Document:

POOLING AND SERVICING AGREEMENT

 EXHIBIT 4.3 
  

 
  

POOLING AND SERVICING AGREEMENT 

BETWEEN 
 CAPITAL AUTO
RECEIVABLES LLC 
 AND 

ALLY FINANCIAL INC. 

DATED AS OF MAY 20, 2015 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 SECTION 1.01
	 	Definitions	  	 	1	  
	 SECTION 1.02
	 	Owner of a Receivable	  	 	2	  
		
	 ARTICLE II PURCHASE AND SALE OF RECEIVABLES
	  	 	2	  
			
	 SECTION 2.01
	 	Purchase and Sale of Receivables	  	 	2	  
	 SECTION 2.02
	 	Receivables Purchase Price	  	 	4	  
	 SECTION 2.03
	 	The Closings	  	 	5	  
	 SECTION 2.04
	 	Custody of Receivable Files	  	 	5	  
		
	 ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES
	  	 	6	  
			
	 SECTION 3.01
	 	Duties of the Servicer	  	 	6	  
	 SECTION 3.02
	 	Collection of Receivable Payments	  	 	7	  
	 SECTION 3.03
	 	Realization Upon Liquidating Receivables	  	 	7	  
	 SECTION 3.04
	 	Maintenance of Insurance Policies	  	 	8	  
	 SECTION 3.05
	 	Maintenance of Security Interests in Vehicles	  	 	8	  
	 SECTION 3.06
	 	Covenants, Representations and Warranties of the Servicer	  	 	8	  
	 SECTION 3.07
	 	Purchase of Receivables Upon Breach of Covenant	  	 	10	  
	 SECTION 3.08
	 	Basic Servicing Fee; Payment of Certain Expenses by Servicer	  	 	10	  
	 SECTION 3.09
	 	Servicer’s Accounting	  	 	10	  
	 SECTION 3.10
	 	Application of Collections	  	 	11	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	11	  
			
	 SECTION 4.01
	 	Representations and Warranties as to the Receivables	  	 	11	  
	 SECTION 4.02
	 	Additional Representations and Warranties of the Seller	  	 	15	  
	 SECTION 4.03
	 	Representations and Warranties of CARI	  	 	16	  
		
	 ARTICLE V ADDITIONAL AGREEMENTS
	  	 	17	  
			
	 SECTION 5.01
	 	Conflicts With Further Transfer and Servicing Agreements	  	 	17	  
	 SECTION 5.02
	 	Protection of Title	  	 	17	  
	 SECTION 5.03
	 	Other Liens or Interests	  	 	18	  
	 SECTION 5.04
	 	Repurchase Events	  	 	18	  
	 SECTION 5.05
	 	Indemnification	  	 	18	  
	 SECTION 5.06
	 	Further Assignments	  	 	19	  
	 SECTION 5.07
	 	Pre-Closing Collections	  	 	19	  
		
	 ARTICLE VI CONDITIONS
	  	 	19	  
			
	 SECTION 6.01
	 	Conditions to Obligation of CARI	  	 	19	  
	 SECTION 6.02
	 	Conditions to Obligation of the Seller	  	 	20	  
		
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	21	  
			
	 SECTION 7.01
	 	Amendment	  	 	21	  
	 SECTION 7.02
	 	Survival	  	 	21	  

  
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	 SECTION 7.03
		Notices		 	21	  
	 SECTION 7.04
		Governing Law		 	21	  
	 SECTION 7.05
		Waivers		 	21	  
	 SECTION 7.06
		Costs and Expenses		 	21	  
	 SECTION 7.07
		Confidential Information		 	21	  
	 SECTION 7.08
		Headings		 	22	  
	 SECTION 7.09
		Counterparts		 	22	  
	 SECTION 7.10
		No Petition Covenant		 	22	  
	 SECTION 7.11
		Limitations on Rights of Others		 	22	  
	 SECTION 7.12
		Merger and Consolidation of the Seller, the Servicer or CARI		 	22	  
	 SECTION 7.13
		Assignment		 	23	  

  

			
	EXHIBIT A		Form of First Step Initial Receivables Assignment
		
	EXHIBIT B		Form of First Step Additional Receivables Assignment
		
	SCHEDULE A		Schedule of Receivables
		
	APPENDIX A		Definitions, Rules of Construction and Notices
		
	APPENDIX B		Additional Representations and Warranties

  
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 THIS POOLING AND SERVICING AGREEMENT, dated as of May 20, 2015, between CAPITAL AUTO
RECEIVABLES LLC, a Delaware limited liability company (“CARI”), and ALLY FINANCIAL INC., a Delaware corporation (“Ally Financial,” also herein referred to as the “Seller” in its capacity as seller
of the Receivables and as the “Servicer” in its capacity as servicer of the Receivables). 
 WHEREAS, CARI desires to
purchase on the date hereof and from time to time hereafter portfolios 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 and from time to time hereafter such contracts and related rights to CARI; 

WHEREAS, CARI may wish to sell or otherwise transfer on the date hereof and from time to time hereafter such contracts and related rights, or
interests therein, to a trust, corporation, partnership or other entity (any such entity being the “Issuing Entity”); 

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; 

WHEREAS, the Issuing Entity may wish to provide in the agreements pursuant to which it acquires its interest in such contracts and related
rights and issues the Securities (the Second Step Receivables Assignments, the Trust Agreement, the Notes, the Certificates, the Trust Sale and Servicing Agreement and the Indenture being collectively the “Further Transfer and Servicing
Agreements”) that the Servicer shall service such contracts; 
 WHEREAS, the Servicer is willing to service such contracts in
accordance with the terms hereof for the benefit of CARI and, by its execution of the Further Transfer and Servicing Agreements, will be willing to service such contracts in accordance with the terms of such Further Transfer and Servicing Agreements
for the benefit of the Issuing Entity and each other party identified or described herein or in the Further Transfer and Servicing Agreements as having an interest as owner, trustee, secured party, or holder of Securities (the Issuing Entity and all
such parties under the Further Transfer and Servicing Agreements being “Interested Parties”) with respect to such contracts, and the proceeds thereof, as the interests of such parties may appear from time to time. 

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 and Servicing 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 CARI until the sale, transfer, assignment or other conveyance of such Receivable by CARI pursuant to the terms of the Further Transfer and Servicing Agreements, and thereafter shall mean the
Issuing Entity; provided, however, that the Seller, the Servicer or CARI, 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 3.07 or 5.04 of this Agreement, any provision of the Further Transfer and Servicing Agreements or otherwise. 

ARTICLE II 
 PURCHASE AND
SALE OF RECEIVABLES 
 SECTION 2.01 Purchase and Sale of Receivables. 

(a) Initial Purchase. On the Initial Closing Date, subject to satisfaction of the conditions specified in Article VI and the First Step
Initial Receivables Assignment (and, in any event, immediately prior to consummation of the related transactions contemplated by the Further Transfer and Servicing Agreements, if any), the Seller shall sell, transfer, assign and otherwise convey to
CARI, without recourse: 
 (i) all right, title and interest of the Seller in, to and under the Initial Receivables listed on the Schedule
of Initial Receivables and all monies received thereon on and after the Initial 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 Initial 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 the related Financed Vehicles or Obligors; 

(iv) the interest of the Seller in any proceeds from recourse against Dealers on the Initial Receivables; 

(v) all right, title and interest of the Seller in, to and under the First Step Initial Receivables Assignment; 

(vi) the right to purchase Additional Receivables during the Revolving Period at a price equal to the Aggregate Additional Receivables
Principal Balance on each applicable Distribution Date; and 
 (vii) all present and future claims, demands, causes and choses in action in
respect of any or all of the foregoing described in clauses (i) through (vi) 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. 

  
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 The property described in clauses (i) through (vii) above is referred to
herein collectively as the “Initial Purchased Property.” 
 (b) Additional Purchases. On each Subsequent Closing
Date, subject to the satisfaction of the conditions specified in Article VI and the First Step Additional Receivables Assignment (and, in any event, immediately prior to consummation of the related transactions contemplated by the
Further Transfer and Servicing Agreements, if any), the Seller shall sell, transfer, assign and otherwise convey to CARI, without recourse: 

(i) all right, title and interest of the Seller in, to and under the Additional Receivables listed on the Schedule of Additional Receivables
for such Subsequent Closing Date and all monies received thereon on and after the related Subsequent 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 Additional 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 the related Financed Vehicles or Obligors; 

(iv) the interest of the Seller in any proceeds from recourse against Dealers on the Additional Receivables; 

(v) all right, title and interest of the Seller in, to and under the related First Step Additional 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. 

  
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 The property described in clauses (i) through (vi) above is referred to
herein collectively as the “Additional Purchased Property.” The Initial Purchased Property and the Additional Purchased Property are referred to herein collectively as the “Purchased Property.” 

(c) It is the intention of the Seller and CARI that the sale, transfer, assignment and other conveyances of the Receivables contemplated by
this Agreement and the First Step Receivables Assignment shall constitute a sale of the Receivables from the Seller to CARI 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 bankruptcy petition by or against the Seller under any bankruptcy law. 
 (d) Each sale, transfer, assignment and other
conveyances of Receivables contemplated by this Agreement and the related First Step Receivables Assignment do not constitute and are not intended to result in the creation of or an assumption by CARI 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. 

(a) Initial Purchase. In consideration for the Initial Purchased Property, CARI shall, on the Initial Closing Date, pay to the Seller
an amount equal to the Initial Aggregate Receivables Principal Balance in respect of the Initial Receivables and the Seller shall execute and deliver to CARI an assignment in the form attached hereto as Exhibit A (the “First Step
Initial Receivables Assignment”). The Initial Aggregate Receivables Principal Balance is equal to $1,339,999,691.25. 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 CARI to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from Seller to CARI) and
(b) an increase in Seller’s capital account in CARI (as a result of a deemed capital contribution from the Seller to CARI). The amount advanced under the Intercompany Advance Agreement and the amount of the deemed capital contribution
shall be duly recorded by the Seller and CARI. 
 (b) Additional Receivables. In consideration for the Additional Purchased Property,
CARI shall, on each related Subsequent Closing Date, pay to the Seller an amount equal to the Aggregate Additional Receivables Principal Balance in respect of the Additional Receivables sold on such date and the Seller shall execute and deliver to
CARI an assignment in the form attached hereto as Exhibit A (the “First Step Additional Receivables Assignment”). A portion of the Aggregate Additional Receivables Principal Balance shall be paid to the Seller in
immediately available funds and the balance of such purchase shall be paid through one or both of (a) an increase in the amount owing from CARI to Seller under the Intercompany Advance Agreement (as a result of an advance made thereunder from
Seller to CARI) and (b) an increase in Seller’s capital account in CARI (as a result of a deemed capital contribution from Seller to CARI). The amount advanced under the Intercompany Advance Agreement and the amount of

  
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the deemed capital contribution shall be duly recorded by the Seller and CARI. The First Step Initial Receivables Assignment and each First Step Additional Receivables Assignment are collectively
referred to herein as the “First Step Receivables Assignments.”) 
 SECTION 2.03 The Closings. 

(a) Initial Purchase. The sale and purchase of the Initial Receivables shall take place at the offices of Kirkland & Ellis
LLP, 300 North LaSalle Street, Chicago, Illinois 60654, on the Initial Closing Date at a time mutually agreeable to the Seller and CARI, and will occur simultaneously with the closing of transactions contemplated by the Further Transfer and
Servicing Agreements. 
 (b) Additional Purchases. The sale and purchase of the Additional Receivables shall take place on the
Subsequent Closing Dates at such locations and at such times as are mutually agreeable to the Seller and CARI, and will occur simultaneously with the closing of transactions contemplated by any Further Transfer and Servicing Agreements. 

SECTION 2.04 Custody of Receivable Files. In connection with the sale, transfer and assignment of the Receivables to CARI pursuant to
this Agreement and the First Step Receivables Assignments, CARI, simultaneously with the execution and delivery of this Agreement, shall enter into the Custodian Agreement with the Custodian, pursuant to which CARI shall revocably appoint the
Custodian, and the Custodian shall accept such appointment, to act as the agent of CARI as Custodian of the following documents or instruments which shall be constructively delivered to CARI with respect to each Receivable: 

(a) the fully executed original of the instalment sale contract or direct purchase money loan, as applicable, for such Receivable; 

(b) documents evidencing or related to any Insurance Policy; 

(c) the original credit application of each Obligor, fully executed by each such Obligor on the Seller’s customary form, or on a form
approved by the Seller, for such application; 
 (d) where permitted by law, the original certificate of title (when received) and otherwise
such documents, if any, that the Seller keeps on file in accordance with its customary procedures indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of the Seller as first lienholder or secured party; and 

(e) any and all other documents that the Seller keeps on file in accordance with its customary procedures relating to the individual
Receivable, Obligor or Financed Vehicle. 

  
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 ARTICLE III 

ADMINISTRATION AND SERVICING OF RECEIVABLES 

SECTION 3.01 Duties of the Servicer. 

(a) The Servicer is hereby appointed and authorized to act as agent for the Owner of the Receivables and in such capacity shall manage,
service, administer and process collections on the Receivables with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to comparable motor vehicle related receivables that it services for itself or
others. The Servicer hereby accepts such appointment and authorization and agrees to perform the duties of Servicer with respect to the Receivables set forth herein and in the Further Transfer and Servicing Agreements. 

(b) The Servicer’s duties shall include collection and posting of all payments, responding to inquiries of Obligors, investigating
delinquencies, sending billing statements to Obligors, policing the collateral, including remarketing repossessed and returned Financed Vehicles, accounting for collections and furnishing monthly and annual statements to the Owner of any Receivables
with respect to distributions, generating federal income tax information and performing the other duties specified herein. Subject to the provisions of Section 3.02, the Servicer shall follow its customary standards, policies and
procedures and shall have full power and authority, acting alone, to do any and all things in connection with such managing, servicing, administration and collection that it may deem necessary or desirable. 

(c) Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Owner of the Receivables,
pursuant to this Section 3.01, to execute and deliver, on behalf of all Interested Parties, or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable
instruments, with respect to the Receivables and the Financed Vehicles (including proceeds). The Servicer is hereby authorized to (i) commence, in its own name or in the name of the Owner of such Receivable a legal proceeding, whether through
judicial process or (with respect to repossession of a Financed Vehicle) non-judicial process, (ii) participate in a voluntary or involuntary liquidation proceeding to enforce a Liquidating Receivable or Receivable as contemplated by
Section 3.03, (iii) enforce all obligations of the Seller, the Servicer, CARI or the Issuing Entity under this Agreement and under the Further Transfer and Servicing Agreements or (iv) commence or participate in a legal
proceeding (including a bankruptcy case) relating to or involving a Receivable or a Liquidating Receivable. If the Servicer commences or participates in such a legal proceeding in its own name, the Servicer is hereby authorized and empowered by the
Owner of the Receivables pursuant to this Section 3.01 to obtain possession of the related Financed Vehicle and immediately and without further action on the part of the Owner or the Servicer, the Owner of such Receivable shall thereupon
automatically assign in trust such Receivable and the security interest in the related Financed Vehicle to the Servicer for the benefit of the Interested Parties immediately prior to such legal or liquidation proceeding for purposes of commencing or
participating in any such proceeding as a party or claimant. Upon such automatic assignment, the Servicer will be, and will have all the rights and duties of, a secured party under the UCC and other applicable law with respect to such Receivable and
the related Financed Vehicle. At the Servicer’s request from time to time, the Owner of a Receivable assigned under this Section 3.01 shall provide the Servicer with evidence of the assignment in trust for the benefit of the
Interested Parties as may be reasonably necessary for the Servicer to take any of the actions set forth in the following sentence. 
 (d)
The Servicer is hereby authorized and empowered by the Owner of a Receivable to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any
such proceeding. Any Owner of Receivables shall furnish the Servicer with any powers of attorney and other documents and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and
administrative duties under this Agreement and the Further Transfer and Servicing Agreements. Except to the extent required by the preceding two sentences, the authority and rights granted to the Servicer in this Section 3.01 shall be
nonexclusive and shall not be construed to be in derogation of the retention by the Owner of a Receivable of equivalent authority and rights. 

  
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 SECTION 3.02 Collection of Receivable Payments. The Servicer shall make reasonable efforts
to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection practices, policies and procedures as it follows with respect to comparable motor vehicle
related receivables that it services for itself or others in connection therewith. Except as provided in Section 3.06(a)(iii), the Servicer is hereby authorized to grant extensions, rebates or adjustments on a Receivable without the
prior consent of the Owner of such Receivable. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing such Receivable. 

SECTION 3.03 Realization Upon Liquidating Receivables. The Servicer shall use reasonable efforts, consistent with its customary
practices, policies and procedures, to repossess or otherwise comparably convert the ownership or gain control of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the
Receivable secured by the Financed Vehicle. The Servicer is authorized to follow such customary practices, policies and procedures as it follows with respect to comparable motor vehicle related receivables that it services for itself or others,
which customary practices, policies and procedures may include reasonable efforts to realize upon any recourse to Dealers, selling the related Financed Vehicle at public or private sale and other actions by the Servicer in order to realize upon such
a Receivable. The Servicer is hereby authorized to exercise its discretion consistent with its customary practices, policies and procedures and the terms of the Basic Documents, in servicing Liquidating Receivables so as to maximize the net
collection of those Liquidating Receivables, including the discretion to choose to sell or not to sell any of the Liquidating Receivables itself on behalf of the Depositor or any other Owner. The Servicer shall not be liable for any such exercise of
its discretion made in good faith and in accordance with such servicing procedures. The foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in
connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount
greater than the amount of such expenses. The Servicer shall be entitled to receive Liquidation Expenses with respect to each Liquidating Receivable at such time as the Receivable becomes a Liquidating Receivable (or as may otherwise be provided in
the Further Transfer and Servicing Agreements). 

  
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 SECTION 3.04 Maintenance of Insurance Policies. The Servicer shall, in accordance with its
customary practices, policies and procedures, require that each Obligor shall have obtained physical damage insurance covering the Financed Vehicle as of the execution of the related Receivable. The Servicer shall, in accordance with its customary
practices, policies and procedures, track such physical damage insurance with respect to each Receivable. 
 SECTION 3.05 Maintenance of
Security Interests in Vehicles. The Servicer shall, in accordance with its customary practices, policies and procedures and at its own expense, take such steps as are necessary to maintain perfection of the security interest created by
each Receivable in the related Financed Vehicle. The Owner of each Receivable hereby authorizes the Servicer to re-perfect such security interest on behalf of such Owner, as necessary because of the relocation of a Financed Vehicle, or for any other
reason. 
 SECTION 3.06 Covenants, Representations and Warranties of the Servicer. As of the Initial Closing Date with respect
to the Initial Receivables and as of each Subsequent Closing Date with respect to the Additional Receivables purchased on each such Subsequent Closing Date, the Servicer hereby makes the following representations, warranties and covenants on which
CARI relies in accepting the Receivables hereunder and pursuant to the related First Step Receivables Assignment, and on which the Issuing Entity shall rely in accepting such Receivables and executing and delivering the Securities under the Further
Transfer and Servicing Agreements. 
 (a) The Servicer covenants that from and after the closing hereunder: 

(i) Liens in Force. Except as contemplated in this Agreement or the Further Transfer and Servicing Agreements, the Servicer shall not
release in whole or in part any Financed Vehicle from the security interest securing the related Receivable; 
 (ii) No Impairment.
The Servicer shall do nothing to impair the rights or security interest of CARI or any Interested Party in and to the Purchased Property; and 

(iii) No Modifications. The Servicer shall not amend or otherwise modify any Receivable such that the Amount Financed, the Annual
Percentage Rate, or the number of originally scheduled due dates is altered or such that the last scheduled due date occurs after the Final Scheduled Distribution Date. 

(b) Upon the execution of this Agreement and the Further Transfer and Servicing Agreements, the Servicer represents and warrants to the
Issuing Entity and CARI that as of the Initial Closing Date with respect to the Initial Receivables and as of each Subsequent Closing Date with respect to the Additional Receivables purchased on each such Subsequent Closing Date: 

(i) Organization and Good Standing. The Servicer has been duly formed and is validly existing and in good standing under the laws of
its State of incorporation, 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; 

  
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 (ii) Due Qualification. The Servicer 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 (including the servicing of the Receivables) requires or shall require such
qualification; 
 (iii) Power and Authority. The Servicer has the power and authority to execute and deliver this Agreement and the
Further Transfer and Servicing Agreements and to carry out the terms of such agreements; the Servicer has the power, authority and legal right to service the Receivables as provided herein and in the Further Transfer and Servicing Agreements and the
Servicer’s execution, delivery and performance of this Agreement and the Further Transfer and Servicing Agreements have been duly authorized by the Servicer by all necessary corporate action; 

(iv) Binding Obligation. The Further Transfer and Servicing Agreements and this Agreement, when duly executed and delivered, shall
constitute the legal, valid and binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, 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; 

(v) No Violation. The consummation by the Servicer of the transactions contemplated by this Agreement and the Further Transfer and
Servicing Agreements, and the fulfillment by the Servicer of the terms hereof and thereof, 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 Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer 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 Further Transfer and Servicing Agreements, or
violate any law or, to the best of the Servicer’s knowledge, any order, rule or regulation applicable to the Servicer of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Servicer or any of its properties; and 
 (vi) No Proceedings. To the Servicer’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 Servicer or its properties (A) asserting the
invalidity of this Agreement and the Further Transfer and Servicing Agreements or any Securities issued thereunder, (B) seeking to prevent the issuance of such Securities or the consummation of any of the transactions contemplated by the
Further Transfer and Servicing Agreements, or (C) seeking any determination or ruling that might materially and adversely affect this Agreement, the performance by the Servicer of its obligations under, or the validity or enforceability of, the
Further Transfer and Servicing Agreements. 

  
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 SECTION 3.07 Purchase of Receivables Upon Breach of Covenant. Upon discovery by any
of the Seller, the Servicer, CARI or any party under the Further Transfer and Servicing Agreements of a breach of any of the covenants set forth in Sections 3.05 and 3.06(a), the party discovering such breach shall give prompt written
notice thereof to the others. As of the last day of the second Monthly Period following its discovering or receiving notice of such breach (or, at the Servicer’s election, the last day of the first Monthly Period following such discovery or
notice), the Servicer shall, unless it shall have cured such breach in all material respects, purchase from the Owner thereof any Receivable materially and adversely affected by such breach as determined by such Owner and, on the related
Distribution Date, the Servicer shall pay the Administrative Purchase Payment. It is understood and agreed that the obligation of the Servicer to purchase any Receivable with respect to which such a breach has occurred and is continuing shall, if
such obligation is fulfilled, constitute the sole remedy against the Servicer for such breach available to CARI or any Interested Party. 

SECTION 3.08 Basic Servicing Fee; Payment of Certain Expenses by Servicer. The Servicer is entitled to receive the Basic Servicing Fee
out of collections in respect of the Receivables and other available funds, as and to the extent set forth herein and in the Further Transfer and Servicing Agreements. The Servicer shall also be entitled to Investment Earnings as, and to the extent,
set forth in the Further Transfer and Servicing Agreements. Subject to any limitations on the Servicer’s liability under the Further Transfer and Servicing Agreements, the Servicer shall be required to pay all expenses incurred by it in
connection with its activities under this Agreement and under the Further Transfer and Servicing Agreements (including fees and disbursements of the Issuing Entity, any trustees and independent accountants, taxes imposed on the Servicer, expenses
incurred in connection with distributions and reports to holders of Securities and all other fees and expenses not expressly stated under this Agreement or the Further Transfer and Servicing Agreements to be for the account of the holders of
Securities). 
 SECTION 3.09 Servicer’s Accounting. On each Determination Date under a Further Transfer and Servicing Agreement,
the Servicer shall deliver to each of the trustees and other applicable parties under the Further Transfer and Servicing Agreements and to CARI and the Rating Agencies a Servicer’s Accounting with respect to the immediately preceding Monthly
Period executed by any Authorized Officer of the Servicer containing all information necessary to each such party for making any distributions required by the Further Transfer and Servicing Agreements, and all information necessary to each such
party for sending any statements required under the Further Transfer and Servicing Agreements. Receivables to be purchased by the Servicer under Sections 3.07 or 5.04 or to be repurchased by CARI, the Servicer or the Seller under
the Further Transfer and Servicing Agreements as of the last day of any Monthly Period shall be identified by Receivable number (as set forth in the Schedule of Receivables). With respect to any Receivables for which CARI is the Owner, the Servicer
shall deliver to CARI such accountings relating to such Receivables and the actions of the Servicer with respect thereto as CARI may reasonably request. 

  
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 SECTION 3.10 Application of Collections. For the purposes of this Agreement and the
Further Transfer and Servicing Agreements, no later than each Distribution Date all collections for the related Monthly Period shall be applied by the Servicer as follows: 

(a) With respect to all Simple Interest Receivables (other than Administrative Receivables and Warranty Receivables), payments by or on behalf
of the Obligors that are not Supplemental Servicing Fees shall be applied to principal and interest on all such Simple Interest Receivables. 

(b) With respect to a Simple Interest Receivable that is also an Administrative Receivable or Warranty Receivable, payments by or on behalf of
the Obligor shall be applied in the same manner as set forth in Section 3.10(a). A Warranty Payment or an Administrative Purchase Payment, as applicable, shall be applied to principal and interest on such Receivable. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01 Representations and Warranties as to the Receivables. The Seller makes the following representations and warranties as to
the Receivables, on which CARI relies in accepting the Receivables. Such representations and warranties speak as of the Initial Closing Date with respect to the Initial Receivables, and as of each Subsequent Closing Date with respect to the
Additional Receivables purchased on each such Subsequent Closing Date, and shall survive the sale, transfer and assignment of the Receivables to CARI and the subsequent assignment and transfer pursuant to the Further Transfer and Servicing
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, 
 (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 CARI, 

(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, 

  
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 (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 eighty-four (84) months and a remaining term of not less than three (3) months, and 

(7) with respect to which at least one monthly payment has been made. 

(ii) Initial Receivables. In addition to the characteristics set forth in Section 4.01(a)(i) above, each Initial
Receivable (1) has a first scheduled payment due date on or after August 23, 2008, (2) was originated on or after July 28, 2008, (3) as of the Initial Cutoff Date, was not considered past due (that is, no payments due on
that Initial 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 26.00%. 

(iii) Additional Receivables. In addition to the characteristics set forth in Section 4.01(a)(i) above, each Additional
Receivable as of the related Subsequent Cutoff Date, was not considered past due, that is, the payments due on that Additional Receivable in excess of $25 were not more than thirty (30) days delinquent, and such Additional Receivable was not a
Liquidating Receivable. 
 (iv) Cumulative Receivables. Following the addition of all Additional Receivables on each Subsequent
Cutoff Date: 
 (1) the sum of the Amount Financed of each Cumulative Receivable as of such date that had an original term: (a) of 60
months or less, measured as of its date of origination, is at least 22.5% of the Aggregate Amount Financed of the Cumulative Receivables as of such date; (b) of between 73 months and 75 months, measured as of its date of origination, is not
greater than 10.0% of the Aggregate Amount Financed of the Cumulative Receivables as of such date; and (c) in excess of 75 months, measured as of its date of origination, is not greater than 2.0% of the Aggregate Amount Financed of the
Cumulative Receivables as of such date; 
 (2) the sum of the Amount Financed of each Cumulative Receivable as of such date that was
secured by used Financed Vehicles, measured as of the Applicable Cutoff Date for each such Cumulative Receivable, is not greater than 40.0% of the Aggregate Amount Financed of the Cumulative Receivables as of such dates; 

(3) the Weighted Average FICO Score of the Cumulative Receivables, measured as of the Applicable Cutoff Date, is 630 or greater; 

(4) the Weighted Average Loan-to-Value of the Cumulative Receivables, measured as of the Applicable Cutoff Date, is 110 or less; 

  
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 (5) the Weighted Average Rate of the Cumulative Receivables, measured as of the Applicable
Cutoff Date, is at least 7.8%; 
 (6) the sum of the Amount Financed of each Cumulative Receivable with no FICO score or related to a
business obligor, measured as of the Applicable Cutoff Date, is not greater than 10.0% of the Aggregate Amount Financed of the Cumulative Receivables; and 

(7) the sum of the Amount Financed of each Cumulative Receivable with a FICO score less than 580, measured as of the Applicable Cutoff Date,
is not greater than 12.5% of the Aggregate Amount Financed of the Cumulative Receivables. 
 (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 Initial Receivables is,
and each Schedule of Additional Receivables will be, true and correct in all material respects, and no selection procedures believed to be adverse to CARI or to holders of the Securities issued under the Further Transfer and Servicing 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, 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
Consumer Financial Protection Bureau’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 of the Uniform Consumer
Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws, in respect of each such Receivable and other Purchased Property, have been complied with in all material respects, and each such 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 such 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 Assignments, each Receivable was secured by a validly perfected first priority security interest in the Financed

  
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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. Each such Receivable has not 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 Initial Cutoff Date or any Subsequent Cutoff Date, as applicable, no provision of any such 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 such 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 such 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. The Obligor
under each such Receivable 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. Each such Receivable has not been sold, transferred, assigned or pledged by the Seller to any Person other than CARI;
immediately prior to the conveyance of each such Receivable pursuant to this Agreement and the First Step Receivables Assignments, the Seller had good and marketable title thereto, free of any Lien; and, upon execution and delivery of this Agreement
by the Seller, CARI shall have all of the right, title and interest of the Seller in and to each such Receivable, the unpaid indebtedness evidenced thereby and the collateral security therefor, free of any Lien. 

(m) Lawful Assignment. Each such Receivable was not originated in, or is not subject to the laws of, any jurisdiction the laws of which
would make unlawful the sale, transfer and assignment of each such Receivable under this Agreement, the Trust Sale and Servicing Agreement or the Indenture, as applicable. 

(n) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give CARI a first priority perfected
ownership interest in each such Receivable shall have been made. 
 (o) One Original. There is only one original executed copy of
each such Receivable. 

  
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 (p) No Documents or Instruments. No such 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. Each such Receivable has not 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 4.02 Additional Representations and Warranties
of the Seller. The Seller hereby represents and warrants to CARI and the Servicer as of the Initial Closing Date with respect to the Initial Receivables and as of each Subsequent Closing Date with respect to the Additional Receivables purchased
on each such Subsequent Closing Date that: 
 (a) Organization and Good Standing. The Seller 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; 

(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 related 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 CARI, and has duly authorized such sale and assignment to CARI by all necessary corporate action;
and the execution, delivery and performance of this Agreement and the related 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 Initial Receivables Assignment, when duly executed and delivered,
shall constitute a valid sale, transfer and assignment of the Initial Receivables, and each First Step Additional Receivables Assignment, when duly executed and delivered, shall constitute a valid sale, transfer and assignment of the respective
Additional Receivables, in each case, enforceable against creditors of and purchasers from the Seller; and this Agreement together with the related 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, 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 related First Step Receivables Assignment
and the fulfillment of the terms of this Agreement and the related First Step Receivables Assignment shall not conflict with, result 

  
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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 Assignments 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; 

(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 related First Step Receivables
Assignment, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement and the related 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 Assignments; and 

(g) No Insolvency. With respect to the Additional Receivables as of the related Subsequent Closing Date, (i) the Seller was not
and will not become insolvent as a result of the transfer of such Additional Receivables, (ii) the Seller did not intend to or believe that it would incur debts that would be beyond its ability to pay as such debts matured, (iii) the
Seller did not transfer such Additional Receivables with the actual intent to hinder, delay or defraud any Person and (iv) the assets of the Seller did not constitute unreasonably small capital to carry out its business as conducted. 

SECTION 4.03 Representations and Warranties of CARI. CARI hereby represents and warrants to the Seller and the Servicer as of the
Initial Closing Date and each Subsequent Closing Date: 
 (a) Organization and Good Standing. CARI 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. CARI 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. CARI has the power and authority to execute and deliver this Agreement and
the First Step Receivables Assignments and to carry out its terms and the execution, delivery and performance of this Agreement and the First Step Receivables Assignments have been duly authorized by CARI 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 Assignments and the fulfillment of the terms of this Agreement and the First Step Receivables Assignments 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 CARI, or any indenture, agreement, mortgage, deed of trust or other instrument to which CARI 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 and Servicing Agreement or violate any law or, to the best of
CARI’s knowledge, any order, rule or regulation applicable to CARI of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over CARI or any of its properties; and

 (e) No Proceedings. To CARI’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 CARI or its properties (i) asserting the invalidity of this Agreement and the First Step Receivables Assignments, or
(ii) seeking any determination or ruling that might materially and adversely affect the performance by CARI of its obligations under, or the validity or enforceability of, this Agreement and the First Step Receivables Assignments. 

ARTICLE V 
 ADDITIONAL
AGREEMENTS 
 SECTION 5.01 Conflicts With Further Transfer and Servicing Agreements. To the extent that any provision of
Sections 5.02 through 5.04 of this Agreement conflicts with any provision of the Further Transfer and Servicing Agreements, the Further Transfer and Servicing Agreements shall govern. 

SECTION 5.02 Protection of Title. 

(a) Filings. The Seller shall authorize or prepare, as applicable, and file such financing statements or amendments to financing
statements and cause to be authorized and prepared, 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 CARI under
this Agreement and the First Step Receivables Assignments in the Receivables and the other Purchased Property and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to CARI 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 CARI 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, CARI or CARI’s assigns in accordance with Section 5.02(a) seriously misleading within the meaning of the UCC, unless it shall give
CARI written notice thereof within ten (10) days of such change. 

  
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 (c) Executive Office; Maintenance of Offices. The Seller shall give CARI 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 5.02(a). 

SECTION 5.03 Other Liens or Interests. Except for the conveyances hereunder and under the First Step Receivables Assignments and as
contemplated by the Further Transfer and Servicing 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 CARI in, to and under such Receivables or other Purchased Property against all claims of third parties claiming through or under the Seller. 

SECTION 5.04 Repurchase Events. By its execution of the Further Transfer and Servicing Agreements to which it is a party, the Seller
shall acknowledge the assignment by CARI of such of its right, title and interest in, to and under this Agreement and the First Step Receivables Assignments to the Issuing Entity as shall be provided in the Further Transfer and Servicing Agreements.
The Seller hereby covenants and agrees with CARI for the benefit of CARI and the Interested Parties that in the event of a breach of any of the Seller’s representations and warranties contained in Section 4.01 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
and Servicing Agreements, without further notice from CARI hereunder. Upon the occurrence of a Repurchase Event with respect to a Receivable for which CARI is the Owner, the Seller agrees to repurchase such Receivable from CARI 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 CARI or any Interested Party. 

SECTION 5.05 Indemnification. The Seller shall indemnify CARI 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. 

  
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 SECTION 5.06 Further Assignments. The Seller acknowledges that CARI may, pursuant to the
Further Transfer and Servicing Agreements, sell the Receivables to the Issuing Entity and assign its rights hereunder and under the First Step Receivables Assignments to the Issuing Entity, subject to the terms and conditions of the Further Transfer
and Servicing 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 Assignments. The Seller further acknowledges that CARI may assign
its rights under the Custodian Agreement to the Issuing Entity. 
 SECTION 5.07 Pre-Closing Collections. Within two (2) Business
Days after the Initial Closing Date and each Subsequent Closing Date, the Seller shall transfer to the account or accounts designated by CARI (or by the Issuing Entity under the Further Transfer and Servicing Agreements) all collections on the
Receivables held by the Seller on the Initial Closing Date or Subsequent Closing Date, as applicable, and conveyed to CARI pursuant to Section 2.01; provided that so long as the Monthly Remittance Conditions are satisfied, such
collections need not be transferred until the first Distribution Date. 
 ARTICLE VI 

CONDITIONS 
 SECTION 6.01
Conditions to Obligation of CARI. The obligation of CARI to purchase the Receivables hereunder and pursuant to the First Step Receivables Assignments is subject to the satisfaction of the following conditions: 

(a) Representations and Warranties True. The representations and warranties of each of the Seller and the Servicer hereunder shall be
true and correct at the time of the Initial Closing Date and each Subsequent Closing Date with the same effect as if then made, and each of the Seller and Servicer shall have performed all obligations to be performed by it hereunder on or prior to
the Initial Closing Date and each Subsequent Closing Date. 
 (b) No Repurchase Event. No Repurchase Event shall have occurred on or
prior to the Initial Closing Date and each Subsequent 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 Initial Closing Date and each Subsequent Closing Date, indicated in its computer files created in connection with the Receivables that the Receivables have been sold to CARI pursuant to this
Agreement and the First Step Receivables Assignments and deliver to CARI the Schedule of Initial Receivables or Schedule of Additional Receivables, as applicable, 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 Initial Closing Date, the Seller shall execute and deliver the First Step Initial Receivables Assignment
and on each Subsequent Closing Date, the Seller shall execute and deliver the First Step Additional Receivables Assignment. 

  
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 (ii) Evidence of UCC Filing. On or prior to the Initial 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 CARI 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 CARI. The Seller shall
deliver a file-stamped copy, or other evidence satisfactory to CARI of such filing, to CARI on or prior to the Initial Closing Date. 

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

(f) Conditions to the Purchase of Additional Receivables. In addition to the conditions set forth in this Section 6.01, the
obligation of CARI to purchase Additional Receivables hereunder and pursuant to the related First Step Additional Receivables Assignment is subject to the satisfaction of the following conditions: 

(i) No Adverse Selection Procedures. No selection procedures believed by the Seller to be adverse to the interests of CARI, the
Issuing Entity, the Noteholders or the Certificateholders shall have been utilized in selecting the Additional Receivables. 
 (ii) No
Material Tax Consequences. The addition of the Additional Receivables will not result in a material adverse tax consequence to CARI, the Issuing Entity, the Noteholders or the Certificateholders. 

(iii) Conditions Satisfied. All the conditions to the transfer of the Additional Receivables from CARI to the Issuing Entity specified
in Section 2.07 of the Trust Sale and Servicing Agreement shall have been satisfied. 
 SECTION 6.02 Conditions to Obligation
of the Seller. The obligation of the Seller to sell the Receivables to CARI hereunder or pursuant to the related First Step Receivables Assignment is subject to the satisfaction of the following conditions: 

(a) Representations and Warranties True. The representations and warranties of CARI hereunder shall be true and correct as of the
Initial Closing Date with respect to the Initial Receivables and as of the Subsequent Closing Date with respect to the Additional Receivables with the same effect as if then made, and CARI shall have performed all obligations to be performed by it
hereunder or pursuant to the First Step Receivables Assignments on or prior to the closing hereunder. 
 (b) Receivables Purchase
Price. On the Initial Closing Date, CARI shall pay to the Seller that portion of the Initial Aggregate Receivables Principal Balance and on each Subsequent Closing Date, CARI shall pay the Seller that portion of the Aggregate Additional
Receivables Principal Balance, in each case, as provided in Section 2.02. 

  
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 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

SECTION 7.01 Amendment. This Agreement may be amended from time to time (subject to any expressly applicable amendment provision of the
Further Transfer and Servicing Agreements) by a written amendment duly executed and delivered by the Seller, the Servicer and CARI. 

SECTION 7.02 Survival. The representations and warranties of the Seller and the Servicer set forth in Articles IV and V
of this Agreement and of Servicer set forth in Section 3.06 of this Agreement shall remain in full force and effect and shall survive the Initial Closing Date and each Subsequent Closing Date under Section 2.03 hereof and the
closing under the Further Transfer and Servicing Agreements. 
 SECTION 7.03 Notices. All demands, notices and communications upon or
to the Seller or CARI under this Agreement shall be delivered as specified in Part III of Appendix A to this Agreement. 
 SECTION
7.04 Governing Law. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES ASSIGNMENTS 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.

 SECTION 7.05 Waivers. No failure or delay on the part of CARI in exercising any power, right or remedy under this Agreement or the
First Step Receivables Assignments 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 7.06 Costs and Expenses. The Seller agrees to pay all reasonable out-of-pocket costs and expenses of CARI, including fees
and expenses of counsel, in connection with the perfection as against third parties of CARI’s right, title and interest in, to and under the Receivables and the enforcement of any obligation of the Seller hereunder. 

SECTION 7.07 Confidential Information. CARI 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 CARI’s rights hereunder, under the Receivables, under the Further Transfer and Servicing Agreements or as required by law. 

  
 21 

 SECTION 7.08 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 7.09 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 7.10 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 or, with respect to the Certificates, to the Certificateholder or the Certificate Distribution Account, acquiesce, petition or
otherwise invoke or cause CARI or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against CARI 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 CARI 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 CARI or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 
 SECTION 7.11
Limitations on Rights of Others. The provisions of this Agreement and the First Step Receivables Assignments are solely for the benefit of the Seller, the Servicer and CARI 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 7.12 Merger and Consolidation of the Seller, the Servicer or CARI. Any corporation, limited liability company or
other entity (i) into which any of the Seller, the Servicer or CARI may be merged or consolidated, (ii) resulting from any merger or consolidation to which any of the Seller, the Servicer or CARI shall be a party, (iii) succeeding to
the business of any of the Seller, the Servicer or CARI or (iv) 25% 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, the Servicer or CARI (as applicable) under this Agreement and the other Basic
Documents, shall be the successor to the Seller, the Servicer or CARI (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. 

  
 22 

 SECTION 7.13 Assignment. Notwithstanding anything to the contrary contained in this
Agreement, this Agreement may be assigned by the Seller, the Servicer or CARI 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, the Servicer or CARI (as applicable), or 25% or more of the voting interests of which is owned, directly or indirectly, by General Motors or by Ally Financial, provided that the assignee of CARI executes an agreement of assumption, as
provided in Section 3.03(a) or 6.02 of the Trust Sale and Servicing Agreement. 

*    *    *    *    * 

  
 23 

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

					
	ALLY FINANCIAL INC.
		
	By:		  

			Name:		
			 Title:
		
	
	CAPITAL AUTO RECEIVABLES LLC
		
	By:		  

			Name:		
			Title:		

 Pooling and Servicing Agreement (CARAT 2015-2) 

 EXHIBIT A 

FORM OF 
 FIRST STEP INITIAL
RECEIVABLES ASSIGNMENT 
 PURSUANT TO THE POOLING AND SERVICING AGREEMENT 

For value received, in accordance with the Pooling and Servicing Agreement, dated as of May 20, 2015 (the “Pooling and Servicing
Agreement”), between Ally Financial Inc., a Delaware corporation (the “Seller” and the “Servicer”), and Capital Auto Receivables LLC, a Delaware limited liability company (“CARI”), the
Seller does hereby sell, assign, transfer and otherwise convey unto CARI, without recourse, as of May 20, 2015, (i) all right, title and interest of the Seller in, to and under the Initial Receivables listed on the Schedule of Initial
Receivables attached as Schedule A hereto and all monies received thereon on and after the Initial 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 Initial 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 the related Financed Vehicles or Obligors; (iv) the interest of the Seller in
any proceeds from recourse against Dealers on the Initial Receivables; and (v) all right, title and interest of the Seller in, to and under the First Step Initial Receivables Assignment; (vi) the right to purchase Additional Receivables
during the Revolving Period at a price equal to the Aggregate Additional Receivables Principal Balance on each applicable Distribution Date; and (vii) 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 CARI that the sale, transfer, assignment and other conveyances of
the Initial Receivables contemplated by the Pooling and Servicing Agreement and this First Step Initial Receivables Assignment shall constitute a sale of the Initial Receivables from the Seller to CARI and the beneficial interest in and title to the
Initial Receivables shall not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. 

The foregoing sale, transfer, assignment and other conveyances of the Initial Receivables contemplated by the Pooling and Servicing Agreement
and this First Step Initial Receivables Assignment do not constitute and are not intended to result in the creation of or an assumption by CARI of any obligation of the undersigned to the Obligors, Dealers, insurers or any other Person in connection
with the Initial Receivables, any Dealer Agreements, any insurance policies or any other agreement or instrument relating to any of them. 

  
 Ex. A-1 

 This First Step Initial Receivables Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Pooling and Servicing Agreement and is to be governed by the Pooling and Servicing Agreement. 

Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to them in the Pooling and Servicing Agreement.

 *    *    *    *    * 

  
 Ex. A-2 

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

			
	ALLY FINANCIAL INC.
		
	By: 		  

	Name:		
	Title:		

  
 Ex. A-3 

 EXHIBIT B 

FORM OF 
 FIRST STEP ADDITIONAL
RECEIVABLES ASSIGNMENT 
 PURSUANT TO THE POOLING AND SERVICING AGREEMENT 

For value received, in accordance with the Pooling and Servicing Agreement, dated as of May 20, 2015 (the “Pooling and Servicing
Agreement”), between Ally Financial Inc., a Delaware corporation (the “Seller” and the “Servicer”), and Capital Auto Receivables LLC, a Delaware limited liability company (“CARI”), the Seller
does hereby sell, assign, transfer and otherwise convey unto CARI, without recourse, as of [            ], 20[    ], (i) all right, title and interest of the Seller
in, to and under the Additional Receivables listed on the Schedule of Additional Receivables attached as Schedule A hereto and all monies received thereon on and after the related Subsequent Cutoff Date, exclusive of any amounts allocable to the
premium for physical damage collateral protection insurance required by the Seller covering any related Financed Vehicle; (ii) the interest of the Seller or the Servicer in the security interests in the Financed Vehicles granted by Obligors
pursuant to the Additional 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 the related Financed Vehicles or Obligors; (iv) the interest of the Seller in any proceeds from recourse against Dealers on the Additional Receivables; (v) all right, title and interest of the Seller in, to and under the First
Step Additional 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 intangible, 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 CARI that the sale, transfer, assignment and other conveyances of the Additional Receivables
contemplated by the Pooling and Servicing Agreement and this First Step Additional Receivables Assignment shall constitute a sale of the Additional Receivables from the Seller to CARI and the beneficial interest in and title to the Additional
Receivables shall not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. 

The foregoing sale, transfer, assignment and other conveyances of the Additional Receivables contemplated by the Pooling and Servicing
Agreement and this First Step Additional Receivables Assignment do not constitute and are not intended to result in the creation of or an assumption by CARI of any obligation of the undersigned to the Obligors, Dealers, insurers or any other Person
in connection with the Additional Receivables, any Dealer Agreements, any insurance policies or any other agreement or instrument relating to any of them. 

  
 Ex. B-1 

 This First Step Additional Receivables Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned contained in the Pooling and Servicing Agreement and is to be governed by the Pooling and Servicing Agreement. 

The Seller hereby represents that as of the Subsequent Cutoff Date the Aggregate Additional Receivables Principal Balance of the Additional
Receivables conveyed hereby was $[        ]. 
 The Seller and CARI hereby acknowledge that the
Aggregate Additional Receivables Principal Balance for the Additional Receivables assigned hereunder is $[        ]. 

Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Pooling and Servicing
Agreement. 
 *    *    *    *    * 

  
 Ex. B-2 

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

			
	 ALLY FINANCIAL INC.

		
	 By:
		  

	 Name:
		
	 Title:
		

  
 Ex. B-3 

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 

The Schedule of Initial Receivables is, and the Schedule of 

Additional Receivables will be, on file at the offices of: 
  

	1.	The Indenture Trustee 

  

	2.	The Owner Trustee 

  

	3.	The Servicer 

  

	4.	The Seller 

  

	5.	Capital Auto Receivables 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 Trust Sale and Servicing Agreement of even date herewith among Ally Financial Inc., CARI and Capital Auto Receivables Asset Trust 2015-2,
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 Trust Sale and
Servicing Agreement of even date herewith among Ally Financial Inc., CARI and Capital Auto Receivables Asset Trust 2015-2, 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 Trust Sale and Servicing Agreement of even date herewith among Ally Financial Inc., CARI and Capital Auto Receivables Asset Trust 2015-2, as
amended and supplemented from time to time. 

  
 App. A 

 APPENDIX B 

Additional Representations and Warranties 
  

	1.	While it is the intention of the Seller and CARI 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 CARI, this Agreement, the Trust Sale and Servicing Agreement and the Indenture create a valid and continuing security interest (as defined in the applicable UCC) in the Purchased Property in favor of CARI, 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, CARI 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 CARI 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 CARI hereunder, the Issuing Entity under the Trust Sale and Servicing Agreement and the Indenture Trustee under the Indenture. 

 

	6.	Other than the security interest granted to CARI pursuant to the Basic Documents, the Issuing Entity under the Trust Sale and Servicing Agreement and the Indenture Trustee under the Indenture none of the Seller, CARI 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, CARI or the Issuing Entity has authorized the filing of, nor is the Seller aware of, any
financing statements against the Seller, CARI 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 CARI, 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, CARI 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 CARI. All financing statements filed or
to be filed against the Seller in favor of CARI in connection herewith describing the Receivables contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will
violate the rights of CARI.” 

  
 App. BEX-4.3

 Exhibit 4.3 

LA QUINTA HOLDINGS INC. 

2015 EMPLOYEE STOCK PURCHASE PLAN 

ARTICLE I – PURPOSE 
  

	1.01	Purpose. 

 The purpose of the Plan is to provide a means by which
Eligible Employees may purchase Common Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the Company’s stockholders. It is the Company’s intention to
have the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code. Accordingly, the provisions of the Plan shall be administered in a manner that is consistent with the requirements of Section 423 of the
Code. 
 ARTICLE II – DEFINITIONS 
  

	2.01	Affiliate. 

 “Affiliate” means any parent corporation or subsidiary
corporation of the Company (as determined in accordance with Section 424 of the Code). 
  

	2.02	Base Compensation. 

 “Base Compensation” means regular base straight-time
gross earnings annualized as of the relevant Offering Commencement Date, excluding payments, if any, for overtime, incentive compensation, commissions, incentive payments, premiums, bonuses, and any other special remuneration of a Participant during
an Offering Period. Notwithstanding the foregoing, the Committee may, in its discretion, on a uniform and nondiscriminatory basis, establish a different definition of “Base Compensation” for a subsequent Offering Period prior to the
Offering Commencement Date of such subsequent Offering Period. 
  

	2.03	Board. 

 “Board” means the Board of Directors of the Company. 

 

	2.04	Change in Control. 

 “Change in Control” has the meaning set forth in the
Company’s 2014 Omnibus Incentive Plan, as amended from time to time, or any successor plan thereto. 
  

	2.05	Code. 

 “Code” means the Internal Revenue Code of 1986, as amended, and
any successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretive guidance under such section, and any amendments or successor provisions to such section, regulations or
guidance. 
  

	2.06	Committee. 

 “Committee” means a committee appointed by the Company in
accordance with Section 10.01 hereof. 

	2.07	Common Stock. 

 “Common Stock” means the common stock, par value $0.01 per
share, of the Company (and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged). 
  

	2.08	Company. 

 “Company” means La Quinta Holdings Inc. 

 

	2.09	Eligible Employees. 

 “Eligible Employees” means, subject to the
limitations set forth in Section 4.02, any individual employed by the Company or an Affiliate who has completed at least two (2) years of service with the Company or an Affiliate, except (i) employees who are not employed by the
Company or an Affiliate prior to the beginning of an Offering Period or prior to such other time period specified by the Committee; (ii) individuals who provide services to the Company or any of its Affiliates as independent contractors who are
reclassified as common law employees for any reason except for federal income and employment tax purposes; and (iii) employees who reside in countries for whom such employees’ participation in the Plan would result in a violation under any
corporate or securities laws of such country of residence. 
  

	2.10	Exchange Act. 

 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and any successor thereto. Reference in the Plan to any section (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretive guidance under such section or rule, and any amendments
or successor provisions to such section, rules, regulations or other interpretive guidance. 
  

	2.11	Fair Market Value. 

 “Fair Market Value” means, on a given date,
(i) if the Common Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on
that date, then on the last preceding date on which such sales were reported; (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the average between
the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or
quoted in an inter-dealer quotation system on a last sale basis, the amount determined by the Committee in good faith to be the fair market value of the Common Stock. 
  

	2.12	New Purchase Date. 

 “New Purchase Date” means a new Purchase Date, as
designated by the Committee, if the Committee shortens any Offering Period then in progress. 
  

	2.13	Notice Period. 

 “Notice Period” means (i) the two (2) year
period following the Offering Commencement Date relating to the applicable shares of Common Stock or (ii) the one (1) year period following the Purchase Date related to the applicable shares of Common Stock that were purchased. 

	2.14	Offering Commencement Date. 

 “Offering Commencement Date” means the first
day of each Offering Period. 
  

	2.15	Offering End Date. 

 “Offering End Date” means the last day of each
Offering Period. 
  

	2.16	Offering Period. 

 “Offering Period” means a six (6) month period
established by the Committee in accordance with Section 5.01. 
  

	2.17	Participant. 

 “Participant” means, with respect to an Offering Period, an
Eligible Employee who is participating in such Offering Period, as provided in Section 4.01. 
  

	2.18	Plan. 

 “Plan” means this La Quinta Holdings Inc. 2015 Employee Stock
Purchase Plan, as may be amended from time to time. 
  

	2.19	Purchase Date. 

 “Purchase Date” means with respect to any Offering
Period, the Offering End Date associated with such Offering Period (or such other date established by the Committee prior to the applicable Offering Commencement Date or pursuant to Section 9.02); provided, however, if any such
date is not a Trading Day, the Purchase Date shall be the next business day that is a Trading Day. 
  

	2.20	Purchase Price. 

 “Purchase Price” means an amount per share of Common
Stock equal to ninety-five percent (95%) of the Fair Market Value of a share of Common Stock on the Purchase Date, or if such Purchase Date is not a Trading Day, the next business day that is a Trading Day. 

 

	2.21	Reserves. 

 “Reserves” has the meaning set forth in Section 9.01.

  

	2.22	Rule 16b-3. 

 “Rule 16b-3” has the meaning set forth in
Section 10.01. 
  

	2.23	Securities Act. 

 “Securities Act” means the Securities Act of 1933, as
amended, and any successor thereto. Reference in the Plan to any section (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretive guidance under such section or rule, and any amendments
or successor provisions to such section, rules, regulations or other interpretive guidance. 

	2.24	Subscription. 

 “Subscription” means an Eligible Employee’s
authorization for payment to be made by the Eligible Employee for Common Stock purchases under this Plan in the form and manner specified by the Committee (which may include enrollment by submitting forms, by voice response, internet access or other
electronic means). 
  

	2.25	Trading Day. 

 “Trading Day” means a day on which the national stock
exchange upon which the Common Stock is listed is open for trading. 
 ARTICLE III – SHARES OF COMMON STOCK 

 

	3.01	Shares of Common Stock Reserved For the Plan. 

Subject to adjustment upon changes in capitalization of the Company as provided in Section 9.01, the maximum number of shares of Common Stock which may be
issued under the Plan shall be 2,600,000. If the total number of shares of Common Stock to be issued on any Purchase Date exceeds the maximum number of shares of Common Stock available for issuance under the Plan, the Company shall (i) make a
pro-rata allocation of the shares of Common Stock available for delivery and distribution in as nearly a uniform manner as shall be practicable and the Committee determines to be equitable, (ii) return the balance of payroll deductions credited
to the account of each Participant under the Plan as promptly as practicable, and (iii) have the discretion to terminate any or all Offering Periods then in effect pursuant to Section 5.01(a). If any rights granted under the Plan terminate
for any reason without having been exercised, the shares of Common Stock not purchased under such rights shall again become available for issuance under the Plan. 
  

	3.02	Participant’s Interest in Rights to Purchase Common Stock. 

(a) Until the applicable shares of Common Stock are issued (as evidenced by the appropriate entry on the books of the Company), a Participant
shall only have the rights of an unsecured creditor with respect to such shares of Common Stock, and no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to such shares of Common Stock. 

(b) The Participant shall have no interest in the shares of Common Stock covered by a right to purchase such shares of Common Stock under the
Plan until such right has been exercised. 
 ARTICLE IV – ELIGIBILITY AND PARTICIPATION 

 

	4.01	Enrollment and Participation. 

 (a) Any individual who, on the day
preceding an Offering Commencement Date, qualifies as an Eligible Employee may elect to become a Participant in the Plan for such Offering Period by submitting a Subscription, in the form prescribed for this purpose by the Company. The Subscription
shall be filed with the Company in accordance with the procedures as established by the Company. Eligible Employees may not have more than one (1) Subscription in effect with respect to any Offering Period. 

(b) Once enrolled in the Plan, a Participant shall continue to participate in the Plan until such Participant ceases to be an Eligible
Employee or withdraws from the Plan in accordance with Section 

 
6.03. Under the foregoing automatic enrollment provisions, payroll deductions will continue at the level in effect immediately prior to any new Offering Commencement Date, unless changed in
advance by the Participant in accordance with Section 6.03. A Participant who withdraws from the Plan in accordance with Section 6.03 may again become a Participant if such person is then an Eligible Employee, by following the procedure
described in Section 4.01(a). 
  

	4.02	Limitations on Participation. 

 Notwithstanding any provisions of the Plan to the
contrary, no Eligible Employee shall be granted a right to purchase shares of Common Stock pursuant to the Plan: 
 (a) if, immediately
after the option is granted, such Eligible Employee owns shares of Common Stock possessing five percent (5%) or more of the total combined voting power or value of all classes of Common Stock (for purposes of this Section 4.02(a), the
rules of Section 424 of the Code shall apply in determining stock ownership of any Eligible Employee), pursuant to the requirements of Section 423(b)(3) of the Code. 

(b) which permits such Eligible Employee to purchase shares of Common Stock under all employee stock purchase plans of the Company and its
Affiliates that shall accrue at a rate which exceeds $25,000 in Fair Market Value of the Common Stock (determined at the time such right to purchase Common Stock is granted) for each calendar year in which such right is outstanding, pursuant to the
requirements of Section 423(b)(8) of the Code. When applying the limitations of this Section 4.02(b), the right to purchase Common Stock under an option accrues when the option (or any portion thereof) first becomes exercisable during the
calendar year, the right to purchase Common Stock under an option accrues at the rate provided in the option, but in no case may such rate exceed $25,000 of Fair Market Value of such Common Stock (determined at the time such option is granted) for
any one (1) calendar year, and a right to purchase Common Stock which has accrued under one option granted pursuant to the Plan may not be carried over to any other option to purchase Common Stock. 

ARTICLE V – OFFERING PERIODS 
  

	5.01	Offering Periods. 

 (a) The Plan shall be implemented by consecutive
Offering Periods with new Offering Commencement Dates commencing on the first Trading Day on or after January 1 and July 1 of each year (or at such other times as may be determined by the Committee). Each Offering Period shall comply with
the requirements of Section 423(b)(5) of the Code. The Committee shall have the power to terminate or change the duration and/or frequency of the Offering Periods (including the Offering Commencement Date) with respect to future Offering
Periods without shareholder approval. Any such changes shall be announced prior to the scheduled beginning of the affected Offering Period. 

(b) A Subscription that is in effect on an Offering End Date will automatically be deemed to be a Subscription for the Offering Period that
commences immediately following such Offering End Date, provided that the Participant is still an Eligible Employee and has not withdrawn such Participant’s Subscription in accordance with Section 6.03. Payroll deductions will continue at
the level in effect immediately prior to the new Offering Commencement Date, unless changed in advance by the Participant in accordance with Section 6.03. 

	5.02	Grant of Option. 

 On each Offering Commencement Date, each Participant shall be
automatically granted an option to purchase as many shares of Common Stock (rounded down to the nearest whole share of Common Stock) as may be purchased with such Participant’s payroll deductions during the related Offering Period at the
Purchase Price, subject to the limitations set forth in Sections 3.01 and 4.02. 
 ARTICLE VI – PAYROLL DEDUCTIONS 

 

	6.01	Amount of Payroll Deductions. 

 An Eligible Employee’s Subscription shall
authorize payroll deductions at a rate, in whole percentages, of no less than one percent (1%) and no more than fifteen percent (15%) of such Participant’s Base Compensation on each payroll date that the Subscription is in effect.
Payroll deductions shall commence on the first payroll date following the Offering Commencement Date and shall continue until the Participant changes the rate of such Participant’s payroll deductions or terminates such Participant’s
participation in the Plan, in each case, as provided in Section 6.03. 
  

	6.02	Participant’s Account. 

 All payroll deductions made with respect to a
Participant shall be credited to such Participant’s recordkeeping account under the Plan. A Participant may not make any separate cash payment into such account. No interest shall accrue or be paid on any amount withheld from a
Participant’s pay under the Plan or credited to the Participant’s account, unless required by law. Except as provided in this Section 6.02, all amounts in a Participant’s account shall be used to purchase whole shares of Common
Stock and no cash refunds shall be made from such account. Any amounts that are insufficient to purchase whole shares shall be credited to the Participant’s account, and added to any fractional amounts resulting on subsequent Purchase Dates.
Upon liquidation or other closing of a Participant’s account, any fractional amounts shall be paid in cash to the Participant based on the then-current Fair Market Value of the Common Stock. In addition, any amounts that are withheld but unable
to be applied to the purchase of Common Stock because of the limitations of Section 4.02 shall be returned to the Participant without interest and shall not be used to purchase shares of Common Stock with respect to any other Offering Period
under the Plan. 
  

	6.03	No Changes in Payroll Deductions; Termination of Subscription. 

 (a)
Except as may be permitted by the Committee in its sole discretion, following the Offer Commencement Date associated with an Offering Period, a Participant may terminate such Participant’s Subscription for the Offering Period (but may not
otherwise increase or decrease such Participant’s level of elected payroll deductions under the Subscription with respect to such Offering Period). 

(b) Any termination of a Subscription shall only be deemed effective if such Subscription is executed pursuant to procedures established by
the Committee. If a Participant terminates such Participant’s Subscription with respect to an Offering Period, the accumulated payroll deductions in such Participant’s account at the time the Subscription is withdrawn shall be paid without
interest to such Participant as soon as practicable after receipt of such Participant’s notice of withdrawal and such Participant’s Subscription for the current Offering Period will be automatically terminated, and no further contributions
for the purchase of shares of Common Stock will be made during the Offering Period or subsequent Offering Periods until such Participant re-enrolls in the Plan pursuant to Section 4.01(a). Any re-enrollment in the Plan shall be effective only
at the commencement of a subsequent Offering Period. 

 ARTICLE VII – TERMINATION OF EMPLOYMENT 

 

	7.01	Termination of Employment. 

 Termination of a Participant’s employment for any
reason, including retirement, death or the failure of such Participant to remain an Eligible Employee of the Company or an Affiliate, shall immediately terminate such Participant’s participation in the Plan. In such event, the accumulated
payroll deductions in such Participant’s account at the termination of such Participant’s employment shall be paid without interest to such Participant as soon as practicable after such termination of such Participant’s employment and
such Participant’s Subscription for the current Offering Period will be automatically terminated, and no further contributions for the purchase of shares of Common Stock will be made during the Offering Period or subsequent Offering Periods.
For purposes of this Section 7.01, an Eligible Employee shall not be deemed to have terminated employment or failed to remain in the continuous employ of the Company or an Affiliate in the case of sick leave, military leave, or any other leave
of absence approved by the Committee; provided, however, that such leave of absence is for a period of not more than ninety (90) days or re-employment upon the expiration of such leave is guaranteed by contract or statute. 

ARTICLE VIII – EXERCISE OF RIGHTS TO PURCHASE COMMON STOCK 

 

	8.01	Automatic Exercise. 

 (a) Unless a Participant terminates such
Participant’s Subscription as provided in Section 6.03, a Participant’s right to purchase shares of Common Stock will be automatically exercised on each Purchase Date for the applicable Offering Period. The right to purchase shares of
Common Stock will be exercised by using the accumulated payroll deductions in such Participant’s account as of each such Purchase Date to purchase the maximum number of whole shares of Common Stock that may be purchased at the Purchase Price
(rounded down to the nearest whole share). The number of shares of Common Stock that will be purchased for each Participant on the Purchase Date shall be determined by dividing (i) such Participant’s accumulated payroll deductions in such
Participant’s account as of the Purchase Date by (ii) the Purchase Price. 
 (b) At the time an option granted under the Plan is
exercised, in whole or in part, or at the time some or all of the shares of Common Stock issued to a Participant under the Plan are disposed of, the Participant must make adequate provisions for any applicable federal, state or other tax withholding
obligations, if any, which arise upon the Purchase Date or the disposition of the shares of Common Stock. At any time, the Company or an Affiliate may, but will not be obligated to, withhold from the Participant’s compensation the amount
necessary to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to the sale or disposition of shares of Common Stock by the Participant earlier
than as described in Section 423(a)(1) of the Code. 
  

	8.02	Delivery of Common Stock. 

 (a) As promptly as practicable after
each Purchase Date, the number of shares of Common Stock purchased by each Participant pursuant to Section 8.01 shall be deposited into an account established in the Participant’s name with the broker designed by the Committee for such
purpose. 
 (b) Shares of Common Stock that are purchased under the Plan will be held in an account in the Participant’s name in
uncertificated form. Furthermore, shares of Common Stock to be delivered to a Participant under the Plan will be registered in the “street name” of such Participant. 

 ARTICLE IX – CHANGES IN CAPITALIZATION; ADJUSTMENTS UPON DISSOLUTION, LIQUIDATION OR
CHANGE IN CONTROL 
  

	9.01	Changes in Capitalization. 

 Subject to any required action by the stockholders of
the Company, (i) the number of shares of Common Stock covered by each option under the Plan that has not yet been exercised, (ii) the number of shares of Common Stock that have been authorized for issuance under the Plan but have not yet
been placed under option (collectively, the “Reserves”), (iii) the number of shares of Common Stock set forth in Section 3.01, (iv) the Purchase Price per share and (v) the maximum number of shares of Common
Stock that may be purchased by any Participant on any Purchase Date during an Offering Period, shall, if applicable, be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock
split, reverse stock split, stock dividend, subdivision, combination or reclassification of the Common Stock (including any such change in the number of shares of Common Stock effected in connection with a change in domicile of the Company), or any
other increase or decrease in the number of shares of Common Stock effected without receipt of consideration by the Company, or any increase or decrease in the value of a share of Common Stock resulting from a spinoff or split-up; provided,
however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Committee, whose determination in that respect
shall be final, binding and conclusive. 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 of Common Stock subject to an option. 
  

	9.02	Adjustments Upon Dissolution, Liquidation or Change in Control. 

(a) In the event of a dissolution or liquidation of the Company, any Offering Period then in progress will terminate immediately prior to the
consummation of such action, unless otherwise provided by the Committee. 
 (b) In the event of a Change in Control, the applicable Offering
Period will be shortened by setting a New Purchase Date on which such Offering Period shall end. The New Purchase Date will occur on or before the date of the consummation of the Company’s proposed Change in Control. The Committee will notify
each Participant, in writing or electronically, prior to the New Purchase Date, that the applicable Purchase Date has been changed to the New Purchase Date and that the Participant’s option will be exercised automatically on the New Purchase
Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 6.03. Alternatively, the Committee and the successor corporation may provide that each outstanding option under the Plan will be
assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of the successor corporation. For purposes of this Section 9.02(b), an option granted under the Plan shall be deemed to be assumed,
without limitation, if, at the time of issuance of the stock or other consideration upon a Change in Control, each holder of an option under the Plan would be entitled to receive the same number and kind of shares of stock or the same amount of
property, cash or securities as such holder would have been entitled to receive upon the occurrence of the transaction if the holder had been, immediately prior to the transaction, the holder of the number of shares of Common Stock covered by the
option at such time (after giving effect to any adjustments in the number of shares of Common Stock covered by the option as provided for in Section 9.01; provided, however, that if the consideration received in the transaction is
not solely common stock of the successor corporation or its parent (as defined in Section 424(e) of the Code), the Committee may, with the consent of the successor corporation, provide for the consideration to be received upon exercise of the
option to be solely common stock of the successor corporation or its parent equal in Fair Market Value to the per share consideration received by holders of shares of Common Stock in the transaction. 

 ARTICLE X – ADMINISTRATION 

 

	10.01	Appointment of Committee. 

 The Company’s Board shall appoint a Committee to
administer the Plan. To the extent required for transactions under the Plan to qualify for the exemptions available under Rule 16b-3 promulgated under the Exchange Act (“Rule 16b-3”), all actions relating to awards to persons
subject to Section 16 of the Exchange Act shall be taken by the Board unless each person who serves on the Committee is a “non-employee director” within the meaning of Rule 16b-3 or such actions are taken by a sub-committee of the
Committee (or the Board) comprised solely of “non-employee directors.” 
  

	10.02	Authority of Committee. 

 The Committee shall have full and plenary authority,
subject to the provisions of the Plan, to (i) promulgate such rules and regulations as it deems necessary for the proper administration of the Plan, (ii) interpret the provisions and supervise the administration of the Plan, and
(iii) take all action in connection therewith or in relation thereto as it deems advisable. All determinations by the Committee under the Plan shall, to the full extent permitted by law, be final and binding on upon all parties. The Company
shall pay all expenses incurred in the administration of the Plan. No member of the Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, and all members of the Committee
shall be fully indemnified by the Company with respect to any such action, determination or interpretation. 
 ARTICLE XI –
MISCELLANEOUS 
  

	11.01	Amendment and Termination. 

 (a) The Board may at any time and for
any reason terminate the Plan. Except as provided in Article IX, no such termination of the Plan may affect options previously granted, provided that the Plan or an Offering Period may be terminated by the Committee on a Purchase Date or by the
Board’s setting a new Purchase Date with respect to an Offering Period then in progress if the Board determines that termination of the Plan and/or the Offering Period is in the best interests of the Company and the stockholders or if
continuation of the Plan and/or the Offering Period would cause the Company to incur adverse accounting charges as a result of a change after the effective date of the Plan in the generally accepted accounting principles applicable to the Plan.
Either the Board or the Committee may amend the Plan. Except as provided in Section 9.01 and in this Section 11.01, no amendment to the Plan shall make any change in any option previously granted that adversely affects the rights of any
Participant. In addition, to the extent necessary to comply with Rule 16b-3 or Section 423 of the Code (or any successor rule or provision or any applicable law or regulation), the Company shall obtain stockholder approval in such a manner and
to such a degree as so required. 
 (b) Without stockholder consent and without regard to whether any Participant’s rights may be
considered to have been adversely affected, the Board or the Committee shall be entitled to change the Offering Period, limit the frequency and/or number of changes in the amount withheld during an Offering Period, permit payroll tax withholding in
excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and
crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond 

 
with amounts withheld from the Participant’s compensation, and establish such other limitations or procedures as the Board or the Committee determines, in its sole discretion, are advisable
and consistent with the Plan. 
 (c) Upon termination of the Plan, the date of termination shall be considered a Purchase Date, and any cash
remaining in Participant accounts will be applied to the purchase of Common Stock, unless determined otherwise by the Board. Upon termination of the Plan, the Board shall have authority to establish administrative procedures regarding the exercise
of outstanding rights to purchase shares of Common Stock or to determine that such rights shall not be exercised. 
  

	11.02	Use of Funds. 

 All payroll deductions received or held by the Company or any
Affiliate under this Plan may be used by the Company or such Affiliate for any corporate purpose and neither the Company nor such Affiliate shall be obligated to segregate such payroll deductions. 

 

	11.03	Transferability; Notice of Disposition. 

 (a) Neither payroll
deductions credited to a Participant’s account nor any rights with regard to the exercise of a right to purchase Common Stock or to receive shares of Common Stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in
any way by the Participant other than by will or the laws of descent and distribution or as provided in Section 7.01. Any such attempted assignment, transfer, pledge, or other disposition shall be void ab initio. During a
Participant’s lifetime, rights to purchase shares of Common Stock that are held by such Participant shall be exercisable only by such Participant. 

(b) Each Participant shall notify the Company, in writing, if such Participant disposes of any of the shares of Common Stock purchased in any
Offering Period pursuant to the Plan if such disposition occurs within the Notice Period. The Company may, at any time during the Notice Period, place a legend or legends on any book entry representing shares of Common Stock acquired pursuant to the
Plan requesting that the Company’s transfer agent notify the Company of any transfer of such shares of Common Stock. The obligation of the Participant to provide such notice shall continue notwithstanding the placement of any such legend on the
book entry. 
  

	11.04	Term; Stockholder Approval of the Plan. 

 The Plan shall be effective upon its
approval by the Board and shall be approved by the stockholders of the Company, in any manner permitted by applicable corporate law, within twelve (12) months before or after the Plan is adopted by the Board. No purchase of shares of Common
Stock pursuant to the Plan shall occur prior to such stockholder approval. The Plan shall terminate on the earliest of (i) termination of the Plan by the Committee (which termination may be effected by the Board at any time), (ii) the
tenth (10th) anniversary of the approval of the Plan by the stockholders or (iii) issuance of all of the shares of Company Stock available for issuance under the Plan. 

 

	11.05	No Employment Rights; Effect of the Plan. 

 (a) The Plan does not,
directly or indirectly, create in any employee or class of employees, any right with respect to continuation of employment with the Company or any of its Affiliates, and it shall not be deemed to interfere in any way with the right of the Company or
any Affiliate employing such person to terminate, or otherwise modify, an employee’s employment at any time. 
 (b) The provisions of
the Plan shall, in accordance with its terms, be binding upon, and inure to the benefit of, all successors of each Participant, including, without limitation, such Participant’s estate and the executors, administrators or trustees thereof,
heirs and legatees, and any receiver, trustee in bankruptcy or representative of creditors of such Participant. 

	11.06	Governing Law. 

 The Plan shall be governed by and construed in accordance with the
internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof. 

 

	11.07	Miscellaneous. 

 (a) Notices. All notices or other
communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the
receipt thereof. 
 (b) Conditions Upon Issuance of Shares of Stock. Shares of Common Stock shall not be issued with respect to an
option unless the exercise of such option and the issuance and delivery of such shares of Common Stock pursuant thereto shall comply with all applicable provisions of law, including, without limitation, the Securities Act, the Exchange Act,
applicable state securities laws and the requirements of any stock exchange upon which the shares of Common Stock may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 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 of Common Stock are being purchased only for investment and without any
present intention to sell or distribute such Common Stock if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law.

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