (b) with respect to Section 2 and any other provision of this Agreement to the extent such provision pertains to Section 2, the holders
of at least a majority of the then-outstanding Registrable Securities, which majority must include the Requisite Series C Holders (as defined in the LLC Agreement). Any amendment or waiver effected in accordance with this paragraph shall be binding
upon each party to the Agreement, whether or not such party has signed such amendment or waiver, each future holder of all such Registrable Securities and the Company. Notwithstanding the foregoing, this Agreement may not be amended, modified or
terminated and the observance of any term hereunder may not be waived with respect to any Investor without the written consent of such Investor, if such amendment, modification, termination or waiver would alter or change the rights or obligations
of such Investor so as to affect such Investor in an adverse manner without similarly and proportionally affecting the rights and obligations of the other Investors under this Agreement. 

  
 19 

 (b) For the purposes of determining the number of Holders or Investors entitled to
vote or exercise any rights hereunder, the Company shall be entitled to reasonably rely on the list of record holders of its securities as maintained by or on behalf of the Company. 

5.6. Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any party, upon any
breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any
similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or noncompliance under the Agreement or any
waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise
afforded to any party, shall be cumulative and not alternative. 
 5.7. Notices. All notices required or permitted hereunder shall be
in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) upon confirmation of receipt when sent by confirmed electronic mail or facsimile if sent during normal business hours of the
recipient; if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Exhibit A hereto or at such other address
or electronic mail address as such party may designate by ten (10) days advance written notice to the other parties hereto. 
 5.8.
Attorneys’ Fees. In the event that any suit or action is instituted under or in relation to this Agreement, including without limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to
recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which
shall include, without limitation, all fees, costs and expenses of appeals. 
 5.9. Titles and Subtitles. The titles of the sections
and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

5.10. Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company shall issue additional
Preferred Units after the date hereof, any purchaser of such Preferred Units may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and upon doing so shall be deemed an
“Investor,” a “Holder” and a party hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor
has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 
 5.11. Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

5.12. Aggregation of Units. All Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of
determining the availability of any rights under this Agreement. 

  
 20 

 5.13. Pronouns. All pronouns contained herein, and any variations thereof, shall be
deemed to refer to the masculine, feminine or neutral, singular or plural, as to the identity of the parties hereto may require. 
 5.14.
Termination. This Agreement shall terminate and be of no further force or effect upon the earlier of (i) an Acquisition; or (ii) the date three (3) years following the closing of the Initial Offering that results in the conversion
of all outstanding Preferred Units. 
 5.15. Dispute Resolution. Each party hereto (a) agrees not to commence any suit, action or
other proceeding arising out of or based upon this Agreement (an “Agreement Dispute”) except in the federal or state courts located in the Northern District of California, (b) hereby irrevocably and unconditionally
submits to the jurisdiction of the federal or state courts located in the Northern District of California for the purpose of any such Agreement Dispute, and (c) hereby waives, and agrees not to assert, by way of motion, as a defense, or
otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is
brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement, or the subject matter hereof and thereof may not be enforced in or by such court. 

5.16. Amendment of Prior Agreement. Pursuant to Section 5.5 of the Prior Agreement, effective and contingent upon execution of this
Agreement by the Company, the holders of a majority of the Registrable Securities then outstanding and the Major Investors who own at least a majority of the Units then owned by Major Investors, the Prior Agreement is hereby amended, restated and
replaced in its entirety to read as set forth in this Agreement (which shall be the only Agreement to so amend and restate the Prior Agreement). 

[THIS SPACE INTENTIONALLY LEFT BLANK] 

  
 21 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the
first paragraph hereof. 
  

			
	COMPANY:
	
	DICE MOLECULES HOLDINGS, LLC
		
	By:	 	 /s/ Kevin Judice

		 	Kevin Judice, Chief Executive Officer

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the
first paragraph hereof. 
  

			
	INVESTOR:
	
	AGENT CAPITAL FUND I, LP
	
	By: Agent Capital Fund I GP, LLC, its general partner
		
	By:	 	 /s/ Geeta Vemuri

	Name: Geeta Vemuri
	Title: Managing Member

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the
first paragraph hereof. 
  

			
	INVESTOR:
	
	ALEXANDRIA VENTURE INVESTMENTS, LLC
	a Delaware limited liability company
		
	By:	 	ALEXANDRIA REAL ESTATE EQUITIES, INC.,
	a Maryland corporation, managing member
		
	By:	 	 /s/ Aaron Jacobson

	Name: Aaron Jacobson
	Title: SVP – Venture Counsel

  

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	ALTITUDE LIFE SCIENCE VENTURES FUND
	II, L.P.
	
	By: Altitude Life Science Ventures II, LLC
	Its: General Partner
		
	By:	 	 /s/ David Maki

	Name: David Maki
	Title: Manager
	
	 ALTITUDE LIFE SCIENCE VENTURES SIDE

FUND II, L.P.

	
	By: Altitude Life Science Ventures II, LLC
	Its: General Partner
		
	By:	 	 /s/ David Maki

	Name: David Maki
	Title: Manager

  

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	ASYMMETRY GLOBAL HEALTHCARE FUND, L.P.
		
	By:	 	 /s/ Chris Zellner

	Name: Chris Zellner
	Title: COO
	
	 ASYMMETRY GLOBAL HEALTHCARE

(MASTER) FUND, LTD.

		
	By:	 	 /s/ Chris Zellner

	Name: Chris Zellner
	Title: COO
	
	 PRELUDE OPPORTUNITY FUND, LP, ASYMMETRY CAPITAL MANAGEMENT, LP

ITS SUB-ADVISOR

	
	Its: Sub-advisor
		
	By:	 	 /s/ Chris Zellner

	Name: Chris Zellner
	Title: Sub-advisor
	
	PORTLAND HOUSE PARTNERS LLC
		
	By:	 	 /s/ Tim Collins

	Name: Tim Collins
	Title: President

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	AVENTISUB LLC
		
	By:	 	 /s/ Jason Hafler

	Name: Jason Hafler
	Title: Managing Director Sanofi Ventures
	
	AVENTIS INC.
		
	By:	 	 /s/ Jason Hafler

	Name: Jason Hafler
	Title: Managing Director Sanofi Ventures

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	 DRIEHAUS LIFE SCIENCES MASTER FUND,

L.P.

	
	 By: Driehaus Capital Management LLC, its investment

adviser

 
			
		
	By:	 	 /s/ Janet McWilliams

	Name: Janet McWilliams
	Title: General Counsel

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	F&W INVESTMENTS LP – SERIES 2019
	
	By: F&W Operations LLC
	Its: General Partner
		
	By:	 	 /s/ Laird H. Simons III

	Name: Laird H. Simons III
	Title: Member

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

	
	INVESTOR:
	
	GEORGES HARIK
	
	 /s/ Georges Harik

	
	Address:

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

	
	INVESTOR:
	
	JANET COLANTUONO
	
	 /s/ Janet Colantuono

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	 KENNETH G. MOONIE & ANNE MOONIE

TRUSTEES OF THE MOONIE FAMILY TRUST

DATED NOVEMBER 7, 2014

		
	By:	 	 /s/ Kenneth G. Moonie

	Name: Kenneth G. Moonie
	Title: Trustee

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	LEERINK PARTNERS CO-INVESTMENT FUND, LLC
		
	By:	 	 /s/ Joseph R. Gentile

	
	Name: Joseph R. Gentile
	
	Title: Manager

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	MARY LOU FYRWALD TRUST FOR DESCENDANTS
		
	By:	 	 /s/ Jon Erik Fyrwald

	Name: Jon Erik Fyrwald
	Title: Trustee

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

	
	INVESTOR:
	
	MAURA O’NEILL
	
	 /s/ Maura O’Neill

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	 MUTUAL FUND SERIES TRUST, ON BEHALF

OF EVENTIDE HEALTHCARE & LIFE
 SCIENCES
FUND

		
	By:	 	 /s/ Erik Naviloff

	Name: Erik Naviloff
	Title: Officer

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	 NEW LEAF BIOPHARMA OPPORTUNITIES II,

L.P.

		
	By:	 	New Leaf BPO Associates II, L.P.
	Its:	 	General Partner
		
	By:	 	New Leaf BPO Management II, L.L.C.
	Its:	 	General Partner

  

			
	By:	 	 /s/ Craig L. Slutzkin

	Name: Craig L. Slutzkin
	Title: Chief Financial Officer

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	NORTHPOND VENTURES, LP
		
	By:	 	Northpond Ventures GP, its general partner

  

			
	By:	 	 /s/ Michael Rubin

	Name: Michael Rubin
	Title: Managing Member

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	OSAGE UNIVERSITY PARTNERS III, LP
		
	By:	 	  Osage University GP III, LLC, its General Partner
		
	By:	 	 /s/ William Harrington

	Name: William Harrington
	Title: Managing Member

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	RA CAPITAL HEALTHCARE FUND, L.P.
		
	By:	 	RA Capital Healthcare Fund GP, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Rajeev Shah

 
			
	Name:     Rajeev Shah
	Title:       Manager
	Address:	 	 RA Capital Management, L.P.

200 Berkeley Street
 18th Floor
 Boston, MA 02116

Attn: General Counsel

  

			
	RA CAPITAL NEXUS FUND II, L.P.
		
	By:	 	RA Capital Nexus Fund II GP, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Rajeev Shah

 
			
	Name:     Rajeev Shah
	Title:       Manager
	Address:	 	 RA Capital Management, L.P.

200 Berkeley Street
 18th Floor
 Boston, MA 02116

Attn: General Counsel

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	 SANDS CAPITAL GLOBAL VENTURE FUND II,

L.P.

		
	By:	 	Sands Capital Global Venture Fund II-GP, L.P.,
		 	its general partner
		
	By:	 	Sands Capital Global Venture Fund II-GP, LLC,
		 	its general partner
		
	By:	 	 /s/ Jonathan Goodman

		 	Name: Jonathan Goodman
		 	Title: General Counsel

  

			
	 SANDS CAPITAL PRIVATE GROWTH FUND

III-DC, L.P.

		
	By:	 	Sands Capital Global Venture Fund II-GP, L.P.,
		 	its general partner
		
	By:	 	Sands Capital Global Venture Fund II-GP, LLC,
		 	its general partner
		
	By:	 	 /s/ Jonathan Goodman

		 	Name: Jonathan Goodman
		 	Title: General Counsel

  

			
	 SANDS CAPITAL LIFE SCIENCES PULSE

FUND, LLC

		
	By:	 	 /s/ Jonathan Goodman

		 	Name: Jonathan Goodman
		 	Title: General Counsel

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	SOLEUS PRIVATE EQUITY FUND I, L.P.
	
	By: Soles Private Equity GP I, LLC
	Its General Partner
		
	By:	 	 /s/ Steven J. Musumeci

			
	Name:	 	Steven J. Musumeci
	Title:	 	Chief Executive Officer

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTOR:
	
	THE JOHN G. PICERNE AND HEATHER K. PICERNE TRUST – 2017
		
	By:	 	 /s/ John G. Picerne

	Name: John G. Picerne
	Title: Trustee

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 Exhibit A 

Investors 
 Agent Capital Fund I, LP 

Alexandria Venture Investments, LLC 
 Altitude Life Science
Ventures Fund II L.P. 
 Altitude Life Science Ventures Side Fund II L.P. 

Asymmetry Global Healthcare Fund, L.P. 
 Asymmetry Global
Healthcare (Master) Fund, Ltd. 
 Audley Investment Pty 

Aventis Inc. 
 Aventisub LLC 

Avraham Ben-Zaken 

Bedbrook Family Trust 
 Bighorn Capital Partners II, L.P. 

Driehaus Life Sciences Master Fund, L.P. 
 F&W Investments
LP – Series 2019 
 Georges Harik 
 Gowing Bros Ltd 

JAG Oil Limited Partnership 
 Janet Colantuono 

Jonathan West as Trustee for The J & S West Superannuation Fund 

Kenneth G. Moonie & Anne Moonie Trustees of the Moonie Family Trust Dated November 7, 2014 

Leerink Partners Co-Investment Fund, LLC 

Lim Sen Yap 
 Mary Lou Fyrwald Trust for Descendants 

Maura O’Neill 

  

[SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT] 

 Michael Lassner 

Mutual Fund Series Trust, On Behalf Of Eventide Healthcare & Life Sciences Fund 

New Leaf Biopharma Opportunities II, L.P. 
 Northpond Ventures,
L.P. 
 Osage University Partners III, LP 
 Prelude
Opportunity Fund, LP, Asymmetry Capital Management, LP it’s Sub-Advisor 
 Portland House Partners LLC 

Rabson-Moritz Family Trust, UA 11-02-1999 

RA Capital Healthcare Fund, L.P. 
 RA Capital Nexus Fund II,
L.P. 
 Rivendell Investments 2018-11 LLC 

Sands Capital Global Venture Fund II, L.P. 
 Sands Capital
Private Growth Fund III-DC, L.P. 
 Sands Capital Life Sciences Pulse Fund, LLC 

Soleus Private Equity Fund I, L.P. 
 The Board of Trustees of
the Leland Stanford Junior University (PVF) 
 The John G. Picerne and Heather K. Picerne Trust – 2017 

Woobinda Nominees Pty Ltd as trustee of The Woobinda Family Trust

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