Document:

EX-10.4

 Exhibit 10.4 
  

 
 ACAR LEASING LTD., 

as the Titling Trust, 
 GM
FINANCIAL, 
 as Servicer, 
 APGO
TRUST, as Settlor, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Collateral Agent and Indenture Trustee 
  

 
 2015-2 SERVICING
SUPPLEMENT 
 Dated as of May 1, 2015 
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS AND INTERPRETIVE PROVISIONS	  	 	1	  
			
	 SECTION 1.1.
	 	 General Definitions
	  	 	1	  
		
	ARTICLE II SERVICING OF 2015-2 DESIGNATED POOL	  	 	2	  
			
	 SECTION 2.1.
	 	 Servicing of 2015-2 Designated Pool
	  	 	2	  
	 SECTION 2.2.
	 	 Identification of 2015-2 Lease Agreements and 2015-2 Leased Vehicles; Securitization Value
	  	 	2	  
	 SECTION 2.3.
	 	 Accounts
	  	 	2	  
	 SECTION 2.4.
	 	 General Provisions Regarding Accounts
	  	 	4	  
	 SECTION 2.5.
	 	 Reallocation and Repurchase of 2015-2 Lease Agreements and 2015-2 Leased Vehicles; Purchase of Matured Vehicles
	  	 	5	  
	 SECTION 2.6.
	 	 2015-2 Designated Pool Collections.
	  	 	7	  
	 SECTION 2.7.
	 	 Servicing Compensation; Expenses
	  	 	8	  
	 SECTION 2.8.
	 	 Third Party Claims
	  	 	8	  
	 SECTION 2.9.
	 	 Reporting by the Servicer; Delivery of Certain Documentation; Inspection
	  	 	8	  
	 SECTION 2.10.
	 	 Annual Independent Accountant’s Report
	  	 	9	  
	 SECTION 2.11.
	 	 Servicer Defaults; Termination of the Servicer
	  	 	10	  
	 SECTION 2.12.
	 	 Representations and Warranties
	  	 	12	  
	 SECTION 2.13.
	 	 Custody of Lease Documents
	  	 	13	  
	 SECTION 2.14.
	 	 Reserve Account
	  	 	13	  
	 SECTION 2.15.
	 	 Liability of Successor Servicer
	  	 	14	  
	 SECTION 2.16.
	 	 Merger or Consolidation of, or Assumption of Obligations of the Servicer
	  	 	14	  
	 SECTION 2.17.
	 	 Resignation of the Servicer
	  	 	15	  
	 SECTION 2.18.
	 	 Separate Existence
	  	 	15	  
	 SECTION 2.19.
	 	 Like Kind Exchange Program; Pull Ahead Program
	  	 	16	  
		
	ARTICLE III MISCELLANEOUS	  	 	16	  
			
	 SECTION 3.1.
	 	 Termination of 2015-2 Servicing Supplement
	  	 	16	  
	 SECTION 3.2.
	 	 Amendment
	  	 	17	  
	 SECTION 3.3.
	 	 GOVERNING LAW
	  	 	17	  
	 SECTION 3.4.
	 	 Relationship of 2015-2 Servicing Supplement to Other Trust Documents
	  	 	17	  
	 SECTION 3.5.
	 	 [Reserved]
	  	 	17	  
	 SECTION 3.6.
	 	 Notices
	  	 	17	  
	 SECTION 3.7.
	 	 Severability of Provisions
	  	 	18	  
	 SECTION 3.8.
	 	 Binding Effect
	  	 	18	  
	 SECTION 3.9.
	 	 Table of Contents and Headings
	  	 	18	  

  
 i 

							
	 SECTION 3.10.
		 Counterparts
		 	18	  
	 SECTION 3.11.
		 Further Assurances
		 	18	  
	 SECTION 3.12.
		 Third-Party Beneficiaries
		 	18	  
	 SECTION 3.13.
		 No Petition
		 	19	  
	 SECTION 3.14.
		 Limitation of Liability
		 	19	  
	 SECTION 3.15.
		 Execution of Securities and Exchange Commission Filings
		 	19	  

 EXHIBITS 

 

					
	 Exhibit A – Form of Servicer Report
		 	A-1	  

  
 ii 

 2015-2 SERVICING SUPPLEMENT, dated as of May 1, 2015 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, this “2015-2 Servicing Supplement” or this “Agreement”), among ACAR Leasing Ltd., a Delaware statutory trust (the “Titling Trust”), AmeriCredit
Financial Services, Inc. d/b/a GM Financial, a Delaware corporation (“GM Financial”), as servicer (in such capacity, the “Servicer”), APGO Trust (“APGO”), a Delaware statutory trust, as settlor of
the Titling Trust (in such capacity, the “Settlor”), and Wells Fargo Bank, National Association (“Wells Fargo”), a national banking association, as collateral agent (in such capacity, the “Collateral
Agent”) and indenture trustee (the “Indenture Trustee”). 
 RECITALS 

WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of January 31, 2011 (the “Titling Trust
Agreement”), between the Settlor and Wilmington Trust Company, as Owner Trustee, Administrative Trustee and Delaware Trustee, the Titling Trust was created to, among other things, take assignments and conveyances of and hold in trust
various assets (the “Trust Assets”); 
 WHEREAS, the Titling Trust, the Servicer, the Settlor and the Collateral Agent,
have entered into a Second Amended and Restated Servicing Agreement, dated as of May 23, 2013 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Basic Servicing
Agreement”), which provides for, among other things, the servicing of the Trust Assets by the Servicer; and 
 WHEREAS, the parties
hereto acknowledge that in connection with the execution of the 2015-2 Exchange Note Supplement, dated as of May 1, 2015 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2015-2 Exchange
Note Supplement”) to the Amended and Restated Credit and Security Agreement, dated as of May 23, 2013 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security
Agreement”), each among the Titling Trust, as borrower, GM Financial, as lender and Servicer, and Wells Fargo, as Administrative Agent and Collateral Agent, pursuant to which an Exchange Note (the “2015-2 Exchange Note”)
will be created, it is necessary and desirable to enter into a supplement to the Basic Servicing Agreement to provide for, among other things, the servicing of the Trust Assets allocated to the 2015-2 Designated Pool. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETIVE PROVISIONS 

SECTION 1.1. General Definitions. Capitalized terms used in this 2015-2 Servicing Supplement that are not otherwise defined herein
shall have the meanings assigned to them in Appendix 1 to the 2015-2 Exchange 

 
Note Supplement or, if not defined therein, in Appendix A to the Credit and Security Agreement. The “Other Definitional Provisions” set forth in Section 1.2 of the Basic Servicing
Agreement are incorporated by reference into this 2015-2 Servicing Supplement. 
 ARTICLE II 

SERVICING OF 2015-2 DESIGNATED POOL 

SECTION 2.1. Servicing of 2015-2 Designated Pool. The parties hereto agree that the Servicer shall service, administer and make
collections on the 2015-2 Designated Pool in accordance with the terms and provisions of the Basic Servicing Agreement, as amended and supplemented by the terms and provisions of this 2015-2 Servicing Supplement. 

SECTION 2.2. Identification of 2015-2 Lease Agreements and 2015-2 Leased Vehicles; Securitization Value. On the Closing Date, the
Servicer shall identify as 2015-2 Exchange Note Assets the Lease Agreements and the Leased Vehicles relating to such Lease Agreements listed on the Schedule of 2015-2 Lease Agreements and 2015-2 Leased Vehicles attached as Schedule A to the 2015-2
Exchange Note Supplement. The Servicer shall calculate the Securitization Value for each 2015-2 Lease Agreement as of the Cutoff Date. 

SECTION 2.3. Accounts. 

(a) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, a 2015-2 Eligible Deposit Account in
the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “2015-2 Exchange Note Collections Account” and being initially identified as “GM Financial 2015-2
Exchange Note Collections Account”). Deposits to and withdrawals from the 2015-2 Exchange Note Collections Account shall be made as set forth in the 2015-2 Servicing Agreement, the 2015-2 Exchange Note Supplement and the Indenture. 

(b) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, a 2015-2 Eligible Deposit Account in
the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Indenture Collections Account” and being initially identified as “GM Financial 2015-2 Indenture
Collections Account”). Deposits to and withdrawals from the 2015-2 Indenture Collections Account shall be made as set forth in the 2015-2 Exchange Note Supplement and the Indenture. 

(c) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, a 2015-2 Eligible Deposit Account in
the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Note Payment Account” and being initially identified as “GM Financial 2015-2 Note Payment
Account”). Deposits to and withdrawals from the Note Payment Account shall be made as set forth in the Indenture and the Note Purchase Agreement. 

  
 2 

 (d) The Indenture Trustee shall establish and maintain, at all times during the term of the
Indenture, a 2015-2 Eligible Deposit Account in the name of and under control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Reserve Account” and being initially identified as “GM
Financial 2015-2 Reserve Account”). 
 (e) All monies deposited from time to time in the Accounts pursuant to this 2015-2 Servicing
Supplement and the other Program Documents and the Accounts shall be held by the Indenture Trustee as part of the Indenture Collateral and shall be applied to the purposes herein and therein provided. If any Account shall cease to be a 2015-2
Eligible Deposit Account, the Indenture Trustee shall, as necessary, assist the Servicer in causing such Account to be moved to an institution at which it shall be a 2015-2 Eligible Deposit Account. 

(f) If, at any time, any of the Accounts ceases to be a 2015-2 Eligible Deposit Account, the Servicer shall within thirty (30) days (or
such longer period as to which the Rating Agencies rating any securities backed by the related Exchange Note may consent) establish a new Account as a 2015-2 Eligible Deposit Account and shall transfer any cash and/or any investments on deposit or
credited to such earlier existing Account into such new Account. 
 (g) The Indenture Trustee or other Person holding the Accounts shall be
the “Securities Intermediary” with respect to the Accounts. If the Securities Intermediary in respect of the Accounts is not the Indenture Trustee, the Servicer shall obtain the express agreement of such Person to the obligations of
the Securities Intermediary set forth in this Section 2.3(g). The Securities Intermediary agrees that: 
 (i) Each of
the Accounts is an account to which “financial assets” within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect in the State of New York will be credited; 

(ii) All securities or other property underlying any Financial Assets credited to any Account shall be registered in the name
of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to an Account be
registered in the name of the Issuer, payable to the order of the Issuer or specially endorsed to the Issuer; 
 (iii) All
property delivered to the Securities Intermediary pursuant to the 2015-2 Servicing Agreement and the Indenture will be promptly credited to the applicable Account; 

(iv) Each item of property (whether investment property, security, instrument or cash) credited to an Account shall be treated
as a Financial Asset; 

  
 3 

 (v) If at any time the Securities Intermediary shall receive any order from the
Indenture Trustee directing transfer or redemption of any Financial Asset relating to an Account, the Securities Intermediary shall comply with such entitlement order without further consent by the Issuer or the Servicer; 

(vi) Each Account shall be governed by the laws of the State of New York, regardless of any provision of any other agreement.
For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Accounts (as well as the “securities entitlements” (as defined in Section 8-102(a)(17) of the UCC) related thereto) shall
be governed by the laws of the State of New York; 
 (vii) The Securities Intermediary has not entered into, and until
termination of the Indenture, will not enter into, any agreement with any other Person relating to the Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in
Section 8-102(a)(8) of the UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of the Indenture will not enter into, any agreement with the Issuer purporting to limit or condition the
obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 2.4; and 
 (viii)
Except for the claims and interest of the Indenture Trustee and the Issuer in the Accounts, the Securities Intermediary knows of no claim to, or interest in, the Accounts or in any Financial Asset credited thereto. If any other Person asserts any
Lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the
Indenture Trustee, the Noteholders and the Issuer thereof. 
 The Indenture Trustee shall possess all right, title and interest in all funds
on deposit from time to time in the Accounts and in all proceeds thereof, and shall be the only Person authorized to originate entitlement orders in respect of the Accounts. 

SECTION 2.4. General Provisions Regarding Accounts. 

(a) So long as no Event of Default shall have occurred and be continuing, all or a portion of the funds in the 2015-2 Exchange Note
Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account shall be invested at the direction of the Servicer in Permitted Investments that mature no later than the Business Day prior to the next Payment
Date in the Collection Period following the Collection Period during which the investment is made. All income or other gain from investments of monies deposited in the 2015-2 Exchange Note Collections Account, the Indenture Collections Account and
the Reserve Account during a Collection Period shall be deposited into the 2015-2 Exchange Note Collections Account, the Indenture Collections Account or the Reserve 

  
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Account, as applicable, on the related Payment Date, and any loss resulting from such investments shall be charged to 2015-2 Exchange Note Collections Account, the Indenture Collections Account
or the Reserve Account, as applicable. The Titling Trust will be the tax owner of the 2015-2 Exchange Note Collections Account and all investment earnings on the 2015-2 Exchange Note Collections Account will be taxable to the Titling Trust. The
Issuer or, if there is a single Issuer Trust Certificateholder, such Issuer Trust Certificateholder will be the tax owner of the Indenture Collections Account and all investment earnings on the Indenture Collections Account will be taxable to the
Issuer or such Issuer Trust Certificateholder, as the case may be. The Issuer or, if there is a single Issuer Trust Certificateholder, such Issuer Trust Certificateholder, will be the tax owner of the Reserve Account and all investment earnings on
the Reserve Account will be taxable to the Issuer or such Issuer Trust Certificateholder, as the case may be. 
 The Indenture Trustee will
not be directed to make any investment of any funds or to sell any Permitted Investment held in the 2015-2 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account unless the security interest Granted and
perfected in the 2015-2 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account will continue to be perfected in such Permitted Investment or the proceeds of such sale, in either case without any further action
by any Person. Except as directed by the Note Purchaser after the occurrence and during the continuance of an Event of Default, no such Permitted Investment shall be sold prior to maturity. 

(b) If (i) the Servicer shall have failed to give investment directions for funds on deposit in the 2015-2 Exchange Note Collections
Account, the Indenture Collections Account and the Reserve Account to the Indenture Trustee by 12:00 noon, New York City time (or such other time as may be agreed by the Indenture Trustee), on any Business Day, (ii) an Event of Default shall
have occurred and be continuing but the Notes shall not have been declared due and payable pursuant to Section 5.2 of the Indenture, or (iii) if the Notes shall have been declared due and payable following an Event of Default but amounts
collected or receivable from the Issuer Trust Estate are being applied as if there had not been such a declaration, then the Indenture Trustee shall hold funds on deposit in the 2015-2 Exchange Note Collections Account, the Indenture Collections
Account and the Reserve Account uninvested. 
 (c) Subject to Section 6.1(c) of the Indenture, the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in the 2015-2 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account resulting from any loss on any Permitted Investment included therein except for losses
attributable to the Indenture Trustee as obligor as a result of the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee,
in accordance with their terms. 
 SECTION 2.5. Reallocation and Repurchase of 2015-2 Lease Agreements and 2015-2 Leased Vehicles;
Purchase of Matured Vehicles. 
 (a) In the event the Servicer (i) grants an extension with respect to any 2015-2 Lease Agreement
that is inconsistent with the Customary Servicing Practices or that extends the term of such 2015-2 Lease Agreement past the Exchange Note Final Scheduled Payment Date, (ii) modifies any 2015-2 Lease Agreement to change the related Contract
Residual Value or Monthly 

  
 5 

 
Payment, or (iii) is notified the Titling Trust no longer owns any 2015-2 Leased Vehicle, except to the extent that any such modification listed in clauses (i) and (ii) of this
subsection 2.5(a) is required by law or court order, the Servicer shall, on the Deposit Date related to the Collection Period in which such extension was granted, modification was made or notice was received, as applicable, cause the reallocation of
the affected 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle to the Lending Facility Pool by depositing to the 2015-2 Exchange Note Collections Account an amount equal to the Repurchase Payment with respect to such 2015-2 Lease
Agreement and the related 2015-2 Leased Vehicle. 
 (b) Upon discovery by the Servicer, the Owner Trustee, the Indenture Trustee or the
Depositor that any representation or warranty contained in Section 2.12 was incorrect in respect of any 2015-2 Lease Agreement or the related 2015-2 Leased Vehicle as of the Cutoff Date or the 2015-2 Closing Date, as applicable, in a manner
that materially adversely affects the interest of the Issuer or the Noteholders in such 2015-2 Lease Agreement or such 2015-2 Leased Vehicle, the entity discovering such incorrectness (if other than the Servicer) shall give prompt written notice to
the Servicer. By no later than the end of the Collection Period including the date that is two (2) months after the date on which the Servicer discovers or is notified of such incorrectness, the Servicer shall cure in all material respects the
circumstance or condition with respect to which the representation or warranty was incorrect as of the Cutoff Date or the 2015-2 Closing Date, as applicable. If the Servicer does not cure such circumstance or condition by such date, then the
Servicer shall cause the reallocation of the affected 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle to the Lending Facility Pool by depositing to the 2015-2 Exchange Note Collections Account on the Deposit Date relating to the next
succeeding Payment Date an amount equal to the Repurchase Payment with respect to such 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle. The Indenture Trustee will (i) notify the Servicer, GM Financial and the Depositor, as soon as
practicable and in any event within five (5) Business Days and in the manner set forth for providing notices hereunder, of all demands or requests communicated (in writing or orally) to the Trustee for the reallocation of any 2015-2 Lease
Agreement and the related 2015-2 Leased Vehicle pursuant to this clause (b), (ii) promptly upon request by the Servicer, GM Financial or the Depositor, provide to them any other information reasonably requested to facilitate compliance by them
with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB, and (iii) if requested by the Servicer, GM Financial or the Depositor, provide a written certification no later than fifteen (15) days following any
calendar quarter or calendar year that the Trustee has not received any reallocation demands for such period, or if reallocation demands have been received during such period, that the Trustee has provided all the information reasonably requested
under clause (ii) above with respect to such demands. In no event will the Trustee or the Issuer have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB.

 (c) Notwithstanding the provisions of Section 2.6(b) of the Basic Servicing Agreement, if the Servicer discovers a breach, or is
provided with any notice of a breach pursuant to such section, regarding a Lease Agreement or Leased Vehicle that is a 2015-2 Lease Agreement or 2015-2 Leased Vehicle on the date that such breach is discovered or such notice is provided, the
Servicer shall be obligated to take the actions described in such Section 2.6(b) by no later than the Payment Date following the Collection Period in which the related breach is discovered or the related notice is provided (rather than by the
Payment Date following the Collection Period that ends at least thirty (30) days after the Servicer discovers or is notified of such breach). 

  
 6 

 (d) The Servicer shall provide written notice to the Indenture Trustee and the Noteholders of
each reallocation to the Lending Facility Pool of a 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle pursuant to Section 2.5(a) or (b) that was made during a Collection Period in the Servicer Report that is delivered for such
Collection Period. 
 (e) The Servicer may purchase any 2015-2 Leased Vehicle that becomes a Matured Vehicle pursuant to Section 2.6(f)
of the Basic Servicing Agreement for a purchase price equal to the Contract Residual Value of the related 2015-2 Lease Agreement. 
 (f) The
obligation of the Servicer under this Section 2.5 shall survive any termination of the Servicer hereunder. 
 (g) For so long as the
Notes are Outstanding, the Servicer will not be permitted to reallocate any 2015-2 Lease Agreements and related 2015-2 Leased Vehicles from the 2015-2 Designated Pool to the Lending Facility Pool except in accordance with the terms of this
Section 2.5 and Section 3.1 of the 2015-2 Exchange Note Supplement. 
 (h) If a Lessee changes its domicile and such change would
reasonably be expected to result in the Titling Trust doing business in a jurisdiction in which it is not licensed and authorized to conduct business in the manner contemplated by the Program Documents, then on the Payment Date related to the
Collection Period that ends at least thirty (30) days after the Servicer discovers or is notified of such change, the Servicer shall purchase such 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle by either (i) depositing to the
Indenture Collections Account an amount equal to the Repurchase Payment, or (ii) appropriately segregating and designating an amount equal to the Repurchase Payment on its records, pending application thereof pursuant to 2015-2 Servicing
Agreement. 
 SECTION 2.6. 2015-2 Designated Pool Collections. 

(a) The Servicer shall, with respect to all 2015-2 Designated Pool Collections, from time to time determine the amount of such 2015-2
Designated Pool Collections and during each Collection Period shall deposit all such 2015-2 Designated Pool Collections in the 2015-2 Exchange Note Collections Account when required pursuant to clause (b). 

(b) Notwithstanding Section 2.7(b) of the Basic Servicing Agreement, the Servicer shall remit, or shall cause its agent to remit, all
2015-2 Designated Pool Collections to the 2015-2 Exchange Note Collections Account by the close of business on the second (2nd) Business Day after receipt thereof or, in the case of any
2015-2 Designated Pool Collections received by the Servicer or such agent for which the Servicer or such agent, as applicable, does not have all Payment Information by the close of business on such second (2nd) Business Day, by the close of business on the day on which all such Payment Information is received. Pending deposit into the 2015-2 Exchange Note Collections Account, 2015-2 Designated Pool
Collections may be employed by the Servicer at its own risk and for its own benefit and need not be segregated from its own funds. 

  
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 SECTION 2.7. Servicing Compensation; Expenses. As compensation for the performance of its
obligations under the 2015-2 Servicing Agreement, on each Payment Date the Servicer shall be entitled to receive a fee for its performance during the immediately preceding Collection Period or, with respect to the first Payment Date, the period from
the 2015-2 Cutoff Date to such Payment Date (the “Designated Pool Servicing Fee”) in accordance with Article V of the 2015-2 Exchange Note Supplement in an amount equal the sum of (x) to the product of (i) one-twelfth
(1/12th) (or, with respect to the first Payment Date, 58/360), times (ii) the Servicing Fee Rate, times (iii) the Aggregate Securitization Value as of the opening of
business on the first day of such Collection Period, plus (y) any Administrative Charges collected on the 2015-2 Lease Agreements and 2015-2 Leased Vehicles and any other expenses reimbursable to the Servicer. 

SECTION 2.8. Third Party Claims. In addition to the requirements set forth in Section 2.14 of the Basic Servicing Agreement, upon
learning of a Claim or Lien of whatever kind of a third party that would be likely to have a material adverse effect on the interests of the Depositor or the Issuer with respect to the 2015-2 Exchange Note Assets, the Servicer shall immediately
notify the Depositor, the Indenture Trustee and the Noteholders of any such Claim or Lien. 
 SECTION 2.9. Reporting by the Servicer;
Delivery of Certain Documentation; Inspection. 
 (a) On each Determination Date, prior to 12:00 p.m. (Central time), the Issuer shall
cause the Servicer to deliver to the Indenture Trustee, the Titling Trust and the Collateral Agent, a Servicer Report with respect to the next Payment Date and the related Collection Period. The Issuer shall also cause the Servicer to deliver a
Servicer Report to each Rating Agency on the same date the Servicer’s Report is publicly available (provided that if the Servicer’s Report is not made publicly available, the Servicer will deliver it to each Rating Agency, no later than
the twenty-second (22nd) of each month (or if not a Business Day, the next succeeding Business Day)). Notwithstanding Section 3.2(a) of the Basic Servicing Agreement, the Servicer shall
deliver such Servicer Reports in accordance with this Section 2.9 until the date on which the Notes are no longer Outstanding. 
 (b)
In addition to the report with respect to the 2015-2 Exchange Note which the Servicer is obligated to deliver pursuant to Section 3.1(c) of the Basic Servicing Agreement, the Servicer shall deliver to the Depositor, the Indenture Trustee and
the Titling Trust, on or before March 31 (or ninety (90) days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning March 31, 2016, an Officer’s Certificate, dated as of
March 31 (or other applicable date) of such year, stating that (i) a review of the activities of the Servicer during the preceding twelve (12) month period (or such other period in the case of the first such report as shall have
elapsed from the Closing Date to the date of the first such Officer’s Certificate) and of its performance under the 2015-2 Servicing Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge,
based on such review, the Servicer has fulfilled 

  
 8 

 
all its obligations under the 2015-2 Servicing Agreement throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to
such officer and the nature and status thereof. 
 (c) The Servicer will deliver to the Issuer, on or before March 31 of each year,
beginning on March 31, 2016, a report regarding the Servicer’s assessment of compliance with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act
and Item 1122 of Regulation AB. 
 (d) To the extent required by Regulation AB, the Servicer will cause any affiliated servicer or any
other party deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB to provide to the Issuer, on or before March 31 of each year, beginning on March 31, 2016, a report regarding such party’s
assessment of compliance with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 

(e) Wells Fargo Bank, National Association acknowledges, in its capacity as Collateral Agent under this 2015-2 Servicing Supplement and in its
capacity as Indenture Trustee under the Program Documents, that to the extent it is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, it will take any action reasonably requested by the Servicer to
ensure compliance with the requirements of Section 2.9(d) and Section 2.10(b) hereof and with Item 1122 of Regulation AB. Such required documentation will be delivered to the Servicer by March 15 of each calendar year. 

(f) The Servicer shall deliver copies of all reports, notices and certificates delivered by it pursuant to the 2015-2 Servicing Agreement to
the Depositor, the Indenture Trustee and the Titling Trust on the date or dates due, including any notice of material failure given pursuant to Section 2.2(a) of the Basic Servicing Agreement and the Officer’s Certificate relating to the
2015-2 Exchange Note delivered by it pursuant to Section 2.9(b) of this 2015-2 Servicing Supplement. 
 SECTION 2.10. Annual
Independent Accountant’s Report. 
 (a) The Servicer shall cause the cause a firm of nationally recognized independent certified
public accountants (the “Independent Accountants”), who may also render other services to the Servicer or its Affiliates, to deliver to the Indenture Trustee, the Owner Trustee and the Collateral Agent, on or before March 31
(or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2016, a report with respect to the preceding calendar year, addressed to the board of directors of the Servicer,
providing its attestation report on the servicing assessment delivered pursuant to Section 2.9(c), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 

  
 9 

 (b) Each party required to deliver an assessment of compliance described in Section 2.9(d)
shall cause Independent Accountants, who may also render other services to such party or its Affiliates, to deliver to the Indenture Trustee, the Owner Trustee, the Collateral Agent and the Servicer, on or before March 31 (or 90 days after the
end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2016, a report with respect to the preceding calendar year, addressed to the board of directors of such party, providing its attestation
report on the servicing assessment delivered pursuant to Section 2.9(d), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such
attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 
 (c)
The Servicer shall cause the Independent Accountants to deliver to the Depositor, the Indenture Trustee, the Issuer and the Titling Trust, on or before April 30 (or one-hundred and twenty (120) days after the end of the Servicer’s
fiscal year, if other than December 31) of each year, beginning on April 30, 2016 with respect to the twelve (12) months ended the immediately preceding December 31 (or other applicable date) (or such other period as shall have
elapsed from the 2015-2 Closing Date to the date of such certificate (which period shall not be less than six (6) months)), a statement (the “Accountants’ Report”) addressed to the Board of Directors of the Servicer, to
the effect that such firm has audited the books and records of GM Financial, in which the Servicer is included as a consolidated subsidiary, and issued its report thereon in connection with the audit report on the consolidated financial statements
of GM Financial and that (i) such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the
circumstances, and (ii) the firm is independent of the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. 

SECTION 2.11. Servicer Defaults; Termination of the Servicer. 

(a) Each of the following acts or occurrences constitutes a “Servicer Default” under the 2015-2 Servicing Agreement with
respect to the 2015-2 Exchange Note: 
 (i) any failure by the Servicer to deposit in the 2015-2 Exchange Note Collections
Account any required payment, any failure by the Servicer to make or cause the Titling Trust to make any required payments from the 2015-2 Exchange Note Collections Account on account of the 2015-2 Exchange Note or any failure of the Servicer to
make any required payment under any other Program Document, which failure continues unremedied for a period of five (5) Business Days after the earlier of the date on which (1) notice of such failure is given to the Servicer by the
Indenture Trustee, or (2) an Authorized Officer of the Servicer has actual knowledge of such failure; 
 (ii) any
failure by the Servicer duly to observe or to perform any covenants or agreements of the Servicer set forth in the 2015-2 Servicing Agreement or any other Program Document (other than a covenant or agreement a default in the observance or
performance of which is elsewhere in this Section specifically dealt with), which failure 

  
 10 

 
shall materially and adversely affects the interests of the 2015-2 Secured Parties and shall continue unremedied for a period of sixty (60) days after written notice of such failure is
received by the Servicer from the Indenture Trustee or after discovery of such failure by the Servicer; 
 (iii) any
representation or warranty made or deemed made by the Servicer in the 2015-2 Servicing Agreement or in any other Program Document or which is contained in any certificate, document or financial or other statement furnished at any time under or in
connection herewith or therewith shall prove to have been incorrect, and such incorrectness has a material adverse effect on the interests of the 2015-2 Secured Parties or the Issuer which failure, if capable of being cured, has not been cured for a
period of sixty (60) days after written notice of such breach is received by the Servicer from the Indenture Trustee or after discovery of such breach by the Servicer; or 

(iv) an Insolvency Event occurs with respect to the Servicer. 

(b) Promptly after having obtained knowledge of any Servicer Default, but in no event later than two (2) Business Days thereafter, the
Servicer shall deliver to the Indenture Trustee and the Noteholders, written notice thereof in an Officer’s Certificate, accompanied in each case by a description of the nature of the default and the efforts of the Servicer to remedy the same.

 (c) In addition to the provisions of Section 4.1(d) of the Basic Servicing Agreement, if a Servicer Default shall have occurred and
be continuing with respect to the 2015-2 Exchange Note, the Titling Trust shall, acting at the written direction of the Majority Noteholders, or, if there are no Notes Outstanding, the Titling Trust, acting at the direction of Issuer Trust
Certificateholder, by notice given to the Servicer, terminate the rights and obligations of the Servicer under the 2015-2 Servicing Agreement in accordance with such Section and the Indenture Trustee, acting at the written direction of the Majority
Noteholders, shall appoint a Successor Servicer to fulfill the obligations of the Servicer hereunder in respect of the 2015-2 Lease Agreements and 2015-2 Leased Vehicles. Any such Person shall accept its appointment by a written assumption in a form
acceptable to the Indenture Trustee. In the event the Servicer is removed as servicer of the 2015-2 Exchange Note Assets, (i) the Servicer shall deliver or cause to be delivered to or at the direction of the Successor Servicer all Lease
Documents with respect to the 2015-2 Lease Agreements and the 2015-2 Leased Vehicles that are then in the possession of the Servicer, (ii) the Servicer shall deliver or cause to be delivered to or at the direction of the Successor Servicer all
Security Deposits held by the Servicer with respect to the 2015-2 Exchange Note Assets, and (iii) the Servicer shall deliver to the Successor Servicer all servicing records directly maintained by the Servicer, containing as of the close of
business on the date of demand all of the data maintained by the Servicer, in computer format in connection with servicing the 2015-2 Exchange Note Assets. If no Person has accepted its appointment as Successor Servicer when the predecessor Servicer
ceases to act as Servicer in accordance with this Section 2.11, the Indenture Trustee, will, without further action, be automatically appointed the Successor Servicer. Notwithstanding the above, if the Indenture Trustee is unwilling or legally
unable to act as Successor Servicer, it may appoint, or petition a court of competent jurisdiction to appoint, an institution whose business includes the servicing of lease agreements and the related lease assets, as Successor Servicer. The
Indenture Trustee will be released from 

  
 11 

 
its duties and obligations as Successor Servicer on the date that a new servicer agrees to appointment as Successor Servicer hereunder. Any Successor Servicer shall be entitled to such
compensation as the Servicer would have been entitled to under this 2015-2 Servicing Supplement if the Servicer had not resigned or been terminated hereunder or such additional compensation as the Majority Noteholders and such Successor Servicer may
agree on. 
 (d) Notwithstanding the provisions of Section 4.1(f) of the Basic Servicing Agreement, with respect to any Servicer
Default related to the 2015-2 Exchange Note Assets, only the Indenture Trustee, acting at the written direction of the Majority Noteholders, or, if there are no Notes Outstanding, the Titling Trust, acting at the direction of the Issuer Trust
Certificateholder, may waive any default of the Servicer in the performance of its obligations under the 2015-2 Servicing Agreement and its consequences with respect to the 2015-2 Exchange Note and, upon any such waiver, such default shall cease to
exist and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of the 2015-2 Exchange Note Servicing Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent
thereto. 
 SECTION 2.12. Representations and Warranties. The Servicer makes the following representations and warranties to the
Depositor, the Indenture Trustee and the Noteholders as of the 2015-2 Closing Date: 
 (a) The representations and warranties contained in
Section 2.6(a) of the Basic Servicing Agreement as to each 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle were true and correct as of the 2015-2 Cutoff Date with respect to such 2015-2 Lease Agreements; 

(b) The representations and warranties set forth in Section 5.1 of the Basic Servicing Agreement are true and correct as of the date
hereof; 
 (c) Each 2015-2 Lease Agreement and 2015-2 Leased Vehicle is an Eligible Collateral Asset as of the date hereof; 

(d) All information heretofore furnished by the Servicer or any of its Affiliates to the Indenture Trustee or the Owner Trustee for purposes
of or in connection with the 2015-2 Servicing Agreement or any of the other Program Documents or any transaction contemplated hereby or thereby is, and all information hereafter furnished by the Servicer or any of its Affiliates to the Indenture
Trustee, the Owner Trustee or any of the Noteholders will be, (i) true and accurate in every material respect on the date such information is stated or certified, and (ii) does not and will not contain any material misstatement of fact or
omit to state a material fact or any fact necessary to make the statements contained therein misleading, in the case of each of (i) and (ii) when taken together with all other information provided on or prior to the date hereof; and 

(e) No Servicer Default or event which with the giving of notice or lapse of time, or both, would become a Servicer Default has occurred and
is continuing as of the 2015-2 Closing Date. 

  
 12 

 (f) With respect to any 2015-2 Lease Agreement that constitutes “electronic chattel
paper” under the UCC, the Servicer, as custodian of the Lease Documents relating to the 2015-2 Designated Pool, maintains control of a single electronically authenticated authoritative copy of the related 2015-2 Lease Agreement. 

SECTION 2.13. Custody of Lease Documents. 

(a) Pursuant to Section 2.3 of the Basic Servicing Agreement, the Servicer, either directly or through an agent, will act as custodian of
the Lease Documents relating to the 2015-2 Designated Pool, as agent and bailee for the benefit of the Issuer and the Indenture Trustee. All Lease Documents relating to the 2015-2 Designated Pool shall be identified and maintained in such a manner
so as to permit retrieval and access. If a Successor Servicer has been appointed hereunder, the Servicer shall promptly deliver all such Lease Documents to the Successor Servicer. If the Servicer is terminated under the 2015-2 Servicing Agreement
upon the occurrence of a Servicer Default, the costs associated with transferring all such Lease Documents shall be paid by the Servicer. 

(b) With respect to any 2015-2 Lease Agreement that constitutes “electronic chattel paper” under the UCC, the Servicer, as custodian
of the Lease Documents relating to the 2015-2 Designated Pool, shall at all times maintain control of a single electronically authenticated authoritative copy of the related 2015-2 Lease Agreement. 

(c) In accordance with Section 2.10(h)(ii) of the Indenture and with respect to any Indenture Collateral that constitutes an instrument
or tangible chattel paper, the Servicer, as custodian of the Lease Documents relating to the 2015-2 Designated Pool, acknowledges that it is holding such instruments and tangible chattel paper solely on behalf and for the benefit of the Indenture
Trustee. 
 SECTION 2.14. Reserve Account. 

(a) On the 2015-2 Closing Date, GMF Leasing LLC shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time
to time in the Reserve Account shall be held by the Indenture Trustee for the benefit of the Noteholders. 
 (b) On each Payment Date
(i) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, then the Indenture Trustee shall,
after payment of any amounts required to be distributed pursuant to clauses (i) through (xiv) of Section 8.3(a) of the Indenture, deposit in the Reserve Account the Reserve Account Required Amount pursuant to Section 8.3(a)(xv)
of the Indenture, and (ii) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Payment Date is greater than the Specified Reserve Balance, in which case
the Indenture Trustee shall distribute the amount of such excess as part of Available Funds on such Payment Date. 

  
 13 

 (c) On each Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw the
Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Indenture Collections Account to be included as Total Available Funds for that Payment Date. 

SECTION 2.15. Liability of Successor Servicer. No Successor Servicer will have any responsibility and will not be in default hereunder
or incur any liability for any failure, error, malfunction or any delay in carrying out any of their duties under this Supplement if such failure or delay results from such Successor Servicer acting in accordance with information prepared or
supplied by any Person other than the Successor Servicer or the failure of any such other Person to prepare or provide such information. No Successor Servicer will have any responsibility for and will not be in default and will incur no liability
for, (a) any act or failure to act of any third party, including the Servicer, (b) any inaccuracy or omission in a notice or communication received by such Successor Servicer from any third party, (c) the invalidity or
unenforceability of any 2015-2 Lease Agreement under applicable law, (d) the breach or inaccuracy of any representation or warranty made with respect to any 2015-2 Lease Agreement or 2015-2 Leased Vehicle, or (e) the acts or omissions of
any successor to it as Successor Servicer. 
 SECTION 2.16. Merger or Consolidation of, or Assumption of Obligations of the Servicer.
Notwithstanding the provisions of Section 5.3 of the Basic Servicing Agreement, GM Financial shall not merge or consolidate with any other Person, convey, transfer or lease substantially all its assets as an entirety to another Person, or
permit any other Person to become the successor to GM Financial’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of GM
Financial contained in this Agreement. Any corporation (a) into which GM Financial may be merged or consolidated, (b) resulting from any merger or consolidation to which GM Financial shall be a party, (c) which acquires by conveyance,
transfer, or lease substantially all of the assets of GM Financial, or (d) succeeding to the business of GM Financial, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of GM Financial under this
Agreement and, whether or not such assumption agreement is executed, shall be the successor to GM Financial under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement,
anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release GM Financial from any obligation. GM Financial shall provide notice of any merger, consolidation or
succession pursuant to this Section to the Owner Trustee, the Indenture Trustee and the Noteholders. Notwithstanding the foregoing, GM Financial shall not merge or consolidate with any other Person or permit any other Person to become a successor to
GM Financial’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 2.12 shall have been breached (for purposes hereof, such representations and warranties
shall speak as of the date of the consummation of such transaction), (y) GM Financial shall have delivered to the Owner Trustee, the Indenture Trustee and the Noteholders an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation, merger or succession and such 

  
 14 

 
agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) GM
Financial shall have delivered to the Owner Trustee, the Collateral Agent and the Indenture Trustee an Opinion of Counsel stating, in the opinion of such counsel, either that (i) all financing statements and continuation statements and
amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the 2015-2 Exchange Note and the Other Conveyed Property (and reciting the details of the filings), or (ii) no such action
shall be necessary to preserve and protect such interest. 
 SECTION 2.17. Resignation of the Servicer. Notwithstanding
Section 5.4 of the Basic Servicing Agreement, the Servicer shall not resign as Servicer under the 2015-2 Servicing Agreement except if it is prohibited by law from performing its obligations in respect of the 2015-2 Exchange Note Assets under
the Basic Servicing Agreement or hereunder and delivers to the Trustee, the Indenture Trustee and the Noteholders an Opinion of Counsel to such effect concurrently with the delivery of any notice of resignation pursuant to Section 5.4 of the
Basic Servicing Agreement. 
 SECTION 2.18. Separate Existence. The Servicer shall take all reasonable steps to maintain the Titling
Trust’s, the Settlor’s, the Depositor’s and the Issuer’s identities as separate legal entities, and shall make it manifest to third parties that each of the Titling Trust, the Settlor, the Depositor and the Issuer is an entity
with assets and liabilities distinct from those of the Servicer and not a division of the Servicer. All transactions and dealings between the Servicer, on the one hand, and the Settlor, the Titling Trust, the Depositor and the Issuer, on the other
hand, will be conducted on an arm’s-length basis. The Servicer shall take all other actions necessary on its part to ensure that the Depositor complies with Section 2.5(d) of the Exchange Note Certificate Transfer Agreement and, to the
extent within its control, take all action necessary to ensure that the Issuer complies with Section 3.16 of the Indenture. The Servicer shall take all action necessary to ensure that the Titling Trust shall not take any of the following
actions: 
 (a) engage in any business other than that contemplated by the Titling Trust Agreement or enter into any transaction or
indenture, mortgage, instrument, agreement, contract, lease or other undertaking which is not directly or indirectly related to the transactions contemplated by the Titling Trust Documents; and 

(b) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any obligations, liabilities or responsibilities
other than as set forth in the Titling Trust Documents. 

  
 15 

 SECTION 2.19. Like Kind Exchange Program; Pull Ahead Program. 

(a) Notwithstanding the provisions of the Basic Servicing Agreement, a 2015-2 Leased Vehicle may be reallocated from the 2015-2 Designated
Pool to the Lending Facility Pool in connection with a Like Kind Exchange if the full Base Residual Value of the related 2015-2 Leased Vehicle is deposited to the 2015-2 Exchange Note Collections Account by no later than the second (2nd) Business Day following the date of such reallocation; provided, that if the Net Liquidation Proceeds with respect to such 2015-2 Leased Vehicle are determined prior to the deposit of
such Base Residual Value to the 2015-2 Exchange Note Collections Account, then such Net Liquidation Proceeds may instead be deposited to the 2015-2 Exchange Note Collections Account in full satisfaction of this Section 2.19(a). If the Servicer
has deposited the full Base Residual Value of a 2015-2 Leased Vehicle to the 2015-2 Exchange Note Collections Account in connection with a Like Kind Exchange and (i) the related Net Liquidation Proceeds are determined thereafter to be less than
such Base Residual Value, then the Servicer shall be permitted to withdraw the excess of the related Base Residual Value so deposited over the related Net Liquidation Proceeds from the 2015-2 Exchange Note Collections Account for its own account,
and (ii) the related Net Liquidation Proceeds are determined thereafter to be greater than such Base Residual Value, then the Servicer shall be obligated to deposit the excess of the related Net Liquidation Proceeds over the Base Residual Value
to the 2015-2 Exchange Note Collections Account from its own funds by no later than the second (2nd) Business Day following the date on which such Net Liquidation Proceeds are determined.

 (b) Notwithstanding the provisions of the Basic Servicing Agreement, a 2015-2 Lease Agreement may be a Pull Ahead Lease Agreement
pursuant to a Pull Ahead Program if all amounts due and payable under the related 2015-2 Lease Agreement (other than (i) Excess Mileage/Wear and Tear Fees, which shall be charged to such Lessee to the extent applicable in accordance with the
terms of such 2015-2 Lease Agreement and the Servicer’s Customary Servicing Practices, and (ii) Monthly Payments that are waived in connection with such Lessee’s participation in the Pull Ahead Program and in connection with which a
Pull Ahead Payment is received by the Titling Trust or by the Servicer on its behalf and allocated to the 2015-2 Exchange Note Collections Account) are deposited to the 2015-2 Exchange Note Collections Account by no later than the second (2nd) Business Day following the date that such 2015-2 Lease Agreement would terminate pursuant to the Pull Ahead Program. The Servicer will not be entitled to reimbursement from any 2015-2
Designated Pool Collections for any amounts that it deposits to the 2015-2 Collections Account from its own funds in connection with any Pull Ahead Lease Agreement. 

ARTICLE III 
 MISCELLANEOUS 

SECTION 3.1. Termination of 2015-2 Servicing Supplement. This 2015-2 Servicing Supplement (and, accordingly, the Basic Servicing
Agreement insofar as it relates to the 2015-2 Exchange Note) will be terminated in the event that the Basic 

  
 16 

 
Servicing Agreement is terminated in accordance therewith and may also be terminated at the option of the Servicer or the Titling Trust at any time following the payment in full of the 2015-2
Exchange Note. 
 SECTION 3.2. Amendment. 

(a) This 2015-2 Servicing Supplement (and, accordingly, the Basic Servicing Agreement, insofar as it relates to the 2015-2 Exchange Note) may
be amended by the parties hereto with the consent of the Majority Noteholders; provided, that to the extent that any such amendment materially affects any Other Exchange Note, such amendment shall require the consent of the Certificateholders
thereof affected thereby. 
 (b) The parties hereto acknowledge and agree that the right of the Indenture Trustee to consent to any
amendment of this 2015-2 Servicing Supplement is subject to the terms and provisions of Section 3.7(g) of the Indenture and that any consent provided by the Indenture Trustee in violation of such terms and provisions shall be of no force or
effect hereunder. 
 SECTION 3.3. GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 3.4. Relationship of 2015-2 Servicing Supplement to Other Trust Documents. Unless the context otherwise requires, this 2015-2
Servicing Supplement and the other Trust Documents shall be interpreted so as to give full effect to all provisions hereof and thereof. In the event of any actual conflict between the provisions of this 2015-2 Servicing Supplement and the Basic
Servicing Agreement, with respect to the servicing of any 2015-2 Exchange Note Assets, the provisions of this 2015-2 Servicing Supplement shall prevail. This 2015-2 Servicing Supplement shall supplement the Basic Servicing Agreement as it relates to
the 2015-2 Exchange Note and the 2015-2 Designated Pool and not to any other Exchange Note or Designated Pool or the Lending Facility Pool. 

SECTION 3.5. [Reserved]. 

SECTION 3.6. Notices. For purposes of the 2015-2 Servicing Agreement, all demands, notices, directions, requests and communications
hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid 

  
 17 

 
courier service, or facsimile transmission, and addressed in each case as follows: (a) if to the Servicer, GM Financial, 801 Cherry Street, Suite 3500, Fort Worth, Texas, 76102, Attention:
Chief Financial Officer, and (b) if to the Indenture Trustee, Wells Fargo Bank, National Association, Sixth and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479. Notices to the other parties to this 2015-2 Servicing Supplement
shall be delivered as provided in Section 6.5 of the Basic Servicing Agreement. 
 SECTION 3.7. Severability of Provisions. If
any one or more of the covenants, agreements, provisions or terms of this 2015-2 Servicing Supplement or the 2015-2 Servicing Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be
deemed severable from the remaining covenants, agreements, provisions and terms of this 2015-2 Servicing Supplement or the 2015-2 Servicing Agreement, as applicable, and shall in no way affect the validity or enforceability of the other covenants,
agreements, provisions and terms of this 2015-2 Servicing Supplement or the 2015-2 Servicing Agreement. 
 SECTION 3.8. Binding
Effect. The provisions of this 2015-2 Servicing Supplement and the 2015-2 Servicing Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors and assigns. 

SECTION 3.9. Table of Contents and Headings. The Table of Contents and Article and Section headings herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 3.10. Counterparts. This 2015-2
Servicing Supplement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which counterparts shall together constitute but one and the same instrument. 

SECTION 3.11. Further Assurances. Each party shall take such acts, and execute and deliver to any other party such additional documents
or instruments as may be reasonably requested in order to effect the purposes of this 2015-2 Servicing Supplement and the 2015-2 Servicing Agreement and to better assure and confirm unto the requesting party its rights, powers and remedies
hereunder. 
 SECTION 3.12. Third-Party Beneficiaries. The Issuer, the Depositor and each Noteholder shall be third-party
beneficiaries of the 2015-2 Servicing Agreement. Except as otherwise provided in the 2015-2 Servicing Agreement, no other Person shall have any rights hereunder. 

  
 18 

 SECTION 3.13. No Petition. Each of the parties hereto, in addition to the provisions of
Section 6.13 of the Basic Servicing Agreement, covenants and agrees that prior to the date that is one (1) year and one (1) day after the date on which all Notes have been paid in full, it will not institute against, or join any other
person in instituting against the Titling Trust or the Settlor, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any Insolvency Law. 

SECTION 3.14. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this 2015-2 Servicing
Supplement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as owner trustee of the Titling Trust and the Settlor, in the exercise of the powers and authority conferred and vested in it under the
Titling Trust Agreement and Settlor Trust Agreement, as applicable, (b) each of the representations, undertakings and agreements herein made on the part of the Titling Trust and the Settlor is made and intended not as personal representations,
undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Titling Trust and the Settlor, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust
Company, individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto,
(d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement, and (e) under no circumstances shall Wilmington Trust Company be
personally liable for the payment of any indebtedness or expenses of the Titling Trust and the Settlor or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Titling Trust and the
Settlor under this 2015-2 Servicing Supplement or the other related documents. 
 SECTION 3.15. Execution of Securities and Exchange
Commission Filings. The Servicer will file or will cause to be filed, on behalf of the Issuer and the Depositor, any documents, forms or other items required to be filed by the Issuer or the Depositor pursuant to the rules and regulations set by
the Commission and relating to the Notes or the Program Documents. 
 [Remainder of Page Intentionally Left Blank] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this 2015-2 Servicing Supplement to be duly
executed by their respective officers duly authorized as of the day and year first above written. 
  

			
	ACAR LEASING LTD.,
		
	By:		Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:		  

	Name:		
	Title:		
	
	AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, as Servicer
		
	By:		  

	Name:		
	Title:		
	
	APGO TRUST, as Settlor
		
	By:		Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:		  

	Name:		
	Title:		
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee and as Collateral Agent
		
	By:		  

	Name:		
	Title:		

 [Signature Page to the 2015-2 Servicing Supplement] 

 EXHIBIT A 

FORM OF SERVICER REPORT 
 [To be
Provided] 

  
 A-1 

 GM Financial Automobile Leasing Trust 2015-2 

    % Exchange Note 

Class A-1     % Asset Backed Notes 

Class A-2A     % Asset Backed Notes 

Class A-2B Floating Asset Backed Notes 

Class A-3     % Asset Backed Notes 

Class A-4     % Asset Backed Notes 

Class B     % Asset Backed Notes 

Class C     % Asset Backed Notes 

Class D     % Asset Backed Notes 

Servicer’s Certificate 
  

													
	Beginning of Period:	 	 	  	2015-2	 	 	  	 	  	 	  	Original Agg.
	End of Period:	 	 	  	 Designated Pool
	 	 Units
	  	 Start Date
	  	 Closing Date
	  	 Securitization Value

	Number of days in Interest Period (Actual/360):	 		  		 		  		  		  	
	Number of days in Collection Period: 	 		  		 	  

	Report Due Date: 	 		  	Total	 	  

	Distribution Date: 	 		  		 		  		  		  	
	Transaction Month: 	 		  		 		  		  		  	

  

															
	RECONCILIATION OF 2015-2 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
		 	{1}	 	Beginning of period Aggregate Securitization Value	  		 		 		 	{1}	 	  

							
		 	{2}	 	Reduction in Agg. Securitization Value due to payments	  		 	{2}	 	  
	 	
		 	{3}	 	Reduction in Agg. Securitization Value due to Defaulted Leases	  		 	{3}	 	  
	 	
		 	{4}	 	Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases	  		 	{4}	 	  
	 	
		 	{5}	 	Other adjustments	  		 	{5}	 	  
	 	
		 	{6}	 	Total change in Agg. Securitization Value	  		 		 		 	{6}	 	  

								
		 	{7}	 	End of period Aggregate Securitization Value	  		 		 		 	{7}	 	  

								
		 	{8}	 	Pool Factor	  		 		 		 	{8}	 	  

		
	RECONCILIATION OF 2015-2 EXCHANGE NOTE	 	
		 	{9}	 	Original Exchange Note Balance 	  		 		 		 	{9}	 	  

								
		 	{10}	 	Beginning of period Exchange Note Balance	  		 		 		 	{10}	 	  

								
		 	{11}	 	Exchange Note Principal Payment Amount	  		 		 		 	{11}	 	  

								
		 	{12}	 	End of period Exchange Note Balance	  		 		 		 	{12}	 	  

								
		 	{13}	 	Note Pool Factor	  		 		 		 	{13}	 	  

  

																			
	RECONCILIATION OF THE ASSET BACKED NOTES	  	 Class A-1
	  	 Class A-2A
	  	 Class A-2B
	  	 Class A-3
	  	 Class A-4

		 	{14}	 	Original Note Balance 	 		 	{14}	  		  		  		  		  	
										
		 	{15}	 	Beginning of period Note Balance	 		 	{15}	  		  		  		  		  	
										
		 	{16}	 	Noteholders’ Principal Distributable Amount	 		 	{16}	  		  		  		  		  	
		 	{17}	 	Noteholders’ Accelerated Principal Amount	 		 	{17}	  		  		  		  		  	
		 	{18}	 	Aggregate Principal Parity Amount	 		 	{18}	  		  		  		  		  	
		 	{19}	 	Matured Principal Shortfall	 		 	{19}	  		  		  		  		  	
						
		 	{20}	 	End of period Note Balance	 		 	{20}	  	  

						
		 	{21}	 	Note Pool Factor	 		 	{21}	  	  

										
	 	 	 	 	 	 	 	 	 	  	 Class B
	  	 Class C
	  	 Class D
	  	 	  	 TOTAL

		 	{22}	 	Original Note Balance	 		 	{22}	  	  

		 	{23}	 	Beginning of period Note Balance	 		 	{23}	  		  		  		  		  	
										
		 	{24}	 	Noteholders’ Principal Distributable Amount	 		 	{24}	  		  		  		  		  	
		 	{25}	 	Noteholders’ Accelerated Principal Amount	 		 	{25}	  		  		  		  		  	
		 	{26}	 	Aggregate Principal Parity Amount	 		 	{26}	  		  		  		  		  	
		 	{27}	 	Matured Principal Shortfall	 		 	{27}	  		  		  		  		  	
						
		 	{28}	 	End of period Note Balance	 		 	{28}	  	  

						
		 	{29}	 	Note Pool Factor	 		 	{29}	  	  

  
 1 

																	
	
	EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
			
		 		 	Principal payment calculation:
		 	{30}	 	Beginning of period Designated Pool Balance	 		 		 		 		 	{30}	 	  

								
		 	{31}	 	Ending Designated Pool Balance	 		 		 	{31}	 	  
	 	
		 	{32}	 	Unpaid prior Exchange Note Principal Payment Amount	 		 		 	{32}	 	  
	 	
		 	{33}	 	Sum of {31} + {32}	 		 		 		 		 	{33}	 	  

									
		 	{34}	 	Exchange Note Principal Payment Amount {30} - {33}	 		 		 		 		 	{34}	 	  

									
		 		 	Interest calculation:	 		 		 		 		 		 	
	 	 	 	 	                        Beg Note
Balance        Interest
Carryover        Interest Rate        Days        Days Basis     
   Interest
		 	{35}	 		 		 		 		 		 		 	
	
	RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
									
		 		 	Additions:	 		 		 		 		 		 	
		 	{36}	 	2015-2 Designated Pool Collections (net of Liquidation Proceeds and fees)	 		 		 	{36}	 	  
	 	
		 	{37}	 	Net Liquidation Proceeds collected during period	 		 		 	{37}	 	  
	 	
		 	{38}	 	Investment Earnings	 		 		 	{38}	 	  
	 	
		 	{39}	 	Investment Earnings - transferred to Indenture Note Collection Account	 		 		 	{39}	 	  
	 	
		 	{40}	 	Deposit from Servicer (LKE, Pull Ahead Program)	 		 		 	{40}	 	  
	 	
									
		 	{41}	 	Total Additions:	 		 		 		 		 	{41}	 	  

									
		 		 	Distributions:	 		 		 		 		 		 	
		 	{42}	 	To the Servicer, Designated Pool Servicing Fee	 		 		 	{42}	 	  
	 	
		 	{43}	 	To the 2015-2 Exchange Noteholder, the Exchange Note Interest Payment Amount	 	{43}	 	  
	 	
		 	{44}	 	To the 2015-2 Exchange Noteholder, the Exchange Note Principal Payment Amount	 	{44}	 	  
	 	
		 	{45}	 	To the 2015-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii)	 		 		 	{45}	 	  
	 	
		 	{46}	 	To the Lending Facility Pool, all remaining funds to be applied as Collections on Residual Pool	 		 		 	{46}	 	  
	 	
									
		 	{47}	 	Total Distributions:	 		 		 		 		 	{47}	 	  

	
	NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
									
		 		 	Noteholders’ Principal Distributable calculation:	 		 		 		 		 		 	
		 	{48}	 	Beginning Agg. Securitization Value	 	{48}	 	  
	 		 		 	
		 	{49}	 	Ending Agg. Securitization Value	 	{49}	 	  
	 		 		 	
		 	{50}	 	Total change in Agg. Securitization Value {48} - {49}	 		 		 	{50}	 	  
	 	
								
		 	{51}	 	Indenture Section 5.4 collections following acceleration of the Notes	 		 		 	{51}	 	  
	 	
									
		 	{52}	 	Principal Distributable Amount {50} + {51}	 		 		 		 		 	{52}	 	  

									
		 	{53}	 	Noteholders’ Principal Carryover Amount	 		 		 		 		 	{53}	 	  

									
		 	{54}	 	Noteholders’ Principal Distributable Amount {52} + {53}	 		 		 		 		 	{54}	 	  

									
		 		 	Noteholders’ Interest Distributable calculation:	 		 		 		 		 		 	
		 		 	       Class        Beg Note Balance        Interest 
Carryover        Interest Rate        Days        Days Basis      
  Interest
		 	{55}	 	    Class A-1	 		 		 		 		 		 	
		 	{56}	 	    Class A-2A	 		 		 		 		 		 	
		 	{57}	 	    Class A-2B	 		 		 		 		 		 	
		 	{58}	 	    Class A-3	 		 		 		 		 		 	
		 	{59}	 	    Class A-4	 		 		 		 		 		 	
		 	{60}	 	      Class B	 		 		 		 		 		 	
		 	{61}	 	      Class C	 		 		 		 		 		 	
		 	{62}	 	      Class D	 		 		 		 		 		 	
	
	RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
									
		 		 	Available Funds:	 		 		 		 		 		 	
		 	{63}	 	2015-2 Exchange Note Collections	 		 		 	{63}	 	  
	 	
		 	{64}	 	Investment Earnings	 		 		 	{64}	 	  
	 	
		 	{65}	 	Investment Earnings - transferred from Exchange Note Collection Account	 		 		 	{65}	 	  
	 	
		 	{66}	 	Investment Earnings - and amounts released from Reserve Account	 		 		 	{66}	 	  
	 	
		 	{67}	 	Optional Purchase Price	 		 		 	{67}	 	  
	 	
		 	{68}	 	Indenture Section 5.4 disposition of Collateral	 		 		 	{68}	 	  
	 	
		 	{69}	 	Reserve Account Withdrawal Amount	 		 		 	{69}	 	  
	 	
									
		 	{70}	 	Total Available Funds:	 		 		 		 		 	{70}	 	  

									
		 		 	Distributions:	 		 		 		 		 		 	
		 	{71}	 	To the Successor Servicer, unpaid transition expenses, pro rata	 		 		 	{71}	 	  
	 	
		 	{72}	 	To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata	 		 		 	{72}	 	  
	 	
		 	{73}	 	To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata	 		 		 	{73}	 	  
	 	
		 	{74}	 	Class A-1 Noteholders’ Interest Distributable Amount pari passu	 		 		 	{74}	 	  
	 	
		 	{75}	 	Class A-2A Noteholders’ Interest Distributable Amount pari passu	 		 		 	{75}	 	  
	 	
		 	{76}	 	Class A-2B Noteholders’ Interest Distributable Amount pari passu	 		 		 	{76}	 	  
	 	
		 	{77}	 	Class A-3 Noteholders’ Interest Distributable Amount pari passu	 		 		 	{77}	 	  
	 	
		 	{78}	 	Class A-4 Noteholders’ Interest Distributable Amount pari passu	 		 		 	{78}	 	  
	 	
		 	{79}	 	Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{79}	 	  
	 	
		 	{80}	 	Class B Noteholders’ Interest Distributable Amount	 		 		 	{80}	 	  
	 	
		 	{81}	 	Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{81}	 	  
	 	
		 	{82}	 	Class C Noteholders’ Interest Distributable Amount	 		 		 	{82}	 	  
	 	
		 	{83}	 	Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{83}	 	  
	 	
		 	{84}	 	Class D Noteholders’ Interest Distributable Amount	 		 		 	{84}	 	  
	 	
		 	{85}	 	Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{85}	 	  
	 	
		 	{86}	 	Noteholders’ Principal Distributable Amount	 		 		 	{86}	 	  
	 	
		 	{87}	 	To the Reserve Account, the Reserve Amount Required Amount	 		 		 	{87}	 	  
	 	
		 	{88}	 	To the Noteholders, the Accelerated Principal Amount (as calculated below)	 		 		 	{88}	 	  
	 	
		 	{89}	 	To the Successor Servicer, any amounts in excess of the caps set forth, pro rata	 		 		 	{89}	 	  
	 	
		 	{90}	 	To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata	 		 		 	{90}	 	  
	 	
		 	{91}	 	To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata	 		 		 	{91}	 	  
	 	
		 	{92}	 	To the Issuer Trust Certificateholders, the aggregate amount remaining	 		 		 	{92}	 	  
	 	
									
		 	{93}	 	Total Distributions:	 		 		 		 		 	{93}	 	  

  
 2 

																							
	 PRINCIPAL PARITY AMOUNT CALCULATION
  
	 	
	 	 	 	 	 Class
	 	 (X)

Cumulative
Note Balance
	 	 (Y)

Aggregate
Securitization Value
	 	 (I)

Excess of
(X) - (Y)
	 	 (II)

Total Available Funds
in Indenture Collection Account
	 	 Lesser of
(I) or (II)
	 	 	 	 
		 	{94}	 		 		 		 		 		 		 		 		 		 	
		 	{95}	 		 		 		 		 		 		 		 		 		 	
		 	{96}	 		 		 		 		 		 		 		 		 		 	
		 	{97}	 		 		 		 		 		 		 		 		 		 	
	
	ACCELERATED PRINCIPAL AMOUNT CALCULATION
										
		 	{98}	 	Excess Total Available Funds	 		 		 		 		 	{98}	 	  
	 	
										
		 	{99}	 	Beginning Note Balance	 		 		 	{99}	 	  
	 		 		 	
		 	{100}	 	Principal payments through Indenture Section 8.3 (i) through (xvii)	 	{100}	 	  
	 		 		 	
		 	{101}	 	Pro-Forma Note Balance	 		 		 		 	{101}	 	  
	 		 	
									
		 	{102}	 	Ending Aggregate Securitization Value	 		 	{102}	 	  
	 		 		 	
		 	{103}	 	    % of Aggregate Securitization Value as of Cutoff Date ($            )	 	{103}	 	  
	 		 		 	
		 	{104}	 	Required Pro Forma Note Balance {102} - {103}	 		 	{104}	 	  
	 		 	
						
		 	{105}	 	Excess of Pro Forma Balance minus Required Pro Forma Balance {101} - {104}	 	{105}	 	  
	 	
						
		 	{106}	 	Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance	 		 	{106}	 	  

	
	OVERCOLLATERALIZATION CALCULATIONS
										
		 		 	Exchange Note:	 		 		 		 		 		 		 	
		 	{107}	 	Ending Aggregate Securitization Value	 		 		 		 	{107}	 	  
	 	
		 	{108}	 	End of Period Note Balance	 		 		 		 		 	{108}	 	  
	 	
		 	{109}	 	Overcollateralization	 		 		 		 		 	{109}	 	  
	 	
		 	{110}	 	Overcollateralization %	 		 		 		 		 		 	{110}	 	  

										
		 		 	Asset Backed Notes:	 		 		 		 		 		 		 	
		 	{111}	 	Ending Aggregate Securitization Value	 		 		 		 	{111}	 	  
	 	
		 	{112}	 	End of Period Note Balance	 		 		 		 		 	{112}	 	  
	 	
		 	{113}	 	Overcollateralization	 		 		 		 		 	{113}	 	  
	 	
		 	{114}	 	Overcollateralization %	 		 		 		 		 		 	{114}	 	  

	
	RECONCILIATION OF 2015-2 CASH RESERVE ACCOUNT
		 	{115}	 	Specified Reserve Balance	 		 		 		 		 		 	{115}	 	  

									
		 	{116}	 	Beginning of Period Reserve Account balance	 		 		 		 		 	{116}	 	  

		 	{117}	 	Investment Earnings	 		 		 		 		 	{117}	 	  
	 	
		 	{118}	 	From the Indenture Collection Account, the Reserve Account Required Amount	 	{118}	 	  
	 	
		 	{119}	 	To the Indenture Collection Account, the Reserve Account Withdrawal Amount	 	{119}	 	  
	 	
		 	{120}	 	Total Reserve balance available:	 		 		 		 		 		 	{120}	 	  

										
		 	{121}	 	Specified Reserve Balance	 		 		 		 		 		 	{121}	 	  

						
		 	{122}	 	Release Excess Cash to Indenture Collection Available Funds	 		 	{122}	 	  

									
		 	{123}	 	End of period Reserve Account balance	 		 		 		 		 	{123}	 	  

	
	EVENTS OF DEFAULT AND ACCELERATION OF MATURITY OF NOTE
					
		 	{124}	 	With respect to the Program Documents, I,                     , do hereby certify that no Event of Default has
occurred.	 	{124}	 	  

		 	{125}	 	With respect to the Program Documents, I,                     , do hereby certify that an Acceleration of Maturity has
not occurred.	 	{125}	 	  

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 3EX-4.2

 Exhibit 4.2 

OOMA, INC. 
 FOURTH
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 This Fourth Amended and Restated Investors’ Rights Agreement (this
“Agreement”) is made and entered into as of April 24, 2015, by and among Ooma, Inc., a Delaware corporation (the “Company”), the holders of Common Stock of the Company listed on Schedule 1 hereto
(the “Existing Common Holders”), the holders of Series Alpha Preferred Stock, Series Alpha-1 Preferred Stock and warrants to purchase Series Alpha Preferred Stock of the Company listed on Schedule 2 hereto (the
“Existing Investors”) and the purchasers of Series Beta Preferred Stock listed on Schedule 3 hereto (the “New Investors” and, together with the Existing Investors, the “Investors” and,
together with the Existing Common Holders and the Existing Investors, the “Stockholders”). 
 RECITALS 

The Company, the Existing Common Holders and the Existing Investors are parties to that certain Third Amended and Restated Investors’
Rights Agreement dated as of June 19, 2009, as amended to date (as amended, the “Prior Agreement”). 
 The Company and
the New Investors have entered into a Series Beta Preferred Stock and Subscription Agreement (the “Subscription Agreement”) dated as of the date hereof, pursuant to which the Company desires to sell to the New Investors and the
New Investors desire to purchase from the Company shares of the Company’s Series Beta Preferred Stock (the “Series Beta Preferred Stock”). A condition to the New Investors’ obligations under the Subscription Agreement
is that the Company, the Existing Common Holders, the Existing Investors and the New Investors enter into this Agreement in order to provide the New Investors (i) certain rights to register shares of the Company’s Common Stock (the
“Common Stock”) issuable upon conversion of the Company’s Preferred Stock (the “Preferred Stock”) held by the New Investors, (ii) certain rights to receive or inspect information pertaining to the Company,
and (iii) a right of first offer with respect to certain issuances by the Company of its securities. The Company, the Existing Common Holders and the Existing Investors desire to induce the New Investors to purchase shares of Series Beta
Preferred Stock pursuant to the Subscription Agreement by agreeing to the terms and conditions set forth below. 
 The Company, the Existing
Common Holders and the Existing Investors desire to amend and restate the Prior Agreement in its entirety as set forth herein. 

AGREEMENT 
 The
parties agree as follows: 
  

	 	A.	Amendment of Prior Agreement; Waiver of Right of First Offer. 

 Pursuant to
Section 3.4 of the Prior Agreement, the Prior Agreement is hereby amended and restated in its entirety to read as set forth in this Agreement, and the Company, the Existing Common Holders, the Existing Investors, and the New Investors shall be
bound by the 

 
provisions hereof as the sole agreement of the Company, the Existing Common Holders, the Existing Investors, and the New Investors with respect to the subject matter hereof. The Existing
Investors hereby irrevocably waive, on behalf of themselves and all other parties to the Prior Agreement, the right of first offer, including the notice requirements thereof, set forth in Section 2.3 of the Prior Agreement with respect to
(i) the shares of Preferred Stock issued and outstanding as of the date hereof, and (ii) the shares of Series Beta Preferred Stock issued pursuant to the Subscription Agreement, as in effect at any given time. 

 

	 	B.	Prior Waiver in Full Force and Effect. 

 Notwithstanding anything to the contrary
in this Agreement, that certain Wavier of Registration Rights dated February 25, 2015, by and between the Company and certain of the Stockholders (the “Waiver”) shall not be amended or superseded by any term of this Agreement
and shall remain in full force and effect as a waiver of certain rights set forth herein. Each of the New Investors hereby becomes party to the Waiver as a “Requisite Holder” and agrees to be bound by all of the terms and conditions of the
Waiver as a “Requisite Holder” thereto. 
  

	1.	Registration Rights. 

 1.1 Definitions. For purposes of this
Agreement: 
 (a) The term “Exchange Act” means the Securities Exchange Act of 1934, as amended (and any successor thereto)
and the rules and regulations promulgated thereunder. 
 (b) The term “Form S-3” means such form under the Securities
Act as in effect on the date hereof or any successor form under the Securities Act that permits significant incorporation by reference of the Company’s subsequent public filings under the Exchange Act. 

(c) The term “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee thereof
in accordance with Section 1.12 of this Agreement. 
 (d) The terms “register,” “registered,” and
“registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration
statement or document. 
 (e) The term “Registrable Securities” means (i) the shares of Common Stock issuable or
issued upon conversion of the Series Alpha Preferred Stock, Series Alpha-1 Preferred Stock, Series Beta Preferred Stock or the Warrant Stock (as defined below), other than shares for which registration rights have terminated pursuant to
Section 1.15 hereof, provided, however, that (A) for the purposes of Section 1.4, 1.13 and 2 the Warrant Stock shall not be deemed Registrable Securities and the holders of the Warrant Stock shall not be deemed Holders,
and (B) for the purposes of Section 1.4 and 1.13 and 2 the Series Alpha Warrant Stock (as defined below) shall not be deemed Registrable Securities and the holders of the Series Alpha Warrant Stock shall not be deemed Holders,
(ii) any other shares of Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in

  
 -2- 

 
replacement of, the shares listed in (i) above; provided, however, that the foregoing definition shall exclude in all cases any Registrable Securities sold by a person in a
transaction in which such person’s rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other securities shall only be treated as Registrable Securities if and so long as (A) they have not been sold
to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act
under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of such sale, or (C) the Holder thereof is entitled to exercise any right provided in
Section 1 in accordance with Section 1.12 below. 
 (f) The number of shares of “Registrable Securities then
outstanding” shall be determined by the number of shares of Common Stock outstanding which are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities which are, Registrable Securities. 

(g) The term “Restated Certificate” means the Company’s Amended and Restated Certificate of Incorporation, as may be
amended from time to time. 
 (h) The term “SEC” means the U.S. Securities and Exchange Commission. 

(i) The term “Securities Act” means the U.S. Securities Act of 1933, as amended (and any successor thereto) and the rules and
regulations promulgated thereunder. 
 (j) The term “Series Alpha Warrant Stock” means the shares of Preferred Stock
issuable upon exercise of the warrants to purchase Series Alpha Preferred Stock issued pursuant to the Company’s Series Alpha Preferred Stock Purchase Agreement dated June 19, 2009, as amended. 

(k) The term “Warrant Stock” means the shares of Preferred Stock issued or issuable upon exercise of that certain Warrant to
Purchase Stock issued to Bridge Bank, N.A. dated June 3, 2009. 
 1.2 Request for Registration. 

(a) If the Company shall receive at any time after the earlier of (i) the 5th anniversary of the Initial Closing, or (ii) twelve
months after the effective date of the first registration statement for a public offering of securities of the Company (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to a stock
option, stock purchase or similar plan or an SEC Rule 145 transaction), a written request from the Holders of a majority of the Registrable Securities then outstanding that the Company file a registration statement under the Securities Act covering
the registration of at least 20% of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed $2,000,000), then the Company shall, within
10 days of the receipt thereof, give written notice of such request to all Holders and shall, subject to the limitations of subsection 1.2(b), use its best efforts to file as soon as practicable, and in any event within 90 days of the receipt of
such request, a registration statement under the Securities Act covering all Registrable Securities which the Holders request to be registered within 20 days of the mailing of such notice by the Company. 

  
 -3- 

 (b) If the Holders initiating the registration request hereunder (“Initiating
Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include
such information in the written notice referred to in subsection 1.2(a). The underwriter will be selected by a majority in interest of the Initiating Holders and shall be reasonably acceptable to the Company. In such event, the right of any
Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise
mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in
subsection 1.5(e)) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Section 1.2, if the underwriter advises the
Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant
hereto, and the number of shares of Registrable Securities that may be included in the underwriting shall be allocated among all participating Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount
of Registrable Securities of the Company owned by each participating Holder; provided, however, that the number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are first
entirely excluded from the underwriting. 
 (c) Notwithstanding the foregoing, if the Company shall furnish to Holders requesting a
registration statement pursuant to this Section 1.2, a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company (the “Board”), it would be seriously
detrimental to the Company and its holders of capital stock for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have the right to defer such filing for a
period of not more than 120 days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve-month period. 

(d) In addition, the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to this
Section 1.2: 
 (i) after the Company has effected two registrations pursuant to this Section 1.2 and such registrations have
been declared or ordered effective; 
 (ii) during the period starting with the date 90 days prior to the Company’s good faith
estimate of the date of filing of, and ending on a date 90 days after the effective date of, a registration subject to Section 1.3 unless such offering is the initial public offering of the Company’s securities, in which case, ending on a
date 180 days after the effective date of such registration subject to Section 1.3; provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; or 

(iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3
pursuant to a request made pursuant to Section 1.4. 

  
 -4- 

 1.3 Company Registration. If (but without any obligation to do so) the
Company proposes to register (including for this purpose a registration effected by the Company for holders of capital stock other than the Holders) any of its stock under the Securities Act in connection with the public offering of such securities
solely for cash (other than a registration relating solely to the sale of securities to participants in a Company stock plan or a transaction covered by Rule 145 under the Securities Act, a registration in which the only stock being registered
is Common Stock issuable upon conversion of debt securities which are also being registered, or any registration on any form which does not include substantially the same information as would be required to be included in a registration statement
covering the sale of the Registrable Securities), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within 20 days after mailing of such notice by the
Company in accordance with Section 4.4, the Company shall, subject to the cut back provisions of Section 1.8 cause to be registered under the Securities Act all of the Registrable Securities that each such Holder has requested to be
registered. 
 1.4 Form S-3 Registration. In case the Company shall receive from any Holder or Holders of a
majority of the Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities
owned by such Holder or Holders, the Company will: 
 (a) promptly give written notice of the proposed registration, and any related
qualification or compliance, to all other Holders; and 
 (b) as soon as practicable, effect such registration and all such qualifications
and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such
portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within 15 days after receipt of such written notice from the Company; provided, however, that the Company shall
not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4: (i) if Form S-3 is not available for such offering by the Holders; (ii) if the Holders, together with the holders of any
other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of
less than $500,000; (iii) if the Company shall furnish to the Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its holders of
capital stock for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than 120 days after

  
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receipt of the request of the Holder or Holders under this Section 1.4; provided, however, that the Company shall not utilize this right more than once in any 12-month period; (iv) if
the Company has, within the 12-month period preceding the date of such request, already effected two registrations on Form S-3 for the Holders pursuant to this Section 1.4; (v) in any particular jurisdiction in which the Company would
be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance; or (vi) during the period ending 180 days after the effective date of a registration
statement subject to Section 1.3. 
 (c) Subject to the foregoing, the Company shall file a registration statement covering the
Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 1.4 shall not be counted as demands for
registration or registrations effected pursuant to Sections 1.2 or 1.3, respectively. 
 1.5 Obligations of the
Company. Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause such
registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to 120 days, or until the distribution described in
such registration statement is completed, if earlier. The Company shall not be required to file, cause to become effective or maintain the effectiveness of any registration statement that contemplates a distribution of securities on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act. 
 (b) Prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement for up to 120 days, or until the distribution described in such registration statement is completed, if earlier. 
 (c) Furnish to
the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of
Registrable Securities owned by them. 
 (d) Use its best efforts to register and qualify the securities covered by such registration
statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business
or to file a general consent to service of process in any such states or jurisdictions. 
 (e) In the event of any underwritten public
offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its
obligations under such an agreement. 

  
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 (f) Notify each Holder of Registrable Securities covered by such registration statement at any
time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, such obligation to continue for 120 days. 

(g) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities
issued by the Company are then listed. 
 (h) Provide a transfer agent and registrar for all Registrable Securities registered pursuant
hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 

(i) Use its best efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this
Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters, (i) an opinion,
dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters and (ii) a letter
dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the
underwriters. 
 1.6 Furnish Information. It shall be a condition precedent to the obligations of the Company to take
any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended
method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities. The Company shall have no obligation with respect to any registration requested pursuant to Section 1.2 or
Section 1.4 of this Agreement if, as a result of the application of the preceding sentence, the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or
exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in subsection 1.2(a) or subsection 1.4(b), whichever is applicable.

 1.7 Expenses of Registration. 

(a) Demand Registration. All expenses other than underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to 

  
 -7- 

 
Section 1.2, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and the
reasonable fees and disbursements of one counsel for the selling Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company; provided, however, that the Company shall
not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be
registered (in which case all participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2; provided further,
however, that if at the time of such withdrawal, the Holders (i) have learned of a material adverse change in the condition, business, or prospects of the Company that was not known to the Holders at the time of their request and (ii) have
withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall not forfeit their rights pursuant to Section 1.2.

 (b) Company Registration. All expenses other than underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications of Registrable Securities pursuant to Section 1.3 for each Holder (which right may be assigned as provided in Section 1.12), including (without limitation) all registration, filing, and
qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holder or Holders selected by them with the approval of the Company,
which approval shall not be unreasonably withheld, shall be borne by the Company. 
 (c) Registration on Form S-3. All
expenses incurred in connection with a registration requested pursuant to Section 1.4, including (without limitation) all registration, filing, qualification, printers’ and accounting fees and the reasonable fees and disbursements of one
counsel for the selling Holder or Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, and counsel for the Company, and any underwriters’ discounts or commissions associated with
Registrable Securities, shall be borne pro rata by the Holder or Holders participating in the Form S-3 registration. 
 1.8
Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under Section 1.3 to include any of the Holders’ securities
in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it (or by other persons entitled to select the underwriters), and then only in such quantity as the
underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by holders of capital stock to be included in such
offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that
number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling security
holders according to the total amount of securities entitled to be included therein owned by each selling security holder or in  

  
 -8- 

 
such other proportions as shall mutually be agreed to by such selling security holders) but in no event shall the amount of securities of the selling Holders included in the offering be reduced
below 20% of the total amount of securities included in such offering, unless such offering is the initial public offering of the Company’s securities, in which case, the selling security holders may be excluded if the underwriters make the
determination described above and no other holder’s securities are included. For purposes of the preceding parenthetical concerning apportionment, for any selling security holder which is a holder of Registrable Securities and which is a
partnership or corporation, the partners, retired partners and holders of capital stock of such holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall
be deemed to be a single “selling security holder,” and any pro-rata reduction with respect to such “selling security holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all
entities and individuals included in such “selling security holder,” as defined in this sentence. 
 1.9 Delay of
Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of
this Section 1. 
 1.10 Indemnification. In the event any Registrable Securities are included in a
registration statement under this Section 1: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless
each Holder, the partners, officers, directors and security holders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder
or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state
law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue
statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged
omission to state therein 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, the Exchange Act, any state
securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to each such Holder, underwriter or controlling person, as incurred, any legal or other expenses
reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this subsection 1.10(a) shall not apply to amounts paid
in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable to any Holder, underwriter or
controlling person for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in
connection with such registration by any such Holder, underwriter or controlling person. 

  
 -9- 

 (b) To the extent permitted by law, each selling Holder will indemnify and hold harmless the
Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Holder selling securities in such
registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Securities Act, the
Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation
occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will pay, as incurred, any legal or other expenses reasonably incurred by any
person intended to be indemnified pursuant to this subsection 1.10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this
subsection 1.10(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided
that in no event shall any indemnity under this subsection 1.10(b) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 1.10 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.10, deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that an indemnified party (together with all other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonable fees and expenses
to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other
party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve
such indemnifying party of any liability to the indemnified party under this Section 1.10, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 1.10. 
 (d) If the indemnification provided for in this Section 1.10 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall
contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense 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 in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable 

  
 -10- 

 
considerations; provided that in no event shall any contribution by a Holder under this Subsection 1.10(d) exceed the net proceeds from the offering received by such Holder, except in the case of
willful fraud by such Holder. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or 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.

 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) The obligations of the Company and Holders under this Section 1.10 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise. 
 1.11 Reports Under the Exchange
Act. With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the
public without registration or pursuant to a registration on Form S-3, the Company agrees to: 
 (a) make and keep public
information available, as those terms are understood and defined in SEC Rule 144, at all times after 90 days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general
public so long as the Company remains subject to the periodic reporting requirements under Sections 13 or 15(d) of the Exchange Act; 

(b) take such action, including the voluntary registration of its Common Stock under Section 12 of the Exchange Act, as is necessary to
enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first registration statement filed by the Company for the offering
of its securities to the general public is declared effective; 
 (c) file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act; and 
 (d) furnish to any Holder, so long as the Holder owns any
Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after the effective date of the first registration
statement filed by the Company), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any
time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing
any Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form. 

  
 -11- 

 1.12 Assignment of Registration Rights. The rights to cause the Company to register
Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee (a) of at least 15% of the transferring Holder’s aggregate Registrable Securities
originally obtained from the Company (or if the transferring Holder then owns less than 15% of such originally acquired securities, then all remaining Registrable Securities then held by the transferring Holder), (b) that is a subsidiary,
parent, partner, limited partner, retired partner, member, retired member or holder of capital stock of a Holder, (c) that is an affiliated fund or entity of the Holder, which means with respect to a limited liability company or a limited
liability partnership, a fund or entity managed by the same manager or managing member or general partner or management company or by an entity controlling, controlled by, or under common control with such manager or managing member or general
partner or management company (such a fund or entity, an “Affiliated Fund”), (d) who is a Holder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law (such a relation, a Holder’s “Immediate Family Member”, which term shall include adoptive relationships), or (e) that is a trust for the benefit of an individual Holder or
such Holder’s Immediate Family Member, provided the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such
registration rights are being assigned; and provided, further, that such assignment shall be effective only if the transferee agrees to be bound by this Agreement and immediately following such transfer the further disposition of such securities by
the transferee or assignee is restricted under the Securities Act. For the purposes of determining the number of shares of Registrable Securities held by a transferee or assignee, the holdings of transferees and assignees of (i) a partnership
who are partners or retired partners of such partnership or (ii) a limited liability company who are members or retired members of such limited liability company (including Immediate Family Members of such partners or members who acquire
Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the partnership or limited liability company; provided that all assignees and transferees who would not qualify individually for assignment of
registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under Section 1. 

1.13 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not,
without the prior written consent of the Holders of a majority of the outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company which would allow such holder or prospective
holder (a) to include such securities in any registration filed under Section 1.2 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent
that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders which is included or (b) to make a demand registration which could result in such registration statement being declared effective
prior to the earlier of either of the dates set forth in subsection 1.2(a) or within 120 days of the effective date of any registration effected pursuant to Section 1.2. 

  
 -12- 

 1.14 Lock-Up Agreement. 

(a) Lock-Up Period; Agreement. In connection with the initial public offering of the Company’s securities and upon request
of the Company or the underwriters managing such offering of the Company’s securities, each Stockholder hereby agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the
Company (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration as may
be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public offering. Notwithstanding the foregoing, if
during the last 17 days of the restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will
release earnings results during the 16-day period beginning on the last day of the restricted period, then, upon the request of the managing underwriter, to the extent required by any FINRA rules, the restrictions imposed by this subsection shall
continue to apply until the end of the third trading day following the expiration of the 15-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event will the restricted period
extend beyond 216 days after the effective date of the registration statement. 
 (b) Limitations. The obligations described
in Section 1.14(a) shall apply only if all officers, directors and 1% securityholders of the Company enter into similar agreements, and shall not apply to a registration relating solely to employee benefit plans, or to a registration relating
solely to a transaction pursuant to Rule 145 under the Securities Act. 
 (c) Stop-Transfer Instructions. In order to enforce
the foregoing covenants, the Company may impose stop-transfer instructions with respect to the securities of each Stockholder (and the securities of every other person subject to the restrictions in Section 1.14(a)). 

(d) Transferees Bound. Each Holder agrees that prior to the Company’s initial public offering it will not transfer
securities of the Company unless each transferee agrees in writing to be bound by all of the provisions of this Section 1.14. 

1.15 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this
Section 1 after the earlier of (a) two years following the consummation of a Qualified IPO (as defined in the Restated Certificate), (b) such time as Rule 144 or another similar exemption under the Securities Act is available for
the sale of all of such Holder’s shares during a three-month period without registration, or (c) upon termination of this Agreement, as provided in Section 3. 

 

	2.	Covenants of the Company. 

 2.1 Delivery of Financial
Statements. Upon request by a Major Investor (as hereafter defined), the Company shall deliver to each Major Investor (other than a Major Investor reasonably deemed by the Company to be a competitor; provided that none
of  

  
 -13- 

 
Worldview Technology Partners, Founders Fund, WI Harper, TD Fund or Exccess Ventures shall be deemed a competitor merely because an investment fund affiliated with such Major Investors invests in
a competitive enterprise). 
 (a) as soon as practicable, but in any event within 120 days after the end of each fiscal year of the Company,
an income statement for such fiscal year, a balance sheet of the Company and statement of stockholders’ equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in reasonable detail,
prepared in accordance with generally accepted accounting principles (“GAAP”), and, as and to the extent otherwise required by the Board, audited and certified by an independent public accounting firm of nationally recognized
standing selected by the Company; 
 (b) as soon as practicable, but in any event within 30 days after the end of each of the first three
quarters of each fiscal year of the Company, an unaudited profit or loss statement, a statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter; 

(c) as soon as practicable, but in any event 30 days prior to the end of each fiscal year, a budget and business plan for the next fiscal
year, prepared on a monthly basis, an updated list of all stockholders of the Company that includes the name of each stockholder and the number and class of shares held by each stockholder, and, as soon as prepared, any other budgets or revised
budgets prepared by the Company; and 
 (d) as soon as practicable, but in any event within 90 days after the end of each fiscal year of the
Company, a comparison between the annual budget of the Company, if any, for the completed fiscal year and the financial statements of the Company for such fiscal year. 

Notwithstanding anything else in this Section 2.1 to the contrary, the Company may cease providing the information set forth in this Section 2.1
during the period starting with the date 60 days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration
statement and related offering; provided that the Company’s covenants under this Section 2.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration
statement to become effective. 
 2.2 Inspection. The Company shall permit each Major Investor (other than a Major
Investor reasonably deemed by the Company to be a competitor; provided that none of Worldview Technology Partners, Founders Fund, WI Harper, TD Fund or Exccess Ventures shall be deemed a competitor merely because an investment fund affiliated
with such Major Investors invests in a competitive enterprise), at such Major Investor’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs,
finances and accounts with its officers, all at such reasonable times as may be requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information which
it reasonably considers to be privileged or a trade secret or similar confidential information. 

  
 -14- 

 2.3 Right of First Offer. Subject to the terms and conditions specified in
this Section 2.3, the Company hereby grants to each Major Investor a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). For purposes of this Agreement, a “Major Investor”
shall mean any person who holds at least 200,000 shares (subject to adjustment for stock splits, stock dividends, reclassifications or the like) of Registrable Securities. For purposes of this Section 2.3, the term “Major Investor”
includes any general partners, managing members and affiliates of a person that is otherwise a Major Investor, including Affiliated Funds. A Major Investor who chooses to exercise the right of first offer may designate as purchasers under such right
itself or its partners or affiliates, including Affiliated Funds, in such proportions as it deems appropriate. Each time the Company proposes to offer any shares of, or securities convertible into or exercisable for any shares of, any class of its
capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions: 

(a) The Company shall deliver a notice (the “RFO Notice”) to the Major Investors stating (i) its bona fide intention to
offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such Shares. 

(b) Within 15 calendar days after delivery of the RFO Notice, the Major Investor may elect to purchase or obtain, at the price and on the
terms specified in the RFO Notice, up to that portion of such Shares which equals the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then
held, by such Major Investor bears to the sum of (i) the total number of shares of Common Stock then outstanding (assuming full conversion and exercise of all convertible or exercisable securities) and (ii) shares of Common Stock issuable
to employees, consultants or directors pursuant to a stock option plan, restricted stock plan, or other stock plan approved by the Board. Such purchase shall be completed at the same closing as that of any third party purchasers or at an additional
closing thereunder. The Company shall promptly, in writing, inform each Major Investor that purchases all the shares available to it (each, a “Fully-Exercising Investor”) of any other Major Investor’s failure to do likewise.
During the 10-day period commencing after receipt of such information, each Fully-Exercising Investor shall be entitled to obtain that portion of the Shares for which Major Investors were entitled to subscribe but which were not subscribed for by
the Major Investors that is equal to the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by such Fully-Exercising Investor bears
to the total number of shares of Common Stock then outstanding (assuming full conversion and exercise of all convertible or exercisable securities) issued and held, or issuable upon conversion of the Preferred Stock then held, by all the Major
Investors. 
 (c) The Company may, during the 45-day period following the expiration of the period provided in subsection 2.3(b)
hereof, offer the remaining unsubscribed portion of the Shares to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the RFO Notice. If the Company does not enter into an agreement
for the sale of the Shares within such period, or if such agreement is not consummated within 60 days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first reoffered to
the Major Investors in accordance herewith. 

  
 -15- 

 (d) The right of first offer in this Section 2.3 shall not be applicable to the issuance of:

 (i) securities pursuant to stock splits, stock dividends, or similar transactions; 

(ii) securities pursuant to warrants, notes, or other rights to acquire securities of the Company that are outstanding as of the date of this
Agreement; 
 (iii) Common Stock to employees, consultants, officers or directors of the Company for the primary purpose of soliciting or
retaining their services pursuant to stock option plans or restricted stock plans or agreements approved by the Board (including options outstanding as of the date of the date hereof); 

(iv) Common Stock in a Qualified IPO; 

(v) securities in connection with the acquisition by the Company of another company or business, which issuance is approved by the Board;

 (vi) securities to financial institutions or lessors in connection with commercial credit arrangements, equipment financings, commercial
property lease transactions, or similar transactions, in each case entered into for primarily non-equity financing purposes, which issuance is approved by the Board; 

(vii) securities to an entity as a component of any business relationship with such entity primarily for the purpose of (A) joint
venture, technology licensing or development activities, (B) distribution, supply or manufacture of the Company’s products or services or (C) any other arrangements involving corporate partners that are primarily for purposes other
than raising capital, the terms of which business relationship with such entity are approved by the Board; 
 (viii) Common Stock upon
conversion of Preferred Stock; 
 (ix) Series Beta Preferred Stock sold pursuant to the Subscription Agreement, as in effect at any given
time; and 
 (x) securities in any other transaction in which exemption from the right of first offer provisions of this Section 2.3
is approved by the affirmative vote of the Major Investors holding a majority of the then-outstanding shares of Preferred Stock then held by all Major Investors, voting together as a single class and on an as-converted basis. 

(e) In addition to the foregoing, the right of first offer in this Section 2.3 shall not be applicable with respect to any Major Investor
and any subsequent securities issuance, if (i) at the time of such subsequent securities issuance, the Major Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) under the Securities Act, and
(ii) such subsequent securities issuance is otherwise being offered only to accredited investors. 
 (f) The Company will grant to the
Major Investors any right of first refusal which the Company grants to purchasers in connection with the issuance and sale of Preferred Stock of the company following the date of this Agreement if such right is superior to the right of first offer
set forth in this Section 2.3 in the good faith judgment of the Board. 

  
 -16- 

 2.4 Confidentiality. Each Stockholder shall keep confidential and shall not
disclose, divulge or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a
registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 2.4 by such Stockholder), (b) is or has been independently
developed or conceived by the Stockholder without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Stockholder by a third party without a breach of any obligation of confidentiality such
third party may have to the Company; provided, however, that a Stockholder may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their
services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Stockholder, if such prospective purchaser agrees to be bound by the provisions substantially
similar to this Section 2.4; (iii) to any Affiliate, partner, member, stockholder, limited partner, general partner, management company or wholly owned subsidiary of such Stockholder in the ordinary course of business, provided that such
Stockholder informs such person that such information is confidential and directs such person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Stockholder promptly notifies the
Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. Furthermore, nothing contained herein shall prevent any Holder or permitted disclose described above (each, a “Permitted
Disclosee”) from (a) entering into any business, entering into any agreement with a third party, or investing in or engaging in investment discussions with any other company (whether or not competitive with the Company), provided that
such Holder or Permitted Disclosee does not, except as permitted in accordance with this Section 2.4, disclose any proprietary or confidential information of the Company in connection with such activities, or (b) making any disclosures
required by law, rule, regulation or court or other governmental order. Notwithstanding the foregoing confidentiality provisions, a Holder (and any of the Holder’s respective employees, representatives, or other agents) may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax structure of the transaction contemplated by the Subscription Agreement and all materials of any kind (including opinions or other tax analyses) that are provided relating to
such tax treatment and tax structure. In addition, at no time will a Holder be subject to any restriction concerning its consultation with its tax advisors regarding the tax treatment or tax structure of the transaction contemplated by the
Subscription Agreement. 
 2.5 Employee Vesting. Unless the Board otherwise approves, shares of Common Stock, or options to
purchase Common Stock, issued to employees of the Company shall vest in accordance with the following schedule: 25% of the total number of shares shall vest at the end of the first year of full time employment; and 1/48th of the total number of
shares shall vest each month thereafter such that all of the shares shall vest over a period of four years; provided, that vesting credit may be given in connection with services to the Company prior to the

  
 -17- 

 
commencement of full time employment. The vesting of such shares or options shall not be accelerated in connection with a change of control of the Company unless such acceleration is specifically
approved by the Compensation Committee of the Board. 
 2.6 Board Expenses. The Company shall reimburse the directors of the
Company who are designated by Worldview Technology Partners for all reasonable out of pocket expenses relating to attendance of meetings of the Board. 

2.7 Termination of Certain Covenants. 

(a) Each of the covenants set forth in this Section 2 (other than the covenants set forth in Sections 2.4) shall terminate as to
each Holder and be of no further force or effect (i) immediately prior to the consummation of a Qualified IPO, or (ii) upon termination of this Agreement, as provided in Section 3. 

(b) The covenants set forth in Sections 2.1 and 2.2 shall terminate as to each Holder and be of no further force or effect when the
Company first becomes subject to the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, if this occurs earlier than the events described in Section 2.7(a). 

 

	3.	Termination of Agreement. 

 3.1 Termination Events. This Agreement
shall terminate and have no further force or effect upon the earlier of: 
 (a) the liquidation, dissolution or indefinite cessation of the
business operations of the Company; 
 (b) the execution by the Company of a general assignment for the benefit of creditors or the
appointment of a receiver or trustee to take possession of the property and assets of the Company; 
 (c) the consummation of a transaction
or series of related transactions deemed to be a liquidation, dissolution or winding up of the Company pursuant to the Restated Certificate. 
  

	4.	Miscellaneous. 

 4.1 Entire Agreement. This Agreement
constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof, and supersedes any and all other written or oral agreements relating to the subject matter hereof existing between the parties hereto. 

4.2 Successors and Assigns; Third Party Beneficiaries. Except as otherwise provided in this Agreement, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors, assigns and legal representatives of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors, assigns and legal representatives any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

  
 -18- 

 4.3 Amendments and Waivers. Any term of this Agreement may be amended or
waived only with the written consent of (a) the Company, and (b) the holders of a majority of the Registrable Securities then outstanding (or their respective successors and assigns). Notwithstanding the foregoing, this Agreement may be
amended with only the written consent of the Company for the sole purpose of including additional purchasers of Series Beta Preferred Stock as “New Investors” and “Investors.” Any amendment or waiver effected in accordance with
this Section 4.3 shall be binding upon the Company, the Stockholders, and each of their respective successors and assigns. 

4.4 Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon
delivery, when delivered personally or by overnight courier or sent by email or fax (upon customary confirmation of receipt), or forty-eight (48) hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid,
addressed to the party to be notified at such party’s address or fax number as set forth on the signature page or on Schedule 2 hereto, or as subsequently modified by written notice. 

4.5 Aggregation of Stock. All shares of capital stock of the Company held or acquired by Affiliated entities or persons
shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. As used herein,
“Affiliate” means, with respect to any specified Stockholder, any other Stockholder who, directly or indirectly, controls, is controlled by or is under common control with such Stockholder, including, without limitation, any general
partner, managing member, officer or director of such Stockholder, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, such
Stockholder. 
 4.6 Severability. If one or more provisions of this Agreement are held to be unenforceable under
applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this
Agreement, (b) the balance of this Agreement shall be interpreted as if such provision were so excluded and (c) the balance of this Agreement shall be enforceable in accordance with its terms. 

4.7 Governing Law; Jurisdiction and Venue. This Agreement and all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. Each of the parties hereto irrevocably consents to the
exclusive jurisdiction and venue of any federal or state court within Santa Clara County, State of California, United States of America in connection with any matter based upon or arising out of this Agreement, agrees that process may be served upon
it in any manner authorized by the laws of the State of California for such persons and waives and covenants not to assert or plead any objection that they might otherwise have to jurisdiction, venue and such process. Each party agrees not to
commence any legal proceedings based upon or arising out of 

  
 -19- 

 
this Agreement or the matters contemplated herein or any other matter relating to the equity interests of the Stockholders in the Company (whether based on breach of contract, tort, breach of
duty or any other theory) except in such courts. 
 4.8 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 

4.9 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement. 
 [Signature Pages Follow] 

  
 -20- 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE COMPANY:
	
	OOMA, INC.
		
	By:		 /s/ Spencer Jackson

			(Signature)
		
	Name:		Spencer Jackson
	Title:		Vice President and General Counsel
	
	Address:
	1840 Embarcadero Road
	Palo Alto, California 94303
	 Attn: Chief Executive Officer

email: eric.stang@ooma.com

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	TIMOTHY DUFFY
		
	By:		 /s/ Timothy Duffy

			(Signature)

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

					
	INVESTORS:
	
	PEGASUS FINANCE CORP.
			
	By:		/s/ Dale McNutt		/s/ Joanne Gorrod
		 	  

			(Signature)
			
	Name:		Dale McNutt		Joanne Gorrod
		 	  

			
	Title:		Director		Director
		 	  

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	CLIVE ROBERTS
		
	By:		 /s/ Clive Robers

			(Signature)

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	NICOLAS R. ROBINSON
		
	By:		 /s/ Nicolas Robinson

			(Signature)

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

					
	INVESTORS:		
	
	SAMISA INVESTMENT CORP.
			
	By:		/s/ Markus Vock		/s/ Barbara Schnell
		 	  

			(Signature)
			
	Name:		Confidence Management Ltd.		Confidence Services Ltd.
		 	  

		
	Title:		 Directors

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	EDWIN SNAPE
		
	By:		 /s/ Edwin Snape

			(Signature)

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	JON TILNEY
		
	By:		 /s/ Jon Tilney

			(Signature)

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	TOM PRIDAY
		
	By:		 /s/ Tom Priday

			(Signature)

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	PHILIP A NOONAN
		
	By:		 /s/ Philip A. Noonan

			(Signature)

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	CHRISTOPHER N. PATTON REVOCABLE TRUST
		
	By:		 /s/ Christopher N. Patton

			(Signature)
		
	Name:		 Christopher N. Patton

		
	Title:		 Trustee

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	DAVID DWYER
		
	By:		 /s/ David Dwyer

			(Signature)

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	SNP VENTURES, LP
		
	By:		 /s/ Michael Polansky

			(Signature)
		
	Name:		 Michael Polansky

		
	Title:		 Managing Director of its General Partner

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	AMCVF, L.P.
		
	By:		 /s/ David G. Fleshman

			(Signature)
		
	Name:		 David G. Fleshman

		
	Title:		 Managing Member

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	TDFUND III, LP
		
	By:		TDF III GP, LLC
			its General Partner
		
	By:		 /s/ James J. Pastoriza

			James J. Pastoriza
			Managing Member

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	WI HARPER INC FUND VI LTD
		
	By:		 /s/ Pete Yeau-Hwan Liu

			(Signature)
		
	Name:		 Pete Yeau-Hwan Liu

		
	Title:		 Director

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	INVESTORS:
	
	WORLDVIEW TECHNOLOGY PARTNERS IV, L.P.
	WORLDVIEW TECHNOLOGY INTERNATIONAL IV, L.P.
	WORLDVIEW STRATEGIC PARTNERS IV, L.P.
		
	By:		Worldview Capital IV, L.P., its General Partner
	By:		Worldview Equity I, L.LC., its General Partner
		
	By:		 /s/ James Strawbridge

			(Signature)
		
	Name:		James Strawbridge
	Title:		Attorney-in-fact for Worldview Equity I, L.LC.

  
 SIGNATURE PAGE TO THE
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

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