Document:

Exhibit 10.10

 

Execution Version

 

 

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

 

among

 

 

FORD CREDIT AUTO LEASE TRUST 2021-B,
 as Issuer

 

 

FORD MOTOR CREDIT COMPANY LLC,
 as Servicer

 

 

and

 

 

CLAYTON FIXED INCOME SERVICES LLC,
 as Asset Representations Reviewer

 

 

Dated as of September 1, 2021

 

 

 

 

TABLE OF CONTENTS

 

	
ARTICLE I USAGE AND   DEFINITIONS
    	
1
    
	
Section 1.1.
    	
Usage and Definitions
    	
1
    
	
Section 1.2.
    	
Additional Definitions
    	
1
    
	
Section 1.3.
    	
Review Materials and   Test Definitions
    	
2
    
	
ARTICLE II ENGAGEMENT   OF ASSET REPRESENTATIONS REVIEWER
    	
2
    
	
Section 2.1.
    	
Engagement; Acceptance
    	
2
    
	
Section 2.2.
    	
Confirmation of Status
    	
2
    
	
ARTICLE III ASSET   REPRESENTATIONS REVIEW PROCESS
    	
3
    
	
Section 3.1.
    	
Review Notices
    	
3
    
	
Section 3.2.
    	
Identification of   Review Leases
    	
3
    
	
Section 3.3.
    	
Review Materials
    	
3
    
	
Section 3.4.
    	
Performance of Reviews
    	
3
    
	
Section 3.5.
    	
Review Reports
    	
4
    
	
Section 3.6.
    	
Review Representatives
    	
5
    
	
Section 3.7.
    	
Dispute Resolution
    	
5
    
	
Section 3.8.
    	
Limitations on Review   Obligations
    	
5
    
	
ARTICLE IV ASSET   REPRESENTATIONS REVIEWER
    	
6
    
	
Section 4.1.
    	
Representations and   Warranties
    	
6
    
	
Section 4.2.
    	
Covenants
    	
7
    
	
Section 4.3.
    	
Fees and Expenses
    	
7
    
	
Section 4.4.
    	
Limitation on Liability
    	
8
    
	
Section 4.5.
    	
Indemnification by   Asset Representations Reviewer
    	
8
    
	
Section 4.6.
    	
Indemnification of   Asset Representations Reviewer
    	
9
    
	
Section 4.7.
    	
Review of Asset   Representations Reviewer’s Records
    	
9
    
	
Section 4.8.
    	
Delegation of   Obligations
    	
10
    
	
Section 4.9.
    	
Confidential Information
    	
10
    
	
Section 4.10.
    	
Personally Identifiable   Information
    	
11
    
	
ARTICLE V RESIGNATION   AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER
    	
13
    
	
Section 5.1.
    	
Eligibility   Requirements for Asset Representations Reviewer
    	
13
    
	
Section 5.2.
    	
Resignation and Removal   of Asset Representations Reviewer
    	
13
    
	
Section 5.3.
    	
Successor Asset   Representations Reviewer
    	
14
    
	
Section 5.4.
    	
Merger, Consolidation   or Succession
    	
14
    
	
ARTICLE VI OTHER   AGREEMENTS
    	
15
    
	
Section 6.1.
    	
Independence of Asset   Representations Reviewer
    	
15
    
	
Section 6.2.
    	
No Petition
    	
15
    
	
Section 6.3.
    	
Limitation of Liability   of Owner Trustee
    	
15
    
	
Section 6.4.
    	
Termination of   Agreement
    	
15
    
	
ARTICLE VII   MISCELLANEOUS PROVISIONS
    	
15
    
	
Section 7.1.
    	
Amendments
    	
15
    
	
Section 7.2.
    	
Assignment; Benefit of   Agreement; Third Party Beneficiaries
    	
16
    
	
Section 7.3.
    	
Notices
    	
16
    
	
Section 7.4.
    	
GOVERNING LAW
    	
17
    
	
Section 7.5.
    	
Submission to   Jurisdiction
    	
17
    
	
Section 7.6.
    	
WAIVER OF JURY TRIAL
    	
17
    
	
Section 7.7.
    	
No Waiver; Remedies
    	
17
    

 

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Section 7.8.
    	
Severability
    	
17
    
	
Section 7.9.
    	
Headings
    	
17
    
	
Section 7.10.
    	
Counterparts
    	
17
    

 

Schedule A – Review Materials

Schedule B – Representations and Warranties and Tests

 

 

ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of September 1, 2021 (this “Agreement”), among FORD CREDIT AUTO LEASE TRUST 2021-B, a Delaware statutory trust, as Issuer, FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Servicer, and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer.

 

BACKGROUND

 

In the normal course of its business, the Titling Companies purchase leases and leased cars, light trucks and utility vehicles from motor vehicle dealers.

 

In connection with a securitization transaction sponsored by Ford Credit, the Titling Companies issued a 2021-B Exchange Note to Ford Credit that is secured by a 2021-B Reference Pool of Leases and Leased Vehicles.  Ford Credit sold the 2021-B Exchange Note to the Depositor, who sold it to the Issuer.

 

The Issuer has granted a security interest in the 2021-B Exchange Note to the Indenture Trustee, for the benefit of the Secured Parties, as security for the Notes issued by the Issuer under the Indenture.

 

The Issuer has determined to engage the Asset Representations Reviewer to perform reviews of certain Leases for compliance with the representations and warranties made by Ford Credit and the Depositor about the Leases in the 2021-B Reference Pool.

 

The parties agree as follows.

 

ARTICLE I
 USAGE AND DEFINITIONS

 

Section 1.1.                                 Usage and Definitions.  Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 2021-B Exchange Note Supplement, dated as of September 1, 2021 (the “Exchange Note Supplement”), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the “Credit and Security Agreement”), among the CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement.  Appendix 1 and Appendix A also contain usage rules that apply to this Agreement.  Appendix 1 and Appendix A are incorporated by reference into this Agreement.

 

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

 

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

 

“Contract” has the meaning stated in Schedule A.

 

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

 

 

“Indemnified Parties” has the meaning stated in Section 4.6(a).

 

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

 

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

 

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

 

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

 

“Review Materials” means, for a Review and a Review Lease, the documents and other materials listed in Schedule A, as applicable.

 

“Review Report” means, for a Review, the report of the Asset Representations Reviewer as described in Section 3.5.

 

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

 

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

 

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

 

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

 

Section 1.3.                                 Review Materials and Test Definitions.  Capitalized terms or terms or phrases in quotation marks used in the Tests, if not defined in Appendix 1 to the Exchange Note Supplement, Appendix A to the Credit and Security Agreement or in this Agreement, including Schedule A to this Agreement, refer to sections, titles or terms in the Contract or other Review Materials.

 

ARTICLE II
 ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

 

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

 

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

 

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ARTICLE III
 ASSET REPRESENTATIONS REVIEW PROCESS

 

Section 3.1.                                 Review Notices.  On receipt of a Review Notice from the Indenture Trustee according to Section 7.2 of the Indenture, the Asset Representations Reviewer will start a Review.  The Asset Representations Reviewer will not be obligated to start a Review until a Review Notice is received.

 

Section 3.2.                                 Identification of Review Leases.  Within ten Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the Review Leases.

 

Section 3.3.                                 Review Materials.

 

(a)                                 Access to Review Materials.  The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Review Leases within 60 days after receipt of the Review Notice in one or more of the following ways: (i) by providing access to the Servicer’s receivables systems, either remotely or at an office of the Servicer, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at an office of the Servicer where the Lease Files are located or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer.  The Servicer may redact or remove Personally Identifiable Information from the Review Materials without changing the meaning or usefulness of the Review Materials for the Review.

 

(b)                                 Missing or Insufficient Review Materials.  The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test.  If the Asset Representations Reviewer determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than 20 days before completing the Review.  The Servicer will have 15 days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct the insufficiency.  If the missing Review Materials or other documents have not been provided by the Servicer within 15 days, the related Review Receivable will have a Test Fail for the Test or Tests that require use of the missing or insufficient Review Materials.  If the Contract for any Review Receivable is not provided or is illegible, the Asset Representations Reviewer will be unable to perform any Tests and the related Review Lease will have an overall Test Fail for all Tests.  In either of these cases, the Test or Tests will be considered completed and the Review Report will report a Test Fail for the related Review Lease or applicable representation or warranty and the reason for the Test Fail.

 

Section 3.4.                                 Performance of Reviews.

 

(a)                                 Test Procedures.  For a Review, the Asset Representations Reviewer will perform for each Review Lease the procedures listed under “Tests” in Schedule B for each representation and warranty (each, a “Test”), using the Review Materials necessary to perform the procedures as stated in the Test.  For each Test and Review Lease, the Asset Representations Reviewer will

 

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determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”).  If a Test or part of a Test cannot be performed for a Review Lease because the Test circumstances do not apply to the Review Lease, the Test will be considered to be satisfied and will be reported as a Test Pass.

 

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

 

(c)                                  Completion of Review for Certain Review Leases.  Following the delivery of the list of the Review Leases and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Review Lease is paid in full by the Lessee or reallocated from the 2021-B Reference Pool by the Sponsor, the Depositor or the Servicer according to the Transaction Documents.  If such a notice is received, the Asset Representations Reviewer will immediately terminate all Tests of such Lease and the Review of the Lease will be considered complete (a “Test Complete”).  In this case, the Asset Representations Reviewer will report a Test Complete for the Lease on the Review Report and the related reason.

 

(d)                                 Previously Reviewed Lease; Duplicative Tests.  If a Review Lease was included in a prior Review, the Asset Representations Reviewer will not perform any Tests on it, but will report the results of the previous Tests in the Review Report for the current Review and note that the results relate to a prior Review.  If the same Test is required for more than one representation or warranty listed on Schedule B, the Asset Representations Reviewer will only perform the Test once for each Review Lease but will report the results of the Test for each applicable representation and warranty on the Review Report.

 

(e)                                  Termination of Review.  If a Review is in process and the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment Date.  On receipt of notice, the Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

 

Section 3.5.                                 Review Reports.  Within five days after the end of the Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Sponsor, the Depositor, the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Review Lease whether there was a Test Pass or a Test Fail for each Test, or whether the Review Lease was an overall Test Fail (for a missing or illegible Contract) or a Test Complete.  For each Test Fail, overall Test Fail or Test Complete, the Review Report will indicate the related reason.  The Review Report will contain a summary of the Review results to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received.  The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer PII.  On reasonable request of the Servicer, the Asset Representations Reviewer will provide additional detail on the Test results.

 

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Section 3.6.                                 Review Representatives.

 

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

 

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

 

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

 

Section 3.7.                                 Dispute Resolution.  If a Lease that was Reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 3.4 of the Exchange Note Sale Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding.  The reasonable expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 3.4 of the Exchange Note Sale Agreement.  However, if such expenses are not paid by a party to the dispute resolution within 90 days after the end of the proceeding, the expenses will be paid by the Issuer according to Section 4.3(d).

 

Section 3.8.                                 Limitations on Review Obligations.

 

(a)                                 Review Process Limitations.  The Asset Representations Reviewer is not obligated to:

 

(i)                                     determine whether a Delinquency Trigger has occurred or whether the required percentage of the Noteholders has voted to direct a Review under the Indenture, and may rely on the information in any Review Notice delivered by the Indenture Trustee;

 

(ii)                                  determine which Leases are subject to a Review, and may rely on the lists of Review Leases provided by the Servicer;

 

(iii)                               obtain or confirm the validity of the Review Materials, and may rely on the accuracy and completeness of the Review Materials and will have no liability for any errors in the Review Materials;

 

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(iv)                              obtain missing or insufficient Review Materials from any party or any other source; or

 

(v)                                 take any action or cause any other party to take any action under any of the Transaction Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Review Leases.

 

(b)                                 Testing Procedure Limitations.  The Asset Representations Reviewer will only be required to perform the testing procedures listed under “Tests” in Schedule A, and will not be obligated to perform additional procedures on any Review Lease or to provide any information other than a Review Report.  However, the Asset Representations Reviewer may provide additional information in a Review Report about any Review Lease that it determines in good faith to be material to the Review.

 

ARTICLE IV
 ASSET REPRESENTATIONS REVIEWER

 

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

 

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

 

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

 

(c)                                  No Conflicts and No Violation.  The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Asset Representations Reviewer’s properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate a law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having

 

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jurisdiction over the Asset Representations Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

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

 

(e)                                  Eligibility.  The Asset Representations Reviewer meets the eligibility requirements in Section 5.1.

 

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

 

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

 

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

 

(c)                                  Maintenance of Review Materials.  It will maintain copies of any Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement.

 

Section 4.3.                                 Fees and Expenses.

 

(a)                                 Annual Fee.  The Issuer will, or will cause the Administrator to, pay the Asset Representations Reviewer as compensation for acting as the Asset Representations Reviewer under this Agreement an annual fee separately agreed to by the Issuer and the Asset Representations Reviewer.  The annual fee will be paid as agreed by the Issuer and the Asset Representations Reviewer until this Agreement is terminated.

 

(b)                                 Review Fee.  Following the completion of a Review and the delivery to the Indenture Trustee of the Review Report, or the termination of a Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $175 for each Review Lease for which the Review was started (the

 

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“Review Fee”).  However, no Review Fee will be paid for any Review Lease which was included in a prior Review or for which no Tests were completed before the Asset Representations Reviewer received notice of termination of the Review according to Section 3.4(e) or due to missing or insufficient Review Materials under Section 3.3(b).  If a detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Issuer starting on or before the Payment Date in that month.  However, if the Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no later than five Business Days before the final Payment Date to be reimbursed no later than the final Payment Date.

 

(c)                                  Reimbursement of Travel Expenses.  If the Servicer provides access to the Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review on receipt of a detailed invoice.

 

(d)                                 Dispute Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.7 and its reasonable expenses for participating in the proceeding are not paid by a party to the dispute resolution within 90 days after the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses on receipt of a detailed invoice.

 

(e)                                  Payments by Issuer.  All amounts payable by the Issuer under this Section 4.3 will be payable according to the priority of payments in Section 8.2 of the Indenture.

 

Section 4.4.                                 Limitation on Liability.  The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment.  However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement.  In no event will the Asset Representations Reviewer be liable for special, punitive, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

Section 4.5.                                 Indemnification by Asset Representations Reviewer.  The Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the Servicer, the Owner Trustee, the Delaware Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by that Person to enforce the indemnification obligations of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement or (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.  The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

 

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Section 4.6.                                 Indemnification of Asset Representations Reviewer.

 

(a)                                 Indemnification.  The Issuer will, or will cause the Administrator to, indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all fees, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the indemnification obligations of the Issuer and the Administrator), but excluding any fee, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.

 

(b)                                 Proceedings.  If an Indemnified Person receives notice of a proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), promptly notify the Issuer and the Administrator of the proceeding.  The Issuer or the Administrator may participate in and assume the defense and settlement of a proceeding at its expense.  If the Issuer or the Administrator notifies the Indemnified Person of its intention to assume the defense of the proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer or the Administrator assumes the defense of the proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer and the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer or the Administrator, as applicable, and an Indemnified Person.  If there is a conflict, the Issuer or the Administrator will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No settlement of a proceeding may be made without the approval of the Issuer and the Administrator and the Indemnified Person, which approval will not be unreasonably withheld.

 

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

 

(d)                                 Repayment.  If the Issuer or the Administrator makes a payment to an Indemnified Person under this Section 4.6 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Issuer or the Administrator, as applicable.

 

Section 4.7.                                 Review of Asset Representations Reviewer’s Records.  The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer or the Administrator, during the Asset Representations Reviewer’s normal business hours, to have access to and review the facilities, processes, books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement.  In addition, the Asset Representations Reviewer will permit the Issuer’s, the Servicer’s or the Administrator’s

 

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representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees.  Any access and review will be subject to the Asset Representations Reviewer’s confidentiality and privacy policies.  The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

 

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

 

Section 4.9.                                 Confidential Information.

 

(a)                                 Treatment.  The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information.  The Confidential Information will not, without the consent of the Issuer and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (each, an “Information Recipient”) other than for the purposes of performing Reviews of Review Leases or performing its obligations under this Agreement.  The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by Ford Credit or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

 

(b)                                 Definition.  “Confidential Information” means oral, written and electronic materials (regardless of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including:

 

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

 

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

 

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

 

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

 

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and records or other evidence in its possession or (D) the Issuer or the Servicer gives permission to the Information Recipient to release.

 

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

 

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

 

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

 

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

 

Section 4.10.                          Personally Identifiable Information.

 

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

 

(b)                                 Use of Issuer PII.  The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this Agreement.  The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes.  The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any

 

11

 

legally required codes of conduct, including those relating to privacy, security and data protection.  The Asset Representations Reviewer will protect and secure Issuer PII.  The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this Agreement.  The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement.  These safeguards will include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (including intrusion protection, data storage protection and data transmission protection) and physical security measures.

 

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

 

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

 

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

 

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

 

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

 

(f)                                   Compliance; Modification.  The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset Representations Reviewer’s

 

12

 

compliance with this Section 4.10.  The Asset Representations Reviewer and the Issuer agree to modify this Section 4.10 as necessary for either party to comply with applicable law.

 

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

 

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

 

ARTICLE V
 RESIGNATION AND REMOVAL;
 SUCCESSOR ASSET REPRESENTATIONS REVIEWER

 

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

 

Section 5.2.                                 Resignation and Removal of Asset Representations Reviewer.

 

(a)                                 No Resignation.  The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law.  The Asset Representations Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines it is required to resign and stating the resignation date, including an Opinion of Counsel supporting its determination.

 

(b)                                 Removal.  If any of the following events occur, the Issuer may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement by notifying the Asset Representations Reviewer:

 

13

 

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

 

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

 

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

 

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

 

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

 

Section 5.3.                                 Successor Asset Representations Reviewer .

 

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

 

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

 

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

 

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

 

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ARTICLE VI
 OTHER AGREEMENTS

 

Section 6.1.                                 Independence of Asset Representations Reviewer.  The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement.  Unless authorized by the Issuer or the Owner Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer or the Owner Trustee and will not be considered an agent of the Issuer or the Owner Trustee.  Nothing in this Agreement will make the Asset Representations Reviewer and either of the Issuer or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

 

Section 6.2.                                 No Petition.  Each of the parties agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law.  This Section 6.2 will survive the termination of this Agreement.

 

Section 6.3.                                 Limitation of Liability of Owner Trustee .  This Agreement has been signed on behalf of the Issuer by The Bank of New York Mellon not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer.  In no event will The Bank of New York Mellon in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under this Agreement.  For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.4.                                 Termination of Agreement.  This Agreement will terminate on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

 

ARTICLE VII
 MISCELLANEOUS PROVISIONS

 

Section 7.1.                                 Amendments.

 

(a)                                 Amendments. The parties may amend this Agreement:

 

(i)                                     to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case, without the consent of the Noteholders or any other Person;

 

15

 

(ii)                                  to add, change or eliminate terms of this Agreement, in each case, without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer’s Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders; or

 

(iii)                               to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.1(a)(ii), with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class).

 

(b)                                 Indenture Trustee Consent.  No amendment to this Agreement that could have a material adverse effect on the rights or responsibilities of the Indenture Trustee will be effective without the consent of the Indenture Trustee.

 

(c)                                  Notice of Amendments.  The Administrator will notify the Rating Agencies in advance of any amendment.  Promptly after the execution of an amendment, the Administrator will deliver a copy of the amendment to the Rating Agencies.

 

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

 

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

 

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

 

Section 7.3.                                 Notices.

 

(a)                                 Notices to Parties.  All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

 

(i)                                     for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

 

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

 

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

 

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

 

(b)                                 Notice Addresses.  A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Indenture, which address the party may change by notifying the other parties.

 

Section 7.4.                                 GOVERNING LAW.  THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

Section 7.5.                                 Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement.  Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding has been brought in an inconvenient forum.

 

Section 7.6.                                 WAIVER OF JURY TRIAL.  EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

 

Section 7.7.                                 No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

 

Section 7.8.                                 Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.9.                                 Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.10.                          Counterparts.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

 

[Remainder of Page Left Blank]

 

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EXECUTED BY:

 

	
 
    	
FORD   CREDIT AUTO LEASE TRUST 2021-B,
    
	
 
    	
 
    	
as   Issuer
    
	
 
    	
 
    
	
 
    	
By:
    	
THE   BANK OF NEW YORK MELLON, not in its individual capacity, but solely as Owner   Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Esther Antoine
    
	
 
    	
 
    	
Name:
    	
Esther   Antoine
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FORD   MOTOR CREDIT COMPANY LLC,
    
	
 
    	
 
    	
as   Servicer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ryan Hershberger
    
	
 
    	
 
    	
Name:
    	
Ryan   Hershberger
    
	
 
    	
 
    	
Title:
    	
Assistant   Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CLAYTON   FIXED INCOME SERVICES LLC,
    
	
 
    	
 
    	
as   Asset Representations Reviewer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Anthony Neske
    
	
 
    	
 
    	
Name:
    	
Anthony   Neske
    
	
 
    	
 
    	
Title:
    	
Senior Vice President
    

 

[Signature Page to Asset Representations Review Agreement]

 

 

Schedule A

 

Review Materials

 

1.                                      A copy of the Lease File that includes the following documents, if applicable:

 

(a)                                 The motor vehicle lease agreement or similar document as amended that evidences the Lease.

 

(b)                                 The following documents related to the Lease (collectively, the “Amendments”):

 

(i)                                     Any correction notices to the Lease prior to the Cutoff Date, and

 

(ii)                                  Any modification agreements completed by the parties to the Lease prior to the Cutoff Date;

 

(c)                                  The certificate of title, motor vehicle lien statement, application for title, application for registration for motor vehicle, certificate of origin or manufacturer statement of origin for a vehicle, or other evidence (including eAtlas reporting for electronic titling states) showing the security interest in the Leased Vehicle (collectively, the “Title Documents”);

 

(d)                                 Proof of insurance;

 

(e)                                  Any ancillary documents for credit insurance, service contracts or other products and services (collectively, the “Ancillary Documents”);

 

(f)                                   Military orders; and

 

(g)                                  State specific documents related to the Lease.

 

2.                                      Copies of applicable Ford Credit procedures, as of the date of the Lease, including:

 

(a)                                 Ford Credit’s procedure listing approved lease forms as of the date of the Lease (the “List of Approved Contract Forms”);

 

(b)                                 Ford Credit’s procedure listing acceptable name variations of Ford Credit, Lincoln Automotive Financial Services, CAB East LLC, CAB West LLC, CABT and  HTD Leasing LLC (the “List of Acceptable Name Variations”); and

 

(c)                                  Ford Credit’s procedure listing approved providers and form numbers for credit insurance, service contracts and other products and services (the “List of Approved Products”).

 

SA-1

 

3.                                      A copy of the Red Carpet Lease Assignment with the Dealer that originated the Lease (the “Dealer Assignment”).

 

4.                                      Applicable screen prints from Ford Credit’s receivables systems.

 

SA-2

 

Schedule B

 

Representations and Warranties and Tests

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
Section 3.3(a) –   Origination of Leases.    The Lease was originated by a Dealer in the United States and has a   garaging location in an Eligible State.    The Lease was originated by a Dealer for the retail lease of a Leased   Vehicle in the ordinary course of the Dealer’s business.  The Lease was signed by the parties to the   Lease.  The Lease was purchased by a   Titling Company qualified to hold the Lease and the related Leased Vehicle   and was validly assigned by the Dealer to that Titling Company.
    	
 
    	
Test   3.3(a) – 1: Dealer Address

 

Observe the address of   the Dealer on the Lease and confirm it is in the United States.

 

Test   3.3(a) – 2: Garaging Location

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the state in the   garaging address on the date of the Lease corresponds to the correct Titling   Company as stated in the applicable Ford Credit procedure.

 

Test   3.3(a) – 3: Lease Signed

 

Observe the Lease and   confirm signatures are present for the Dealer and the Lessee.

 

Test   3.3(a) – 4: Lease Form

 

Observe the form number   and revision date on the Lease and confirm they are on the List of Approved   Contract Forms.

 

Test   3.3(a) – 5: Qualified Titling Company

 

Observe the Lease and   confirm the Titling Company identified as the Holder is qualified to do   business in the state of the Dealer’s address.

 

Test   3.3(a) – 6: Valid Assignment

 

Observe the Lease and   confirm the Dealer’s signature is present to assign the lease to a Titling   Company.

 

Test   3.3(a) – 7: Dealer Confirmation

 

Observe the Dealer name   on the Lease and confirm it matches the Dealer name on the Dealer Assignment.
    
	
Section 3.3(b) –   New Vehicle.  The   Leased Vehicle was a new car, light truck or utility vehicle according to the   Underwriting Procedures at the beginning of the related Lease.
    	
 
    	
Test   3.3(b) – 1: New Vehicle

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm that the Leased   Vehicle is identified as “new” or “demo.”
    
	
Section 3.3(c) –   Monthly Payments.    The Lease (if not an Advance Payment Plan Lease) provides for monthly   payments in U.S. dollars in an amount equal to the sum of (i) a level   scheduled payment that provides a fixed internal rate of return and amortizes   the Adjusted Capitalized Cost stated in the Lease to the Contract Residual   Value of the related Leased Vehicle over the term of the Lease, plus   (ii) other fees and taxes on the Lease.
    	
 
    	
Test   3.3(c) – 1: Monthly Payments

 

Observe the Lease and   confirm it reflects monthly payments.

 

Test   3.3(c) – 2: U.S. Dollars

 

Observe the Lease and   confirm it is payable in U.S. dollars.

 

Test   3.3(c) – 3: Level Monthly Payments

 

Observe the Lease and   confirm it reflects a level scheduled payment.

 

Test   3.3(c) – 4: Rate of Return

 

Observe the Lease and   confirm the sum of “Depreciation and other Amortized Amounts” and “Rent   Charge” divided by “Lease Payments” equals “Base Payment.”

 

Test   3.3(c) – 5: Amortization

 

Observe the Lease and   confirm “Adjusted Capitalized Cost” minus the product of “Lease Payments”   multiplied by “Base Payment” minus “Rent Charge” equals “Residual Value.”
    

 

SB-1

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
 
    	
 
    	
Test 3.3(c) – 6:   Total Payment

 

Observe the Lease and   confirm “Base Payment” plus other fees and taxes equals “Total Payment.”
    
	
Section 3.3(d) –   Certificate of Title.    The Leased Vehicle was titled, or the Servicer has started procedures   that will result in the Leased Vehicle being titled in a manner acceptable to   the relevant governmental authority.
    	
 
    	
Test   3.3(d) – 1: Garaging Location

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the state in the   garaging address on the date of the Lease matches the state on the Title   Documents.

 

Observe the Title   Documents and confirm they reflect the Titling Company as stated in the   applicable Ford Credit procedure, using a name included in the List of   Acceptable Name Variations, as the Owner.

 

Test   3.3(d) – 2: Title Verification

 

Observe the Holder on   the Lease and confirm it matches the Owner on the Title Documents.

 

Observe the vehicle   identification number on the Lease and confirm it matches the vehicle   identification number on the Title Documents.
    
	
Section 3.3(e) –   No Government Lessee.    The Lease is not an obligation of the United States or a State or   local government or any agency, department, instrumentality or political   subdivision of the United States or a State or local government.
    	
 
    	
Test   3.3(e) – 1: No Government Lessee

 

Observe the Lease and   confirm the Leased Vehicle is leased for personal use or, if not, confirm the   Lessee is not a government Lessee.  If   the name of the Lessee contains a word indicating it may be a government   Lessee, use online sources to confirm the Lessee is a commercial business and   not a government Lessee.
    
	
Section 3.3(f) –   No Commercial Lessee.    The Lease is not a commercial lease contract, master lease contract or   fleet vehicle lease contract, but the Lease may have been entered by a   business entity and the Leased Vehicle may be used for commercial purposes.
    	
 
    	
Test   3.3(f) – 1: Lease Form

 

Observe the form number   and revision date on the Lease and confirm they are on the List of Approved   Contract Forms.
    
	
Section 3.3(g) –   Insurance.  The Lease   requires the Lessee to have physical damage insurance covering the Leased   Vehicle.
    	
 
    	
Test   3.3(g) – 1: Insurance

 

Observe the Lease and   confirm it contains an agreement from the Lessee to insure against loss of or   risk to the Leased Vehicle.
    
	
Section 3.3(h) –   Compliance with Underwriting Procedures.  The Lease was underwritten according to the   Underwriting Procedures in effect at the time in all material respects.
    	
 
    	
Test   3.3(h) – 1: Lease Form

 

Observe the form number   and revision date on the Lease and confirm they are on the List of Approved   Contract Forms.

 

Test   3.3(h) – 2: Leased Vehicle Description

 

Observe the Lease and   confirm the description of the Leased Vehicle, including the vehicle   identification number, year, make and model, new, used or demo, matches the   vehicle information for the Lease account in Ford Credit’s receivables   systems.

 

Observe each Ancillary   Document, if any, and confirm any information describing the Leased Vehicle   matches the corresponding information on the Lease.

 

Test   3.3(h) – 3: Fees and Additional Products

 

Observe the fees, if   any, included in the “Amounts Due At Lease Signing or Delivery” section of   the Lease and confirm they do not exceed the limits 
    

 

SB-2

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
 
    	
 
    	
stated in the   applicable Ford Credit procedure.

 

Observe the Lease and   confirm the amount the acquisition fee is the amount required by Ford Credit   procedure and, if it is an advance payment lease, confirm the acquisition fee   is listed in the “Amounts Due At Lease Signing or Delivery” section.

 

Observe the amount for   each additional product, if any, included in the “Itemization of Gross   Capitalized Cost” section of the Lease and confirm each amount does not   exceed the advance cap amount stated in the applicable Ford Credit procedure.

 

Test   3.3(h) – 4: Lease Signed

 

Observe the Lease and   confirm signatures are present for the Dealer and the Lessee.

 

Test   3.3(h) – 5: Insurance

 

Observe the insurance   section of the Lease and confirm the minimum limits meet the requirements as   stated in the applicable Ford Credit procedure.

Confirm the Lease File   contains proof of insurance as stated in the applicable Ford Credit   procedure.

 

Test   3.3(h) – 6: Dealer Confirmation

 

Observe the Lease and   confirm that the Dealer name matches the Dealer name on the Red Carpet Lease   Assignment.

 

Test   3.3(h) – 7: Additional Document Requirements

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm that no additional   document requirements are indicated for origination or, if so, confirm all   required documents are in the Lease File.

 

Test   3.3(h) – 8: Notice to Co-Signer

 

Observe the Lease and   confirm the “Vehicle Use” is personal and if so, confirm if a “Notice to   Cosigner” document is required by the applicable Ford Credit procedure and if   so, confirm a signed and dated “Notice to Cosigner” document is in the Lease   File.

 

Test   3.3(h) – 9: Odometer Disclosure Statement

 

Observe the Odometer   Disclosure Statement and confirm it is completed and signed as stated in the   applicable Ford Credit procedure.

 

Test   3.3(h) – 10: Finance Company and Holder

 

Observe the Lease and   confirm the “Finance Company” and “Holder” section is completed as stated in   the applicable Ford Credit procedure.
    
	
Section 3.3(i) –   Valid Assignment.    The Lease was originated in, and is subject to the laws of, a   jurisdiction which permits the sale and assignment of the Lease and the   related Leased Vehicle to the Titling Company.  The terms of the Lease do not limit the   right of the owner of the Lease to sell the Lease.
    	
 
    	
Test   3.3(i) – 1: Lease Form

 

Observe the form number   and revision date on the Contract and confirm they are on the List of   Approved Contract Forms.
    
	
Section 3.3(j) –   Compliance with Law.    At the time it was originated, the Lease complied in all material   respects with all
    	
 
    	
Test   3.3(j) – 1: Lease Form

 

Observe the form number   and revision date on the Lease and confirm they are on the List of Approved   Contract Forms.
    

 

SB-3

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
requirements of law in   effect at the time.
    	
 
    	
Test 3.3(j) – 2:   Legibility of Lease

 

Observe the Lease and   confirm all printed sections are legible and aligned on the correct line.

 

Test 3.3(j) – 3:   Additional Product Provider and Form

 

Observe the provider   name, form number and revision date on each Ancillary Document, if any, and   confirm they are on the List of Approved Products.

 

Test 3.3(j) – 4:   Lease Signed

 

Observe the Lease and   confirm signatures are present for the Dealer and the Lessee.

 

Test 3.3(j) – 5:   Total of Payments

 

Observe the “Total of   Payments” on the Lease. Calculate the “Total of Payments” using the “Amount   Due at Lease Signing or Delivery” plus “The total of Your monthly payment is”   minus “Your first monthly payment of” and confirm it matches “Total of   Payments.”

 

Test 3.3(j) – 6:   Payment Schedule

 

Observe the scheduled   due date on the Lease and confirm it follows the payment due date   requirements in the applicable Ford Credit procedure.

 

Test 3.3(j) – 7:   Tax Disclosure

 

Observe the Lease and   confirm the tax on capitalized cost reduction, if any, is disclosed as   required by Ford Credit procedure.

 

Test 3.3(j) – 8:   Gross Capitalized Cost

 

Observe the “Gross   capitalized cost” in the “Your payment is determined as shown below” section   of the Lease and confirm that it equals the “Total Gross Capitalized Cost” in   the “Itemization of Gross Capitalized Cost” section.

 

Test 3.3(j) – 9:   Adjusted Capitalized Cost

 

Observe the “Your   payment is determined as shown below” section of the Lease and confirm that   “Gross capitalized cost” minus “Capitalized cost reduction” equals “Adjusted   capitalized cost.”

 

Test 3.3(j) – 10:   Term

 

Observe the “Payments”   box on the Lease and confirm it matches the “Lease payments” in the “Your   payment is determined as shown below” section.

 

Test 3.3(j) – 11:   Total Miles Allowed

 

Observe the “Excess   Wear and Use” section of the Lease and confirm the price per mile and the   mileage lines are completed according to applicable Ford Credit procedure.

 

Test 3.3(j) – 12:   Warranty Disclosure

 

Observe the “Warranty”   disclosure box on the Lease and confirm it has been completed according to   applicable Ford Credit procedure.

 

Test 3.3(j) – 13:   Official Fees and Taxes Disclosure

 

Observe the “Official   Fees and Taxes” disclosure box on the Lease and confirm it has been competed   according to applicable Ford Credit procedure.

 

Test 3.3(j) – 14:   Equal Credit Opportunity Act - Origination

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm any comments at   origination do not conflict with the prohibited practices described in the applicable   Ford Credit procedure.
    

 

SB-4

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
 
    	
 
    	
Test 3.3(j) – 15:   State Disclosures; Contract Complete

 

Observe the Lease and   confirm all lines on the Lease are completed or properly left blank.

 

Test 3.3(j) – 16:   State-Specific Underwriting Requirements

 

Observe the state in   the address of the Dealer on the Lease.    If the state is listed below, perform the tests for the specific   state.

 

California

 

Observe the Lease and   confirm that it indicates it was negotiated primarily in English or, if it   indicates one of the other languages, confirm a completed translation of the   Lease in that language is in the Lease File.

 

Florida

 

Confirm a signed   “Customer-Dealer Registration Agreement” or a document identifying that the   Dealer used the actual registration amount is in the Lease file.

 

Illinois

 

Illinois-1-Sales Tax   Form

 

Confirm a completed   sales tax form is in the Lease File.

 

Illinois-2-Translation

 

Confirm there is no   translation acknowledgment form in the Lease File or, if so, confirm the form   is completed and signed.

 

Kansas

 

Observe the Lease and   confirm that no credit insurance was purchased or, if so, confirm the “Credit   Insurance Premium Refund Notice” is in the Lease File and the date of the   form is within ten days of the Lease purchase date.

 

New Jersey

 

Observe the Lease and   confirm the date the Lessee signed the Lease is at least one business day   after the date of the Lease or, if the dates are the same, confirm a  waiver signed by the Lessee is in the Lease   File.

 

New York

 

Confirm there is no   translation acknowledgment form in the Lease File or, if so, confirm the form   is completed and signed.

 

Ohio

 

Observe the Lease and   confirm that no credit insurance was purchased or, if so, confirm a completed   and signed “Notice of Optional Credit Insurance” is in the Lease File.
    

 

SB-5

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
Section 3.3(k) –   Binding Obligation.    The Lease is on a form contract that includes rights and remedies   allowing the holder to enforce the obligation and realize on the Leased   Vehicle and represents the legal, valid and binding payment obligation of the   Lessee, enforceable in all material respects by the holder of the Lease,   except as may be limited by bankruptcy, insolvency, reorganization or other   similar laws relating to the enforcement of creditors’ rights or by general   equitable principles and consumer financial protection laws.
    	
 
    	
Test   3.3(k) – 1: Lease Form

 

Observe the form number   and revision date on the Contract and confirm they are on the List of   Approved Contract Forms.
    
	
Section 3.3(l) –   Security Interest in Leased Vehicle.  The Collateral Agent has, or the Servicer   has started procedures that will result in the Collateral Agent having, a   perfected, first-priority security interest in the Leased Vehicle, which   security interest was validly created.
    	
 
    	
Test   3.3(l) – 1: Security Interest in Lease Vehicle

 

Observe the Title   Documents and confirm they show HTD Leasing LLC, using a name included in the   List of Acceptable Name Variations, as the first lienholder.

 

Observe the vehicle   identification number on the Lease and confirm it matches the vehicle   identification number on the Title Documents.
    
	
Section 3.3(m) –   Good Title to Lease and Leased Vehicle.  The applicable Titling Company has good   title, or the Servicer has started procedures that will result in good title,   to the Lease and Leased Vehicle, free and clear of Liens other than Permitted   Liens.
    	
 
    	
Test   3.3(m) – 1: Garaging Location

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the state in the   garaging address on the date of the Lease matches the state on the Title   Documents.

 

Observe the Title   Documents and confirm they reflect the Titling Company as stated in the   applicable Ford Credit procedure, using a name included in the List of   Acceptable Name Variations, as the Owner.

 

Test   3.3(m) – 2: Valid Assignment

 

Observe the Lease and   confirm the Dealer signature is present to assign the lease to the applicable   Titling Company.
    
	
Section 3.3(n) –   Chattel Paper.  The   Lease is either “tangible chattel paper” or “electronic chattel paper” within   the meaning of the applicable UCC and there is only one original   authenticated copy of the Lease.
    	
 
    	
Test   3.3(n) – 1: Lease Signed

 

Observe the Lease and   confirm signatures are present for the Dealer and Lessee.

 

Test   3.3(n) – 2: Lease Form

 

Observe the form number   and revision date on the Lease and confirm they are on the List of Approved   Contract Forms.

 

Test   3.3(n) – 3: One Original

 

Observe the Lease and   confirm it is an electronic contract or, if not, confirm it states “original”   above the ply description line.
    

 

SB-6

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
Section 3.3(o) –   Servicing.  The Lease   was serviced in compliance with law and the Servicing Procedures in all   material respects from the time it was originated to the Cutoff Date.
    	
 
    	
Test   3.3(o) – 1: Credit Bureau Reporting

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the number of days,   if any, the Lease account was past due for each month preceding the Cutoff   Date matches the information reported to the credit bureaus for the Lease   account.

 

Test   3.3(o) – 2: Lessee Complaints

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm that   “Complaints/Feedback” is not indicated for the Lease account as of the Cutoff   Date or, if so, confirm that the documentation indicated in Ford Credit’s   receivables systems related to the complaint follows the applicable Ford   Credit procedures.

 

Test   3.3(o) – 3: Equal Credit Opportunity Act - Servicing

 

Observe the customer   service notes, if any, for the Lease account in Ford Credit’s receivables   systems and confirm any comments do not conflict with the prohibited   practices described in the applicable Ford Credit procedure.

 

Test   3.3(o) – 4: Servicemembers Civil Relief Act

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm that Servicemembers   Civil Relief Act is not indicated for the Lease account as of the Cutoff Date   or, if so and if military orders are in the Lease File, confirm the lease   factor for the Lease account indicated in Ford Credit’s receivables systems   is less than or equal to 4.25%.
    
	
Section 3.3(p) –   No Bankruptcy.  As of   the Cutoff Date, the Sponsor’s receivables systems do not indicate that the   Lessee on the Lease is a debtor in a bankruptcy proceeding.
    	
 
    	
Test   3.3(p) – 1: No Bankruptcy

 

Observe the Lease account   in Ford Credit’s receivables systems as of the Cutoff Date and confirm the   “Bankrupt” field is blank.
    
	
Section 3.3(q) –   Leases in Force.  As   of the Cutoff Date, neither the Sponsor’s receivables systems nor the Lease   File indicate that the Lease (i) was a Terminating Lease or a Closed   Lease or (ii) was satisfied, subordinated, rescinded, cancelled or   terminated.
    	
 
    	
Test   3.3(q) – 1: Terminating Lease or Closed Lease

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm it was not a   Terminating Lease or a Closed Lease.

 

Test   3.3(q) – 2: Leases in Force

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm it was an active   account on the Cutoff Date.
    
	
Section 3.3(r) –   No Amendments or Modifications.  No material term of the Lease has been   affirmatively amended or modified (other than the assessment of a security   deposit or a Payment Extension Fee or the payment of any other amount that   would be a Lease Administration Amount, or a default relating to failure by the   related Lessee to pay any such amount), except amendments and modifications   indicated in the Sponsor’s receivables systems or in the Lease File.
    	
 
    	
Test   3.3(r) – 1: No Amendments

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm a “Substitution   Agreement” and/or “Transfer of Lease” account message is not indicated or, if   so, confirm a substitution agreement and/or transfer agreement is in the   Lease File.
    

 

SB-7

 

	
Representation   and Warranty
   (Section references are to the
   Exchange Note Purchase Agreement)
    	
 
    	
Tests
    
	
Section 3.3(s) –   No Extensions.  As of   the Cutoff Date, the Lease was not amended to extend the due date for any   payment, other than Payment Extensions totaling no more than three months, as   recorded in the Sponsor’s receivables systems and in the Lease File.
    	
 
    	
Test   3.3(s) – 1: No Extensions

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the Lease was not   extended more than three months as of the Cutoff Date.
    
	
Section 3.3(t) –   No Defenses.  There   is no right of rescission, setoff, counterclaim or defense asserted or   threatened against the Lease indicated in the Sponsor’s receivables systems   or in the Lease File.
    	
 
    	
Test   3.3(t) – 1: No Defenses

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm there are no   “Litigation Pending,” “Attorney Representation” and/or “Second Lien” account   messages or, if so, confirm the account message(s) were not present as   of the Cutoff Date.
    
	
Section 3.3(u) –   No Payment Default.    Except for a payment that is not more than 30 days Delinquent as of   the Cutoff Date, no payment default exists on the Lease.
    	
 
    	
Test   3.3(u) – 1: No Payment Default

 

Observe the Lease   account in Ford Credit’s receivables systems and confirm the Lease was not   more than 30 days Delinquent as of the Cutoff Date.
    
	
Section 3.3(v) –   Maturity of Leases.    The Lease has a Scheduled Lease End Date of not greater than 48 months   from the date of the Lease.
    	
 
    	
Test   3.3(v) – 1: Maturity of Leases

 

Observe the “Lease Term   in Months” on the Lease and confirm it is not greater than 48.
    

 

SB-8EX-4.1

 Exhibit 4.1 

A.K.A. BRANDS HOLDING CORP. 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of September 24, 2021 among a.k.a. Brands Holding Corp,
a Delaware corporation (the “Company”), each of the investors listed on the signature pages hereto under the caption “Sponsor Investors” (collectively, the “Sponsor Investors”), each Person listed on the
signature pages under the caption “Other Investors” or who executes a Joinder as an “Other Investor” (collectively, the “Other Investors”) and each of the executives listed on the signature pages under the
caption “Executives” or who executes a Joinder as an “Executive” (collectively, the “Executives”). Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in Exhibit
A attached hereto. 
 In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1 Demand
Registrations. 
 (a) Requests for Registration. At any time and from time to time, the Sponsor Investors may request registration
under the Securities Act of all or any portion of their Registrable Securities on Form S-l or any similar long-form registration statement (“Long-Form Registrations”) or on Form S-3 or any similar short-form registration statement (“Short-Form Registrations”), if available (any such requested registration, a “Demand Registration”). On and after the four
(4) year anniversary of the date hereof, the Other Investors may each request one (1) Demand Registration for all or any portion of their Registrable Securities. The Sponsor Investors and Other Investors may request that any Demand
Registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) and (if the Company is a WKSI at the time any such request is submitted to the Company or will become one by the time of the filing of such
Shelf Registration) that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration Statement”). Each request for a Demand Registration
must specify the approximate number or dollar value of Registrable Securities requested to be registered by the requesting Holders and (if known) the intended method of distribution. The Sponsor Investors will be entitled to request an unlimited
number of Demand Registrations. The Company will pay all Registration Expenses, whether or not any such registration is consummated. 
 (b)
Notice to Other Investors. Within four (4) Business Days after receipt of any such request, the Company will give written notice of the Demand Registration to all other Holders and, subject to the terms of
Section 1(e), will include in such Demand Registration (and in all related registrations and qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the
Company has received written requests for inclusion therein within ten (10) days after the receipt of the Company’s notice; provided that, with the written consent of the Sponsor Investor and Bryett, the Company may, or at the
written request of the Sponsor Investors, the Company shall, instead provide notice of the Demand Registration to all Other Investors within three (3) Business Days following the non-confidential filing
of the registration statement with respect to the Demand Registration so long as such registration statement is not an Automatic Shelf Registration Statement. 

(c) Form of Registrations. All Long-Form Registrations will be underwritten registrations unless otherwise approved by the Sponsor
Investor. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short form unless otherwise requested by the Sponsor Investor. 

(d) Shelf Registrations. 

(i) For so long as a registration statement for a Shelf Registration (a “Shelf Registration Statement”) is and
remains effective, the Sponsor Investors and Other Investors will have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering Registrable Securities available for sale pursuant to such
registration statement (“Shelf Registrable Securities”). If the Sponsor Investors or Other Investors desire to sell Registrable Securities pursuant to an 

 
underwritten offering, then the Sponsor Investors or Other Investors may deliver to the Company a written notice (a “Shelf Offering Notice”) specifying the number of Shelf
Registrable Securities that the Sponsor Investors or Other Investors desire to sell pursuant to such underwritten offering (the “Shelf Offering”). As promptly as practicable, but in no event later than two (2) Business Days
after receipt of a Shelf Offering Notice, the Company will give written notice of such Shelf Offering Notice to all other Holders of Shelf Registrable Securities that have been identified as selling stockholders in such Shelf Registration Statement
and are otherwise permitted to sell in such Shelf Offering, which such notice shall request that each such Holder specify, within seven (7) days after the Company’s receipt of the Shelf Offering Notice, the maximum number of Shelf
Registrable Securities such Holder desires to be disposed of in such Shelf Offering. The Company, subject to Section 1(e) and Section 7, will include in such Shelf Offering all Shelf Registrable
Securities with respect to which the Company has received timely written requests for inclusion. The Company will, as expeditiously as possible (and in any event within fourteen (14) days after the receipt of a Shelf Offering Notice), but
subject to Section 1(e), use its best efforts to consummate such Shelf Offering. 
 (ii) If the
Sponsor Investors or Other Investors desire to engage in an underwritten block trade or bought deal pursuant to a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an already
existing Shelf Registration Statement) (each, an “Underwritten Block Trade”), then notwithstanding the time periods set forth in Section l(d)(i), the Sponsor Investors or Other Investors may notify the Company of the
Underwritten Block Trade not less than two (2) Business Days prior to the day such offering is first anticipated to commence. If requested by the Sponsor Investors, the Company will promptly notify other Holders of such Underwritten Block Trade
and such notified Holders (each, a “Potential Participant”) may elect whether or not to participate no later than the next Business Day (i.e. one (1) Business Day prior to the day such offering is to commence) (unless a
longer period is agreed to by the Sponsor Investors or Other Investors that initiated the Demand Registration), and the Company will as expeditiously as possible use its best efforts to facilitate such Underwritten Block Trade (which may close as
early as two (2) Business Days after the date it commences); provided further that, notwithstanding the provisions of Section l(d)(i), no Holder (other than Holders of Sponsor Investor Registrable Securities) will be permitted to
participate in an Underwritten Block Trade without the written consent of the Sponsor Investor or Other Investors that initiated the Demand Registration. Any Potential Participant’s request to participate in an Underwritten Block Trade shall be
binding on the Potential Participant. 
 (iii) All determinations as to whether to complete any Shelf Offering and as to the
timing, manner, price and other terms of any Shelf Offering contemplated by this Section 1(d) shall be determined by the Sponsor Investors or Other Investors that initiated the Demand Registration, and the Company shall use
its best efforts to cause any Shelf Offering to occur in accordance with such determinations as promptly as practicable. 

(iv) The Company will, at the request of the Sponsor Investors or Other Investors, as applicable, file any prospectus
supplement or any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Sponsor Investors or Other Investors, as applicable, to effect such Shelf
Offering. 
 (e) Priority on Demand Registrations and Shelf Offerings. The Company will not include in any Demand Registration any
securities which are not Registrable Securities without the prior written consent of the Sponsor Investors or Other Investors that initiated the Demand Registration. If a Demand Registration or a Shelf Offering is an underwritten offering and the
managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and (if permitted hereunder) other securities requested to be included in such offering exceeds the number of Registrable Securities and
other securities (if any), which can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then the Company will include in such offering (prior to the inclusion of
any securities which are not Registrable Securities) the number of Registrable Securities requested to be included by any Holders which, in the opinion of such underwriters, 

  
 -2- 

 
can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder. Notwithstanding anything to the contrary
herein, if any Holders of Executive Registrable Securities have requested to include such securities in an underwritten offering and the managing underwriters for such offering advise the Company that in their opinion the inclusion of some or all of
such Executive Registrable Securities could adversely affect the marketability, proposed offering price, timing and/or method of distribution of the offering, then the Company shall exclude from such offering the number of such Executive Registrable
Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of any Registrable Securities of any other Holders as set forth in this Section 1(e), which, for the avoidance of
doubt, may be all such Executive Registrable Securities requested to be included such offering. 
 (f) Restrictions on Demand Registration
and Shelf Offerings. 
 (i) The Company may postpone, for up to 60 days (or with the consent of the Sponsor Investors or
Other Investor that initiated the Demand Registration, a longer period) from the date of the request (the “Suspension Period”), the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use
of a prospectus that is part of a Shelf Registration Statement (and therefore suspend sales of the Shelf Registrable Securities) by providing written notice to the Holders if the following conditions are met: (A) the Company determines that the
offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary
course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Company and (B) upon advice of counsel, the sale of Registrable Securities pursuant to the
registration statement would require disclosure of material non-public information not otherwise required to be disclosed under applicable law, and either (x) the Company has a bona fide business purpose
for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) such transaction renders the Company unable to
comply with SEC requirements, in each case under circumstances that would make it impractical or inadvisable to cause the registration statement (or such filings) to become effective or to promptly amend or supplement the registration statement on a
post effective basis, as applicable. The Company may delay or suspend the effectiveness of a Demand Registration or Shelf Registration Statement pursuant to this Section 1(f)(i) only once in any twelve (12)-month period
(for avoidance of doubt, in addition to the Company’s rights and obligations under Section 4(a)(vi)) unless additional delays or suspensions are approved by the Sponsor Investors or Other Investor that initiated the
Demand Registration. 
 (ii) In the case of an event that causes the Company to suspend the use of a Shelf Registration
Statement as set forth in Section l(f)(i) above or pursuant to Section 4(a)(vi) (a “Suspension Event”), the Company will give a notice to the Holders whose Registrable Securities are registered
pursuant to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of the Registrable Securities and such notice must state generally the basis for the notice and that such suspension will continue only for so
long as the Suspension Event or its effect is continuing. Each Holder agrees not to effect any sales of its Registrable Securities pursuant to such Shelf Registration Statement (or such fdings) at any time after it has received a Suspension Notice
from the Company and prior to receipt of an End of Suspension Notice. A Holder may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such
effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice will be given by the Company to the Holders promptly following the conclusion of any Suspension Event (and in any event during the permitted
Suspension Period). 
 (g) Selection of Underwriters. The legal counsel to the Company, the investment banker(s) and manager(s) to
administer any underwritten offering in connection with any Demand Registration or Shelf Offering shall be selected by the Sponsor Investors or Other Investor that initiated the Demand Registration. 

  
 -3- 

 (h) Other Registration Rights. Except as provided in this Agreement, the Company will
not grant to any Person(s) the right to request the Company or any Subsidiary to register any equity securities of the Company or any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the
prior written consent of the Sponsor Investors; provided that, with the prior approval of the Sponsor Investors, the Company may grant rights to employees of the Company and its Subsidiaries to participate in Piggyback Registrations so long
as they sign a Joinder as an “Executive” and Holder of “Executive Registrable Securities” hereunder. 
 (i) Revocation
of Demand Notice or Shelf Offering Notice. At any time prior to the effective date of the registration statement relating to a Demand Registration or the “pricing” of any offering relating to a Shelf Offering Notice, the Sponsor
Investors may revoke or withdraw such notice of a Demand Registration or Shelf Offering Notice on behalf of all Holders participating in such Demand Registration or Shelf Offering without liability to such Holders, in each case by providing written
notice to the Company. 
 (j) Confidentiality. Each Holder agrees to treat as confidential the receipt of any notice hereunder
(including notice of a Demand Registration, a Shelf Offering Notice and a Suspension Notice) and the information contained therein, and not to disclose or use the information contained in any such notice (or the existence thereof) without the prior
written consent of the Company until such time as the information contained therein is or becomes available to the public generally (other than as a result of disclosure by such Holder in breach of the terms of this Agreement). 

Section 2 Piggyback Registrations. 

(a) Right to Piggyback. Whenever the Company proposes to register any of its equity securities under the Securities Act (including
primary and secondary registrations, and other than pursuant to an Excluded Registration) (a “Piggyback Registration”), the Company will give prompt written notice (and in any event within three (3) Business Days after the
public filing of the registration statement relating to the Piggyback Registration) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of Section 2(b) and
Section 2(c), will include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company
has received written requests for inclusion therein within ten (10) days after delivery of the Company’s notice. The Sponsor Investor may withdraw its request for inclusion at any time prior to executing the underwriting agreement, or if
none, prior to the applicable registration statement becoming effective. 
 (b) Priority on Primary Registrations. If a Piggyback
Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the
number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) first, the securities
the Company proposes to sell, (ii) second, any Registrable Securities requested to be included in such registration by any Holder which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among such
Holders on the basis of the number of Registrable Securities owned by each such Holder, and (iii) third, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any
such adverse effect. Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in a Piggyback Registration that is an underwritten primary offering on behalf of the
Company and the managing underwriters for such offering advise the Company in writing that in their opinion the inclusion of some or all of such Executive Registrable Securities could adversely affect the marketability, proposed offering price,
timing and/or method of distribution of the offering, the Company shall first exclude from such offering the number (which may be all) of such Executive Registrable Securities identified by the managing underwriters as having any such adverse effect
prior to the exclusion of any securities in such offering. 

  
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 (c) Priority on Secondary Registrations. If a Piggyback Registration is an
underwritten secondary registration on behalf of holders of the Company’s equity securities (other than pursuant to Section 1 hereof), and the managing underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will
include in such registration (i) first, the securities requested to be included therein by the holders initially requesting such registration which, in the opinion of the underwriters, can be sold without any such adverse effect,
(ii) second, any Registrable Securities requested to be included in such registration by any Holder, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder which, in the opinion of the
underwriters, can be sold without any such adverse effect, and (iv) third, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.
Notwithstanding anything to the contrary herein, if any Holders of Executive Registrable Securities have requested to include such securities in a Piggyback Registration that is an underwritten secondary offering and the managing underwriters for
such offering advise the Company in writing that in their opinion the inclusion of some or all of such Executive Registrable Securities could adversely affect the marketability, proposed offering price, timing or method of distribution of the
offering, the Company shall be permitted to first exclude from such offering the number (which may be all) of such Executive Registrable Securities identified by the managing underwriters as having any such adverse effect prior to the exclusion of
any securities in such offering. 
 (d) Right to Terminate Registration. The Company will have the right to terminate or withdraw any
registration initiated by it under this Section 2, whether or not any holder of Registrable Securities has elected to include securities in such registration. 

(e) Selection of Underwriters. If any Piggyback Registration is an underwritten offering, the legal counsel for the Company, the
investment banker(s) and manager(s) for the offering shall be selected by the Sponsor Investors. 
 Section 3 Stockholder Lock-Up Agreements and Company Holdback Agreement. 
 (a) Stockholder
Lock-up Agreements. In connection with any underwritten Public Offering, each Holder will enter into any lock-up, holdback or similar agreements requested by the
underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Sponsor Investors. Without limiting the generality of the foregoing, each Holder hereby agrees that in connection with the initial
Public Offering and in connection with any Demand Registration, Shelf Offering or Piggyback Registration that is an underwritten Public Offering, not to (i) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant
to Rule 144), directly or indirectly, any equity securities of the Company (including equity securities of the Company that may be deemed to be beneficially owned by such Holder in accordance with the rules and regulations of the SEC) (collectively,
“Securities”), or any securities, options or rights convertible into or exchangeable or exercisable for Securities (collectively, “Other Securities”), (ii) enter into a transaction which would have the same effect
as described in clause (i) above, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Securities or Other Securities, whether such transaction is to be
settled by delivery of such Securities or Other Securities, in cash or otherwise (each of (i), (ii) and (iii) above, a “Sale Transaction”), or (iv) publicly disclose the intention to enter into any Sale Transaction,
commencing on the date on which the Company gives notice to the Holders that a preliminary prospectus has been circulated for such underwritten Public Offering or the “pricing” of such offering and continuing to the date that is (x) 180
days following the date of the final prospectus for such underwritten Public Offering in the case of the initial Public Offering or (y) 90 days following the date of the final prospectus in the case of any other such underwritten Public Offering
(each such period, or such shorter period as agreed to by the managing underwriters, a “Holdback Period”), in each case with such modifications and exceptions as may be approved by the Sponsor Investors. The Company may impose
stop-transfer instructions with respect to any Securities or Other Securities subject to the restrictions set forth in this Section 3(a) until the end of such Holdback Period. 

  
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 (b) Company Holdback Agreement. The Company (i) will not file any registration
statement for a Public Offering or cause any such registration statement to become effective, or effect any public sale or distribution of its Securities or Other Securities during any Holdback Period (other than as part of such underwritten Public
Offering, or a registration on Form S-4 or Form S-8 or any successor or similar form which is (x) then in effect or (y) shall become effective upon the
conversion, exchange or exercise of any then outstanding Other Securities) and (ii) will cause each holder of Securities and Other Securities (including each of its directors and executive officers) to agree not to effect any Sale Transaction
during any Holdback Period, except as part of such underwritten registration (if otherwise permitted), unless approved in writing by the Sponsor Investors and the underwriters managing the Public Offering and to enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Sponsor Investors. 

Section 4 Registration Procedures. 

(a) Company Obligations. Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or
have initiated a Shelf Offering, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will as
expeditiously as possible: 
 (i) prepare and file with (or submit confidentially to) the SEC a registration statement, and
all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, all in accordance with the Securities Act and all
applicable rules and regulations promulgated thereunder (provided that before fding or confidentially submitting a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by the
Sponsor Investors covered by such registration statement copies of all such documents proposed to be filed or submitted, which documents will be subject to the review and comment of such counsel); 

(ii) notify each Holder of (A) the issuance by the SEC of any stop order suspending the effectiveness of any registration
statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each registration statement filed hereunder; 

(iii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of
distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten Public
Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; 

(iv) furnish, without charge, to each seller of Registrable Securities thereunder and each underwriter, if any, such number of
copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) (in each case including all exhibits and documents incorporated by reference
therein), each amendment and supplement thereto, each Free Writing Prospectus and such other documents as such seller or underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such
seller (the Company hereby consenting to the use in accordance with all applicable laws of each such registration statement, each such amendment and supplement thereto, and each such prospectus (or preliminary prospectus or supplement thereto) or
Free Writing Prospectus by each such seller of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); 

  
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 (v) use its best efforts to register or qualify such Registrable Securities
under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such seller (provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this
subparagraph or (B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 

(vi) notify in writing each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the
date and time when such registration statement and each posteffective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any registration or
qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration
statement or prospectus or for additional information, and (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event or of any information or circumstances as a result
of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to Section 1(f), if
required by applicable law or to the extent requested by the Sponsor Investor, the Company will use its best efforts to promptly prepare and file a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading and (D) if at any time the representations and warranties of the
Company in any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct; 

(vii) (A) use best efforts to cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers to register as such with respect
to such Registrable Securities with FINRA, and (B) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements; 

(viii) use best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the
effective date of such registration statement; 
 (ix) enter into and perform such customary agreements (including, as
applicable, underwriting agreements in customary form) and take all such other actions as the Sponsor Investors or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities
(including, without limitation, making available the executive officers of the Company and participating in “road shows,” investor presentations, marketing events and other selling efforts and effecting a stock or unit split or
combination, recapitalization or reorganization); 
 (x) make available for inspection by any seller of Registrable
Securities, any underwriter participating in any disposition or sale pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate
and business documents and properties of the Company as will be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees, agents, representatives and independent accountants
to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement and the disposition of such Registrable Securities pursuant thereto; 

  
 -7- 

 (xi) take all actions to ensure that any Free-Writing Prospectus utilized in
connection with any Demand Registration or Piggyback Registration or Shelf Offering hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in
accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(xii) otherwise use its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the
registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(xiii) permit any Holder which, in its sole and exclusive judgment, might be deemed to be an underwriter or a controlling
person of the Company, to participate in the preparation of such registration or comparable statement and to allow such Holder to provide language for insertion therein, in form and substance satisfactory to the Company, which in the reasonable
judgment of such Holder and its counsel should be included; 
 (xiv) use best efforts to (A) make Short-Form
Registration available for the sale of Registrable Securities and (B) prevent the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related
prospectus or suspending the qualification of any Common Equity included in such registration statement for sale in any jurisdiction use, and in the event any such order is issued, best efforts to obtain promptly the withdrawal of such order; 

(xv) use its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 

(xvi) cooperate with the Holders covered by the registration statement and the managing underwriter or agent, if any, to
facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, or the removal of any restrictive legends associated with any account at which
such securities are held, and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request; 

(xvii) if requested by any managing underwriter, include in any prospectus or prospectus supplement updated financial or
business information for the Company’s most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering in the view of the managing underwriter; 

(xviii) take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, however, that to
the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable; 

(xix) cooperate with each Holder covered by the registration statement and each underwriter or agent participating in the
disposition of such Registrable Securities and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the New York Stock
Exchange, Nasdaq or any other national securities exchange on which the shares of Common Equity are or are to be listed, and (B) to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter acceptable
to the managing underwriter; 

  
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 (xx) in the case of any underwritten offering, use its best efforts to
obtain, and deliver to the underwriter(s), in the manner and to the extent provided for in the applicable underwriting agreement, one or more cold comfort letters from the Company’s independent public accountants in customary form and covering
such matters of the type customarily covered by cold comfort letters; 
 (xxi) use its best efforts to provide (A) a
legal opinion of the Company’s outside counsel, dated the effective date of such registration statement addressed to the Company, (B) on the date that such Registrable Securities are delivered to the underwriters for sale in connection
with a Demand Registration or Shelf Offering, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the closing date of the applicable sale, (1) one or more legal opinions of
the Company’s outside counsel, dated such date, in form and substance as customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker,
placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (2) one or more “negative assurances letters” of the Company’s outside counsel, dated such date, in form and substance as is
customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the
Registrable Securities, in each case, addressed to the underwriters, if any, or, if requested, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting
in the sale of the Registrable Securities and (3) customary certificates executed by authorized officers of the Company as may be requested by any Holder or any underwriter of such Registrable Securities; 

(xxii) if the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use its best efforts
to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective; 

(xxiii) if the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf
Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; 
 (xxiv)
if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the
Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, use its best efforts to refile the Shelf Registration Statement on Form
S-3 and, if such form is not available, Form S-l and keep such registration statement effective during the period during which such registration statement is required to
be kept effective; 
 (xxv) if requested by any Sponsor Investor, cooperate with such Sponsor Investor and with the managing
underwriter or agent, if any, on reasonable notice to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may
be necessary to permit any such recipient Charitable Organization to sell in the underwritten offering if it so elects; and 

(xxvi) use best efforts to maintain the effectiveness of a registration statement with Registrable Securities held by Bryett
until such time as Bryett has sold such Registrable Securities. 
 (b) Officer Obligations. Each Holder that is an officer of the
Company agrees that if and for so long as he or she is employed by the Company or any Subsidiary thereof, he or she will participate fully in the sale process in a manner customary for persons in like positions and consistent with his or her other
duties with the Company, including the preparation of the registration statement and the preparation and presentation of any road shows. 

  
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 (c) Automatic Shelf Registration Statements. If the Company files any Automatic Shelf
Registration Statement for the benefit of the holders of any of its securities other than the Holders, and the Sponsor Investors or Other Investors do not request that their Registrable Securities be included in such Shelf Registration Statement,
the Company agrees that, at the request of the Sponsor Investors or Other Investors, it will include in such Automatic Shelf Registration Statement such disclosures as may be required by Rule 430B in order to ensure that the Sponsor Investors or
Other Investors may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. If the Company has filed any Automatic Shelf Registration Statement for the
benefit of the holders of any of its securities other than the Holders, the Company shall, at the request of the Sponsor Investors or Other Investors, file any post-effective amendments necessary to include therein all disclosure and language
necessary to ensure that the holders of Registrable Securities may be added to such Shelf Registration Statement. 
 (d) Additional
Information. The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the Company may
from time to time reasonably request in writing, as a condition to such seller’s participation in such registration. 
 (e) In-Kind Distributions. If any Sponsor Investor (and/or any of their Affiliates) seeks to effectuate an in-kind distribution of all or part of their Registrable Securities
to their respective direct or indirect equityholders, the Company will, subject to any applicable lock-ups, work with the foregoing Persons to facilitate such in-kind
distribution in the manner reasonably requested and consistent with the Company’s obligations under the Securities Act. 
 (f)
Suspended Distributions. Each Person participating in a registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(a)(vi), such
Person will immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such Person’s receipt of the copies of of a supplemented or amended prospectus as contemplated by
Section 4(a)(vi), subject to the Company’s compliance with its obligations under Section 4(a)(vi). 

(g) Other. To the extent that any of the Sponsor Investors is or may be deemed to be an “underwriter” of Registrable
Securities pursuant to any SEC comments or policies, the Company agrees that (i) the indemnification and contribution provisions contained in Section 6 shall be applicable to the benefit of such Sponsor Investor in
their role as an underwriter or deemed underwriter in addition to their capacity as a holder and (ii) such Sponsor Investor shall be entitled to conduct the due diligence which they would normally conduct in connection with an offering of
securities registered under the Securities Act, including without limitation receipt of customary opinions and comfort letters addressed to such Sponsor Investor. 

Section 5 Registration Expenses. 

Except as expressly provided herein, all out-of-pocket expenses
incurred by the Company or any Sponsor Investor or Other Investor in connection with the performance of or compliance with this Agreement and/or in connection with any Demand Registration, Piggyback Registration or Shelf Offering, whether or not the
same shall become effective, shall be paid by the Company, including, without limitation: (i) all registration and fding fees, and any other fees and expenses associated with fdings required to be made with the SEC or FINRA, (ii) all fees
and expenses in connection with compliance with any securities or “blue sky” laws, (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates
for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other depositary and of printing prospectuses and Company Free Writing Prospectuses), (iv) all fees and disbursements of counsel for the Company and
of all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort letters required by or incident to such performance), (v) Securities Act liability insurance or

  
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similar insurance if the Company so desires or the underwriters so require in accordance with then- customary underwriting practice, (vi) all fees and expenses incurred in connection with
the listing of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed (or on which exchange the Registrable Securities are proposed to be listed in the case of the initial Public Offering),
(vii) all applicable rating agency fees with respect to the Registrable Securities, (viii) all fees and disbursements of legal counsel for the Company, (ix) all fees and disbursements of one legal counsel for selling Holders selected by
the Sponsor Investors together with any necessary local counsel as may be required by the Sponsor Investors, (xi) any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (xii) all fees and expenses
of any special experts or other Persons retained by the Company or the Sponsor Investors in connection with any Registration (xiii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees
performing legal or accounting duties) and (xiv) all expenses related to the “road-show” for any underwritten offering, including all travel, meals and lodging. All such expenses are referred to herein as “Registration
Expenses.” The Company shall not be required to pay, and each Person that sells securities pursuant to a Demand Registration, Shelf Offering or Piggyback Registration hereunder will bear and pay, all underwriting discounts and commissions
applicable to the Registrable Securities sold for such Person’s account and all transfer taxes (if any) attributable to the sale of Registrable Securities. 

Section 6 Indemnification and Contribution. 

(a) By the Company. The Company will indemnify and hold harmless, to the fullest extent permitted by law and without limitation as to
time, each Holder, such Holder’s officers, directors employees, agents, fiduciaries, stockholders, managers, partners, members, affiliates, direct and indirect equityholders, consultants and representatives, and any successors and assigns
thereof, and each Person who controls such holder (within the meaning of the Securities Act) (the “Indemnified Parties”) against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or
proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) (collectively, “Losses”) caused by, resulting from, arising out of, based upon or related to any of the following (each, a
“Violation”) by the Company: (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any amendment thereof
or supplement thereto or (B) any application or other document or communication (in this Section 6, collectively called an “application”) executed by or on behalf of the Company or based upon written
information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the “blue sky” or securities laws thereof, (ii) any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Securities Act or any other similar federal or state securities laws or any
rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance. In addition, the Company will reimburse such
Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Losses. Notwithstanding the foregoing, the Company will not be liable in any such case to the extent that any
such Losses result from, arise out of, are based upon, or relate to an untrue statement, or omission , made in such registration statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement
thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Company by such Indemnified Party expressly for use therein or by such Indemnified Party’s failure to deliver
a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of the same. In connection with an underwritten offering, the
Company will indemnify such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the
Indemnified Parties or as otherwise agreed to in the underwriting agreement executed in connection with such underwritten offering. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation
made by or on behalf of such Indemnified Party and shall survive the transfer of such securities by such seller. 

  
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 (b) By Holders. In connection with any registration statement in which a Holder is
participating, each such Holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law,
will indemnify the Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the meaning of the Securities Act) against any Losses resulting from (as determined by a final and
appealable judgment, order or decree of a court of competent jurisdiction) any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any
omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such Holder expressly for use therein; provided that the obligation to indemnify will be individual, not joint and several, for each Holder and will be limited to the net amount of proceeds received by such Holder from the sale of
Registrable Securities pursuant to such registration statement. 
 (c) Claim Procedure. Any Person entitled to indemnification
hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice will impair any Person’s right to indemnification
hereunder only to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with
respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any
settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be
obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between
such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties will have a right to retain one separate counsel, chosen by the majority of the conflicted indemnified
parties involved in the indemnification and approved by the Sponsor Investor, at the expense of the indemnifying party. 
 (d)
Contribution. If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise
unenforceable with respect to any Loss referred to herein, then such indemnifying party will contribute to the amounts paid or payable by such indemnified party as a result of such Loss, (i) in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations or (ii) if
the allocation provided by clause (i) of this Section 6(d) is not permitted by applicable law, then in such proportion as is appropriate to reflect not only such relative fault but also the relative benefit of the
Company on the one hand and of the sellers of Registrable Securities and any other sellers participating in the registration statement on the other in connection with the statement or omissions which resulted in such Losses, as well as any other
relevant equitable considerations; provided that the maximum amount of liability in respect of such contribution will be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received
by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party will be determined by reference to, among other things, whether the untrue (or,
as applicable alleged) untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this Section 6(d) were to be determined by pro
rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of the Losses referred to herein will be deemed to include any legal
or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

  
 -12- 

 (e) Release. No indemnifying party will, except with the consent of the indemnified
party, consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or
litigation. 
 (f) Non-exclusive Remedy; Survival. The indemnification and contribution
provided for under this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract (and the Company and its Subsidiaries shall be considered the indemnitors of
first resort in all such circumstances to which this Section 6 applies) and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or
controlling Person of such indemnified party and will survive the transfer of Registrable Securities and the termination or expiration of this Agreement. 

Section 7 Cooperation with Underwritten Offerings. No Person may participate in any underwritten registration hereunder unless such
Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the
terms of any over-allotment or “green shoe” option requested by the underwriters; provided that no Holder will be required to sell more than the number of Registrable Securities such Holder has requested to include in such
registration) and (ii) completes, executes and delivers all questionnaires, powers of attorney, stock powers, custody agreements, indemnities, underwriting agreements and other documents and agreements required under the terms of such
underwriting arrangements or as may be reasonably requested by the Company and the lead managing underwriter(s). To the extent that any such agreement is entered into pursuant to, and consistent with, Section 3,
Section 4 and/or this Section 7, the respective rights and obligations created under such agreement will supersede the respective rights and obligations of the Holders, the Company and the
underwriters created thereby with respect to such registration. 
 Section 8 Subsidiary Public Offering. 

(a) Subsidiary Public Offering. If, after an initial Public Offering of the common equity securities of one of its Subsidiaries, the
Company distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Company pursuant to this Agreement will apply, mutatis mutandis, to such Subsidiary, and the Company will cause such Subsidiary to
comply with such Subsidiary’s obligations under this Agreement as if it were the Company hereunder. 
 Section 9 Joinder;
Additional Parties; Transfer of Registrable Securities. 
 (a) Joinder. The Company may from time to time (with the prior written
consent of the Sponsor Investors) permit any Person who acquires Common Equity (or rights to acquire Common Equity) to become a party to this Agreement and to be entitled to and be bound by all of the rights and obligations as a Holder by obtaining
an executed joinder to this Agreement from such Person in the form of Exhibit B attached hereto (a “Joinder”). Upon the execution and delivery of a Joinder by such Person, the Common Equity held by such Person shall become
the category of Registrable Securities (i.e. Sponsor Investor, Executive or Other Investor Registrable Securities), and such Person shall be deemed the category of Holder (i.e. Sponsor Investor, Executive or Other Investor), in each case as set
forth on the signature page to such Joinder. 
 (b) Legend. Each certificate (if any) evidencing any Registrable Securities and each
certificate issued in exchange for or upon the transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such transfer) will be stamped or otherwise imprinted with a legend in
substantially the following form: 

  
 -13- 

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER
AND OTHER PROVISIONS SET FORTH IN A REGISTRATION RIGHTS AGREEMENT DATED AS OF SEPTEMBER 21, 2021 AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE COMPANY’S EQUITYHOLDERS, AS AMENDED. A COPY OF SUCH AGREEMENT
WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 The Company will imprint such legend on certificates
evidencing Registrable Securities outstanding prior to the date hereof. The legend set forth above will be removed from the certificates evidencing any securities that have ceased to be Registrable Securities. 

Section 10 General Provisions. 

(a) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived
only with the prior written consent of the Company and the Sponsor Investors; provided that no such amendment, modification or waiver that would treat a specific Holder or group of Holders of Registrable Securities (i.e., Executives or Other
Investors) in a manner materially and adversely different than any other Holder or group of Holders will be effective against such Holder or group of Holders without the consent of the holders of a majority of the Registrable Securities that are
held by the group of Holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the
right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its obligations
under this Agreement will not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement. 

(b) Remedies. The parties to this Agreement will be entitled to enforce their rights under this Agreement specifically (without posting
a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would
cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party will be entitled to specific performance and/or other injunctive relief
from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

(c) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or
unenforceability will not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as
if such prohibited, invalid, illegal or unenforceable provision had never been contained herein. 
 (d) Entire Agreement. Except as
otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or
among the parties hereto, written or oral, which may have related to the subject matter hereof in any way. 
 (e) Successors and
Assigns. Except as otherwise provided herein, this Agreement will bind and inure to the benefit and be enforceable by the Company and its successors and permitted assigns and the Holders and their respective successors and permitted assigns
(whether so expressed or not). 

  
 -14- 

 (f) Notices. Any notice, demand or other communication to be given under or by reason
of the provisions of this Agreement will be in writing and will be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of
the recipient; but if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed to the recipient by
first class mail, return receipt requested. Such notices, demands and other communications will be sent to the Company at the address specified on the signature page hereto or any Joinder and to any holder, or at such address or to the attention of
such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such party’s address for receipt of notice by giving prior written notice of the change to the sending party as provided
herein. 
 The Company’s address is: 

a.k.a. Brands Holding Corp. 
 100
Montgomery Street, Suite 1600 
 San Francisco, California 94104 

Attention: Jill Ramsey 
 Email:
[*****] 
 With a copy to: 

Kirkland & Ellis LLP 

300 North LaSalle Street 

Chicago, IL 60654 
 Attention:
James Rowe 
 Michael P. Keeley 

Email: james.rowe@kirkland.com; michael.keeley@kirkland.com 

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

(g) Business Days. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time
period will automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday. 
 (h) Governing
Law. The corporate law of the State of Delaware will govern all issues and questions concerning the relative rights of the Company and its equityholders. All other issues and questions concerning the construction, validity, interpretation and
enforcement of this Agreement and the exhibits and schedules hereto will be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether
of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. In furtherance of the foregoing, the internal law of the State of Delaware will control the
interpretation and construction of this Agreement (and all schedules and exhibits hereto), even though under that jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

 (i) MUTUAL WAIVER OP JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS
AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

  
 -15- 

 (j) CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE WILL BE
EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF
VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER
IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(k) No Recourse. Notwithstanding anything to the contrary in this Agreement, the Company and each Holder agrees and acknowledges that no
recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, will be had against any current or future director, officer, employee, general or limited partner or member of any Holder or any Affiliate or
assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever
will attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, partner or member of any
Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such
obligations or their creation. 
 (l) Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted
for convenience only and do not constitute a part of this Agreement. The use of the word “including” in this Agreement will be by way of example rather than by limitation. 

(m) No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction will be applied against any party. 
 (n) Counterparts. This Agreement
may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together will constitute one and the same agreement. 

(o) Electronic Delivery. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in
connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a
facsimile machine or electronic mail will be treated in all manner and respects as an original agreement or instrument and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in
person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto will re-execute original forms thereof and deliver them to all other parties. No party
hereto or to any such agreement or instrument will raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a
facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

(p) Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Holder agrees to execute and
deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby. 

  
 -16- 

 (q) Dividends. Recapitalizations. Etc.. If at any time or from time to time there is
any change in the capital structure of the Company by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment will
be made in the provisions hereof so that the rights and privileges granted hereby will continue. 
 (r) No Third-Party Beneficiaries.
No term or provision of this Agreement is intended to be, or shall be, for the benefit of any Person not a party hereto, and no such other Person shall have any right or cause of action hereunder, except as otherwise expressly provided herein. 

(s) Current Public Information. At all times after the Company has filed a registration statement with the SEC pursuant to the
requirements of either the Securities Act or the Exchange Act, the Company will file all reports required to be filed by it under the Securities Act and the Exchange Act and will take such further action as the Sponsor Investors may reasonably
request, all to the extent required to enable such Holders to sell Registrable Securities pursuant to Rule 144. 

  
 -17- 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. 
  

	
	A.K.A. BRANDS HOLDING CORP.
	
	By: /s/ Jill
Ramsey                                        
    
	Name: Jill Ramsey
	Its: Chief Executive Officer and Director

 [Signature Page to Registration Rights Agreement] 

 
			
	SPONSOR INVESTORS:
	
	NEW EXCELERATE, L P.
		
	By:	 	 /s/ Matthew Hamilton

	Name: Matthew Hamilton
	Its: Manager
	
	OTHER INVESTORS:
	
	THE TF APPAREL DISCRETIONARY TRUST
	
	By: Beard Trading Pty Ltd.
	Its: Trustee
		
	By:	 	 /s/ Tah-Nee Beard

	Name: Tah-Nee Beard
	Title: Director
	
	THE SIMON BEARD FAMILY TRUST
	
	By: Beard Trading Pty Ltd.
	Its: Trustee
		
	By:	 	 /s/ Tah-Nee Beard

	Name: Tah-Nee Beard
	Title: Director
	
	THE TAH NEE ALEMAN FAMILY TRUST
		
	By:	 	 /s/ Tah-Nee Beard

	Name: Tah-Nee Beard
	Title: Director
	
	BEARD TRADING PTY LTD.
		
	By:	 	 /s/ Tah-Nee Beard

	Name: Tah-Nee Beard
	Title: Director

 [Signature Page to Registration Rights Agreement] 

 
			
	THE BRYETT ENTERPRISES TRUST
	
	By: Bryett Enterprises Pty Ltd ACN 169 041 294 as trustee
		
	By:	 	 /s/ Wesley Alexander Bryett

	Name: Wesley Alexander Bryett
	Its: Director

 [Signature Page to Registration Rights Agreement] 

 EXHIBIT A 

DEFINITIONS 

“Affiliate” of any Person means any other Person controlled by, controlling or under common control with such Person and, in
the case of an individual, also includes any member of such individual’s Family Group; provided that the Company and its Subsidiaries will not be deemed to be Affiliates of any holder of Registrable Securities. As used in this
definition, “control” (including, with its correlative meanings, “controlling,” “controlled by” and “under common control with”) will mean possession, directly or indirectly, of power to direct or cause the
direction of management or policies (whether through ownership of securities, by contract or otherwise). 
 “Agreement” has
the meaning set forth in the recitals. 
 “Automatic Shelf Registration Statement” has the meaning set forth in
Section 1(a). 
 “Bryett” shall mean Bryett Enterprises Pty Lts ACN 169 041 294 and its
affiliates. 
 “Business Day” means a day that is not a Saturday or Sunday or a day on which banks in New York City are
authorized or requested by law to close. 
 “Charitable Gifting Event” means any transfer by an Sponsor Investor, or any
subsequent transfer by such holder’s members, partners or other employees, in connection with a bona fide gift to any Charitable Organization on the date of, but prior to, the execution of the underwriting agreement entered into in connection
with any underwritten offering. 
 “Charitable Organization” means a charitable organization as described by
Section 501(c)(3) of the Internal Revenue Code of 1986, as in effect from time to time. 
 “Common
Equity” means the Company’s common stock, par value $0,001 per share. 
 “Company” has the meaning set forth
in the preamble and shall include its successor(s). 
 “Demand Registrations” has the meaning set forth in
Section 1(a). 
 “End of Suspension Notice” has the meaning set forth in Section l(f)(ii).

 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law
then in force, together with all rules and regulations promulgated thereunder. 
 “Excluded Registration” means any
registration (i) pursuant to a Demand Registration (which is addressed in Section 1(a)). or (ii) in connection with registrations on Form S-4 or S-8 promulgated by the SEC or any successor or similar forms). 
 “Executives” has the
meaning set forth in the recitals. 
 “Executive Registrable Securities” means any Common Equity held by the management
employees of the Company who are listed as “Executives” on the signature page hereto or to a Joinder. 

  
 A-l 

 “Family Group” means with respect to any individual, such individual’s
current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) and the spouses of such descendants, any trust, limited partnership, corporation or limited liability company established solely for the
benefit of such individual or such individual’s current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of such descendants. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405. 

“Holdback Period” has the meaning set forth in Section 3(a). 

“Holder” means a holder of Registrable Securities who is a party to this Agreement (including by way of Joinder). 

“Indemnified Parties” has the meaning set forth in Section 6(a). 

“Joinder” has the meaning set forth in Section 9(a). 

“Long-Form Registrations” has the meaning set forth in Section 1(a). 

“Losses” has the meaning set forth in Section 6(c). 

“Other Investors” has the meaning set forth in the recitals. 

“Other Registrable Securities” means (i) any Common Equity held (directly or indirectly) by any Other Investors or any
of their Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of
securities, or any recapitalization, merger, consolidation or other reorganization. 
 “Person” means an individual, a
partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Piggyback Registrations” has the meaning set forth in Section 2(a). 

“Public Offering” means any sale or distribution by the Company, one of its Subsidiaries and/or Holders to the public of
Common Equity or other securities convertible into or exchangeable for Common Equity pursuant to an offering registered under the Securities Act. 

“Registrable Securities” means Sponsor Investor Registrable Securities and Executive Registrable Securities and Other
Registrable Securities. As to any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been (a) sold or distributed pursuant to a Public Offering, (b) sold in compliance with Rule 144
following the consummation of the initial Public Offering, or (c) repurchased by the Company or a Subsidiary of the Company. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities, and the Registrable
Securities will be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding
any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of Registrable Securities hereunder (it being
understood that a holder of Registrable Securities may only request that Registrable Securities in the form of Common Equity be registered pursuant to this Agreement). Notwithstanding the foregoing, following the consummation of an initial Public
Offering, any Registrable Securities held by any Person (other than any Sponsor Investor or its Affiliates) that may be sold under Rule 144(b)(l)(i) without limitation under any of the other requirements of Rule 144 will be deemed not to be
Registrable Securities. 

  
 A-2 

 “Registration Expenses” has the meaning set forth in
Section 5. 
 “Rule 144”. “Rule 158”. “Rule 405”. “Rule
415”. “Rule 403B” and “Rule 462” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same will be amended from time to time, or any successor
rule then in force. 
 “Sale of the Company” means any transaction or series of transactions pursuant to which any
Person(s) or a group of related Persons (other than any Sponsor Investor and/or its Affiliates) in the aggregate acquires: (i) Common Equity of the Company entitled to vote (other than voting rights accruing only in the event of a default,
breach, event of noncompliance or other contingency) to elect directors with a majority of the voting power of the Company’s board of directors (whether by merger, consolidation, reorganization, combination, sale or transfer of the
Company’s Common Equity) or (ii) all or substantially all of the Company’s and its Subsidiaries’ assets determined on a consolidated basis; provided that a Public Offering will not constitute a Sale of the Company. 

“Sale Transaction” has the meaning set forth in Section 3(a). 

“SEC” means the United States Securities and Exchange Commission. 

“Securities” has the meaning set forth in Section 3(a). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force,
together with all rules and regulations promulgated thereunder. 
 “Shelf Offering” has the meaning set forth in Section
l(d)(i). 
 “Shelf Offering Notice” has the meaning set forth in Section l(d)(i). 

“Shelf Registration” has the meaning set forth in Section 1(a). 

“Shelf Registrable Securities” has the meaning set forth in Section l(d)(i). 

“Shelf Registration Statement” has the meaning set forth in Section 1(d). 

“Short-Form Registrations” has the meaning set forth in Section 1(a). 

“Sponsor Investors” has the meaning set forth in the recitals; provided that any decision to be made under this Agreement by
the Sponsor Investors shall be made by the holders of a majority of all Sponsor Investor Registrable Securities 
 “Sponsor Investor
Registrable Securities” means (i) any Common Equity held (directly or indirectly) by any Sponsor Investor or any of its Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to
the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization. 

“Subsidiary” means, with respect to the Company, any corporation, limited liability company, partnership, association or
other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at
the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a
majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of the Company or a combination thereof. For
purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons will be allocated a majority of limited liability
company, partnership, association or other business entity gains or losses or will be or control the managing director or general partner of such limited liability company, partnership, association or other business entity. 

  
 A-3 

 “Suspension Event” has the meaning set forth in Section l(f)(ii).

 “Suspension Notice” has the meaning set forth in Section l(f)(ii). 

“Suspension Period” has the meaning set forth in Section l(f)(i). 

“Violation” has the meaning set forth in Section 6(a). 

“WKSI” means a “well-known seasoned issuer” as defined under Rule 405. 

  
 A-4

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