Document:

Form of Indenture Supplement

 EXHIBIT 4.4 

SERIES 20[    ]-[    ] 

INDENTURE SUPPLEMENT 

BETWEEN 

ALLY MASTER OWNER TRUST 

ISSUING ENTITY 

AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

INDENTURE TRUSTEE 

DATED AS OF [            ], 20[    ] 

SERIES 20[    ]-[    ] [FLOATING][FIXED] RATE ASSET BACKED NOTES, 

CLASS A, CLASS B, CLASS C AND CLASS D 

AND 

SERIES 20[    ]-[    ] ASSET BACKED EQUITY NOTES 

CLASS E 

 TABLE OF CONTENTS 

 

							
	  	  	 	  	 	  	Page
	 ARTICLE I CREATION OF SERIES 20[    ]-[    ] NOTES
	  	2
		  	 SECTION1.01
	  	 Designation.
	  	2
		  	 SECTION 1.02
	  	 Reopening of Class or Tranche of Notes.
	  	3
		
	 ARTICLE II DEFINITIONS
	  	3
		  	 SECTION 2.01
	  	 Definitions.
	  	3
		  	 SECTION 2.02
	  	 Other Definitional Provisions.
	  	20
		
	 ARTICLE III SERVICING FEE
	  	20
		  	 SECTION 3.01
	  	 Servicing Compensation.
	  	20
		
	 ARTICLE IV RIGHTS OF SERIES 20[    ]-[    ] NOTEHOLDERS AND

ALLOCATION AND APPLICATION OF COLLECTIONS
	  	21
		  	 SECTION 4.01
	  	 Collections and Allocations.
	  	21
		  	 SECTION 4.02
	  	 Determination of Monthly Interest.
	  	21
		  	 SECTION 4.03
	  	 Determination of Monthly Principal Amount.
	  	22
		  	 SECTION 4.04
	  	 Application of Available Funds on Deposit in Collection Account and Other Sources.
	  	23
		  	 SECTION 4.05
	  	 Series Charge-Offs.
	  	27
		  	 SECTION 4.06
	  	 Reallocated Principal Collections.
	  	28
		  	 SECTION 4.07
	  	 Excess Interest Collections.
	  	29
		  	 SECTION 4.08
	  	 Shared Principal Collections.
	  	29
		  	 SECTION 4.09
	  	 Reinstatement of Invested Amount.
	  	30
		  	 SECTION 4.10
	  	 Note Distribution Account.
	  	30
		  	 SECTION 4.11
	  	 Reserve Fund.
	  	31
		  	 SECTION 4.12
	  	 [Reserved].
	  	32
		  	 SECTION 4.13
	  	 Accumulation Period Reserve Account.
	  	33
		  	 SECTION 4.14
	  	 Transfer Restrictions.
	  	34
		
	ARTICLE V DELIVERY OF SERIES 20[    ]-[    ] NOTES; DISTRIBUTIONS; REPORTS TO SERIES
20[    ]-[    ] NOTEHOLDERS	  	37
		  	 SECTION 5.01
	  	 Delivery and Payment for Series 20[    ]-[    ] Notes.
	  	37
		  	 SECTION 5.02
	  	 Distributions.
	  	37
		  	 SECTION 5.03
	  	 Reports and Statements to Series 20[    ]-[    ] Noteholders.
	  	38
		
	 ARTICLE VI SERIES 20[    ]-[    ] EARLY AMORTIZATION EVENTS AND

SERIES 20[    ]-[    ] EVENTS OF DEFAULT
	  	39
		  	 SECTION 6.01
	  	 Series 20[    ]-[    ] Early Amortization Events.
	  	39
		  	 SECTION 6.02
	  	 Series 20[    ]-[    ] Events of Default.
	  	41
		  	 SECTION 6.03
	  	 Acceleration of Maturity; Rescission and Annulment
	  	42

  

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	 ARTICLE VII REDEMPTION OF SERIES 20[    ]-[    ] NOTES; SERIES
LEGAL
 MATURITY; FINAL DISTRIBUTIONS
	  	43
		 	 SECTION7.01
	  	 Optional Redemption of Series 20[    ]-[    ] Notes.
	  	43
		 	 SECTION 7.02
	  	 Series Legal Maturity.
	  	44
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	45
		 	 SECTION 8.01
	  	 Ratification of Agreement.
	  	45
		 	 SECTION 8.02
	  	 Form of Delivery of Series 20[    ]-[    ] Notes.
	  	45
		 	 SECTION 8.03
	  	 Counterparts.
	  	45
		 	 SECTION 8.04
	  	 Governing Law.
	  	45
		 	 SECTION 8.05
	  	 Effect of Headings and Table of Contents.
	  	46

  

					
	 EXHIBIT A
	 	Form of Note	  	A-1
	 EXHIBIT B
	 	Form of Monthly Statement	  	B-1

  

 ii 

 SERIES 20[    ]-[    ] INDENTURE SUPPLEMENT, dated
as of [    ], 20[    ], by and between ALLY MASTER OWNER TRUST, a Delaware statutory trust, as Issuing Entity, and [    ], as Indenture Trustee. 

RECITALS 

A. Section 2.1 of the Indenture provides, among other things, that the Issuing Entity and the Indenture Trustee may at any
time and from time to time enter into an Indenture Supplement to authorize the issuance by the Issuing Entity of Notes in one or more Series. 

B. The parties to this Indenture Supplement, by executing and delivering this Indenture Supplement, are providing for the creation of the
Series 20[    ]-[    ] Notes and specifying the Principal Terms thereof. 
 In
consideration of the mutual covenants and agreements contained in this Indenture Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

GRANTING CLAUSES 

In addition to the grant of the Indenture, the Issuing Entity hereby grants to the Indenture Trustee, for the exclusive benefit of the
Holders of the Series 20[    ]-[    ] Notes, all of the Issuing Entity’s right, title and interest (whether now owned or hereafter acquired) in, to and under the following (collectively, the
“Series Collateral”) with respect to the Series 20[    ]-[    ]: 

(i) all Collections on the Receivables allocated to the Series 20[    ]-[    ]
Notes; 
 (ii) all Eligible Investments and all monies, instruments, securities, security entitlements,
documents, certificates of deposit and other property from time to time on deposit in or credited to the Series Accounts (including any subaccount thereof) and in all interest, proceeds, earnings, income, revenue, dividends and other distributions
thereof (including any accrued discount realized on liquidation of any investment purchased at a discount); and 

(iii) all present and future claims, demands, causes of action and choses in action regarding any of the foregoing and all
payments on any of the foregoing and all proceeds of any nature whatsoever regarding any of the foregoing, including all proceeds of the voluntary or involuntary conversion thereof into cash or other liquid property and all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any kind and other forms of obligations and receivables, instruments and other property that at
any time constitute any part of or are included in the proceeds of any of the foregoing. 

 The foregoing grants are made in trust to secure (a) the Issuing Entity’s
obligations under the Series 20[    ]-[    ] Notes equally and ratably without prejudice, priority or distinction between any Series 20[    ]-[    ] Note and any other
Series 20[    ]-[    ] Notes, other than as expressly provided in this Indenture Supplement, (b) the payment of all other sums payable under the Series
20[    ]-[    ] Notes, the Indenture and this Indenture Supplement and (c) the compliance with the terms and conditions of the Series 20[    ]-[    ] Notes, the
Indenture and this Indenture Supplement, all as provided herein or therein. 
 The Indenture Trustee, as indenture trustee on
behalf of the Noteholders, hereby acknowledges the foregoing grants, accepts the trusts under this Indenture Supplement in accordance with the provisions of this Indenture Supplement, and agrees to perform the duties herein required to the end that
the interests of the Noteholders may be adequately protected. 
 ARTICLE I 

CREATION OF SERIES 20[    ]-[    ] NOTES 

SECTION 1.01 Designation. 

(a) There is hereby created a Series of Notes to be issued by the Issuing Entity on the Closing Date pursuant to the Indenture and this
Indenture Supplement to be known as the “Series 20[    ]-[    ] [Floating][Fixed] Rate Asset Backed Notes” or the “Series 20[    ]-[    ]
Notes.” The Series 20[    ]-[    ] Notes shall be issued in five Classes, the first shall be known as the “Series 20[    ]-[    ] [Floating][Fixed] Rate
Asset Backed Notes, Class A,” the second shall be known as the “Series 20[    ]-[    ] [Floating][Fixed] Rate Asset Backed Notes, Class B,” the third shall be known as the
“Series 20[    ]-[    ] [Floating][Fixed] Rate Asset Backed Notes, Class C,” the fourth shall be known as the “Series 20[    ]-[    ]
[Floating][Fixed] Rate Asset Backed Notes, Class D,” and the fifth shall be known as the “Series 20[    ]-[    ] Asset Backed Equity Notes, Class E.” The Series
20[    ]-[    ] Notes shall be due and payable on the Series 20[    ]-[    ] Legal Maturity Date. 

(b) Series 20[    ]-[    ] shall be a Nonoverconcentration Series. Series
20[    ]-[    ] shall be in Excess Interest Sharing Group [    ] and in Principal Sharing Group [    ]. Series 20[    ]-[    ]
shall not be a Shared Enhancement Series or in an Interest Reallocation Group. [Series 20[    ]-[    ] shall not be subordinated to any other Series.] 

(c) The Series 20[    ]-[    ] Notes are “Notes” and this Indenture Supplement is an
“Indenture Supplement” for all purposes under the Indenture. If any provision of the Series 20[    ]-[    ] Notes or this Indenture Supplement conflicts with or is inconsistent with any provision of
the Indenture, the provisions of the Series 20[    ]-[    ] Notes or this Indenture Supplement, as the case may be, control. 

(d) Each term defined in Section 2.01 of this Indenture Supplement relates only to Series
20[    ]-[    ] and this Indenture Supplement and to no other Series or Indenture Supplements. 

(e) Notwithstanding anything to the contrary in the Indenture, the Series 20[    ]-[    ] Notes,
other than the Class E Note, shall be issued in fully registered form in minimum amounts of $[100,000] and in integral multiples of $1,000 in excess thereof (except that one Note from each such class may be issued in a different amount so long as
such amount exceeds $1,000); 
  

 2 

 
provided that the minimum amounts of the Series 20[    ]-[    ] Notes, other than the Class E Note, shall be subject to the restrictions set forth in
Section 4.14. The Class E Note shall be issued in fully registered form in a principal amount equal to the Class E Note Principal Balance. [The Class E Note will be issuable in a minimum denomination of 100% of the Class E Note Principal
Balance.] 
 SECTION 1.02 [Reopening of Class or Tranche of Notes. 

The Depositor may from time to time, with notice to the Rating Agencies but without notice to, or the consent of, the
holders of a Class or Tranche of Series 20[    ]-[    ] Notes, create and issue additional Series 20[    ]-[    ] Notes equal in rank to any Class or Tranche of Series
20[    ]-[    ] Notes previously offered in all respects or in all respects, except for the payment of interest accruing prior to the Issuance Date of such additional Series
20[    ]-[    ] Notes in a Class or Tranche of Series 20[    ]-[    ] Notes or except for the first payment of interest following the Issuance Date of such additional
Series 20[    ]-[    ] Notes in a Class or Tranche of Series 20[    ]-[    ] Notes. This is called a “reopening.” When issued, the additional Series
20[    ]-[    ] Notes of a Class or Tranche shall be equally and ratably entitled to the benefits of the Indenture and this Indenture Supplement applicable to those Series
20[    ]-[    ] Notes with the other Outstanding Notes of that Class or Tranche without preference, priority or distinction. These additional Series 20[    ]-[    ]
Notes may be consolidated and form a single Class or Tranche with the previously issued Series 20[    ]-[    ] Notes and shall have the same terms as to status, redemption or otherwise as the previously issued
Series 20[    ]-[    ] Notes.] 
 ARTICLE II 

DEFINITIONS 

SECTION 2.01 Definitions. 

Whenever used in this Indenture Supplement, the following words and phrases have the following meanings, and the definitions of such terms
are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

Accumulation Period Factor: With respect to any Collection Period, a fraction: 

(a) the numerator of which is equal to the sum of the invested amounts of all outstanding Series in
Principal Sharing Group [    ] (including the Invested Amount for Series 20[    ]-[    ]) as of the last day of the Revolving Period; and 

(b) the denominator of which is equal to the sum of (i) the Invested Amount as of the last day of the Revolving
Period, plus (ii) the invested amounts as of the last day of the Revolving Period of all outstanding Series in Principal Sharing Group [    ] (other than the Invested Amount for Series
20[    ]-[    ]) that are expected to be paying or accumulating principal during the period from such Collection Period to the Collection Period immediately preceding the Series
20[    ]-[    ] Expected Maturity Date; 
  

 3 

 provided, however, that this definition may be changed at any time upon
receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse Effect. 

Accumulation Period Length: Has the meaning specified in Section 4.04(h). 

Accumulation Period Reserve Account: Has the meaning specified in Section 4.13(a). 

Accumulation Period Reserve Account Available Amount: With respect to each Distribution Date beginning on the Accumulation Period
Reserve Account Funding Date and until termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e), the lesser of: 

(a) the amounts on deposit in the Accumulation Period Reserve Account on such Distribution Date (before giving effect to
any (i) deposits made or to be made therein pursuant to Section 4.04(a)(xi) and Section 4.04(b)(i) on such Distribution Date or (ii) any withdrawals made or to be made therefrom pursuant to
Section 4.13(c) on such Distribution Date); and 
 (b) the Accumulation Period Reserve Account
Required Amount for such Distribution Date. 
 Accumulation Period Reserve Account Deposit Amount: With respect to each
Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e), the excess of (a) the Accumulation Period Reserve
Account Required Amount for such Distribution Date, over (b) the Accumulation Period Reserve Account Available Amount for such Distribution Date. 

Accumulation Period Reserve Account Funding Date: The Distribution Date occurring in the [    ] Collection
Period preceding the scheduled commencement of the Controlled Accumulation Period (or such earlier or later date as may be directed by the Servicer; provided, however, that, if the Accumulation Period Reserve Account Funding Date
occurs on a later date, the Servicer expects the Accumulation Period Reserve Account to be fully funded by the commencement of the Controlled Accumulation Period). 

Accumulation Period Reserve Account Required Amount: With respect to each Distribution Date beginning on the Accumulation Period
Reserve Account Funding Date and until the Accumulation Period Reserve Account is terminated pursuant to Section 4.13(e), an amount equal to the product of (a) [    ]% (or a lower percentage upon satisfaction of
the Series 20[    ]-[    ] Rating Agency Condition with respect to the Series 20[    ]-[    ] Notes) and (b) the Investor Note Principal Balance of the Investor
Notes as of the Accumulation Period Reserve Account Funding Date. 
  

 4 

 Accumulation Period Reserve Draw Amount: With respect to any Distribution Date
relating to the Controlled Accumulation Period or the first Distribution Date relating to the Early Amortization Period, the excess, if any, of (a) the Covered Amount determined as of such Distribution Date, over (b) the portion of the
Available Series Interest Collections for such Distribution Date constituting net investment earnings from the Note Distribution Account and the Accumulation Period Reserve Account. 

Additional Available Series Principal Collections: With respect to any Distribution Date and the related Collection Period, an
amount equal to the sum of (i) upon the termination of the Reserve Fund pursuant to Section 4.11(e), all remaining amounts on deposit in the Reserve Fund (excluding amounts relating to investment earnings and after giving effect to
Section 4.04(b)(ii)), plus (ii) any Available Series Interest Collections, Reserve Fund Available Amounts and Excess Interest Collections from other Series in the same Excess Interest Sharing Group as the Series
20[    ]-[    ] Notes that, as provided in Sections 4.04(a) and (b), are to be treated as Additional Available Series Principal Collections with respect to that Distribution Date. 

Available Series Interest Collections: With respect to any Distribution Date, an amount equal to the sum of (a) the Series
Interest Collections with respect to such Distribution Date, plus (b) all interest and investment earnings on Eligible Investments credited to the Reserve Fund, the Note Distribution Account and the Accumulation Period Reserve Account (net of
losses and investment expenses) during the related Collection Period, plus (c) all withdrawals from the Accumulation Period Reserve Account pursuant to Section 4.13(c), plus (d) on the termination of the Accumulation Period
Reserve Account pursuant to Section 4.13(e), all remaining amounts on deposit in the Accumulation Period Reserve Account (excluding amounts relating to investment earnings and after giving effect to Section 4.13(c)).

 Available Series Principal Collections: With respect to any date, an amount equal to the sum of (i) the Series
Principal Collections for such date, plus (ii) any Shared Principal Collections with respect to other Series in Principal Sharing Group [    ] (including any amounts on deposit in the Excess Funding Account that are
allocated to Series 20[    ]-[    ] pursuant to the Indenture for application as Shared Principal Collections) for such date, plus (iii) if such date is also a Distribution Date, the amount of any
Additional Available Series Principal Collections remaining after application thereof pursuant to Section 4.04(f) being treated as Available Series Principal Collections on such date plus (iv) the amounts, if any, withdrawn from the
Excess Funding Account and applied pursuant to Section 4.04(g), minus (v) the amount of any Series Principal Collections being treated as Reallocated Principal Collections pursuant to Section 4.06. 

Average Class A Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the
Class A Note Principal Balance for each day during that period divided by (b) the number of days in that period. 

Average Class B Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class B
Note Principal Balance for each day during that period divided by (b) the number of days in that period. 
  

 5 

 Average Class C Note Principal Balance: For any period, an amount equal to the result
of (a) the aggregate of the Class C Note Principal Balance for each day during that period divided by (b) the number of days in that period. 

Average Class D Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class D
Note Principal Balance for each day during that period divided by (b) the number of days in that period. 
 Average Net
Invested Amount: For any period, an amount equal to the result of (a) Net Invested Amount for each day during that period divided by (b) the number of days in that period. 

Back-up Servicing Fee Rate: [    ]% per annum or such other percentage (not to exceed
[    ]% without satisfaction of the Series 20[    ]-[    ] Rating Agency Condition) as may be specified as such in the Back-up Servicing Agreement. 

[Bloomberg Screen BTMM Page: The display page currently so designated on the Bloomberg Screen BTMM Page (or such other page as may
replace such page in that service for the purpose of displaying comparable rates or prices).] 
 Class A Invested
Amount: As of any date, an amount equal to (a) the Class A Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class A
Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class A
Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class A Notes immediately before such date pursuant to Section 4.05(b) over (ii) the
cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class A Invested Amount to zero. 

Class A Monthly Interest: Has the meaning specified in Section 4.02(a). 

Class A Note: Any one of the Series 20[    ]-[    ] [Floating][Fixed] Rate Asset
Backed Notes, Class A executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 

Class A Note Initial Principal Balance: $[    ]. 

Class A Note Interest Rate: With respect to any Interest Period, [LIBOR for such Interest Period plus]
[    ]% per annum. 
 Class A Note Principal Balance: As of any date, the Class A Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class A Noteholders on or prior to such date. 
  

 6 

 Class A Noteholder: The Person in whose name a Class A Note is registered
in the Note Register. 
 Class B Invested Amount: As of any date, an amount equal to (a) the Class B Note Principal
Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class B Notes immediately before such date pursuant to Section 4.06 over (ii) the
cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class B Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount
of Series Charge-Offs allocable to the Class B Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but
limited to an amount that would reduce the Class B Invested Amount to zero. 
 Class B Monthly Interest: Has the meaning
specified in Section 4.02(b). 
 Class B Note: Any one of the Series
20[    ]-[    ] [Floating][Fixed] Rate Asset Backed Notes, Class B executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A.

 Class B Note Initial Principal Balance: $[        ]. 

Class B Note Interest Rate: With respect to any Interest Period, [LIBOR for such Interest Period plus] [    ]%
per annum. 
 Class B Note Principal Balance: As of any date, the Class B Note Initial Principal Balance, minus the
aggregate amount of any principal payments made to the Class B Noteholders on or prior to such date. 
 Class B
Noteholder: The Person in whose name a Class B Note is registered in the Note Register. 
 Class C Invested Amount:
As of any date, an amount equal to (a) the Class C Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class C Notes immediately
before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class C Invested Amount to
zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class C Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of
reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class C Invested Amount to zero. 

Class C Monthly Interest: Has the meaning specified in Section 4.02(c). 

 

 7 

 Class C Note: Any one of the Series
20[    ]-[    ] [Floating][Fixed] Rate Asset Backed Notes, Class C executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A.

 Class C Note Initial Principal Balance: $[        ]. 

Class C Note Interest Rate: With respect to any Interest Period, [LIBOR for such Interest Period plus] [    ]%
per annum. 
 Class C Note Principal Balance: As of any date, the Class C Note Initial Principal Balance, minus the
aggregate amount of any principal payments made to the Class C Noteholders on or prior to such date. 
 Class C
Noteholder: The Person in whose name a Class C Note is registered in the Note Register. 
 Class D Invested Amount:
As of any date, an amount equal to (a) the Class D Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class D Notes immediately
before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class D Invested Amount to
zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class D Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of
reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class D Invested Amount to zero. 

Class D Monthly Interest: Has the meaning specified in Section 4.02(d). 

Class D Note: Any one of the Series 20[    ]-[    ] [Floating][Fixed] Rate Asset Backed
Notes, Class D executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 

Class D Note Initial Principal Balance: $[        ]. 

Class D Note Interest Rate: With respect to any Interest Period, [LIBOR for such Interest Period plus] [    ]%
per annum. 
 Class D Note Principal Balance: As of any date, the Class D Note Initial Principal Balance, minus the
aggregate amount of any principal payments made to the Class D Noteholders on or prior to such date. 
 Class D
Noteholder: The Person in whose name a Class D Note is registered in the Note Register. 
 Class E Invested Amount:

  

 8 

 (a) With respect to the Closing Date, $[        ],
and 
 (b) with respect to any subsequent date, an amount equal to 

(i) the Class E Invested Amount determined as of the immediately preceding Distribution Date (or, with respect to the
initial Distribution Date, the Class E Invested Amount as of the Closing Date); 
 (ii) minus the excess,
if any, of (A) the cumulative amount of Reallocated Principal Collections allocable to the Class E Notes pursuant to Section 4.06 prior to such determination over (B) the cumulative amount of reimbursements thereof pursuant to
Section 4.09 prior to such determination, but limited to an amount that would reduce the Class E Invested Amount to zero; 

(iii) minus the excess, if any, of (A) the cumulative amount of Series Charge-Offs allocable to the Class E
Notes prior to such determination pursuant to Section 4.05(b) over (B) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 prior to such determination, but limited to an amount that would reduce the
Class E Invested Amount to zero; 
 (iv) minus an amount equal to the product of (A) the
Subordination Percentage and (B) the increase, if any, in the Series 20[    ]-[    ] Excess Funding Amount since the Distribution Date immediately preceding such date; 

(v) plus an amount equal to the product of (A) the Subordination Percentage and (B) the decrease, if any,
in the Series 20[    ]-[    ] Excess Funding Amount since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the
Nonoverconcentration Pool Balance, any such excess to become Class E Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool
Balance); 
 (vi) plus an amount equal to the increase, if any, in the Required Class E Invested Amount as
a result of a change in the Subordination Factor since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the Nonoverconcentration Pool Balance, any such excess
to become Class E Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool Balance); 

(vii) minus an amount equal to the decrease, if any, in the Required Class E Invested Amount as a result of a
change in the Subordination Factor since the Distribution Date immediately preceding such date; 
  

 9 

 (viii) plus the amount of any Available Series Interest Collections
treated as Additional Available Series Principal Collections on such date to ensure that the Class E Invested Amount as of such date is not less than the Required Class E Invested Amount pursuant to Section 4.04(a)(ix); 

minus the aggregate amount of any principal payments made to the Class E Noteholders since the Distribution Date
immediately preceding such date; 
 provided, however, that in no event shall the Class E Invested Amount as of any date be more
than the Required Class E Invested Amount as of such date; provided that the Depositor may at any time and from time to time increase the Class E Invested Amount by allocating a portion of the Nonoverconcentration Certificate Interest thereto;
provided such increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance or cause the Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate
Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Class E Invested Amount without satisfaction of the Series 20[    ]-[    ] Rating Agency Condition with respect to
each Class of Series 20[    ]-[    ] Notes in connection therewith if such increase would result in the aggregate amount of all such increase together with all amounts resulting from a discretionary increase
in the Series 20[    ]-[    ] Subordination Factor and the Reserve Fund exceeding 5.0% of the Note Principal Balance as of the date of such increase. 

Class E Note: Any one of the Series 20[    ]-[    ] Asset Backed Equity Notes, Class E
executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 

Class E Note Initial Principal Balance: $[        ]. 

Class E Note Principal Balance: As of any date, the Class E Note Initial Principal Balance, minus the aggregate amount of any
principal payments made to the Class E Noteholders before such date; provided, however, that the Depositor, at any time and from time to time, may (A) in connection with an increase in the Class E Invested Amount increase the
Class E Note Principal Balance, but not in excess of the increase in the Class E Invested Amount or (B) decrease the Class E Note Principal Balance upon satisfaction of the Series 20[    ]-[    ] Rating
Agency Condition and obtaining written consent of all of the Class E Noteholders. 
 Class E Noteholder: The Person in
whose name a Class E Note is registered in the Note Register. 
 Closing Date: [    ],
20[    ]. 
 Consent Rating Agency: Has the meaning set forth in the Rating Agency Free Writing
Prospectus. 
 Controlled Accumulation Amount: The result of (a) the Note Principal Balance as of the last day of
the Revolving Period (less the amount, if any, already on deposit in the Note Distribution Account to pay principal of the Series 20[    ]-[    ] Notes as of the close of business on the last day of the
Revolving Period) divided by (b) the number of months in the Controlled Accumulation Period. 
  

 10 

 Controlled Accumulation Period: Unless an Early Amortization Event has occurred prior
thereto, the period beginning on the first day of the [    ] 20[    ] Collection Period or such later date as is determined in accordance with Section 4.04(h) and ending on the earlier to occur of
(a) the close of business on the day immediately preceding the commencement of the Early Amortization Period and (b) the end of the Collection Period immediately preceding the Distribution Date on which the Note Principal Balance shall be
paid in full. 
 Controlled Deposit Amount: For any Collection Period with respect to the Controlled Accumulation Period,
an amount equal to the sum of (a) the Controlled Accumulation Amount for such Collection Period and (b) any Deficit Controlled Accumulation Amount for the immediately preceding Collection Period. 

Covered Amount: As of any Distribution Date on which the Servicer calculates the Accumulation Period Reserve Draw Amount pursuant
to Section 4.13(c), an amount equal to the product of (a) [one-twelfth][(i) the actual number of days in the related Collection Period divided by (ii) 360], times, (b) the product of (i) the amounts on deposit in the
Note Distribution Account being accumulated to pay the principal on the Series 20[    ]-[    ] Notes as of the immediately preceding Distribution Date (excluding amounts relating to investment earnings and
after giving effect to any deposit or withdrawals therein on such preceding Distribution Date), times (ii) [    ]% (or a lower percentage upon satisfaction of the Series
20[    ]-[    ] Rating Agency Condition with respect to the Series 20[    ]-[    ] Notes). 

Deficit Controlled Accumulation Amount: (a) for the Collection Period immediately preceding the Controlled Accumulation
Period, zero, and (b) for any Collection Period in the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such Collection Period over the amount deposited into the Note Distribution Account with respect to
such Collection Period. 
 Determination Date: The [    ]th day of each calendar month, or if such
[    ]th day is not a Business Day, the next succeeding Business Day. 
 Distribution Date:
[    ], 20[    ], and the [    ]th day of each calendar month thereafter, or if such [    ]th day is not a Business Day, the next succeeding Business Day. 

Early Amortization Period: The period beginning on the first day on which an Early Amortization Event with respect to Series
20[    ]-[    ] occurs and ending on the earlier to occur of (a) the end of the Collection Period immediately preceding the Distribution Date on which the Note Principal Balance shall be paid in full and
(b) the Series 20[    ]-[    ] Legal Maturity Date. 
 Excess Interest
Collections: With respect to Series 20[    ]-[    ], the meaning specified in Section 4.07. 
  

 11 

 [Fitch: Fitch, Inc.] 

Fixed Series Percentage: With respect to any date, the percentage equivalent (not to exceed 100%) of a fraction (a) the
numerator of which is the Net Invested Amount as of such date or, if the Revolving Period is no longer in effect, as of the close of business on the last day of the Revolving Period and (b) the denominator of which is the greater of
(i) the Adjusted Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection Period (or, in the case of the first Collection Period, the Closing Date) and (ii) the sum of the
numerators used to calculate the applicable fixed series percentages for allocating Nonoverconcentration Principal Collections to all outstanding Series (including Series 20[    ]-[    ]) with respect to such
date. 
 Floating Series Percentage: With respect to any Collection Period, the percentage equivalent (not to exceed
100%) of a fraction (a) the numerator of which is the Average Net Invested Amount for that Collection Period and (b) the denominator of which is the greater of (i) the average of the Adjusted Nonoverconcentration Pool Balance for each
day during such Collection Period and (ii) the sum of the numerators used to calculate the applicable floating series percentages for allocating Nonoverconcentration Interest Collections to all outstanding Series (including Series
20[    ]-[    ]) with respect to such Collection Period. 
 Indenture: The
Indenture, dated as of February 12, 2010, between the Issuing Entity and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 

Indenture Supplement: This Series 20[    ]-[    ] Indenture Supplement, as the same may be
amended, supplemented or otherwise modified from time to time. 
 Initial Invested Amount: With respect to the Series
20[    ]-[    ] Notes, the Initial Note Principal Balance. 
 Initial Note Principal
Balance: The sum of (a) the Class A Note Initial Principal Balance, plus (b) the Class B Note Initial Principal Balance, plus (c) the Class C Note Initial Principal Balance, plus (d) the Class D Note Initial Principal
Balance, plus (e) the Class E Note Initial Principal Balance. 
 Insolvency Event of Default: With respect to
the Series 20[    ]-[    ], any Event of Default specified in Sections 6.02(e) or (f). 

Interest Collections Shortfall: Has, with respect to Series 20[    ]-[    ], the meaning
specified in Section 4.07. 
 Interest Period: With respect to any Distribution Date, the period from and
including the Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date. 

 

 12 

 Invested Amount: The sum of the Investor Invested Amount and the Class E Invested
Amount. 
 Investor Invested Amount: As of any date, the sum of the Class A Invested Amount, the Class B Invested
Amount, the Class C Invested Amount and the Class D Invested Amount, in each case, as of such date. 
 Investor Note
Principal Balance: As of any date of determination, the sum of the Class A Note Principal Balance, the Class B Note Principal Balance, the Class C Note Principal Balance and the Class D Note Principal Balance, in each case, as of such date.

 Investor Notes: The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes. 

[LIBOR: With respect to any Interest Period, the London interbank offered rate for one-month United States dollar deposits
determined by the Indenture Trustee for such Interest Period pursuant to Section 4.12. 
 LIBOR Determination
Date: With respect to any Interest Period, the second London Business Day before the commencement of such Interest Period. 

London Business Day: Any day other than a Saturday, Sunday or any other day on which banks in London are required or authorized to
be closed for business.] 
 Majority of Manufacturers: Two or more Manufacturers that the aggregate amount of all
Eligible Principal Receivables held by the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufactured by one of those Manufacturers is 50.0% or more of the Pool Balance. 

Monthly Back-up Servicing Fee: With respect to any Distribution Date on which the Back-up Servicing Agreement is in effect, an
amount equal to the greater of (a) one-twelfth (or, with respect to the first Distribution Date, [    ]/360) of the product of (i) the Back-up Servicing Fee Rate, (ii) the Floating Series Percentage for the related
Collection Period and (iii) the Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection Period and (b) $[        ]. 

Monthly Interest: With respect to any Distribution Date, the sum of (a) the Class A Monthly Interest for such
Distribution Date, plus (b) the Class B Monthly Interest for such Distribution Date, plus (c) the Class C Monthly Interest for such Distribution Date, plus (d) the Class D Monthly Interest for such Distribution Date. 

Monthly Nonoverconcentration Defaulted Amount: With respect to any Collection Period, the aggregate of Nonoverconcentration
Defaulted Amounts for each day in that Collection Period. 
  

 13 

 Monthly Payment Rate: For any Collection Period, the percentage equivalent of
a fraction (a) the numerator of which is the Principal Collections for such Collection Period with respect to Principal Receivables arising under the Scheduled Accounts and (b) the denominator of which is the average daily aggregate
principal balance of all Principal Receivables arising under the Scheduled Accounts during such Collection Period.  

Monthly Principal Amount: With respect to any Collection Period, the amount required to be deposited into the Note Distribution
Account with respect to that Collection Period in respect of the Series 20[    ]-[    ] Notes as determined pursuant to Section 4.03. 

Monthly Servicing Fee: With respect to any Distribution Date, an amount equal to one-twelfth (or, with respect to the first
Distribution Date, [    ]/360) of the product of (a) the Servicing Fee Rate, (b) the Floating Series Percentage for the related Collection Period and (c) the Nonoverconcentration Pool Balance as of the close of
business on the last day of the immediately preceding Collection Period. 
 Monthly Statement: Has the meaning specified
in Section 5.03(b). 
 Net Invested Amount: With respect to the Series
20[    ]-[    ] Notes as of any date of determination, the sum of (a) the Net Investor Invested Amount as of such date and (b) the excess, if any, of (i) the Class E Invested Amount as of such
date over (ii) the Note Distribution Account Amount allocated to pay principal of the Class E Notes, if any, on such date. 

Net Investor Invested Amount: With respect to the Investor Notes as of any date of determination, the excess, if any, of
(i) the Investor Invested Amount as of such date over (ii) the Note Distribution Account Amount allocated to pay principal of the Investor Notes, if any, on such date. 

Note Distribution Account: Has the meaning specified in Section 4.10(a). 

Note Distribution Account Amount: On any date, an amount equal to the sum of (a) the amount on deposit in the Note
Distribution Account (excluding amounts related to investment earnings) on that date and (b) the aggregate amount of outstanding Permitted Delayed Remittances with respect to the Note Distribution Account. 

Note Principal Balance: As of any date of determination, the sum of the Investor Note Principal Balance on such date and the Class
E Note Principal Balance on such date. 
 Notice Rating Agency: Has the meaning set forth in the Rating Agency Free
Writing Prospectus. 
 Principal Sharing Group [    ]: Series
20[    ]-[    ] and each other Series specified in the related Indenture Supplements to be included in Principal Sharing Group [    ]. 

Principal Shortfall: With respect to Series 20[    ]-[    ], the meaning specified in
Section 4.08. 
 Rating Agency: Has the meaning set forth in the Rating Agency Free Writing Prospectus.

 Rating Agency Free Writing Prospectus: The issuer free writing prospectus, as defined in Rule 433 of the Securities
Act, filed by the Depositor on [    ], relating to the Series 20[    ]-[    ] Notes. 
  

 14 

 Reallocated Principal Collections: With respect to any Distribution Date, the amounts
applied in accordance with Section 4.06 in an amount not to exceed: 
 (a) with respect to amounts to
be applied to pay Monthly Servicing Fees, Monthly Back-up Servicing Fees, and Class A Monthly Interest, the sum of the Class A Invested Amount, the Class B Invested Amount, Class C Invested Amount, Class D Invested Amount and Class E
Invested Amount for that Distribution Date (in each case, after giving effect to any change in that amount on that date); 

(b) with respect to amounts to be applied to pay Class B Monthly Interest, the sum of the Class B Invested Amount, the
Class C Invested Amount, the Class D Invested Amount and the Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clause (a) above); 

(c) with respect to amounts to be applied to pay Class C Monthly Interest, the sum of the Class C Invested Amount, the
Class D Invested Amount and the Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a) and (b) above); and 

(d) with respect to amounts to be applied to pay Class D Monthly Interest, the sum of the Class D Invested Amount and the
Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a), (b) and (c) above). 

Reassignment Amount: With respect to any Distribution Date, after giving effect to any deposits and distributions otherwise to be
made on such Distribution Date, the sum of (a) the Note Principal Balance on such Distribution Date, plus (b) the Monthly Interest for such Distribution Date, together with any Monthly Interest previously due but not paid to the Series
20[    ]-[    ] Noteholders on prior Distribution Dates. 
 Required Accumulation
Factor Number: A fraction, rounded upwards to the nearest whole number, the numerator of which is one and the denominator of which is equal to the lowest Monthly Payment Rate on the Accounts, expressed as a decimal, for the 12 months preceding
the date of such calculation; provided, however, that this definition may be changed at any time upon receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse
Effect. 
 Required Class E Invested Amount: As of any Distribution Date, the product of (i) the Subordination
Percentage and (ii) the excess, if any, of (A) (1) with respect to any Distribution Date occurring during the Controlled Accumulation Period or the Early Amortization Period, the Net Investor Invested Amount as of the last day of the
Revolving Period, and (2) with respect to any Distribution Date occurring during the Revolving Period, the Net Investor Invested Amount as of such Distribution Date, over (B) the Series
20[    ]-[    ] Excess Funding Amount on such date (after giving effect to any changes in such amount on such date). 
  

 15 

 Required Pool Percentage: [    ]%, except that the Depositor may
reduce this percentage so long as the Series 20[    ]-[    ] Rating Agency Condition is satisfied with respect to the Series 20[    ]-[    ] Notes, but without the
consent of any Noteholder or any other Person. 
 Reserve Fund: Has the meaning specified in Section 4.11(a).

 Reserve Fund Available Amount: With respect to any Distribution Date, the lesser of (a) the amount on deposit in
the Reserve Fund on such date (excluding any net investment earnings on amounts on deposit therein and before giving effect to any (i) deposit made or to be made therein pursuant to Section 4.04(a) on such date or (ii) any
withdrawal made or to be made therefrom pursuant to Section 4.04(b)(ii) on such date) and (b) the Reserve Fund Required Amount for such Distribution Date. 

Reserve Fund Deposit Amount: With respect to any Distribution Date, the excess, if any, of (a) the Reserve Fund Required
Amount for such Distribution Date, over (b) the Reserve Fund Available Amount for such Distribution Date. 
 Reserve
Fund Initial Amount: $[        ]. 
 Reserve Fund Required Amount: With
respect to any Distribution Date, an amount equal to the product of Reserve Fund Required Percentage and the Invested Amount as of such Distribution Date (after giving effect to any changes therein on such Distribution Date); provided,
however, that the Depositor may, in its discretion, increase or, upon satisfaction of the Series 20[    ]-[    ] Rating Agency Condition, decrease the Reserve Fund Required Amount. Notwithstanding the
foregoing, the Depositor shall not be permitted to increase the Reserve Fund Required Amount in its discretion without satisfaction of the Series 20[    ]-[    ] Rating Agency Condition if such increase would
result in the aggregate amount of all such increases together with all amounts added to the Class E Invested Amount and all amount resulting from a discretionary increase in the Class E Invested Amount or in the Subordination Factor exceeding 5.0%
of the Note Principal Balance as of the date of such increase. 
 Reserve Fund Required Percentage: As of any date,
[    ]%; [provided, however, that in the event the Subordination Factor would otherwise be required to increase as a result of a decrease in the Monthly Payment Rate in accordance with the definition of Subordination Factor, the
Depositor may by delivering an Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the date such increase was to become effective, elect to increase the Reserve Fund Required Percentage in an amount in percentage
points equal to the amount the Subordination Factor would otherwise have been required to have been increase rather than increasing the Subordination Factor. In the event that the Depositor shall elect to so increase the Reserve Fund Required
Percentage rather than the Subordination Factor, any increase in the Monthly Payment Rate that otherwise would have resulted in a decreased the Subordination Factor will alternatively result in corresponding decrease in the Reserve Fund Required
Percentage. The election of the Depositor to increase the Reserve Fund Required Percentage rather than increasing the Subordination Factor shall be deemed not to be a discretionary increase]. 

 

 16 

 Reserve Fund Trigger Amount: As of any date, an amount equal to the product of
[    ]% and the Invested Amount on such date (after giving effect to any changes therein on such date); provided, however, that, if the Reserve Fund Required Amount has been increased solely as a result of the decrease in the
Three Month Average Payment Rate, then with respect to that Distribution Date and each Distribution Date thereafter until the amount on deposit in the Reserve Fund equals the Reserve Fund Required Amount, the Reserve Fund Trigger Amount will equal
$0. 
 Revolving Period: The period beginning on the Closing Date and ending on the earlier of the close of business on
the day immediately preceding the date on which the Controlled Accumulation Period or the Early Amortization Period commences. 

Series 20[    ]-[    ]: The Series of Notes, the Principal Terms of which are specified in
this Indenture Supplement. 
 Series 20[    ]-[    ] Early Amortization Event:
Has the meaning specified in Section 6.01. 
 Series 20[    ]-[    ]
Excess Funding Amount: As of any date of determination, the product of (a) the amount on deposit in the Excess Funding Account (excluding amounts relating to investment earnings) on such date, times (b) a fraction (i) the
numerator of which is the Net Invested Amount as of such date and (ii) the denominator of which is the sum of the net invested amounts of each outstanding Nonoverconcentration Series (including Series
20[    ]-[    ]) being allocated a portion of the funds on deposit in the Excess Funding Account. 

Series 20[    ]-[    ] Event of Default: Has the meaning specified in
Section 6.02. 
 Series 20[    ]-[    ] Expected Maturity Date: The
[    ] 20[    ] Distribution Date. 
 Series
20[    ]-[    ] Insolvency Event of Default: The Series 20[    ]-[    ] Events of Default set forth in clauses (e) or (f) of
Section 6.02. 
 Series 20[    ]-[    ] Issuing Entity Insolvency Event
of Default: The Series 20[    ]-[    ] Event of Default set forth in clause (f) of Section 6.02. 

Series 20[    ]-[    ] Legal Maturity Date: The [    ]
20[    ] Distribution Date. 
 Series 20[    ]-[    ] Note: A
Class A Note, a Class B Note, a Class C Note, a Class D Note or a Class E Note. 
 Series
20[    ]-[    ] Noteholder: A Class A Noteholder, a Class B Noteholder, a Class C Noteholder, a Class D Noteholder or a Class E Noteholder. 

 

 17 

 Series 20[    ]-[    ] Noteholders’
Collateral: The Noteholders’ Collateral for the Series 20[    ]-[    ]. 

Series 20[    ]-[    ] Private Notes: The [Series
20[    ]-[    ] Class B Notes, the Series 20[    ]-[    ] Class C Notes,] the Series 20[    ]-[    ] Class D Notes and the Series
20[    ]-[    ] Class E Notes. 
 Series
20[    ]-[    ] Rating Agency Condition: The condition that each of the Consent Rating Agencies with respect to the Series 20[    ]-[    ] Notes shall have notified
the Depositor, the Servicer and the Issuing Entity in writing that such action shall not result in a downgrade, suspension or withdrawal of the then current rating of the Series 20[    ]-[    ] Notes then
rated by such Rating Agency[; provided, however, that with respect to each Notice Rating Agency it shall be sufficient that each Notice Rating Agency shall be given prior written notice thereof]. 

Series Accounts: With respect to Series 20[    ]-[    ], the Note Distribution Account,
the Reserve Fund and the Accumulation Period Reserve Account. 
 Series Charge-Offs: Has the meaning specified in
Section 4.05. 
 Series Collateral: Has the meaning specified in the granting clauses of this Indenture
Supplement. 
 Series Cut-Off Date: The close of business on [    ], 20[    ].

 Series Defaulted Amount: With respect to any Distribution Date, the amount of the Nonoverconcentration Defaulted
Amount for the related Collection Period allocated to the Series 20[    ]-[    ] pursuant to Section 4.01(d). 

Series Defaulted Percentage: With respect to any Collection Period, the Floating Series Percentage. 

Series Interest Collections: With respect to any Distribution Date, the amount of Nonoverconcentration Interest Collections for
the related Collection Period (and, in the case of the initial Distribution Date, the prior Collection Period) allocated to the Series 20[    ]-[    ] pursuant to Section 4.01(b). 

Series Interest Percentage: With respect to any Collection Period, the Floating Series Percentage. 

Series Principal Collections: With respect to any date, the amount of the Nonoverconcentration Principal Collections for that date
allocated to the Series 20[    ]-[    ] pursuant to Section 4.01(c). 

Series Principal Percentage: For any date, the Fixed Series Percentage. 

Series Required Certificate Amount: On any date, the product of (a) the excess, if any, of (i) the Required Pool
Percentage over (ii) 100% and (b) the Net Invested Amount on that date. 
  

 18 

 Shared Principal Collections: With respect to Series
20[    ]-[    ], has the meaning specified in Section 4.08. 

Significant Manufacturer: As of any date, a Manufacturer that the aggregate amount of all Eligible Principal Receivables held by
the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufacturer by such Manufacturer is 35.0% (or, in the case of Chrysler, 25.0%) or more of the Pool Balance. 

Special Pass-Through Entity: A grantor trust, S corporation, or partnership where more than 50% of the value of a beneficial
owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Class B Note, Class C Note, and/or Class D Note, as applicable. 

Subordination Factor: As of any date, [    ]%[; provided, however, that if on any Distribution
Date, the Three Month Average Payment Rate is (i) less than [    ]% but greater than or equal to [    ]%, (ii) less than [    ]% but greater than or equal to
[    ]%, or (iii) less than [    ]%, then on the next Distribution Date, the Subordination Factor shall be equal to (i) [    ]%, (ii) [    ]%, or
(iii) [    ]%, respectively; provided, however, that if after any such increase in the Subordination Factor, on any Distribution Date the Three Month Average Payment Rate as of Distribution Date is, and the
Three Month Average Payment Date with respect to each of the two prior Distribution Dates was, (i) greater than or equal [    ]% but less than [    ]%, (ii) greater than or equal to
[    ]% but less than [    ]% or (iii) greater than or equal to [    ]%, then on the next Distribution Date, the Subordination Factor shall be (i) [    ]%,
(ii) [    ]% or [    ]%, respectively; provided, further, that the Depositor may, by delivering an Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the
date such increase was to become effective, elect to increase the Reserve Fund Required Percentage in an amount in percentage points equal to the amount the Subordination Factor would otherwise have been required to have been increased rather than
increasing the Subordination Factor. In addition, the Depositor may (a) in its discretion increase the Subordination Factor, increasing the Subordination Percentage and thereby increasing the Class E Invested Amount and the Class E Principal
Amount by an amount equal to the product of (i) the increase in the Subordination Percentage and (ii) the excess, if any, of (A) the Net Invested Amount over (B) the Series 20[    ]-[    ]
Excess Funding Amount on such date (after giving effect to any changes in such amount on such date); provided such increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance or cause the
Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate Amount or (b) upon satisfaction of the Series 20[    ]-[    ] Rating Agency Condition with respect to
each Class of Series 20[    ]-[    ] Notes in connection therewith, decrease the Subordination Factor, with corresponding decreases in the Subordination Percentage, the Class E Invested Amount and the Class E
Principal Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Subordination Factor in its discretion without satisfaction of the Series 20[    ]-[    ] Rating Agency
Condition with respect to each Class of Series 20[    ]-[    ] Notes in connection therewith if such increase would result in the aggregate amount of all such increases together with discretionary increases in
the Class E Invested Amount and the Reserve Fund exceeding 5.0% of the Note Principal Balance as of the date of such increase.] 
  

 19 

 Subordination Percentage: As of any date, an amount (expressed as a percentage) equal
to (a) the Subordination Factor divided by (b) the result of 100% minus the Subordination Factor. 
 Three Month
Average Payment Rate: As of any Distribution Date, the arithmetic average of the Monthly Payment Rate determined with respect to each of the three Collection Periods immediately preceding such Distribution Date. 

SECTION 2.02 Other Definitional Provisions. 

(a) Certain capitalized terms used but not otherwise defined in this Indenture Supplement shall have the respective meanings assigned to
them in Part I of the Appendix A to the Trust Sale and Servicing Agreement, dated as of February 12, 2010 (the “Trust Sale and Servicing Agreement”), among Ally Master Owner Trust, Ally Wholesale Enterprises LLC,
Ally Bank, and Ally Financial Inc. (formerly GMAC Inc.) (with its successors and assigns, “Ally Financial”), as amended, supplemented, restated or otherwise modified from time to time. 

(b) All references herein to “this Indenture Supplement” are to this Indenture Supplement as it may be amended, supplemented or
modified from time to time, and all references herein to Articles, Sections, subsections and exhibits are to Articles, Sections, subsections and exhibits of this Indenture Supplement unless otherwise specified. 

(c) All terms defined in this Indenture Supplement shall have the defined meanings when used in any certificate, notice, Note or other
document made or delivered pursuant hereto unless otherwise defined therein. 
 (d) The rules of construction set forth in
Part II of Appendix A to the Trust Sale and Servicing Agreement shall be applicable to this Indenture Supplement. 

ARTICLE III 

SERVICING FEE 

SECTION 3.01 Servicing Compensation. 

The share of the Servicing Fee and the Back-up Servicing Fee, respectively, allocable to the Series
20[    ]-[    ] Noteholders with respect to any Distribution Date is equal to the Monthly Servicing Fee and the Monthly Back-up Servicing Fee, respectively. The portion of the Servicing Fee and Back-up
Servicing Fee that is not allocable to the Series 20[    ]-[    ] Noteholders shall be paid by the holders of the Certificate Interest or the Noteholders of other Series (as provided in the related Indenture
Supplements) and in no event shall the Issuing Entity, the Indenture Trustee or the Series 20[    ]-[    ] Noteholders be liable for the share of the Servicing Fee or the Back-up Servicing Fee to be paid by
the holders of the Certificate Interest or the Noteholders of any other Series. 
  

 20 

 ARTICLE IV 

RIGHTS OF SERIES 20[    ]-[    ] NOTEHOLDERS 

AND ALLOCATION AND APPLICATION OF COLLECTIONS 

SECTION 4.01 Collections and Allocations. 

(a) Allocations to Series 20[    ]-[    ]. As provided in Section 8.4(a) of
the Indenture, Nonoverconcentration Interest Collections, Nonoverconcentration Principal Collections and Nonoverconcentration Defaulted Amounts shall be allocated to Series 20[    ]-[    ] and then applied in
accordance with this Article IV. No Overconcentration Interest Collections, Overconcentration Principal Collections or Overconcentration Defaulted Amounts shall be allocated to the Series
20[    ]-[    ]. 
 (b) On each Determination Date beginning on the Determination Date
in [    ] 20[    ], the Servicer shall allocate to the Series 20[    ]-[    ] an amount of Nonoverconcentration Interest Collections for the related Collection Period
(and, in the case of the initial Distribution Date, the prior Collection Period) equal to the product of (i) the Series Interest Percentage for the related Collection Period, and (ii) the Nonoverconcentration Interest Collections for such
Collection Period; provided, however, that for purposes of calculating the Series Interest Percentage for this Section 4.01(b), the Series 20[    ]-[    ] Notes shall be deemed to
have been outstanding since the Series Cut-Off Date. 
 (c) On each Business Day beginning on the Closing Date, the Servicer
shall allocate to the Series 20[    ]-[    ] an amount of Nonoverconcentration Principal Collections for that date equal to the product of (i) the Series Principal Percentage for that date and
(ii) the Nonoverconcentration Principal Collections for such that date. 
 (d) On each Determination Date beginning on the
Determination Date in [    ] 20[    ], the Servicer shall allocate to the Series 20[    ]-[    ] an amount of the Nonoverconcentration Defaulted Amount for the related
Collection Period equal to the product of (i) the Series Defaulted Percentage for the related Collection Period and (ii) the Monthly Nonoverconcentration Defaulted Amount for the related Collection Period. 

SECTION 4.02 Determination of Monthly Interest. 

(a) The amount of monthly interest due with respect to the Class A Notes for any Distribution Date and the related Interest Period
(the “Class A Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) [a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360][one-twelfth (or, in the case of the [    ] 20[    ] Distribution Date, a fraction, the numerator of which is [    ] and the denominator of which is 360)], times
(ii) the Class A Note Interest Rate, times (iii) the Average Class A Note Principal Balance for the related Interest Period. 

(b) The amount of monthly interest due with respect to the Class B Notes for any Distribution Date and the related Interest Period (the
“Class B Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) [a fraction, the 

 

 21 

 
numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360][one-twelfth (or, in the case of the [    ]
20[    ] Distribution Date, a fraction, the numerator of which is [    ] and the denominator of which is 360)], times (ii) the Class B Note Interest Rate, times (iii) the Average Class B Note
Principal Balance for the related Interest Period. 
 (c) The amount of monthly interest due with respect to the Class C Notes
for any Distribution Date and the related Interest Period (the “Class C Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) [a fraction, the numerator of which is the actual
number of days in the related Interest Period and the denominator of which is 360][one-twelfth (or, in the case of the [    ] 20[    ] Distribution Date, a fraction, the numerator of which is
[    ] and the denominator of which is 360)], times (ii) the Class C Note Interest Rate, times (iii) the Average Class C Note Principal Balance for the related Interest Period. 

(d) The amount of monthly interest due with respect to the Class D Notes for any Distribution Date and the related Interest Period (the
“Class D Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) [a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360][one-twelfth (or, in the case of the [    ] 20[    ] Distribution Date, a fraction, the numerator of which is [    ] and the denominator of which is 360)], times
(ii) the Class D Note Interest Rate, times (iii) the Average Class D Note Principal Balance for the related Interest Period. 

SECTION 4.03 Determination of Monthly Principal Amount. 

The amount of monthly principal to be deposited into the Note Distribution Account with respect to any Collection Period in the Controlled
Accumulation Period or, if earlier, any Collection Period or portion thereof in the Early Amortization Period (the “Monthly Principal Amount”), shall be equal to the least of (a) the sum of (i) the Available Series
Principal Collections for the related Distribution Date, (ii) Additional Available Series Principal Collections for the related Distribution Date and (iii) any Series 20[    ]-[    ] Excess Funding
Amount with respect to such period, (b) for each Collection Period with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Collection Period, and (c) the Net Invested Amount (after taking into account any
adjustments to be made on the related Distribution Date pursuant to Sections 4.05 and 4.06). 
  

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 SECTION 4.04 Application of Available Funds on Deposit in Collection Account and
Other Sources. 
 (a) On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to apply by
written instruction to the Indenture Trustee, Available Series Interest Collections with respect to such Distribution Date on deposit in the Collection Account to make the following distributions or deposits in the following priority: 

(i) [first, an amount equal to the Monthly Servicing Fee for such Distribution Date, together with any Monthly Servicing
Fees previously due but not paid to the Servicer on prior Distribution Dates, shall be distributed to the Servicer (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4 of the
Indenture); second, pro rata, an amount equal to the accrued and unpaid fees, expenses and indemnities owed to the Indenture Trustee, the Owner Trustee, the Administrator and any other fees or expenses of the Issuing Entity payable by the Servicer
or the Administrator (to the extent not paid by the Servicer or the Administrator) shall be distributed to the Indenture Trustee, the Owner Trustee, the Administrator, or the Person to whom such payment is owed, as applicable, provided that
the amount distributed pursuant to this clause second shall not exceed $150,000 in any calendar year; third, an amount equal to the Monthly Back-up Servicing Fee for such Distribution Date, together with any Monthly Back-up Servicing Fees previously
due but not paid to the Back-up Servicer on prior Distribution Dates, shall be distributed to the Back-up Servicer; 

(ii) an amount equal to the Class A Monthly Interest for such Distribution Date, together with any Class A
Monthly Interest previously due but not paid to the Class A Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class A Noteholders; 

(iii) an amount equal to the Class B Monthly Interest for such Distribution Date, together with any Class B Monthly
Interest previously due but not paid to the Class B Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class B Noteholders; 

(iv) an amount equal to the Class C Monthly Interest for such Distribution Date, together with any Class C Monthly
Interest previously due but not paid to the Class C Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class C Noteholders; 

(v) an amount equal to the Class D Monthly Interest for such Distribution Date, together with any Class D Monthly Interest
previously due but not paid to the Class D Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class D Noteholders; 

(vi) an amount equal to the Series Defaulted Amount for such Distribution Date shall be treated as Additional Available
Series Principal Collections for such Distribution Date; 
 (vii) an amount equal to the sum of Series
Charge-Offs that have not been previously reimbursed shall be treated as Additional Available Series Principal Collections for such Distribution Date; 
  

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 (viii) the amount equal to the sum of Reallocated Principal Collections that
have not been previously reimbursed shall be treated as Additional Available Series Principal Collections for such Distribution Date; 

(ix) the amount necessary to cause the Class E Invested Amount to not be less than the Required Class E Invested Amount
shall be treated as Additional Available Series Principal Collections for such Distribution Date; 
 (x) an
amount equal to the Reserve Fund Deposit Amount for such Distribution Date shall be deposited into the Reserve Fund; 

(xi) beginning on the Accumulation Period Reserve Account Funding Date, an amount equal to the Accumulation Period Reserve
Account Deposit Amount for such Distribution Date shall be deposited into the Accumulation Period Reserve Account; 

(xii) the amount required to repay the Servicer for all outstanding Servicer Advances made in respect of the Series
20[    ]-[    ] Notes shall be distributed to the Servicer (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4 of the Indenture);

 (xiii) pro rata, the amounts required to pay any remaining fees, expenses, indemnities or other amounts
required to be paid pursuant to clause second of subsection (i) above but not paid as a result of the proviso thereto, the amount required to reimburse the Back-up Servicer for all unpaid Servicer Transition Costs in excess of the amounts
reimbursed by funds from the Servicer Termination Costs Reserve Account and the amount required to reimburse the Back-up Servicer for all unpaid amounts due to the Back-up Servicer pursuant to the Back-up Servicing Agreement shall be distributed to
the applicable person; 
 (xiv) an amount equal to the Interest Collections Shortfalls for other outstanding
Series in Excess Interest Sharing Group [    ] shall be treated as Excess Interest Collections available from Series 20[    ]-[    ] and applied to cover the Interest Collections Shortfalls
for other outstanding Series in Excess Interest Sharing Group [    ]; and 
 (xv) all
remaining Available Series Interest Collections for such Distribution Date shall be deposited in the Certificate Distribution Account for distribution to the holders of the Certificate in accordance with the Trust Agreement (unless such amount has
been netted against deposits into the Collection Account in accordance with Section 8.4 of the Indenture), but only to the extent that such remaining amount is not otherwise required to be deposited into the Excess Funding Account or the Cash
Collateral Account pursuant to Section 8.3 of the Indenture.] 
 (b) If Available Series Interest Collections with respect
to any Distribution Date are insufficient to distribute or deposit the full amounts required under Section 4.04(a), the Servicer shall apply, or direct the Indenture Trustee to apply by written instructions to the Indenture

  

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Trustee, on such Distribution Date available funds from the following sources in the following order to make up any such shortfalls to the extent provided below: 

(i) first, from Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group
[    ], but only to cover shortfalls in the distributions and deposits required under clauses (i) through (xii) of Section 4.04(a) in that order; 

(ii) second, from the Reserve Fund Available Amount, but only to cover shortfalls in the distributions and deposits
required under clauses (i) through (viii) of Section 4.04(a) in that order; 

(iii) third, from the Reallocated Principal Collections for such Distribution Date, but only to cover shortfalls in the
distributions required under clauses (i) through (v) of Section 4.04(a) in that order; and 

(iv) fourth, from the Servicer to the extent that the Servicer, in its sole discretion, decides to make an advance, but
only to cover shortfalls in the distributions and deposits required under clauses (i) through (xi) of Section 4.04(a) in that order, and only to the extent that the Servicer expects to recover such advances (each,
a “Servicer Advance”) pursuant to Section 4.04(a)(xii) on subsequent Distribution Dates. 
 (c) On
each Business Day with respect to the Revolving Period, the Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date as Shared Principal
Collections with respect to Principal Sharing Group [    ] and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 

(d) On each Business Day with respect to the Controlled Accumulation Period, the Servicer shall apply, or direct the Indenture Trustee to
apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date to make the following distributions or deposits in the following priority: 

(i) first, an amount equal to the excess, if any, of (A) the Monthly Principal Amount for the related Collection
Period over (B) the amount previously deposited during that Collection Period for the payment of principal to the Noteholders shall be deposited into the Note Distribution Account for payment of principal to the Noteholders; and 

(ii) second, any remaining amounts shall be treated as Shared Principal Collections with respect to Principal Sharing
Group [    ] and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 

(e) On each Business Day with respect to the Early Amortization Period, the Servicer shall apply, or direct the Indenture Trustee to
apply by written instruction to the 
  

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Indenture Trustee, Available Series Principal Collections for such date to make the following distributions or deposits in the following priority: 

(i) first, the amount necessary to reduce the Note Principal Balance to zero, but not more than the amount that would
reduce the Invested Amount to zero, shall be deposited into the Note Distribution Account for payment of principal to the Noteholders in accordance with Section 5.02(b); and 

(ii) second, any remaining amounts shall be treated as Shared Principal Collections with respect to Principal Sharing
Group [    ] and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 

(f) On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to apply by written instructions to the
Indenture Trustee, Additional Available Series Principal Collections, if any, (i) first, to make the applications of Additional Available Series Principal Collections required pursuant to Section 4.06, (ii) second, to make the
deposits and distributions required to be made during the related Collection Period pursuant to Sections 4.04(c), (d) and (e) that have not otherwise been made as of such Distribution Date, and (iii) third, any remaining
Additional Available Series Principal Collections shall be treated as Available Series Principal Collections for such date. 

(g) On the first Business Day of the earlier to occur of the Controlled Accumulation Period and the Early Amortization Period, the
Indenture Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the Excess Funding Account and apply in accordance with Sections 4.04(d) or (e), as applicable, an amount equal to the lesser of
(i) the Series 20[    ]-[    ] Excess Funding Amount for such date and (ii) the amount required to be deposited or distributed on that date pursuant to Section 4.04(d)(i) or
4.04(e)(i), as applicable that was not previously deposited or distributed on that date. 
 (h) The Controlled
Accumulation Period is scheduled to commence on the first day of the [    ] 20[    ] Collection Period; provided, however, that, if the Accumulation Period Length (determined as described below)
is less than [    ] Collection Periods, the date on which the Controlled Accumulation Period actually commences shall be delayed to the first day of the Collection Period that is the number of whole Collection Periods before the
Series 20[    ]-[    ] Expected Maturity Date at least equal to the Accumulation Period Length and, as a result, the number of Collection Periods in the Controlled Accumulation Period shall at least equal the
Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the [    ] 20[    ] Collection Period and ending when the Controlled Accumulation Period begins, the
Servicer shall determine the “Accumulation Period Length” as of such Determination Date, which shall equal the number of whole Collection Periods such that the sum of the Accumulation Period Factors for each Collection Period during
such period shall be equal to or greater than the Required Accumulation Factor Number; provided, however, that the Accumulation Period Length shall not be determined to be less than one Collection Period. If the number of whole
Collection Periods remaining after such Determination Date and before the Series 20[    ]-[    ] Expected Maturity Date is less than or equal to the Accumulation Period Length calculated as of such
Determination Date, the Controlled Accumulation Period shall commence on the first day of the following Collection Period; provided, however, if such 

 

 26 

 
number of Collection Periods is greater than such Accumulation Period Length, the commencement of the Controlled Accumulation Period shall be delayed until at least the next Determination Date,
at which time the Accumulation Period Length shall be recalculated as described above. 
 (i) All distributions that are
deposited by the Indenture Trustee into the Certificate Distribution Account for distribution to the holders of the Certificate pursuant to this Indenture Supplement shall be made in accordance with such written remittance instructions as may be
provided to the Indenture Trustee by the Depositor from time to time. 
 (j) Notwithstanding any other provision of this
Indenture Supplement or the Indenture, if any amount is required to be deposited into any Series Account or other account pursuant to this Indenture Supplement and all or part of the amount of such deposit is to be deposited into another account or
otherwise distributed on that date, such amount may be deposited directly into the applicable subsequent account or distributed directly to the applicable recipient without first being deposited into the initial Series Account or account.

 (k) If an increase in the Subordination Factor is to occur on the next Distribution Date, the Required Nonoverconcentration
Pool Balance for purposes of Section 8.3 of the Indenture as of such Distribution Date and on each subsequent date until the Distribution Date on which such increase takes effect shall be calculated as if the increase in the
Subordination Factor has already occurred. 
 SECTION 4.05 Series Charge-Offs. 

(a) On each Determination Date, the Servicer shall calculate the Series Defaulted Amount, if any, for the related Distribution Date. If
the Series Defaulted Amount for any Distribution Date exceeds the sum of: 
 (i) the Available Series Interest
Collections for such Distribution Date applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi); 

(ii) the Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group
[    ] for such Distribution Date applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi) in accordance with Section 4.04(b)(i); 

(iii) the Reserve Fund Available Amount for such Distribution Date applied to fund such Series Defaulted Amount pursuant
to Section 4.04(a)(vi) in accordance with Section 4.04(b)(ii) (after giving effect to the application of such amounts to items (i) through (v) in Section 4.04(a)); and; 

(iv) the amount of Servicer Advances for such Distribution Date applied to fund such Series Defaulted Amount pursuant to
Section 4.04(a)(vi) in accordance with Section 4.04(b)(iv); 
 then, a “Series Charge-Off” in the
amount of such excess shall exist for such Distribution Date and shall reduce the Invested Amount. 
  

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 (b) The reduction in the Invested Amount for such Distribution Date due to such Series
Charge-Off shall be allocated as follows: 
 (i) first, the Class E Invested Amount shall be reduced by the
amount of such reduction until the Class E Invested Amount is reduced to zero; then 
 (ii) second, the Class D
Invested Amount shall be reduced by any remaining amount until the Class D Invested Amount is reduced to zero; then 

(iii) third, the Class C Invested Amount shall be reduced by any remaining amount until the Class C Invested Amount is
reduced to zero; then 
 (iv) fourth, the Class B Invested Amount shall be reduced by any remaining amount until
the Class B Invested Amount is reduced to zero; and then 
 (v) fifth, the Class A Invested Amount shall be
reduced by any remaining amount until the Class A Invested Amount is reduced to zero. 
 SECTION 4.06 Reallocated
Principal Collections. 
 On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee by written
instruction to the Indenture Trustee to apply the portion of Reallocated Principal Collections specified in Section 4.04(b)(iii) from the following sources and in the following order of priority, (i) first, Additional Available
Series Principal Collections for that Distribution Date available in accordance with Section 4.04(f), (ii) second, Series Principal Collections for that date, and (iii) third, amounts on deposit in the Note Distribution Account
for the payment of principal (first for the Class E Notes, then for the Class D Notes, then for the Class C Notes, then for the Class B Notes and then for the Class A Notes), but not in excess of the amounts specified in the definition of
“Reallocated Principal Collections,” in accordance with Section 4.04(b)(iii). If, on any Distribution Date, Reallocated Principal Collections for such Distribution Date are so applied, then, the Invested Amount shall be reduced
by the amount of such application and, if such amounts are from withdrawals from the Note Distribution Account, those amounts shall be deemed not to have been allocated or deposited into the Note Distribution Account for purposes of this Indenture
Supplement. The reduction in the Invested Amount for such Distribution Date due to the application of such Reallocated Principal Collections shall be allocated as follows: 

(a) first, the Class E Invested Amount shall be reduced by the amount of such reduction until the Class E Invested Amount is reduced to
zero; then 
 (b) second, the Class D Invested Amount shall be reduced by any remaining amount until the Class D Invested Amount
is reduced to zero; then 
 (c) third, the Class C Invested Amount shall be reduced by any remaining amount until the Class C
Invested Amount is reduced to zero; then 
  

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 (d) fourth, the Class B Invested Amount shall be reduced by any remaining amount until the
Class B Invested Amount is reduced to zero; and then 
 (e) fifth, the Class A Invested Amount shall be reduced by any
remaining amount until the Class A Invested Amount is reduced to zero. 
 SECTION 4.07 Excess Interest
Collections. 
 Subject to Section 8.05(b) of the Indenture, Excess Interest Collections with respect to the
Excess Interest Sharing Series in Excess Interest Sharing Group [ ] for any Distribution Date shall be allocated to Series 20[    ]-[    ] in an amount equal to the product of (i) the aggregate amount of
Excess Interest Collections with respect to all the Excess Interest Sharing Series in Excess Interest Sharing Group [ ] for such Distribution Date and (ii) a fraction, the numerator of which is the Interest Collections Shortfall for Series
20[    ]-[    ] for such Distribution Date and the denominator of which is the aggregate amount of Interest Collections Shortfalls for all the Excess Interest Sharing Series in Excess Interest Sharing Group
[    ] for such Distribution Date. The “Interest Collections Shortfall” for Series 20[ ]-[ ] for any Distribution Date shall equal the excess, if any, of (a) the full amount required to be paid, without
duplication, pursuant to clauses (i) through (xii) of Section 4.04(a) on such Distribution Date, over (b) the Available Series Interest Collections for such Distribution Date. The maximum amount of
“Excess Interest Collections” with respect to Series 20[    ]-[    ] for any Distribution Date available for other Series in Excess Sharing Group [    ] shall equal the
excess, if any, of (a) the Available Series Interest Collections for such Distribution Date over (b) the full amount required to be distributed, without duplication, pursuant to clauses (i) through (xii) of
Section 4.04(a) on such Distribution Date. 
 SECTION 4.08 Shared Principal Collections. 

Subject to Section 8.5(c) of the Indenture, the aggregate amount of Shared Principal Collections with respect to the Principal
Sharing Series in Principal Sharing Group [    ] for any date shall be allocated to Series 20[    ]-[    ] in an amount equal to the product of (i) the aggregate amount of Shared
Principal Collections, times (ii) a fraction, the numerator of which is the Principal Shortfall for Series 20[    ]-[    ] for such date and the denominator of which is the aggregate amount of Principal
Shortfalls for all the Principal Sharing Series in Principal Sharing Group [    ] for such date. The “Principal Shortfall” for Series 20[    ]-[    ] shall equal
(a) for any date in the Revolving Period, zero, (b) for any date in the Controlled Accumulation Period, the amount to be deposited or distributed pursuant to Sections 4.04(d) over the amount previously deposited or distributed
pursuant to that subsection, and (c) for any date in the Early Amortization Period, the amount to be deposited or distributed pursuant to Section 4.04(e) over the amount previously deposited or distributed pursuant to that
subsection. The “Shared Principal Collections” with respect to Series 20[    ]-[    ] for any date shall equal the excess, if any, of (a) the Available Series Principal Collections for
such date (without giving effect to clause (ii) of the definition thereof) over (b) the full amount required to be deposited or distributed, without duplication, pursuant to Sections 4.04(c), (d) or
(e) on such date. 
  

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 SECTION 4.09 Reinstatement of Invested Amount. 

(a) The Invested Amount shall be reinstated on any Distribution Date by the amount of any Available Series Interest Collections that are
applied pursuant to Section 4.04(a)(vi), (vii), (viii) and (ix). This amount shall be applied as follows: 

(i) first, if the Class A Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the
Class A Invested Amount until it equals the Class A Note Principal Balance minus the amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings) allocated to it; then 

(ii) second, if the Class B Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class
B Invested Amount until it equals the Class B Note Principal Balance minus the amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings) allocated to it; then 

(iii) third, if the Class C Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class
C Invested Amount until it equals the Class C Note Principal Balance minus the amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings) allocated to it; then 

(iv) fourth, if the Class D Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class
D Invested Amount until it equals the Class D Note Principal Balance minus the amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings) allocated to it; and then 

(v) fifth, if the Class E Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class E
Invested Amount until it equals the Required Class E Invested Amount. 
 SECTION 4.10 Note Distribution Account.

 (a) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee in the name of
the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the
Noteholders (the “Note Distribution Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents,
certificates of deposit and other property from time to time on deposit in or credited to the Note Distribution Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued
discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no
right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Note Distribution Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any
Series Enhancer. 
  

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The Indenture Trustee, at the written direction of the Servicer, shall make deposits and withdrawals from the Note Distribution Account from time to time, in the amounts and for the purposes set
forth in this Indenture Supplement. 
 (b) Funds on deposit in the Note Distribution Account shall, at the written direction of
the Servicer, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the
Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be credited to the Note Distribution Account. Funds on deposit in the Note Distribution Account shall be
invested in Eligible Investments. On each Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Note Distribution Account shall be treated as Available Series Interest
Collections with respect to the related Collection Period. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.10(b) nor
for the selection of Eligible Investments in accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 

SECTION 4.11 [Reserve Fund. 

(a) The Servicer, for the benefit of the Series 20[    ]-[    ] Noteholders, shall establish and
maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and
other property credited thereto are held for the benefit of the Series 20[    ]-[    ] Noteholders (the “Reserve Fund”). The Indenture Trustee shall possess all right, title and interest in
all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Reserve Fund and in all interest, proceeds,
earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Series
20[    ]-[    ] Noteholders. Except as expressly provided in this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien
against, and no right to otherwise deduct from, any funds and other property held in the Reserve Fund for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the
written direction of the Servicer, shall make deposits to and withdrawals from the Reserve Fund from time to time in the amounts and for the purposes set forth in this Indenture Supplement. 

(b) Funds on deposit in the Reserve Fund shall, at the written direction of the Servicer, be invested by the Indenture Trustee or its
nominee (including the Securities Intermediary) in Eligible Investments. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Series 20[    ]-[    ]
Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and shall be credited to the Reserve Fund. Funds on deposit in the Reserve Fund shall be invested in
Eligible Investments. On each Distribution Date, all 
  

 31 

 
interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund shall be treated as Available Series Interest Collections for such
Distribution Date. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.11(b) nor for the selection of Eligible
Investments in accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 

(c) The Reserve Fund initially shall be funded by the Depositor on the Closing Date in the amount of the Reserve Fund Initial Amount.
After the Closing Date, funds shall be deposited into the Reserve Fund as provided in Section 4.04(a)(x). The Depositor may at any time and from time to time make additional deposits into the Reserve Fund; provided,
however, the Depositor shall not be permitted to make any such discretionary deposit without satisfaction of the Series 20[    ]-[    ] Rating Agency Condition with respect to each Class of Series
20[    ]-[    ] Notes in connection therewith if such deposit together with any discretionary increases in the Subordination Factor and the Class E Invested Amount would result in the aggregate amount of all
such deposits and increases exceeding 5.0% of the Note Principal Balance as of the date of such deposit. 
 (d) If on any
Distribution Date, after giving effect to all withdrawals from and deposits to the Reserve Fund, the amount on deposit in the Reserve Fund (excluding amounts relating to investment earnings) exceeds the Reserve Fund Required Amount then in effect,
the Indenture Trustee shall, at the written direction of the Servicer, distribute such excess to the Owner Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement. 

(e) Upon the earlier to occur of the date on which the Series 20[    ]-[    ] Notes are paid in
full and the Series 20[    ]-[    ] Legal Maturity Date, any funds remaining in the Reserve Fund, after giving effect to any deposits and withdrawals made therefrom on such date, shall be treated as Additional
Available Series Principal Collections. The Reserve Fund shall thereafter be deemed to have terminated for purposes of this Indenture Supplement.] 

SECTION 4.12 [Determination of LIBOR. 

(a) On each LIBOR Determination Date, the Indenture Trustee shall determine LIBOR on the basis of the rate for deposits in United States
dollars for a one-month period which appears on Bloomberg Screen BTMM Page under the heading “LIBOR FIX BBAM” as of 11:00 a.m., London time, on such date. If such rate does not appear on such page (or such other page as may replace that
page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Indenture Trustee after consultation with the Depositor), the rate shall be the One Month Reference
Bank Rate. The “One Month Reference Bank Rate” shall be determined on the basis of the rates at which deposits in U.S. dollars are offered by the reference banks (which shall be four major banks that are engaged in transactions in
the London interbank market, selected by the Indenture Trustee after consultation with the Depositor) as of 11:00 a.m., London time, on the applicable LIBOR Determination Date to prime banks in the London interbank market for a period of one month

  

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commencing on such preceding Distribution Date in amounts approximately equal to the principal balance of the Series 20[    ]-[    ] Notes. The Indenture
Trustee shall request the principal London office of each of the reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate shall be the arithmetic mean of the quotations, rounded upwards to the
nearest one-sixteenth of one percent. If on any such date fewer than two quotations are provided as requested, the rate shall be the arithmetic mean, rounded upwards to the nearest one-sixteenth of one percent, of the rates quoted by one or more
major banks in New York, selected by the Indenture Trustee after consultation with the Depositor, as of 11:00 a.m., New York time, on such date to leading European banks for U.S. dollar deposits for a period of one month commencing on such
applicable date in amounts approximately equal to the then outstanding principal balance of the Series 20[    ]-[    ] Notes. If no such quotation can be obtained, the rate shall be LIBOR for the prior
Distribution Date. 
 (b) On each LIBOR Determination Date, the Indenture Trustee shall send to the Servicer, the Issuing Entity
and the Administrator by facsimile or email transmission, notification of LIBOR for the following Interest Period. 
 (c) The
Servicer shall provide on the Monthly Statement the Class A Note Interest Rate, the Class B Note Interest Rate, the Class C Note Interest Rate and the Class D Note Interest Rate applicable to each Distribution Date. 

(d) Other than the determination of LIBOR as provided for herein, all other determinations and calculations provided for in this
Indenture Supplement shall be made by the Servicer.] 
 SECTION 4.13 [Accumulation Period Reserve Account.

 (a) If the Accumulation Period Reserve Account Required Amount is greater than zero ($0), the Servicer, for the benefit of the
Noteholders, shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Accumulation Period Reserve Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all interest,
proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in
this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Accumulation
Period Reserve Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the direction of the Servicer, shall make deposits and withdrawals from the Accumulation
Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. 
  

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 (b) Funds on deposit in the Accumulation Period Reserve Account shall, at the written
direction of the Servicer, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the
benefit of the Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be credited to the Accumulation Period Reserve Account. Funds on deposit in the Accumulation
Period Reserve Account shall be invested in Eligible Investments. On each Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Accumulation Period Reserve Account shall be
treated as Available Series Interest Collections with respect to the related Collection Period. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with
this Section 4.13(b) nor for the selection of Eligible Investments in accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 

(c) On or before each Distribution Date with respect to the Controlled Accumulation Period and on or before the first Distribution Date
with respect to the Early Amortization Period beginning after the commencement of the Controlled Accumulation Period, the Servicer shall calculate the Accumulation Period Reserve Draw Amount; provided, however, that such amount shall
be reduced to the extent that funds otherwise would be available for deposit into the Accumulation Period Reserve Account pursuant to Sections 4.04(a)(xi) and Section 4.04(b)(i) on such Distribution Date. If for any Distribution
Date, the Accumulation Period Reserve Draw Amount is greater than zero, the Accumulation Period Reserve Draw Amount, up to the Available Accumulation Period Reserve Account Amount, shall be withdrawn from the Accumulation Period Reserve Account on
such Distribution Date by the Indenture Trustee (acting in accordance with the written instructions of the Servicer) and deposited into the Collection Account for application as Available Series Interest Collections. 

(d) If on any Distribution Date, after giving effect to all withdrawals from and deposits to the Accumulation Period Reserve Account, the
amount on deposit in the Accumulation Period Reserve Account exceeds the Accumulation Period Reserve Account Required Amount then in effect, the Indenture Trustee shall, at the written direction of the Servicer, distribute such excess to the Owner
Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement. 
 (e) Upon the
earliest to occur of (i) the payment in full of the Series 20[    ]-[    ] Notes, (ii) the first Distribution Date relating to the Early Amortization Period and (iii) the Series
20[    ]-[    ] Legal Maturity Date, any funds remaining in the Accumulation Period Reserve Account, after withdrawal of funds therefrom on such date in accordance with Section 4.13(c), shall be
treated as Available Series Interest Collections. The Accumulation Period Reserve Account shall thereafter be deemed to have terminated for purposes of this Indenture Supplement.] 

SECTION 4.14 [Transfer Restrictions. 

(a) The Class E Notes (or interests therein) may not be acquired by or for the account of (i) a Benefit Plan other than an insurance
company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% 

 

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“plan assets” and for which the purchase and holding of the Class E Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (ii) an employee benefit plan
or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially
similar to Title I of ERISA or Section 4975 of the Code. By accepting and holding a Class E Note (or interest therein), the Holder thereof and any related Note Owner shall each be deemed to have represented and warranted that it is not, nor is
it acquiring the Note for the account of either, (i) a Benefit Plan other than an insurance company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25%
“plan assets” and for which the purchase and holding of the Class E Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (ii) an employee benefit plan or plan that is not subject to the provisions of Title
I of ERISA or Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the
Code. By accepting and holding a Class A Note, Class B Note, Class C Note or Class D Note (or interest therein), the Holder thereof and any related Note Owner shall be deemed to have represented and warranted that either (i) it is not, nor
is it acquiring the Note for the account of, a Benefit Plan or any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not
give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a non-exempt violation of substantially similar law. In addition, Benefit Plans may not acquire a Class A Note, Class B Note,
Class C Note or Class D Note at any time that such Note would not be treated as indebtedness without substantial equity features. By accepting and holding a Class A Note, Class B Note, Class C Note or Class D Note (or interest therein), the
Holder thereof and any related Note Owner shall each be deemed to have represented and warranted that its acquisition of such note is in compliance with the foregoing restriction. 

(b) The Series 20[    ]-[    ] Private Notes will not be registered under the Securities Act or
the securities or blue sky laws of any other jurisdiction. Consequently, the Series 20[    ]-[    ] Private Notes are not transferable other than pursuant to an exemption from the registration requirements of
the Securities Act and satisfaction of certain other provisions specified herein. No sale, pledge or other transfer of the Series 20[    ]-[    ] Private Notes (or interest therein) may be made by any Person
unless either (i) such sale, pledge or other transfer is made to or by the Depositor, (ii) so long as the Series 20[    ]-[    ] Private Notes are eligible for resale pursuant to Rule 144A under the
Securities Act, such sale, pledge or other transfer is made to a person whom the transferor reasonably believes after due inquiry is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a
“Qualified Institutional Buyer”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified Institutional Buyers) to whom notice is given that the sale,
pledge or transfer is being made in reliance on Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case
(A) the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form
and substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee shall require a written opinion of counsel (which will not be at the expense of the Issuing Entity, the Seller, the Depositor, the Servicer or
the Indenture Trustee) satisfactory to the Depositor and the Indenture 
  

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Trustee to the effect that such transfer will not violate the Securities Act. Neither the Depositor nor the Indenture Trustee shall be obligated to register the Series
20[    ]-[    ] Private Notes under the Securities Act, qualify the Series 20[    ]-[    ] Private Notes under the securities laws of any state or provide registration
rights to any purchaser or holder thereof. 
 (c) Transfer of a Class E Note may only be made to a Person who is a United States
Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). Any Person acquiring a Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in Section 2.14 of the
Indenture and (ii) other than the Depositor shall not acquire or hold such Class E Note or interest therein in the form of a Book Entry Note. 

(d) No sale, pledge or other transfer may be made to any one person of a Class E Note with a face amount of less than the amount
determined in accordance with Section 1.01(f) hereof (in order to prevent the Issuing Entity from being treated as a “publicly traded partnership” under Section 7704 of the Code), and, in the case of any Person acting on
behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for a Class E Note with a face amount of less than such amount for each such third party. Any
attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported transferor will continue to be treated as the owner of the Class E Notes for all purposes. No Class E Note may be
transferred unless the transferor provides to the Indenture Trustee an opinion of independent counsel that the transfer will not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for
federal income tax purposes. 
 (e)(i) Sale, pledge, or transfer of a [Class B Note, Class C Note, or Class D Note] may only be
made to a Person who is a United State Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). A Person other than the Depositor acquiring a [Class B Note, Class C Note, or Class D Note] or an interest therein shall be
deemed to have made the representations set forth in Section 2.14 of the Indenture; and (ii) no sale, pledge, or transfer of a [Class B Note, Class C Note, or Class D Note] shall be made (x) to any one person with a face amount
of less than 100% of the [Class B Note Principal Balance, the Class C Note Principal Balance or the Class D Note Principal Balance,] as applicable or (y) to a Special Pass-Through Entity, in each case, unless (A) an opinion of counsel
satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the Trust to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes shall
have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior written approval; provided, however, that the restrictions in this Section 4.14(e) shall not apply in the
event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion to the effect that, as applicable, [the Class B Note, Class C Note, or Class D Note] to be sold, pledged, or transferred will be characterized as
indebtedness for federal income tax purposes. Any attempted transfer in contravention of this Section 4.14(e) will be void ab initio and the purported transferor will continue to be treated as the owner of, as applicable, [the
Class B Note, Class C Note, or Class D Note for all purposes.]] 
  

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 ARTICLE V 

DELIVERY OF SERIES 20[    ]-[    ] NOTES; 

DISTRIBUTIONS; REPORTS TO SERIES 20[    ]-[    ] NOTEHOLDERS 

SECTION 5.01 Delivery and Payment for Series 20[    ]-[    ] Notes. 

The Indenture Trustee shall authenticate the Series 20[    ]-[    ] Notes in accordance with
Section 2.2 of the Indenture. The Indenture Trustee shall deliver the Series 20[    ]-[    ] Notes to the Issuing Entity when so authenticated. 

SECTION 5.02 Distributions. 

(a) On each Distribution Date, based solely on the information contained in the Monthly Statement, the Indenture Trustee shall distribute
to each Class A Noteholder, Class B Noteholder, Class C Noteholder and Class D Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture) such Class A Noteholder’s, Class B
Noteholder’s, Class C Noteholder’s and Class D Noteholder’s, respectively, pro rata share of the amounts allocated and available in the Note Distribution Account on such Distribution Date to pay interest on the Class A Notes, the
Class B Notes, the Class C Notes and the Class D Notes, respectively, pursuant to this Indenture Supplement. 
 (b) On the
Series 20[    ]-[    ] Expected Maturity Date and on each Distribution Date with respect to the Early Amortization Period, based solely on the information contained in the Monthly Statement, from the amounts
allocated during the related or any prior Collection Period or, with respect to Additional Available Series Principal Collections, on such or any prior Distribution Date and available in the Note Distribution Account on such Distribution Date to pay
principal of the Series 20[    ]-[    ] Notes pursuant to this Indenture Supplement, the Indenture Trustee shall distribute: 

(i) first, pro rata to each Class A Noteholder of record on the related Record Date (other than as provided in
Section 11.2 of the Indenture), principal of the Class A Notes until the Class A Notes have been paid in full, 

(ii) second, pro rata to each Class B Noteholder of record on the related Record Date (other than as provided in
Section 11.2 of the Indenture), principal of the Class B Notes until the Class B Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with respect to the Class B Notes
unless the Class A Principal Balance is zero, 
 (iii) third, pro rata to each Class C Noteholder of record
on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class C Notes until the Class C Notes have been paid in full, provided, however, that in no event shall any amount be
paid as principal with respect to the Class C Notes unless the Class A Principal Balance and the Class B Principal Balance are zero, 
  

 37 

 (iv) fourth, pro rata to each Class D Noteholder of record on the related
Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class D Notes until the Class D Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal
with respect to the Class D Notes unless the Class A Principal Balance, the Class B Principal Balance and the Class C Principal Balance are zero, and 

(v) fifth, pro rata to each Class E Noteholder of record on the related Record Date (other than as provided in
Section 11.2 of the Indenture), principal of the Class E Notes until the Class E Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with respect to the Class E Notes
unless the Class A Principal Balance, the Class B Principal Balance, the Class C Principal Balance and the Class D Principal Balance are zero. 

(c) The distributions to be made pursuant to this Section are subject to the provisions of Sections 2.5 of the Trust Sale and
Servicing Agreement, Section 11.2 of the Indenture and Section 7.01 of this Indenture Supplement. 
 (d)
Except as provided in Section 11.2 of the Indenture with respect to a final distribution, distributions to Series 20[    ]-[    ] Noteholders hereunder shall be made by (i) wire transfer (to
the account specified by the applicable Noteholder) or check mailed first class, postage prepaid to each Series 20[    ]-[    ] Noteholder (at such Noteholder’s address as it appears in the Note
Register), except that with respect to any Series 20[    ]-[    ] Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds and
(ii) without presentation or surrender of any Series 20[    ]-[    ] Note or the making of any notation thereon. 

(e) The amount of all distributions and deposits that are required to be made by the Indenture Trustee on each Distribution Date pursuant
to this Section 5.02 shall be set forth in written instructions (which may be in the form of the Monthly Statement) provided by the Servicer to the Indenture Trustee no later than the second Business Day prior to the related Distribution
Date. 
 (f) The Indenture Trustee shall have no duty to make any deposits or distributions or any other payments under this
Indenture Supplement unless and until it has sufficient cash to make such payments and it has received written instructions from the Servicer as to such deposits, distributions and payments. 

SECTION 5.03 Reports and Statements to Series 20[    ]-[    ] Noteholders.

 (a) The Indenture Trustee will make available each month to each Series
20[    ]-[    ] Noteholder the statements referred to in Section 5.03(b) below (and certain other documents, reports and information regarding the Receivables provided by the Servicer form time to time)
via the Indenture Trustee’s internet website, with the use of a password provided by the Indenture Trustee. The Indenture Trustee’s internet website will be located at [    ] or at such other address as the Indenture
Trustee shall notify the Series 20[    ]-[    ] Noteholders from time to time. For 
  

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assistance with regard to this service, the Series 20[    ]-[    ] Noteholders can call [    ]. The Indenture Trustee shall have the
right to change the way the statements referred to in Section 5.03(b) below are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements so long as such
statements are only provided to the then current Series 20[    ]-[    ] Noteholders. The Indenture Trustee shall provide notification of any such change to all parties entitled to receive such statements in
the manner described in Section 12.4, Section 12.5 or Section 12.6 of the Indenture, as appropriate. 

(b) No later than the second Business Day preceding each Distribution Date, the Servicer shall deliver to the Owner Trustee, the
Indenture Trustee [and each Rating Agency] a statement substantially in the form of Exhibit B (the “Monthly Statement”) prepared by the Servicer; provided that the Servicer may amend the form of Exhibit B from time to
time. 
 (c) A copy of each statement or certificate provided pursuant to Section 5.03(a) or (b) may be
obtained by any Series 20[    ]-[    ] Noteholder by a request in writing to the Servicer. 

(d) Within the prescribed period of time for tax reporting purposes after the end of each calendar year during the term of this Indenture
Supplement, the Indenture Trustee and the Administrator shall furnish (or cause to be furnished), to each Person who at any time during such calendar year shall have been a holder of record of Series 20[ ]-[ ] Notes, and received any payment
thereon, a statement containing such information as may be required by the Code and applicable Treasury Regulations to enable such Noteholder to prepare its federal income tax returns. 

ARTICLE VI SERIES 20[    ]-[    ] EARLY AMORTIZATION EVENTS AND SERIES 

20[    ]-[    ] EVENTS OF DEFAULT 

SECTION 6.01 Series 20[    ]-[    ] Early Amortization Events. 

If any one of the following events occurs with respect to the Series 20[    ]-[    ] Notes:

 (a) failure on the part of the Depositor, the Servicer or the Seller, as applicable, to duly observe or perform in any
material respect any other covenants or agreements of the Depositor, the Servicer or the Seller, as the case may be, set forth in the Trust Sale and Servicing Agreement or the Pooling and Servicing Agreement, which failure continues unremedied for a
period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given by the Indenture Trustee or the Owner Trustee to the Depositor, provided, however, that no Early
Amortization Event shall be deemed to occur if such failure results in the creation of Warranty Receivables or Administrative Receivables and such Warranty Receivables or Administrative Receivables are purchased by the Seller, the Depositor or the
Servicer in accordance with the Basic Documents; 
 (b) any representation or warranty made by the Seller in the Pooling and
Servicing Agreement or the Depositor in the Trust Sale and Servicing Agreement or any information contained on the Schedule of Accounts, (i) shall prove to have been incorrect in any material respect when made or when delivered, and shall
continue to be incorrect in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same 

 

 39 

 
to be remedied, shall have been given to the Depositor by the Indenture Trustee or the Owner Trustee and (ii) as a result of such incorrectness the interests of the Noteholders are
materially and adversely affected, provided, however, that no Early Amortization Event shall be deemed to occur if such failure results in the creation of Warranty Receivables or Administrative Receivables and such Warranty Receivables
or Administrative Receivables are purchased by the Seller, the Depositor or the Servicer in accordance with the Basic Documents; 

(c) failure on the part of the Depositor, the Servicer or the Seller, as applicable, to pay (or set aside for payment) all amounts
required to be paid as principal on any Series 20[    ]-[    ] Notes on the Series 20[    ]-[    ] Expected Maturity Date; 

(d) on any Distribution Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than
[    ]%; 
 (e) on any three consecutive Distribution Dates, the amount on deposit in the Reserve Fund is
less than the Reserve Fund Required Amount; 
 (f) on any Distribution Date, the Reserve Fund Required Amount for such
Distribution Date exceeds the amount on deposit in the Reserve Fund by more than the Reserve Fund Trigger Amount; 
 (g) the
unpaid principal amount of Outstanding Series 20[    ]-[    ] Notes (together with accrued and unpaid interest thereon) shall have become immediately due and payable as a result of an Event of Default pursuant
to Section 6.03 of this Indenture Supplement; 
 (h) an Insolvency Event with respect to the Seller, the Depositor
or the Servicer (or Ally Financial, if Ally Financial is not the Servicer); 
 (i) on any Distribution Date, the amount on
deposit in the Excess Funding Account exceed [    ]% of the sum of the Net Invested Amounts of all outstanding Series (including Series 20[    ]-[    ]), being determined as the average
over the [    ] Collection Periods immediately preceding the Distribution Date, or, if shorter, the period from the initial issuance date through and including the last day of the immediately preceding Collection Period);

 (j) the Issuing Entity or the Depositor is required to register under the Investment Company Act; 

(k) a Liquidation Event occurs with respect to a Significant Manufacturer or with respect to a Majority of Manufacturers; 

(l) on any Distribution Date, the Required Class E Invested Amount for such Distribution Date exceeds the Class E Invested Amount;

 (m) a failure by the Depositor to transfer to the Issuing Entity Receivables arising in connection with Additional Accounts
within 15 Business Days after the date on which the Depositor is required to convey such Receivables pursuant to Section 2.7(a) of the Trust Sale and Servicing Agreement; or 

 

 40 

 (n) on the first Distribution Date related to the Controlled Accumulation Period, the amount
on deposit in the Accumulation Period Reserve Account is less than the Accumulation Period Reserve Account Required Amount; 

then, (i) in the case of any event described in clauses (a) or (b) above, after any applicable grace period, either
the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of Series 20[    ]-[    ] Notes by notice then given in writing to the Depositor and the Servicer (and to the Indenture
Trustee if given by the Series 20[    ]-[    ] Noteholders) may declare that an Early Amortization Event with respect to the Series 20[    ]-[    ] Notes (a
“Series 20[    ]-[    ] Early Amortization Event”) has occurred as of the date of such notice, and (ii) in the case of any event described in clauses (c) through
(n) above, immediately and without any notice or other action on the part of the Indenture Trustee or the Series 20[    ]-[    ] Noteholders, a Series
20[    ]-[    ] Early Amortization Event shall be deemed to have occurred. 

SECTION 6.02 Series 20[    ]-[    ] Events of Default. 

For the purposes of this Indenture Supplement, “Event of Default” wherever used herein, means any one of the following
events: 
 (a) failure to pay any interest on any Investor Note as and when the same becomes due and payable, and such default
shall continue unremedied for a period of thirty-five (35) days; or 
 (b) except as set forth in
Section 6.02(c) below, failure to pay any instalment of the principal of any Investor Note as and when the same becomes due and payable, and such default continues unremedied for a period of thirty (30) days after there shall have
been given, by registered or certified mail, written notice thereof to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of not less than 25% of the
Outstanding Amount of such Notes, a written notice specifying such default and demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(c) failure to pay in full the Outstanding Amount attributable to the Series 20[    ]-[    ]
Notes on or prior to the Series 20[    ]-[    ] Legal Maturity Date for such Notes; 

(d) default in the observance or performance in any material respect of any covenant or agreement of the Issuing Entity made in the
Indenture or this Indenture Supplement in respect of the Series 20[    ]-[    ] Notes (other than a covenant or agreement in respect of the Series 20[    ]-[    ] Notes
a default in the observance or performance which is specifically dealt with elsewhere in this Section 6.02), which failure materially and adversely affects the rights of the Noteholders, and such default shall continue or not be cured
for a period of 30 days after there shall have been given, by registered or certified mail, to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of at least
25% of the Outstanding Amount of the Series 20[    ]-[    ] Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; 
  

 41 

 (e) the filing of an order for relief by a court having jurisdiction in the premises in
respect of the Issuing Entity or any substantial part of the Trust Estate in an involuntary case under the Bankruptcy Code, and such order shall have continued undischarged or unstayed for a period of 90 days; or the filing of a decree or order by a
court having jurisdiction in the premises approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of the Issuing Entity under any other Insolvency Law, and such decree or order shall have continued
undischarged or unstayed for a period of 90 days; or the filing of a decree or order of a court having jurisdiction in the premises appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing
Entity or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and such decree or order shall have continued undischarged and unstayed for a period of 90 consecutive days; or

 (f) the commencement by the Issuing Entity of a voluntary case under the Bankruptcy Code; or the filing of a petition or
answer or consent by the Issuing Entity seeking reorganization, arrangement, adjustment or composition under any other Insolvency Law, or consent to the filing of any such petition, answer or consent; or the consent by the Issuing Entity to the
appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or the making by the Issuing Entity of an assignment
for the benefit of creditors, or the admission in writing of its inability to pay its debts generally as such debts become due. 

The Issuing Entity shall deliver to the Indenture Trustee within five Business Days after learning of the occurrence thereof, written
notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under Section 6.02(d), its status and what action the Issuing Entity is taking or
proposes to take with respect thereto. 
 SECTION 6.03 Acceleration of Maturity; Rescission and Annulment.

 (a) If an Event of Default, other than an Event of Default as a result of an Insolvency Event with respect to the Issuing
Entity, should occur and is continuing, then the Indenture Trustee may, or shall, at the direction of the Holders of at least a majority of the Outstanding Amount of the Series 20[    ]-[    ] Notes, declare
all the Series 20[    ]-[    ] Notes to be immediately due and payable, by a notice in writing to the Issuing Entity and the Servicer (and to the Indenture Trustee if declared by such Noteholders) setting
forth the Event or Events of Default. If an Insolvency Event of Default occurs and is continuing, then the Series 20[    ]-[    ] Notes shall be immediately and without further action become due and payable,
and the Indenture Trustee shall give a notice to such effect in writing to the Issuing Entity (although failure to give such notice shall not affect the immediate acceleration of maturity). Upon any such declaration or automatic occurrence, the
Revolving Period or the Controlled Accumulation Period, as applicable, with respect to the Series 20[    ]-[    ] Notes shall terminate, an Early Amortization Period shall commence and the unpaid principal
amount of such Series 20[    ]-[    ] Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

 

 42 

 (b) At any time after such acceleration of maturity has occurred pursuant to
Section 6.03(a) and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as provided in Article V of the Indenture, the Holders of at least a majority of the Outstanding Amount of the
Series 20[    ]-[    ] Notes, by written notice to the Issuing Entity, the Servicer and the Indenture Trustee, may rescind and annul such acceleration and its consequences with respect to the Series
20[    ]-[    ] Notes. No such rescission and annulment shall extend to or affect any subsequent Event of Default or impair any right consequent thereto; and provided, further, that if the
Indenture Trustee shall have proceeded to enforce any right under the Indenture and such proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason, or shall have been determined adversely
to the Indenture Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored to their respective former positions and rights hereunder and under the Indenture, and all
rights, remedies and powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such proceedings had been commenced. 

(c) If the Series 20[    ]-[    ] Notes shall have been accelerated following an Event of
Default, the Indenture Trustee may exercise the remedies available to it as set forth in Article V the Indenture. 
 (d)
Any money or property collected by the Indenture Trustee pursuant to this Section 6.03 following the acceleration of the maturities of the Series 20[    ]-[    ] Notes (so long as such acceleration
has not been rescinded or annulled) shall be paid out or allocated in accordance with Section 5.4(b) of the Indenture. 

ARTICLE VII 

REDEMPTION OF SERIES 20[    ]-[    ] NOTES; SERIES LEGAL MATURITY; FINAL 

DISTRIBUTIONS 

SECTION 7.01 [Optional Redemption of Series 20[    ]-[    ] Notes. 

(a) On any day occurring on or after the date on which the Investor Note Principal Balance is reduced to 10% or less of the Initial Note
Principal Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to purchase the Series 20[    ]-[    ] Noteholders’ Collateral and thereby cause
a redemption of the Series 20[    ]-[    ] Notes, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if such day is not a
Distribution Date, the Reassignment Amount for the Distribution Date following such day. 
 (b) Upon any such
election, the Servicer shall give the Depositor, the Indenture Trustee, the Issuing Entity and, if applicable, other holders of the Certificate Interest at least 30 days prior written notice of the date on which the Servicer intends to exercise such
optional redemption as well as the Reassignment Amount and the Indenture Trustee shall provide notice to Holders of the Series 20[    ]-[    ] Notes that it has received such notice from the Servicer. No later
than 11:00 a.m. (New York City time) on such day the Servicer shall deposit the Reassignment Amount into the Collection Account in immediately available funds. Such redemption option is subject to payment in full of the Reassignment Amount.
Following such 
  

 43 

 
deposit into the Collection Amount in accordance with the foregoing, the Invested Amount of the Series 20[    ]-[    ] Notes shall be deemed reduced to
zero and the Series 20[    ]-[    ] Noteholders shall be deemed to have no further interest in the Receivables. The Reassignment Amount shall be distributed as set forth in Section 7.02.]

 SECTION 7.02 Series Legal Maturity. 

(a) The amount to be paid by the Depositor with respect to Series 20[    ]-[    ] in connection
with a reassignment of the Noteholders’ Collateral pursuant to Section 2.5 of the Trust Sale and Servicing Agreement shall be the Reassignment Amount for the first Distribution Date following the Collection Period in which the
reassignment obligation arises under the Trust Sale and Servicing Agreement. With respect to the Reassignment Amount deposited into the Collection Account pursuant to Section 2.5 of the Trust Sale and Servicing Agreement or pursuant to
Section 7.01 of this Indenture Supplement or the proceeds from any Foreclosure Remedy pursuant to Section 5.4 of the Indenture, the Indenture Trustee shall, in accordance with the written direction of the Servicer, no later
than 11:00 a.m. (New York City time) on the related Distribution Date, make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and distributions otherwise to be
made on such date) in immediately available funds: 
 (i)(A) the Class A Note Principal Balance on such
Distribution Date shall be distributed to the Indenture Trustee for payment to the Class A Noteholders and (B) an amount equal to the sum of (1) the Class A Monthly Interest for such Distribution Date and (2) any
Class A Monthly Interest previously due but not paid to the Class A Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class A Noteholders on such Distribution Date; 

(ii)(A) the Class B Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for
payment to the Class B Noteholders and (B) an amount equal to the sum of (1) the Class B Monthly Interest for such Distribution Date and (2) any Class B Monthly Interest previously due but not paid to the Class B Noteholders on prior
Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class B Noteholders on such Distribution Date; 

(iii)(A) the Class C Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for
payment to the Class C Noteholders and (B) an amount equal to the sum of (1) the Class C Monthly Interest for such Distribution Date and (2) any Class C Monthly Interest previously due but not paid to the Class C Noteholders on prior
Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class C Noteholders on such Distribution Date; 

(iv)(A) the Class D Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for
payment to the Class D Noteholders and (B) an amount equal to the sum of (1) the Class D Monthly Interest for such Distribution Date and (2) any Class D Monthly Interest previously due but not paid to the Class D Noteholders on prior
Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class D Noteholders on such Distribution Date; and 
  

 44 

 (v) the Class E Note Principal Balance on such Distribution Date shall be
distributed to the Indenture Trustee for payment to the Class E Noteholders on such Distribution Date. 
 (b) Notwithstanding
anything to the contrary in this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement, (i) all amounts distributed to the Indenture Trustee pursuant to Section 7.02(a) for payment to the Series
20[    ]-[    ] Noteholders shall be deemed distributed in full to the Series 20[    ]-[    ] Noteholders on the date on which such funds are distributed to the
Indenture Trustee pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 11.2 of the Indenture and (ii) in the event that the amounts available for final distribution to the Series
20[    ]-[    ] Noteholders and to the Noteholders of any other Series on any Distribution Date are less than the full amount required to be so distributed, the available amounts shall be allocated to each
Series based on the respective amounts required to be distributed to each such Series (including Series 20[    ]-[    ]) on such Distribution Date. 

ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

SECTION 8.01 Ratification of Agreement. 

As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so supplemented
by this Indenture Supplement is to be read, taken and construed as one and the same instrument. 
 SECTION 8.02 Form of
Delivery of Series 20[    ]-[    ] Notes. 
 The Series
20[    ]-[    ] Notes shall be delivered as Registered Notes as provided in Section 2.2 of the Indenture. 

SECTION 8.03 Counterparts. 

This Indenture Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all counterparts shall together constitute one and the same instrument. 
 SECTION 8.04 Governing Law. 

THIS INDENTURE SUPPLEMENT AND EACH SERIES 20[    ]-[    ] NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 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. 
  

 45 

 SECTION 8.05 Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

  

 46 

 IN WITNESS WHEREOF, the Issuing Entity and the Indenture Trustee have caused this Indenture
Supplement to be duly executed by their respective duly authorized officers, all as of the day and year first above written. 
  

			
	 ALLY MASTER OWNER TRUST, as Issuing

Entity

	
	By [    ], not in its individual capacity, but solely as
Owner Trustee
		
	By	 	  

	Name:	 	
	Title:	 	
	
	[    ], not in its individual capacity, but solely as
Indenture Trustee and Securities Intermediary
		
	By	 	  

	Name:	 	
	Title:	 	

  

 47 

 EXHIBIT A 

FORM OF CLASS [A][B][C][D][E] NOTE 

[Unless this Class [A][B][C][D] Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 
 [This Class [A][B][C][D][E] Note has
not and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or under the securities or blue sky laws of any other jurisdiction. By its acceptance of this Class [A][B][C][D][E] Note (or
interest therein), the Holder of this Class [A][B][C][D][E] Note (or interest therein), if other than the Depositor, is deemed to represent and warrant to the Depositor and the Indenture Trustee that it is a “Qualified Institutional Buyer”
as defined in Rule 144A under the Securities Act and is acquiring this Class [A][B][C][D][E] Note (or interest therein) for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified
Institutional Buyers) or has otherwise acquired an interest in the Class [A][B][C][D][E] Note in a transaction that is exempt from the registration requirements of the Securities Act.] 

[No sale, pledge or other transfer of this Class [A][B][C][D][E] Note (or interest therein) may be made by any Person unless either
(i) such sale, pledge or other transfer is made by or to the Depositor, (ii) at the time of such sale, pledge or other transfer, this Class [A][B][C][D][E] Note is eligible for resale pursuant to Rule 144A under the Securities Act, and
such sale, pledge or other transfer is made to a person whom the transferor reasonably believes after due inquiry is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a “Qualified
Institutional Buyer”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified Institutional Buyers) to whom notice is given that the sale, pledge or transfer is
being made in reliance on Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case (A) the Indenture
Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance
satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee shall require a written opinion of counsel (which will not be at the expense of the Seller, the Depositor, the Issuing

 
Entity, the Servicer or the Indenture Trustee) satisfactory to the Depositor and the Indenture Trustee to the effect that such transfer will not violate the Securities Act and satisfaction of
certain other provisions specified herein.] 
 Each Noteholder and Note Owner, by accepting this Note (or interest therein),
hereby covenant and agree that they shall not, prior to the date which is one year and one day after the final distribution with respect to the Securities and, with respect to the Depositor, the securities issued by each other trust formed by and
each other financing by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the
Depositor or the Issuing Entity under any Insolvency Law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity. 
 Each Noteholder agrees by
acceptance of this Note (or interest therein) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith, against: 
 (i) the Indenture Trustee
or the Owner Trustee in its individual capacity; 
 (ii) any owner of a beneficial interest in the Issuing
Entity; or 
 (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

Except as expressly provided in the Basic Documents, none of the Seller, the Depositor, the Servicer, the Indenture Trustee nor the Owner
Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, owners, beneficiaries, agents, officers, directors, employees or successors or assigns, shall be
personally liable for, nor shall recourse be had to any of them for, the payment of principal of [or interest on], or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in

  

 Ex. A-2 

 
this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made solely by the Issuing Entity. Each Noteholder or Note Owner by the
acceptance of this Note (or beneficial interest therein), agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under this Indenture, the Holder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Notes. 
 If any of the foregoing covenants of a Noteholder is prohibited by,
or declared illegal or otherwise unenforceable against or with respect to any Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of
the Depositor or any Affiliate of the Depositor other than the Issuing Entity (“other assets”), each Noteholder or Note Owner by the acceptance of this Note (or beneficial interest therein), agrees that (i) its claim against any such
other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted (“entitled Persons”), including to the payment in full of all
amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code.

 [The holder of this Note, by acceptance of this Note, and each holder of a beneficial interest therein, unless otherwise
required by the appropriate taxing authorities, agree to treat this Note as indebtedness of the Issuing Entity for applicable United States federal, state and local income and franchise tax purposes and any other taxes imposed upon, measured by or
based upon gross or net income.] 
 [Any holder of this Class [A][B][C][D] Note, by its acceptance of this Class [A][B][C][D]
Note, shall be deemed to have represented that either (a) it is not acquiring the Class [A] [B][C][D] Note with the plan assets of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act
of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) which is
subject to Section 4975 of the Code, (iii) any entity whose underlying assets include plan assets by reason of an employee benefit plan’s or a plan’s investment in such entity or (iv) any other plan that is subject to any
law that is substantially similar to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of the Class [A][B][C][D] Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code or a non-exempt violation of any substantially similar applicable law. Employee benefit plans subject to the provisions of Title I of ERISA, plans subject to Section 4975 of the Code and entities whose

  

 Ex. A-3 

 
underlying assets include plan assets by reason of an employee benefit plan’s or plan’s investment in such entity may not acquire this Class [A][B][C][D] Note at any time that this Note
would not be treated as indebtedness without substantial equity features.] [Any holder of this Class [E] Note, by its acceptance of this Class [E] Note, shall be deemed to have represented that (a) it is not acquiring the Class [E] Note with
the plan assets of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a
plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) which is subject to Section 4975 of the Code, (iii) an entity whose underlying assets include plan assets by reason of
investment by an employee benefit plan or a plan in such entity other than an insurance company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan
assets” and for which the purchase and holding of the Class [E] Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (iv) an employee benefit plan or plan that is not subject to the provisions of Title I of
ERIAS or Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the
Code. ] 
 [Transfer of this Class E Note may only be made to a Person who is a United States Person (within the meaning of
Section 7701(a)(30) of the Internal Revenue Code). Any Person acquiring this Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in Section 2.14 of the Indenture and (ii) other
than the Depositor shall not acquire or hold this Class E Note or interest herein in the form of a Book Entry Note.] 

[No sale, pledge or other transfer may be made to any one person of a Class E Note with a face amount of less than the amount
determined in accordance with Section 1.01(f) of the Indenture Supplement (in order to prevent the Issuing Entity from being treated as a “publicly traded partnership” under Section 7704 of the Code, and, in the case of
any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for a Class E Note with a face amount of less than such amount for each such
third party. Any attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported transferor will continue to be treated as the owner of the Class E Notes for all purposes. No
Class E Note may be transferred unless the transferor provides to the Indenture Trustee an opinion of independent counsel that the transfer will not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as
a corporation for federal income tax purposes.] 
  

 Ex. A-4 

			
	Registered	  	$            
1
	No. R-    	  	CUSIP No.            
		  	ISIN No.             
		  	Common Code             

ALLY MASTER OWNER TRUST 

SERIES 20[    ]-[    ] [FLOATING][FIXED] RATE ASSET BACKED NOTES, CLASS 

[A][B][C][D][E] 

Ally Master Owner Trust (herein referred to as the “Issuing Entity”), a Delaware statutory trust governed by the Trust
Agreement, dated as of February 12, 2010, for value received, hereby promises to pay to
                                , or registered assigns, subject to the following
provisions, the principal sum of                                 
         DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture and the Indenture Supplement (each referred to herein), on the [    ]
20[    ] Distribution Date (the “Series 20[    ]-[    ] Legal Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement. Beginning
on [            ], 20[    ], and on each Distribution Date thereafter until the principal amount of this Note is paid in full, the Issuing Entity shall pay interest on
the unpaid principal amount of this Note at an annual rate equal to the Class [A][B][C][D][E] Note Interest Rate, as determined pursuant to the Indenture Supplement. Interest on this Note shall begin accruing from
[            ], 20[    ] (the “Closing Date”) and shall be payable in arrears on each Distribution Date, computed on the basis of a 360-day year [and
twelve 30-day months][and the actual number of days elapsed]. The principal of this Note shall be paid in the manner specified on the reverse hereof.] 

The principal of [and interest] on this Note are payable in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof,
or be valid for any purpose. 
  
  

	1	 [This Class
[A][B][C][D] Note may be issued in denominations of $100,000 and integral multiples of $1,000 in excess thereof.][This Class E Note may be issued only in denominations equal to the Class E Note Principal Balance.] 

 

 Ex. A-5 

 IN WITNESS WHEREOF, the Issuing Entity has caused this Note to be duly executed. 

 

			
	 ALLY MASTER OWNER TRUST, as

Issuing Entity

	
	 By [    ], not in its individual capacity, but

solely as Owner Trustee

		
	By	 	  

	Name:	 	
	Title:	 	

 Dated: 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes described in the within-mentioned Indenture. 

 

			
	 [    ], not in its individual capacity, but solely

as Indenture Trustee

		
	By	 	  

		 	Authorized Officer

  

 Ex. A-6 

 ALLY MASTER OWNER TRUST 

SERIES 20[    ]-[    ] [FLOATING][FIXED] RATE ASSET BACKED NOTES, CLASS 

[A][B][C][D][E] 

Summary of Terms and Conditions 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as the Series
20[    ]-[    ] [Floating][Fixed] Rate Asset Backed Notes (the “Notes”), issued under the Indenture, dated as of February 12, 2010 (the “Indenture”), between the Issuing
Entity and [    ], as indenture trustee (the “Indenture Trustee”), as supplemented by the Series 20[    ]-[    ] Indenture Supplement, dated as of
[    ], 20[    ] (the “Indenture Supplement” and, together with the Indenture, the “Series Agreement”), and representing the right to receive certain payments from the Issuing
Entity. The Notes are subject to all of the terms of the Series Agreement. All terms used in this Note that are defined in the Series Agreement have the meanings assigned to them in or pursuant to the Series Agreement. In the event of any conflict
or inconsistency between the Series Agreement and this Note, the Series Agreement controls. 
 The [Class A Notes, the Class B
Notes, the Class C Notes, the Class D Notes and the Class E Note] with an initial aggregate principal amount of [$        ], shall also be issued under the Series Agreement. [The rights of the holders of the
[Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes] to receive payments on [the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes] are senior to the rights of the holders of the Class
[B][C][D][E] Notes to receive payments as specified in the Series Agreement.] [The rights of the holders of [the Class B Notes, the Class C Notes, the Class D Notes, and the Class E Notes] to receive payments on [the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes] are subordinate to the rights of the holders of the Class [A][B][C][D] Notes to receive payments as specified in the Series Agreement.] 

The Noteholder, by its acceptance of this Note, agrees that it shall look solely to the property of the Issuing Entity allocated to the
payment of the Notes for payment hereunder and under the Series Agreement and that the Indenture Trustee is not liable to the Noteholders for any amount payable under the Notes or the Series Agreement or, except as expressly provided in the Series
Agreement, subject to any liability under the Series Agreement. 
 This Note does not purport to summarize the Series Agreement
and reference is made to the Series Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

 

 Ex. A-7 

 The Class [A][B][C][D][E] Note Initial Principal Balance is
$[        ]. The Class [A][B][C][D][E] Note Principal Balance on any date of determination shall be an amount equal to the Class A Note Initial Principal Balance minus the aggregate amount of any
principal payments made to the Class [A][B][C][D][E] Noteholders before such date. 
 The Series
20[    ]-[    ] Expected Maturity Date is the [            ] 20[    ] Distribution Date, but principal with respect to the Class
[A][B][C][D][E] Notes may be paid earlier or later under certain circumstances described in the Series Agreement. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit the Controlled Deposit
Amount into the Note Distribution Account, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of
the Notes shall occur later than the Series 20[    ]-[    ] Expected Maturity Date. Payments of principal of the Notes shall be payable in accordance with the provisions of the Series Agreement. 

Subject to the terms and conditions of the Series Agreement, the Depositor may, from time to time, direct the Owner Trustee, on behalf of
the Issuing Entity, to issue one or more new Series of notes. 
 On each Distribution Date, the Indenture Trustee shall
distribute to each Class [A][B][C][D][E] Noteholder of record on the related Record Date (except for the final distribution in respect of this Note) such Class [A][B][C][D][E] Noteholder’s pro rata share of the amounts held by the Indenture
Trustee that are allocated and available on such Distribution Date to pay [interest and] principal on the Class [A][B][C][D][E] Notes pursuant to the Indenture Supplement. Except as provided in the Series Agreement with respect to a final
distribution, distributions to the Noteholders shall be made by (a) wire transfer (to the account specified by the applicable Noteholder) or check mailed to the applicable Noteholder (at such Noteholder’s address as it appears in the Note
Register), except that with respect to any Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds and (b) without presentation or surrender of any Note or the making of
any notation thereon. Final payment of this Note shall be made only upon presentation and surrender of this Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Noteholders in
accordance with the Series Agreement. 
 On any day occurring on or after the date on which the Investor Note Principal Balance
is reduced to 10% or less of the Initial Note Principal Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to redeem the Notes, at a purchase price equal to (a) if such day is a
Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. 

 

 Ex. A-8 

 This Note does not represent an obligation of, or an interest in, Ally Bank, Ally Financial,
Ally Wholesale Enterprises LLC, the Indenture Trustee, the Owner Trustee or any Affiliate of any of them (other than the Issuing Entity) and is not insured or guaranteed by any governmental agency or instrumentality. 

The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate subject to the rights of the
Indenture Trustee and the Noteholders. 
 [Except as otherwise provided in the Indenture Supplement, the Class [A][B][C][D]
Notes are issuable only in minimum denominations of $100,000 and integral multiples of $1,000.][Except as otherwise provided in the Indenture Supplement, the Class E Notes are issuable only in a minimum denomination of 100% of the Class E Note
Principal Balance] The transfer of this Note shall be registered in the Note Register upon surrender of this Note for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a written instrument
of transfer, in a form satisfactory to the Indenture Trustee or the Transfer Agent and Registrar, duly executed by the Noteholder or such Noteholder’s attorney, and duly authorized in writing with such signature guaranteed, and thereupon one or
more new Class [A][B][C][D][E] Notes in any authorized denominations of like aggregate principal amount shall be issued to the designated transferee or transferees. 

As provided in the Series Agreement and subject to certain limitations therein set forth, Class [A][B][C][D][E] Notes are exchangeable
for new Class [A][B][C][D][E] Notes in any authorized denominations and of like aggregate principal amount, upon surrender of such Notes to be exchanged at the office or agency of the Transfer Agent and Registrar. No service charge may be imposed
for any such exchange but the Issuing Entity or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

The Issuing Entity, the Depositor, the Indenture Trustee and any agent of the Issuing Entity, the Depositor or the Indenture Trustee
shall treat the person in whose name this Note is registered as the owner hereof for all purposes, and none of the Issuing Entity, the Depositor, the Indenture Trustee or any agent of the Issuing Entity, the Depositor or the Indenture Trustee shall
be affected by notice to the contrary. 
 This Note is to be construed in accordance with the laws of the State of New York,
without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder are to be determined in accordance with such laws. 
  

 Ex. A-9 

 ASSIGNMENT 

Social Security or other identifying number of
assignee                                       
          
 FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto 
  

							
		 	  
	 		 	
				
		 	  
	 		 	
				
		 	  
	 		 	
				
		 	  
	 		 	
		 	(name and address of assignee)	 		 	

 the within note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        
                                 , attorney, to transfer said note on the books kept
for registration thereof, with full power of substitution in the premises. 
  

							
	Dated:                     	 		 		 	
2

				
		 		 		 	Signature Guaranteed:
				
		 		 		 	  

 

	2
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  

 Ex. A-10 

 EXHIBIT B 

FORM OF MONTHLY STATEMENT 
  

 
 ALLY MASTER
OWNER TRUST 
 SERIES 20[    ]-[    ] [FLOATING][FIXED] RATE ASSET BACKED NOTESLimited Liability Company Agreement

 Exhibit 10.1 

LIMITED LIABILITY COMPANY AGREEMENT 

FOR 

VERDANT VENTURES ADVISORS, LLC 

A DELAWARE LIMITED LIABILITY COMPANY 

THE SECURITIES ISSUED PURSUANT TO OR REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED
OR QUALIFIED UNDER ANY STATE SECURITIES LAWS AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION AND QUALIFICATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. SUCH SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER
SALE, ASSIGNED, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS REGISTERED AND QUALIFIED UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, SUCH REGISTRATION AND
QUALIFICATION ARE NOT REQUIRED. ANY TRANSFER OF SUCH SECURITIES IS SUBJECT TO OTHER RESTRICTIONS, TERMS AND CONDITIONS SET FORTH HEREIN. 

 LIMITED LIABILITY COMPANY AGREEMENT 

FOR 

VERDANT VENTURES ADVISORS, LLC 

A DELAWARE LIMITED LIABILITY COMPANY 

This Limited Liability Company Agreement (this “Agreement”) is made as of April 14, 2010, by and among Verdant
Ventures Managers, LLC, a Delaware limited liability company (“Managers LLC”) Silicon Prairie Partners, LLC, a California limited liability company, and UTEK Corporation, a Florida corporation (“UTEK”), and those other
Persons who shall hereafter be admitted as Members of the Company, with reference to the following facts: 
 A. A Certificate of
Formation of Verdant Ventures Advisors, LLC, setting forth the information required by Section 18-201 of the Delaware Limited Liability Company Act, 6 Del. C. Sections 18-101 et seq. (the “Delaware Act”) was executed and filed
with the Delaware Secretary of State on April 14, 2010. 
 B. The Members desire to enter into, adopt and approve this
Agreement as the operating agreement for the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and conditions
herein, the Members agree as follows: 
 1. Definitions. As used in this Agreement, capitalized terms shall have the
meanings ascribed to them herein or in Appendix A attached hereto. 
 2. Organizational Matters. 

2.1 Formation. Pursuant to the Act, the Members formed a limited liability company under the Act by filing the Certificate with
the Delaware Secretary of State and entering into this Agreement. The rights duties, obligations and liabilities of the Members shall be determined pursuant to, and the business, management and affairs of the Company shall be governed exclusively
by, the Act and this Agreement. To the extent that any provision of this Agreement is inconsistent with any provision of the Act, this Agreement shall govern to the extent permitted by the Act. 

2.2 Name. The name of the Company shall be “Verdant Ventures Advisors, LLC.” The business of the Company may be
conducted under that name or, on compliance with applicable laws, any other name that the Manager deems appropriate or advisable. The Manager on behalf of the Company shall file any certificates, articles, fictitious business name statements and the
like, and any amendments and supplements thereto, as the Manager considers appropriate or advisable. 
 2.3 Term. The
Company shall commence upon the date of the filing of the Certificate with the Secretary of State of Delaware and shall continue until one year after the date of dissolution of the last remaining Investment Partnership, unless sooner dissolved as
provided in this Agreement or unless the term of the Company is extended by the written consent of the Manager. 
  

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 2.4 Office and Agent. The Company shall continuously maintain an office and
registered agent in the State of Delaware as required by the Act. The principal office of the Company shall be at 130 Lytton Ave, Suite 210, Palo Alto, California 94301, or at such other location as the Manager may determine. The registered agent
shall be as stated in the Certificate or as otherwise determined by the Manager. 
 2.5 Purpose of Company. The purpose
of the Company is to engage in any lawful activity for which a limited liability company may be organized under the Act. The Business of the company shall be (i) to act as the general partner or manager (or similar agent) with respect to one or
more Investment Partnerships (as defined in section 5.1.1) or otherwise serving as a manager or advisor of one or more Investment Partnerships, (ii) to make equity investments as a limited partner or member in one or more Investment
Partnerships, and (iii) to deal with any Securities and other assets that the Company may receive from time to time from, or with respect to investments made in, one or more Investment Partnerships. 

2.6 Addresses of Members. The addresses of the Members shall be set forth on Schedule 1, which the Manager shall revise
from time to time to reflect any change of address specified by a Member by notice to the Company. 
 3. Capital
Contributions, Admission of Additional Members. 
 3.1 Initial Capital Contributions. Each Member has made the
Capital Contribution, and shall have the Percentage Interest as set forth opposite that Member’s name on Schedule 1. 

3.2 Contributions of Securities. Except for the Initial Capital Contribution of the Contributed UTEK Shares to be made by UTEK
pursuant to section 3.1, which for Capital Account purposes the parties agree has a fair market value of $1,000,000 (the “Initial Value”) based on the valuation method set forth on Schedule 1, if the Manager allows any Capital
Contribution under this Article 3 to be made by the contribution of securities, the Manager shall determine the fair market value of those securities for purposes of establishing the contributor’s Capital Account. In determining the value, the
Manager may reduce that value to account for brokerage commissions that shall be incurred by the Company when such securities are sold. The Company shall be under no obligation to hold the securities contributed to it. Each Member contributing
securities to the capital of the Company hereby represents and warrants to the Company and the other Members that such Member is the sole and absolute owner of the securities so contributed, subject only to the holding of such securities of record
in “street” or nominee name for the sole and exclusive benefit of such Member, that such securities have not been pledged, hypothecated or otherwise encumbered and that the Company shall receive on consummation of such contribution good
and marketable title to such securities, free of all liens, claims, security interests, community property rights, restrictions on Transfer and other restrictions or defects in title. 

3.3 Additional Capital Contributions. No Member shall be required to make any additional Capital Contribution. To the extent
approved by the Manager, the Members may be permitted from time to time to make additional Capital Contributions in aggregate amounts and on terms and conditions deemed appropriate by the Manager. In such cases, the Manager

  

 - 3 - 

 
shall amend Schedule 1 and cause appropriate adjustments to be made to the Members’ Percentage Interests for purposes of applying the allocation and distribution provisions of Article
7 of this Agreement. 
 3.4 Admission of Additional Members. The Manager may admit any Person to the Company as a Member
on the first day of any month (or any other day in the sole and absolute discretion of the Manager) following the requisite period of time following such person’s first date of complete documentation for such admittance, and any such Person
shall make such Capital Contribution and have such Percentage Interest as the Manager may approve on behalf of the Company. Notwithstanding the foregoing, the Manager shall not admit additional Members with an aggregate amount of capital
contributions in excess of Five Hundred Thousand Dollars ($500,000) without the consent of a Super Majority in Interest of the Members (which Super Majority in Interest must include the affirmative vote of UTEK). No Person shall be admitted to the
Company as a Member unless and until such Person shall have agreed in writing (by signing a counterpart of this Agreement, or otherwise, as the Manager may approve) to become a party to this Agreement and to assume and perform all of the obligations
and responsibilities of a Member hereunder and shall have paid or delivered to the Company such Person’s agreed Capital Contribution. Unless provided for elsewhere in this Agreement, such admission of Members shall not require any consent or
approval of any Member other than the Manager. On the admission of any new Member, the Manager shall amend Schedule 1 and cause appropriate adjustments to be made to the Members’ Percentage Interests for purposes of applying the
allocation and distribution provisions of Article 7 of this Agreement, which adjustments shall be made pro rata among the Members in proportion to their then Percentage Interests. 

3.5 Capital Accounts. The Company shall establish and maintain an individual Capital Account for each Member in accordance with
section 1.7 and Treasury Regulations Section 1.704-1(b). 
 3.6 No Interest. No Member shall be entitled to receive
any interest on such Member’s Capital Contributions or the amount of such Member’s Capital Account. 
 3.7
Loans. The Manager or any Member may from time to time (but shall not be obligated to) loan to the Company such additional sums as may be determined by the Manager in its sole and absolute discretion to be necessary or desirable for the
operation of the Company. Any amounts so loaned by the Manager or a Member shall be treated as a loan to the Company, shall be represented by promissory notes executed by the Company, shall bear interest at LIBOR rate (as hereafter defined), and
shall have such other terms as shall be determined by the Manager in its sole and absolute discretion. Said loans together with interest thereon shall be repaid prior to any distributions of cash to the Members pursuant to sections 7.5.2 and 11.4.4.
The interest thereon shall be treated as a guaranteed payment for purposes of Code Section 707. No Member shall be personally obligated to repay any such loans. For purposes of this Agreement, “LIBOR” shall mean the six
(6) month London Interbank Offered Rate (LIBOR) as published in the “Money Rates” column of The Wall Street Journal on the date of said loan. If The Wall Street Journal publishes a retraction or correction of the LIBOR for the date of
said loan, then the term “LIBOR” shall mean the LIBOR reported in such retraction or correction. 
  

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 4. Members. 

4.1 Limited Liability. Except as required under the Act and as expressly provided in this Agreement, the debts, duties,
obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, duties, obligations and liabilities of the Company, and no Member, Manager or officer of the Company shall be personally liable
for any debt, duty, obligation or liability of the Company solely by reason of being a Member, Manager or officer of the Company. 

4.2 Meetings of Members. No regular, annual, special or other meetings of Members are required to be held. If held, (a) any
such meeting shall be held at the Company’s principal executive office or at any other place selected by the Manager and set forth in the notice of meeting, (b) a meeting shall be held only when called by the Manager, and (c) the
attendance of the Manager and a Majority in Interest of the Members represented in person or by proxy shall be necessary to constitute a quorum at any meeting to consider a matter on which Members may take action. Any action that may be taken at a
meeting of Members may be taken without a meeting by written consent as provided in Section 18-302 of the Act. 
 4.3
Members Have No Managerial Authority. The Members, as such, shall have no power to participate in the management of the Company except as expressly authorized by this Agreement and except as expressly required by the Act notwithstanding this
Agreement. Unless expressly and duly authorized in writing to do so by the Manager, no Member, as such, shall have any power or authority to sign for, bind or act on behalf of the Company in any way, to pledge the Company’s credit, or to render
the Company liable for any purpose; provided, however, that if any Member is also an officer or employee of the Company that Member may act on behalf of the Company in any manner consistent with the authority granted by the Manager to that Member as
such an officer or employee. 
 4.4 Voting Rights. Except as expressly provided in this Agreement or the Certificate,
Members shall have no voting, approval or consent rights. 
 4.5 Other Activities. Any Member and such Member’s
Affiliates may engage in any activities, whether or not related to the business of the Company, or make independent investments, the Members specifically recognizing that some or all of them and their Affiliates are engaged in various businesses,
both for their own accounts and for others, and such Members may continue, or initiate further, such activities. Each Member agrees that any Member and any Affiliate of such Member (a) may engage in or possess an interest, direct or indirect,
in any business venture of any nature or description for his, her or its own account, independently or with others, including, without limitation, any business, industry or activity in which the Company may be interested in engaging or may also be
engaged and (b) may do so without any obligation to report the same to the Company or any other Member or Manager or to afford the Company or any other Member or Manager any opportunity to participate therein. Neither the Company nor any Member
or Manager shall have any right in or to any such independent venture or activity or any revenues or profits derived therefrom. 

4.6 Waiver of Conflicts. Subject to any express prohibition in this Agreement, the fact that any Member or Manager, or any
Affiliate of any Member or Manager, or a member 
  

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of his or her family, is employed by, or is directly or indirectly interested in or connected with, any Person employed or engaged by the Company to render or perform a service, or from whom the
Company may make any purchase, or to whom the Company may make any sale, or from or to whom the Company may obtain or make any loan or enter into any lease or other arrangement, shall not prohibit the Company from engaging in any transaction with
such Member, Manager or Person or create any additional duty of legal justification by such Member, Manager or Person, beyond that of an unrelated party. Neither the Company nor any other Member or Manager shall have any right in or to any revenues
or profits derived from such transaction by such Member, Manager, Affiliate or Person. 
 4.7 Nature of Members’
Liabilities for Claims Against the Company. In furtherance of the intent of the parties that each Member shall be liable to creditors only to the extent of such Member’s Capital Contributions and undistributed profits, the Manager shall
arrange to prosecute, defend, settle or compromise actions at law or in equity at the expense of the Company as the Manager may consider necessary to enforce or protect the interests of the Company, and the Manager shall cause the Company to satisfy
any judgment, decree, decision or settlement under the terms of which the Company (or a Manager, or any Affiliate of a Manager, on behalf of the Company) is obligated to pay any amount, first, out of available proceeds of any insurance of which the
Company is the beneficiary, and next, out of Company assets and income; provided that no such payment shall be made out of the assets or income of a Manager or any officer of the Company, and the Company shall indemnify and defend the Manager and
the Company’s officers and hold them harmless therefrom. 
 4.8 Costs of Special Services. Any costs incurred in
connection with special services requested by a Member will be required to be paid by that Member. Such services would include, for example, those that would benefit the Member but would not benefit the Company, such as a special evaluation or
financial accounting for the purposes of estate valuation, or legal fees relating to the assignment or Transfer of an interest of the Company. 

4.9 No Right to Withdraw. No Member may withdraw his, her or its Capital Contribution from the Company prior to the dissolution
and winding up of the Company. No Member shall have the right to withdraw, retire or resign from the Company prior to the dissolution and winding up of the Company. The provisions hereof with respect to distributions upon withdrawal, resignation or
retirement are exclusive and no Member shall be entitled to claim any further or different distribution upon withdrawal under Section 18-604 of the Delaware Act or otherwise. 

4.10 UTEK Limited Right to Withdraw. 

4.10.1 Notwithstanding the provisions of Section 4.9, if, on the first anniversary (the “First Anniversary Date”) of the
date (the “UTEK Contribution Date”) that UTEK made its capital contribution of the Contributed UTEK Shares pursuant to Section 3.1, the Company has not identified and funded at least one Investment (as hereafter defined) in a UTEK
Business Enterprise (as hereafter defined), UTEK shall have the right to withdraw from the Company pursuant to this Section 4.10.1. Within thirty (30) days after the First Anniversary Date, UTEK shall give written notice to the Manager of
its intention to withdraw from the Company pursuant to this Section 4.10.1. Within five (5) business days after the receipt of such 

 

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notice, the Company shall distribute to UTEK two-thirds
( 2/3) of the total number of Contributed UTEK
Shares in exchange for UTEK’s entire membership interest in the Company; provided, however, that (i) UTEK shall retain its right to participate in any distributions, profits and losses pursuant to sections 7.2.2(b) and 7.2.4(b) of this
Agreement (the “Retained Participation Right”) with respect to investments made by the Company prior to the First Anniversary Date, and (ii) UTEK shall retain its right to receive distributions pursuant to section 7.2.2(a) and
7.2.4(a), but only up to the Initial Value of the Contributed UTEK Shares that were not withdrawn by UTEK pursuant to this section 4.10.1 (the “Retained Right to Distributions”). Upon its receipt of two-thirds
( 2/3) of the total number of Contributed UTEK
Shares, and except for the Retained Participation Right and the Retained Right to Distributions set forth in the preceding sentence, UTEK shall cease to be a Member of the Company and shall not be entitled to claim any further or different
distribution upon its withdrawal under Section 18-604 of the Delaware Act or otherwise. UTEK shall execute and deliver such documents, including documents of assignment, as the Manager may deem necessary in order to effectuate UTEK’s
complete withdrawal from the Company pursuant to this Section 4.10.1. 
 For purposes of this
Section 4.10, the term “Investment” shall mean any type of funding from any source, including without limitation government grants, equity financing or debt financing (whether by direct investment or through an Investment Partnership,
and regardless of whether the Company invests any of its own capital). The term “UTEK Business Enterprise” shall mean any business enterprise that directly or indirectly utilizes the involvement of UTEK or its Affiliates, which may
include, without limitation, any of the following: online platforms, partnering, sourcing of technology and technology transfer services; identification of investment opportunity; strategic services including global licensing and negotiation of
licensing agreements; intellectual property analytics; strategic consulting including technology review by UTEK’s scientific advisors; insights and research including foresight and trend analysis, research and information services. No less than
             (    ) business days prior to the closing of each Investment in a business enterprise, UTEK shall deliver in writing to the Manager a
statement as to whether UTEK considers such business enterprise to constitute a UTEK Business Enterprise. 

4.10.2 Notwithstanding the provisions of Section 4.9, if on the second anniversary (the “Second
Anniversary Date”) of the UTEK Contribution Date, the Company has not identified and funded at least two Investments in UTEK Business Enterprises, UTEK shall have the right to withdraw from the Company pursuant to this Section 4.10.2.
Within thirty (30) days after the Second Anniversary Date, UTEK shall give written notice to the Manager of its intention to withdraw from the Company pursuant to this Section 4.10.2. Within five (5) business days after the receipt of
such notice, the Company shall distribute to UTEK one-third
( 1/3) of the total number of Contributed UTEK
Shares in exchange for UTEK’s entire membership interest in the Company; provided, however, that (i) UTEK shall have a Retained Participation Right with respect to investments made by the Company prior to the Second Anniversary Date, and
(ii) UTEK shall have a Retained Right to Distributions, but only up to the Initial Value of the Contributed UTEK Shares that were not withdrawn by UTEK pursuant to this Section 4.10.2. Upon its receipt of one-third
( 1/3) of the total number of Contributed UTEK
Shares, and except for the Retained Participation Right and the Retained Right to Distributions set forth in the preceding sentence, UTEK shall cease to be a Member of the Company and shall not be entitled to claim any further or different
distribution upon its withdrawal under Section 18-604 of the Delaware Act or otherwise. UTEK shall execute and deliver such documents, including documents of assignment, as the Manager may deem necessary in order to effectuate UTEK’s
complete withdrawal from the Company pursuant to this Section 4.10.2. 
  

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 4.10.3 Notwithstanding the provisions of Section 4.9, if on the third anniversary (the
“Third Anniversary Date”) of the UTEK Contribution Date, the Company has not identified and funded at least three Investments in UTEK Business Enterprises, UTEK shall have the right to withdraw from the Company pursuant to this
Section 4.10.3. Within five (5) business days after the receipt of such notice, the Company shall distribute to UTEK any unsold Contributed UTEK Shares in exchange for UTEK’s entire membership interest in the Company; provided,
however, that (i) UTEK shall have a Retained Participation Right with respect to investments made by the Company prior to the Third Anniversary Date, and (ii) UTEK shall have a Retained Right to Distributions, but only up to the Initial
Value of the Contributed UTEK Shares that were not withdrawn by UTEK pursuant to this Section 4.10.3. Upon its receipt of the unsold Contributed UTEK Shares, and except for the Retained Participation Right and the Retained Right to
Distributions set forth in the preceding sentence, UTEK shall cease to be a Member of the Company and shall not be entitled to claim any further or different distribution upon its withdrawal under Section 18-604 of the Delaware Act or
otherwise. UTEK shall execute and deliver such documents, including documents of assignment, as the Manager may deem necessary in order to effectuate UTEK’s complete withdrawal from the Company pursuant to this Section 4.10.2. 

5. Investment Partnerships and Co-Investment Rights. 

5.1 Investment Partnerships. 

5.1.1 From time to time the Manager shall form one or more Investment Partnerships. Each Investment Partnership may be either a Single
Purpose Investment Partnership or a Master Investment Partnership. A Single Purpose Investment Partnership is a limited partnership, limited liability company, corporation or other legal entity formed for the purpose of investing in, acquiring
and/or establishing one specific business enterprise. A Master Investment Partnership is a limited partnership, limited liability company, corporation or other legal entity formed for the purpose of serving as a venture capital fund to invest in,
acquire and/or establish more than one business enterprise. 
 5.1.2 The Manager shall use its reasonable efforts to form each
Investment Partnership on substantially the terms set forth on Exhibit A hereto. 
 5.1.3 The Company shall act as the
general partner, manager or similar agent of each Investment Partnership and will have an obligation to contribute capital to each Investment Partnership in an amount equal to at least two-tenths of one percent (0.2%) of the capital to be
contributed by all partners, members or similar interest-holders of such Investment Partnership. 
 5.1.4 In addition to its
interest as the general partner, manager or similar agent of an Investment Partnership, the Company also may, but shall not be required to, purchase a limited partner interest in such Investment Partnership by making an additional capital
contribution to such Investment Partnership. The decision whether to purchase a limited partner interest in an Investment Partnership and the amount of the capital contribution to be made in exchange therefore shall be made by the Manager in its
sole discretion. 
  

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 5.2 Co-Investment Rights. 

5.2.1 On each occasion that the Manager proposes to form an Investment Partnership (regardless of whether the Investment Partnership is
a Single Purpose Investment Partnership or a Master Investment Partnership), the Manager shall deliver a notice (the “Investment Opportunity Notice”) to each Member, describing the proposed Investment Partnership in reasonable
detail, including without limitation the total dollar amount of capital to be raised by such Investment Partnership and, if the Investment Partnership is a Single Purpose Investment Partnership, a description of the proposed investment to be made by
the Investment Partnership. Each Member receiving such Investment Opportunity Notice shall have ten (10) business days to affirmatively respond to such Investment Opportunity Notice by delivering to the Manager a written notice stating the
Member’s election to invest as a limited partner in the proposed Investment Partnership and the amount of capital such Member elects to commit with respect to such Investment Partnership. No Member may participate in an Investment Partnership
in any amount unless such Member affirms in writing as part of its response to an Investment Opportunity Notice the continued accuracy of the representation set forth in section 14.3. 

5.2.2 If the aggregate amounts committed to the proposed Investment Partnership by Members affirmatively responding to such Investment
Opportunity Notice (each a “Participating Member”) exceeds the total dollar amount of capital to be raised by the proposed Investment Partnership, then the Manager shall use its good faith judgment to reduce the commitments of all
Participating Members to the proposed Investment Partnership in relation to the Capital Contribution (including additional Capital Contributions) of each such Participating Member to the Company. If the aggregate amounts committed to the proposed
Investment Partnership by the Participating Members is less than the total dollar amount of capital to be raised by the proposed Investment Partnership, then the Manager may solicit additional commitments to invest in the proposed Investment
Partnership from third parties, or from the Manager, in an aggregate amount not to exceed the excess of the total dollar amount of capital to be raised by the proposed Investment Partnership over the aggregate commitments of all Participating
Members to the proposed Investment Partnership. Notwithstanding the preceding two sentences, the Manager may allocate up to twenty percent (20%) of the capital to be committed to a proposed Investment Partnership to any Finders who rendered
services with respect to such proposed Investment Partnership or the proposed investment to be made by such proposed Investment Partnership. 

5.2.3 The Manager shall send a second notice (the “Contribution Notice”) to each Participating Member for the proposed
Investment Partnership informing such Participating Member of such Participating Member’s participation amount with respect to the proposed Investment Partnership (the “Participation Amount”) and describing the aggregate
commitments of the Participating Members to the proposed Investment Partnership and any additional commitments of the Manager or third parties to the proposed Investment Partnership, after which such Participating Member shall then have five
(5) business days (or such longer period as the Manager may determine in its discretion) to fund its Participation Amount for the 

 

 - 9 - 

 
proposed Investment Partnership, which amount shall be paid directly to the Investment Partnership and shall not be treated as a capital contribution to the Company. The Contribution Notice shall
also set forth any material deviations from the terms set forth on Exhibit A in the formation of the Investment Partnership. 

5.2.4 Each Member hereby agrees to become a limited partner, member, or similar interest-holder in each Investment Partnership with
respect to an investment opportunity for which such Member is a Participating Member and hereby appoints the Manager as such Member’s attorney-in-fact for the purpose of executing any documents necessary to admit the Member to such Investment
Partnership. 
 5.2.5 In addition to such Member’s rights to profits and distributions pursuant to Article 7 of this
Agreement, each Member who purchases a limited partner interest in an Investment Partnership shall participate pro rata with the other limited partners in the profits and distributions of such Investment Partnership in accordance with the provisions
of the partnership agreement, limited liability company agreement or other applicable agreement of the Investment Partnership. 

5.3 Follow-On Investment Opportunities. Notwithstanding anything to the contrary contained in this Article 5, in the event that
the proposed investment to be made by a proposed Special Purpose Investment Partnership relates to an investment in a legal entity whose Securities have been previously acquired by an existing Investment Partnership, participation in such proposed
Special Purpose Investment Partnership shall first be offered to the Participating Members of such existing Investment Partnership (under substantially identical procedures as outlined in section 5.2). If such Participating Members do not elect to
participate in the entire amount of capital to be raised by such proposed Special Purpose Investment Partnership, then the remaining available amount of capital to be raised by such proposed Special Purpose Investment Partnership (the
“Unsubscribed New Capital”) shall be treated as a new “Investment Partnership” and the Members shall have the right to co-invest in such Unsubscribed New Capital pursuant to the procedure set forth in Section 5.2.

 6. Management and Control of the Company. 

6.1 Management of the Company by Manager. 

6.1.1 Subject to provisions of this Agreement relating to actions required to be approved by Members, the business, property and affairs
of the Company shall be managed, and all powers of the Company shall be exercised by or under the direction of, the Manager. 

6.1.2 Subject to section 6.3.2, the Manager is authorized to endorse checks, drafts, and other evidences of indebtedness made payable to
the order of the Company, to sign all checks, drafts and other instruments obligating the Company to pay money, to sign contracts and obligations on behalf of the Company and to delegate any such authority to any Person, as the Manager considers
advisable. 
 6.1.3 Subject to compliance with federal and state securities laws, the Manager is authorized
to sell the Contributed UTEK Shares as follows: (i) up to one-third
( 1/3) of

  

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the total number of Contributed UTEK Shares may be sold at any time or times during the twelve (12) month period commencing with the UTEK Contribution Date or at any time thereafter;
(ii) up to an additional one-third ( 1/3) of
the total number of Contributed UTEK Shares may be sold at any time or times during the twelve (12) month period commencing with the first anniversary of the UTEK Contribution Date or at any time thereafter; and (iii) up to an additional
one-third ( 1/3) of the total number of Contributed
UTEK Shares may be sold at any time or times after the second anniversary of the UTEK Contribution Date. The Manager may use the proceeds from any such sale to pay expenses of the Company (including without limitation the Management Fee, Management
Expense Reimbursement and Company Expenses) and/or to make investments on behalf of the Company in one or more Investment Partnerships pursuant to Section 5. At any time or from time to time the Manager may seek a waiver from UTEK of the
foregoing limitations on the Manager’s authority to sell the Contributed UTEK Shares, which waiver shall not be unreasonably withheld by UTEK. 

6.2 Designation of Manager. 

6.2.1 Number, Term, and Qualifications. The Company shall have one Manager, who shall be Managers LLC. Unless a Dissolution Event
occurs with respect to Managers LLC, Managers LLC shall hold office until it resigns pursuant to section 6.2.2 or is removed pursuant to section 6.2.3 and a successor shall have been elected and shall qualify. Notwithstanding the foregoing, if at
any time John Micek is no longer a manager of Managers LLC, then UTEK shall have the right to approve the successor manager of Managers LLC, which approval shall not be unreasonably withheld. The Manager shall be a Member, but need not be a natural
person, a resident of the State of Delaware, or a citizen of the United States. Each Manager shall sign this Agreement or a counterpart hereof. 

6.2.2 Resignation. The Manager may resign as such at any time by giving notice to the Members, without prejudice to the rights,
if any, of the Company under any contract to which the resigning Manager is a party. The resignation of the Manager shall take effect on receipt of the notice or at such later time as shall be specified in the notice, and, unless otherwise specified
in the notice, acceptance of the resignation shall not be necessary to make it effective. If John Micek is no longer a manager of Managers LLC, and UTEK does not approve the successor manager of Managers LLC, then Managers LLC shall be deemed to
have resigned as Manager as of the date that UTEK disapproves said successor manager. The resignation of the Manager shall not affect that Manager’s rights or obligations as a Member and shall not constitute that Manager’s withdrawal as a
Member. The Manager shall be deemed to have resigned as such on the happening of a Dissolution Event with respect to such Manager. 

6.2.3 Removal. The Manager may be removed for Cause by the Members by vote of a Super Majority in Interest of the Members. For
purposes hereof, in determining a Super Majority in Interest of the Members, the Manager who is the subject of the removal vote shall be entitled to vote any interest held by it as a member, and the vote of such interest shall be included in the
determination of the vote of a Super Majority in Interest of the Members with respect to the Manager’s removal. 
 6.2.4
Successor Manager. The Manager shall have the right at any time to appoint a successor Manager to succeed it as Manager, provided that said appointment 

 

 - 11 - 

 
shall be subject to the approval of UTEK, which approval shall not be unreasonably withheld (a successor Manager so appointed and approved is hereafter referred to as a “Designated
Successor Manager”). If the Manager resigns or is removed and there is no Designated Successor Manager, then a successor Manager shall be elected by a Majority in Interest of the Members, subject to the approval of UTEK, which approval
shall not be unreasonably withheld (a successor Manager so elected and approved is hereafter referred to as a “Elected Successor Manager”). A Designated Successor Manager or an Elected Successor Manager, as applicable, shall become
the Manager of the Company upon the resignation or removal of the Manager pursuant to section 6.2.2 or section 6.2.3, respectively; provided, however that prior to such Person becoming the Manager, such Person shall have executed an Agreement of
Successor Manager in the form of Schedule 3 attached hereto, whereby such Person accepts the position of Manager and agrees to be bound by all of the terms and conditions of this Agreement. In addition, upon said designation or election as
Designated Successor Manager or Elected Successor Manager, as the case may be, such Person shall be admitted as a Member; provided, however, that prior to such Person becoming a Member, such Person shall have executed a counterpart of this Agreement
as a Member. 
 6.3 Powers of Manager. 

6.3.1 Overall Powers of Manager. Without limiting the generality of, but subject to sections 6.1 and 6.3.2 and to the express
limitations set forth elsewhere in this Agreement, the Manager shall have all necessary power and authority to manage and carry out the purposes, business, property, and affairs of the Company. Any and all rights, powers, authority and discretion of
the Manager under this Agreement or the Act shall be exercisable by the Manager in its absolute and exclusive discretion, and the Manager is authorized and empowered to grant or give any consent, approval or authorization, make any determination or
do or perform any other act or thing conditionally or unconditionally, arbitrarily, or inconsistently in varying or similar circumstances, without any accountability to the Company or any other Member, except only as otherwise specifically and
expressly provided in this Agreement or provided by the Act notwithstanding this Agreement. 
 6.3.2 Limitations.
Notwithstanding any other provision of this Agreement, the Manager shall not, without the consent of a Super Majority in Interest of the Members (which Super Majority in Interest of the Members must include the affirmative vote of UTEK), have
authority hereunder to cause the Company to engage in any of the following transactions: 
 (a) the sale or other disposition
of all or substantially all of the Company’s assets; 
 (b) the merger of the Company with another limited liability
company,, limited partnership, corporation or general partnership; provided that in no event shall a Member or Manager be required to become a general partner in a merger with a general or limited partnership without that Member’s or
Manager’s express consent; or 
 (c) the dissolution of the Company. 

 

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 6.4 Performance of Duties; Liability of Manager. The Manager shall not be liable to
the Company or to any Member for any loss, liability, claim or damage sustained by the Company or any Member, unless the loss, liability, claim or damage shall have been the result of fraud, deceit, gross negligence or willful misconduct by the
Manager. 
 6.5 Devotion of Time. The Manager is not obligated to devote all of its time or business efforts to the
affairs of the Company. The Manager shall devote to the business and affairs of the Company such time, effort and skill as it deems appropriate. 

6.6 Competing Activities. Each Manager and the Manager’s agents, employees, officers, directors, managers, shareholders,
members and Affiliates may engage or invest in, independently or with others, any business activity of any type or description, including, without limitation, those that might be the same as or similar to the Company’s business and that might
be in direct or indirect competition with the Company. Neither the Company nor any Member shall have any right in or to such other ventures or activities or to the income or proceeds derived therefrom. No Manager shall be obligated to present any
investment opportunity or prospective economic advantage to the Company, even if the opportunity is of the character that, if presented to the Company, could be taken by the Company. The Manager shall have the right to hold any investment
opportunity or prospective economic advantage for the Manager’s own account and to recommend such opportunity to Persons other than the Company. The Members acknowledge that the Manager and its agents, employees, officers, directors,
shareholders and Affiliates may own or manage other businesses, including businesses to which the Manager devotes time and attention that may compete with the Company and for the Manager’s time. 

6.7 Transactions between the Company and the Manager. Notwithstanding that it may constitute a conflict of interest, the Manager
may, and may cause the Manager’s Affiliates to, engage in any transaction (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service, or the establishment of any salary or other
compensation or other terms of employment) with the Company, so long as such transaction is not expressly prohibited by this Agreement, and so long as the terms and conditions of such transaction, on an overall basis, are fair and reasonable to the
Company and are at least as favorable to the Company as those that are generally available in similar transactions between parties dealing at arm’s length. A transaction between the Manager or any of the Manager’s Affiliates, on the one
hand, and the Company, on the other hand, shall be conclusively presumed to be on terms and conditions, on an overall basis, fair and reasonable to the Company and at least as favorable to the Company as those that are generally available in a
similar transaction between parties dealing at arm’s length, if a Majority in Interest of the Members having no interest in such transaction (other than their interests as Members) approve the transaction. 

6.8 Management Fee. The Manager shall be entitled to a management fee (the “Management Fee”) for each Fiscal Year
in an amount equal to the greater of (i) $250,000, or (ii) two percent (2%) of the aggregate Capital Contributions to the Investment Partnerships managed by the Company as of the first day of such Fiscal Year. The Company shall pay
the Manager, quarterly in advance on the first day of each Fiscal Quarter, one-quarter of the annual Management Fee. 
  

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 6.9 Expenses. 

6.9.1 Management Expense Reimbursement. In addition to the Management Fee, the Company shall reimburse the Manager up to $3,300
per month for the Manager’s operating expenses (“Management Expense Reimbursement”) including without limitation office rent, telephone and internet service, web site fees, outside consultant fees and offsite storage fees.
Notwithstanding the foregoing, the maximum amount of the Management Expense Reimbursement shall be reduced dollar for dollar by the amount, if any, that the Management Fee paid to the Manager for that Fiscal Year exceeds $250,000. For example, if
the Management Fee for the Fiscal Year 2010 is $260,000, then the maximum amount of the Management Expense Reimbursement for Fiscal Year 2010 would be reduced by $10,000 from $39,600 to $29,600, and if the Management Fee for the Fiscal Year 2011 is
$300,000, then the maximum amount of the Management Expense Reimbursement for Fiscal Year 2011 would be reduced by $39,600 from $39,600 to 0. 

6.9.2 Company Expenses. The Manager shall pay the expenses incurred in the formation and organization of the Company, including,
without limitation, the preparation of the Certificate and this Agreement by counsel for the Manager. Except for the foregoing, the Company shall pay all Company expenses incurred by the Manager directly in connection with the conduct of the
Company’s business, including legal and accounting fees, brokerage commissions, finders fees, and any costs or expenses incurred directly in connection with a transaction or proposed transaction (including due diligence costs), whether or not
consummated. 
 6.10 Officers. The Manager may appoint one or more officers at any time. The officers of the Company, if
deemed necessary by the Manager, may include a president (or a chairman), one or more vice presidents, a secretary, one or more assistant secretaries, a chief operating officer, a chief financial officer, one or more deputy chief financial officers,
and such other officers as the Manager may designate. The officers, if any, shall serve at the pleasure of the Manager, subject to all rights, if any, of an officer under any contract of employment. Any natural person, including a Member or a
Manager or any Affiliate of a Manager, may hold any number of offices. An officer need not be a Member, a resident of the State of Delaware or a citizen of the United States. The officers shall exercise such powers and perform such duties as are
specified in this Agreement and as shall be determined from time to time by the Manager. Generally, each officer shall have the powers, duties and responsibilities usually vested in like titled officers of a Delaware corporation and shall perform
such other duties and have such other powers as the Manager may from time to time prescribe. 
 6.11 Limited Liability.
Except as required under the Act or as expressly set forth in this Agreement, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the
Company, and no Manager shall be personally liable for any debt, obligation or liability of the Company solely by reason of acting as a Manager of the Company. 

6.12 Advisory Board. The Manager may select a number of Members or other persons (whether affiliated or not affiliated with the
Manager) to act as an advisory board to consult with the Manager with respect to the business of the Company and certain other matters 

 

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as requested by the Manager in connection with the Company (the “Advisory Board”). The Manager may not delegate any of its powers or duties to the Advisory Board, and the
Advisory Board shall have no authority, power or discretion to manage or control the business and affairs of the Company, to make any decisions, investments or take any actions on behalf of the Manager or the Company. The Advisory Board shall have
no power to bind the Company or the Members. 
 6.13 Assignment of Participation Rights. The Manager may grant to any
Advisory Board member or other advisor or consultant as compensation for services rendered to the Company a right to participate (a “Participation Right”) in a percentage of the Manager’s share of cash derived from the Third
Source with respect to any one or more Investment Partnerships provided, however, that a Participation Right shall not reduce the interest of any Member other than the Manager in cash derived from the Third Source. A holder of a Participation Right
(i) shall be a mere assignee of a profits interest and not a Member, (ii) shall have none of the rights of a Member under this Agreement and the Delaware Act with respect to such Participation Right, and (iii) shall have no interest
in any assets of the Company as a result of such Participation Right. A holder of a Participation Right shall have solely the right to participate in distributions of cash derived from the Third Source with respect to one or more specific Investment
Partnerships pursuant to section 7.2.4. The Manager shall retain all voting rights with respect to its membership interest notwithstanding any grants of Participation Rights. For each Fiscal Year beginning with the date the Participation Right is
granted and ending with the disposition by the Company of its carried interest in the Investment Partnership with respect to which the Participation Right was granted, the Manager’s share of Profits and Losses from the Third Source with respect
to such Investment Partnership shall be allocated between the Manager and the holder of such Participation Right in proportion to their interests therein. 

7. Allocations and Distributions. 

7.1 Allocations. Except as otherwise provided in Appendix B, Profits and Losses (or any items thereof) shall be allocated
annually (and at such other times as the Manager determines) to the Members in such a manner that the Capital Account of each Member, plus the Member’s share of Company Minimum Gain and Member Minimum Gain, shall, to the extent possible, be
equal to the amount, positive or negative, which would be distributed to such Member (in the case of a positive amount) or for which such member would be liable to the Company under this Agreement (in the case of a negative amount), if (a) the
Company were to sell the assets of the Company for an amount equal to their then Book Value, (b) the Company were to satisfy all of its liabilities and distribute the remaining proceeds of sale pursuant to section 7.2, and (c) the Company
were to dissolve pursuant to Article 11; provided, however, that Losses (or any items thereof) shall not be allocated to a Member to the extent such allocation would cause such Member to have an Adjusted Capital Account Deficit at the end of any
Fiscal Year. 
 7.2 Distributions. There shall be five sources of cash available for distribution to the Members:
(i) cash derived from the investment of the capital of the Company (the “First Source”); (ii) cash derived from Fee Income (the “Second Source”); (iii) cash derived from the Company’s
“carried interests” in the Investment Partnerships that it manages (the “Third Source”); (iv) cash derived from the sale of all or a substantial portion of the assets of the

  

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Company (other than cash from any such sale that is allocated or attributable to the Company’s assets which produce income from the First Source or the Third Source) outside of the ordinary
course of its business (the “Fourth Source”); and (v) other sources of cash. 
 7.2.1 Subject to
applicable law and any limitations elsewhere in this Agreement (including, without limitation, section 7.3), the Manager shall determine the source, amount, proportion and timing of all distributions by the Company and whether such distributions
will be in cash or in kind or partly in cash and partly in kind. All such distributions shall be made only to the Persons who, according to the books and records of the Company, are the holders of record of the Economic Interests in respect of which
such distributions are made on the date of distribution. 
 7.2.2 All distributions of cash derived from the First Source,
Fourth Source and Other Sources shall be made to the Members as follows: 
 (a) First, to the Members, pro rata in proportion
to their Capital Contributions, until each Member has been distributed a cumulative amount of cash pursuant to this section 7.2.2(a) and section 7.2.4(a) equal to its Capital Contribution; 

(b) Thereafter, all such distributions shall be made to the Members in proportion to their Percentage Interests. 

7.2.3 All distributions of cash derived from the Second Source shall be made 100% to the Manager. 

7.2.4 All distributions of cash derived from the Third Source shall be made to the Members as follows: 

(a) First,
33 1/3 to Managers LLC and
66 2/3 to the Members, pro rata in proportion to
their Capital Contributions, until each Member (other than Managers LLC) has been distributed a cumulative amount of cash pursuant to section 7.2.2(a) and this section 7.2.4(a) equal to its Capital Contribution; 

(b) Thereafter, all such distributions shall be made to the Members in proportion to their Percentage Interests. 

7.2.5 Subject to any restrictions contained in any agreements to which the Company is a party (other than this Agreement), to the extent
any Member’s Aggregate Company Tax Liability exceeds the aggregate amounts distributed to such Member in accordance with sections 7.2.2, 7.2.3, 7.2.4 and this section 7.2.5 since the inception of the Company (a “Tax
Shortfall”), the Company shall distribute cash to the Members at least once per Fiscal Year, pro rata in accordance with their respective Tax Shortfalls, until each Member has received a total amount of cash under sections 7.2.2, 7.2.3,
7.2.4 and this section 7.2.5 since the inception of the Company equal to its Aggregate Company Tax Liability. Amounts distributed to a Member pursuant to this section 7.2.5 shall be treated as an advance against such Member’s future
distributions pursuant to sections 7.2.2, 7.2.3 and 7.2.4. 
  

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 7.3 Form of Distribution. A Member, regardless of the nature of the Member’s
Capital Contribution, has no right to demand and receive any distribution from the Company in any form other than money. No Member may be compelled to accept from the Company a distribution of any asset in kind in lieu of a proportionate
distribution of money being made to other Members except on the dissolution of the Company as provided herein. 
 7.4
Withholding on Allocations and Distributions. Each Member acknowledges and agrees that the Company may be required to deduct and withhold tax or to fulfill other obligations of such Member on any allocation or distribution under this Article
7. All amounts withheld with respect to any allocation or distribution to a Member shall be treated as amounts distributed to such Member for all purposes under this Agreement as of the effective date of the related distribution. 

7.5 Restriction on Distributions. No distribution shall be made if and to the extent prohibited by the Act notwithstanding this
Agreement. 
 7.6 Return of Distributions. Except for distributions made in violation of the Act or this Agreement, no
Member shall be obligated to return any distribution to the Company or pay the amount of any distribution for the account of the Company or to any creditor of the Company. The amount of any distribution returned to the Company by a Member or paid by
a Member for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it shall have been subtracted on its distribution to the Member. 

8. Transfer and Assignment of Interests. 

8.1 Transfer and Assignment of Interests. Except for Participation Rights granted by the Manager pursuant to section 6.13, no
Member shall Transfer all or any part of that Member’s Membership Interest except with the prior consent of the Manager. In addition, the Manager shall not Transfer all or any part of such Manager’s Membership Interest, if any, except with
the prior consent of a Super Majority in Interest of the other Members; provided, however, that a Manager may Transfer its Membership Interest (including the right to act as Manager) to an Affiliate of the Manager without the consent of any other
Member. Any such consent may be given, conditionally or unconditionally, or withheld (as permitted by this Agreement or the Act), as the Manager or such Members may determine in their exclusive discretion. Any attempted or purported Transfer in
violation of this Article 8 shall be void. After the consummation of any Transfer of a Membership Interest, the Membership Interest so Transferred shall continue to be subject to the terms and conditions of this Agreement, and any further Transfers
shall comply with all the terms and conditions of this Agreement. If a Transfer occurs by operation of law (including, but not limited to, on death, Bankruptcy or divorce of a Member), the transferee shall become an Assignee entitled to an Economic
Interest, but shall not be substituted as a Member without the prior consent of the Manager. 
 8.2 Further Restrictions on
Transfer of Interests. In addition to other restrictions in this Agreement, no Member shall Transfer any Membership Interest or any interest therein (a) without compliance with section 12 unless the Manager consents, and (b) if the
Membership Interest or interest to be Transferred, when added to all other Membership Interests Transferred in the preceding twelve months, would cause the termination of the Company under the Code. 

 

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 8.3 Substitution of Members. A transferee of a Membership Interest shall have the
right to become a substitute Member only if (a) the requirements of sections 8.1 and 8.2 are met, (b) such transferee executes an instrument satisfactory to the Manager accepting and adopting the terms and conditions of this Agreement and
(c) such transferee pays any reasonable expenses in connection with that transferee’s admission as a new Member. The admission of a substitute Member shall not result in the release from any liability of the Person who shall have assigned
the Membership Interest. 
 8.4 Effective Date of Permitted Transfers. Any permitted Transfer of all or any portion of a
Membership Interest shall be effective as of the last day of the calendar month in which the requirements of sections 8.1, 8.2 and 8.3 shall have been met. Any transferee of a Membership Interest shall take and hold such Membership Interest subject
to the restrictions on Transfer imposed by this Agreement. 
 8.5 Rights of Legal Representatives. If a Member who is a
natural person dies or is adjudged by a court of competent jurisdiction to be incompetent to manage such Member’s person or property, such Member’s executor, administrator, guardian, conservator or other legal representative may exercise
all of such Member’s rights for the purpose of settling such Member’s estate or administering such Member’s property, including any power such Member has under the Certificate or this Agreement to give an Assignee the right to become
a Member. If a Member is a corporation, trust or other entity and is dissolved or terminated, the powers of that Member may be exercised by its legal representative or Successor. 

8.6 No Effect to Transfers in Violation of Agreement. On any Transfer of a Membership Interest in violation of this Article 8,
neither the former Member nor any Successor shall have the right to vote or participate in the management of the business, property or affairs of the Company or to exercise any rights of a Member. Such Successor shall only be entitled to become an
Assignee of the Economic Interest included in such Membership Interest and assigned to such Successor, and thereafter shall only receive the share of the Company’s Profits, Losses and distributions of the Company’s assets to which the
Transferor of such Economic Interest would otherwise have been entitled, which shall be effective as of the last day of the calendar month in which the Transfer is made. 

9. Spousal Consents. Any natural person to whose benefit this Agreement may now or hereafter inure shall use his or her best
efforts to obtain the acknowledgement and consent of his or her spouse, whether such party is now married or marries or remarries hereafter, in the attached hereto as Schedule 2. 

10. Accounting, Records, Reporting by Members. 

10.1 Books and Records. The Company shall maintain at its principal office all of the following: 

10.1.1 True and full information regarding the status of the business and financial condition of the Company; 

 

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 10.1.2 Promptly after becoming available, a copy of the Company’s federal, state and
local income tax returns for each Fiscal Year; 
 10.1.3 A current list of the name and last known business, residence or
mailing address of each Member and Manager; 
 10.1.4 A copy of this Agreement and the Certificate and all amendments thereto,
together with executed copies of any written powers of attorney pursuant to which this Agreement and the Certificate and all amendments thereto have been executed; and 

10.1.5 True and full information regarding the amount of cash and a description and statement of the agreed value of any other property
or services contributed by each Member and which each Member has agreed to contribute in the future, and the date on which each became a Member. 

10.2 Delivery to Members and Manager and Inspection. 

10.2.1 On the request of any Member, upon reasonable demand for any purpose reasonably related to the Member’s interest as a
Member, the Manager shall promptly deliver to the requesting Member a copy of (i) the information required to be maintained by section 10.1; and (ii) any other information regarding the affairs of the Company as is just and reasonable.

 10.2.2 The Manager shall have the right to examine all of the information described in section 10.1 for a purpose reasonably
related to its position as the Manager. 
 10.2.3 Any demand by a Member under this section shall be in writing and shall state
the purpose of such demand. 
 10.2.4 The Manager shall have the right to keep confidential from the Members, for such period
of time as the Manager deems reasonable, any information which the Manager reasonably believes to be in the nature of trade secrets or other information the disclosure of which the Manager in good faith believes is not in the best interest of the
Company or could damage the Company or its business or which the Company is required by law or by agreement with a third party to keep confidential. 

10.3 Accountings. As soon as is reasonably practicable after the close of each Fiscal Year, the Manager shall make or cause to be
made a full and accurate accounting of the affairs of the Company as of the close of that Fiscal Year and shall prepare or cause to be prepared a balance sheet as at the end of such Fiscal Year, a profit and loss statement for that Fiscal Year and a
statement of Members’ equity showing the respective Capital Accounts of the Members as of the close of such Fiscal Year and the distributions, if any, to Members during such Fiscal Year, all of which the Manager shall furnish to each Member. In
addition, the Manager shall furnish to each Member information regarding the Company necessary for such Member to complete such Member’s federal and state income tax returns. The Manager shall also furnish a copy of the Company’s tax
returns to any Member requesting the same. On such accounting being made, Profits and Losses during such Fiscal Year shall be ascertained and credited or debited, as the case may be, in the books of account of the Company to the respective Members
as herein provided. 
  

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 10.4 Filings. The Manager, at Company expense, shall cause the income tax returns for
the Company to be prepared and timely filed with the appropriate authorities. The Manager, at Company expense, shall also cause to be prepared and timely filed with appropriate federal and state regulatory and administrative bodies amendments to, or
restatements of, the Certificate and all reports required to be filed by the Company with those entities under the Act or other then current applicable laws, rules, and regulations. If the Manager is required by the Act to execute or file any
document and fails, after demand, to do so within a reasonable period of time or refuses to do so, any other Member may prepare, execute and file that document with the Delaware Secretary of State. 

10.5 Bank and Brokerage Accounts. The Manager shall maintain the funds of the Company in one or more separate bank or securities
brokerage accounts in the name of the Company, and shall not permit the funds of the Company to be commingled in any fashion with the funds of any other Person. 

10.6 Tax Matters Partner. The Manager may remove and replace the Tax Matters Partner at any time or times. The Manager shall from
time to time cause the Company to make such tax elections as it deems to be in the interests of the Company and the Members generally. The Tax Matters Partner, as defined in Code section 6231, shall represent the Company (at the Company’s
expense) in connection with all examinations of the Company’s affairs by tax authorities, including resulting judicial and administrative proceedings, and shall expend the Company funds for professional services and costs associated therewith.

 11. Dissolution and Winding Up. 

11.1 Dissolution. The Company shall be dissolved, its assets shall be disposed of, and its affairs wound up on the first to occur
of: 
 11.1.1 The Manager’s election, by written notice to the Members, to dissolve the Company, but only if a Super
Majority in Interest of the Members has consented to such election (which Super Majority in Interest must include UTEK) in accordance with Section 6.3.2(b); 

11.1.2 The entry of a decree of judicial dissolution pursuant to section 18-802 of the Act; 

11.1.3 The vote or consent of a Super Majority in Interest of the Members, provided that the Super Majority in Interest of the Members
must include the affirmative vote of UTEK; or 
 11.1.4 The sale or other disposition of all or substantially all of the
Company’s assets (provided that such sale or other disposition has been approved by a Super Majority in Interest in the Members (which Super Majority in Interest must include UTEK) pursuant to section 6.3.2(a)). 

 

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 11.2 Winding Up. On the occurrence of an event specified in section 11.1, the Company
shall continue solely for the purpose of winding up its affairs in an orderly manner, liquidating its assets and satisfying the claims of its creditors. The Manager or the Liquidating Person previously designated by the Manager or by the consent of
a Majority in Interest of the Members if there is no remaining Manager (the “Liquidating Person”) shall be responsible for overseeing the winding up and liquidation of the Company, shall take full account of the assets and
liabilities of Company, shall cause such assets to be sold or distributed, and shall cause the proceeds therefrom, to the extent sufficient therefor, to be applied and distributed as provided in section 11.4. The Manager or the Liquidating Person
shall give notice of the commencement of winding up by mail to all known creditors and claimants whose addresses appear on the records of the Company. The Manager or the Liquidating Person shall be entitled to reasonable compensation for such
services. 
 11.3 Distributions in Kind. Any non-cash assets distributed to the Members shall first be valued at their
fair market value to determine the Profit or Loss that would have resulted if such assets were to have been sold for such value, pursuant to Article 7, except that if there is no Manager, the valuation shall be made by the Liquidating Person. Such
Profit or Loss shall then be allocated pursuant to Article 7, and the Members’ Capital Accounts shall be adjusted to reflect such allocations. The amount distributed and charged against the Capital Account of each Member receiving an interest
in a distributed asset shall be the fair market value of such interest (net of any liability secured by such asset that such Member assumes or takes subject to). 

11.4 Application of Proceeds. The proceeds from the liquidation of the assets of the Company, together with assets to be
distributed in kind, shall be applied and distributed in the following order: 
 11.4.1 First, to pay the expenses of the
liquidation; 
 11.4.2 Second, to pay or make adequate provision for the debts of the Company, other than debts owing to any
Member or the Manager; 
 11.4.3 Third, to repay all outstanding loans from any Member or the Manager. Should there be
insufficient funds to pay such loans in full, each member shall be repaid in the ratio that its loan, together with interest accrued thereon, bears to the total of all such loans from Members and the Manager, including all interest accrued thereon;
and 
 11.4.4 The balance, if any, shall be distributed to the Members in accordance with section 7.2. 

11.5 Compliance with Regulations. All payments to the Members on the winding up and dissolution of Company shall be strictly in
accordance with the positive capital account balance limitation and other requirements of Regulations section 1.704-1(b)(2)(ii)(d). 

11.6 Limitations on Payments. Except as otherwise specifically provided in this Agreement, each Member shall look solely to the
assets of Company for the return of such Member’s positive Capital Account balance and shall have no recourse for such Member’s Capital Contribution or share of Profits (on dissolution or otherwise) against any other Member or the Manager.

  

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 11.7 Certificate of Cancellation. The Manager or Members conducting the winding up of
the affairs of the Company shall cause to be filed in the office of, and on a form prescribed by, the Delaware Secretary of State, a certificate of cancellation of the Certificate on the completion of the winding up of the affairs of the Company.

 12. Indemnification and Insurance. 

12.1 Indemnity and Limitation of Liability. Any Member, each Manager and any Person acting on behalf of the Company (each an
“Indemnified Person”), (a) shall be held harmless, defended and indemnified by the Company from and against any cost, claim, liability, loss, damage or expense (including, without limitation, all attorneys’ fees and
expenses, expert witness fees and expenses, court costs and costs of investigation) suffered or incurred by an Indemnified Person by virtue of such Indemnified Person’s acting as or on behalf of the Manager or the Company in connection with the
Company’s activities and (b) shall not be liable to the Company, the Manager or any Member for any cost, claim, liability, loss, damage or expense suffered or incurred in connection with the Company’s activities; provided that
(i) if such cost, claim, liability, loss, damage or expense arises out of any action or inaction of any such Indemnified Person, such course of conduct must not have constituted gross negligence, or willful misconduct by such Indemnified
Person; (ii) the Company shall, on demand, pay all costs, expenses, attorneys’ fees and expert witness fees as and when incurred by an Indemnified Person in connection with any such cost, claim, liability, loss, damage or expense if the
Indemnified Person undertakes to repay the same to the Company in the event that it is finally determined by a court of competent jurisdiction that the Indemnified Person shall not have been entitled to indemnification hereunder; and (iii) the
rights granted under this section shall not be affected by, and shall survive, any dissolution or termination of the Company and the death, disability, incapacity, resignation, withdrawal, insolvency or dissolution of any Manager or Member.

 12.2 Insurance. The Company shall have the power to purchase and maintain insurance on behalf of any Person who is or
was a Manager or an agent of the Company or the Manager against any liability asserted against such Person and incurred by such Person in any such capacity, or arising out of such Person’s status as a Manager or an agent of the Company, whether
or not the Company would have the power to indemnify such Person against such liability under section 12.1 or under applicable law. 

12.3 Directors and Officers Insurance; UTEK Indemnification. The Manager shall use its best efforts to obtain, at the
Company’s expense, reasonably priced directors and officers insurance for the Manager and each Member. To the extent not covered by insurance and by any right to indemnification by any Investment Partnership, the Manager shall indemnify and
hold harmless UTEK against any and all losses, claims, damages, expenses and liabilities, (collectively, “Losses”) of any kind or nature whatsoever, other than Losses due to the diminution in value of UTEK’s membership interest in the
Company, that UTEK may at any time become subject to or liable for by reason of the Company being or having been the general partner or manager of any Investment Partnership; provided, however, that UTEK shall not be

  

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indemnified to the extent that such Losses are due to UTEK’s willful misconduct, bad faith, gross negligence, violations of federal or state securities laws or any intentional or criminal
wrongdoing. 
 13. Investment Representations. Each Member hereby represents and warrants to, and agrees with, the
Manager, the other Members and the Company, with respect to such Member and the Membership Interest of such Member, as follows: 

13.1 No Advertising. The offer to sell the Membership Interest was directly communicated to the Member by the Company in a manner
that the Member was able to ask questions of and receive answers from the Company concerning the terms and conditions of such transaction. At no time was the Member presented with or solicited by any leaflet, public promotional material, newspaper,
magazine, radio or television article or advertisement, or any other form of advertising or general solicitation. 
 13.2
Investment Intent. The Membership Interest is being purchased by the Member and not by any other Person, with the Member’s own funds and not with the funds of any other Person, and for the account of the Member, not as a nominee or agent
and not for the account of any other Person. No other Person has or will have any interest, beneficial or otherwise, in the Membership Interest. The Member is purchasing the Membership Interest for investment for an indefinite period, not with a
view to the sale or distribution of any part or all thereof by public or private sale or other disposition. The Member has no intention of selling, granting any participation in or otherwise distributing or disposing of the Membership Interest or
any interest therein. The Member does not intend to subdivide the Member’s purchase of the Membership Interest with any Person. 

13.3 Accredited Investor. The Member is an “accredited investor” as defined in Rule 501 promulgated by the Securities
and Exchange Commission under the Securities Act. 
 13.4 Economic Risk. Understanding that investment in Membership
Interests is highly speculative, the Member is able to bear the economic risk of such investment, including the total loss thereof, for an indefinite period. 

13.5 No Registration of Membership Interests. The Member understands that the Membership Interest has not been registered under
the Securities Act or registered or qualified under any other securities law, on the grounds, among others, that no distribution or public offering of Membership Interests is to be effected and that Membership Interests are being issued by the
Company in connection with a transaction that does not involve any public offering within the meaning of section 4(2) of the Securities Act under the rules and regulations of the Securities and Exchange Commission thereunder and under comparable
exemptive provisions of other applicable securities laws, rules and regulations. The Member understands that the Company is relying in part on the Member’s representations as set forth herein for purposes of claiming such exemptions.

 13.6 Membership Interest Is A Restricted Security. The Member understands that the Membership Interest is a
“restricted security” under the Securities Act and, accordingly, that the Membership Interest must be held indefinitely unless it is subsequently registered under 

 

 - 23 - 

 
the Securities Act and registered or qualified under any other applicable securities law or exemptions from such registration and qualification are available. The Member understands that the
Company is under no obligation so to register or qualify the Membership Interest under the Securities Act or under any other securities law, or to comply with the Regulation A or any other exemption under the Securities Act or any other law. The
Member understands that Rule 144 is not available for any sale of the Membership Interest and will not be available for a substantial period of time. 

13.7 Company May Refuse to Transfer. If, in the opinion of counsel for the Company, the Member at any time hereafter acts in a
manner inconsistent with such Member’s representations, warranties and agreements in this Agreement, the Company may, without limiting any other remedy or relief available to the Company, refuse to Transfer the Member’s Membership Interest
until such time as counsel for the Company is of the opinion that such Transfer will not require registration of any Membership Interest under the Securities Act or registration or qualification of any Membership Interest under any other securities
law. The Member understands and agrees that the Company may refuse to acknowledge or permit any disposition that is not in all respects in compliance with this Agreement and that the Company intends to make an appropriate notation in its records to
that effect. 
 13.8 No Disposition in Violation of Law. Without limiting the representations set forth herein, and
without limiting Article 8, the Member shall not Transfer any Membership Interest or any interest therein, or receive any consideration therefor, unless and until, prior to any proposed Transfer, the Member shall comply with all requirements and
conditions in this Agreement and: 
 13.8.1 a registration statement on Form S-l under the Securities Act (or any other form
appropriate for the purpose under the Securities Act or any form replacing any such form) with respect to the Membership Interest or any part thereof proposed to be so disposed of shall be then effective, and such disposition shall have been
appropriately registered or qualified in accordance with any applicable securities law; or 
 13.8.2 (a) the Member shall have
furnished the Company with a detailed explanation of the proposed disposition; (b) the Member shall have furnished the Company with an opinion of the Member’s counsel in form and substance satisfactory to the Company to the effect that the
proposed Transfer (i) complies with applicable provisions of the Securities Act and any other securities laws and will not require registration of the Member’s Membership Interest or any part thereof under the Securities Act or
registration or qualification thereof under any other securities law, and (ii) will not result in the termination of the Company for federal income tax purposes; and (c) counsel for the Company shall have concurred in such opinion and the
Manager shall have advised the Member of such concurrence. 
 13.9 Legends. The Member understands and agrees that any
instrument or certificate representing or relating to the Membership Interest may bear such legends as the Manager may consider necessary or advisable to facilitate compliance with the Securities Act, and any other securities law, including, without
limitation, legends stating that the Membership Interest has not been registered under the Securities Act or qualified under any other securities law and setting forth the limitations on dispositions imposed by this Agreement. 

 

 - 24 - 

 13.10 Investment Experience. The Member, either alone or with the Member’s
professional advisers who are unaffiliated with, have no equity interest in and are not compensated by the Company or the Manager or any Affiliate or selling agent of the Company or the Manager, directly or indirectly, has such knowledge and
experience in financial and business matters that the Member is capable of evaluating the merits and risks of an investment in the Membership Interest and has the capacity to protect the Member’s own interests in connection with the
Member’s investment in the Membership Interest. 
 13.11 Independent Advice. The Member has consulted with the
Member’s own legal, accounting, tax, investment and other advisers with respect to the tax treatment of an investment by the Member in the Membership Interest and the merits and risks of an investment in the Membership Interest. 

13.12 Authority. This Agreement constitutes a legal, valid and binding agreement of the Member, enforceable against the Member in
accordance with its terms. The Member, if not a natural person, is empowered and duly authorized to enter into this Agreement (including the power of attorney herein) under every applicable governing document, partnership agreement, operating
agreement, trust instrument, pension plan, charter, certificate of incorporation, bylaw provision or the like. The Person, if any, signing this Agreement on behalf of the Member is empowered and duly authorized to do so by the governing document,
partnership agreement, operating agreement, trust instrument, pension plan, charter, certificate of incorporation, bylaw provision, board of directors or stockholder resolution or the like. 

13.13 Indemnification. The Member hereby agrees to indemnify and defend the Company, the Manager and each of their respective
employees, agents, partners, members, shareholders, officers and directors and hold them harmless from and against any and all claims, liabilities, damages, costs and expenses (including, without limitation, court costs and attorneys’ fees and
expenses) suffered or incurred on account of or arising out of: 
 13.13.1 any breach of or inaccuracy in the Member’s
representations, warranties or agreements herein, including, without limitation, the defense of any claim based on any allegation of fact inconsistent with any of such representations, warranties or agreements; 

13.13.2 any Transfer of Membership Interest contrary to any of such representations, warranties or agreements; or 

13.13.3 any action, suit or proceeding based on (a) a claim that any of such representations, warranties or agreements was
inaccurate or misleading or otherwise cause for obtaining damages or redress under the Securities Act or any other securities law, or (b) any Transfer of any part or all of the Membership Interest. 

14. Legal Counsel. Each Member acknowledges and understands that this Agreement and related documents have been prepared by Reed
Smith LLP (“Reed Smith”) acting as counsel for the Manager, and that such counsel has not represented or been engaged to provide services to any Member other than Verdant Ventures Managers and Silicon Prairie Partners, LLC. Each
other Member has been represented by other counsel. Such Member acknowledges and understands that Reed Smith or other counsel may hereafter be engaged by 

 

 - 25 - 

 
the Company or by the Manager to provide legal services and representation as the Manager may determine, and in such event, Reed Smith may concurrently represent either or both of the Manager and
the Company and the Manager may execute on behalf of the Company and the Members any consent to such concurrent representation that Reed Smith or other counsel may request pursuant to the applicable rules of professional conduct for lawyers. Each
Member acknowledges and understands that counsel for the Company or any other Member does not represent any Member in the absence of a clear and explicit agreement to that effect between such Member and such counsel, and in the absence of such
agreement, such counsel shall owe no duties to any Member. Each Member agrees that in the event of any dispute between any of the Members and the Company, or between any of the Members or the Company, on the one hand, and the Manager or any of its
Affiliates, on the other hand, counsel for the Company may represent the Company or the Manager or such Affiliate, or both, in such dispute to the extent permitted by such rules, and such Member hereby consents to such representation. 

15. Notices. Except as otherwise expressly provided herein, any notice, consent, authorization or other communication to be given
hereunder shall be in writing and shall be deemed duly given and received when delivered personally, when transmitted by facsimile one business day after being deposited for next-day delivery with a nationally recognized overnight delivery service,
or three business days after being mailed by first class mail, charges and postage prepaid, properly addressed to the party to receive such notice at the last address furnished for such purpose by the party to whom notice is directed. 

16. Severability. If any provision of this Agreement, or the application of such provision to any Person or circumstance, shall be
held by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement, or the application of such provision to Persons or circumstances other than those to which it is held to be invalid or unenforceable, shall
not be affected thereby. 
 17. Governing Law. This Agreement shall be governed by and construed and interpreted in
accordance with the laws of the State of Delaware. 
 18. Binding Effect. Subject to Article 8, this Agreement shall bind
and inure to the benefit of the parties and their respective Successors. 
 19. Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

20. Entire Agreement. This Agreement contains the entire agreement of the parties and supersedes all prior or contemporaneous
written or oral negotiations, correspondence, understandings and agreements between or among the parties, regarding the subject matter hereof. 

21. Further Assurances. Each Member shall provide such further information with respect to that Member and any of its beneficial
owners as the Company may request, and shall do or perform such acts and things and execute and deliver such other and further certificates, instruments and other documents, as may be necessary and proper to implement, complete and perfect the
transactions contemplated by this Agreement. 
  

 - 26 - 

 22. Headings; Gender; Number; References. The headings of the sections hereof are
solely for convenience of reference and are not part of this Agreement. As used herein, each gender includes each other gender, and the singular includes the plural and vice versa, as the context may require. All references to sections and
subsections are intended to refer to sections and subsections of this Agreement, except as otherwise indicated. 
 23.
Arbitration. The Members waive their rights to seek remedies in court, including any right to a jury trial. The Members agree that in the event of any dispute between or among any of them or any of their Affiliates arising out of, relating to
or in connection with this Agreement or the Company or its organization, formation, business or management, such dispute shall be resolved exclusively by arbitration to be conducted only in the county and state of the principal office of the Company
at the time of such dispute in accordance with the rules of JAMS applying the laws of Delaware. The Members agree that such arbitration shall be conducted by a retired judge who is experienced in dispute resolution regarding the securities business,
that discovery shall not be permitted except as required by the rules of JAMS, that the arbitration award shall not include factual findings or conclusions of law, and that no punitive damages shall be awarded. The Members understand that any
party’s right to appeal or to seek modification of any ruling or award of the arbitrator is severely limited. Any award rendered by the arbitrator shall be final and binding, and judgment may be entered on it in any court of competent
jurisdiction in the county and state of the principal office of the Company at the time such award is rendered, or as otherwise provided by law. 

24. Parties in Interest. Except as expressly provided in the Act, nothing in this Agreement shall confer any rights or remedies
under or by reason of this Agreement on any Persons other than the Members and their respective Successors nor shall anything in this Agreement relieve or discharge the obligation or liability of any third Person to any party to this Agreement, nor
shall any provision give any third Person any right of subrogation or action over or against any party to this Agreement. 
 25.
Amendments. All amendments to this Agreement or the Certificate shall be in writing and signed or otherwise adopted or approved in writing by both (i) a Super Majority in Interest of the Members and (ii) UTEK. For purposes of this
Article 25, in determining a Super Majority in Interest of the Members, UTEK shall be entitled to vote its interest as a member, and the vote of such interest shall be included in the determination of the vote of a Super Majority in Interest of the
Members with respect to the proposed amendment. 
 26. Attorneys’ Fees. If any dispute between or among any of the
Company and the Members or the Manager or any of their respective Affiliates should result in litigation or arbitration, the prevailing party or parties in such dispute shall be entitled to recover from the other party or parties all reasonable
fees, costs and expenses of enforcing any right of the prevailing party or parties, including, without limitation, reasonable attorneys’ fees and expenses, all of which shall be deemed to have accrued on the commencement of such action and
shall be paid whether or not such action is prosecuted to judgment Any arbitration award, judgment or order entered in such action shall contain a specific provision providing for the 

 

 - 27 - 

 
recovery of attorneys’ fees and costs incurred in enforcing such award or judgment and an award of prejudgment interest from the date of the breach at the maximum rate allowed by law. For
the purposes of this Article 26, (a) attorneys’ fees shall include, without limitation, fees incurred in post-award or post-judgment motions, contempt proceedings, garnishment, levy, and debtor and third party examinations, discovery, and
bankruptcy litigation, and (b) prevailing party shall mean the party that is determined in the arbitration or proceeding to have prevailed or who prevails by dismissal, default or otherwise. 

27. Remedies Cumulative. The remedies under this Agreement are cumulative and shall not exclude any other remedies to which any
Person may be lawfully entitled. 
 [SIGNATURE PAGE FOLLOWS] 

 

 - 28 - 

 IN WITNESS WHEREOF, this Limited Liability Company Agreement has been duly executed on
behalf of the Members as of the date first written above. 
  

			
	MEMBERS:
	
	VERDANT VENTURES MANAGERS, LLC, a Delaware limited liability company
		
	By:	 	 /s/ John Micek

		 	John Micek,
		 	Manager
	
	SILICON PRAIRIE PARTNERS, LLC, a California limited liability company
		
	By:	 	 /s/ John Micek

		 	John Micek,
		 	General Manager
	
	UTEK CORPORATION, a Florida corporation
		
	By:	 	 /s/ Doug Schaedler

		 	Doug Schaedler
		 	Chief Executive Officer

  

 - 29 - 

 SCHEDULE 1 

NAMES AND ADDRESSES OF MEMBERS, 

CAPITAL CONTRIBUTIONS AND PERCENTAGE INTERESTS 
  

						
	 Name and Address of Member
	  	 Capital Contribution
	  	Percentage Interest	 
			
	 Verdant Ventures Managers, LLC 130 Lytton Ave., Suite 210 Palo Alto, California 94301
	  	$25,000 cash	  	80	% 
			
	 Silicon Prairie Partners, LLC 130 Lytton Ave, Suite 210 Palo Alto, California 94301
	  	$250,000 cash	  	5	% 
			
	 UTEK Corporation 2109 East Palm Ave., Suite 202 Tampa, Florida 33605
	  	that number of shares of UTEK common stock with a fair market value of $1,000,000 based on the 20-day average closing price of a share of UTEK common stock immediately prior to
the date the Board of Directors of UTEK approves the execution of this Agreement by UTEK (collectively, the “Contributed UTEK Shares”)	  	15	% 
		  		  	 	 
			
	 TOTAL
	  		  	100.0	% 

  

 SCHEDULE 1 

 SCHEDULE 2 

CONSENT OF SPOUSE 

I acknowledge that I have read the foregoing Limited Liability Company Agreement dated as of April 14, 2010 (the
“Agreement”) for Verdant Ventures Advisors, LLC (the “Company”) and that I know its contents. I hereby consent to and approve of the provisions of the Agreement, and agree that I will take no action at any time to hinder
operation of the Agreement on such interest or any interest which I may have therein. 
  

			
	  

	Name:	 	  

	Spouse of	 	  

					
	Dated: As of	 	  
	 	, 200    .

  

 SCHEDULE 2 

 SCHEDULE 3 

AGREEMENT OF SUCCESSOR MANAGER 

[to be executed pursuant to section 6.2.4 upon the 

appointment of a Designated Successor Manager 

or the election of an Elected Successor Manager] 

The undersigned,
                                         
                                   , hereby (i) accepts
his/her/its appointment as Designated Successor Manager or election as Elected Successor Manager pursuant to section 6.2.4 of the Limited Liability Company Agreement of Verdant Ventures Advisors, LLC, a Delaware limited liability company dated
April 14, 2010 (the “Agreement”), to be effective upon the resignation or removal of the Manager; and (ii) adopts and agrees to be bound by all of the terms and conditions of the Agreement. 

Dated:
                                        

  

	
	  

	Designated Successor Manager/Elected
	Successor Manager

  

 SCHEDULE 3 

 APPENDIX A 

DEFINITIONS 
 1.
When used in this Agreement, the following capitalized terms have the following respective meanings: 
 1.1
“Act” means the Delaware Limited Liability Company Act, as the same may be amended from time to time. 
 1.2
“Adjusted Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments:

 (a) credit to such Capital Account any amounts which such Member is obligated to restore pursuant to any provision of this
Agreement or is deemed to be obligated to restore pursuant to the next to the last sentence of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and 

(b) debit to such Capital Account the items described in Section 1.704-1(b)(2)(ii)(d)(4), (5) and
(6) of the Regulations. 
 The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of
Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 
 1.3
“Affiliate” means, with reference to a specified Person, any Person directly or indirectly controlling, controlled by or under common control with the specified Person, any trust or foundation to which the specified Person has made
a majority of the grants, donations or contributions received by that trust or foundation, a Person owning or controlling ten percent or more of the outstanding voting securities of the specified Person, a Person ten percent or more of whose
outstanding voting securities are owned or controlled by the specified Person, any officer, director, manager, general partner or trustee of the specified Person, and if the specified Person is an officer, director, manager, general partner or
trustee, any corporation, limited liability company, partnership or trust for which the specified Person acts in any such capacity. 

1.4 “Aggregate Company Tax Liability” means, with respect to a Member, such Member’s allocable share of the
Company’s net taxable income pursuant to this Agreement since the date hereof through the end of the relevant Fiscal Year, giving effect to such Member’s share of losses and deductions, multiplied by the rate equal to the difference
between (i) the highest combined marginal United States federal and state tax rates applicable to any Member (or the owner(s) of any Member taxed as a partnership or S corporation) with respect to such net taxable income, and (ii) the
product of the two rates. For this purpose, “net taxable income” of the Company shall be calculated taking into account separately stated items, and without regard 

 

 Appendix A-1 

 
to items of income exempt from tax. For purposes of this definition of “Aggregate Company Tax Liability,” the “net taxable income” of the Company shall not include gain or
loss from the sale of all or substantially all the assets of the Company. The Manager shall make such adjustments to the calculation of Aggregate Company Tax Liability as it deems appropriate to account for (i) the character of items of the
Company’s taxable income (e.g., ordinary income, long-term capital gain or other), (ii) any changes in applicable tax rates over the period of determination, and (iii) such other matters relating to the application of the tax laws as
it considers appropriate. 
 1.5 “Agreement” means this Limited Liability Company Agreement, as amended from
time to time. 
 1.6 “Assignee” means the owner of an Economic Interest who has not been admitted as a Member
of the Company in accordance with Article 8. 
 1.7 “Bankruptcy” means the occurrence of any event referred to
in section 18-304(a) of the Act. 
 1.8 “Book Value” means, with respect to any asset of the Company, the
Company’s adjusted basis for federal income tax purposes, adjusted from time to time to reflect the adjustments required or, if the Manager elects, permitted by Treasury Regulations section 1.704-1(b)(2)(iv)(d)-(g). 

1.9 “Capital Account” means: 

1.9.1 The individual Capital Account that shall be established and maintained for each Member in accordance with the following
provisions: 
 (a) To the Capital Account of a Member there shall be credited such Member’s Capital Contributions, such
Member’s share of Profits, any items in the nature of income or gain that are specially allocated thereto pursuant to Appendix B and the amount of any Company liabilities that are personally assumed by such Member or that are secured by
any Company property distributed to such Member; 
 (b) From the Capital Account of a Member, there shall be debited the amount
of cash and the fair market value, as determined by the Manager, of any Company property distributed to such Member pursuant to any provision of this Agreement, such Member’s share of Losses, any items in the nature of expenses or Losses that
are specially allocated thereto pursuant to Appendix B and the amount of any liabilities of such Member that are assumed by the Company or that are secured by any property contributed by such Member to the Company; and 

(c) In determining the amount of any liability, there shall be taken into account Code section 752(c) and any other applicable
provisions of the Code and Regulations. 
  

 Appendix A-2 

 (d) If any interest in the Company is transferred in accordance with this Agreement, the
transferee shall succeed to the Capital Account of the transferor to the extent that it relates to the transferred interest. 

(e) The foregoing provisions and other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to
comply with Regulations section 1.704-1(b), and shall be interpreted and applied in a manner consistent therewith. If the Manager determines that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are
computed in order to comply with Regulations section 1.704-1(b), the Manager may make such modification if it is not likely to have a materially adverse effect on amounts distributable to any Member pursuant hereto on the dissolution of the Company.
The Manager shall adjust the amounts debited or credited to Capital Accounts with respect to any property contributed to the Company or distributed to a Member and any liabilities secured by such contributed or distributed property or assumed by the
Company or Member in connection with such contribution or distribution if the Manager determines that such adjustments are necessary or appropriate under Regulations section 1.704-1(b)(2)(iv). The Manager shall also make any appropriate
modifications if unanticipated events might cause this Agreement not to comply with Regulations section 1.704-1(b), and the Manager shall make all elections provided for under such Regulations. 

1.10 “Capital Contribution” of a Member means the total value of cash and the fair market value, as determined by the
Manager, of property contributed to the Company by that Member. 
 1.11 “Cause” means any of the following
activities if committed or engaged in by the Manager or its controlling person: 
 (a) a misdemeanor involving moral turpitude
or a felony, for which he or she is convicted, and which conviction has had or is having an adverse effect on the condition or business of the Company; 

(b) illegal practices or conduct in connection with the Company’s business; 

(c) misappropriation of any of the Company’s assets; or 

(d) any material breach of any of the agreements, covenants, representations or warranties in this Agreement or any other agreement
between the Company and the Manager or controlling person; provided that if (and only if) the act or omission constituting or resulting in such breach shall not have constituted recklessness, gross negligence or willful or intentional misconduct and
shall not have been intended to breach any provision of this Agreement, such breach shall not be deemed to constitute “Cause,” unless the Company shall have given the Manager controlling person, as the case may be, notice thereof and the
Manager or controlling person shall not have cured such breach within thirty (30) days of such notice, or if such breach is not capable of being cured, until there shall have occurred another material breach of any of such agreements,
covenants, representations or warranties (whereupon Cause shall be deemed to have occurred). 
  

 Appendix A-3 

 1.12 “Certificate” means the Certificate of Formation for the Company filed
with the Delaware Secretary of State, as amended. 
 1.13 “Code” means the Internal Revenue Code of 1986, as
amended from time to time (or any corresponding provisions of succeeding law). 
 1.14 “Company” means Verdant
Ventures Advisors, LLC, a Delaware limited liability company. 
 1.15 “Company Minimum Gain” has the meaning
ascribed to the term “partnership minimum gain” in Treasury Regulations section 1.704-2(d). 
 1.16
“Contributed UTEK Shares” has the meaning set forth on Schedule 1. 
 1.17 “Contribution
Notice” has the meaning set forth in section 5.2.3. 
 1.18 “Depreciation” means for each Fiscal Year
or other period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis
for federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost
recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the adjusted basis for federal income tax purposes of an asset at the beginning of such year or other period is zero,
Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Manager. 

1.19 “Designated Successor Manager” has the meaning set forth in section 6.2.4. 

1.20 “Dissolution Event” means one or more of the following: the death, dissolution, resignation or Bankruptcy of a
Manager. 
 1.21 “Economic Interest” means a Member’s or Assignee’s right to share in one or more of
the Profits, Losses, or similar items of, and to receive distributions from, the Company, pursuant to this Agreement and the Act, but does not include any other rights of a Member, including, without limitation, the right to vote or consent or
participate in management, or any right to information concerning the business and affairs of the Company. 
 1.22
“Elected Successor Manager” has the meaning set forth in section 6.2.4. 
  

 Appendix A-4 

 1.23 “Fee Income” means an amount computed for each Fiscal Period equal to
all income of the Company realized in such Fiscal Period from the receipt by the Company of (a) closing fees or management fees from portfolio companies of Investment Partnerships, (b) management fees and transaction fees from Investment
Partnerships or from the investors in such Investment Partnerships, and (c) any fees received by the Company in exchange for the services of the Manager, an employee of the Company, or any designee of the Manager as a member of the board of
directors of or as an employee of or consultant to any such portfolio company. 
 1.24 “Finders” means
advisors, consultants, employees and operating partners of the Company that refer investment opportunities to the Company or are otherwise related to an investment opportunity. 

1.25 “First Anniversary Date” has the meaning set forth in section 4.10.1. 

1.26 “First Source” has the meaning set forth in section 7.2. 

1.27 “Fiscal Period” means a Fiscal Year or, if a Member makes a Capital Contribution as of any date other than the
first day of a Fiscal Year or a permitted assignment is effective as of a date other than the last day of a Fiscal Year, the period from the beginning of such Fiscal Year to the date of such Capital Contribution or permitted assignment, or the
period from the date of such Capital Contribution or permitted assignment to the earlier of (a) the date as of which another Member makes a Capital Contribution or a permitted assignment and (b) the end of the Fiscal Year. 

1.28 “Fiscal Quarter” means the period commencing on the date the Company commences business and ending on the
succeeding March 31, June 30, September 30 or December 31, as the case may be, each period thereafter of three calendar months ending on any March 31, June 30, September 30 or December 31,
or the period from the January 1, April 1, July 1 or October 1, as the case may be, preceding the date of dissolution and termination of the Company and ending on the date of dissolution and termination of the Company.

 1.29 “Fiscal Year” means the period commencing on the date the Company commences business or commencing on
any subsequent January 1, and ending on the succeeding December 31, or, if earlier, the date of dissolution and termination of the Company. 

1.30 “Fourth Source” has the meaning set forth in section 7.2. 

1.31 “Gross Asset Value” means with respect to any asset, the asset’s adjusted basis for federal income tax
purposes, except as follows: 
 (a) the initial Gross Asset Value of any asset contributed by a Member to the Company shall be
the gross fair market value of such asset, as determined by the Manager; 
 (b) the Gross Asset Values of all Company assets
shall be adjusted to equal their respective gross fair market values, as determined by the Manager, as of the following times: (1) the acquisition of an additional interest in the Company by any new or

  

 Appendix A-5 

 
existing Member in exchange for more than a de minimis capital contribution; (2) the distribution by the Company to a Member of more than a de minimis amount of Company property as
consideration for an interest in the Company; and (3) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that adjustments pursuant to clauses (1) and
(2) above shall be made only if the Manager reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company; 

(c) the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross fair market value of such
asset on the date of distribution, as determined by the Manager; and 
 (d) the Gross Asset Value of Company assets shall be
increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital
Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and paragraph (d) of the definition of “Profit” or paragraph (e) of the definition of “Loss” or section 6.2B of Appendix B;
provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent the Manager determines that an adjustment pursuant to subparagraph (b) above is necessary or appropriate in connection with a
transaction that would otherwise result in any adjustment pursuant to this subparagraph (d). 
 If the Gross Asset Value of an
asset has been determined or adjusted pursuant to subparagraphs (a), (b) or (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Loss.

 1.32 “Indemnified Person” has the meaning set forth in section 13.1. 

1.33 “Initial Value” has the meaning set forth in section 3.2. 

1.34 “Investment Opportunity Notice” has the meaning set forth in section 5.2.1. 

1.35 “Investment” has the meaning set forth in section 4.10.1. 

1.36 “Investment Partnership” has the meaning set forth in section 5.1.1. 

1.37 “Liquidating Person” has the meaning set forth in section 11.2. 

1.38 “Loss” means, for each Fiscal Year or Fiscal Period, an amount equal to the Company’s gross taxable loss for
such Fiscal Year or Fiscal Period, determined in accordance with Section 703(a) of the Code (for this purpose, all items of loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in
taxable loss), subject to the following adjustments: 
 (a) Such taxable loss shall be decreased by the amount of all
expenditures made by the Company during such period which are described in Code Section 705(a)(2)(B) or treated as so described pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in
computing Loss pursuant to this paragraph; 
  

 Appendix A-6 

 (b) In the event that the Gross Asset Value of any Company asset is decreased pursuant to
subparagraphs (b) or (c) of the definition of “Gross Asset Value,” the amount of such decrease shall be treated as an item of loss from the disposition of such asset and shall be taken into account for purposes of computing Loss;

 (c) Loss resulting from any disposition of property with respect to which loss is recognized for federal income tax purposes
shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(d) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable loss,
there shall be taken into account Depreciation with respect to each asset of the Company for such Fiscal Year computed in accordance with the definition of Depreciation; 

(e) To the extent a decrease to the adjusted basis of any Company asset pursuant to Section 734(b) or 743(b) of the Code is
required pursuant to Section 1.704-1(b)(2)(iv)(m)(4) of the Treasury Regulations to be taken into account in determining Capital Accounts as a result of a distribution other than in complete liquidation of a Member’s interest, the
amount of such decrease shall be treated as an item of loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account in computing Loss; and 

(f) Notwithstanding any other provision of this definition, any items specially allocated pursuant to Appendix B hereof shall not
be considered in determining Loss; and amounts of items of Company loss or deduction available to be specially allocated pursuant to Appendix B hereof shall be determined by applying rules analogous to those set forth in paragraphs
(a) through (e) hereof. 
 1.39 “Majority in Interest” of the Members means Members whose Percentage
Interests as set forth in Schedule 1, on the date of determination, aggregate more than fifty percent of the Percentage Interests of all Members on that date. For purposes hereof, in determining a Majority in Interest of the Members, the
Manager shall be entitled to vote any interest held by it, either directly or indirectly, with respect to all matters on which the Members are entitled to vote, and the vote of such interest shall be included in the determination of the vote of a
Majority in Interest of the Members. 
 1.40 “Manager” means Verdant Ventures Managers, LLC or a successor
Manager designated or elected pursuant to section 6.2. 
  

 Appendix A-7 

 1.41 “Managers LLC” means Verdant Ventures Managers, LLC. 

1.42 “Member” means each Person who is an initial signatory to this Agreement, has been subsequently admitted to the
Company as a Member in accordance with the Certificate or this Agreement or is an Assignee who has become a Member in accordance with Article 8 and, in each case, who has not ceased to be a Member. 

1.43 “Member Minimum Gain” has the meaning ascribed to the term “partner nonrecourse debt minimum gain” in
Treasury Regulations section 1.704-2(i)(2). 
 1.44 “Member Nonrecourse Debt” has the meaning ascribed to the
term “partner nonrecourse debt” in Treasury Regulations section 1.704-2(b)(4). 
 1.45 “Member Nonrecourse
Deductions” means items of Company loss, deduction or Code section 705(a)(2)(b) expenditures that are attributable to Member Nonrecourse Debt within the meaning of Treasury Regulations section 1.704-2(i). 

1.46 “Membership Interest” of a Member means a Member’s rights in the Company, including, without limitation, the
Member’s Economic Interest, the right to vote or consent or participate in the management of the Company and any right to receive information concerning the business and affairs of the Company provided hereby or by the Act. 

1.47 “Nonrecourse Liability” has the meaning set forth in Treasury Regulations section 1.752-1(a)(2). 

1.48 “Participating Member” has the meaning set forth in section 5.2.2. 

1.49 “Participation Amount” has the meaning set forth in section 5.2.3. 

1.50 “Percentage Interest” of a Member means the Member’s percentage interest in certain Profits and Losses of the
Company as specified in this Agreement, such percentage to be initially determined by the Manager at the time such Member contributes capital to the Company, as subsequently adjusted as provided in sections 3.3 and 3.4. Members’ Percentage
Interests are set forth on Schedule 1, as amended from time to time. 
 1.51 “Person” means a natural
person, partnership (whether general or limited and whether domestic or foreign), limited liability company, foreign limited liability company, trust, estate, association, corporation, custodian, nominee, or any other individual or entity in its own
or any representative capacity. 
 1.52 “Profits” means, for each Fiscal Period or other period, an amount
equal to the Company’s taxable income for such Fiscal Period or other period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to
Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
 (a) Such taxable
income shall be increased by the amount of all income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits pursuant to this section 1.52; 

 

 Appendix A-8 

 (b) If the event that the Gross Asset Value of any Company asset is increased pursuant to
subparagraphs (b) or (c) of the definition of “Gross Asset Value,” the amount of such increase shall be treated as an item of gain from the disposition of such asset and shall be taken into account for purposes of computing
Profit; 
 (c) Gain resulting from any disposition of property with respect to which gain is recognized for federal income tax
purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted basis of such property differs from its Gross Asset Value; 

(d) To the extent an increase to the adjusted basis of any Company asset pursuant to Section 734(b) or 743(b) of the Code is
required pursuant to Section 1.704-1(b)(iv)(m)(4) of the Treasury Regulations to be taken into account in determining Capital Accounts as a result of a distribution other than in compete liquidation of a Member’s interest, the
amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) from the disposition of the asset and shall be taken into account in computing Profits; and 

(e) Notwithstanding any other provision of this section 1.52, any items of income or gain that are specially allocated pursuant to
Appendix B shall not be considered in determining Profit; and amounts of items of Company income and gain available to be specially allocated pursuant to Appendix B shall be determined by applying rules analogous to those set forth in
paragraphs (a) through (d) hereof. 
 1.53 “Retained Participation Right” has the meaning set forth
in section 4.10.1. 
 1.54 “Retained Right to Distributions” has the meaning set forth in section 4.10.1.

 1.55 “Second Anniversary Date” has the meaning set forth in section 4.10.2. 

1.56 “Second Source” has the meaning set forth in section 7.2. 

1.57 “Securities” means securities of every kind and nature and rights and options with respect thereto, including
stock, notes, bonds, debentures, evidences of indebtedness and other business interests of every type, including partnerships, joint ventures, proprietorships and other business entities. 

 

 Appendix A-9 

 1.58 “Securities Act” means the federal Securities Act of 1933, as amended.

 1.59 “Successor” of a Member means any transferee, successor, assign, heir, devisee, legatee, legal
representative, executor or administrator of that Member. 
 1.60 “Super Majority In Interest” of the Members
means Members whose Percentage Interests as set forth in Schedule 1, on the date of the determination, aggregate more than seventy percent (70%) of the Percentage Interests of all the Members on that date. For purposes hereof, in
determining a Super Majority in Interest of the Members, the Manager shall be entitled to vote any interest held by it, either directly or indirectly, with respect to all matters on which the Members are entitled to vote, and the vote of such
interest shall be included in the determination of the vote of a Majority in Interest of the Members. 
 1.61 “Tax
Matters Partner” shall be Verdant Ventures Managers, LLC or its successor as such designated pursuant to section 10.6. 

1.62 “Tax Shortfall” has the meaning set forth in section 7.2.5. 

1.63 “Third Anniversary Date” has the meaning set forth in section 4.10.3. 

1.64 “Third Source” has the meaning set forth in section 7.2. 

1.65 “Transfer” means any sale, assignment, transfer, encumbrance, pledge, hypothecation, gift or other disposition or
alienation, voluntarily, involuntarily, by operation of law or otherwise (including, but not limited to, on death, Bankruptcy or divorce of a Member), except a sale to the Company. 

1.66 “Treasury Regulations” means the Income Tax Regulations promulgated under the Code, as such regulations may be
amended from time to time (including corresponding provisions of succeeding regulations). 
 1.67 “Unsubscribed New
Capital” has the meaning set forth in section 5.3. 
 1.68 “UTEK Contribution Date” has the meaning
set forth in section 4.10.1. 
 1.69 “UTEK Business Enterprise” has the meaning set forth in section 4.10.1.

  

 Appendix A-10 

 APPENDIX B 

SPECIAL ALLOCATIONS 

7.1B Special Allocations. Notwithstanding section 7.1, the following special allocations shall be made in the following order:

 7.1.1B Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(f) of the Treasury Regulations,
if there is a net decrease in Company Minimum Gain during any Fiscal Year, each Member shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in proportion to, and to the extent of an amount
equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Section 1.704-2(g)(2) of the Treasury Regulations. Allocations pursuant to the previous sentence shall be made in proportion to the
respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Sections 1.704-2(f)(6) and 1.704-2(j)(2) of the Treasury Regulations. This section 7.1.1B is intended to
comply with the minimum gain chargeback requirement of the Treasury Regulations and shall be interpreted consistently therewith. 

7.1.2B Member Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Treasury Regulations, if
there is a net decrease in Member Minimum Gain during any Fiscal Year, each Member with a share of the Member Minimum Gain, determined in accordance with Section 1.704-2(i)(5) of the Treasury Regulations, shall be specially allocated items of
Company income and gain for such year (and, if necessary, subsequent years) in proportion to, and to the extent of, and in amount equal to such Member’s share of the net decrease in Member Minimum Gain, determined in accordance with
Section 1.704-2(i)(4) of the Treasury Regulations. Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall
be determined in accordance with Sections 1.704-2(i)(4) and 1.704-2(j)(2) of the Treasury Regulations. This section 7.1.2B is intended to comply with the member minimum gain chargeback requirement of the Treasury Regulations and shall be interpreted
consistently therewith. 
 7.1.3B Qualified Income Offset. In the event any Member unexpectedly receives any
adjustments, allocations or distributions described in Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) of the Treasury Regulations, items of Company income and gain shall be specially allocated to each such Member in
an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit of such Member as quickly as possible, provided that an allocation pursuant to this section 7.1.3B shall be made
only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in section 7.1 of the Agreement and this Appendix B have been tentatively made as if this section 7.1.3B were
not in the Agreement. 
  

 Appendix B-1 

 7.1.4B Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be
specially allocated to the Members in accordance with their respective Percentage Interests. 
 7.1.5B Member Nonrecourse
Deductions. Any Member Nonrecourse Deductions for any Fiscal Year shall be allocated to the Member who bears the Economic Risk of Loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in
accordance with Treasury Regulations section 1.704-2(i)(1). 
 7.1.6B Curative Allocations. The allocations set forth in
this section 7.1B (the “Regulatory Allocations”) are intended to comply with certain requirements of the applicable Treasury Regulations promulgated under Code Section 704(b). Notwithstanding any other provision of section 7.1
of the Agreement and this Appendix B, the Regulatory Allocations shall be taken into account in allocating other Profits, Losses and other items of income, gain, loss, deduction and credit to the Members for Capital Account purposes so that,
to the extent possible, the net amount of such allocations of Profits, Losses and other items shall be equal to the amount that would have been allocated to each Member if the Regulatory Allocations had not occurred. 

7.2B Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of Company assets pursuant to Code
Section 734(b) or 743(b) is required pursuant to Section 1.704-1(b)(2)(iv)(m)(2) or (4) of the Treasury Regulations, to be taken into account in determining Capital Accounts as the result of a distribution to a Member in
complete liquidation of its interest in the Company, the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such
gain or loss shall be specially allocated to the Members in accordance with their interests in the Company in the event that Section 1.704-1(b)(2)(iv)(m)(2) of the Treasury Regulations applies, or to the Member to whom such distribution
was made in the event that 1.704-1(b)(2)(iv)(m)(4) of the Treasury Regulations applies. 
 7.3B Code
Section 704(c) Allocations. Notwithstanding any other provision in section 7.1 and this Appendix B, in accordance with Code Section 704(c) and the Treasury Regulations promulgated thereunder, income, gain, loss, and deduction
with respect to any asset contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income
tax purposes and its fair market value on the date of contribution. Allocations pursuant to this section 7.3B are solely for purposes of Federal, state and local income tax purposes. As such, they shall not affect or in any way be taken into account
in computing a Member’s Capital Account or share of profits, losses, or other items of distributions pursuant to any provision of this Agreement 

7.4B Tax Allocations. 

7.4.1B In each Fiscal Year, items of income, deduction, gain, loss or credit that are recognized for income tax purposes shall be
allocated among the Members in a manner 
  

 Appendix B-2 

 
that reflects equitably amounts credited to or debited against the Capital Account of each Member, whether in such Fiscal Year or in prior Fiscal Years. To this end, the Company shall establish
and maintain records that show the extent to which the Capital Account of each Member shall, as of the last day of each Fiscal Year, comprise amounts that have not been reflected in the taxable income of such Member. To the extent deemed by the
Manager to be feasible and equitable, taxable income and gains in each Fiscal Year shall be allocated among the Members who shall have enjoyed the related credits, and items of deduction, loss and credit in each Fiscal Year shall be allocated among
the Members who shall have borne the burden of the related debits. 
 7.4.2B In the event the Gross Asset Value of any Company
asset is adjusted in accordance with the definition of “Gross Asset Value” hereof, subsequent allocations of items of income, gain, loss, deduction and credit with respect to such asset shall take account of any variation between the
adjusted basis of such asset for U.S. federal income tax purposes and its Gross Asset Value in a manner consistent with the principles of Code Section 704(c) and the Treasury Regulations promulgated thereunder. 

7.4.3B Notwithstanding any provisions to the contrary, if taxable gain to be allocated includes income resulting from the sale or
disposition of Company property or property of an Investment Partnership or other limited partnership, limited liability company, or joint venture in which the Company owns an interest that is treated as ordinary income, such gain so treated as
ordinary income shall be allocated to and reported by each Member in proportion to allocations to that Member of the items that shall have given rise to such ordinary income, and the Company shall keep records of such allocations. 

7.4.4B Any elections or other decisions relating to such allocations shall be made by the Manager in any manner that reasonably reflects
the purpose and intention of this Agreement. 
 7.4.5B Allocations pursuant to this section 7.4B are solely for purposes of
federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Capital Account or share of Profits, Losses or other items of any Member, or distributions to any Member, pursuant to any provision of this
Agreement. 
 7.5B Other Allocation Rules. 

7.5.1B Generally, all Profits and Losses shall be allocated among the Members as provided in section 7.1 and this Appendix B. If
Members are admitted to the Company on different dates during any Fiscal Year, the Profits or Losses allocated among the Members for each such Fiscal Year shall be allocated in accordance with Code Section 706, using any convention permitted by
law and selected by the Manager. 
 7.5.2B Each Member acknowledges that such Member is aware of the income tax consequences of
the allocations made by section 7.1 and this Appendix B and hereby agrees to be bound by section 7.1 and this Appendix B in reporting such Member’s shares of Profits and Losses for income tax purposes. 

 

 Appendix B-3 

 7.5.3B If any amount claimed by the Company to constitute a deductible expense in any
Fiscal Year is treated by any federal, state or local taxing authority as a payment made to a Member in such Member’s capacity as a member of the Company for income tax purposes, with regard to such authority, items of income and gain of the
Company for such Fiscal Year shall first be allocated to such Member to the extent of such payment. 
  

 Appendix B-4 

 EXHIBIT A 

SUMMARY OF PRINCIPAL TERMS OF INVESTMENT PARTNERSHIPS 
  

	 	1.	STRUCTURE. 

 Each Investment
Partnership will be organized as a limited partnership, limited liability company, corporation, or similar legal entity. Verdant Ventures Advisors, LLC (the “General Partner”) will serve as the general partner, manager, or similar agent of
each Investment Partnership, together with such additional persons or entities as the General Partner may determine. 
  

	 	2.	PURPOSE. 

 The primary purpose of
each Investment Partnership will be to acquire, hold, and otherwise deal with securities and other assets that the Investment Partnership may receive from its portfolio company (or companies) or otherwise. 

 

	 	3.	TERM. 

 Each Investment
Partnership will have a ten-year term. An Investment Partnership may dissolve prior to the end of its stated term upon the written election of the General Partner. Additionally, the General Partner may extend the term of any Investment Partnerships
for successive one-year periods (but not for more than a total of two additional years for any Investment Partnership). 
  

	 	4.	CAPITAL CONTRIBUTIONS OF THE GENERAL PARTNER. 

Verdant Ventures Advisors, LLC will contribute as the General Partner an amount equal at least 0.2% of the total capital of each
Investment Partnership on the same schedule as the limited partners, members, shareholders or similar investors in the Investment Partnership (together with the General Partner, the “Investors”). Any capital contribution made by Verdant
Ventures Advisors, LLC to an Investment Partnership in excess of such amount may be made by Verdant Ventures Advisors, LLC as a limited partner of such Investment Partnership. 

 

	 	5.	ALLOCATION OF INCOME, GAINS AND LOSSES. 

Net capital gain or loss of an Investment Partnership for each year will be allocated 80% to its Investors pro rata in proportion to their
committed capital and 20% to the General Partner; provided that to the extent that an allocation of net capital loss would cause the General Partner’s capital account to be less than 0.2% (or such other applicable capital percentage) of the
positive capital account balances of all Investors for such Investment Partnership (excluding allocations made to the General Partner’s capital account with respect to the General Partner’s 20% profits interest), such net capital loss (a
“Contingent Loss”) will be reallocated to the Investors in proportion to their contributed capital. To the extent the Investors have been allocated Contingent Losses, subsequent net capital gains will be allocated first to the Investors
until such Contingent Losses have been restored and then in accordance with the first sentence hereof. 
  

 Exhibit A-1 

 Net ordinary gain or loss, including the expense of the management fee and other expenses,
will be allocated to the Investors pro rata in proportion to their committed capital. 
  

	 	6.	DISTRIBUTIONS. 

 Within 90 days
following the end of the fiscal year for an Investment Partnership, each of its Investors will be paid in cash an amount equal to             % of the net taxable income allocated to
such Investor’s capital account with respect to such fiscal year and all prior accounting periods, reduced by the amount of any cash distributions received by such Investor during such fiscal year and all prior accounting periods. However, no
such distribution will be required to the extent that the General Partner determines, in its sole discretion, that the Investment Partnership’s cash reserves are inadequate for such purpose or if the aggregate distribution would be less than
$            . 
 In addition, the General Partner may, in
its discretion but subject to certain restrictions and limitations, make additional distributions in cash or in kind. Prior to the time that the Investors for an Investment Partnership have received aggregate distributions equal to the sum of their
aggregate capital contributions, discretionary distributions in respect of Investment Partnership investments will be made 100% to the Investors in proportion to their capital commitments. After such point, discretionary distributions may be made
80% to the Investors in proportion to their capital commitments and 20% to the General Partner. The General Partner may also make distributions to the Investors in proportion to their respective capital commitments or to all Investors other than the
General Partner in proportion to their respective capital commitments. 
  

	 	7.	MANAGEMENT FEE AND TRANSACTION FEE. 

The General Partner will receive a management fee based on the committed capital of each Investment Partnership. The management fee will
be at an annual rate equal to 2% of the committed capital of the Investment Partnership. The management fee shall be paid annually in advance. 

[Upon the admission of each Investor to an Investment Partnership, the General Partner will also receive a one-time transaction fee based
on the capital commitment of such Investor to the Investment Partnership. The transaction fee will be an amount equal to 1.00% of the capital commitment of such Investor to the Investment Partnership and shall be in addition to the Investor’s
capital commitment to the Investment Partnership.] 
  

 Exhibit A-2 

	 	8.	OPERATING EXPENSES. 

 The General
Partner will be responsible for all normal overhead expenses of managing each Investment Partnership, including compensation for its employees, rent, utilities, and other such expenses (other than expenses borne by the Investment Partnership as
provided below). 
 Each Investment Partnership will be responsible for all other expenses of the Investment Partnership which
are not reimbursed by portfolio companies, including legal, consulting, financing and accounting fees and expenses; expenses associated with the Investment Partnership’s financial statements, tax returns and schedules; the costs of liability
and other insurance premiums; out-of-pocket expenses of transactions not consummated; costs associated with Investment Partnership meetings and mailings; and other expenses associated with the acquisition, holding and disposition of the Investment
Partnership’s investments, such as legal fees, brokerage and bank fees, fees in connection with the registration of the Investment Partnership’s securities, and extraordinary expenses (such as expenses or claims in litigation, if any); its
costs and expenses of interest on borrowed money, real property or personal property taxes on investments and fees incurred in connection with the maintenance of bank or custodian accounts; and any taxes, fees or other governmental charges levied
against the Investment Partnership. 
  

	 	9.	TRANSFER OF INTERESTS. 

 No
Investor may transfer, pledge, assign, mortgage or otherwise dispose of any of its interest in an Investment Partnership except with the consent of the General Partner, provided that no such consent will be required for transfers: (a) to a
successor trustee acting for an Investor, or (b) to any other record owner where the beneficial owner remains the same. 
  

	 	10.	PARTNERSHIP REPORTING. 

 The
General Partner will distribute to the Investors for an Investment Partnership an annual financial report of the Investment Partnership and an Investment Partnership tax schedule within 90 days of the close of the Investment Partnership’s
fiscal year. The General Partner may withhold certain report information from a particular Investor if it determines in good faith that the withholding of such information is in the best interests of the Investment Partnership and its Investors and
portfolio companies and is intended to prevent public disclosure of such information. 
  

	 	11.	INDEMNIFICATION. 

 The Investment
Partnership will indemnify the General Partner and its members and their affiliates, solely out of the assets of the Investment Partnership, to the fullest extent permitted by law and hold them harmless from and in respect of all claims,
liabilities, damages and expenses, including legal fees, to which they may be or become subject by reason of their activities on behalf of the Investment Partnership (including service as a member of the board of directors of any former portfolio
company until 12 months after the final sale or distribution of the securities of such company), so long as the action giving rise to the claim does not involve conduct not undertaken in good faith or which is grossly negligent, reckless,
intentionally wrongful, or a willful violation of law. 
  

 Exhibit A-3 

 In the event that the assets of the Investment Partnership (including any unfunded capital
commitments) are insufficient to satisfy any indemnification obligation, the Investors for such Investment Partnership may be required to return distributions in cash to the Investment Partnership as necessary to satisfy such obligation pro rata in
accordance with, and to the extent of, the amount of distributions received within the two-year period immediately preceding the claim for indemnification. 
  

 Exhibit A-4

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