Document:

EX-10.10

 Exhibit 10.10 

 
  

 
 ASSET REPRESENTATIONS REVIEW
AGREEMENT 
 VOLKSWAGEN AUTO LEASE TRUST 20[ ]-[ ] 

as Issuer 
 and 

VW CREDIT, INC., 
 as
Servicer 
 and 
 [ASSET
REPRESENTATIONS REVIEWER NAME], 
 as Asset Representations Reviewer 

 
  

Dated as of [ ] 
  

 
  

 
  

 TABLE OF CONTENTS 
  

							
	ARTICLE I. USAGE AND DEFINITIONS	  	 	2	 
			
	 Section 1.01
	 	Usage and Definitions	  	 	2	 
	 Section 1.02
	 	Definitions	  	 	2	 
		
	ARTICLE II. ENGAGEMENT; ACCEPTANCE	  	 	3	 
			
	 Section 2.01
	 	Engagement; Acceptance	  	 	3	 
	 Section 2.02
	 	Confirmation of Status	  	 	3	 
		
	ARTICLE III. ASSET REPRESENTATIONS REVIEW PROCESS	  	 	3	 
			
	 Section 3.01
	 	Review Notices and Identification of Subject Leases	  	 	3	 
	 Section 3.02
	 	Review Materials	  	 	4	 
	 Section 3.03
	 	Performance of Reviews	  	 	4	 
	 Section 3.04
	 	Review Report	  	 	5	 
	 Section 3.05
	 	Review Representatives	  	 	5	 
	 Section 3.06
	 	Dispute Resolution	  	 	6	 
	 Section 3.07
	 	Limitations on Review Obligations	  	 	6	 
		
	ARTICLE IV. ASSET REPRESENTATIONS REVIEWER	  	 	7	 
			
	 Section 4.01
	 	Representations, Warranties and Covenants of the Asset Representations Reviewer	  	 	7	 
	 Section 4.02
	 	Fees and Expenses	  	 	8	 
		
	ARTICLE V. OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER	  	 	9	 
			
	 Section 5.01
	 	Limitation on Liability	  	 	9	 
	 Section 5.02
	 	Indemnification by Servicer	  	 	9	 
	 Section 5.03
	 	Indemnification by Asset Representations Reviewer	  	 	9	 
	 Section 5.04
	 	Inspections of Asset Representations Reviewer	  	 	10	 
	 Section 5.05
	 	Delegation of Obligations	  	 	10	 
		
	ARTICLE VI. TREATMENT OF CONFIDENTIAL INFORMATION	  	 	10	 
			
	 Section 6.01
	 	Confidential Information	  	 	10	 
	 Section 6.02
	 	Personally Identifiable Information	  	 	12	 
		
	ARTICLE VII. REMOVAL, RESIGNATION	  	 	14	 
			
	 Section 7.01
	 	Eligibility of the Asset Representations Reviewer	  	 	14	 
	 Section 7.02
	 	Resignation and Removal of Asset Representations Reviewer	  	 	14	 
	 Section 7.03
	 	Successor Asset Representations Reviewer	  	 	14	 
	 Section 7.04
	 	Merger, Consolidation or Succession	  	 	15	 
		
	ARTICLE VIII. OTHER AGREEMENTS	  	 	15	 
			
	 Section 8.01
	 	Independence of the Asset Representations Reviewer	  	 	15	 
	 Section 8.02
	 	No Petition	  	 	16	 
	 Section 8.03
	 	Limitation of Liability of Owner Trustee	  	 	16	 
	 Section 8.04
	 	Termination of Agreement	  	 	16	 

  
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	ARTICLE IX. MISCELLANEOUS PROVISIONS	  	 	17	 
			
	 Section 9.01
	 	Amendments	  	 	17	 
	 Section 9.02
	 	Assignment; Benefit of Agreement; Third Party Beneficiaries	  	 	17	 
	 Section 9.03
	 	Notices	  	 	18	 
	 Section 9.04
	 	GOVERNING LAW	  	 	18	 
	 Section 9.05
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	18	 
	 Section 9.06
	 	No Waiver; Remedies	  	 	19	 
	 Section 9.07
	 	Severability	  	 	19	 
	 Section 9.08
	 	Headings	  	 	19	 
	 Section 9.09
	 	Counterparts	  	 	19	 
	 Section 9.10
	 	Electronic Signatures and Transmission.	  	 	19	 

 Schedule A – Representations and Warranties, Review Materials and Tests 

  
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 This ASSET REPRESENTATIONS REVIEW AGREEMENT (this “Agreement”), is entered into as
of [            ], [            ], by and among VOLKSWAGEN AUTO LEASE TRUST 20[ ]-[ ], a Delaware statutory trust, as issuer (the
“Issuer”), VW CREDIT, INC., a Delaware corporation (“VCI”), as servicer (in such capacity, the “Servicer”), and [ASSET REPRESENTATIONS REVIEWER NAME], a [company type], as asset representations
reviewer (the “Asset Representations Reviewer”). 
 WHEREAS, in the regular course of business, motor vehicle dealers in
the Volkswagen and Audi network of dealers have assigned closed-end retail lease contracts and the related leased vehicles to VW Credit Leasing, Ltd., as origination trust (the “Origination Trust”); 

WHEREAS, in connection with a securitization transaction sponsored by VCI, the Origination Trust established a special unit of beneficial
interest (the “SUBI”) and allocated to the SUBI certain leases and related leased vehicles owned by the Origination Trust, which are represented by a SUBI certificate representing a beneficial interest in that SUBI (the “20[
]-[ ] SUBI Certificate”); 
 WHEREAS, the Origination Trust issued the 20[ ]-[ ] SUBI
Certificate to VCI, as UTI Beneficiary, and VCI sold the 20[ ]-[ ] SUBI Certificate to Volkswagen Auto Lease/Loan Underwritten Funding, LLC (the “Transferor”), which in turn resold the 20[ ]-[ ] SUBI Certificate to the Issuer
pursuant to a SUBI Transfer Agreement, in exchange for the Notes and Certificates issued by the Issuer; 
 WHEREAS, the Issuer has granted a
security interest in the 20[ ]-[ ] SUBI Certificate to the Indenture Trustee, for the benefit of the Holders of Notes, as security for the Notes issued by the Issuer under the Indenture; 

WHEREAS, the Issuer will engage the Asset Representations Reviewer to perform reviews of certain Leases for compliance with certain
representations and warranties made with respect thereto; and 
 WHEREAS, the Asset Representations Reviewer desires to perform such reviews
of Leases in accordance with the terms of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

 ARTICLE I. 

USAGE AND DEFINITIONS 

Section 1.01 Usage and Definitions. 

Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined
in Appendix A to the Indenture, dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Indenture”) between the Issuer and the Indenture Trustee, which also contains rules as
to usage that are applicable herein. 
 Section 1.02 Definitions. 

Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual Fee” has the meaning stated in Section 4.02(a). 

“Asset Review” means the completion by the Asset Representations Reviewer of the testing procedures for each Test and for
each Subject Lease as further described in Section 3.03. 
 “Confidential Information” has the meaning stated
in Section 6.01(b). 
 “Eligible Representations” shall mean those representations identified on Schedule
A attached hereto. 
 “Information Recipients” has the meaning stated in Section 6.01(a). 

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

“Indenture” means the Indenture, dated as of [            ],
20[__], between the Issuer and the Indenture Trustee, as the same may be amended, supplemented or modified from time to time. 

“Indenture Trustee” means [            ], a
[            ], as indenture trustee under the Indenture, and any successor thereto. 

“Issuer PII” has the meaning stated in Section 6.02(a). 

“Personally Identifiable Information” or “PII” has the meaning stated in Section 6.02(a). 

“Review Fee” has the meaning stated in Section 4.02(b). 

“Review Materials” means the documents, data, and other information required for each Test listed under “Documents”
in Schedule A attached hereto. 
 “Review Notice” means a notice delivered to the Asset Representations Reviewer by
the Indenture Trustee pursuant to Section 7.5(b) of the Indenture. 
 “Review Report” means, for an Asset Review, the
report of the Asset Representations Reviewer prepared according to Section 3.04. 
 “Test” has the meaning
stated in Section 3.03(a). 
 “Test Complete” has the meaning stated in Section 3.03(c). 

“Test Fail” has the meaning stated in Section 3.03(a). 

  
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 “Test Incomplete” has the meaning stated in Section 3.03(a).

 “Test Pass” has the meaning stated in Section 3.03(a). 

“Underwriter” means [ ], in its capacity as an underwriter and as representative of the underwriters pursuant to the
underwriting agreement, dated as of [            ], [            ], among the Underwriter, VCI and the Transferor. 

ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01 Engagement; Acceptance. 

The Issuer hereby engages [ ] to act as the Asset Representations Reviewer for the Issuer. [ ] accepts the engagement and agrees to perform the
obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 
 Section 2.02 Confirmation of Status.

 The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Leases for compliance with the
representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents. 

ARTICLE III. 
 ASSET
REPRESENTATIONS REVIEW PROCESS 
 Section 3.01 Review Notices and Identification of Subject Leases. 

(a) On receipt of a Review Notice from the Indenture Trustee according to Section 7.5(b) of the Indenture, the Asset Representations
Reviewer will start an Asset Review. The Asset Representations Reviewer will not be obligated to start an Asset Review until a Review Notice is received. 

(b) Within [10] Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer, with a copy to
the Indenture Trustee, a list of the Subject Leases. The Asset Representations Reviewer will not be obligated to start an Asset Review until a Review Notice and the related list of Subject Leases is received. The Asset Representations Reviewer is
not obligated to verify (i) whether the Indenture Trustee properly determined that a Review Notice was required or (ii) the accuracy or completeness of the list of Subject Leases provided by the Servicer. 

  
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 Section 3.02 Review Materials. 

(a) Access to Review Materials. The Servicer will render reasonable assistance to the Asset Representations Reviewer to facilitate the
Asset Review. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject Leases within [60] calendar days after receipt of the Review Notice in one or more of the following ways in the
Servicer’s reasonable discretion: (i) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (ii) by providing originals or photocopies at an office of the Servicer during normal
business hours upon reasonable prior written notice in connection with the Asset Review or (iii) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable
Information from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Review remains intact and unchanged. The Asset Representations Reviewer shall be entitled
to rely in good faith, without independent investigation or verification, that the Review Materials are accurate and complete in all material respects, and not misleading in any material respect. 

(b) Missing or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any
Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer reasonably determines any missing or insufficient Review Materials, the Asset Representations Reviewer
will notify the Servicer promptly, and in any event no less than [20] calendar days before completing the Asset Review. The Servicer will use reasonable efforts to provide the Asset Representations Reviewer access to the missing Review Materials or
other documents or information to correct the insufficiency within [15] calendar days. If the missing Review Materials or other documents have not been provided by the Servicer within [60] calendar days, the related Review Report will report a Test
Incomplete for each Test that requires use of the missing or insufficient Review Materials. 
 Section 3.03 Performance of
Reviews. 
 (a) Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform, for each Subject Lease, the
procedures listed under “Procedures to be Performed” in Schedule A attached hereto for each representation and warranty being tested (each, a “Test”) using the Review Materials listed in Schedule A for each
such Test For each Test and Subject Lease, the Asset Representations Reviewer will determine in its reasonable judgment (i) if the Test has been satisfied (a “Test Pass”), (ii) if the Test has not been satisfied (a
“Test Fail”) or (iii) if the Test could not be conducted as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all
Subject Receivables that are subject to the same Test. 
 (b) Review Period. The Asset Representations Reviewer will complete the
Asset Review within [60] calendar days of receiving access to the Review Materials. However, if additional Review Materials are provided to the Asset Representations Reviewer as described in Section 3.02(b), the Asset Review period will be
extended for an additional [30] calendar days. 
 (c) Completion of Review for Certain Subject Leases. Following the delivery of the
list of the Subject Leases and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Lease is pre-paid in full by the Obligor or reallocated from the
Transaction SUBI Portfolio by the Servicer in accordance with the terms of the Transaction Documents. On receipt of such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Subject Lease, and the Asset
Review of such Subject Leases will be considered complete (a “Test Complete”). In this case, the related Review Report will indicate a Test Complete for such Subject Lease and the related reason. 

  
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 (d) Previously Reviewed Leases; Duplicative Tests. If any Subject Lease was included
in a prior Asset Review, the Asset Representations Reviewer will not conduct additional Tests on such Subject Lease, but will include the previously reported Test results in the Review Report for the current Asset Review. If the same Test is
required for more than one representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Subject Lease, but will report the results of the Test for each applicable representation and warranty on the Review
Report. 
 (e) Termination of Review. If an Asset Review is in process and the Notes will be paid in full on the next Payment Date,
the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than [10] calendar days before that Payment Date. On receipt of such notice, the Asset Representations Reviewer will terminate the Asset Review immediately
and will not be obligated to deliver a Review Report. 
 (f) Review Systems; Personnel. The Asset Representations Reviewer will
maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these
systems allow for each Subject Lease and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset
Reviews as required by this Agreement. 
 Section 3.04 Review Report. 

Within [10] calendar days after the end of the applicable Asset Review period under Section 3.03(b), the Asset Representations
Reviewer will deliver to the Issuer, the Servicer, and the Indenture Trustee a Review Report indicating for each Subject Lease whether there was a Test Pass, Test Incomplete, Test Fail or Test Complete for each related Test. For each Test Fail or
Test Complete, the Review Report will indicate the related reason. The Review Report will contain the findings and conclusions of the Asset Representations Reviewer with respect to the Asset Review, and will be included in the Issuer’s Form
10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any PII. On reasonable request of the Servicer, the Asset Representations Reviewer
will provide additional details on the Test results. 
 Section 3.05 Review Representatives. 

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

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

(c) Questions About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to
written questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) [one year] after the delivery of the subject Review Report.
The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Servicer. 

Section 3.06 Dispute Resolution. 

If a Subject Lease that was the subject of an Asset Review becomes the subject of a dispute resolution proceeding under Section 11.27 of
the Indenture, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any
dispute resolution proceeding will be considered expenses of the Requesting Party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to
Section 11.27 of the Indenture. If not paid by a party to the dispute resolution, the expenses will be reimbursed according to Section 4.02(c) of this Agreement. 

Section 3.07 Limitations on Review Obligations. 

(a) Review Process Limitations. The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency
Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset Review under the Indenture, (ii) to determine which Leases are subject to an Asset Review, (iii) to obtain or confirm the validity of the
Review Materials, (iv) to obtain missing or insufficient Review Materials except as specifically described herein,(v) to take any action or cause any other party to take any action under any of the Transaction Documents to enforce any remedies
for breaches of representations or warranties about the Subject Leases, (vi) to determine the reason for the delinquency of any Subject Lease, the creditworthiness of any Obligor, the overall quality of any Subject Lease or the compliance by
the Servicer with its covenants with respect to the servicing of any Subject Lease, or (vii) to establish cause, materiality or recourse for any failed Test as described in Section 3.03. 

(b) Maintenance of Review Materials. The Asset Representations Reviewer will maintain copies of any Review Materials, Review Reports and
other documents relating to an Asset Review, including internal correspondence and work papers, until the earlier of (i) two years after the delivery of any Review Report or (ii) the repayment of the Notes in full. 

  
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 ARTICLE IV. 

ASSET REPRESENTATIONS REVIEWER 

Section 4.01 Representations, Warranties and Covenants of the Asset Representations Reviewer. 

The Asset Representations Reviewer hereby makes the following representations, warranties and covenants as of the Closing Date: 

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

 (d) No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or
threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of
this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

  
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 (e) Eligibility. The Asset Representations Reviewer meets the eligibility
requirements in Section 7.01, and will notify the Issuer and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 7.01. 

Section 4.02 Fees and Expenses. 

(a) Annual Fee. The Servicer will pay the Asset Representations Reviewer, as compensation for its activities under this Agreement, an
annual fee of $[            ] (the “Annual Fee”). The Annual Fee will be payable by the Servicer on the Closing Date and on each anniversary thereof until this Agreement is
terminated; provided, that in the year in which all Notes are paid in full, the Annual Fee shall be reduced pro rata by an amount equal to the days of the year in which the Notes are no longer outstanding. 

(b) Review Fee. Following the completion of an Asset Review and the delivery of the related Review Report pursuant to Section 3.04,
or the termination of an Asset Review according to Section 3.03(e), and the delivery to the Indenture Trustee and the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of
$[            ] for each Subject Lease for which the Asset Review was started (the “Review Fee”). However, no Review Fee will be charged for any Subject Lease which was
included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.03(e) or due to missing or insufficient Review
Materials under Section 3.02(b). 
 (c) Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a
dispute resolution proceeding under Section 3.06 of this Agreement and its reasonable out-of-pocket expenses for participating in the proceeding are not paid by a party to the dispute resolution within 90 days after the end of the proceeding,
the Servicer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice. 
 (d) Reimbursement
of Expenses. The Servicer shall reimburse the Asset Representations Reviewer for all reasonable out-of-pocket expenses incurred or made by it, in addition to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Asset Representations Reviewer’s agents, counsel, accountants and experts. 

(e) Payment of Invoices. The Asset Representations Reviewer will issue invoices to the Servicer at the notices address set forth on
Schedule II of the Indenture and Servicer shall pay all invoices submitted by the Asset Representations Reviewer within [30] days following the receipt by the Servicer. Any amounts payable by the Servicer to the Asset Representations Reviewer
pursuant to this Section 4.02 that have been outstanding for at least [30] days shall be paid on the Payment Date related to the Collection Period in which such [30th] day occurs, in
accordance with Sections 8.4(a) or 5.4(b) of the Indenture, as applicable. 

  
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 ARTICLE V. 

OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 

Section 5.01 Limitation on Liability. 

The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or
for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith, breach of this Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset
Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of
action. 
 Section 5.02 Indemnification by Servicer. 

The Servicer shall indemnify the Asset Representations Reviewer against any and all loss, liability or expense (including reasonable
attorneys’ fees) incurred by it in connection with the administration of this Agreement and the performance of its duties hereunder. The Asset Representations Reviewer shall notify the Servicer promptly of any claim for which it may seek
indemnity. Failure by the Asset Representations Reviewer to so notify the Servicer shall not relieve the Servicer of its obligations hereunder. The Servicer shall defend any such claim, and the Asset Representations Reviewer may have separate
counsel and the Servicer shall pay the fees and expenses of such counsel. The Servicer shall not reimburse any expense or indemnify against any loss, liability or expense incurred by the Asset Representations Reviewer arising out of or resulting
from the Asset Representations Reviewer’s own bad faith, negligence, willful misfeasance or breach of this Agreement. The Servicer’s obligations under this Section 5.02 will survive the termination of this Agreement, the
termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 
 Section 5.03 Indemnification by
Asset Representations Reviewer. 
 The Asset Representations Reviewer will indemnify each of the Issuer, the Transferor, the Servicer,
the Administrator, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses (including reasonable attorneys’ fees and expenses), losses, damages and liabilities, including
legal fees and expenses incurred in connection with the enforcement by such Person of an indemnification or other obligation of the Asset Representations Reviewer, resulting from (a) the willful misconduct, bad faith or negligence of the Asset
Representations Reviewer in performing its obligations under this Agreement and (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. The Asset Representations Reviewer’s
obligations under this Section 4.04 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 

  
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 Section 5.04 Inspections of Asset Representations Reviewer. 

The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized
representatives of the Issuer or the Servicer, during the Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations
Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made
by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer’s or the Servicer’s representatives to make copies and extracts of any of those documents and to discuss
them with the Asset Representations Reviewer’s officers and employees. Each of the Issuer and the Servicer will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or
if the Issuer or the Servicer reasonably determines that it is required to make the disclosure under this Agreement or the other Transaction Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other
documents and materials for a period of at least two years after the termination of its obligations under this Agreement. 

Section 5.05 Delegation of Obligations. 

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

TREATMENT OF CONFIDENTIAL INFORMATION 

Section 6.01 Confidential Information. 

(a) Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in
confidence and under the terms and conditions of this Article VI, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential Information will not, without the prior
consent of the Issuer and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information
Recipients”) other than for the purposes of performing Reviews of Subject Leases or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not
(i) purchase or sell securities issued by VCI or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other
publications or similar communications. 
 (b) Definition. “Confidential Information” means oral, written and
electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including: 

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

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

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

(c) Protection. The Asset Representations Reviewer will use best efforts to protect the secrecy of and avoid disclosure and unauthorized
use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable
Information is also subject to the additional requirements in Section 6.02. 
 (d) Disclosure. If the Asset
Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential
Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will
cooperate, at the Servicer’s expense, in the Issuer’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer or the Servicer is unable to obtain a
protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is
legally required to disclose. 
 (e) Responsibility for Information Recipients. The Asset Representations Reviewer will be responsible
for a breach of this Section 6.01 by its Information Recipients. 
 (f) Violation. The Asset Representations Reviewer
agrees that a violation of this Agreement may cause irreparable injury to the Issuer and the Servicer and the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or the Servicer
to enforce this Section 6.01, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees and expenses, incurred for the enforcement. 

  
 11 

 Section 6.02 Personally Identifiable Information. 

(a) Definitions. “Personally Identifiable Information” or “PII” means information in any format about
an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification number or “VIN,” any other actual or assigned attribute associated with or identifiable
to an individual and any information that when used separately or in combination with other information could identify an individual. “Issuer PII” means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset
Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement. 

(b) Use of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this
Agreement. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these
purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy,
security and data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this
Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and
integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations
under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission
protection) and physical security measures. 
 (c) Additional Limitations. In addition to the use and protection requirements
described in Section 6.02(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements: 

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

  
 12 

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

(f) Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the
Asset Representations Reviewer’s compliance with this Section 6.02. The Asset Representations Reviewer and the Issuer agree to modify this Section 6.02 as necessary for either party to comply with applicable law. 

(g) Audit of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized
representatives to audit the Asset Representations Reviewer’s compliance with this Section 6.02 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset Representations
Reviewer, and not more than once during any year unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in this Section 6.02 with the inspections described in
Section 5.04. The Asset Representations Reviewer will also permit the Issuer and its authorized representatives during normal business hours on reasonable advance notice to audit any service providers used by the Asset Representations
Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement. 
 (h) Affiliates and Third Parties.
If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party when performing an Asset Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or
third party is an intended third-party beneficiary of this Section 6.02, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party may enforce the PII related terms of this
Section 6.02 against the Asset Representations Reviewer as if each were a signatory to this Agreement. 

  
 13 

 ARTICLE VII. 

REMOVAL, RESIGNATION 

Section 7.01 Eligibility of the Asset Representations Reviewer. 

The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Transferor, the Servicer, the
Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Leases prior to the Closing Date. 

Section 7.02 Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation. The Asset Representations Reviewer will not resign as Asset Representations Reviewer except if (i) the Asset
Representations Reviewer no longer meets the eligibility requirements in Section 7.01 or (ii) the Asset Representations Reviewer has determined that the performance of its duties under this Agreement is no longer permissible under
applicable law and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law. Upon the occurrence of one of the foregoing events, the Asset Representations
Reviewer shall promptly resign and the Servicer shall appoint a successor Asset Representations Reviewer. The Asset Representations Reviewer will deliver a notice of its resignation and an Opinion of Counsel supporting its determination to the
Issuer and the Servicer. 
 (b) Removal. If any of the following events occur, the Servicer, by notice to the Asset Representations
Reviewer and the Issuer, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 
 (i)
the Asset Representations Reviewer no longer meets the eligibility requirements in Section 7.01; 
 (ii) the Asset
Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or 
 (iii) a
Bankruptcy Event of the Asset Representations Reviewer occurs. 
 (c) Notice of Resignation or Removal. The Issuer will notify the
Servicer, the Owner Trustee, the Transferor and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 

(d) Continue to Perform After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective,
and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to Section 7.03(b). 

Section 7.03 Successor Asset Representations Reviewer. 

(a) Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer,
the Servicer will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 7.01. 

  
 14 

 (b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset
Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset
Representations Reviewer under this Agreement or entering into a new agreement with the Issuer and the Servicer on substantially the same terms as this Agreement. 

(c) Transition and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will
cooperate with the Issuer and the Servicer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset
Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to
take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer and the Servicer or the successor Asset Representations Reviewer. 

Section 7.04 Merger, Consolidation or Succession. 

Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or
consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 7.01, will be the successor
to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption
happens by operation of law). 
 ARTICLE VIII. 

OTHER AGREEMENTS 

Section 8.01 Independence of the Asset Representations Reviewer. 

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of, or deemed to be the agent
of, the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. None of the Issuer, the Indenture Trustee or the Owner Trustee shall be responsible for
monitoring the performance of the Asset Representations Reviewer or liable to any Person for the failure of the Asset Representations Reviewer to perform its obligations hereunder. Unless authorized by the Issuer, the Indenture Trustee or the Owner
Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner
Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and either of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such
on any of them. 

  
 15 

 Section 8.02 No Petition. 

Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy
Remote Party in respect of all securities issued by any Bankruptcy Remote Party (a) such party hereto shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an
administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession
by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy
Remote Party, and (b) such party shall not commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter
in effect in any jurisdiction. This Section 8.02 shall survive the termination of this Agreement. 
 Section 8.03
Limitation of Liability of Owner Trustee. 
 Notwithstanding anything contained herein to the contrary, (a) this instrument has
been signed by [            ] not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in
it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by
[            ] but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on
[            ], individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto
and by any Person claiming by, through or under the parties hereto, (d) [            ] has made no investigation as to the accuracy or completeness of any representations and
warranties made by the Issuer in this Agreement, and (e) under no circumstances shall [            ] be personally liable for the payment of any indebtedness or expenses of the Issuer
or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

Section 8.04 Termination of Agreement. 

This Agreement will terminate, except for the obligations under Article VI and Sections 5.02 and 5.03, on the earlier of
(a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement. 

  
 16 

 ARTICLE IX. 

MISCELLANEOUS PROVISIONS 

Section 9.01 Amendments. 

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

(i) the Servicer delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely
affect the interests of the Noteholders; 
 (ii) the Servicer delivers an Officer’s Certificate to the Indenture Trustee to the effect
that such amendment will not materially and adversely affect the interests of the Noteholders; or 
 (iii) the Rating Agency Condition is
satisfied with respect to such amendment and the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 

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

Section 9.02 Assignment; Benefit of Agreement; Third Party Beneficiaries. 

(a) Assignment. Except as stated in Section 7.04, this Agreement may not be assigned by the Asset Representations Reviewer
without the consent of the Issuer and the Servicer. 
 (b) Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for the
benefit of and will be binding on the parties and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may enforce this
Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this Agreement. 

  
 17 

 Section 9.03 Notices. 

All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, telecopier or electronic mail, and addressed in each case as set forth on Schedule II to the Indenture or at such other
address as any party shall have provided to the other parties in writing. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such
recipient for notices hereunder. 
 Section 9.04 GOVERNING LAW. 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

Section 9.05 Submission to Jurisdiction; Waiver of Jury Trial. 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY: 

(a) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY DOCUMENTS EXECUTED AND DELIVERED
IN CONNECTION HEREWITH, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NONEXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF
NEW YORK AND APPELLATE COURTS FROM ANY THEREOF; 
 (b) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT AND MAINTAINED IN
SUCH COURTS AND WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME;

 (c) AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR
CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO SUCH PERSON AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 9.03; 

(d) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE
RIGHT TO SUE IN ANY OTHER JURISDICTION; AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR ANY MATTER ARISING HEREUNDER OR THEREUNDER. 

  
 18 

 Section 9.06 No Waiver; Remedies. 

No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial
exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers,
rights and remedies under law. 
 Section 9.07 Severability. 

In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
 Section 9.08 Headings. 

The article and section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement. 
 Section 9.09 Counterparts. 

This Agreement may be executed in any number of counterparts, including in counterparts executed via electronic signature, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by electronic transmission shall be effective
as delivery of a manually executed counterpart of this Agreement. 
 Section 9.10 Electronic Signatures and Transmission. 

(a) For purposes of this Agreement, any reference to “written” or “in writing” means any form of written communication,
including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term “electronic signature” shall mean any electronic symbol or process attached to, or associated
with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Agreement, any addendum or amendment hereto or any other document necessary
for the consummation of the transactions contemplated by this Agreement may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign Act, UETA or any applicable state law. Each of the parties hereto
are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions,
reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to
send such electronic transmission; and none of 

  
 19 

 
the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such
instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices, reports or other communications or
information, and the risk of interception and misuse by third parties. 
 (b) Any requirement in this Agreement that a document, including
this Agreement, is to be signed or authenticated by “manual signature” or similar language shall not be deemed to prohibit signature by facsimile or electronic signature and shall not be deemed to prohibit delivery thereof by electronic
transmission. 
 [Remainder of Page Left Blank] 

  
 20 

 IN WITNESS WHEREOF, the Issuer, the Servicer, the Administrator and the Asset
Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written. 

 

			
	VOLKSWAGEN AUTO LEASE TRUST 20[ ]- [ ], as Issuer
		
	By:	 	[__________], not in its individual capacity, but solely as Owner Trustee
		
	By:	 	                    
		 	Name:
		 	Title:
	
	VW CREDIT, INC., as Servicer
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:
	
	[                     ], as Asset Representations Reviewer
		
	By:	 	 
		 	Name:
		 	Title:

 Schedule A 

REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND TESTS 

Representation 
 (1) Ownership: 

 

	 	a)	 As of the Cut-Off Date, good and valid ownership of each Unit will be validly and effectively vested in the
Origination Trust, free and clear of all Adverse Claims, except for Permitted Liens (and no Adverse Claim, other than an Adverse Claim of the type described in clause (1)(f) of the definition of Permitted Liens, shall be noted on the
certificate of title for any Vehicle included in any such Unit). 

  

	 	b)	 As of the Closing Date, good and valid ownership of the beneficial interest in each Unit will be validly and
effectively conveyed to, and vested in the Buyer, free and clear of all Adverse Claims, except for Permitted Liens. 

 Documents

 Lease 
 Title
documents 
 Procedures to be Performed 
  

	 	(i)	 Review the title documents (including any applications for title or DMV registration forms) and confirm the
Origination Trust is listed as the owner of the related Vehicle. 

  

	 	(ii)	 Confirm no marks or notations on the Lease indicating that it has been pledged, assigned or otherwise conveyed
to any Person other than the Origination Trust. 

  

	 	(iii)	 Review the title documents and confirm the VIN number matches that which is recorded on the Lease.

  

	 	(iv)	 If steps (i) through (iii) are confirmed, this will be a Test Pass. 

Representation 
 (2) Event of Loss:
As of the Cut-Off Date, to the Seller’s knowledge, no Vehicle included in any such Unit was subject to an event which would constitute an Event of Loss. 

Documents 
 Lease file 

Procedures to be Performed 
  

	 	(i)	 Confirm there is no indication within the lease file that the related Vehicle was subject to an event which
would constitute an Event of Loss. 

  

	 	(ii)	 If step (i) is confirmed, this will be a Test Pass. 

Representation 
 (3) Eligible Units:
As of the Cut-Off Date, each Unit included in the Transaction SUBI Portfolio was an Eligible Unit (as described below in Representations (i) through (xix). 

Documents 
 Lease 

Data tape 
 Title documents 

  
 A-1 

 Procedures to be Performed 

 

	 	(i)	 Confirm that the test questions for Representations (i) through (xxi) below are confirmed.

  

	 	(ii)	 If step (i) is confirmed, this will be a Test Pass. 

Representation 
 Each Unit: 

 

	 	(i)	 the Lessee of which (i) is a resident of, or organized under the laws of and with its chief executive
office in, the United States, (ii) is not an Affiliate of VCI, (iii) is not a government or a governmental subdivision or agency, (iv) is not shown on the Servicer’s records as a debtor in a pending Bankruptcy Event and
(v) is not the Lessee of any Defaulted Lease. 

  

	 	(ii)	 for which the related Vehicle, to VCI’s knowledge, was not subject to an event which would constitute a
Casualty with respect to such Vehicle. 

  

	 	(iii)	 for which the related Lease is an “account” or “chattel paper” within the meaning of
Section 9-102 of the UCC of all applicable jurisdictions. 

  

	 	(iv)	 for which the related Lease constitutes the legal, valid and binding obligation of the related Lessee
enforceable against such Lessee in accordance with its terms subject to no offset, counterclaim, defense or other Adverse Claim. 

  

	 	(v)	 for which (i) good and valid ownership of such Lease has validly and effectively vested in the Origination
Trust and (ii) as of the Closing Date, good and valid ownership of the beneficial interest of such Lease will be validly and effectively conveyed to, and vested in the Transferor, in each case, free and clear of all adverse claims, except for
Permitted Liens. 

  

	 	(vi)	 for which the related Lease arises under a contract that does not require the Lessee under such contract to
consent to the transfer, sale or assignment of the rights of the Origination Trust under such contract. 

  

	 	(vii)	 for which the related Lease does not, in whole or in part, materially contravene any law, rule or regulation
applicable thereto (including, without limitation, those relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy). 

 

	 	(viii)	 for which the related Lease was not originated in, or is subject to the laws of, any jurisdiction under which
the transfer and assignment of a beneficial interest in such Vehicle pursuant to a transfer of the Transaction SUBI Certificate or the Transaction SUBI is unlawful, void or voidable. 

 

	 	(ix)	 for which the related Lease was originated in compliance, and complies in all material respects, with all
material applicable legal requirements. 

  

	 	(x)	 which was generated in the ordinary course of the Origination Trust’s business. 

 

	 	(xi)	 for which only one original of the related Lease exists, which is held by the Servicer on behalf of the
Origination Trust. 

  

	 	(xii)	 for which there is no credit-related recourse to the related Dealer. 

  
 A-2 

	 	(xiii)	 for which the related Lease is in full force and effect, and has not been satisfied, subordinated or rescinded.

  

	 	(xiv)	 for which the related Lease requires the related Lessee to obtain physical damage insurance covering the
related Vehicle in accordance with the Servicer’s Customary Servicing Practices, was originated in compliance with the Servicer’s Customary Servicing Practices and otherwise complies with the Servicer’s Customary Servicing Practices.

  

	 	(xv)	 for which the related Lease has a remaining term to maturity, as of the Cut-Off Date, greater than or equal to
[3] months and less than or equal to [44] months and had an original lease term greater than or equal to [24] months and less than or equal to [48] months. 

  

	 	(xvi)	 which is not more than [30] days past due as of the Cut-Off Date and is not a Defaulted Lease.

  

	 	(xvii)	 for which the related Lease is payable solely in U.S. dollars. 

 

	 	(xviii)	 which has a Securitization Value, as of the Cut-Off Date, not greater than
$[            ]. 

  

	 	(xix)	 for which the related Lease provides for substantially equal monthly payments and level payments that fully
amortize the adjusted capitalized cost of the Lease to the related Stated Residual Value over the term of such Lease. 

  

	 	(xx)	 for which the related Lease was originated on or after
[            ], [            ]. 

  

	 	(xxi)	 for which the related Vehicle is a new Volkswagen brand or Audi brand vehicle, in each case, that is not a
diesel engine vehicle. 

 Documents 

Lease 
 Data tape 

Title documents 
 Lease file 

Procedures to be Performed 

	 	(i)	 Lessee 

  

	 	a.	 Review the Lease and confirm the Lessee’s address is located within the United States.

  

	 	b.	 Review the Lease and confirm the Lessee is not an Affiliate of VCI, or a government or a governmental
subdivision or agency. 

  

	 	c.	 Confirm with Servicer that Lessee is not shown on the Servicer’s records as a debtor in a pending
Bankruptcy Event and is not in default. 

  

	 	(ii)	 Casualty 

  

	 	a.	 Confirm there is no indication within the lease file that the related Vehicle was subject to an event which
would constitute a Casualty with respect to such Vehicle. 

  

	 	(iii)	 “Account” or “chattel paper” 

 

	 	a.	 Review the Lease and confirm Lease is an “account” or “chattel paper” within the meaning of
Section 9-102 of the UCC of all applicable jurisdictions. 

  
 A-3 

	 	(iv)	 Legal, valid and binding obligation of Lessee 

 

	 	a.	 Review the Lease and confirm Lease has been fully executed by the related Lessee. 

 

	 	b.	 Confirm that the Vehicle Identification Number (VIN) on the Lease matches the VIN on the title documents.

  

	 	(v)	 Good and valid ownership 

 

	 	a.	 Review the title documents (including any applications for title or DMV registration forms) and confirm the
Origination Trust is listed as the owner of the related Vehicle. 

  

	 	b.	 Review the lease file and confirm no marks or notations indicating that it has been pledged, assigned or
otherwise conveyed to any Person other than the Origination Trust. 

  

	 	c.	 Review the title documents and confirm the VIN number matches that which is recorded on the Lease.

  

	 	(vi)	 Consent 

  

	 	a.	 Review the Lease and confirm that Lessee does not need to consent to the transfer, sale or assignment of the
rights of the Origination Trust under such contract. 

  

	 	(vii)	 Law, rule or regulation 

 

	 	a.	 Review the Lease and confirm the form number and revision date are on the list of approved lease forms.

  

	 	b.	 Review the data tape and confirm that there is no evidence of any judgment against VCI indicating that the
lease does not violate any applicable law, rule or regulation. 

  

	 	(viii)	 Transfer of the Transaction SUBI Certificate and the Transaction SUBI 

 

	 	a.	 Review the data tape and confirm that there is no evidence of any judgment against VCI indicating that the
lease does not violate any applicable law regarding the transfer of the Transaction SUBI Certificate or the Transaction SUBI. 

  

	 	(ix)	 Compliance with material applicable legal requirements 

 

	 	a.	 Review the Lease and confirm the form number and revision date are on the list of approved lease forms.

  

	 	b.	 Review the data tape and confirm that there is no evidence of any judgment against VCI indicating that the
lease was originated in violation of applicable law. 

  

	 	c.	 Review the data tape and confirm that there is no evidence of any Lessee alleging non-compliance.

  

	 	(x)	 Ordinary course of the Origination Trust’s business 

 

	 	a.	 Review the Lease and confirm the form number and revision date are on the list of approved lease forms.

  

	 	(xi)	 One original 

  

	 	a.	 Review the Lease and confirm that the Lease either constitutes an electronically authenticated original, or is
marked “Authoritative Copy.” 

  

	 	(xii)	 No credit-related recourse 

	 	a.	 Confirm the Lease form number and revision date are on the list of approved forms. 

 

	 	(xiii)	 Full force and effect 

 

	 	a.	 Confirm there is no indication within the lease file that the Lease has been satisfied, subordinated or
rescinded. 

  
 A-4 

	 	(xiv)	 Servicer’s Customary Servicing Practices 

 

	 	a.	 Review the Lease and confirm the form number and revision date are on the list of approved lease forms.

  

	 	b.	 Review the data tape and confirm that the Lease was automatically approved by VCI’s electronic decisioning
model, or if not automatically approved, was approved by a VCI credit analysis with appropriate approval authority. 

  

	 	(xv)	 Remaining term to maturity; original lease term 

 

	 	a.	 Review the data tape and confirm the Lease has a remaining term to maturity, as of the Cut-Off Date, which does
not exceed the maximum allowable number of months. 

  

	 	b.	 Review the Lease and confirm the number of payments, including any first and last payment if applicable, is
within the original lease term limits. 

  

	 	(xvi)	 Defaulted Lease 

  

	 	a.	 Review the data tape and confirm the Lease is not more than [30] days past due as of the Cut-Off Date.

  

	 	b.	 Review the data tape and confirm that, if the related Vehicle has been repossessed, it has been charged off.

  

	 	c.	 Review the data tape and confirm that the Lease has not been charged off. 

 

	 	(xvii)	 U.S. Dollars 

  

	 	a.	 Review the Lease and confirm that all amounts are reported in U.S. dollars. 

 

	 	(xviii)	 Securitization Value 

 

	 	a.	 Review the data tape and confirm the Lease has a Securitization Value that does not exceed the maximum
allowable dollar amount. 

  

	 	(xix)	 Amortization 

  

	 	a.	 Review the Lease and confirm the product of the number of payments and the base monthly payment, together with
any first and last payments, if applicable, is equal to the total of base monthly payments. 

  

	 	b.	 Review the Lease and confirm the adjusted capitalized cost minus the Stated Residual Value is equal to the
depreciation and any amortized amounts. 

  

	 	c.	 Review the Lease and confirm that the depreciation and any amortized amounts equals the total of base monthly
payments. 

  

	 	(xx)	 Origination Date 

  

	 	a.	 Review the Lease and confirm it was originated on or after the oldest allowable date of origination.

  

	 	(xxi)	 New Volkswagen or Audi vehicle that is not a diesel engine vehicle 

 

	 	a.	 Review the Lease and confirm the related Vehicle is a new vehicle. 

 

	 	b.	 Review the Lease and confirm the related Vehicle’s make is within guidelines. 

 

	 	(xxii)	 If steps (i) through (xxi) are confirmed, then this will be a Test Pass. 

  
 A-5 

 Representation 

(4) Amortization of Leases: The Lease included in such Unit was written on a constant yield basis and provides for substantially equal monthly
payments, such that, at the end of the lease term, the capitalized cost has been amortized to an amount equal to the Stated Residual Value of the related Vehicle. 

Documents 
 Lease 

Procedures to be Performed 

	 	(i)	 Review the Lease and confirm the product of the number of payments and the base monthly payment, together with
any first and last payments, if applicable, is equal to the total of base monthly payments. 

  

	 	(ii)	 Review the Lease and confirm the adjusted capitalized cost minus the Stated Residual Value is equal to the
depreciation and any amortized amounts. 

  

	 	(iii)	 Review the Lease and confirm that the depreciation and any amortized amounts equals the total of base monthly
payments. 

  

	 	(iv)	 If steps (i) through (iii) are confirmed, this will be a Test Pass. 

Representation 
 (5) Valid Assignment: No
Transaction Lease was originated in, or is subject to the laws of, any jurisdiction under which the transfer and assignment of a beneficial interest in such Transaction Vehicle pursuant to a transfer of the Transaction SUBI Certificate or the
Transaction SUBI or any other transaction contemplated hereunder to occur on or about the Closing Date, is unlawful, void or voidable. No Transaction Vehicle is subject to the laws of any jurisdiction under which the transfer and assignment of a
beneficial interest in such Vehicle pursuant to transfer of the Transaction SUBI Certificate or the Transaction SUBI, or any other transaction contemplated hereunder to occur on or about the Closing Date, is unlawful, void or voidable 

Documents 
 Lease 

Procedures to be Performed 
  

	 	(i)	 Review the data tape and confirm that there is no evidence of any judgment against VCI indicating that the
lease does not violate any applicable law regarding the transfer of the Transaction SUBI Certificate or the Transaction SUBI. 

  

	 	(ii)	 If step (i) is confirmed, this will be a Test Pass. 

Representation 
 (6) Aggregate Securitization
Value: As of the Cut-Off Date, the aggregate Securitization Value of all Transaction Units was $[            ]. 

Documents 
 Data tape 

Procedures to be Performed 
  

	 	(i)	 Review the data tape and confirm all the Leases have an aggregate Securitization Value noted.

  

	 	(ii)	 If step (i) is confirmed, this will be a Test Pass. 

  
 A-6 

 Representation 

(7) Location of Leases: As of the Closing Date, the files and records for each Unit included in the Transaction SUBI Portfolio are maintained at
the offices of the Servicer. 
 Documents 

None 
 Procedures to be Performed

  

	 	(i)	 Confirm the location of the Lease with the Servicer. 

 

	 	(ii)	 If step (i) is confirmed, this will be a Test Pass. 

Representation 
 (8) Accuracy of
Information: The information relating to each Unit set forth on Schedule 1 to the Transaction SUBI Supplement is true and correct in all material respects. 

Documents 
 Data tape 

Procedures to be Performed 
  

	 	(i)	 Review the data tape and confirm that the terms of the Unit match the terms of the Unit from the Lease.

  

	 	(ii)	 If step (i) is confirmed, this will be a Test Pass. 

  
 A-7EX-10.4

 Exhibit 10.4 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”), dated as of October 16, 2020 (the “Effective Date”),
is by and between CYTODYN INC., a Delaware corporation (the “Company”) and MAHBOOB RAHMAN, M.D., PH.D. (the “Executive”). 

W I T N E S S E T H: 

WHEREAS, the Company desires to employ the Executive as its Chief Scientific Officer, and the Executive desires to accept such employment, on
the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the promises and the mutual covenants and
agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE 1 
 EMPLOYMENT;
TERMINATION OF PRIOR AGREEMENT; TERM OF AGREEMENT 
 Section 1.1    Employment and Acceptance. During the
Term (as defined in Section 1.2), the Company shall employ the Executive, and the Executive shall accept such employment and serve the Company, in each case, subject to the terms and conditions of this Agreement. 

Section 1.2    Term. The employment relationship hereunder shall be for the period (such period of the
employment relationship shall be referred to herein as the “Term”) commencing on the Effective Date and ending upon the termination of the Executive’s employment hereunder by either party hereto pursuant to the terms of
Section 4.1, Section 4.2, Section 4.3 or Section 4.4. In the event that the Executive’s employment with the Company terminates, the
Company’s obligation to continue to pay, after the Termination Date (as defined in Section 4.3(b)), Base Salary (as defined in Section 3.1(a)), Annual Bonus (as defined in
Section 3.1(c)) and other unaccrued benefits shall terminate except as may be provided for in ARTICLE 4. 

  
 1 

Employment Agreement – Mahboob U. Rahman, M.D. 

 ARTICLE 2 

TITLE; DUTIES AND OBLIGATIONS; LOCATION 

Section 2.1    Title. The Company shall employ the Executive to render exclusive and full-time services to the
Company. The Executive shall serve in the capacity of Chief Scientific Officer (“CSO”). 

Section 2.2    Duties. Subject to the direction and authority of the Board of Directors of the Company (the
“Board”), the Executive shall have direct responsibility for providing direction and leadership for the Company’s research, development and clinical programs in oncology, HIV, NASH, and immunology for leronlimab and other
proprietary compounds. The Executive will be actively engaged in assisting to define the overall business strategy and direction for the Company’s clinical development plans, including: reviewing and providing assessment of clinical protocols,
rules, regulations; providing advice and assistance concerning clinical developments, and directions; providing information, knowledge, and comments to and for research and development strategic decision-making purposes; making formal presentations
at medical and scientific meetings on behalf of the Company; submitting papers for publication relating to the Company’s clinical and scientific work with prior authorization of the CEO or Board of Directors; and, generally providing the
Company with those services provided by a CSO as generally accepted by the pharmaceutical community. The Executive shall report to, and be subject to the lawful direction of the Chief Executive Officer (“CEO”). The Executive agrees
to perform to the best of Executive’s ability, experience, and talent those acts and duties, consistent with the position of CSO, as the CEO shall from time to time direct. The Executive will also report to the Board on such matters as the
Board may request or as directed by the CEO. 
 Section 2.3     Compliance with Policies, etc. During the
Term, the Executive shall be bound by, and comply fully with, all of the Company’s applicable policies and procedures, including, but not limited to, all terms and conditions set forth in the Company’s employee handbook, compliance manual,
codes of conduct and any other memoranda and communications applicable to the Executive pertaining to any policies, procedures, rules and regulations, as currently in effect and as may be amended from time to time. These policies and procedures
include, among other things and without limitation, the Executive’s obligations to comply with the Company’s rules regarding confidential and proprietary information and trade secrets. 

  
 2 

Employment Agreement – Mahboob U. Rahman, M.D. 

 Section 2.4     Time Commitment. During the Term, the
Executive shall use the Executive’s best efforts to promote the interests of the Company (including its subsidiaries and other Affiliates) and shall devote all of the Executive’s business time, ability and attention to the performance of
the Executive’s duties for the Company and shall not, directly or indirectly, render any services to any other person or organization, whether for compensation or otherwise, except with the CEO’s or Board’s prior written consent,
provided that the foregoing shall not prevent the Executive from (i) participating in charitable, civic, educational, professional, community or industry affairs, (ii) managing the Executive’s passive personal investments, or
(iii) serving on the board of directors (or similar governing bodies) of not more than two (2) other corporations (or other business entities) that are not competitors of the Company, its subsidiaries or any of its other Affiliates (as
determined by the CEO or the Board), so long as, in each case, such activities individually or in the aggregate do not materially interfere or conflict with the Executive’s duties hereunder or create a potential business or fiduciary conflict
(in each case, as determined by the CEO or the Board). 
 Section 2.5     Location. The Executive’s
principal place of business for the performance of the Executive’s duties under this Agreement shall be at the principal executive office of the Company (currently located in Vancouver, Washington), provided it is agreed that the Executive may
work remotely from a home office in Randolph, New Jersey. Notwithstanding the foregoing, the Executive shall be required to travel as necessary to perform the Executive’s duties hereunder. 

ARTICLE 3 
 COMPENSATION AND
BENEFITS; EXPENSES 
 Section 3.1     Compensation and Benefits. For all services rendered by the
Executive in any capacity during the Term (including, without limitation, serving as an officer, director or member of any committee of the Company or any of its subsidiaries or other Affiliates), the Executive shall be compensated (subject, in each
case, to the provisions of ARTICLE 4 below), as determined by the Compensation Committee, as follows: 

(a)    Base Salary. During the Term, the Company shall pay the Executive a base salary (the “Base
Salary”) approved by the Compensation Committee of the Board (the “Compensation Committee”), which shall be subject to customary withholdings and 

  
 3 

Employment Agreement – Mahboob U. Rahman, M.D. 

 
authorized deductions and be payable in equal installments in accordance with the Company’s customary payroll practices in place from time to time. The Executive’s Base Salary shall be
subject to periodic adjustments as determined by the Compensation Committee. As used in this Agreement, the term “Base Salary” shall refer to Base Salary as may be adjusted from time to time. 

(b)    Signing Bonus. The Executive will be eligible to receive a one-time
signing bonus of $200,000, less applicable taxes and withholdings, contingent upon commencement of employment and continuous employment for one (1) year thereafter as more fully set forth in the Bonus Repayment Agreement entered into by the
Executive contemporaneously with this Agreement. 
 (c)    Annual Bonus. For each fiscal year ending during the
Term (beginning with the fiscal year ending May 31, 2021, the Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) with a target amount equal to fifty percent (50%) of the Base Salary earned by the
Executive for such fiscal year (the “Target Annual Bonus”). The actual amount of each Annual Bonus will be based upon the level of achievement of the Company’s corporate objectives and the Executive’s individual objectives
established by the Compensation Committee for the fiscal year with respect to which such Annual Bonus relates. The level of achievement of the corporate objectives and the Executive’s individual performance objectives for any fiscal year shall
be determined by the Compensation Committee. Each Annual Bonus for a fiscal year, to the extent earned, will be paid in a lump sum at a time determined by the Company, but in no event later than March 15 of the calendar year immediately
following the year in which such Annual Bonus was earned. Each Annual Bonus shall be payable, as determined by the Compensation Committee, either in cash in full or fifty percent (50%) in cash and (50%) in unrestricted shares under (and as defined
in) the Company’s Amended and Restated 2012 Equity Incentive Plan (as it may be further amended from time to time, the “2012 Plan”), or any successor equity compensation plan as may be in place from time to time
(collectively with the 2012 Plan, the “Plan”), subject to the availability of shares under the Plan. The Annual Bonus shall not be deemed earned until the date that it is paid. Accordingly, in order for the Executive to receive an
Annual Bonus, the Executive must be actively employed by the Company at the time of such payment. Any Annual Bonus paid to the Executive with respect to the fiscal year 

  
 4 

Employment Agreement – Mahboob U. Rahman, M.D. 

 
ending May 31, 2021 shall be prorated based on the number of days the Executive has been employed by the Company during the fiscal year ended May 31, 2021 based on a 365-day fiscal year. 
 (d)    Equity Compensation. Executive was granted
restricted stock units pursuant to the terms of a restricted stock unit agreement between the parties hereto entered into contemporaneously with this Agreement, and subject to the terms and conditions established within the Plan. During the Term,
and likewise subject to the terms and conditions established within the Plan and separate Award Agreements (as defined in the Plan), the Executive also shall be eligible to receive from time to time additional Options, Stock Appreciation Rights,
Restricted Awards or Other Stock-Based Awards (as such capitalized terms are defined in the Plan), in amounts, if any, as determined by the Compensation Committee. 

(e)    Benefit Plans. The Executive shall be entitled to participate in all employee benefit plans and programs
(excluding severance plans, if any) generally made available by the Company to senior leadership of the Company, to the extent permissible under the general terms and provisions of such plans or programs and in accordance with the provisions
thereof. The Company may amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts to benefit costs without notice in its discretion. 

(f)    Paid Time Off. The Executive shall be entitled to paid time off in accordance with the Company’s
policies in effect from time to time for its senior management. 
 Section 3.2    Expense Reimbursement.
Subject to the requirements contained in Section 5.17, the Company shall reimburse the Executive during the Term, in accordance with the Company’s expense reimbursement policies in place from time to time, for all
reasonable out-of-pocket business expenses incurred by the Executive in the performance of the Executive’s duties hereunder. In order to receive such reimbursement,
the Executive shall furnish to the Company documentary evidence of each such expense in the form required to comply with the Company’s policies in place from time to time. 

  
 5 

Employment Agreement – Mahboob U. Rahman, M.D. 

 ARTICLE 4 

TERMINATION OF EMPLOYMENT 

Section 4.1     Termination Without Cause. 

(a)    The Company may terminate the Executive’s employment hereunder at any time without Cause (other than by reason
of death or Disability) upon written notice to the Executive. 
 (b)    As used in this Agreement,
“Cause” means: (i) a material act, or act of fraud, committed by the Executive that is intended to result in the Executive’s personal enrichment to the detriment or at the expense of the Company or any of its Affiliates;
(ii) the Executive is convicted of a felony; (iii) willful and continued failure by the Executive to perform the duties or obligations reasonably assigned to the Executive by the Board from time to time, which failure is not cured upon ten
(10) days’ prior written notice (unless such failure is not susceptible to cure, as determined in the reasonable discretion of the Board); or (iv) the Executive violates the Covenants Agreement (as defined in
Section 5.1 below). 
 (c)    If the Executive’s employment is terminated pursuant to
Section 4.1(a), the Executive shall, in full discharge of all of the Company’s obligations to the Executive, be entitled to receive, and the Company’s sole obligation to the Executive under this Agreement or
otherwise shall be to pay or provide to the Executive, the following: 
 (i) the Accrued Obligations (as defined in
Section 4.3(b)); and 
 (ii) subject to Section 4.5 and
Section 4.6, either: 
 (1) If prior to completion of a full year of employment, payments equal to four
(4) months of the Executive’s Base Salary at the rate in effect immediately prior to the Termination Date (less applicable withholdings and authorized deductions), to be paid in accordance with the Company’s customary payroll
practices, commencing on the first regular payroll date on or following the date that is sixty (60) days following such termination of employment (the “Severance Payments”); provided, however, that the Executive must have
completed at least one hundred eighty (180) days (six (6) months) of full-time continuous employment with the Company, to be eligible for any Severance Payments hereunder; or 

(2) After one year of full-time continuous employment, the Severance Payments shall consist of: (A) a lump sum payment equal to
six (6) months of 

  
 6 

Employment Agreement – Mahboob U. Rahman, M.D. 

 
Executive’s Base Salary at the rate in effect immediately prior to the Termination Date (less applicable withholdings and authorized deductions) on the sixtieth (60th) day following the Termination Date (or the next business day thereafter, but in no event later that March 15 of the calendar year immediately following the Termination Date); and
(B) payments equal to six (6) months of Executive’s Base Salary at the rate in effect immediately prior to the Termination Date (less applicable withholdings and authorized deductions) to be paid in regular installments corresponding
with the Company’s regular payroll schedule, and commencing on the first regular payroll date following the date that is one hundred eighty (180) days after the Termination Date. 

Notwithstanding the foregoing, in no event shall the portion of the Severance Payments described in clause (B) above exceed two times the
lesser of (x) the sum of the Executive’s annualized compensation based upon the Executive’s annual salary in the year preceding the year in which the Executive’s employment is terminated (adjusted for any increase during that
year that was expected to continue indefinitely if the Executive’s employment had not terminated) or (y) the applicable dollar limit under Section 401(a)(17) of the Internal Revenue Code for the calendar year in which the
Executive’s employment is terminated. 
 (d)    Notwithstanding anything in
Section 4.1(c) to the contrary, the Severance Payments may be made, as determined by the Compensation Committee, in whole or in part through the issuance of shares of the Company’s common stock, in each case with a
Fair Market Value (as defined in the Plan) equal to the amount to be paid on the applicable date. 
 (e)    Unless the
award agreement specifically provides otherwise, all stock options and other awards that the Executive has been granted under the Plan as of the date of this Agreement shall vest and, in the case of stock options or like awards, become exercisable,
to the extent not already vested and (if applicable) exercisable, on the Termination Date, and (if applicable) shall remain exercisable following termination to the extent provided in the award agreement for such award. 

Section 4.2    Termination Without Cause or for Good Reason Within 12 Months Following a Change in Control.

 (a)    Provided that the Executive has completed one hundred eighty (180) days of full-time continuous
employment with the Company, if, within twelve (12) months following 

  
 7 

Employment Agreement – Mahboob U. Rahman, M.D. 

 
the occurrence of a Change in Control of the Company (as defined below), the Executive’s employment hereunder is terminated without Cause (other than by reason of death or Disability) or the
Executive resigns for Good Reason, the provisions of this Section 4.2 shall control instead of the provisions of Section 4.1. 

(b)    As used in this Agreement, “Change in Control” means: 

(i) Any one person or entity, or more than one person or entity acting as a group (as defined in Treasury Regulation Section 1.409A-3), acquires ownership of stock of the Company that, together with stock previously held by the acquiror, constitutes more than fifty percent (50%) of the total fair market value or total
voting power of the Company’s stock. If any one person or entity, or more than one person or entity acting as a group, is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the Company’s
stock, the acquisition of additional stock by the same person or entity or persons or entities acting as a group does not cause a Change in Control. An increase in the percentage of stock owned by any one person or entity, or persons or entities
acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property, is treated as an acquisition of stock; or 

(ii) A majority of the members of the Company’s Board is replaced during any twelve (12) month period by directors whose appointment
or election is not endorsed by a majority of the members of the Board prior to the date of appointment or election; or 
 (iii) Any one
person or entity, or more than one person or entity acting as a group, acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by that person or entity or persons or entities acting as a
group) assets from the Company that have a total gross fair market value equal to at least forty percent (40%) of the total gross fair market value of all the Company’s assets immediately prior to the acquisition or acquisitions. Gross
fair market value means the value of the Company’s assets, or the value of the assets being disposed of, without regard to any liabilities associated with these assets. Notwithstanding anything in this clause (iii) to the contrary, in no
event shall a license of (or other similar transfer of rights in) leronlimab be a change in the ownership of a substantial portion of the Company’s assets 

  
 8 

Employment Agreement – Mahboob U. Rahman, M.D. 

 In determining whether a Change in Control occurs, the attribution rules of Code
Section 318 apply to determine stock ownership. The stock underlying a vested option is treated as owned by the individual who holds the vested option, and the stock underlying an unvested option is not treated as owned by the individual who
holds the unvested option. 
 (c)    As used in this Agreement, “Good Reason” means the occurrence of
any of the following: (1) a material breach by the Company of the terms of this Agreement; (2) a material reduction in the Executive’s Base Salary unless the reduction is generally applicable to substantially all similarly situated
Company employees or is otherwise offset economically by increases in other compensation or replacement plans or programs; (3) a material diminution in the Executive’s authority, duties or responsibilities; or (4) a relocation by the
Company of the Executive’s principal place of business for the performance of the Executive’s duties under this Agreement to a location that is anywhere outside of a 50-mile radius of Vancouver,
Washington; provided, however, that the Executive must notify the Company within ninety (90) days of the occurrence of any of the foregoing conditions that the Executive considers it to be a “Good Reason” condition and provide the
Company with at least thirty (30) days in which to cure the condition. If the Executive fails to provide this notice and cure period prior to the Executive’s resignation, or resigns more than six (6) months after the initial existence
of the condition, the Executive’s resignation will not be deemed to be for “Good Reason.” 
 (d)    If
the Executive’s employment is terminated pursuant to Section 4.2(a) (i.e., the Executive’s employment hereunder is terminated without Cause (other than by reason of death or Disability) within twelve
(12) months following a Change in Control of the Company, or the Executive resigns for Good Reason within twelve (12) months following a Change in Control of the Company), the Executive shall, in full discharge of all of the Company’s
obligations to the Executive, be entitled to receive, and the Company’s sole obligation to the Executive under this Agreement or otherwise shall be to pay or provide to the Executive, the following: 

(i) the Accrued Obligations; and 

(ii) subject to Section 4.5 and Section 4.6: 

(A) the following payments (the “Enhanced Severance Payments”) (i) a lump sum payment on the sixtieth (60th) day following the Termination Date (or the next 

  
 9 

Employment Agreement – Mahboob U. Rahman, M.D. 

 
business day thereafter, but in no event later that March 15 of the calendar year immediately following the Termination Date) in an amount equal to eight (8) months of the
Executive’s monthly Base Salary at the rate in effect immediately prior to the Termination Date (less applicable withholdings and authorized deductions) and (ii) payments equal to ten (10) months of the Executive’s monthly Base
Salary at the rate in effect immediately prior to the Termination Date (less applicable withholdings and authorized deductions), to be paid on the first regular payroll date following the date that is two hundred seventy (270) days following
the Termination Date. Notwithstanding the foregoing, in no event shall the portion of the Enhanced Severance Payments described in clause (ii) above exceed two times the lesser of (x) the sum of the Executive’s annualized compensation
based upon the Executive’s annual salary in the year preceding the year in which the Executive’s employment is terminated (adjusted for any increase during that year that was expected to continue indefinitely if the Executive’s
employment had not terminated) or (y) the applicable dollar limit under Section 401(a)(17) of the Internal Revenue Code for the calendar year in which the Executive’s employment is terminated; and 

(B) Unless the award agreement specifically provides otherwise, all stock options and other awards that the Executive has been granted under
the Plan as of the date of this Agreement shall vest and, in the case of stock options or like awards, become exercisable, to the extent not already vested and (if applicable) exercisable, on the Termination Date, and (if applicable) shall remain
exercisable following termination to the extent provided in the award agreement for such award. 
 For purposes of clarity, it is understood
and agreed that the Enhanced Severance Payments set forth in this Section 4.2 shall be in lieu of (and not in addition to) the Severance Payments set forth in Section 4.1. 

Section 4.3    Termination for Cause; Voluntary Termination. 

(a)    The Company may terminate the Executive’s employment hereunder at any time for Cause upon written notice to
the Executive. The Executive may voluntarily terminate the Executive’s employment hereunder at any time for any reason or no reason as well, but is requested to provide ninety (90) days’ prior written notice to the Company, if
possible; provided, however, the Company reserves the right, upon written notice to the Executive, to accept the Executive’s notice of resignation and to accelerate such notice and make the 

  
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Employment Agreement – Mahboob U. Rahman, M.D. 

 
Executive’s resignation effective immediately, or on such other date prior to the Executive’s intended last day of work as the Company deems appropriate. It is understood and agreed
that the Company’s election to accelerate the Executive’s notice of resignation shall not be deemed a termination by the Company without Cause for purposes of Section 4.1 or 4.2 of this Agreement or
otherwise or constitute Good Reason for purposes of Section 4.2 of this Agreement or otherwise. 

(b)    If the Executive’s employment is terminated pursuant to Section 4.3(a), the
Executive shall, in full discharge of all of the Company’s obligations to the Executive, be entitled to receive, and the Company’s sole obligation under this Agreement or otherwise shall be to pay or provide to the Executive, the following
(collectively, the “Accrued Obligations”): 
 (i) the Executive’s accrued but unpaid Base Salary through the final
date of the Executive’s employment by the Company (the “Termination Date”), payable in accordance with the Company’s standard payroll practices; 

(ii) the Executive’s unused vacation as accrued in accordance with the Company’s policies, if any); 

(iii) expenses reimbursable under Section 3.2 above incurred on or prior to the Termination Date but not yet
reimbursed; and 
 (iv) any amounts or benefits that are vested amounts or vested benefits or that the Executive is otherwise entitled to
receive under any plan, program, policy or practice (with the exception of those, if any, relating to severance) on the Termination Date, in accordance with such plan, program, policy, or practice. 

Section 4.4    Termination Resulting from Death or Disability. 

(a)    As the result of any Disability suffered by the Executive, the Company, upon five (5) days’ prior notice
to the Executive, may terminate the Executive’s employment under this Agreement. The Executive’s employment shall automatically terminate upon the Executive’s death. 

(b)    “Disability” means a determination by the Company in accordance with applicable law that as a
result of a physical or mental injury or illness, the Executive is unable to perform the essential functions of the Executive’s job with or without reasonable accommodation for a period of (i) ninety (90) consecutive days; or
(ii) one hundred twenty (120) days during any twelve (12) month period. 

  
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Employment Agreement – Mahboob U. Rahman, M.D. 

 (c)    If the Executive’s employment is terminated pursuant to
Section 4.4(a), the Executive or the Executive’s estate, as the case may be, shall be entitled to receive, and the Company’s sole obligation under this Agreement or otherwise shall be to pay or provide to the
Executive or the Executive’s estate, as the case may be, the Accrued Obligations. 
 Section 4.5    Release
Agreement. In order to receive the Severance Payments set forth in Section 4.1 or to receive the Enhanced Severance Payments set forth in Section 4.2 (as applicable, and, in each case, if
eligible), the Executive must timely execute (and not revoke) a separation agreement and general release (the “Release Agreement”) in a customary form as is determined to be reasonably necessary by the Company in its good faith and
reasonable discretion; provided, that the Company shall endeavor to provide the Executive with the form of Release Agreement within three (3) days following the Termination Date. The Severance Payments or the Enhanced Severance Payments, as
applicable, are subject to the Executive’s execution of such Release Agreement within twenty-one (21) days of the Executive’s receipt of the Release Agreement and the Executive’s non-revocation of such Release Agreement, if applicable. 

Section 4.6    Post-Termination Breach. Notwithstanding anything to the contrary contained in this Agreement,
the Company’s obligations to provide the Severance Payments or the Enhanced Severance Payments, as applicable, will immediately cease if the Executive breaches any of the provisions of the Covenants Agreement, the Release Agreement or any other
agreement the Executive has with the Company, or if any provision of those agreements is determined to be unenforceable, to any extent, by a court or arbitration panel, whether by preliminary or final adjudication. 

Section 4.7    Removal from any Boards and Position. If the Executive’s employment is terminated for any
reason under this Agreement, the Executive shall be deemed (without further action, deed or notice) to resign (i) if a member, from the Board (or similar governing body) of the Company, any Affiliate of the Company or any other board to which
the Executive has been appointed or nominated by or on behalf of the Company and (ii) from all other positions with the 

  
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Employment Agreement – Mahboob U. Rahman, M.D. 

 
Company or any subsidiary or other Affiliate of the Company, including, but not limited to, as an officer of the Company and any of its subsidiaries or other Affiliates. 

ARTICLE 5 
 GENERAL PROVISIONS

 Section 5.1    Employee Inventions Assignment and Non-Disclosure
Agreement. The Executive acknowledges and confirms that the Employee Inventions Assignment and Non-Disclosure Agreement executed by the Executive contemporaneously with this Agreement
(the “Covenants Agreement”), the terms of which are incorporated herein by reference, remains in full force and effect and binding on the Executive. The Covenants Agreement shall survive the termination of this Agreement and
the Executive’s employment by the Company for the applicable period(s) set forth therein. 

Section 5.2    Expenses. Each of the Company and the Executive shall bear its/the Executive’s own costs,
fees and expenses in connection with the negotiation, preparation and execution of this Agreement. 

Section 5.3    Key-Person Insurance. Upon the Company’s request,
the Executive shall cooperate (including, without limitation, taking any required physical examinations) in all respects in obtaining a key-person life insurance policy on the life of the Executive in which
the Company is named as the beneficiary. 
 Section 5.4    Entire Agreement. This Agreement, the
Indemnification Agreement between the Executive and the Company entered into contemporaneously with this Agreement, as it may be amended from time to time (the “Indemnification Agreement”), and the Covenants Agreement contain the
entire agreement of the parties hereto with respect to the terms and conditions of the Executive’s employment during the Term and activities following termination of this Agreement and the Executive’s employment with the Company and
supersede any and all prior agreements and understandings, whether written or oral, between the parties hereto with respect to the subject matter of this Agreement, the Indemnification Agreement, or the Covenants Agreement. Each party hereto
acknowledges that no representations, inducements, promises or agreements, whether oral or in writing, have been made by any party, or on behalf of any party, which are not embodied herein, or in the Covenants Agreement. The Executive acknowledges
and agrees that the Company has fully satisfied, and has no further obligations to 

  
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Employment Agreement – Mahboob U. Rahman, M.D. 

 
the Executive arising under, or relating to, any prior employment or consulting arrangement or understanding (including, without limitation, any claims for compensation or benefits of any kind)
or otherwise. No agreement, promise or statement not contained in this Agreement, the Indemnification Agreement, or the Covenants Agreement shall be valid and binding, unless agreed to in writing and signed by the parties sought to be bound thereby.

 Section 5.5    No Other Contracts. The Executive represents and warrants to the Company that neither the
execution and delivery of this Agreement by the Executive nor the performance by the Executive of the Executive’s obligations hereunder, shall constitute a default under or a breach of the terms of any other agreement, contract or other
arrangement, whether written or oral, to which the Executive is a party or by which the Executive is bound, nor shall the execution and delivery of this Agreement by the Executive nor the performance by the Executive of the Executive’s duties
and obligations hereunder give rise to any claim or charge against either the Executive, the Company or any Affiliate, based upon any other contract or other arrangement, whether written or oral, to which the Executive is a party or by which the
Executive is bound. The Executive further represents and warrants to the Company that the Executive is not a party to or subject to any restrictive covenants, legal restrictions or other agreement, contract or arrangement, whether written or oral,
in favor of any entity or person that would in any way preclude, inhibit, impair or limit the Executive’s ability to perform the Executive’s obligations under this Agreement, including, but not limited to,
non-competition agreements, non-solicitation agreements or confidentiality agreements. The Executive shall defend, indemnify and hold the Company harmless from and
against all claims, actions, losses, liabilities, damages, costs and expenses (including reasonable attorney’s fees and amounts paid in settlement in good faith) arising from or relating to any breach of the representations and warranties made
by the Executive in this Section 5.5. 
 Section 5.6    Notices. Any notice or
other communication required or permitted hereunder shall be in writing and shall be delivered personally or sent by nationally recognized overnight courier service (with next business day delivery requested). Any such notice or communication shall
be deemed given and effective, in the case of personal delivery, upon receipt by the other party, and in the case of a courier service, upon the next business day, after 

  
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Employment Agreement – Mahboob U. Rahman, M.D. 

 
dispatch of the notice or communication. Any such notice or communication shall be addressed as follows: 
  

			
	If to the Company, to:	  	If to the Executive, to:
		
	 CytoDyn Inc.
 1111 Main Street, Suite 660

Vancouver, Washington 98660
 Attn: Chief Executive
Officer
	  	The address provided on Executive’s current Form W-4 on file with the Company.

 Section 5.7    Governing Law; Jurisdiction. This Agreement shall be governed
by, and construed in accordance with, the laws of the state of Washington, without regard to principles of conflicts of law. Any and all actions arising out of this Agreement or Executive’s employment by the Company or termination therefrom
shall be brought and heard in the state and federal courts of the state of Washington and the parties hereto hereby irrevocably submit to the exclusive jurisdiction of any such courts. 

Section 5.8    Waiver. Either party hereto may waive compliance by the other party with any provision of this
Agreement. The failure of a party to insist on strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other
term of this Agreement. No waiver of any provision shall be construed as a waiver of any other provision. Any waiver must be in writing. 

Section 5.9    Severability. If any one or more of the terms, provisions, covenants and restrictions of this
Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way
be affected, impaired or invalidated and the parties will attempt to agree upon a valid and enforceable provision which shall be a reasonable substitute for such invalid and unenforceable provision in light of the tenor of this Agreement, and, upon
so agreeing, shall incorporate such substitute provision in this Agreement. In addition, if any one or more of the provisions contained in this Agreement shall for any reason be determined by a court of competent jurisdiction to be excessively broad
as to duration, geographical scope, activity or subject, it shall be construed, by limiting or reducing it, so as to be enforceable to the extent compatible with then applicable law. 

  
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Employment Agreement – Mahboob U. Rahman, M.D. 

 Section 5.10    Counterparts. This Agreement may be executed
in any number of counterparts and each such duplicate counterpart shall constitute an original, any one of which may be introduced in evidence or used for any other purpose without the production of its duplicate counterpart. Moreover,
notwithstanding that any of the parties did not execute the same counterpart, each counterpart shall be deemed for all purposes to be an original, and all such counterparts shall constitute one and the same instrument, binding on all of the parties
hereto. 
 Section 5.11    Advice of Counsel. Both parties hereto acknowledge that they have had the
opportunity to seek and obtain the advice of counsel before entering into this Agreement and have done so to the extent desired, and have fully read the Agreement and understand the meaning and import of all the terms hereof. 

Section 5.12    Assignment. This Agreement shall inure to the benefit of the Company and its successors and
assigns (including, without limitation, the purchaser of all or substantially all of its assets) and shall be binding upon the Company and its successors and assigns. This Agreement is personal to the Executive, and the Executive shall not assign or
delegate the Executive’s rights or duties under this Agreement, and any such assignment or delegation shall be null and void. 

Section 5.13    Agreement to Take Actions. Each party to this Agreement shall execute and deliver such
documents, certificates, agreements and other instruments, and shall take all other actions, as may be reasonably necessary or desirable in order to perform the Executive’s or its obligations under this Agreement. 

Section 5.14    No Attachment. Except as required by law, no right to receive payments under this Agreement
shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or
involuntary, to effect any such action shall be null, void and of no effect; provided, however, that nothing in this Section 5.14 shall preclude the assumption of such rights by executors, administrators or other legal
representatives of the Executive or the Executive’s estate and their assigning any rights hereunder to the person or persons entitled thereto. 

  
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Employment Agreement – Mahboob U. Rahman, M.D. 

 Section 5.15    Source of Payment. Except as otherwise
provided under the terms of any applicable Executive benefit plan, all payments provided for under this Agreement shall be paid in cash from the general funds of the Company. The Company shall not be required to establish a special or separate fund
or other segregation of assets to assure such payments, and, if the Company shall make any investments to aid it in meeting its obligations hereunder, the Executive shall have no right, title or interest whatever in or to any such investments except
as may otherwise be expressly provided in a separate written instrument relating to such investments. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or
a fiduciary relationship, between the Company and the Executive or any other person. To the extent that any person acquires a right to receive payments from the Company hereunder, such right, without prejudice to rights which employees may have,
shall be no greater than the right of an unsecured creditor of the Company. The Executive shall not look to the owners of the Company for the satisfaction of any obligations of the Company under this Agreement. 

Section 5.16    Tax Withholding. The Company or other payor is authorized to withhold from any benefit
provided or payment due hereunder, the amount of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such other action as may be necessary in the opinion of the Compensation Committee to
satisfy all obligations for the payment of such withholding taxes. The Executive will be solely responsible for all taxes assessed against the Executive with respect to the compensation and benefits described in this Agreement, other than typical
employer-paid taxes such as FICA, and the Company makes no representations as to the tax treatment of such compensation and benefits. 

Section 5.17    409A Compliance. All payments under this Agreement are intended to comply with or be exempt
from the requirements of Section 409A of the Code and regulations promulgated thereunder (“Section 409A”). As used in this Agreement, the “Code” means the Internal Revenue Code of 1986, as
amended. To the extent permitted under applicable regulations and/or other guidance of general applicability issued pursuant to Section 409A, the Company reserves the right to modify this Agreement to conform with any or all relevant provisions
regarding compensation and/or benefits so that such compensation and benefits are exempt from the provisions of Section 409A and/or otherwise comply with such provisions so as 

  
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Employment Agreement – Mahboob U. Rahman, M.D. 

 
to avoid the tax consequences set forth in Section 409A and to assure that no payment or benefit shall be subject to an “additional tax” under Section 409A. To the extent that
any provision in this Agreement is ambiguous as to its compliance with Section 409A, or to the extent any provision in this Agreement must be modified to comply with Section 409A, such provision shall be read in such a manner so that no
payment due to the Executive shall be subject to an “additional tax” within the meaning of Section 409A(a)(1)(B) of the Code. If necessary to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to
“specified employees,” any payment on account of the Executive’s separation from service that would otherwise be due hereunder within six (6) months after such separation shall be delayed until the first business day of the
seventh (7th) month following the Termination Date, and the first such payment shall include the cumulative amount of any payments (without interest) that would have been paid prior to such date
if not for such restriction. Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A. In no event may the Executive, directly or indirectly, designate the calendar year of payment.
All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the
Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other
calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to
liquidation or exchange for another benefit. Notwithstanding anything contained herein to the contrary, the Executive shall not be considered to have terminated employment with the Company for purposes of Section 4.1 or
4.2 unless the Executive would be considered to have incurred a “separation from service” from the Company within the meaning of Treasury Regulation §1.409A-1(h). In no event whatsoever
shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Section 409A or damages for failing to comply with Section 409A. 

  
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Employment Agreement – Mahboob U. Rahman, M.D. 

 Section 5.18    280G Modified Cutback. 

(a)    If any payment, benefit or distribution of any type to or for the benefit of the Executive, whether paid or
payable, provided or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the “Parachute Payments”) would subject the Executive to the excise tax imposed under
Section 4999 of the Code (the “Excise Tax”), the Parachute Payments shall be reduced so that the maximum amount of the Parachute Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause
the Parachute Payments to be subject to the Excise Tax; provided that the Parachute Payments shall only be reduced to the extent the after-tax value of amounts received by the Executive after application of
the above reduction would exceed the after-tax value of the amounts received without application of such reduction. For this purpose, the after-tax value of an amount
shall be determined taking into account all federal, state, and local income, employment and excise taxes applicable to such amount. Unless the Executive shall have given prior written notice to the Company to effectuate a reduction in the Parachute
Payments if such a reduction is required, which notice shall be consistent with the requirements of Section 409A to avoid the imputation of any tax, penalty or interest thereunder, then the Company shall reduce or eliminate the Parachute
Payments by first reducing or eliminating any cash payments (with the payments to be made furthest in the future being reduced first), then reducing or eliminating accelerated vesting of stock options or similar awards, then by reducing or
eliminating any other remaining Parachute Payments; provided, that no such reduction or elimination shall apply to any non-qualified deferred compensation amounts (within the meaning of Section 409A) to
the extent such reduction or elimination would accelerate or defer the timing of such payment in manner that does not comply with Section 409A. 

(b)    An initial determination as to whether (x) any of the Parachute Payments received by the Executive in
connection with the occurrence of a change in the ownership or control of the Company or in the ownership of a substantial portion of the assets of the Company shall be subject to the Excise Tax, and (y) the amount of any reduction, if any,
that may be required pursuant to the previous paragraph, shall be made by an independent accounting firm selected by the Company (the “Accounting Firm”) prior to the consummation of such change in the ownership or effective control
of the Company or in the ownership of a substantial portion of 

  
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Employment Agreement – Mahboob U. Rahman, M.D. 

 
the assets of the Company. The Executive shall be furnished with notice of all determinations made as to the Excise Tax payable with respect to the Executive’s Parachute Payments, together
with the related calculations of the Accounting Firm, promptly after such determinations and calculations have been received by the Company. 

(c)    For purposes of this Section 5.18, (i) no portion of the Parachute Payments the
receipt or enjoyment of which the Executive shall have effectively waived in writing prior to the date of payment of the Parachute Payments shall be taken into account; (ii) no portion of the Parachute Payments shall be taken into account which
in the opinion of the Accounting Firm does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code; (iii) the Parachute Payments shall be reduced only to the extent necessary so that the
Parachute Payments (other than those referred to in the immediately preceding clause (i) or (ii)) in their entirety constitute reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code
or are otherwise not subject to disallowance as deductions, in the opinion of the auditor or tax counsel referred to in such clause (ii); and (iv) the value of any non-cash benefit or any deferred payment
or benefit included in the Parachute Payments shall be determined by the Company’s independent auditors based on Sections 280G and 4999 of the Code and the regulations for applying those sections of the Code, or on substantial authority within
the meaning of Section 6662 of the Code. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

									
	EXECUTIVE:	 		 	 COMPANY:
 CytoDyn Inc.

					
	By:	 	/s/ Mahboob Rahman	 		 	By:	 	/s/ Nader Pourhassan
	Name:	 	Mahboob U. Rahman, M.D., Ph.D.	 		 	Name:	 	Nader Pourhassan, Ph. D.
		 		 		 	Title:	 	President & CEO

  
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Employment Agreement – Mahboob U. Rahman, M.D.

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