Document:

EX-10.7

 Exhibit 10.7 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 FIFTH THIRD AUTO TRUST 2019-1, 
 as Issuer, 

FIFTH THIRD BANK, 
 as Servicer

 and 
 CLAYTON FIXED INCOME
SERVICES LLC, 
 as Asset Representations Reviewer 

Dated as of May 8, 2019 

 TABLE OF CONTENTS 

 

							
	 	  	 	 	Page	 
			
	 ARTICLE I
	  	 USAGE AND DEFINITIONS
	 	 	1	 
			
	 Section 1.1.
	  	 Usage and Definitions
	 	 	1	 
			
	 Section 1.2.
	  	 Additional Definitions
	 	 	1	 
			
	 ARTICLE II
	  	 ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
	 	 	2	 
			
	 Section 2.1.
	  	 Engagement; Acceptance
	 	 	2	 
			
	 Section 2.2.
	  	 Confirmation of Scope
	 	 	2	 
			
	 ARTICLE III
	  	 ASSET REPRESENTATIONS REVIEW PROCESS
	 	 	2	 
			
	 Section 3.1.
	  	 Review Notices
	 	 	2	 
			
	 Section 3.2.
	  	 Identification of Subject Receivables
	 	 	2	 
			
	 Section 3.3.
	  	 Review Materials
	 	 	3	 
			
	 Section 3.4.
	  	 Performance of Reviews
	 	 	3	 
			
	 Section 3.5.
	  	 Review Reports
	 	 	4	 
			
	 Section 3.6.
	  	 Limitations on Review Obligations
	 	 	5	 
			
	 Section 3.7.
	  	 Dispute Resolution
	 	 	5	 
			
	 ARTICLE IV
	  	 ASSET REPRESENTATIONS REVIEWER
	 	 	5	 
			
	 Section 4.1.
	  	 Representations and Warranties
	 	 	5	 
			
	 Section 4.2.
	  	 Covenants
	 	 	6	 
			
	 Section 4.3.
	  	 Fees, Expenses and Indemnities
	 	 	7	 
			
	 Section 4.4.
	  	 Limitation on Liability
	 	 	8	 
			
	 Section 4.5.
	  	 Indemnification by Asset Representations Reviewer
	 	 	8	 
			
	 Section 4.6.
	  	 Indemnification of Asset Representations Reviewer
	 	 	8	 
			
	 Section 4.7.
	  	 Inspections of Asset Representations Reviewer
	 	 	9	 
			
	 Section 4.8.
	  	 Delegation of Obligations
	 	 	9	 
			
	 Section 4.9.
	  	 Confidential Information
	 	 	9	 
			
	 Section 4.10.
	  	 Personally Identifiable Information
	 	 	11	 
			
	 ARTICLE V
	  	 RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER
	 	 	13	 
			
	 Section 5.1.
	  	 Eligibility Requirements for Asset Representations Reviewer
	 	 	13	 
			
	 Section 5.2.
	  	 Resignation and Removal of Asset Representations Reviewer
	 	 	13	 
			
	 Section 5.3.
	  	 Successor Asset Representations Reviewer
	 	 	14	 
			
	 Section 5.4.
	  	 Merger, Consolidation or Succession
	 	 	14	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE VI
	  	 OTHER AGREEMENTS
	  	 	14	 
			
	 Section 6.1.
	  	 Independence of Asset Representations Reviewer
	  	 	14	 
			
	 Section 6.2.
	  	 No Petition
	  	 	15	 
			
	 Section 6.3.
	  	 Limitation of Liability of Owner Trustee
	  	 	15	 
			
	 Section 6.4.
	  	 Termination of Agreement
	  	 	15	 
			
	 ARTICLE VII
	  	 MISCELLANEOUS PROVISIONS
	  	 	16	 
			
	 Section 7.1.
	  	 Amendments
	  	 	16	 
			
	 Section 7.2.
	  	 Assignment; Benefit of Agreement; Third Party Beneficiaries
	  	 	17	 
			
	 Section 7.3.
	  	 Notices
	  	 	17	 
			
	 Section 7.4.
	  	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	  	 	18	 
			
	 Section 7.5.
	  	 No Waiver; Remedies
	  	 	18	 
			
	 Section 7.6.
	  	 Severability
	  	 	18	 
			
	 Section 7.7.
	  	 Headings
	  	 	19	 
			
	 Section 7.8.
	  	 Counterparts
	  	 	19	 
			
	 Schedule A
	  	 Representations and Warranties, Review Materials and Tests
	  			

  
 ii 

 ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of May 8, 2019 (this
“Agreement”), among FIFTH THIRD AUTO TRUST 2019-1, a Delaware statutory trust, as issuer (the “Issuer”), FIFTH THIRD BANK, an Ohio banking corporation (“Fifth Third
Bank”), as servicer (the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as asset representations reviewer (the “Asset Representations Reviewer”). 

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

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

USAGE AND DEFINITIONS 

Section 1.1.    Usage and Definitions. (a) Except as otherwise specified herein or if the
context may otherwise require, capitalized terms not defined in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale Agreement, dated as of the date hereof (the “Sale Agreement”),
between the Issuer and the Depositor. 
 (b) With respect to all terms in this Agreement, the singular includes the plural
and the plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other
contractual instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons
include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including without
limitation;” and the term “or” is not exclusive. 
 Section 1.2.    Additional
Definitions. The following terms have the meanings given below: 
 “Asset Representations Review” means
the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable according to Section 3.4. 

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

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

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

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

 “Review Fee” has the meaning stated in
Section 4.3(b). 
 “Review Materials” means, for an Asset Representations Review
and a Subject Receivable, the documents and other materials for each Test listed under “Review Materials” in Schedule A. 

“Review Report” means, for an Asset Representations Review, the report of the Asset Representations Reviewer
prepared according to Section 3.5. 
 “Test” has the meaning stated in
Section 3.4(a). 
 “Test Complete” has the meaning stated in
Section 3.4(c). 
 “Test Fail” has the meaning stated in
Section 3.4(a). 
 “Test Incomplete” has the meaning stated in
Section 3.4(a). 
 “Test Pass” has the meaning stated in
Section 3.4(a). 
 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

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

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

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1.    Review Notices. On receipt of a Review Notice in accordance with
Section 7.5 of the Indenture, the Asset Representations Reviewer will commence an Asset Representations Review. The Asset Representations Reviewer will have no obligation to start an Asset Representations Review until a Review Notice is
received. 
 Section 3.2.    Identification of Subject Receivables. Within ten
(10) Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer a list of the Subject Receivables. 

  
 2 

 Section 3.3.    Review Materials. 

(a)    Access to Review Materials. The Servicer will give the Asset Representations Reviewer access
to the Review Materials maintained by the Servicer for all of the Subject Receivables within sixty (60) calendar days after receipt of the Review Notice in one or more of the following ways in the Servicer’s reasonable discretion:
(i) by electronic posting of Review Materials to a password-protected website to which the Asset Representations Reviewer has access, (ii) by providing originals or photocopies of documents relating to the Subject Receivables at one of the
properties of the Servicer during the normal business hours of the Servicer or (iii) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all
information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Representations Review remains intact and unchanged. 

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

Section 3.4.    Performance of Reviews. 

(a)    Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will
perform for each Subject Receivable the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review Materials listed for each such Test in Schedule A.
For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), if the Test has not been satisfied (a “Test Fail”)
or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the
same Test. 
 (b)    Review Period. The Asset Representations Reviewer will complete the Asset
Representations Review of all of the Subject Receivables within sixty (60) calendar days after receiving access to the Review Materials under Section 3.3(a). However, if missing or additional Review Materials are
provided to the Asset Representations Reviewer under Section 3.3(b), the review period will be extended for an additional thirty (30) calendar days. 

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

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

(e)    Duplicative Tests. If the same Test is required for more than one representation or warranty
listed on Schedule A, the Asset Representations Reviewer will only perform the Test once for each Subject Receivable but will report the results of the Test for each applicable representation or warranty on the Review
Report. 
 (f)    Termination of Review. If an Asset Representations Review is in process and all
of the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) calendar days before that Payment Date. On receipt of notice, the Asset
Representations Reviewer will terminate the Asset Representations Review immediately and will have no obligation to deliver a Review Report. 

Section 3.5.    Review Reports. (a) Within ten (10) calendar days after the end of
the review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Subject Receivable whether there was a Test
Pass, a Test Incomplete or a Test Fail for each Test, or whether the Subject Receivable was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations Reviewer with
respect to the Asset Representations Review to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received, including a description of each Test Fail and
Test Incomplete, if any, from the Asset Representations Review. The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer PII. On the reasonable request of the Servicer, the Asset Representations Reviewer will
provide additional details on the Test results. 
 (b)    Questions About Review. The Asset
Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Servicer until payment in full of the Notes. The Asset Representations Reviewer
will have no obligation to respond to questions or requests for clarification from Noteholders or any Person other than the Servicer and will direct such Persons to submit written questions or requests to the Servicer. 

  
 4 

 Section 3.6.    Limitations on Review
Obligations. The Asset Representations Reviewer may rely on the information in any Review Notice, the list(s) of the Subject Receivables provided by the Servicer, and the accuracy and completeness of the Review Materials. The Asset
Representations Reviewer will have no obligation: 
 (a)    to determine whether a Delinquency Trigger
has occurred or whether the required percentage of Noteholders has voted to direct an Asset Representations Review under the Indenture; 

(b)    to determine which Receivables are Subject Receivables; 

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

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

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

ARTICLE IV 
 ASSET REPRESENTATIONS
REVIEWER 
 Section 4.1.    Representations and Warranties. The Asset Representations
Reviewer represents and warrants as of the Closing Date: 
 (a)    Organization and Qualification.
The Asset Representations Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware. The Asset Representations Reviewer is qualified as a foreign limited liability company
in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to
obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(b)    Power, Authority and Enforceability. The Asset Representations Reviewer has the power and
authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of
the Asset 

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

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

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

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

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

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

  
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 (b)    Review Systems; Personnel. It will
maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these
systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct
Asset Representations Reviews as required by this Agreement. 
 (c)    Maintenance of Review
Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset Representations Review, including internal correspondence and work papers, for a period of two years after the termination of
this Agreement. 
 Section 4.3.    Fees, Expenses and Indemnities. 

(a)    Annual Fee. The Servicer will pay the Asset Representations Reviewer, as compensation for
agreeing to act as the Asset Representations Reviewer under this Agreement, an annual fee of $5,000. The annual fee will be payable by the Servicer on the Closing Date and on each anniversary thereof until this Agreement is terminated,
provided, that in the year in which all public Notes are paid in full, the annual fee shall be reduced pro rata by an amount equal to the days of the year in which the public Notes are no longer outstanding. 

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

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

(d)    Payment of Fees, Expenses and Indemnities. The Asset Representations Reviewer shall submit
reasonably detailed invoices to the Servicer for any amounts owed to it under this Agreement. To the extent not paid by the Servicer within sixty (60) calendar days following the receipt of a detailed invoice on the due date therefor hereunder,
the fees provided 

  
 7 

 
for in this Section 4.3 and the indemnities provided for in Section 4.6(a) shall be paid by the Issuer pursuant to the priority of payments set
forth in Section 8.5 or Section 5.4 of the Indenture; provided, that prior to any such payment pursuant to the Indenture, the Asset Representations Reviewer shall notify the Servicer in writing that such payments have been
outstanding for at least sixty (60) calendar days. For the avoidance of doubt, to the extent that such owed amounts are not paid in full by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer
shall be entitled to payment by the Servicer of incurred but otherwise unpaid amounts. 

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

Section 4.5.    Indemnification by Asset Representations Reviewer. The Asset Representations
Reviewer will indemnify each of the Issuer, the Servicer, the Depositor, the Seller, the Sponsor, the Owner Trustee, the Delaware Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all costs,
expenses, losses, damages and liabilities (including any reasonable legal fees and expenses incurred by an Indemnified Party in connection with the enforcement of any indemnification or other obligation of the Asset Representations Reviewer)
resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement, (b) the Asset Representations Reviewer’s failure to comply with the
requirements of applicable federal, state or local laws and regulations in the performance of its duties hereunder or (c) the Asset Representations Reviewer’s breach of any of its representations, warranties, covenants or other obligations
in this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset
Representations Reviewer. 
 Section 4.6.    Indemnification of Asset Representations
Reviewer. 
 (a)    Indemnification. The Servicer will indemnify the Asset Representations
Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including
the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or
negligence (other than errors in judgment), (ii) the Asset Representations Reviewer’s failure to comply with the requirements of applicable federal, state and local laws and regulations in the performance of its duties hereunder or
(iii) the Asset Representations Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement. 

  
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 (b)    Proceedings. Promptly on receipt by an
Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), notify the Servicer of the Proceeding. The Servicer may participate in and assume the
defense and settlement of a Proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the
Servicer assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Servicer will not be liable for legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of
the Servicer, and an Indemnified Person. If there is a conflict, the Servicer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a Proceeding may be made without the approval of the Servicer
and the Indemnified Person, which approval will not be unreasonably withheld. 
 (c)    Survival of
Obligations. The Servicer’s obligations under this Section 4.6 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement. 

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

Section 4.7.    Inspections of Asset Representations Reviewer. The Asset Representations
Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer or the Servicer, during the Asset Representations Reviewer’s normal business hours, to examine and
review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement,
(b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the
Issuer’s or the Servicer’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuer and the Servicer will, and will
cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer or the Servicer reasonably determines that it is required to make the disclosure under this Agreement or the
other Transaction Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

 Section 4.8.    Delegation of Obligations. The Asset Representations Reviewer may not
delegate or subcontract its obligations under this Agreement to any Person without the consent of the parties to this Agreement, which may be withheld in such party’s sole discretion. 

Section 4.9.    Confidential Information. 

(a)    Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential
Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential
Information. The Confidential Information will not, without 

  
 9 

 
the prior consent of the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal
counsel (collectively, the “Information Recipients”) other than for the purposes of performing Asset Representations Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset Representations
Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Fifth Third Bank or its affiliates or special purpose entities on the basis of Confidential Information or (ii) use the
Confidential Information for the preparation of research reports, newsletters or other publications or similar communications. 

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

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

(ii)    origination and servicing guidelines, policies and procedures and form contracts;
and 
 (iii)    notes, analyses, compilations, studies or other documents or records
prepared by the Servicer, which contain information supplied by or on behalf of the Servicer or its representatives. 
 However,
Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the
Information Recipients on a non-confidential basis from a Person or entity other than the Issuer or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information
Recipient is not bound by a confidentiality agreement with the Issuer or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without
the use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuer or the Servicer provides permission to the applicable
Information Recipients to release. 
 (c)    Protection. The Asset Representations Reviewer will
use best efforts to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. The
Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.10. 

(d)    Disclosure. If the Asset Representations Reviewer is required by applicable law, regulation,
rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset
Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will cooperate, at the Servicer’s expense, in

  
 10 

 
the Issuer’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer or the Servicer is unable to
obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it
is legally required to disclose. 
 (e)    Responsibility for Information Recipients. The Asset
Representations Reviewer will be responsible for a breach of this Section 4.9 by its Information Recipients. 

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

Section 4.10.    Personally Identifiable Information. 

(a)    Definitions. “Personally Identifiable Information” or “PII”
means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification number or
“VIN”, any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. “Issuer
PII” means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under
this Agreement. 
 (b)    Use of Issuer PII. The Issuer does not grant the Asset Representations
Reviewer any rights to Issuer PII. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent
necessary for these purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those
relating to privacy, security and data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with
applicable laws and regulations and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to
(i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII
and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection,
data storage protection and data transmission protection) and physical security measures. 

  
 11 

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

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

(ii)    The Asset Representations Reviewer will not sell, disclose, provide or exchange
Issuer PII with or to any third party without the prior consent of the Issuer. 
 (d)    Notice of
Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity
of Issuer PII and, where applicable, immediately take action to prevent any further breach. 

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

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

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

  
 12 

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

ARTICLE V 
 RESIGNATION AND
REMOVAL; 
 SUCCESSOR ASSET REPRESENTATIONS REVIEWER 

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

Section 5.2.    Resignation and Removal of Asset Representations Reviewer. 

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

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

(i)    the Asset Representations Reviewer no longer meets the eligibility requirements in
Section 5.1; 
 (ii)    the Asset Representations Reviewer
breaches of any of its representations, warranties, covenants or obligations in this Agreement; or 

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

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

  
 13 

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

Section 5.3.    Successor Asset Representations Reviewer. 

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

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

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

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

OTHER AGREEMENTS 

Section 6.1.    Independence of Asset Representations Reviewer. The Asset Representations
Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Indenture Trustee, the Delaware Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under
this Agreement. Unless authorized by the Issuer, the Indenture Trustee, the Delaware Trustee or the Owner Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or

  
 14 

 
represent the Issuer, the Indenture Trustee, the Delaware Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the Indenture Trustee, the Delaware Trustee or the Owner
Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Indenture Trustee, the Delaware Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any
liability as such on any of them. 
 Section 6.2.    No Petition. Each of the parties, by
entering into this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor
was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement. 

Section 6.3.    Limitation of Liability of Owner Trustee. It is expressly understood and
agreed by the parties hereto that (a) this Agreement is executed and delivered by The Bank of New York Mellon, not individually or personally but solely as Owner Trustee of the Issuer in the exercise of the powers and authority conferred and
vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by The Bank of New York
Mellon, but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on The Bank of New York Mellon, 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) The Bank of New York Mellon has made no investigation as to the
accuracy or completeness of any representations or warranties made by the Issuer in this Agreement and (e) under no circumstances shall The Bank of New York Mellon be personally liable for the payment of any indebtedness or expenses of the
Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other related documents. For all purposes under this Agreement, the Owner Trustee will
be subject to, and entitled to the benefits of, the Trust Agreement. 

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

  
 15 

 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1.    Amendments. 

(a)    Any term or provision of this Agreement may be amended by the parties hereto, but without the
consent of the Seller, the Indenture Trustee, the Owner Trustee, the Delaware Trustee, any of the Noteholders or the Certificateholders or any other Person subject to one of the following conditions: 

(i)    the Servicer delivers an Opinion of Counsel or an Officer’s Certificate to the
Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(ii)    the Rating Agency Condition is satisfied with respect to such Amendment and the
Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b)    This Agreement may also be amended from time to time by the parties hereto with the consent of
(i) the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance, voting as a single class, and (ii) the Majority Certificateholders, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the consent of the Noteholders or Certificateholders to approve the particular
form of any proposed amendment or consent, but it will be sufficient if the Noteholders and Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Noteholders and Certificateholders
provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates
pursuant to the Note Depository Agreement. 
 (c)    Prior to the execution of any amendment pursuant to
this Section 7.1, the Servicer shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Servicer shall furnish a copy of such
amendment to each Rating Agency and the Indenture Trustee; provided, that no amendment pursuant to this Section 7.1 shall be effective which materially and adversely affects the rights, protections or duties of the Delaware
Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 
 (d) Prior to the
execution of any amendment to this Agreement, the Delaware Trustee, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized
or permitted by this Agreement and an Officer’s Certificate from the Servicer or the Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied. 

  
 16 

 (e)    Notwithstanding subsections (a) or (b) of
this Section 7.1, this Agreement may only be amended by the parties hereto if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s
Certificate of the Servicer or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the
Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the
Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe. 

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

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

(b)    Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and
will be binding on the parties and their permitted successors and assigns. The Indenture Trustee, for the benefit of the Noteholders, the Delaware Trustee and the Owner Trustee will be a third-party beneficiaries of this Agreement and entitled to
enforce this Agreement against the Asset Representations Reviewer. No other Person will have any right or obligation under this Agreement except as set forth in Section 4.10(h). 

Section 7.3.    Notices. 

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

(i)    for overnight mail, on delivery or, for a letter mailed by registered first class
mail, postage prepaid, three days after deposit in the mail; 
 (ii)    for a fax, when
receipt is confirmed by telephone, reply email or reply fax from the recipient; 

(iii)    for an email, when receipt is confirmed by telephone or reply email from the
recipient; and 
 (iv)    for an electronic posting to a password-protected website to
which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 

(b)    Notice Addresses. Any notice, request, demand, consent, waiver or other communication will
be delivered or addressed to: (i) (a) in the case of the Servicer, to Fifth Third Bank, 38 Fountain Square Plaza, Cincinnati, Ohio 45263, (b) in the case of the Issuer or the Owner Trustee, to Fifth Third Auto Trust 2019-1, c/o The Bank of New York Mellon, 101 Barclay Street, Floor 7 West, New York, New York 10286, Attn: Asset Backed Securities Unit – Fifth Third Bank 2019-1, (c) in
the case of the Indenture Trustee, to Wilmington Trust, National 

  
 17 

 
Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Fifth Third Auto Trust 2019-1, and (d) in the case
of the Asset Representations Reviewer, to ARRNotices@clayton.com and to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, FL 33578, Attn: SVP, with a copy to Clayton Fixed Income Services LLC, c/o Clayton Holdings LLC, 1500
Market Street, West Tower Suite 2050, Philadelphia, PA 19102,, Attention: General Counsel or, (ii) as to each party, at such other address or email as shall be designated by such party in a written notice to each other party. 

Section 7.4.    Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
 EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR
THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO HEREBY
FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT IN ANY OF THE AFORESAID COURTS, THAT ANY SUCH COURT LACKS
JURISDICTION OVER SUCH PARTY. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY
CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

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

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

  
 18 

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

Section 7.8.    Counterparts. This Agreement may be executed in multiple counterparts. Each
counterpart will be an original and all counterparts will together be one document. 
 [Remainder of Page Left Blank] 

  
 19 

 EXECUTED BY: 

 

			
	 FIFTH THIRD AUTO TRUST 2019-1,

as Issuer

		
	 By:
	 	 THE BANK OF NEW YORK MELLON, not in its individual capacity, but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 FIFTH THIRD BANK,

as Servicer

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Asset
Representations Review Agreement] 

 Schedule A 

Representations and Warranties, Review Materials and Tests 

Representations and Warranties 

(a) Characteristics of Receivables: As of the Cut-Off Date (or such other date as may be
specifically set forth below), each Receivable: (i) has been fully executed or electronically authenticated (as defined by the UCC) by the Obligor thereto; (ii) contains provisions that permit the repossession and sale of the Financed
Vehicle upon a default under the Receivable by the Obligor; (iii) provided, at origination, for level monthly payments which fully amortize the initial Outstanding Principal Balance over the original term; provided, that the amount of
the first or last payment may be different from the level payment but in no event more than three times the level monthly payment; (iv) was originated in the United States. 

Review Materials 
 Retail Contract

 Title Documents 
 Tests 

 

	i.	 Execution and Authentication 

 

	 	A.	 Confirm that the Contract lists Fifth Third as the assignee within the assignment section.

  

	 	B.	 Confirm that the Contract is signed by the Obligor(s). 

 

	ii.	 Repossession 

  

	 	A.	 Observe the Contract and confirm it contains provisions that permit the repossession and sale of the
Financed Vehicle upon a default under the Receivable by the Obligor. 

  

	iii.	 Payment Schedule Structure 

 

	 	A.	 Confirm all payments are equivalent with the possible exception of the first and last month’s payments
which may differ by no more than three times the amount of the level monthly payment. 

  

	 	B.	 Confirm that the product of the Number of Payments and the Amount of Payments, together with any first and
last month’s payment (if applicable), equals the Total of Payments as stated within the Truth in Lending section of the Contract. 

  

	iv.	 United States Origination 

 

	 	A.	 Confirm the Contract reports a Dealer located in the United States. 

 

	v.	 If steps (i) through (iv) are confirmed, then Test Pass. 

 Representations and Warranties 

(b) Individual Characteristics: As of the Cut-Off Date (or such other date as may be
specifically set forth below), each Receivable has the following individual characteristics: (i) the Receivable is secured by a new or used automobile, light duty truck, van or other motor vehicle; (ii) the Receivable had an original term
to maturity of not more than 84 months and not less than 24 months and the Receivable has a remaining term to maturity of not less than 3 months; (iii) the Receivable has a scheduled maturity date on or before April 24, 2026; (iv) the
Receivable was not more than 30 days past due; (v) the Receivable was not noted in the records of the Servicer as being the subject of any pending bankruptcy or insolvency Proceeding; and (vi) the Receivable is a Simple Interest
Receivable. 
 Review Materials 

Retail Contract 
 Data File 

Tests 
  

	i.	 Financed Vehicle 

  

	 	A.	 Review the Contract and confirm the Financed Vehicle is a new or used automobile, light-duty truck van or
other motor vehicle. 

  

	ii.	 Original Term 

  

	 	A.	 Review the Contract and confirm the Number of Payments (including first and last payments) does not exceed
the maximum allowable Contract Term or violate the minimum allowable Contract Term, excluding periods of deferral of first payment, as of the Cut-off Date. 

 

	 	B.	 Review the Data File and confirm that the remaining term of the Contract is within the allowable limits of
no more than 84 months and no less than 3 months as of the Cut-off Date. 

  

	iii.	 Maturity Date 

  

	 	A.	 Review the Data File and confirm that the Receivable has a Maturity on or before April 24, 2026.

  

	iv.	 Delinquency Status 

 

	 	A.	 Review the Data File and confirm that the Receivable is not more than 30 days past due as of the Cut-off Date. 

  

	v.	 Bankruptcy and Insolvency 

 

	 	A.	 Verify through the Data File that no evidence is included that indicates the Receivable is the subject of a
Bankruptcy or insolvency proceeding. 

  

	vi.	 Interest Method 

  

	 	A.	 Confirm that the Receivable is amortized using the Simple Interest Method by reviewing the Contract.

  

	vii.	 If steps (i) through (vi) have been confirmed, then Test Pass. 

 Representations and Warranties 

(c) Security Interest: The Receivable, is secured by a first priority perfected security interest in the Financed Vehicle in favor of
the Bank, as secured party, or all necessary actions have been commenced that would result in a first priority perfected security interest in the Financed Vehicle in favor of the Bank, as secured party, which security interest, in either case, is
assignable and has been so assigned (x) by the Bank to FTH LLC, (y) by FTH LLC to the Seller and (z) by the Seller to the Issuer. 

Review Materials 
 Retail Contract

 Title Documents 
 Transaction
Documents 
 Tests 
  

	i.	 Confirm that the Title Documents report Fifth Third, or an acceptable variation of the name, as the first
lien holder, or that the appropriate application has been filed in the applicable state if the certificate of title is still pending. 

  

	ii.	 Confirm the Obligor’s name, or an acceptable variation thereof, on the Contract matches the name on the
title documents. 

  

	iii.	 Confirm the Vehicle Identification Number (VIN) on the Contract matches the VIN number on the title
documents. 

  

	iv.	 Confirm that the security interest is assignable and has been assigned: 

 

	 	A.	 By the Bank to FTH LLC, 

 

	 	B.	 By FTH LLC to the Seller, and 

 

	 	C.	 By the Seller to the Issuer. 

 

	v.	 If steps (i) and (iv) are confirmed, then Test Pass. 

 Representations and Warranties 

(d) Compliance With Law: The Receivable complied at the time it was originated or made, in all material respects with all requirements
of law in effect at that time and applicable to such Receivable. 
 Review Materials 

Retail Contract 
 List of Approved
Contract Forms 
 Bank Officer’s Certificate 

Certificate of Officer of Bank’s Law Department, as necessary 

Tests 
  

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

  

	ii.	 Confirm a Payment Schedule is present and complete. 

 

	iii.	 Confirm there is an itemization of the Amount Financed. 

 

	iv.	 Confirm the following disclosures are included in the Contract: 

 

	 	A.	 Prepayment disclosure 

 

	 	B.	 Late payment policy including the late charge amount (or calculation) 

 

	 	C.	 Security Interest Disclosure 

 

	 	D.	 Contract Reference 

 

	 	E.	 Insurance Requirements 

 

	v.	 Request and review Bank officer’s certification regarding knowledge of an assertion in writing or a
pending lawsuit by the applicable Obligor that the reason for delinquency is that his or her Receivable did not comply with a requirement of law applicable to it at the time it was originated or made. 

 

	vi.	 In the event step (v) discloses an assertion or lawsuit, request and review a certificate of an officer
in the Bank’s law department that the Bank believes that such claim is unlikely to succeed on the merits. 

  

	vii.	 If (a) steps (i) through (iv) are confirmed and (b) step (v) discloses no claims or step
(vi) is confirmed, then Test Pass. 

 Representations and Warranties 

(e) Binding Obligation: The Receivable constitutes the legal and binding payment obligation in writing of the Obligor, enforceable in
all respects by the holder thereof in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, liquidation or other laws, equitable principles and consumer protection laws and the Servicemembers Civil
Relief Act, as amended, to the extent applicable to the related Obligor. 
 Review Materials 

Retail Contract 
 List of Approved
Contract Forms 
 Tests 
  

	i.	 Confirm the Contract form number and revision date are on the List of Approved Contract Forms.

  

	ii.	 Confirm the Obligor and Co-Obligor (if applicable) signed the
Contract. 

  

	iii.	 If steps (i) and (ii) are confirmed, then Test Pass. 

 Representations and Warranties 

(f) Receivables in Force: As of the Cut-Off Date, the Bank’s records related to the
Receivables do not indicate that any Receivable was satisfied, subordinated or rescinded or that the related Financed Vehicle was released from the lien granted by the Receivable in whole or in part. 

Review Materials 
 Title Documents

 Data File 
 Tests 

 

	i.	 Confirm there is no indication within the Title Documents or the Data File that the Receivable was satisfied
prior to the Cut-Off Date. 

  

	ii.	 Confirm there is no indication within the Title Documents or the Data File that the Receivable was
subordinated or rescinded prior to the Cut-Off Date. 

  

	iii.	 Confirm there is no indication within the Title Documents or the Data File that the Financed Vehicle has
been released from the Lien in whole or in part prior to the Cut-Off Date. 

  

	iv.	 If steps (i) through (iii) are confirmed, then Test Pass. 

 Representations and Warranties 

(g) No Waiver: As of the Cut-Off Date, no provision of a Receivable has been expressly waived in
writing in any material respect, except by instruments or documents identified in the related Receivable File. 
 Review Materials 

Data File 
 Retail Contract 

System Screenprint 
 Modification
Agreement 
 Tests 
  

	i.	 Confirm the data file and/or Receivable File show no indication of modifications, waivers or amendments to
the terms of the Receivable. 

  

	ii.	 If the data file and/or Receivable File indicate a modification, waiver or amendment is present, confirm the
Receivable File contains supporting documentation detailing the terms of the modification. 

  

	iii.	 If step (i) or (ii) is confirmed, then Test Pass. 

 Representations and Warranties 

(h) No Default: Except for payment delinquencies continuing for a period of not more than 30 days as of the Cut-Off Date, the records of the Servicer did not disclose any payment defaults under the terms of the Receivable existed as of the Cut-Off Date. 

Review Materials 
 Data File 

Tests 
  

	i.	 Observe the Data File and confirm the Receivable was not more than 30 days delinquent as of the Cut-off Date. 

  

	ii.	 If step (i) is confirmed, then Test Pass. 

 Representations and Warranties 

(i) Insurance: Under the terms of the Receivable, the Obligor is required to maintain physical damage insurance covering the related
Financed Vehicle. 
 Review Materials 

Retail Contract 
 Tests 

 

	i.	 Confirm the Contract contains language that requires the Obligor to obtain and maintain physical damage
insurance covering the Finance Vehicle. 

  

	ii.	 If step (i) is confirmed, then Test Pass 

 Representations and Warranties 

(j) No Government Obligor: The Obligor on each Receivable is not listed on the Bank’s electronic records as the United States of
America or any state thereof or any local government, or any agency, department, political subdivision or instrumentality of the United States of America or any state thereof or any local government. 

Review Materials 
 Retail Contract

 Tests 
  

	i.	 Confirm the Buyer section of the Contract includes the name of a natural person. 

 

	ii.	 If the Buyer section on the Contract does not report a natural person’s name, confirm internet search
results show no indication the Buyer is the United States of America or any State, or any agency, department or instrumentality of the United States of America or any State. 

 

	iii.	 If step (i) or (ii) is confirmed, then Test Pass. 

 Representations and Warranties 

(k) Good Title: As of the Closing Date, and immediately prior to the sale and transfer herein contemplated, the Bank had good and
marketable title to each Receivable free and clear of all Liens (except Permitted Liens and any Lien which will be released prior to the sale and transfer of such Receivable to FTH LLC), and, immediately upon the sale and transfer thereof to FTH
LLC, FTH LLC will have good and marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens). 
 Review Materials

 Retail Contract 

Title Documents 
 Tests 

 

	i.	 Review the Contract and confirm that the Bank, or an acceptable variation of its name, is listed as the
assignee. 

  

	ii.	 Observe the Title Documents and confirm they report the Bank, or an accepted variation of its name, as the
first lien holder. 

  

	iii.	 If steps (i) through (ii) are confirmed, then Test Pass 

 Representations and Warranties 

(l) One Original: There is only one authenticated original or authoritative copy of the Contract (in each case within the meaning of the
UCC) related to each Receivable. 
 Review Materials 

Retail Contract 
 Tests 

 

	i.	 Confirm there is a signature of the appropriate Obligor(s) on the Contract. 

 

	ii.	 If the Contract constitutes an electronically authenticated original, then confirm the Contract is marked
“Authoritative Copy”. 

  

	iii.	 If steps (i) and (ii) are confirmed, then Test Pass. 

 Representations and Warranties 

(m) No Defenses: The Bank’s electronic records related to the Receivables do not reflect any right of rescission, setoff,
counterclaim or defense, or of the same being asserted or threatened, with respect to any Receivable. 
 Review Materials 

Data File 
 Tests 

 

	i.	 Review the Data File and confirm there is no evidence of litigation or other attorney involvement as of the Cut-off Date. 

  

	ii.	 If step (i) is confirmed, then Test Pass.rcus-ex101_77.htm

 

Exhibit 10.1

 

 

February 22, 2019

 

Rekha Hemrajani

[Address]

 

 

Dear Rekha:

 

On behalf of Arcus Biosciences, Inc. (“Arcus” or the “Company”), I am pleased to invite you to join the Company in the role of Chief Operating and Financial Officer.  Below are details of the compensation and benefits program that we offer, as well as other terms of your employment with Arcus.  Should you have any questions regarding any part of this offer, or wish to receive additional details, please let us know and we can provide more information for you.  

1.Position.  Your title will be Chief Operating and Financial Officer, and you will report to the Company’s Chief Executive Officer, Terry Rosen, Ph.D.  This is a full-time position.  By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company.

2.Cash Compensation.  Your annualized base salary will be $425,000, less payroll deductions and all required tax withholdings, payable in accordance with the Company’s standard payroll schedule.  Your salary will also be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time.  In addition, within 30 days following your start date, you and the Company’s Chief Executive Officer will set certain goals for your first year of employment, applicable to you.  Upon achievement of those goals, you will be eligible for a target bonus rate of 40%, prorated for any partial year. This bonus will be based on goal achievement and the value created by your performance during the applicable performance year, subject to approval of the Company’s Board of Directors. 

3.Sign-on Bonus.  The Company will provide you with a one-time sign-on bonus of $200,000, to be paid shortly following your first day of employment. This amount is subject to all required payroll deductions and tax withholdings.  In the event you voluntarily resign from Arcus within two (2) years of your start date, you will be required to repay the pro-rated portion of these payments based on the number of months you were employed by the Company prior to your resignation.

Arcus Biosciences, Inc.; 3928 Point Eden Way, Hayward, CA 94545

 

4.Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time.

5.Equity Awards.  An important component of your compensation includes the opportunity for ownership in the Company.  To that end, subject to the approval of our Board of Directors (the “Board”), Arcus will grant you an option to purchase 400,000 shares of the Company’s Common Stock with an exercise price equal to the fair market value as of the date of grant (the “Option”), as determined by the Board.  The Option will be subject to the terms and conditions of the Company’s 2018 Equity Incentive Plan and your grant agreement.  Your grant agreement will reflect a four-year vesting schedule, under which 1/48th of the total will vest each month, until either the Option is fully vested or you are no longer a service provider to the Company, whichever occurs first. 

6.Severance Benefits. In the event you are subject to an involuntary termination that occurs within twelve months following a change in control of the Company, you will be eligible for salary continuation, COBRA benefits coverage and accelerated vesting of your equity awards in accordance with the standard terms of the Severance and Change in Control Agreement to be entered into between you and the Company, subject to the conditions set forth therein.  

7.Proprietary Information and Inventions Agreement.  You will abide by the Company’s strict policy that prohibits any new employee from using or bringing with him/her all prior employers’ proprietary information, trade secrets, proprietary materials, and/or processes. Upon starting employment with the Company, you will be required to sign a Proprietary Information and Invention Assignment Agreement indicating, among other things, your agreement with this policy.   

8.Employment Relationship.  Employment with the Company is for no specific period of time.  Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause.  Any contrary representations that may have been made to you are superseded by this letter agreement.  This is the full and complete agreement between you and the Company on this term.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

This offer is contingent upon our verification of your employment history, education credentials, and successful completion of a background check.  Furthermore, this offer is subject to satisfactory proof of your identity and right to work in the United States. Any intentional misrepresentation concerning these items may result in actions up to and including revocation of this offer or termination of your employment at Arcus.

* * * * *

 

 

You may indicate your agreement with these terms and accept this offer by signing and dating this letter agreement and returning it to me no later than March 41, 2019.  Please note that this offer, if not accepted by you, will expire on March 4, 2019.

 

		
	
Very truly yours,

	
 

	
Arcus Biosciences, Inc.

	
 

	
 

	
By:
	
/s/ Terry Rosen

	
 
	
Terry Rosen, CEO

 

I have read and accept this employment offer:

 

 

		
	
/s/ Rekha Hemrajani

	
Signature of Rekha Hemrajani

	
 

	
Dated:
	
February 22, 2019

 

 

 

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

The following confirms and memorializes an agreement that Arcus Biosciences, Inc., a Delaware corporation (the “Company”) and I (Rekha Hemrajani) have had since the commencement of my employment (which term, for purposes of this agreement, shall be deemed to include any relationship of service to the Company that I may have had prior to actually becoming an employee) with the Company in any capacity and that is and has been a material part of the consideration for my employment by Company:

1.I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict with this Agreement or my employment with Company.  I will not violate any agreement with or rights of any third party or, except as expressly authorized by Company in writing hereafter, use or disclose my own or any third party’s confidential information or intellectual property when acting within the scope of my employment or otherwise on behalf of Company.  Further, I have not retained anything containing any confidential information of a prior employer or other third party, whether or not created by me.

2.Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights , sui generis database rights and all other intellectual property rights of any sort  throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by me during the term of my employment with Company to and only to the fullest extent allowed by California Labor Code Section 2870 (which is attached as Appendix A) (collectively “Inventions”) and I will promptly disclose all Inventions to Company.  Without disclosing any third party confidential information, I will also disclose anything I believe is excluded by Section 2870 so that the Company can make an independent assessment.  I hereby make all assignments necessary to accomplish the foregoing.  I shall further assist Company, at Company’s expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights specified to be so owned or assigned.  I hereby irrevocably designate and appoint Company as my agent and attorney-in-fact, coupled with an interest and with full power of substitution, to act for and in my behalf to execute and file any document and to do all other lawfully permitted acts to further the purposes of the foregoing with the same legal force and effect as if executed by me.  Without limiting Section 1 or Company’s other rights and remedies, if, when acting within the scope of my employment or otherwise on behalf of Company, I use or disclose my own or any third party’s confidential information or intellectual property (or if any Invention cannot be fully made, used, reproduced, distributed and otherwise exploited without using or violating the foregoing), Company will have and I hereby grant Company a perpetual, irrevocable, worldwide royalty-free, non-exclusive, sublicensable right and license to exploit and exercise all such confidential information and intellectual property rights. 

3.To the extent allowed by law, paragraph 2 includes all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the like (collectively “Moral Rights”).  To the extent I retain any such Moral Rights under applicable law, I hereby ratify and consent to any action that may be taken with respect to such Moral Rights by or authorized by Company and agree not to assert any Moral Rights with respect thereto.  I will confirm any such ratifications, consents and agreements from time to time as requested by Company.  

 

 

4.I agree that all Inventions and all other business, technical and financial information (including, without limitation, the identity of and information relating to customers or employees) I develop, learn or obtain during the term of my employment that relate to Company or the business or demonstrably anticipated business of Company or that are received by or for Company in confidence, constitute “Proprietary Information.”  I will hold in confidence and not disclose or, except within the scope of my employment, use any Proprietary Information.  However, I shall not be obligated under this paragraph with respect to information I can document is or becomes readily publicly available without restriction through no fault of mine.  Upon termination of my employment, I will promptly return to Company all items containing or embodying Proprietary Information (including all copies), except that I may keep my personal copies of (i) my compensation records, (ii) materials distributed to shareholders generally and (iii) this Agreement.  I also recognize and agree that I have no expectation of privacy with respect to Company’s telecommunications, networking or information processing systems (including, without limitation, stored computer files, email messages and voice messages) and that my activity and any files or messages on or using any of those systems may be monitored at any time without notice.  

5.Until one year after the term of my employment, I will not encourage or solicit any employee or consultant of Company to leave Company for any reason (except for the bona fide firing of Company personnel within the scope of my employment).

6.I agree that during the term of my employment with Company (whether or not during business hours), I will not engage in any activity that is in any way competitive with the business or demonstrably anticipated business of Company, and I will not assist any other person or organization in competing or in preparing to compete with any business or demonstrably anticipated business of Company.  

7.I agree that this Agreement is not an employment contract for any particular term and that I have the right to resign and Company has the right to terminate my employment at will, at any time, for any or no reason, with or without cause.  In addition, this Agreement does not purport to set forth all of the terms and conditions of my employment, and, as an employee of Company, I have obligations to Company which are not set forth in this Agreement.  However, the terms of this Agreement govern over any inconsistent terms and can only be changed by a subsequent written agreement signed by the President of Company.

8.I agree that my obligations under paragraphs 2, 3, 4 and 5 of this Agreement shall continue in effect after termination of my employment, regardless of the reason or reasons for termination, and whether such termination is voluntary or involuntary on my part, and that Company is entitled to communicate my obligations under this Agreement to any future employer or potential employer of mine.  My obligations under paragraphs 2, 3 and 4 also shall be binding upon my heirs, executors, assigns, and administrators and shall inure to the benefit of Company, its subsidiaries, successors and assigns.

 

 

9.Any dispute in the meaning, effect or validity of this Agreement shall be resolved in accordance with the laws of the State of California without regard to the conflict of laws provisions thereof.  I further agree that if one or more provisions of this Agreement are held to be illegal or unenforceable under applicable California law, such illegal or unenforceable portion(s) shall be limited or excluded from this Agreement to the minimum extent required so that this Agreement shall otherwise remain in full force and effect and enforceable in accordance with its terms.  This Agreement is fully assignable and transferable by Company, but any purported assignment or transfer by me is void.  I also understand that any breach of this Agreement will cause irreparable harm to Company for which damages would not be a adequate remedy, and, therefore, Company will be entitled to injunctive relief with respect thereto in addition to any other remedies and without any requirement to post bond. 

NOTICE: This agreement does not affect any immunity under 18 USC Sections 1833(b) (1) or (2), which read as follows (note that for purposes of this statute only, individuals performing work as contractors or consultants are considered to be employees): (1) An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. (2) An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT IMPOSES UPON ME WITHOUT RESERVATION.  NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT.  I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY, IN DUPLICATE, WITH THE UNDERSTANDING THAT THE COMPANY WILL RETAIN ONE COUNTERPART AND THE OTHER COUNTERPART WILL BE RETAINED BY ME.

 

February 22, 2019

	
	
Employee

	
 

	
 

	
/s/ Rekha Hemrajani

	
Signature

	
 

	
 

	
Rekha Hemrajani

	
Name (Printed)

 

		
	
Accepted and Agreed to:

	
 

	
ARCUS BIOSCIENCES, INC.

	
 

	
By:
	
/s/ Terry Rosen

	
 
	
Terry Rosen, CEO

 

 

 

APPENDIX A

California Labor Code Section 2870.  Application of provision providing that employee shall assign or offer to assign rights in invention to employer.

(a)Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either:

(1)Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or

(2)Result from any work performed by the employee for his employer.

(b)To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.

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