Document:

Pooling Agreement

 Exhibit 4.3 

 
  
 POOLING AGREEMENT 
 BETWEEN 

ALLY AUTO ASSETS LLC 
 AND 
 ALLY BANK 

DATED AS OF FEBRUARY 9, 2011 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 SECTION 1.01
	  	 Definitions
	  	 	1	  
	 SECTION 1.02
	  	 Owner of a Receivable
	  	 	1	  
		
	 ARTICLE II PURCHASE AND SALE OF RECEIVABLES
	  	 	2	  
			
	 SECTION 2.01
	  	 Purchase and Sale of Receivables
	  	 	2	  
	 SECTION 2.02
	  	 Receivables Purchase Price
	  	 	3	  
	 SECTION 2.03
	  	 The Closing
	  	 	3	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	3	  
			
	 SECTION 3.01
	  	 Representations and Warranties as to the Receivables
	  	 	3	  
	 SECTION 3.02
	  	 Additional Representations and Warranties of the Seller
	  	 	6	  
	 SECTION 3.03
	  	 Representations and Warranties of Ally Auto
	  	 	7	  
		
	 ARTICLE IV ADDITIONAL AGREEMENTS
	  	 	8	  
			
	 SECTION 4.01
	  	 Conflicts With Further Transfer Agreements
	  	 	8	  
	 SECTION 4.02
	  	 Protection of Title
	  	 	8	  
	 SECTION 4.03
	  	 Other Liens or Interests
	  	 	9	  
	 SECTION 4.04
	  	 Repurchase Events
	  	 	9	  
	 SECTION 4.05
	  	 Indemnification
	  	 	9	  
	 SECTION 4.06
	  	 Further Assignments
	  	 	9	  
	 SECTION 4.07
	  	 Pre-Closing Collections
	  	 	10	  
	 SECTION 4.08
	  	 Compliance with the FDIC Rule
	  	 	10	  
		
	 ARTICLE V CONDITIONS
	  	 	10	  
			
	 SECTION 5.01
	  	 Conditions to Obligation of Ally Auto
	  	 	10	  
	 SECTION 5.02
	  	 Conditions to Obligation of the Seller
	  	 	11	  
		
	 ARTICLE VI MISCELLANEOUS PROVISIONS
	  	 	11	  
			
	 SECTION 6.01
	  	 Amendment
	  	 	11	  
	 SECTION 6.02
	  	 Survival
	  	 	11	  
	 SECTION 6.03
	  	 Notices
	  	 	11	  
	 SECTION 6.04
	  	 Governing Law
	  	 	11	  
	 SECTION 6.05
	  	 Waivers
	  	 	12	  
	 SECTION 6.06
	  	 Costs and Expenses
	  	 	12	  
	 SECTION 6.07
	  	 Confidential Information
	  	 	12	  
	 SECTION 6.08
	  	 Headings
	  	 	12	  
	 SECTION 6.09
	  	 Counterparts
	  	 	12	  
	 SECTION 6.10
	  	 No Petition Covenant
	  	 	12	  
	 SECTION 6.11
	  	 Limitations on Rights of Others
	  	 	12	  
	 SECTION 6.12
	  	 Merger and Consolidation of the Seller or Ally Auto
	  	 	12	  
	 SECTION 6.13
	  	 Assignment
	  	 	13	  
	 SECTION 6.14
	  	 Official Record
	  	 	13	  
			
	 EXHIBIT A
	  	 Form of First Step Receivables Assignment
	  			
			
	 SCHEDULE A
	  	 Schedule of Receivables
	  			

  
 i 

							
	 APPENDIX A
	  	 Definitions, Rules of Construction and Notices
	  			
			
	 APPENDIX B
	  	 Additional Representations and Warranties
	  			

  
 ii 

 THIS POOLING AGREEMENT, dated as of February 9, 2011, between ALLY AUTO
ASSETS LLC, a Delaware limited liability company (“Ally Auto”), and ALLY BANK, a Utah chartered bank (the “Seller”). 
 WHEREAS, Ally Auto desires to purchase on the date hereof a portfolio of automobile and light truck retail instalment sale contracts, direct purchase money loans and related rights owned by the Seller;

 WHEREAS, the Seller is willing to sell on the date hereof such contracts and related rights to Ally Auto;

 WHEREAS, Ally Auto may wish to sell or otherwise transfer on the date hereof such contracts and related
rights, or interests therein, to a trust, corporation, partnership or other entity (any such entity being the “Issuing Entity”); and 
 WHEREAS, the Issuing Entity may issue debentures, notes, participations, certificates of beneficial interest, partnership interests or other interests or securities (collectively, any such issued
interests or securities being “Securities”) to fund its acquisition of such contracts and related rights. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 

SECTION 1.01 Definitions. Certain capitalized terms used in this Agreement are defined in and shall have the
respective meanings assigned to them in Part I of Appendix A to this Agreement. All references herein to “the Agreement” or “this Agreement” are to this Pooling Agreement as it may be amended, supplemented or
modified from time to time, and all references herein to Articles and Sections are to Articles or Sections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to
this Agreement. 
 SECTION 1.02 Owner of a Receivable. For purposes of this Agreement, the
“Owner” of a Receivable shall mean Ally Auto until the sale, transfer, assignment or other conveyance of such Receivable by Ally Auto pursuant to the terms of the applicable Further Transfer Agreements, and thereafter shall mean the
Issuing Entity; provided, that the Seller, the Servicer or Ally Auto, as applicable, shall be the “Owner” of any Receivable from and after the time that such Person shall acquire such Receivable, whether pursuant to
Section 4.04 of this Agreement, any provision of the Further Transfer Agreements, Section 2.07 of the Servicing Agreement or otherwise. 

 ARTICLE II 
 PURCHASE AND SALE OF RECEIVABLES 
 SECTION 2.01 Purchase
and Sale of Receivables. 
 (a) Purchase. On the Closing Date, subject to satisfaction of the
conditions specified in Article V and the First Step Receivables Assignment (and, in any event, immediately prior to consummation of the related transactions contemplated by the Further Transfer Agreements, if any), the Seller shall sell,
transfer, assign and otherwise convey to Ally Auto, without recourse: 
 (i) all right, title and interest of
the Seller in, to and under the Receivables listed on the Schedule of Receivables and all monies received thereon on and after the Cutoff Date, exclusive of any amounts allocable to the premium for physical damage collateral protection insurance
required by the Seller or the Servicer covering any related Financed Vehicle; 
 (ii) the interest of the
Seller in the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; 

(iii) the interest of the Seller in any proceeds from claims on any physical damage, credit life, credit disability or
other insurance policies covering Financed Vehicles or Obligors; 
 (iv) the interest of the Seller in any
proceeds from recourse against Dealers on the Receivables; 
 (v) all right, title and interest of the Seller
in, to and under the First Step Receivables Assignment; and 
 (vi) all present and future claims, demands,
causes and choses in action in respect of any or all the foregoing described in clauses (i) through (v) above and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the
foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks,
deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at
any time constitute all or part of or are included in the proceeds of any of the foregoing. 
 The property
described in clauses (i) through (vi) above is referred to herein collectively as the “Purchased Property.” 
 (b) It is the intention of the Seller and Ally Auto that the transfer and assignment of Receivables contemplated by this Agreement and the First Step Receivables Assignment shall constitute a sale of the
Receivables from the Seller to Ally Auto and the beneficial interest in and title to the Receivables shall not be part of the Seller’s estate in the event of the filing of a petition for insolvency, receivership or conservatorship by or against
the Seller or placement into receivership or conservatorship of the Seller under any relevant bankruptcy, insolvency, receivership or conservatorship law. 

  
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 (c) The sale, transfer, assignment and other conveyances of Receivables
contemplated by this Agreement and the First Step Receivables Assignment do not constitute and are not intended to result in the creation of or an assumption by Ally Auto of any obligation of the Seller, the Servicer or any other Person to the
Obligors, Dealers, insurers or any other Person in connection with the Receivables, any Dealer Agreements, any insurance policies or any other agreement or instrument relating to any of them. 

SECTION 2.02 Receivables Purchase Price. In consideration for the Purchased Property, Ally Auto shall, on the
Closing Date, pay to the Seller an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Receivables and the Seller shall execute and deliver to Ally Auto an assignment in the form attached hereto as Exhibit A
(the “First Step Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,342,881,265.30. A portion of the Initial Aggregate Receivables Principal Balance shall be paid to the Seller in
immediately available funds and the balance of such purchase price shall be paid through one or both of (a) an increase in the amount owing from Ally Auto to Seller under the Intercompany Advance Agreement (as a result of an advance made
thereunder from Seller to Ally Auto) and (b) an increase in Seller’s capital account in Ally Auto (as a result of a deemed capital contribution from Seller to Ally Auto). The amount advanced under the Intercompany Advance Agreement and the
amount of the deemed capital contribution shall be duly recorded by the Seller and Ally Auto. 
 SECTION 2.03
The Closing. The sale and purchase of the Receivables shall take place at the offices of Kirkland & Ellis LLP, 300 North LaSalle Street, Chicago, Illinois 60654, on the Closing Date at a time mutually agreeable to the Seller and Ally
Auto, and will occur simultaneously with the closing of transactions contemplated by the Further Transfer Agreements. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 SECTION 3.01 Representations and Warranties as to the Receivables. The Seller makes the following representations and warranties as to the Receivables, on which Ally Auto relies in accepting the
Receivables. Such representations and warranties speak as of the Closing Date, and shall survive the sale, transfer and assignment of the Receivables to Ally Auto and the subsequent assignment and transfer pursuant to the Further Transfer
Agreements: 
 (a) Characteristics of Receivables. 

(i) General. Each Receivable: 

(1) is secured by a Financed Vehicle, was originated in the United States by the Seller or one of its subsidiaries or a
Dealer for the retail sale of a Financed Vehicle in the ordinary course of business, was fully and properly executed by the parties thereto, if not originated by the Seller, was purchased by the Seller from one of its subsidiaries or from such
Dealer under an existing Dealer Agreement, and was validly assigned by such subsidiary or such Dealer to the Seller in accordance with its terms, 

  
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 (2) has created or shall create a valid, binding and enforceable first
priority security interest in favor of the Seller in the Financed Vehicle, which security interest is assignable by the Seller to Ally Auto, 
 (3) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral of the benefits of the security,

 (4) is a Simple Interest Receivable, 

(5) provides for level monthly payments which may vary from one another by no more than $5, which shall amortize the
Amount Financed by maturity and shall yield interest at the Annual Percentage Rate, 
 (6) has an original term
of not less than twelve (12) months and not greater than seventy-two (72) months and a remaining term of not less than six (6) months, and 
 (7) with respect to which at least one monthly payment has been made. 
 (ii) Receivables. In addition to the characteristics set forth in Section 3.01(a)(i) above, each Receivable (1) has a first scheduled payment due date on or after
September 15, 2005, (2) was originated on or after August 2, 2005, (3) as of the Cutoff Date, was not considered past due (that is, no payments due on that Receivable in excess of $25 were more than thirty (30) days
delinquent), and was not a Liquidating Receivable, and (4) has an Annual Percentage Rate not greater than 17.00%. 
 (b) Creation, Perfection and Priority of Security Interests. The representations and warranties regarding creation, perfection and priority of security interests in the Purchased Property, which
are attached to this Agreement as Appendix B, are true and correct to the extent that they are applicable. 
 (c) Schedule of Receivables. The information set forth in the Schedule of Receivables is true and correct in all material respects, and no selection procedures believed to be adverse to Ally Auto
or to holders of the Securities issued under the Further Transfer Agreements were utilized in selecting the Receivables from those receivables of the Seller that meet the selection criteria set forth in this Agreement. 

(d) Compliance With Law. All requirements of applicable federal, state and local laws, and regulations thereunder,
including usury laws, Utah banking laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the
Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z,” the Servicemembers Civil Relief Act of 2003, the Texas Consumer Credit Code, and state adaptations of the National Consumer Act and the Uniform
Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws, in respect of any of the Receivables and other Purchased Property, have been complied with in all material respects, and

  
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each Receivable and the sale of the Financed Vehicle evidenced thereby complied at the time it was originated or made and now complies in all material respects with all legal requirements of the
jurisdiction in which it was originated or made. 
 (e) Binding Obligation. Each Receivable represents
the genuine, legal, valid and binding payment obligation in writing of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or similar
laws affecting the enforcement of creditors’ rights in general and by equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(f) Security Interest in Financed Vehicle. Immediately prior to the sale, transfer and assignment thereof pursuant
hereto and the First Step Receivables Assignment, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of the Seller as secured party or all necessary and appropriate action had been
commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Seller as secured party. 
 (g) Receivables In Force. No Receivable has been satisfied, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related
Receivable in whole or in part. 
 (h) No Waiver. Since the Cutoff Date no provision of a Receivable has
been waived, altered or modified in any respect. 
 (i) No Defenses. No right of rescission, setoff,
counterclaim or defense has been asserted or threatened with respect to any Receivable. 
 (j) No Liens.
To the best of the Seller’s knowledge: (1) there are no liens or claims that have been filed for work, labor or materials affecting any Financed Vehicle securing any Receivable that are or may be liens prior to, or equal or coordinate
with, the security interest in the Financed Vehicle granted by the Receivable; (2) no contribution failure has occurred with respect to any Benefit Plan which is sufficient to give rise to a lien under Section 303 (k) of ERISA with
respect to any Receivable; and (3) no tax lien has been filed and no claim related thereto is being asserted with respect to any Receivable. 
 (k) Insurance. Each Obligor is required to maintain a physical damage insurance policy of the type that the Seller requires in accordance with its customary underwriting standards for the purchase
of motor vehicle related receivables. 
 (l) Good Title. No Receivable has been sold, transferred,
assigned or pledged by the Seller to any Person other than Ally Auto; immediately prior to the conveyance of the Receivables pursuant to this Agreement and the First Step Receivables Assignment, the Seller had good and marketable title thereto, free
of any Lien; and, upon execution and delivery of this Agreement by the Seller, Ally Auto shall have all of the right, title and interest of the Seller in and to the Receivables, the unpaid indebtedness evidenced thereby and the collateral security
therefor, free of any Lien. 

  
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 (m) Lawful Assignment. No Receivable was originated in, or is subject
to the laws of, any jurisdiction the laws of which would make unlawful the sale, transfer and assignment of such Receivable under this Agreement, the Trust Sale Agreement or the Indenture, as applicable. 

(n) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give Ally Auto a first
priority perfected ownership interest in the Receivables shall have been made. 
 (o) One Original. There
is only one original executed copy of each Receivable. 
 (p) No Documents or Instruments. No Receivable,
or constituent part thereof, constitutes a “negotiable instrument” or “negotiable document of title” (as such terms are used in the UCC). 
 (q) No Amendment. No Receivable has been amended or otherwise modified such that the number of originally scheduled due dates has been increased or such that the Amount Financed has been increased.

 SECTION 3.02 Additional Representations and Warranties of the Seller. The Seller hereby represents and
warrants to Ally Auto as of the Closing Date that: 
 (a) Organization and Good Standing; FDIC. The
Seller has been duly organized and is validly existing as a Utah chartered bank, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted; and as of
the date hereof, the Seller is insured by the Federal Deposit Insurance Corporation and is subject to the Federal Deposit Insurance Act; 
 (b) Due Qualification. The Seller is duly qualified to do business as a foreign entity in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the
ownership or lease of property or the conduct of its business requires or shall require such qualification; 

(c) Power and Authority. The Seller has the power and authority to execute and deliver this Agreement and the
First Step Receivables Assignment and to carry out its terms; the Seller has full power and authority to sell and assign the property to be sold and assigned to Ally Auto, and has duly authorized such sale and assignment to Ally Auto by all
necessary corporate action; and the execution, delivery and performance of this Agreement and the First Step Receivables Assignment have been duly authorized by the Seller by all necessary corporate action; 

(d) Valid Sale; Binding Obligation. This Agreement and the First Step Receivables Assignment, when duly executed
and delivered, shall constitute a valid sale, transfer and assignment of the Receivables, in each case, enforceable against creditors of and purchasers from the Seller; and this Agreement together with the First Step Receivables Assignment, when
duly executed and delivered, shall constitute a legal, valid and binding obligation of the Seller enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy,

  
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receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of
whether such enforceability is considered in a proceeding in equity or at law; 
 (e) No Violation. The
consummation of the transactions contemplated by this Agreement and the First Step Receivables Assignment and the fulfillment of the terms of this Agreement and the First Step Receivables Assignment shall not conflict with, result in any breach of
any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws (or similar organizational documents) of the Seller, or any indenture, agreement, mortgage, deed of
trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument, other than this Agreement and the First Step Receivables Assignment or violate any law or, to the best of the Seller’s knowledge, any order, rule or regulation applicable to the Seller of any court or of any federal or State
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties; and 
 (f) No Proceedings. To the Seller’s knowledge, there are no proceedings or investigations pending, or threatened, before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over the Seller or its properties (A) asserting the invalidity of this Agreement and the First Step Receivables Assignment, (B) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement and the First Step Receivables Assignment, or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or
enforceability of, this Agreement and the First Step Receivables Assignment. 
 SECTION 3.03 Representations
and Warranties of Ally Auto. Ally Auto hereby represents and warrants to the Seller as of the Closing Date: 

(a) Organization and Good Standing. Ally Auto has been duly formed and is validly existing as an entity in good
standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and had at all relevant times, and now has,
power, authority and legal right to acquire and own the Receivables; 
 (b) Due Qualification. Ally Auto
is duly qualified to do business as a foreign entity in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualification;

 (c) Power and Authority. Ally Auto has the power and authority to execute and deliver this Agreement
and the First Step Receivables Assignment and to carry out its terms and the execution, delivery and performance of this Agreement and the First Step Receivables Assignment have been duly authorized by Ally Auto by all necessary limited liability
company action; 

  
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 (d) No Violation. The consummation of the transactions contemplated
by this Agreement and the First Step Receivables Assignment and the fulfillment of the terms of this Agreement and the First Step Receivables Assignment shall not conflict with, result in any breach of any of the terms and provisions of or
constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of Ally Auto, or any indenture, agreement, mortgage, deed of trust or other instrument to which Ally Auto is a
party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument, other than any Further Transfer Agreement or violate any law
or, to the best of Ally Auto’s knowledge, any order, rule or regulation applicable to Ally Auto of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Ally
Auto or any of its properties; and 
 (e) No Proceedings. To Ally Auto’s knowledge, there are no
proceedings or investigations pending, or threatened, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over Ally Auto or its properties (i) asserting the invalidity
of this Agreement and the First Step Receivables Assignment, or (ii) seeking any determination or ruling that might materially and adversely affect the performance by Ally Auto of its obligations under, or the validity or enforceability of,
this Agreement and the First Step Receivables Assignment. 
 ARTICLE IV 

ADDITIONAL AGREEMENTS 
 SECTION 4.01 Conflicts With Further Transfer Agreements. To the extent that any provision of Sections 4.02 through 4.04 of this Agreement conflicts with any provision of the Further
Transfer Agreements, the Further Transfer Agreements shall govern. 
 SECTION 4.02 Protection of Title.

 (a) Filings. The Seller shall authorize and execute, as applicable, and file such financing statements
or amendments to financing statements and cause to be authorized and executed, as applicable, and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect
the interest of Ally Auto under this Agreement and the First Step Receivables Assignment in the Receivables and the other Purchased Property and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to Ally Auto file-stamped
copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing, and the Seller hereby authorizes Ally Auto and its assigns to file all such financing statements without its signature. 

(b) Name Change. The Seller shall not change its State of incorporation or its name, identity or entity structure
in any manner that would, could or might make any financing statement or continuation statement filed by the Seller, Ally Auto or Ally Auto’s assigns in accordance with Section 4.02(a) seriously misleading within the meaning of the
UCC, unless it shall give Ally Auto written notice thereof within ten (10) days of such change. 

  
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 (c) Executive Office; Maintenance of Offices. The Seller shall give
Ally Auto written notice within ten (10) days of any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed
financing or continuation statement or of any new financing statement. The Seller shall at all times maintain each office from which it originates Receivables and its principal executive office within the United States of America. 

(d) New Debtor. In the event that the Seller shall change the jurisdiction in which it is formed or otherwise
enter into any transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Seller hereunder, the Seller shall comply fully with the obligations of Section 4.02(a). 

SECTION 4.03 Other Liens or Interests. Except for the conveyances hereunder and under the First Step Receivables
Assignment and as contemplated by the Further Transfer Agreements, the Seller shall not sell, pledge, assign or transfer the Receivables or other Purchased Property to any other Person, or grant, create, incur, assume or suffer to exist any Lien on
any interest therein, and the Seller shall defend the right, title and interest of Ally Auto in, to and under such Receivables or other Purchased Property against all claims of third parties claiming through or under the Seller. 

SECTION 4.04 Repurchase Events. By its execution of the Further Transfer Agreements to which it is a party, the
Seller shall acknowledge the assignment by Ally Auto of such of its right, title and interest in, to and under this Agreement and the First Step Receivables Assignment to the Issuing Entity as shall be provided in the Further Transfer Agreements.
The Seller hereby covenants and agrees with Ally Auto for the benefit of Ally Auto and the Interested Parties that in the event of a breach of any of the Seller’s representations and warranties contained in Section 3.01 hereof with
respect to any Receivable (a “Repurchase Event”), the Seller will repurchase such Receivable from the Issuing Entity (if the Issuing Entity is then the Owner of such Receivable) on the date and for the amount specified in the
Further Transfer Agreements, without further notice from Ally Auto hereunder. Upon the occurrence of a Repurchase Event with respect to a Receivable for which Ally Auto is the Owner, the Seller agrees to repurchase such Receivable from Ally Auto for
an amount and upon the same terms as the Seller would be obligated to repurchase such Receivable from the Issuing Entity if the Issuing Entity was then the Owner thereof, and upon payment of such amount, the Seller shall have such rights with
respect to such Receivable as if the Seller had purchased such Receivable from the Issuing Entity as the Owner thereof. It is understood and agreed that the obligation of the Seller to repurchase any Receivable as to which a breach has occurred and
is continuing shall, if such obligation is fulfilled, constitute the sole remedy against the Seller for such breach available to Ally Auto or any Interested Party. 

SECTION 4.05 Indemnification. The Seller shall indemnify Ally Auto for any liability as a result of the failure of
a Receivable to be originated in compliance with all requirements of law. This indemnity obligation shall be in addition to any obligation that the Seller may otherwise have. 

SECTION 4.06 Further Assignments. The Seller acknowledges that Ally Auto may, pursuant to the Further Transfer
Agreements, sell the Receivables to the Issuing Entity and 

  
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assign its rights hereunder and under the First Step Receivables Assignment to the Issuing Entity, subject to the terms and conditions of the Further Transfer Agreements, and that the Issuing
Entity may in turn further pledge, assign or transfer its rights in the Receivables and this Agreement and the First Step Receivables Assignment. The Seller further acknowledges that Ally Auto may assign its rights under the Custodian Agreement to
the Issuing Entity. 
 SECTION 4.07 Pre-Closing Collections. Within two (2) Business Days after the
Closing Date the Seller shall transfer to the account or accounts designated by Ally Auto (or by the Issuing Entity under the Further Transfer Agreements) all collections on the Receivables held by the Seller on the Closing Date, and conveyed to
Ally Auto pursuant to Section 2.01. 
 SECTION 4.08 Compliance with the FDIC Rule. The Seller
agrees to (i) abide by the covenants and other agreements set forth in Article XII of the Indenture applicable to it and (ii) facilitate compliance with Article XII of the Indenture by the Ally Parties. 

ARTICLE V 

CONDITIONS 
 SECTION 5.01 Conditions to Obligation of Ally Auto. The obligation of Ally Auto to purchase the Receivables hereunder and pursuant to the First Step Receivables Assignment is subject to the
satisfaction of the following conditions: 
 (a) Representations and Warranties True. The representations
and warranties of the Seller hereunder, shall be true and correct at the time of the Closing Date, and the Seller shall have performed all obligations to be performed by it hereunder on or prior to the Closing Date. 

(b) No Repurchase Event. No Repurchase Event shall have occurred on or prior to the Closing Date. 

(c) Computer Files Marked. The Seller shall have or shall have caused to have, at its own expense, on or prior to
the Closing Date, indicated in its computer files created in connection with the Receivables that the Receivables have been sold to Ally Auto pursuant to this Agreement and the First Step Receivables Assignment and deliver to Ally Auto the Schedule
of Receivables, certified by an officer of the Seller to be true, correct and complete. 
 (d) Documents to
be Delivered By the Seller. 
 (i) The Assignments. On the Closing Date, the Seller shall execute
and deliver the First Step Receivables Assignment. 
 (ii) Evidence of UCC Filing. On or prior to the
Closing Date, the Seller shall record and file, at its own expense, a UCC-1 financing statement in each jurisdiction in which required by applicable law, authorized by and naming the Seller as seller or debtor, naming Ally Auto as purchaser or
secured party, naming the Receivables and the other Purchased Property as collateral, meeting the requirements of the laws of each such jurisdiction and in such manner as is necessary to perfect the sale, transfer, assignment and conveyance of such
Receivables to Ally Auto. The Seller shall deliver a file-stamped copy, or other evidence satisfactory to Ally Auto of such filing, to Ally Auto on or prior to the Closing Date. 

  
 10 

 (iii) Other Documents. On the Closing Date the Seller shall provide
such other documents as Ally Auto may reasonably request. 
 (e) Other Transactions. The transactions
contemplated by the Further Transfer Agreements shall be consummated to the extent that such transactions are intended to be substantially contemporaneous with the transactions hereunder. 

SECTION 5.02 Conditions to Obligation of the Seller. The obligation of the Seller to sell the Receivables to Ally
Auto hereunder or pursuant to the First Step Receivables Assignment is subject to the satisfaction of the following conditions: 
 (a) Representations and Warranties True. The representations and warranties of Ally Auto hereunder shall be true and correct as of the Closing Date with respect to the Receivables, and Ally Auto
shall have performed all obligations to be performed by it hereunder or pursuant to the First Step Receivables Assignment on or prior to the closing hereunder. 
 (b) Receivables Purchase Price. On the Closing Date, Ally Auto shall pay to the Seller that portion of the Initial Aggregate Receivables Principal Balance as provided in Section 2.02.

 ARTICLE VI 
 MISCELLANEOUS PROVISIONS 
 SECTION 6.01 Amendment.
This Agreement may be amended from time to time (subject to any expressly applicable amendment provision of the Further Transfer Agreements or the Servicing Agreement) by a written amendment duly executed and delivered by the Seller and Ally Auto.

 SECTION 6.02 Survival. The representations and warranties of the Seller set forth in Articles
III and IV of this Agreement shall remain in full force and effect and shall survive the Closing Date under Section 2.03 hereof and the closing under the Further Transfer Agreements. 

SECTION 6.03 Notices. All demands, notices and communications upon or to the Seller or Ally Auto under this
Agreement shall be delivered as specified in Part III of Appendix A to this Agreement. 
 SECTION 6.04
Governing Law. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF
OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

  
 11 

 SECTION 6.05 Waivers. No failure or delay on the part of Ally Auto in
exercising any power, right or remedy under this Agreement or the First Step Receivables Assignment shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise
thereof or the exercise of any other power, right or remedy. 
 SECTION 6.06 Costs and Expenses. The
Seller agrees to pay all reasonable out-of-pocket costs and expenses of Ally Auto, including fees and expenses of counsel, in connection with the perfection as against third parties of Ally Auto’s right, title and interest in, to and under the
Receivables and the enforcement of any obligation of the Seller hereunder. 
 SECTION 6.07 Confidential
Information. Ally Auto agrees that it shall neither use nor disclose to any person the names and addresses of the Obligors, except in connection with the enforcement of Ally Auto’s rights hereunder, under the Receivables, under the Further
Transfer Agreements or as required by law. 
 SECTION 6.08 Headings. The headings of the various Articles
and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 6.09 Counterparts. This Agreement may be executed in two or more counterparts and by different parties on separate counterparts, each of which shall be an original, but all of which
together shall constitute one and the same instrument. 
 SECTION 6.10 No Petition Covenant.
Notwithstanding any prior termination of this Agreement, the Seller shall not, prior to the date which is one year and one day after the final distribution with respect to the Notes to the Note Distribution Account, acquiesce, petition or otherwise
invoke or cause Ally Auto or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against Ally Auto or the Issuing Entity under any federal or State bankruptcy, insolvency
or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of Ally Auto or the Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or
liquidation of the affairs of Ally Auto or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 
 SECTION 6.11 Limitations on Rights of Others. The provisions of this Agreement and the First Step Receivables Assignment are solely for the benefit of the Seller and Ally Auto and, to the extent
expressly provided herein, the Interested Parties, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in, under, or in respect of this Agreement or
any covenants, conditions or provisions contained herein. 
 SECTION 6.12 Merger and Consolidation of the
Seller or Ally Auto. Any corporation, limited liability company or other entity (i) into which either the Seller, or Ally Auto may be merged or consolidated, (ii) resulting from any merger or consolidation to which either the Seller or
Ally Auto shall be a party, (iii) succeeding to the business of either the Seller or Ally Auto, (iv) more than 15% of the voting stock (or, if not a corporation, other voting 

  
 12 

 
interests) of which is owned directly or indirectly by General Motors and Cerberus Capital Management, L.P., in the aggregate, or (v) 50% or more of the voting stock (or, if not a
corporation, other voting interests) of which is owned, directly or indirectly, by General Motors or Ally Financial, which corporation, limited liability company or other entity in any of the foregoing cases executes an agreement of assumption to
perform every obligation of the Seller or Ally Auto (as applicable) under this Agreement and the other Basic Documents, shall be the successor to the Seller or Ally Auto (as applicable) under this Agreement without the execution or filing of any
document or any further act on the part of any of the parties to this Agreement. 
 SECTION 6.13
Assignment. Notwithstanding anything to the contrary contained in this Agreement, this Agreement may be assigned by the Seller or Ally Auto without the consent of any other Person to a corporation, limited liability company or other entity
that is a successor (by merger, consolidation or purchase of assets) to the Seller or Ally Auto (as applicable), or 50% or more of the voting interests of which is owned, directly or indirectly, by General Motors or by Ally Financial or more than
15% of the voting stock (or, if not a corporation, other voting interests) of which is owned directly or indirectly by General Motors and Cerberus Capital Management, L.P., in the aggregate, provided that such entity executes an agreement of
assumption, as provided in Section 3.03(a) of the Trust Sale Agreement or Section 6.02 of the Servicing Agreement, as applicable. 
 SECTION 6.14 Official Record. This Agreement is, and the Seller agrees to maintain this Agreement from and after the date hereof as, an official record (within the meaning of Section 13(e) of
the Federal Deposit Insurance Act) of the Seller. 

*    *    *    *    * 

  
 13 

 IN WITNESS WHEREOF, the parties hereby have caused this Agreement to be
executed by their respective officers thereunto duly authorized as of the date and year first above written. 
  

			
	 ALLY BANK

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 ALLY AUTO ASSETS LLC

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Pooling
Agreement (AART 2011-1) 

 EXHIBIT A 
 FORM OF 
 FIRST STEP RECEIVABLES ASSIGNMENT 

PURSUANT TO POOLING AGREEMENT 
 For value received, in accordance with the Pooling Agreement, dated as of February 9, 2011 (the “Pooling Agreement”), between Ally Bank, a Utah chartered bank (the
“Seller”), and Ally Auto Assets LLC, a Delaware limited liability company (“Ally Auto”), the Seller does hereby sell, assign, transfer and otherwise convey unto Ally Auto, without recourse, as of February 9,
2011, (i) all right, title and interest of the Seller in, to and under the Receivables listed on the Schedule of Receivables attached as Schedule A hereto and all monies received thereon on and after the Cutoff Date, exclusive of any
amounts allocable to the premium for physical damage collateral protection insurance required by the Seller or the Servicer covering any related Financed Vehicle; (ii) the interest of the Seller in the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and, to the extent permitted by law, any accessions thereto; (iii) the interest of the Seller in any proceeds from claims on any physical damage, credit life, credit disability or other
insurance policies covering Financed Vehicles or Obligors; (iv) the interest of the Seller in any proceeds from recourse against Dealers on the Receivables; and (v) all right, title and interest of the Seller in, to and under the First
Step Receivables Assignment; and (vi) all present and future claims, demands, causes and choses in action in respect of any or all the foregoing described in clauses (i), (ii), (iii), (iv), and (v) above and all payments on or under and
all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to payment of any and every kind and
other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing. 

It is the intention of the Seller and Ally Auto that the transfer and assignment of Receivables contemplated by the
Pooling Agreement and this First Step Receivables Assignment shall constitute a sale of the Receivables from the Seller to Ally Auto and the beneficial interest in and title to the Receivables shall not be part of the Seller’s estate in the
event of the filing of a petition for insolvency, receivership or conservatorship by or against the Seller or placement into receivership or conservatorship of the Seller under any relevant bankruptcy, insolvency, receivership or conservatorship
law. 
 The foregoing transfer and assignment of Receivables contemplated by the Pooling Agreement and this
First Step Receivables Assignment does not constitute and is not intended to result in any assumption by Ally Auto of any obligation of the undersigned to the Obligors, Dealers, insurers or any other Person in connection with the Receivables, any
Dealer Agreements, any insurance policies or any agreement or instrument relating to any of them. 

  
 Ex. A-1

 This First Step Receivables Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned contained in the Pooling Agreement and is to be governed by the Pooling Agreement. 
 Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Pooling Agreement. 
 *    *    *    *    * 

  
 Ex. A-2

 IN WITNESS WHEREOF, the undersigned has caused this First Step Receivables
Assignment to be duly executed as of the day and year first above written. 
  

			
	 ALLY BANK

		
	 By:
	 	  

	 Name:

	 Title:

  
 Ex. A-3

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 
 The Schedule of Receivables is 
 on file at the offices of: 

 

	 	1.	 The Indenture Trustee 

  

	 	2.	 The Owner Trustee 

  

	 	3.	 The Servicer 

  

	 	4.	 The Seller 

  

	 	5.	 Ally Auto Assets LLC 

  
 Sch. A

 APPENDIX A 
 Part I 
 For ease of reference, capitalized terms
defined herein have been consolidated with and are contained in Part I of Appendix A to the Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto Assets LLC and Ally Auto Receivables Trust 2011-1, as amended and
supplemented from time to time. 
 Part II 

For ease of reference, the rules of construction have been consolidated with and are contained in Part II of Appendix
A to the Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto Assets LLC and Ally Auto Receivables Trust 2011-1, as amended and supplemented from time to time. 
 Part III 
 For ease of reference, the notice
addresses and procedures have been consolidated with and are contained in Appendix B to the Servicing Agreement of even date herewith among Ally Financial Inc., Ally Auto Assets LLC and Ally Auto Receivables Trust 2011-1, as amended and
supplemented from time to time. 

 APPENDIX B 
 Additional Representations and Warranties 
  

	1.	 While it is the intention of the Seller and Ally Auto that the transfer and assignment contemplated by this Agreement and the First Step Receivables
Assignment shall constitute sales of the Purchased Property from the Seller to Ally Auto, this Agreement, the Trust Sale Agreement and the Indenture create a valid and continuing security interest (as defined in the applicable UCC) in the Purchased
Property in favor of Ally Auto, the Trust and the Indenture Trustee, as applicable, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller, Ally Auto and the Issuing
Entity, respectively. 

  

	2.	 All steps necessary to perfect the Seller’s security interest against each Obligor in the property securing the Purchased Property have been
taken. 

  

	3.	 Prior to the sale of the Purchased Property to Ally Auto under this Agreement, the Receivables constitute “tangible chattel paper” within
the meaning of the applicable UCC. 

  

	4.	 The Seller owns and has good and marketable title to the Purchased Property free and clear of any Lien, claim or encumbrance of any Person.

  

	5.	 The Seller has caused or will have caused, within ten (10) days, the filing of all appropriate financing statements in the proper filing office
in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Purchased Property granted to Ally Auto hereunder, the Issuing Entity under the Trust Sale Agreement and the Indenture Trustee under the
Indenture. 

  

	6.	 Other than the security interest granted to Ally Auto pursuant to the Basic Documents, the Issuing Entity under the Trust Sale Agreement and the
Indenture Trustee under the Indenture none of the Seller, Ally Auto or the Issuing Entity has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Purchased Property. None of the Seller, Ally Auto or the Issuing
Entity has authorized the filing of, nor is the Seller aware of, any financing statements against the Seller, Ally Auto or the Issuing Entity that include a description of collateral covering the Purchased Property other than the financing
statements relating to the security interests granted to Ally Auto, the Issuing Entity and the Indenture Trustee under the Basic Documents or any financing statement that has been terminated. The Seller is not aware of any judgment or tax lien
filings against the Seller, Ally Auto or the Issuing Entity. 

  

	7.	 The Custodian has in its possession or with third party vendors all original copies of the Receivables Files and other documents that constitute or
evidence the Receivables and the Purchased Property. The Receivables Files and other documents that constitute or evidence the Purchased Property do not have any marks or notations indicating that they have been pledged, assigned or otherwise
conveyed to any Person other than Ally Auto.Amended and Restated 2004 Director Option Plan, as amended

 Exhibit 10.1 
 AMENDED AND RESTATED 
 ADEPT TECHNOLOGY, INC. 

2004 DIRECTOR OPTION PLAN 
 (as amended) 
 1. Purposes of the Plan. The purposes
of this 2004 Director Option Plan are to attract and retain the best available individuals for service as Eligible Directors of the Company, to provide additional incentive to the Eligible Directors of the Company to serve as Directors, to encourage
their continued service on the Board, and to build a proprietary interest among the Eligible Directors and thereby secure for the Company’s stockholders the benefits associated with common stock ownership by those who will oversee the
Company’s future growth and success. The Plan permits the grant of stock options that are not intended to qualify as “incentive stock options” under Section 422 of the Code. 

2. Definitions. As used herein, the following definitions shall apply: 

(a) “Board” means the Board of Directors of the Company. 

(b) “Code” means the Internal Revenue Code of 1986, as amended. 

(c) “Common Stock” means the common stock of the Company. 

(d) “Company” means Adept Technology, Inc., a Delaware corporation. 

(e) “Director” means a member of the Board. 

(f) “Eligible Director” means a Director who is not an employee of the Company or any Parent or
Subsidiary of the Company. For purposes of this Plan, the payment of a director’s fee by the Company shall not in and of itself constitute “employment” by the Company. 

(g) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(h) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows:

 (i) If the Common Stock is listed on any established stock exchange or a national market system, including
without limitation the Nasdaq Global Market of the National Association of Securities Dealers, Inc. Automated Quotation (“Nasdaq”) System, the Fair Market Value of a Share of Common Stock shall be the closing sales price for such
stock (or the closing bid, if no sales were reported) as quoted on such system or exchange (or the exchange with the greatest volume of trading in Common Stock) on the date of determination, as reported in The Wall Street Journal or such
other source as the Board deems reliable; 
 (ii) If the Common Stock is quoted on the Nasdaq or regularly quoted
by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the date of determination, as reported in
The Wall Street Journal or such other source as the Board deems reliable; or 
 (iii) In the absence of an
established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Board. 
 (i)
“Option” means a stock option granted pursuant to the Plan. 

 (j) “Option Agreement” means the written agreement between
the Company and an Optionee evidencing the grant of an Option and setting forth the terms and conditions thereof. 
 (k) “Optioned Stock” means the Common Stock subject to an Option. 
 (l) “Optionee” means a Director who holds an Option. 
 (m) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 

(n) “Plan” means this Adept Technology, Inc. 2004 Director Option Plan. 

(o) “Share” means a share of the Common Stock, as adjusted in accordance with Section 10 of the
Plan. 
 (p) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter
existing, as defined in Section 424(f) of the Code. 
 3. Stock Subject to the Plan. 

(a) General. Subject to the provisions of Section 10 of the Plan, the maximum aggregate number of Shares which
may be available grant and issuance under the Plan is 132,000 Shares. The Shares may be authorized and unissued shares or may be shares issued and thereafter acquired by the Company. 

(b) Effect of Grant; Delivery of Shares as Payment. Upon the granting of an Option, the number of Shares available
under Section 3(a) for the granting of further Options shall be reduced by the number of Shares in respect of which the Option is granted; provided, however, that if any Option is exercised by tendering Shares to the Company as full or partial
payment of the exercise price, the maximum number of Shares available under Section 3(a) shall be increased by the number of Shares so tendered. 
 (c) Cancelled Options. Whenever any outstanding Option or portion thereof expires, is canceled, forfeited or is otherwise terminated for any reason without having been exercised or payment having
been made in respect of the entire Option, the Shares allocable to the expired, canceled, forfeited or otherwise terminated portion of the Option may again be the subject of Options granted under the Plan (unless the Plan has terminated).

 4. Administration and Grants of Options under the Plan. 

(a) Procedure for Grants. All grants of Options to Eligible Directors under this Plan shall be automatic and
nondiscretionary and shall be made strictly in accordance with the provisions of this Section 4. No person shall have any discretion to select which Eligible Directors shall be granted Options or to determine the number of Shares to be covered
by Options granted to Eligible Directors. 
 (b) Initial Grant. Each Eligible Director who first becomes
an Eligible Director after the effective date of this Plan shall be automatically granted an Option to purchase 10,000 Shares (the “First Option”) on the date on which such person first becomes an Eligible Director (whether through
election by the stockholders of the Company or appointment by the Board to fill a vacancy); provided, however, that a Director who is not an Eligible Director, who first becomes an Eligible Director by virtue of ceasing to be an employee of the
Company or any Parent or Subsidiary while remaining a Director, shall not receive a First Option. 
 (c)
Annual Grant. Each Eligible Director shall be automatically granted an Option to purchase 6,000 Shares (a “Subsequent Option”) at the next meeting of the Board of Directors following the annual meeting of the stockholders of
the Company in each year that the Plan is in effect provided he or she is then an Eligible Director and if as of such date, he or she has served on the Board for at least the preceding six (6) months prior to such date. For the 2009-2010
service year only, in addition to the Subsequent Option, each Eligible 

  
 2 

 
Director shall be eligible to receive a special one-time Option to purchase 3,000 Shares (a “Top-Up Option”), provided he or she is an Eligible Director as of the date of grant
and if as of such date, he or she has served on the Board for at least the preceding six (6) months prior to such date. 
 (d) Stockholder Approval. Notwithstanding the provisions of Sections 4(b) and (c) hereof, any Option grant made before the Company has obtained stockholder approval of the Plan in
accordance with Section 13 hereof shall be conditioned upon obtaining stockholder approval of the Plan in accordance with Section 13 hereof. 
 (e) Option Agreement. Each Option shall be evidenced by an Option Agreement, in such form as the Board shall approve, containing such other terms and conditions not inconsistent with the provisions
of this Plan as determined by the Board. 
 (f) Duration. The term of each Option shall be ten
(10) years from the date of grant, unless terminated earlier pursuant to Section 8 hereof. 
 (g)
Exercise Price. The exercise price per Share of each Option shall be 100% of the Fair Market Value of a Share on the date of grant of the Option. In the event that the date of grant of the Option is not a trading day, the exercise price per
Share shall be the Fair Market Value of a Share on the next trading day immediately following the date of grant of the Option. Notwithstanding the foregoing, if the recipient of the Option, at the time of the grant of such Option, owns stock
representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant of
such Option. 
 (h) Vesting. 

(i) Initial Grants. Subject to Section 10 hereof, each First Option shall become exercisable as to fifty
percent (50%) of the Shares subject to the First Option on the date of the next annual meeting of stockholders following the date of grant and the remaining fifty percent (50%) of the Shares subject to the First Option on the date of the
second annual meeting of stockholders following the date of grant t, provided that the Optionee continues to serve as a Director as of such dates. 
 (ii) Annual Grants. Subject to Section 10 hereof, each Subsequent Option [and each Top-Up Option] shall become exercisable in full on the date of the next annual meeting of stockholders
following the date of grant, provided that the Optionee continues to serve as a Director on such date. 
 5. Eligibility.
Options may be granted only to Eligible Directors. All Options shall be automatically granted in accordance with the terms set forth in Section 4 hereof. The Plan shall not confer upon any Optionee any right with respect to continuation of
service as a Director or nomination to serve as a Director, nor shall it interfere in any way with any rights which the Director or the Company or the Company’s stockholders may have to terminate the Director’s relationship with the
Company at any time. 
 6. Term of Plan. The Plan shall become effective upon its adoption by the Board,
subject to its approval by the stockholders of the Company as described in Section 13. It shall continue in effect for a term of ten (10) years from adoption unless sooner terminated under Section 11. 

7. Exercise of Option. 
 (a) Right to Exercise. Each Option shall be exercisable only while the Eligible Director remains a Director of the Company, except as set forth in Sections 8 and 10 hereof. 

(b) Procedure for Exercise. Subject to the terms and conditions of the Plan, an Option shall, to the
extent then exercisable pursuant to Section 4, be exercisable in whole or in part by a written notice delivered in person or by mail to the Secretary of the Company at the Company’s principal executive office, specifying the

  
 3 

 
number of Shares to be exercised and, to the extent applicable, accompanied by payment therefor and otherwise in accordance with the Option Agreement pursuant to which the Option was granted;
provided, however, that no Options shall be exercisable until stockholder approval of the Plan in accordance with Section 13 hereof has been obtained. The exercise price for any Shares purchased pursuant to the exercise of an Option shall be
paid, in either of the following forms: (a) cash or (b) the transfer, either actually or by attestation, to the Company of Shares that have been held by the Optionee for at least six (6) months (or such lesser period as may be
permitted by the Board) prior to the exercise of the Option, such transfer to be upon such terms and conditions as determined by the Board or (c) a combination of cash and the transfer of Shares. In addition, Options may be exercised through a
registered broker-dealer pursuant to such cashless exercise procedures which are, from time to time, deemed acceptable by the Board. Any Shares transferred to the Company as payment of the exercise price under an Option shall be valued at their Fair
Market Value on the day preceding the date of exercise of such Option. In the event that the day preceding the date of exercise of such Option is not a trading day, the Shares shall be valued at their Fair Market Value on the first trading day
preceding the date of exercise of such Option. If requested by the Company, the Optionee shall deliver the Option Agreement evidencing the Option to the Secretary of the Company who shall endorse thereon a notation of such exercise and return such
Option Agreement to the Optionee. No fractional Shares (or cash in lieu thereof) shall be issued upon exercise of an Option and the number of Shares that may be purchased upon exercise shall be rounded to the nearest number of whole Shares.

 (c) Rights as a Stockholder Until the issuance (as evidenced by the appropriate entry on the books of
the Company or of a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock,
notwithstanding the exercise of the Option. A share certificate for the number of Shares so acquired shall be issued to the Optionee as soon as practicable after exercise of the Option. No adjustment shall be made for a dividend or other right for
which the record date is prior to the date the stock certificate is issued, except as provided in Section 10 of the Plan. 

8. Termination of Continuous Status as a Director  

(a) General. Subject to Section 10 hereof, in the event an Optionee’s status as a Director terminates
(other than upon the Optionee’s death or total and permanent disability (as defined in Section 22(e)(3) of the Code)), the Optionee may exercise his or her Option, but only within three (3) months following the date of such
termination, and only to the extent that the Optionee was entitled to exercise it on the date of such termination (but in no event later than the expiration of the option’s ten (10) year term). To the extent that the Optionee was not
entitled to exercise an Option on the date of such termination, or if the Optionee does not exercise such Option (to the extent otherwise so entitled) within the time specified herein, the Option shall terminate. 

(b) Disability of Optionee. In the event Optionee’s status as a Director terminates as a result of total and
permanent disability (as defined in Section 22(e)(3) of the Code), the Optionee may exercise his or her Option, but only within twelve (12) months following the date of such termination, and only to the extent that the Optionee was
entitled to exercise it on the date of such termination (but in no event later than the expiration of the option’s ten (10) year term). To the extent that the Optionee was not entitled to exercise an Option on the date of termination, or
if the Optionee does not exercise such Option (to the extent otherwise so entitled) within the time specified herein, the Option shall terminate. 
 (c) Death of Optionee. In the event of an Optionee’s death, the Optionee’s estate or a person who acquired the right to exercise the Option by bequest or inheritance may
exercise the Option, but only within twelve (12) months following the date of death, and only to the extent that the Optionee was entitled to exercise it on the date of death (but in no event later than the expiration of the option’s
ten (10) year term). To the extent that the Optionee was not entitled to exercise an Option on the date of death, or if the Optionee’s estate or a person who acquired the right to exercise such Option does not exercise such Option (to the
extent otherwise so entitled) within the time specified herein, the Option shall terminate. 

  
 4 

 9. Non-Transferability of Options. Unless determined otherwise by the Board, an
Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee.

 10. Adjustments Upon Changes in Capitalization, Dissolution, Merger, Asset Sale or Change of
Control. 
 (a) Changes in Capitalization. Subject to any required action by the stockholders of the
Company, the number of Shares covered by each outstanding Option, the number of Shares which have been authorized for issuance under the Plan, as well as the price per Share covered by each outstanding Option, and the number of Shares issuable
pursuant to the automatic grant provisions of Section 4 hereof shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or
reclassification of the Common Stock, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall
not be deemed to have been “effected without receipt of consideration.” Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Option. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, to the extent that an Option has not been previously exercised, it shall terminate
immediately prior to the consummation of such proposed action. 
 (c) Merger or Asset Sale. 

(i) In the event of a merger or equivalent plan of reorganization of the Company with or into another corporation, or the
sale of substantially all of the assets of the Company, each outstanding Option may be assumed or an equivalent option may be substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. If such successor
corporation assumes or substitutes an equivalent option for the Option, the Option or equivalent option shall continue to become exercisable as provided in Section 4 hereof for so long as Optionee remains a Director or the Optionee serves as a
director of the successor corporation or a Parent or Subsidiary of the successor corporation. Upon the Optionee’s termination of status as a Director of the Company or of the successor (or Parent or Subsidiary thereof), as applicable, following
a merger or sale of substantially all the assets, the Optionee’s outstanding Option(s) shall become fully exercisable, including as to Shares as to which such Option(s) would not otherwise be exercisable, and shall remain exercisable in
accordance with Sections 8(a) through (c) above. 
 (ii) In the event that the successor corporation does
not agree to assume the Option or to substitute an equivalent option, each outstanding Option shall become fully vested and exercisable, including as to Shares as to which it would not otherwise be exercisable. If an Option becomes fully vested and
exercisable in accordance with this paragraph, the Board shall notify the Optionee that the Option shall be fully exercisable for a period of thirty (30) days from the date of such notice, and, to the extent not exercised, the Option shall
terminate upon the expiration of such period. For purposes of this paragraph, the Option shall be considered assumed if, following the merger or sale of assets, the Option confers the right to purchase, for each Share of Optioned Stock subject to
the Option immediately prior to the merger or sale of assets, the consideration (whether stock, cash, or other securities or property) received in the merger or sale of assets by holders of Common Stock for each Share held on the effective date of
the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares). 
 11. Amendment and Termination of the Plan. 
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend, or discontinue the Plan, but no amendment, alteration, suspension, or discontinuation shall be made which would
impair the rights of any Optionee under any grant theretofore made, without his or her consent. In addition, to the extent 

  
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necessary and desirable to comply with any applicable law, regulation or stock exchange or quotation system rule, the Company shall obtain stockholder approval of any Plan amendment in such a
manner and to such a degree as required. Notwithstanding the foregoing, and subject to adjustment pursuant to Section 10, the Plan may not be amended to materially increase the number of shares of Common Stock authorized for issuance or reduce
the exercise price of outstanding Options, unless such amendment is approved by the Company’s stockholders. 

(b) Effect of Amendment or Termination. Any amendment or termination of the Plan shall not
affect Options already granted and such Options shall remain in full force and effect as if this Plan had not been amended or terminated. 
 12. Conditions Upon Issuance of Shares. 

(a) Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance
and delivery of such Shares pursuant thereto complies with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, state securities
laws, and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

(b) As a condition to the exercise of an Option, the Company may require the person exercising such Option to represent
and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares, if, in the opinion of counsel for the Company, such a representation is
required by any of the aforementioned relevant provisions of law. 
 (c) Inability of the Company to obtain
authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful grant of an Option, or issuance and sale of any Shares thereunder, shall relieve the Company of any
liability in respect of the failure to grant an Option or issue or sell such Shares as to which such requisite authority has not been obtained. 
 13. Stockholder Approval. This Plan shall be effective on the date approved by the Board, subject to the approval of the Plan by the Company’s stockholders. All Options granted under this Plan
are subject to, and may not be exercised before, the approval of this Plan by the Company’s stockholders prior to the first anniversary date of the effective date of the Plan; provided that if such approval by the stockholders of the Company is
not obtained, all Options previously granted under this Plan shall be void. Stockholder approval of this Plan shall be obtained in the degree and manner required under applicable state and federal law. 

  
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