Document:

Exhibit 10.5

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

among

 

HYUNDAI AUTO RECEIVABLES TRUST 2022-A,

as Issuer,

 

HYUNDAI CAPITAL AMERICA,

as Servicer

 

and

 

CLAYTON FIXED INCOME SERVICES LLC,

 

as Asset Representations Reviewer

 

Dated as of March 16, 2022

 

    (2022-A Asset Representations Review Agreement)

     

    

 

Table
of Contents

 

Page

 

	ARTICLE I	USAGE AND DEFINITIONS	2

 

	 	Section 1.1.	Usage and Definitions	2
	 	 	 	
	 	Section 1.2.	Additional Definitions	2

 

	ARTICLE II	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	3

 

	 	Section 2.1.	Engagement; Acceptance	3
	 	 	 	 
	 	Section 2.2.	Confirmation of Scope	3

 

	ARTICLE III	ASSET REPRESENTATIONS REVIEW PROCESS	3

 

	 	Section 3.1.	Review Notices	 3
	 	 	 	 
	 	Section 3.2.	Identification of Subject Receivables	 3
	 	 	 	 
	 	Section 3.3.	Review Materials	 4
	 	 	 	 
	 	Section 3.4.	Performance of Reviews	 4
	 	 	 	 
	 	Section 3.5.	Review Reports	 5
	 	 	 	 
	 	Section 3.6.	Limitations on Review Obligations	6
	 	 	 	 
	 	Section 3.7.	Dispute Resolution	 6

 

	ARTICLE IV	ASSET REPRESENTATIONS REVIEWER	6

 

	 	Section 4.1.	Representations and Warranties	6
	 	Section 4.2.	Covenants	7
	 	Section 4.3.	Fees, Expenses and Indemnities	8
	 	Section 4.4.	Limitation on Liability	9
	 	Section 4.5.	Indemnification by Asset Representations Reviewer	9
	 	Section 4.6.	Indemnification of Asset Representations Reviewer	9
	 	Section 4.7.	Inspections of Asset Representations Reviewer	10
	 	Section 4.8.	Delegation of Obligations	10
	 	Section 4.9.	Confidential Information	10
	 	Section 4.10.	Personally Identifiable Information	12

 

	ARTICLE V	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	14

 

	 	Section 5.1.	Eligibility Requirements for Asset Representations Reviewer	14
	 	Section 5.2.	Resignation and Removal of Asset Representations Reviewer	14
	 	Section 5.3.	Successor Asset Representations Reviewer	15
	 	Section 5.4.	Merger, Consolidation or Succession	15

 

    	i	(2022-A Asset Representations Review Agreement)

     

    

 

Table
of Contents

(continued)

Page

 

	ARTICLE VI	OTHER AGREEMENTS	15

 

	 	Section 6.1.	Independence of Asset Representations Reviewer	15
	 	Section 6.2.	No Petition	15
	 	Section 6.3.	Limitation of Liability of Owner Trustee	16
	 	Section 6.4.	Termination of Agreement	16

 

	ARTICLE VII	MISCELLANEOUS PROVISIONS	16

 

	 	Section 7.1.	Amendments	16
	 	Section 7.2.	Assignment; Benefit of Agreement; Third Party Beneficiaries	17
	 	Section 7.3.	Notices	17
	 	Section 7.4.	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	18
	 	Section 7.5.	No Waiver; Remedies	18
	 	Section 7.6.	Severability	19
	 	Section 7.7.	Headings	19
	 	Section 7.8.	Counterparts; Electronic Signatures and Transmission	19

 

	 	Schedule A	Representations and Warranties, Review Materials and Tests

 

    	ii	(2022-A Asset Representations Review Agreement)

     

    

 

ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as
of March 16, 2022 (this “Agreement”), among HYUNDAI AUTO RECEIVABLES TRUST 2022-A, a Delaware statutory trust, as issuer
(the “Issuer”), HYUNDAI CAPITAL AMERICA, a California corporation (“HCA”), as servicer (the “Servicer”),
and CLAYTON FIXED INCOME SERVICES LLC , a Delaware limited liability company, as asset representations reviewer (the “Asset Representations
Reviewer”).

 

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

 

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

 

ARTICLE
I

USAGE AND DEFINITIONS

 

Section 1.1.         
Usage and Definitions. (a) Except as otherwise specified herein or if the context may otherwise require, capitalized terms
not defined in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale and Servicing
Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”), by and among the Depositor, HCA, as seller
and servicer, Hyundai Auto Receivables Trust 2022-A, as issuer and Citibank, N.A., as indenture trustee (the “Indenture Trustee”).

 

(b)              
With respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any
gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing
words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and
restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by
this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments and
supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including
without limitation;” and the term “or” is not exclusive.

 

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

 

“Asset Representations Review”
means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable according
to Section 3.4.

 

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

 

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

 

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

 

    	2	(2022-A Asset Representations Review Agreement)

     

    

 

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

 

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

 

“Review Materials” means, for
an Asset Representations Review and a Subject Receivable, the documents and other materials for each Test listed under “Review Materials”
in Schedule A.

 

“Review Report” means, for an
Asset Representations Review, the report of the Asset Representations Reviewer prepared according to Section 3.5.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

 

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

 

Section 2.2.         
Confirmation of Scope. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing
the Receivables for compliance with the representations and warranties under the Basic Documents, except as described in this Agreement
or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents.

 

ARTICLE
III

ASSET REPRESENTATIONS REVIEW PROCESS

 

Section 3.1.         
Review Notices. On receipt of a Review Notice in accordance with Section 7.05 of the Indenture, the Asset Representations
Reviewer will commence an Asset Representations Review. The Asset Representations Reviewer will have no obligation to start an Asset Representations
Review until a Review Notice is received.

 

Section 3.2.         
Identification of Subject Receivables. Within ten (10) Business Days after receipt of a Review Notice, the Servicer will
deliver to the Asset Representations Reviewer a list of the Subject Receivables.

 

    	3	(2022-A Asset Representations Review Agreement)

     

    

 

Section 3.3.         
Review Materials.

 

(a)              
Access to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review Materials for
all of the Subject Receivables within sixty (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 of Review Materials to a password-protected website to which
the Asset Representations Reviewer has access, (ii) by providing originals or photocopies of documents relating to the Subject Receivables
at one of the properties of the Servicer or (iii) in another manner agreed by the Servicer and the Asset Representations Reviewer. The
Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary for the Asset
Representations Reviewer to complete the Asset Representations Review remains intact and unchanged.

 

(b)              
Missing or Insufficient Review Materials. The Asset Representations Reviewer will 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 that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer to
perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) calendar
days before completing the Review, and the Servicer will use reasonable efforts to provide the Asset Representations Reviewer access to
such missing Review Materials or other documents or information to correct the insufficiency within fifteen (15) calendar days. If the
missing or insufficient Review Materials have not been provided by the Servicer within sixty (60) calendar days, the parties agree that
the Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test
Incomplete.

 

Section 3.4.         
Performance of Reviews.

 

(a)              
Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for each Subject Receivable
the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”),
using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations
Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), if the Test has
not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete Review
Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables
that are subject to the same Test.

 

(b)              
Review Period. The Asset Representations Reviewer will complete the Asset Representations Review of all of the Subject Receivables
within sixty (60) calendar days after receiving access to the Review Materials under Section 3.3(a). However, if missing or additional
Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the review period will be extended for
an additional thirty (30) calendar days.

 

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

 

    	4	(2022-A Asset Representations Review Agreement)

     

    

 

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

 

(e)              
Duplicative Tests. If the same Test is required for more than one representation or warranty listed on Schedule A,
the Asset Representations Reviewer will only perform the Test once for each Subject Receivable but will report the results of the Test
for each applicable representation or warranty on the Review Report.

 

(f)               
Termination of Review. If an Asset Representations Review is in process and all of the Notes will be paid in full on the
next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before
that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset Representations Review immediately
and will have no obligation to deliver a Review Report.

 

Section 3.5.         
Review Reports. (a) Within ten (10) calendar days after the end of the Asset Representations Review period under Section
3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating
for each Subject Receivable whether there was a Test Pass, a Test Incomplete or a Test Fail for each Test, or whether the Subject Receivable
was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations
Reviewer with respect to the Asset Representations Review to be included in the Issuer’s Form 10-D report for the Collection Period
in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer
PII. On the reasonable request of the Servicer, the Asset Representations Reviewer will provide additional details on the Test results.

 

(b)              
Questions About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing
to written questions or requests for clarification of any Review Report from the Servicer until payment of the Notes in full. The Asset
Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person
other than the Servicer and will direct such Persons to submit written questions or requests to the Servicer.

 

    	5	(2022-A Asset Representations Review Agreement)

     

    

 

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

 

(a)              
to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an
Asset Representations Review under the Indenture;

 

(b)              
to determine which Receivables are Subject Receivables;

 

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

 

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

 

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

 

ARTICLE
IV

ASSET REPRESENTATIONS REVIEWER

 

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

 

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

 

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

 

(c)               No
Conflicts and No Violation. The execution, delivery and performance by the Asset Representations Reviewer of the transactions
contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement
will not (A) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or
other agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of
any Lien on any of the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed
of trust, loan agreement, guarantee or other agreement or instrument, (C) violate the organizational documents of the Asset
Representations Reviewer or (D) violate any law or any order, rule or regulation of a federal or state court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its
properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material
adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

    	6	(2022-A Asset Representations Review Agreement)

     

    

 

(d)              
No Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection
with the execution, delivery and performance by the Asset Representations Reviewer of this Agreement other than (i) approvals and authorizations
that have previously been obtained and filings that have previously been made and (ii) approvals, authorizations or filings which, if
not obtained or made, would not have a material adverse effect on the ability of the Asset Representations Reviewer to perform its obligations
under this Agreement.

 

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

 

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

 

Section 4.2.         
Covenants. The Asset Representations Reviewer covenants and agrees that:

 

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

 

(b)               Review
Systems; Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform
each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will
ensure that these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored
as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to
conduct Asset Representations Reviews as required by this Agreement.

 

    	7	(2022-A Asset Representations Review Agreement)

     

    

 

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

 

Section 4.3.         
Fees, Expenses and Indemnities.

 

(a)              
Annual Fee. The Servicer will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations
Reviewer under this Agreement, an annual fee of $5,000.00. 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 public 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 public Notes are no longer outstanding.

 

(b)              
Review Fee. Following the completion of an Asset Representations Review and the delivery to the Indenture Trustee, the Issuer
and the Servicer of the Review Report, or the termination of an Asset Representations Review in accordance with Section 3.4(f),
and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $200 for each
Subject Receivable for which the Asset Representations Review was started (the “Review Fee”), to be paid as agreed
in Section 4.3(e). However, no Review Fee will be charged for any Tests that were performed in a prior Asset Representations Review
or for any Asset Representations Review in which no Tests were completed prior to the Asset Representations Reviewer being notified of
a termination of the Asset Representations Review in accordance with Section 3.4(f). The Servicer will pay the Review Fee to the
Asset Representations Reviewer in accordance with the terms of the detailed invoice from the Asset Representations Reviewer. If an Asset
Representations Review is terminated in accordance with Section 3.4(f), the Asset Representations Reviewer must submit its invoice
for the Review Fee for the terminated Asset Representations Review no later than five Business Days before the final Payment Date in order
to be reimbursed no later than the final Payment Date.

 

(c)              
Reimbursement of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the
Asset Representations Reviewer will be reimbursed for its reasonable travel expenses incurred in connection with the Review in accordance
with Section 4.3(e).

 

(d)              
Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution proceeding and its
reasonable expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after
the end of the proceeding, the Servicer will reimburse the Asset Representations Reviewer for such expenses in accordance with Section
4.3(e).

 

(e)               Payment
of Fees, Expenses and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Servicer
for any amounts owed to it under this Agreement. To the extent not paid by the Servicer within sixty (60) calendar days following
the receipt of a detailed invoice on the due date therefor hereunder, the fees provided for in this Section 4.3 and the
indemnities provided for in Section 4.6(a) shall be paid by the Issuer pursuant to the priority of payments set forth in
Section 5.05(b) of the Sale and Servicing Agreement; provided, that prior to any such payment pursuant to the Sale and
Servicing Agreement, the Asset Representations Reviewer shall notify the Servicer in writing that such payments have been
outstanding for at least sixty (60) calendar days. For the avoidance of doubt, to the extent that such owed amounts are not paid in
full by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to
payment by the Servicer of incurred but otherwise unpaid amounts.

 

    	8	(2022-A Asset Representations Review Agreement)

     

    

 

Section 4.4.         
Limitation on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken, or not
taken, in good faith under this Agreement, including without limitation such actions that are based upon the exercise of judgment or discretion.
Subject to the foregoing, 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 4.5.         
Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer,
the Servicer, the Depositor, the Seller, the Sponsor, the Owner Trustee and the Indenture Trustee and their respective directors, officers,
employees and agents for all costs, expenses, losses, damages and liabilities (including any reasonable legal fees and expenses incurred
by an Indemnified Party in connection with the enforcement of any indemnification or other obligation of the Asset Representations Reviewer)
resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations
under this Agreement, (b) the Asset Representations Reviewer’s failure to comply with the requirements of applicable federal, state
or local laws and regulations in the performance of its duties hereunder or (c) the Asset Representations Reviewer’s breach of any
of its representations, warranties, covenants or other obligations in this Agreement. The Asset Representations Reviewer’s obligations
under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the permitted resignation
or removal of the Asset Representations Reviewer.

 

Section 4.6.         
Indemnification of Asset Representations Reviewer.

 

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

 

    	9	(2022-A Asset Representations Review Agreement)

     

    

 

(b)              
 Proceedings. Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person
will, if a claim is to be made under Section 4.6(a), notify the Servicer of the Proceeding. The Servicer may participate in and
assume the defense and settlement of a Proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention to
assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, the Servicer will not be liable for
legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer, and an Indemnified
Person. If there is a conflict, the Servicer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.
No settlement of a Proceeding may be made without the approval of the Servicer and the Indemnified Person, which approval will not be
unreasonably withheld.

 

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

 

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

 

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

 

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

 

Section 4.9.         
Confidential Information.

 

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

 

    	10	(2022-A Asset Representations Review Agreement)

     

    

 

(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, including:

 

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

 

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

 

(iii)           
notes, analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information supplied
by or on behalf of the Servicer or its representatives.

 

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

 

(c)              
Protection. The Asset Representations Reviewer will use best efforts to protect the secrecy of and avoid disclosure and
unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not
less than a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also
subject to the additional requirements in Section 4.10.

 

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

 

    	11	(2022-A Asset Representations Review Agreement)

     

    

 

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

 

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

 

Section 4.10.     
Personally Identifiable Information.

 

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

 

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

 

    	12	(2022-A Asset Representations Review Agreement)

     

    

 

(c)              
Additional Limitations. In addition to the use and protection requirements described in Section 4.10(b), the Asset
Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

 

(i)                
 The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except
(A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Representations Review, (B) with the prior
consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII will be limited
to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform
personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer
PII on the proper use and protection of Issuer PII.

 

(ii)             
The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the
prior consent of the Issuer.

 

(d)              
Notice of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably
suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of
Issuer PII and, where applicable, immediately take action to prevent any further breach.

 

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

 

(f)               
Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding
the Asset Representations Reviewer’s compliance with this Section 4.10. The Asset Representations Reviewer and the Issuer
agree to modify this Section 4.10 as necessary from time to time for either party to comply with applicable law.

 

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

 

(h)               Affiliates
and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party
when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations
Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is
intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of
this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

 

    	13	(2022-A Asset Representations Review Agreement)

     

    

 

ARTICLE
V

RESIGNATION AND REMOVAL;

SUCCESSOR ASSET REPRESENTATIONS REVIEWER

 

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

 

Section 5.2.         
Resignation and Removal of Asset Representations Reviewer.

 

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

 

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

 

(i)                
the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

 

(ii)             
the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement;
or

 

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

 

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

 

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

 

    	14	(2022-A Asset Representations Review Agreement)

     

    

 

Section 5.3.         
Successor Asset Representations Reviewer.

 

(a)              
Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations
Reviewer, the Issuer will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

 

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

 

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

 

Section 5.4.         
Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated,
(b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business
of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor
to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement
to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law).

 

ARTICLE
VI

OTHER AGREEMENTS

 

Section 6.1.         
Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and
will not be subject to the supervision of the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes
the performance of its obligations under this Agreement. Nothing in this Agreement will make the Asset Representations Reviewer and the
Issuer members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

 

Section 6.2.          No
Petition. Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or,
if longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust for
which the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start or pursue
against, or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar
law. This Section 6.2 will survive the termination of this Agreement.

 

    	15	(2022-A Asset Representations Review Agreement)

     

    

 

Section 6.3.         
Limitation of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, (a) this instrument
is executed and delivered by U.S. Bank Trust National Association, not individually or personally but solely as Owner Trustee of Hyundai
Auto Receivables Trust 2022-A, 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 U.S. Bank Trust National Association 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 U.S. Bank Trust National Association 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) U.S. Bank Trust National Association has made no investigation as
to the accuracy or completeness of any representations or warranties made by the Issuer in this instrument and (e) under no circumstances
shall U.S. Bank Trust National Association 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 instrument
or any other related documents. In no event will U.S. Bank Trust National Association in its individual capacity or a beneficial owner
of the Issuer be liable for the Issuer’s obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee
will be subject to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.4.         
Termination of Agreement. This Agreement will terminate, except for the obligations under Section 4.5 or as otherwise
stated in this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the
Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

 

ARTICLE
VII

MISCELLANEOUS PROVISIONS

 

Section 7.1.         
Amendments.

 

(a)              
This Agreement may be amended by the parties hereto, but without the consent of the Depositor, the Indenture Trustee, the Owner
Trustee, any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement,
or for the purpose of correcting any inconsistency with the Prospectus or for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders,
subject to one of the following conditions:

 

(i)                 the
Servicer delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such amendment
will not materially and adversely affect the interests of the Noteholders (and, if the Certificates are then held by anyone other
than the Depositor or a U.S. Affiliate of the Depositor, the Certificateholders); or

 

    	16	(2022-A Asset Representations Review Agreement)

     

    

 

(ii)             
 the Rating Agency Condition is satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification
with respect to S&P if S&P is rating any Outstanding Class of Notes) with respect to such action.

 

(b)              
With respect to any amendment for which clauses (a)(i) or (a)(ii) above cannot be satisfied, this Agreement can be amended with
the consent of the Noteholders holding not less than a majority of the Outstanding Amount of the Controlling Class of Notes. It shall
not be necessary for the consent of Noteholders pursuant to this Section to approve the particular form of any proposed amendment, but
it shall be sufficient if such approval shall be with respect to the substance thereof.

 

(c)              
Promptly after the execution of any amendment, the Administrator shall furnish written notification of the substance of such amendment
to each Noteholder and each Rating Agency.

 

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

 

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

 

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

 

Section 7.3.         
Notices.

 

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

 

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

 

(ii)             
for an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

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

 

(b)               Notice
Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in the
case of the Servicer, to Hyundai Capital America, 3161 Michelson Drive, Suite 1900, Irvine, California 92612, Attention: Treasurer,
(b) in the case of the Issuer, to Hyundai Auto Receivables Trust 2022-A, c/o Hyundai Capital America, 3161 Michelson Drive, Suite
1900, Irvine, California 92612, Attention: Treasurer, (c) in the case of the Indenture Trustee, to Citibank, N.A., 388 Greenwich
Street, New York, New York, 10013, Attention: Agency & Trust – HART 2022-A, and (d) in the case of the Asset
Representations Reviewer, to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, FL 33578, Email:
ARRNotices@clayton.com; with a copy to Clayton Fixed Income Services LLC, c/o Covius Services, LLC, 720 S. Colorado Blvd., Suite
200, Glendale, CO 80246 or, (ii) as to each party, at such other address or email as shall be designated by such party in a written
notice to each other party.

 

    	17	(2022-A Asset Representations Review Agreement)

     

    

 

Section 7.4.         
Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

EACH OF THE PARTIES HERETO HEREBY SUBMITS TO
THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING
IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
EACH OF THE PARTIES HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION OVER SUCH PARTY, AND AGREES
NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT IN ANY OF THE AFORESAID COURTS, THAT ANY SUCH
COURT LACKS JURISDICTION OVER SUCH PARTY. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

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

 

Section 7.5.         
No Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under this Agreement will
operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power,
right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition
to any powers, rights and remedies under law.

 

    	18	(2022-A Asset Representations Review Agreement)

     

    

 

 

Section 7.6.         
Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from
the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

 

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

 

Section 7.8.         
Counterparts; Electronic Signatures and Transmission.

 

(a)              
This Agreement may be executed in any number of counterparts, each of which when 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.

 

(b)              
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 Indenture Trustee and the Issuer are authorized to accept written instructions, directions, reports, notices or other communications
signed manually, by way of facsimiled signatures, or delivered by Electronic Transmission. In the absence of bad faith or negligence on
its part, each of the Indenture Trustee and the Issuer may conclusively rely on the fact 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, in the absence of bad faith or negligence, shall not 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 to the Indenture Trustee or the Issuer, including, without limitation, the risk of either the Indenture Trustee or Issuer
acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse
by third parties.

 

(c)              
The words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed
to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act or any other similar state laws based on the Uniform Electronic Transactions Act.

 

(d)              
Notwithstanding anything to the contrary in this Agreement, any and all communications (both text and attachments) by or from the
Indenture Trustee that the Indenture Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information
and sent by Electronic Transmission will be encrypted. The recipient of the Electronic Transmission may be required to complete a one-time
registration process.

 

    	 	19	(2022-A Asset Representations Review Agreement)

     

    

 

[Remainder of Page Left Blank]

 

    	 	20	(2022-A Asset Representations Review Agreement)

     

    

 

EXECUTED BY:

 

	 	HYUNDAI AUTO RECEIVABLES TRUST 2022-A,
	 	 	as Issuer
	 	 
	 	By:	U.S. Bank Trust National Association,
    not in _ its individual capacity, but solely as Owner Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	HYUNDAI CAPITAL AMERICA,
	 	 	as Servicer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CLAYTON FIXED INCOME SERVICES LLC,
	 	 	as Asset Representations Reviewer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	S-1	(2022-A Asset Representations Review Agreement)

     

    

 

Schedule A

 

Representations and Warranties, Review Materials
and Tests

 

Review Materials

 

		·	Retail Installment Contract

		·	Any assignment if not included in Contract

		·	Documents which evidence the security interest in the Financed Vehicle (Certificate of Title, E-Title, Application for Title, etc)
(the “Title Documents’)

		·	List of Approved Contracts form numbers and revision dates

		·	Servicing System screen prints or data fields within the Data Tape (As of the Cutoff Date) showing (the “Cutoff Date Data File”)

		o	Receivable Active/Satisfied

		o	Scheduled Monthly Payment amount

		o	Annual Percentage Rate

		o	Original Balance

		o	Unpaid Balance

		o	Maturity Date

		o	Days Delinquent

		o	Bankruptcy Flag

		o	Litigation/Attorney Involvement Flag

		o	Vehicle Repossessed Flag

		o	Days Delinquent

 

    	 	A-1	(2022-A Asset Representations Review Agreement)

     

    

 

		·	Applicable Dealer Agreement

		·	List of Seller Affiliates

		·	Schedule of Receivables to Receivables Purchase Agreement and Sale and Servicing Agreement

		·	Receivable File

 

	 	Representation 	Method of Testing
	(i)(a)	
    (i)       Characteristics
    of Receivables. Each Receivable:

     

    (a)      was
    originated by a Dealer located in the United States of America for the retail sale of a Financed Vehicle, is payable in United States
    dollars, has been signed or electronically authenticated by the Obligor and the Dealer thereto, has been purchased by the Seller from
    such Dealer under an existing Dealer Agreement and has been validly assigned by such Dealer to the Seller,

     

     

     
	
    1.    
    Confirm that Dealer’s location, indicated in the Receivable File, is in United States.

     

    2.    
    Confirm that the Receivable is payable in US Dollars.

     

    3.    
    Confirm that the Receivable has been signed by the Obligor and the Dealer.

     

    4.    
    Confirm that there is a Dealer Agreement between the applicable Dealer and the Seller.

     

    5.    
    Confirm the assignment section of the Receivable is signed by the Dealer and the Seller is listed as the assignee.

     

 

    	 	A-2	(2022-A Asset Representations Review Agreement)

     

    

 

	 	Representation 	Method of Testing
	(i)(b)	
    (b)       has
    created or shall create a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has
    been assigned by the Seller to the Depositor and by the Depositor to the Issuer,

     

     

     
	
    1.    
    Confirm that the Receivable contains security interest language in favor of the Seller in the Financed Vehicle.

     

    2.    
    Confirm that a Certificate of Title or other suitable documentation lists Seller as lienholder or that an application for a Certificate
    of Title or other suitable documentation has been filed in the applicable state listing the Seller as lienholder.

     

    3.    
    Confirm that the Receivable is listed on Schedules of Receivables to the Receivables Purchase Agreement and the Sale and Servicing
    Agreement.

     

	(i)(c)	(c)      contains provisions that permit the repossession and sale of the Financed Vehicle upon a default under the Receivable by the Obligor,	1. Review the Receivable to confirm that its terms permit repossession and sale of the Financed Vehicle upon default by Obligor.
	(i)(d)	(d)      provided, at origination, for fixed level monthly payments (provided that the first and last payments may be different from but in no event more than three times the level payments) that fully amortize the Amount Financed over the original term,	
    1. Review the Receivable in order to confirm all
    payments at origination were scheduled as fixed monthly payments, with the possible exception of the first and last payments, which may
    be three times the level payment.

     

    2. Using the Truth in Lending section of the Receivable,
    confirm that payment schedule fully amortizes the Amount Financed over the original term at the applicable APR.

     

	(i)(e)	
    (e)       amortizes
    using the simple interest method,

     

     

     
	1. Confirm the Receivable employs a simple interest method of amortization.
	(i)(f)	(f)       has an Obligor which is not an affiliate of the Seller,	1. Confirm that the Obligor’s name does not appear on a list provided by the Seller of the Seller’s affiliates.

 

    	 	A-3	(2022-A Asset Representations Review Agreement)

     

    

 

	 	Representation 	Method of Testing
	(i)(g)	(g)      has an Obligor which is not listed on Seller’s electronic records related to receivables as a government or governmental subdivision or agency, and	1. Confirm the Cutoff Date Data File does not indicate the Obligor was a government entity.
	(i)(h)	(h)      has an Obligor which is not shown on the Servicer’s electronic records related to receivables as a debtor in pending bankruptcy proceeding,	1. Confirm the Cutoff Date Data File does not indicate the Obligor was in bankruptcy.
	(ii)	(ii)      Compliance
with Law.  Each Receivable complied at the time it was originated or made in all material respects with all requirements
of law in effect at that time and applicable to such Receivable.	1. Confirm that the contract form number and revision date are on a list of approved contract forms provided by the Seller.
	(iii)	(iii)      Binding
Obligation.  Each Receivable represents the legal and binding payment obligation of the Obligor, enforceable in all material
respects by the holder of the Receivable, except as may be limited by bankruptcy, insolvency, reorganization or other laws relating to
the enforcement of creditors’ rights or by general equitable principles, consumer protection laws and the Servicemembers Civil
Relief Act.	
    1. Confirm that the contract form number and revision
    date are on a list of approved contract forms provided by the Seller.

     

    2. Confirm that the buyer and co-buyer, if applicable,
    have signed the Contract.

     

	(iv)	(iv)      Chattel Paper.  Each Receivable constitutes either “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC as in effect in the state of origination. If such Receivable constitutes electronic chattel paper, the Seller has “control” of such electronic chattel paper within the meaning of Section 9-105 of the applicable UCC.	
    1. Confirm that the contract form number and revision
    date are on a list of approved contract forms provided by the Seller.

     

    2. Confirm that there is a signature under the appropriate
    buyer, co-buyer, if applicable, and Seller signature lines within the contract.

     

    3. Confirm the Receivable contains security interest
    language in favor of the Seller in the Financed Vehicle?

     

 

    	 	A-4	(2022-A Asset Representations Review Agreement)

     

    

 

	 	Representation 	Method of Testing
	(v)	(v)      One Original.  There is only one executed original, electronically authenticated original or authoritative copy of the “contract” (within the meaning of the UCC) related to each Receivable.	1. Confirm the Contract was signed by the buyer and co-buyer, if applicable.
	(vi)	(vi)      Receivables in Force.  As of the Cutoff Date, the Servicer’s electronic records related to receivables do not indicate that any Receivable was satisfied, subordinated or rescinded, or that any Financed Vehicle was released from the Lien of the related Receivable.  As of the Cutoff Date, none of the material terms of any Receivable has been expressly waived, altered or modified in any material respect since its origination, except by instruments or documents identified in the Seller’s receivable system.	
    1. Review the Cutoff Data File and confirm
    there is no evidence that the Receivable was satisfied, subordinated or rescinded or that the Financed Vehicle was released from the lien
    prior to the Cutoff Date.

     

    2. Review Receivable File and the records in Seller’s receivable
    system for evidence of express waivers prior to the Cutoff Date that were neither identified in the Receivable File nor identified in
    the receivable system as of that date.

     

     

     

	(vii)	(vii)      Lawful Assignment.  The terms of the Receivable do not prohibit the sale, transfer and assignment of such Receivable under this Agreement, the Sale and Servicing Agreement or the pledge of such Receivable under the Indenture.	
    1. Confirm that the contract form number and revision
    date are on a list of approved contract forms provided by the Seller.

     

     

     

     

     

	(viii)	(viii)      Title.  Immediately prior to the transfers and assignments herein contemplated, the Seller has good and marketable title to each Receivable free and clear of all Liens (except Permitted Liens and any Lien that will be released prior to the assignment of such Receivable hereunder), and, immediately upon the transfer thereof, the Depositor shall have good and marketable title to each Receivable, free and clear of all Liens except Permitted Liens.	
    1. Review the Title Documents and confirm that the
    Seller is listed as a first priority lien holder for the Financed Vehicle and that no other lienholder is listed.

     

    2. Confirm that the Title Documents indicate that
    the Receivable has not been sold, assigned or transferred to any other entity

     

 

    	 	A-5	(2022-A Asset Representations Review Agreement)

     

    

 

	 	Representation 	Method of Testing
	(ix)	(ix)      No Defenses.  The Servicer’s electronic records related to receivables do not reflect any right of rescission, setoff, counterclaim or defense asserted or threatened by any Obligor for any Receivable indicated in the Seller’s receivable system.	1. Confirm the Cutoff Date Data File does not contain any indication of any right of rescission, counterclaim or defense asserted or threatened by any Obligor as of the Cutoff Date.
	(x)	(x)      No Default.  As of the Cutoff Date, the Servicer’s receivable system did not disclose that there was any payment default under the terms of any Receivable (other than payment delinquencies of not more than 30 days).	1. Review the records in Seller’s receivable system to confirm that Receivable was not more than 30 days past due as of Cutoff Date.
	(xi)	(xi)      Insurance.  Under the terms of each Receivable, the Obligor is required to maintain physical damage insurance covering the related Financed Vehicle.	1. Confirm the Receivable contains language that requires the Obligor to obtain and maintain insurance against physical damage to the Financed Vehicle.
	(xii)(a)	
    (xii)       Individual
    Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date:

     

    (a)       each
    Receivable had an original number of scheduled payments of not less than 24 or more than 75,

     
	1. Review the Receivable, as amended by documents in the Receivable File and notations in the records in Seller’s receivable system, had an original number of scheduled payments within the allowable limits as of the Cutoff Date.
	(xii)(b)	(b)      no Receivable was more than 30 days past due as of the Cutoff Date,	1. Review the records in Seller’s receivable system to confirm the Receivable was not more than the maximum allowable days past due as of the Cutoff Date.
	(xii)(c)	(c)      no Receivable has a final scheduled payment date after March 27, 2028,	1. Confirm that the final scheduled payment date specified in the Receivable, as amended by documents in the Receivable File and notations in the records in Seller’s receivable system, was not later than latest allowable final scheduled payment date as of the Cutoff Date.

 

    	 	A-6	(2022-A Asset Representations Review Agreement)

     

    

 

	 	Representation 	Method of Testing
	(xii)(d)	(d)      no Receivable has an APR of less than 0.00%,	1. Review the records in Seller’s receivable system to confirm the Receivable did not have an APR less than the minimum allowable percentage rate as of the Cutoff Date.
	(xii)(e)	(e)      each Receivable has a remaining number of scheduled payments of at least 7 and not more than 74,	1. Review the records in Seller’s receivable system to confirm the Receivable had a remaining number of scheduled payments within the allowable limits as of the Cutoff Date.
	(xii)(f)	(f)      each Receivable has a remaining balance of at least $5,000.00 and not greater than $80,000.00, and	1. Review the records in Seller’s receivable system to confirm the Receivable had a remaining balance within the allowable limits as of the Cutoff date.
	(xii)(g)	(g)      each Receivable is secured by a new or used automobile, light-duty truck or minivan.	1. Confirm that the Receivable’s terms indicate the Receivable is secured by a new or used automobile, light-duty truck or minivan.

 

    	 	A-7	(2022-A Asset Representations Review Agreement)Document

Exhibit 10.1

BIG LOTS 2020 LONG-TERM INCENTIVE PLAN
PERFORMANCE SHARE UNITS AWARD AGREEMENT

						
	Grantee:	______________________________
	Grant Date:	______________________________
	Target Number of PSUs:	______________________________
	Performance Period:	______________________________

In accordance with the terms of the Big Lots 2020 Long-Term Incentive Plan, as may be amended (“Plan”), this Performance Share Units Award Agreement (“Agreement”) is entered into as of the Grant Date by and between you, the Grantee, and Big Lots, Inc., an Ohio corporation (“Company”), in connection with the Company’s grant of these Performance Share Units (“PSUs”) and related Dividend-Equivalent Rights (“DERs”) to you.  The PSUs and DERs are subject to the terms and conditions of this Agreement and the Plan.  Except as otherwise expressly provided herein, capitalized terms used but not defined in this Agreement (including Exhibit A and Exhibit B) shall have the respective meanings ascribed to them in the Plan.

This Agreement describes the PSUs and DERs you have been granted and the conditions that must be met before the PSUs vest and you become entitled to receive the Shares underlying the PSUs and any cash accrued under the DERs.  To ensure that you fully understand these terms and conditions, you should carefully read the Plan and this Agreement.

Description of the PSUs

The PSUs represent a right to receive one Share for each Performance Share Unit that vests based on the performance achieved under the Performance Metrics during the Performance Period. The Company shall transfer to you one Share for each PSU that vests, provided you comply with the terms of this Agreement and the Plan.  However, you shall forfeit any rights to the PSUs and the underlying Shares (i.e., no Shares will be transferred to you) to the extent the PSUs do not vest or you do not comply with the terms of this Agreement and the Plan.

No portion of the PSUs that has not vested or been settled nor any underlying Shares that have not yet been transferred to you may be sold, transferred, assigned, pledged, encumbered or otherwise disposed of by you in any way (including a transfer by operation of law); and any attempt by you to make any such sale, transfer, assignment, pledge, encumbrance or other disposition shall be null and void and of no effect. 

Vesting of the PSUs

Subject to the terms and provisions of this Agreement and the Plan, if you are continuously employed by the Company or an Affiliate from the Grant Date through the end of the Performance Period (or the date of your death, Disability or Retirement or the date of a Change in Control, as applicable and described in sections B, C or D below), then your PSUs shall vest (if at all) and the underlying Shares shall be transferred to you as indicated below:

A.    If at least the threshold vesting level of the attainment of the Performance Metric set forth in Exhibit B is satisfied, and the Committee has certified attainment of that Performance Metric, the PSUs shall vest, based on the Vesting Table set forth in Exhibit B, on the trading day1 after the Company files an Annual Report on Form 10-K with the U.S. Securities and Exchange Commission reporting the Applicable Financial Statement for the final fiscal year of the Performance Period.  The number of PSUs that vest
1 As used in this Agreement, a "trading day" shall be as determined by the New York Stock Exchange or other national securities exchange or market that regulates the Shares.

for each applicable Performance Metric, shall be equal to the product of: (i) the target number of PSUs granted under this Award and (ii) the Performance Metric Weighting for such Performance Metric; multiplied by (iii) the applicable Performance Vesting Factor determined under the Vesting Table based on the level of attainment for such Performance Metric (such product to be rounded down to the nearest whole unit).

B.    If you die or incur a Disability before the end of the Performance Period, a fraction of your PSUs shall vest based on the following formula:  (i) the total number of PSUs that would have vested (if any, based on actual performance as certified, reported and calculated in accordance with section A above) if you had remained employed for the full Performance Period (or the number of PSUs determined in accordance with section D below if a Change in Control occurs after your death or Disability but before the end of the Performance Period); multiplied by (ii) a fraction, the numerator of which is the number of days of service or employment that you have completed with the Company or its Affiliates since the beginning of the Performance Period as of the date of your death or Disability and the denominator of which is _____ (such product to be rounded down to the nearest whole unit).  

C.    If your Retirement occurs before the end of the Performance Period, a fraction of your PSUs shall vest based on the following formula:  (i) the total number of PSUs that would have vested (if any, based on actual performance as certified, reported and calculated in accordance with section A above) if you had remained employed for the full Performance Period (or the number of PSUs determined in accordance with Section D below if a Change in Control occurs after your Retirement but before the end of the Performance Period); multiplied by (ii) a fraction, the numerator of which is the number of days of service or employment that you have completed with the Company or its Affiliates since the beginning of the Performance Period as of the date of your Retirement and the denominator of which is _____ (such product to be rounded down to the nearest whole unit).

D.    If a Change in Control occurs before the Outside Date and where the Participant incurs a separation from service (as defined in Code Section 409A) within the thirty (30) days preceding or the twenty-four (24) months following the Change in Control, then any PSUs subject to this Award Agreement that have not vested prior to the later of the date of the separation from service or the date of the Change in Control shall vest upon the date of the Change in Control in an amount equal to the greater of (i) the target number of PSUs or (ii) the Performance Earned PSUs.  

E.    If threshold performance is not achieved during the Performance Period (unless a Change in Control occurs before the end of the Performance Period), then this Agreement will expire and all of your rights in the PSUs will be forfeited.

F.    If your employment or service terminates before the end of the Performance Period (other than as described in sections B, C or D above), then this Agreement will expire and all of your rights in the PSUs will be forfeited.

Shares underlying PSUs that vest pursuant to this Agreement shall be transferred to you as soon as administratively practicable after the date the PSUs vest after the Performance Period has ended and the Performance Metrics have been certified, as described above.    

Your Rights in the PSUs

Subject to the Company’s insider trading policies and applicable laws and regulations, after any underlying Shares are delivered to you in respect of vested PSUs, you shall be free to deal with and dispose of such underlying Shares.  You have no rights in the Shares underlying unvested PSUs.  You shall have none of the rights of a shareholder (including, 
2

without limitation, the right to vote or receive dividends) with respect to any Shares underlying these PSUs until such time as you become the record holder of such Shares.  

Notwithstanding the foregoing, for each PSU granted under this Agreement you have been granted one and one half DERs.  Each DER represents the right to receive the equivalent of all of the cash dividends that would be payable with respect to a Share.  The cash dividends shall accrue without interest and all or a portion of the accrued dividends shall vest and be paid in cash at the time any PSUs vest, calculated by multiplying (i) the total accrued cash dividends by (ii) a fraction, the numerator of which is the number of PSUs that vest and the denominator of which is the maximum number of PSUs that could vest if the Maximum Performance Level is attained for all Performance Metrics.  Any accrued cash dividends that do not vest pursuant to this section shall be forfeited.  

Tax Treatment of the PSUs

You should consult with a tax or financial adviser to ensure you fully understand the tax ramifications of your PSUs.

This brief discussion of the federal tax rules that affect your PSUs is provided as general information (not as personal tax advice) and is based on the Company’s understanding of federal tax laws and regulations in effect as of the Grant Date.  Article 21 of the Plan further describes the manner in which withholding may occur.

Under normal federal income tax rules, the grant of PSUs is a nontaxable event.  However, you will be required to pay income taxes (at ordinary income tax rates) when, if and to the extent your PSUs and DERs vest.  The amount of ordinary income you will recognize is the value of your PSUs and the cash value accrued under the DERs when the PSUs and DERs vest.  

You may elect to allow the Company to withhold, upon settlement of the PSUs a number of shares sufficient to satisfy the withholding obligation, from the Shares to be issued pursuant to your vested PSUs that would satisfy at least the required statutory minimum (or you may elect such higher withholding provided that such higher amount would not have a negative accounting impact on the Company) with respect to the Company’s tax withholding obligation. If you wish to make the withholding election permitted by this paragraph, you must give notice to the Committee in the manner then prescribed by the Committee. All such elections by you shall be irrevocable, made by you in a manner approved by the Committee, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. If you have not made an election to satisfy the withholding requirement by paying the taxes in cash or making the withholding election permitted by this paragraph, you shall be deemed to have elected to have the Company withhold a number of Shares that would satisfy the minimum statutory total tax that could be imposed on the transaction. 

Any appreciation of the Shares you receive in connection with vested PSUs may be eligible to be taxed at capital gains rates when you sell the Shares.  If your PSUs do not vest, your PSUs and DERs shall expire and no taxes will be due.

This Award is intended to comply with the applicable requirements of Code Section 409A and shall be administered in accordance with Code Section 409A. Refer to Section 23.13 of the Plan for more information on compliance with Code Section 409A, including the applicability of a six (6) month delay on the settlement of the PSUs for “specified employees,” within the meaning of Code Section 409A.

No Section 83(b) Election

Because the PSUs are not property under the Code, you may not make an election under Section 83(b) of the Code with respect to your PSUs.
3

General Terms and Conditions

Nothing contained in this Agreement obligates the Company or an Affiliate to continue to employ you in any capacity whatsoever or prohibits or restricts the Company or an Affiliate from terminating your employment at any time or for any reason whatsoever; and this Agreement does not in any way affect any employment agreement that you may have with the Company.

This Agreement shall be governed by and construed in accordance with the internal laws, and not the laws of conflicts of laws, of the State of Ohio.

If any provision of this Agreement is adjudged to be unenforceable or invalid, then such unenforceable or invalid provision shall not affect the enforceability or validity of the remaining provisions of this Agreement, and the Company and you agree to replace such unenforceable or invalid provision with an enforceable and valid arrangement which in its economic effect shall be as close as possible to the unenforceable or invalid provision.

You represent and warrant to the Company that you have the full legal power, authority and capacity to enter into this Agreement and to perform your obligations under this Agreement and that this Agreement is a valid and binding obligation, enforceable in accordance with its terms, except that the enforcement of this Agreement may be subject to bankruptcy, insolvency, reorganization, moratorium, or other similar laws now or hereinafter in effect relating to creditors’ rights generally and to general principles of equity.  You also represent and warrant to the Company that you are aware of and agree to be bound by the Company’s trading policies and the applicable laws and regulations relating to the receipt, ownership and transfer of the Company’s securities. The Company represents and warrants to you that it has the full legal power, authority and capacity to enter into this Agreement and to perform its obligations under this Agreement and that this Agreement is a valid and binding obligation, enforceable in accordance with its terms, except that the enforcement of this Agreement may be subject to bankruptcy, insolvency, reorganization, moratorium, or other similar laws now or hereinafter in effect relating to creditors’ rights generally and to general principles of equity.

Acceptance

By accepting your PSUs, you acknowledge receipt of a copy of the Plan, as in effect on the Grant Date, and agree that your PSUs are granted under and are subject to the terms and conditions described in this Agreement and in the Plan.  You further agree to accept as binding, conclusive and final all decisions and interpretations of the Committee upon any issues arising under this Agreement or the Plan.  You also represent and warrant to the Company that you are aware of and agree to be bound by the Company’s insider trading policies and the applicable laws and regulations relating to the receipt, ownership and transfer of the Company’s securities. 

												
	___________________________________		Date:	___________________________
	Chair, Compensation Committee
			

4

EXHIBIT A

As used in this Agreement, the following terms shall have the meanings set forth below:

Applicable Financial Statement shall mean a particular fiscal year’s or a particular fiscal quarter’s (as the calculation may require) financial statements that appear in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission.

Performance Earned PSUs shall mean the number of PSUs equal to the rTSR Vesting Factor attained based on the relative TSR measured based on the average of the closing stock price for the 30 calendar days immediately before and including the effective date of the Change in Control instead of the relative TSR measured based on the average of the closing stock price for the 30 calendar days immediately before and including the last day of the Performance Period, multiplied by the target number of PSUs for the rTSR Performance Metric. 

Comparator Group shall mean the companies in the Standard & Poor’s 600 Specialty Retail Index.

Performance Metrics shall mean rTSR.

Performance Metric Weighting shall mean one-hundred percent (100%) for the rTSR Vesting Factor.

Performance Period shall mean a period of three consecutive fiscal years beginning at the start of the fiscal year in which the Grant Date occurs, with each such fiscal year comprised of a service period.

Performance Vesting Factor shall mean the rTSR Vesting Factor, each as set forth in the Vesting Table on Exhibit B.

Relative Total Shareholder Return or rTSR shall be calculated comparing the Company’s TSR to the TSR for the Comparator Group. 

Retirement shall be deemed to have occurred upon the Termination of Employment or Service of a Grantee who, upon the effective date of his or her Termination of Employment or Service, has:  (i) attained the age of 55 years or older; (ii) completed at least five years of employment with or service to the Company or its Affiliates; (iii) submitted a written request, in a form satisfactory to the Company, to the Committee or the Company’s human resources department requesting retirement under the terms of this Agreement; and (iv) had such written request approved in writing by a member of the Committee or an authorized officer of the Company.

Total Shareholder Return or TSR shall be measured using an average of the closing stock price for the 30 calendar days immediately before the first day of the Performance Period and an average of the closing stock price for the 30 calendar days immediately before and including the last day of the Performance Period. Total shareholder return shall assume dividend reinvestment on the ex-dividend date. 

5

EXHIBIT B

The following shall be the Vesting Table referenced in this Agreement:

Except as set forth in this Agreement or the Plan, the portion of the target number of PSUs that do not vest in accordance with the tables set forth below shall be forfeited to the Company.

Linear interpolation shall be used to determine the applicable Performance Vesting Factor between threshold and target and between target and maximum rTSR Performance Level in the table below.

rTSR Performance Goal
After the end of the Performance Period, the rTSR for the Performance Period will be determined. The percentage of the target number of PSUs that shall vest will be determined in accordance with the applicable Performance Metric Weighting and the rTSR Vesting Factor from the following table:

									
	rTSR Performance Level	rTSR Attainment	rTSR Vesting Factor
	Threshold	____	___%
	Target	____	___%
	Maximum	____	___%

No fractional Shares shall be issued or delivered pursuant to this Agreement.  If the calculations under this Agreement would otherwise result in the vesting of less than a whole number of Shares, the result shall be rounded down to the nearest whole Share.  
6

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