Document:

EX-10.5

 Exhibit 10.5 

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 GM FINANCIAL AUTOMOBILE
LEASING TRUST 2021-1, 
 as Issuer 

GM FINANCIAL, 
 as Servicer 

and 
 CLAYTON FIXED INCOME
SERVICES LLC, 
 as Asset Representations Reviewer 

Dated as of January 5, 2021 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1.
	    	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 Status	  	 	2	 
	 ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS 
	  	 	3	 
	 Section 3.1.
	    	Asset Review Notices	  	 	3	 
	 Section 3.2.
	    	Identification of Asset Review Receivables	  	 	3	 
	 Section 3.3.
	    	Asset Review Materials	  	 	3	 
	 Section 3.4.
	    	Performance of Asset Reviews	  	 	3	 
	 Section 3.5.
	    	Asset Review Reports	  	 	4	 
	 Section 3.6.
	    	Asset Review Representatives	  	 	5	 
	 Section 3.7.
	    	Dispute Resolution	  	 	5	 
	 Section 3.8.
	    	Limitations on Asset Review Obligations	  	 	5	 
	 ARTICLE IV ASSET REPRESENTATIONS REVIEWER 
	  	 	6	 
	 Section 4.1.
	    	Representations and Warranties	  	 	6	 
	 Section 4.2.
	    	Covenants	  	 	7	 
	 Section 4.3.
	    	Fees and Expenses	  	 	8	 
	 Section 4.4.
	    	Limitation on Liability	  	 	9	 
	 Section 4.5.
	    	Indemnification	  	 	9	 
	 Section 4.6.
	    	Right to Audit	  	 	10	 
	 Section 4.7.
	    	Delegation of Obligations	  	 	10	 
	 Section 4.8.
	    	Confidential Information	  	 	10	 
	 Section 4.9.
	    	Security and Safeguarding Information	  	 	13	 
	 ARTICLE V . RESIGNATION AND REMOVAL 
	  	 	14	 
	 Section 5.1.
	    	Resignation and Removal of Asset Representations Reviewer	  	 	14	 
	 Section 5.2.
	    	Engagement of Successor	  	 	15	 
	 Section 5.3.
	    	Merger, Consolidation or Succession	  	 	15	 
	 ARTICLE VI OTHER AGREEMENTS
	  	 	16	 
	 Section 6.1.
	    	Independence of Asset Representations Reviewer	  	 	16	 
	 Section 6.2.
	    	No Petition	  	 	16	 
	 Section 6.3.
	    	Limitation of Liability of Owner Trustee	  	 	16	 
	 Section 6.4.
	    	Termination of Agreement	  	 	16	 
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	17	 
	 Section 7.1.
	    	Amendments	  	 	17	 
	 Section 7.2.
	    	Assignment; Benefit of Agreement; Third Party Beneficiaries	  	 	17	 
	 Section 7.3.
	    	Notices	  	 	17	 
	 Section 7.4.
	    	GOVERNING LAW	  	 	18	 
	 Section 7.5.
	    	Submission to Jurisdiction	  	 	18	 
	 Section 7.6.
	    	No Waiver; Remedies	  	 	18	 
	 Section 7.7.
	    	Severability	  	 	18	 
	 Section 7.8.
	    	Headings	  	 	19	 
	 Section 7.9.
	    	Counterparts and Consent to Do Business Electronically	  	 	19	 

  

					
	 SCHEDULES
	 	
		
	 Schedule A
	 	 Representations and Warranties and Procedures to be Performed

  
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 ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of January 5, 2021
(this “Agreement”), among GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-1, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation
(“GM Financial”), in its capacity as Servicer (in such capacity, the “Servicer”) and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (the “Asset
Representations Reviewer”). 
 WHEREAS, in the regular course of its business, GM Financial causes its affiliated
titling trust to purchase leased vehicles and to originate lease agreements related to such leased vehicles. 
 WHEREAS, in
connection with a securitization transaction sponsored by GM Financial, GM Financial sold an exchange note backed by the 2021-1 Exchange Note Assets (a designated pool of leased vehicles and associated lease
agreements) to GMF Leasing LLC (the “Depositor”) which, in turn, sold that exchange note to the Issuer. 

WHEREAS, the Issuer has granted a security interest in the exchange note to the Indenture Trustee, for the benefit of the
Issuer Secured Parties, pursuant to the Indenture. 
 WHEREAS, the Issuer has determined to engage the Asset Representations
Reviewer to perform reviews of certain 2021-1 Exchange Note Assets for compliance with the representations and warranties made by GM Financial about such 2021-1 Exchange
Note Assets in the 2021-1 Servicing Supplement. 
 NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained, the parties agree as follows. 
 ARTICLE I 

DEFINITIONS 

Section 1.1.    Definitions. Capitalized terms that are used but are not otherwise defined in
this Agreement have the meanings assigned to them in the 2021-1 Exchange Note Supplement, dated as of January 5, 2021, to the Second Amended and Restated Credit and Security Agreement, dated as of
January 24, 2018, both by and between ACAR Leasing Ltd., as borrower, GM Financial, as lender and servicer, and Wells Fargo Bank, National Association, as administrative agent and as collateral agent. 

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

 “Asset Review” means the performance by the Asset Representations Reviewer of the testing procedures for
each Test and each Asset Review Receivable in accordance with Section 3.4. 
 “Asset Review Demand
Date” means, for an Asset Review, the date when the Indenture Trustee determines that each of (a) the Delinquency Trigger has occurred and (b) the required percentage of Noteholders has voted to direct an Asset Review under
Section 7.2(f) of the Indenture. 

 “Asset Review Fee” has the meaning assigned to such term in
Section 4.3(b). 
 “Asset Review Materials” means, with respect to an Asset Review and an Asset Review
Receivable, the documents and other materials for each Test listed under “Documents” in Schedule A. 

“Asset Review Notice” means the notice from the Indenture Trustee to the Asset Representations Reviewer and
the Servicer directing the Asset Representations Reviewer to perform an Asset Review. 
 “Asset Review
Receivables” means, with respect to any Asset Review, each Receivable that is not a Defaulted Lease or a Liquidated Lease and which the related lessee fails to make at least the lesser of (i) 90% of a Monthly Payment or (ii) all but
$25 of the Monthly Payment in either case by the related Payment Due Date and, as of the last day of the Collection Period prior to the date the related Asset Review Notice was delivered, remained unpaid for 60 days or more from the Payment Due
Date. 
 “Asset Review Report” means, with respect to any Asset Review, the report of the Asset
Representations Reviewer prepared in accordance with Section 3.5. 
 “Clayton” means Clayton Fixed
Income Services LLC. 
 “Confidential Information” has the meaning assigned to such term in
Section 4.8(a). 
 “Eligible Asset Representations Reviewer” means a Person that (a) is not an
Affiliate of GM Financial, the Seller, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by GM Financial or any Underwriter to perform any
due diligence on the Lease Assets prior to the Closing Date. 
 “Test” has the meaning assigned to such
term in Section 3.4(a). 
 “Test Complete” has the meaning assigned to such term in
Section 3.4(c). 
 “Test Fail” has the meaning assigned to such term in Section 3.4(a). 

“Test Pass” has the meaning assigned to such term in Section 3.4(a). 

ARTICLE II 
 ENGAGEMENT OF ASSET
REPRESENTATIONS REVIEWER 
 Section 2.1.    Engagement; Acceptance. The Issuer hereby
engages Clayton to act as the Asset Representations Reviewer for the Issuer. Clayton accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 

Section 2.2.    Confirmation of Status. The parties confirm that the Asset Representations
Reviewer is not responsible for (a) reviewing the Asset Review Receivables for compliance with the representations and warranties under the Program Documents, except as 

  
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described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Program Documents. 

ARTICLE III 
 ASSET REPRESENTATIONS
REVIEW PROCESS 
 Section 3.1.    Asset Review Notices. Upon receipt of an Asset Review
Notice from the Indenture Trustee in the manner set forth in Section 7.2(f) of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representation Reviewer will have no obligation to start an Asset Review
unless and until an Asset Review Notice is received. 
 Section 3.2.    Identification of Asset
Review Receivables. Within ten (10) Business Days of receipt of an Asset Review Notice, the Servicer will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the related Asset Review Receivables. 

Section 3.3.    Asset Review Materials. 

(a)    Access to Asset Review Materials. The Servicer will give the Asset Representations Reviewer
access to the Asset Review Materials for all of the Asset Review Receivables within sixty (60) days of receipt of the Asset Review Notice in one or more of the following ways: (i) by providing access to the Servicer’s lease asset
systems, either remotely or at one of the properties of the Servicer; (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access; (iii) by providing originals or photocopies at one of
the properties of the Servicer where the Asset Receivable Files are located; or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove
Non-Public Personal Information (as defined in Section 4.8) from the Asset Review Materials so long as such redaction or removal does not change the meaning or usefulness of the Asset Review Materials for
purposes of the Asset Review. 
 (b)    Missing or Insufficient Asset Review Materials. If any of
the Asset 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) days before
completing the Asset Review, and the Servicer will have fifteen (15) days to give the Asset Representations Reviewer access to such missing Asset Review Materials or other documents or information to correct the insufficiency. If the missing or
insufficient Asset Review Materials have not been provided by the Servicer within fifteen (15) days, the parties agree that the Asset Review Receivable will have a Test Fail for the related Test(s) and the Test(s) will be considered completed
and the Asset Review Report will indicate the reason for the Test Fail. 

Section 3.4.    Performance of Asset Reviews. 

(a)    Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for
each Asset Review Receivable the procedures listed under “Procedures to be Performed” in Schedule A for each representation and warranty (each, a “Test”), using the Asset Review Materials listed for each such Test in
Schedule A. For each Test and Asset Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). 

  
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 (b)    Asset Review Period. The Asset
Representations Reviewer will complete the Asset Review of all of the Asset Review Receivables within sixty (60) days of receiving access to the Asset Review Materials under Section 3.3(a). However, if additional Asset Review Materials are
provided to the Asset Representations Reviewer in accordance with Section 3.3(b), the Asset Review period will be extended for an additional thirty (30) days. 

(c)    Completion of Asset Review for Certain Asset Review Receivables. Following the delivery of
the list of the Asset Review Receivables and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if an Asset Review Receivable is paid in full by the
related Obligor or purchased from the Issuer by GM Financial, the Seller or the Servicer according to the Program Documents. On receipt of any such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Asset
Review Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Asset Review Report will indicate a Test Complete for the related Asset Review Receivables and the
related reason. 
 (d)    Previously Reviewed Receivable. If any Asset Review Receivable was
included in a prior Asset Review, then the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review, unless (i) any
representation or warranty about such Asset Review Receivable that would be subject to a Test as part of the Asset Review relates to a date that is after the date on which the prior Asset Review was performed with respect to such Asset Review
Receivable or (ii) the Asset Representations Reviewer has provided the Servicer with evidence that reasonably demonstrates that the Asset Representations Reviewer was unable during such prior Asset Review to conduct a review of such Asset
Review Receivable in a manner that would have ascertained compliance or non-compliance with a specific representation or warranty. 

(e)    Termination of Asset Review. If an Asset Review is in process and the Notes will be paid in
full on the next Distribution Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) days before that Distribution Date. On receipt of the notice, the Asset Representations Reviewer
will terminate the Asset Review immediately and will have no obligation to deliver an Asset Review Report. 

Section 3.5.    Asset Review Reports. Within five (5) days of the end of the Asset Review
period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail
for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. The Asset Review Report will contain a summary of the Asset Review results to be included in the Issuer’s Form
10-D report for the Collection Period in which the Asset Review Report is received. The Asset Representations Reviewer will ensure that the Asset Review Report does not contain any Non-Public Personal Information. 

  
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 Section 3.6.    Asset Review
Representatives. 
 (a)    Servicer Representative. The Servicer will designate one or more
representatives who will be available to assist the Asset Representations Reviewer in performing the Asset Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Asset Review
Materials on the Servicer’s receivables systems, obtaining missing or insufficient Asset Review Materials and/or providing clarification of any Asset Review Materials or Tests. 

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

(c)    Questions About Asset Review. The Asset Representations Reviewer will make appropriate
personnel available to respond in writing to written questions or requests for clarification of any Asset Review Report from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one year
after the delivery of the Asset Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written
questions or requests to the Indenture Trustee. 
 Section 3.7.    Dispute Resolution. If an
Asset Review Receivable that was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 2.20 of the 2021-1 Servicing Supplement, the Asset
Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the
Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the
parties to the dispute resolution in the course of the mediation (in the case of a mediation) or by the arbitrator for the dispute resolution (in the case of an arbitration), in either case according to Section 2.20 of the 2021-1 Servicing Supplement. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d). 

Section 3.8.    Limitations on Asset Review Obligations. 

(a)    Asset Review Process Limitations. The Asset Representations Reviewer will have no
obligation: 
 (i)    to determine whether a Delinquency Trigger has occurred or whether
the required percentage of Noteholders has voted to direct an Asset Review under the Indenture, and is entitled to rely on the information in any Asset Review Notice delivered by the Indenture Trustee; 

(ii)    to determine which Receivables are subject to an Asset Review, and is entitled to
rely on the lists of Asset Review Receivables provided by the Servicer; 

  
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 (iii)    to obtain or confirm the
validity of the Asset Review Materials and no liability for any errors contained in the Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials; 

(iv)    to obtain missing or insufficient Asset Review Materials from any party or any
other source; 
 (v)    to take any action or cause any other party to take any action
under any of the Program Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Asset Review Receivables. 

(vi)    to determine the reason for the delinquency of any Asset Review Receivable, the
creditworthiness of any Obligor, the overall quality of any Asset Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Asset Review Receivable; or 

(vii)     to establish cause, materiality or recourse for any failed Test as described in
Section 3.4. 
 (b)    Testing Procedure Limitations. The Asset Representations Reviewer
will only be required to perform the testing procedures listed under “Procedures to be Performed” in Schedule A, and will have no obligation to perform additional procedures on any Asset Review Receivable or to provide any information
other than an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. However, the Asset
Representations Reviewer may provide additional information about any Asset Review Receivable that it determines in good faith to be material to the Asset Review. 

ARTICLE IV 
 ASSET REPRESENTATIONS
REVIEWER 
 Section 4.1.    Representations and Warranties . 

(a)    Representations and Warranties. The Asset Representations Reviewer represents and warrants
to the Issuer as of the date of this Agreement: 
 (i)    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 Delaware. The Asset Representations Reviewer is qualified as a 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. 

(ii)    Power, Authority and Enforceability. The Asset Representations Reviewer has
the power and authority to execute, deliver and perform its obligations under this 

  
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Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset
Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable
principles. 
 (iii)    No Conflicts and No Violation. The completion of the
transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture, agreement, guarantee or
similar 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 assets of the Asset Representations Reviewer under the terms of any indenture,
agreement, guarantee or similar 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 that applies to the Asset Representations Reviewer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer, in each
case, which conflict, breach, default, Lien or violation would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(iv)    No Proceedings. To the Asset Representations Reviewer’s knowledge,
there are no proceedings or investigations pending or threatened in writing before any 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 any 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. 

(v)    Eligibility. The Asset Representations Reviewer is an Eligible Asset
Representations Reviewer. 
 (b)    Notice of Breach. Upon (i) the discovery by the Asset
Representations Reviewer, the Issuer or the Servicer or (ii) the receipt of written notice by or actual knowledge of a Responsible Officer of the Owner Trustee or the Indenture Trustee, of a material breach of any of the representations and
warranties in Section 4.1(a), the party discovering such breach will give prompt notice to the other parties. 

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 is not, or on the
occurrence of any action that would result in it not being, an Eligible Asset Representations Reviewer. 

  
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 (b)    Review Systems. 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
Asset Review Receivable and the related Asset Review Materials to be individually tracked and stored as contemplated by this Agreement. 

(c)    Personnel. It will maintain adequate staff that is properly trained to conduct Asset Reviews
as required by this Agreement. The Asset Representations Reviewer, at its discretion, may utilize the services of third parties, affiliates, and agents (“Agents”) to provide any Asset Review under this Agreement; provided, however, that
the Asset Representations Reviewer has entered into confidentiality agreements with such Agents (or such Agents are otherwise bound by confidentiality obligations) the provisions of which are no less protective than those set forth in this
Agreement. Any such Agent must be approved by Servicer prior to engaging in any Asset Review under this Agreement. The Asset Representations Reviewer shall be responsible to Servicer for the Asset Reviews provided by its Agents to the same extent as
if provided by the Asset Representations Reviewer under this Agreement. Servicer agrees to look solely to the Asset Representations Reviewer and not to any Agent for satisfaction of any claims the Servicer may have arising out of this Agreement or
due to the performance or non-performance of Services. 

(d)    Changes to Personnel. It will promptly notify Servicer in the event that it undergoes
significant management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement. 

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

Section 4.3.    Fees and Expenses. 

(a)    Annual Fee. The Issuer will, or will cause the Servicer to, pay the Asset Representations
Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, an annual fee in the amount of $5,000. The annual fee will be paid on the Closing Date and on each anniversary of the Closing Date until this
Agreement is terminated, payable pursuant to the priority of payments in Section 8.3 of the Indenture. 

(b)    Asset Review Fee. Following the completion of an Asset Review and the delivery to the
Indenture Trustee of the Asset Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of up to $250
for each Asset Review Receivable for which the Asset Review was started (the “Asset Review Fee”). However, no Asset Review Fee will be charged for any Asset Review Receivable which was included in a prior Asset Review or for which
no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e). If the detailed invoice is submitted on or before the first day of a month, the Asset Review
Fee will be paid by the Issuer pursuant to the priority of payments in Section 8.3 of the Indenture starting on or before the 

  
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Distribution Date in that month. However, if an Asset Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Asset Review Fee
for the terminated Asset Review no later than five (5) Business Days before the final Distribution Date in order to be reimbursed no later than the final Distribution Date. To the extent that such amounts were not previously paid 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 Asset Review Fees. 

(c)    Reimbursement of Travel Expenses. If the Servicer provides access to the Asset Review
Materials at one of its properties, the Issuer will, or will cause the Servicer to, reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a detailed invoice,
payable pursuant to the priority of payments in Section 8.3 of the Indenture.    To the extent that such amounts were not previously paid 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 travel expenses. 

(d)    Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a dispute
resolution proceeding under Section 3.7 and its reasonable out-of-pocket expenses it incurs in participating in the proceeding are not paid by a party to the
dispute resolution within ninety (90) days of the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice, payable pursuant to the priority of payments in
Section 8.3 of the Indenture.    To the extent that such amounts were not previously paid 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 expenses. 
 Section 4.4.    Limitation
on Liability. The Asset Representations Reviewer will not be liable to any person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for
its willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event shall either party be liable to the other party for any incidental, special, indirect, punitive, exemplary or consequential damages. 

Section 4.5.    Indemnification  

(a)    Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will
indemnify each of the Issuer, the Seller, the Servicer, the Owner Trustee, the Collateral Agent and the Indenture Trustee (both in its individual capacity and in its capacity as Indenture Trustee on behalf of the Noteholders) and their respective
directors, officers, employees and agents for all costs, expenses, losses, damages and liabilities resulting from (i) the willful misconduct, fraud, bad faith or negligence of the Asset Representations Reviewer in performing its obligations
under this Agreement (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement (iii) its breach of confidentiality obligations or (iv) any third party
intellectual property claim. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this 

  
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Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 

(b)    Indemnification of Asset Representations Reviewer. The Issuer will, or will cause the
Servicer to, indemnify the Asset Representations Reviewer and its officers, directors, employees and agents, 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 or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. The Issuer acknowledges and agrees that its obligation to indemnify the Asset Representations Reviewer in
accordance with this Agreement shall survive termination of this Agreement. To the extent that such indemnities owed to the Asset Representations Reviewer were not previously paid 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 such incurred but otherwise unpaid indemnities. 

Section 4.6.    Right to Audit. During the term of this Agreement and not more than once per
year (unless circumstances warrant additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the performance of the Asset Representation Reviewer under this
Agreement to ensure compliance with this Agreement upon at least 10 business days’ notice. Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any time, in the event of (i) audits required by
Servicer’s governmental or regulatory authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or (iii) Servicer reasonably believes that an audit is necessary
to address a material operational problem or issue that poses a threat to Servicer’s business. 

Section 4.7.    Delegation of Obligations. Subject to the terms of Section 4.2(c) of this
Agreement, the Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer. 

Section 4.8.    Confidential Information. 

(a)    Definitions. 

(i)    In performing its obligations pursuant to this Agreement, the parties may have
access to and receive disclosure of certain Confidential Information about or belonging to the other, including but not limited to marketing philosophy, strategies (including tax mitigation strategies), techniques, and objectives; advertising and
promotional copy; competitive advantages and disadvantages; financial results; technological developments; loan evaluation programs; customer lists; account information, profiles, demographics and Non-Public
Personal Information (defined below); credit scoring criteria, formulas and programs; research and development efforts; any investor, financial, commercial, technical or scientific information (including, but not limited to, patents, copyrights,
trademarks, service marks, trade names and dress, and applications relating to same, trade secrets, 

  
 10 

 
software, code, inventions, know-how and similar information) and any and all other business information (hereinafter “Confidential
Information”). 
 (ii)    “Non-Public
Personal Information” shall include all Personally Identifiable Financial Information in any list, description or other grouping of consumers/customers, and publicly available information pertaining to them, that is derived using any Personally
Identifiable Financial Information that is not publicly available, and shall further include all Non-Public Personal Information as defined by Federal regulations implementing the Gramm-Leach-Bliley Act, as
amended from time to time, and any state statues or regulations governing this agreement. 

(iii)    “Personally Identifiable Financial Information” means any information a
consumer provides to a party in order to obtain a financial product or service, any information a party otherwise obtains about a consumer in connection with providing a financial product or service to that consumer, and any information about a
consumer resulting from any transaction involving a financial product or service between a party and a consumer. Personally Identifiable Financial Information may include, without limitation, a consumer’s first and last name, physical address,
zip code, e-mail address, phone number, Social Security number, birth date, account number and any information that identifies, or when tied to the above information may identify, a consumer.

(b)    Use of Confidential Information. The parties agree that during the term of this Agreement
and thereafter, Confidential Information is to be used solely in connection with satisfying their obligations pursuant to this Agreement, and that a party shall neither disclose Confidential Information to any third party, nor use Confidential
Information for its own benefit, except as may be necessary to perform its obligations pursuant to this Agreement or as expressly authorized in writing by the other party, as the case may be. 

Neither party shall disclose any Confidential Information to any other persons or entities, except on a “need to
know” basis and then only: (i) to their own employees and Agents (as defined below); (ii) to their own accountants and legal representatives, provided that any such representatives shall be subject to subsection(iv) below; (iii) to
their own affiliates, provided that such affiliates shall be restricted in use and redisclosure of the Confidential Information to the same extent as the parties hereto. “Agents”, for purposes of this Section, mean each of the
parties’ advisors, directors, officers, employees, contractors, consultants affiliated entities (i.e., an entity controlling, controlled by, or under common control with a party), or other agents. If and to the extent any Agent of the recipient
receive Confidential Information, such recipient party shall be responsible for such Agent’s full compliance with the terms and conditions of this Agreement and shall be liable for any such Agent’s
non-compliance. 
 (c)    Compelled Disclosure. If a
subpoena or other legal process seeking Confidential Information is served upon either party, such party will, to the extent not prohibited by law, rule or order, notify the other immediately and, to the maximum extent practicable prior to
disclosure of any Confidential Information, will, at the other’s request and reasonable expense, cooperate in any lawful effort to contest the legal validity of such subpoena or other legal process. The restrictions set forth herein shall
apply during the term and after the termination of this Agreement. All Confidential Information furnished to the Asset Representations Reviewer or 

  
 11 

 
Servicer, as the case may be, or to which the Asset Representations Reviewer or Servicer gains access in connection with this Agreement, is the respective exclusive property of the disclosing
party.
 (d)    Use by Agents, Employees, Subcontractors. The parties shall take reasonable
measures to prevent its Agents, employees and subcontractors from using or disclosing any Confidential Information, except as may be necessary for each party to perform its obligations pursuant to this Agreement. Such measures shall include,
but not be limited to, (i) education of such Agents, employees and subcontractors as to the confidential nature of the Confidential Information; and (ii) securing a written acknowledgment and agreement from such Agents, employees and
subcontractors that the Confidential Information shall be handled only in accordance with provisions no less restrictive than those contained in this Agreement. This provision shall survive termination of this Agreement.

(e)    Remedies. The parties agree and acknowledge that in order to prevent the unauthorized use or
disclosure of Confidential Information, it may be necessary for a party to seek injunctive or other equitable relief, and that money damages may not constitute adequate relief, standing alone, in the event of actual or threatened disclosure of
Confidential Information. In addition, the harmed party shall be entitled to all other remedies available at law or equity including injunctive relief. 

(f)    Exceptions. Confidential Information shall not include, and this Agreement imposes no
obligations with respect to, information that: 
 (i)    is or becomes part of the public
domain other than by disclosure by a Party or its Agents in violation of this Agreement; 

(ii)    was disclosed to a Party prior to the Effective Date without a duty of
confidentiality; 
 (iii)    is independently developed by a Party outside of this
Agreement and without reference to or reliance on any Confidential Information of the other Party; or 

(iv)    was obtained from a third party not known after reasonable inquiry to be under a
duty of confidentiality. 
 The foregoing exceptions shall not apply to any
Non-Public Personal Information or Personally Identifiable Financial Information, which shall remain confidential in all circumstances, except as required or permitted to be disclosed by applicable law,
statute, or regulation. 
 (g)    Return of Confidential Information. Subject to
Section 4.2(e) of this Agreement, upon the request of a party, the other party shall return all Confidential Information to the other; provided, however, (i) each party shall be permitted to retain copies of the other party’s
Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory purposes, and (ii) neither party will be required to search archived electronic back-up files of its
computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential Information from its archived files; provided further, that any Confidential

  
 12 

 
Information so retained will (x) remain subject to the obligations and restrictions contained in this Agreement, (y) will be maintained in accordance with the retaining party’s
document retention policies and procedures, and (z) the retaining party will not use the retained Confidential Information for any other purpose. 

Section 4.9.    Security and Safeguarding Information  

(a)    Confidential Information that contains Non-Public Personal
Information about customers is subject to the protections created by the Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential Information, 16 CFR Part 314 (2002) adopted by Federal Trade
Commission (“FTC”) (the “Safeguards Rule”). Additionally, state specific laws may regulate how certain confidential or personal information is safeguarded. The parties agree with respect to the
Non-Public Personal Information to take all appropriate measures in accordance with the Act, and any state specific laws, as are necessary to protect the security of the
Non-Public Personal Information and to specifically assure there is no disclosure of the Non-Public Personal Information other than as authorized under the Act, and any
state specific laws, and this Agreement. 
 With respect to Confidential Information, including Non-Public Personal Information and Personally Identifiable Financial Information as applicable, each of the parties agrees that: 

(i)    It will use commercially reasonable efforts to safeguard and protect the
confidentiality of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to safeguard and protect the confidentiality of any Confidential Information. 

(ii)    It will not disclose or use Confidential Information provided except for the
purposes as set in the Agreement, including as permitted under the Act and its implementing regulations, or other applicable law. 

(iii)    It acknowledges that the providing party is required by the Safeguards Rule to
take reasonable steps to assure itself that its service providers maintain sufficient procedures to detect and respond to security breaches, and maintain reasonable procedures to discover and respond to widely-known security failures by its service
providers. It agrees to furnish to the providing party that appropriate documentation to provide such assurance. 

(iv)    It understands that the FTC may, from time to time, issue amendments to and
interpretations of its regulations implementing the provisions of the Act, and that pursuant to its regulations, either or both of the parties hereto may be required to modify their policies and procedures regarding the collection, use, protection,
and/or dissemination of Non-Public Personal Information. Additionally, states may issue amendments to and interpretations of existing regulations, or may issue new regulations, which both of the parties
hereto may be required to modify their policies and procedures. To the extent such regulations are so amended or interpreted, each party hereto agrees to use reasonable efforts to adjust the Agreement in order to comply with any such new
requirements. 
 (v)    By the signing of this Agreement, each party certifies that it
has a written, comprehensive information security program that is in compliance with federal and state 

  
 13 

 
laws that are applicable to its respective organization and the types of Confidential Information it receives. 

(b)    The Asset Representations Reviewer represents and warrants that it has, and will continue to have,
adequate administrative, technical, and physical safeguards designed to (i) protect the security, confidentiality and integrity of Non-Public Personal Information, (ii) ensure against anticipated
threats or hazards to the security or integrity of Non-Public Personal Information, (iii) protect against unauthorized access to or use of Non-Public Personal
Information 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. 

(c)     Asset Representations Reviewer will promptly notify Servicer in the event it becomes aware of any
unauthorized or suspected acquisition of data or Confidential Information that compromises the security, confidentiality or integrity of Servicer’s Confidential Information, whether internal or external. The disclosure will include the
date and time of the breach along with specific information compromised along with the monitoring logs, to the extent then known. The Asset Representations Reviewer will use commercially reasonable efforts to take remedial action to resolve such
breach. 
 (d)    The Asset Representations Reviewer will cooperate with and provide information to the
Issuer and the Servicer regarding the Asset Representations Reviewer’s compliance with this Section 4.9. 
 ARTICLE V. 

RESIGNATION AND REMOVAL 

Section 5.1.    Resignation and Removal of Asset Representations Reviewer. 

(a)    Resignation of Asset Representations Reviewer. The Asset Representations Reviewer may not
resign as Asset Representations Reviewer, except: 
 (i)    upon determination that
(A) the performance of its obligations under this Agreement is no longer permitted under applicable law and (B) there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted
under applicable law; or 
 (ii)    with the consent of the Issuer. 

The Asset Representations Reviewer will give the Issuer and the Servicer sixty (60) days’ prior notice of its
resignation. Any determination permitting the resignation of the Asset Representations Reviewer under subsection (i) above must be evidenced by an Opinion of Counsel delivered to the Issuer, the Servicer, the Owner Trustee, the Collateral Agent
and the Indenture Trustee. No resignation of the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. 

  
 14 

 (b)    Removal of Asset Representations Reviewer.
The Issuer may remove the Asset Representations Reviewer and terminate all of its rights and obligations (other than as provided in Section 4.6) under this Agreement (i) if the Asset Representations Reviewer ceases to be an Eligible Asset
Representations Reviewer, (ii) on a breach of any of the representations, warranties, covenants or obligations of the Asset Representations Reviewer contained in this Agreement and (iii) on the occurrence of an Insolvency Event with
respect to the Asset Representations Reviewer, by notifying the Asset Representations Reviewer, the Indenture Trustee and the Servicer of the removal. 

(c)    Effectiveness of Resignation or Removal. No resignation or removal of the Asset
Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. The predecessor Asset Representations Reviewer will continue to perform its obligations under this agreement until a successor asset
Representations Reviewer is in place. 
 Section 5.2.    Engagement of Successor. 

(a)    Successor Asset Representations Reviewer. Following the resignation or removal of the Asset
Representations Reviewer under Section 5.1, the Issuer will engage as the successor Asset Representations Reviewer a Person that is an Eligible Asset Representations Reviewer. The successor Asset Representations Reviewer will accept its
engagement or appointment by executing and delivering to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement or entering into a new Asset Representations Review Agreement with
the Issuer that is on substantially the same terms as this Agreement. 
 (b)    Transition and
Expenses. The predecessor Asset Representations Reviewer will cooperate with the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under
this Agreement. The predecessor Asset Representations Reviewer will pay the reasonable expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing
the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the successor Asset Representations Reviewer. 

Section 5.3.    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, (c) which acquires substantially all of the assets of the Asset Representations
Reviewer, or (d) succeeding to the business of the Asset Representations Reviewer, which Person is an Eligible Asset Representations Reviewer, 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). No such transaction will be deemed to release
the Asset Representations Reviewer from its obligations under this Agreement. 

  
 15 

 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 or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless
expressly authorized by the Issuer and, with respect to the Owner Trustee, the Owner Trustee, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee and will not be
considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Indenture 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 Servicer and the Asset Representations Reviewer, by
entering into this Agreement, and the Owner Trustee and the Indenture Trustee, by accepting the benefits of 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 Seller or by a trust for which the Seller was a Seller or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, the Seller or the Issuer 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 (i) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested
in it, (ii) 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 Wilmington Trust Company but is made and intended
for the purpose of binding only the issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained
herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no investigation as to the accuracy or completeness of
any representations or warranties made by the Issuer in this Agreement and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach
or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

Section 6.4.    Termination of Agreement. This Agreement will terminate, except for the
obligations under Section 4.6, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the termination of the Issuer. 

  
 16 

 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1.    Amendments. 

(a)    The parties may amend this Agreement: 

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

(ii)    without the consent of the Noteholders, if the Servicer delivers an Officer’s
Certificate to the Issuer, the Owner Trustee, the Collateral Agent and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Notes; or 

(iii)    with the consent of the Noteholders of a majority of the Note Balance of each
Class of Notes materially and adversely affected by the amendment (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class). 

(b)    Notice of Amendments. The Servicer will give prior notice of any amendment to the Rating
Agencies. Promptly after the execution of an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies. 

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

(a)    Assignment. Except as stated in Section 5.3, this Agreement may not be assigned by the
Asset Representations Reviewer without the consent of the Issuer and the Servicer. 
 (b)    Benefit
of the Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee (both in its
individual capacity and in its capacity as Indenture Trustee), for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer. No
other Person will have any right or obligation under this Agreement. 

Section 7.3.    Notices. 

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

(i)    on delivery or, for a letter mailed by registered first class mail, postage prepaid,
three (3) days after deposit in the mail; 
 (ii)    for a fax, when receipt is
confirmed by telephone, reply email or reply fax from the recipient; 

  
 17 

 (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 as follows: via electronic mail to ARRNotices@clayton.com, and to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, Florida 33578, Attn: SVP, with a copy to Covius Services, LLC, 720 S. Colorado
Blvd., Suite 200, Glendale, CO 80246, Attn: Legal Department, or at any another address as the related party may designate by notice to the other parties hereto. 

Section 7.4.    GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

Section 7.5.    Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and
unconditionally: 
 (a)    submits for itself and, as applicable, its property, in any legal action
relating to this Agreement, the Program Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of
the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

(b)    consents that any such action may be brought in such courts and waives any objection that it may
now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and 

(c)    waives, to the fullest extent permitted by law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Agreement, the Program Documents or the transactions contemplated hereby. 

Section 7.6.    No Waiver; Remedies. No party’s failure or delay in exercising any power,
right or remedy under this Agreement will operate as a waiver. No single or partial exercise of any 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 7.7.    Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any 

  
 18 

 
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 7.8.    Headings. The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

Section 7.9.    Counterparts and Consent to Do Business Electronically. This Agreement may be
executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original
and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Agreement and any documents to be delivered in connection with this Agreement may be executed by means of an electronic
signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent
applicable. Any electronic signatures appearing on this Agreement and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively
rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. 
 [Remainder of Page Intentionally Left Blank] 

  
 19 

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

			
	 GM FINANCIAL AUTOMOBILE LEASING TRUST 2021-1

	
	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
	 By:
	 	
                  
       

	 Name:

	 Title:

	
	AMERICREDIT FINANCIAL SERVICES, INC.
	 d/b/a GM FINANCIAL, 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 

Representation 

1.    Origination. The 2021-1 Lease Agreement (a) was
originated in the United States by the Titling Trust or a Dealer in the ordinary course of business and in accordance with GM Financial’s underwriting guidelines for lease agreements, and, in the case of a
2021-1 Lease Agreement originated by a Dealer, pursuant to a Dealer Agreement which allows for recourse to the Dealer in the event of certain defects in the 2021-1 Lease
Agreement (but not for a default by the related Lessee), and (b) was not originated under a master lease contract. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	 	i.	 Confirm the Lease Agreement lists the Titling Trust or an approved Dealer as the Lessor 

 

	 	ii.	 If the Lessor is listed as a Dealer, confirm the Dealer name on the Lease Agreement matches the Dealer name on
the Dealer Agreement 

  

	 	iii.	 If the Lessor is listed as a Dealer, confirm the Dealer Agreement allows for recourse to the Dealer in the
event of certain defects in the Lease Agreement 

  

	 	iv.	 Confirm the Lease Agreement was not originated under a master lease contract 

 

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

  
 Schedule A-1 

 Representation 

2.    Good Title. The Titling Trust has good title, or the Servicer has commenced procedures that
will result in good title, to each 2021-1 Lease Agreement and each 2021-1 Leased Vehicle, free and clear of any Liens (other than the Liens in favor of the Collateral
Agent granted in accordance with the Credit and Security Agreement); and the Collateral Agent has a security interest in each 2021-1 Lease Agreement and the related
2021-1 Leased Vehicle which was validly created and is a perfected, first priority security interest, and is noted as lienholder on the related Certificate of Title. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	 	i.	 Confirm the Certificate of Title or Application for Certificate of Title lists the Titling Trust as the
titleholder of the Leased Vehicle 

  

	 	ii.	 Confirm the Vehicle Identification Number (VIN) listed on the title documents matches the VIN number on the
Lease Agreement 

  

	 	iii.	 Confirm there is no evidence of any lien that would take priority over the Collateral Agent’s security
interest 

  

	 	iv.	 Confirm the Collateral Agent is listed on the Title Documents as the first priority lienholder

  

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

  
 Schedule A-2 

 Representation 

3.    Compliance with Law. Each 2021-1 Lease Agreement
complied in all material respects at the time it was originated, and as of the date of the 2021-1 Servicing Supplement will comply in all material respects, with all requirements of federal, State and local
laws. 
 Documents 
 Lease Documents 

Procedures to be Performed 
  

	 	i.	 Confirm the following sections are present on the contract and filled out: 

 

	 	a.	 Name and address of Lessor 

 

	 	b.	 Name and address of Lessee 

 

	 	c.	 Vehicle Description 

  

	 	d.	 Amount Due at Lease Signing 

 

	 	e.	 Amount of Monthly Payment 

 

	 	f.	 Number of Monthly Payments 

 

	 	g.	 Other Charges 

  

	 	h.	 Total of Payments 

  

	 	ii.	 Confirm there is an itemization of the Amount Due at Lease Signing. 

 

	 	iii.	 Confirm there is an itemization of the Monthly Payment 

 

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

 

	 	a.	 Early Termination 

  

	 	b.	 Excessive Wear 

  

	 	c.	 Purchase Option 

  

	 	d.	 Insurance Requirements 

 

	 	e.	 Late Charges 

  

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

  
 Schedule A-3 

 Representation 

4.    Necessary Licenses and Approvals. All material consents, licenses, approvals or
authorizations of, or registrations or declarations with, any Governmental Authority required to be obtained, effected or given by the originator of such 2021-1 Lease Agreement in connection with (a) the
origination or acquisition of such 2021-1 Lease Agreement, (b) the execution, delivery and performance of such 2021-1 Lease Agreement by the Titling Trust, and
(c) the acquisition of such 2021-1 Lease Agreement and the related 2021-1 Leased Vehicle by the Titling Trust, were duly obtained, effected or given and were in
full force and effect as of such date of origination or acquisition. 
 Documents 

Lease Documents 
 Dealer Agreement 

Procedures to be Performed 
  

	i.	 If the Lease Agreement was originated by GM Financial, review the Lease Documents and confirm GM Financial
had all necessary licenses and permits as required by the state in which it was originated 

  

	ii.	 If the Lease Agreement was originated by a Dealer, confirm the Dealer Agreement contains language confirming
the dealer was required to have all necessary licenses and permits and there was no evidence to the contrary. 

  

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

  
 Schedule A-4 

 Representation 

5.    Binding Obligation. The 2021-1 Lease Agreement and
all related Lease Documents were fully and properly executed by the parties thereto and such 2021-1 Lease Agreement represents the legal, valid and binding full-recourse payment obligation of the related
Lessee, enforceable against such Lessee in accordance with its terms, except as enforceability is subject to or limited by bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium and other similar laws affecting the enforcement of
creditors’ rights in general or principles of equity (whether considered in a suit at law or in equity). 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	 	i.	 Confirm the Lessee, Co-lessee and Lessor have signed the Lease
Agreement 

  

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

  
 Schedule A-5 

 Representation 

6.    No Defenses. The 2021-1 Lease Agreement is not
subject, to the best of the Seller’s and Servicer’s knowledge, any right of rescission, cancellation, setoff, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) of the related Lessee to
payment of the amounts due thereunder, and no such right of rescission, cancellation, set-off, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) has been
asserted or threatened. 
 Documents 
 Lease
Documents 
 Procedures to be Performed 
  

	 	i.	 Confirm there is no indication the Lease Agreement is subject to any right or threat of rescission,
cancellation, setoff, claim, counterclaim or other defense 

  

	 	ii.	 If confirmed, then Test Pass 

  
 Schedule A-6 

 Representation 

7.    Satisfaction of Obligations. Each of GM Financial, the Titling Trust and, to the best of the
Seller’s and Servicer’s knowledge, the Dealer which originated the 2021-1 Lease Agreement, if any, has satisfied all respective obligations required to be fulfilled on its part with respect to such 2021-1 Lease Agreement and the related 2021-1 Leased Vehicle. 
 Documents

 Lease Documents 
 Procedures to be Performed

  

	 	i.	 Confirm the Lease Agreement contains a Truth in Lending statement 

 

	 	ii.	 If confirmed, then Test Pass 

  
 Schedule A-7 

 Representation 
  

	 	8.	 U.S. Dollars. The 2021-1 Lease Agreement is payable solely in
Dollars in the United States. 

 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	 Confirm all dollar amounts within the Lease Agreement are denominated in US Dollars 

 

	ii.	 If confirmed, then Test Pass 

  
 Schedule A-8 

 Representation 

9.    No Government Obligors. The related Lessee is a Person other than GM Financial, any Affiliate
or employee thereof or a Governmental Authority and at the time of origination of the 2021-1 Lease Agreement, based on information provided by the Lessee, the Lessee is located in and has a billing address
within the United States. 
 Documents 
 Lease
Documents 
 Procedures to be Performed 
  

	i.	 Confirm the Lessee is not GM Financial 

 

	ii.	 Confirm the Lessee is not a Governmental Authority as of the origination of the Lease Agreement

  

	iii.	 Confirm the Lease Agreement reports the Lessee’s billing address within the United States

  

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

  
 Schedule A-9 

 Representation 

10.    No Bankrupt Lessees. As of the Cutoff Date, the related Lessee has not been identified on
the records of GM Financial as being the subject of a current bankruptcy proceeding. 
 Documents 

data tape 
 Procedures to be Performed 

 

	i.	 Review the data tape and confirm the Lessee is not involved in active bankruptcy proceeding as of the Cutoff
Date 

  

	ii.	 If confirmed, then Test Pass 

  
 Schedule A-10 

 Representation 

11.    Insurance. The 2021-1 Lease Agreement requires the
Lessee thereunder to maintain (a) physical damage and liability insurance covering the related 2021-1 Leased Vehicle, and (b) insurance against loss and damage due to fire, theft, transportation,
collision and other risks generally covered by comprehensive and collision coverage. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	 Confirm the Lease Agreement contains language requiring the Lessee to maintain physical damage and liability
insurance on the vehicle 

  

	ii.	 Confirm the Lease Agreement contains language requiring the Lessee to obtain insurance against loss and damage
due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage 

  

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

  
 Schedule A-11 

 Representation 

12.    Security Interest in Leased Vehicle. The related
2021-1 Leased Vehicle is titled in the name of a Titling Trust Permissible Name and the Collateral Agent is listed as the recorded lienholder or recorded holder of a security interest in such 2021-1 Leased Vehicle, or the Servicer has commenced procedures that will result in such 2021-1 Leased Vehicle being titled in the name of a Titling Trust Permissible Name and
the Collateral Agent being listed as recorded lienholder or recorded holder of a security interest in such 2021-1 Leased Vehicle. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	 	i.	 Confirm the Certificate of Title or Application for Certificate of Title lists the Titling Trust as the
titleholder of the Leased Vehicle 

  

	 	ii.	 Confirm the Vehicle Identification Number (VIN) listed on the title documents matches the VIN number on the
Lease Agreement 

  

	 	iii.	 Confirm the Collateral Agent is listed on the Title Documents as the first priority lienholder

  

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

  
 Schedule A-12 

 Representation 

13.    Simple Interest. The 2021-1 Lease Agreement is a closed-end lease that provides for equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize the net capitalized cost of such 2021-1
Lease Agreement to the Booked Residual Value by the end of the Lease Term, based on the related APR. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	 	i.	 Confirm the monthly payment reported on the Lease Agreement are level 

 

	 	ii.	 Confirm the product of the number of payments and the amount of the payments fully amortizes the net
capitalized cost 

  

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

  
 Schedule A-13 

 Representation 

14.    Lawful Assignment. The 2021-1 Lease Agreement is
fully assignable by the Lessor and does not require the consent of the related Lessee or any other Person as a condition to any transfer, sale, assignment or granting of a security interest of the rights thereunder to or by the Titling Trust. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	 	i.	 Confirm the Lease Agreement contains disclosures that grant the lessor the ability to fully assign its
interests without the consent of the related Lessee or any other Person 

  

	 	ii.	 If confirmed, then Test Pass 

  
 Schedule A-14 

 Representation 

15.    No Material Amendments or Modifications. The 2021-1
Lease Agreement has not been modified in any way except in accordance with the Customary Servicing Practices. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	 	i.	 Confirm the Lease Agreement has not been modified in any way except in accordance with the Customary Servicing
Practices 

  

	 	ii.	 If confirmed, then Test Pass 

  
 Schedule A-15 

 Representation 

16.    No Default. As of the Cutoff Date, the 2021-1 Lease
Agreement is not a Liquidated Lease, a Defaulted Lease or a Delinquent Lease and, except as permitted in this paragraph, to the best of the Seller’s and Servicer’s knowledge, no default, breach, violation or event permitting acceleration
under its terms has occurred; and to the best of the Seller’s and Servicer’s knowledge, no continuing condition that with notice or the lapse of time would constitute a default, breach, violation or event permitting acceleration under its
terms has arisen; and GM Financial has not waived, and shall not waive, any of the foregoing. 
 Documents 

data tape 
 Procedures to be Performed 

 

	 	i.	 Confirm the Lease is active as of the Cutoff Date 

 

	 	ii.	 Confirm the Lease is not delinquent as of the Cutoff Date 

 

	 	iii.	 Confirm there is no evidence of a breach, violation or event permitting acceleration of the terms of the Lease
Agreement 

  

	 	iv.	 Confirm there is no continuing conditions that has arisen that would lead to a default, breach, violation or
even permitting acceleration under the Lease terms 

  

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

  
 Schedule A-16 

 Representation 

17.    Vehicle. The related 2021-1 Leased Vehicle is a car,
light truck or utility vehicle manufactured by General Motors Company or an Affiliate thereof. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	i.	 Confirm the Vehicle is a car, light truck or utility vehicle 

 

	ii.	 Confirm the Vehicle was manufactured by General Motors Company or an Affiliate 

 

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

  
 Schedule A-17 

 Representation 

18.    Chattel Paper. The 2021-1 Lease Agreement
constitutes “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC. 
 Documents 

Lease Documents 
 Procedures to be Performed 

 

	 	i.	 Confirm there is a signature under the appropriate lessee, co-lessee
and lessor signature lines within the Lease Agreement 

  

	 	ii.	 Confirm the Lease Agreement reports an monetary obligation greater than zero 

 

	 	iii.	 Confirm the Title Documents report the Collateral Agent has a security interest in the Lease Agreement

  

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

  
 Schedule A-18 

 Representation 

19.    Leases in Force. The 2021-1 Lease Agreement is in
full force and effect and, to the best of the Seller’s and Servicer’s knowledge, has not been satisfied, subordinated, rescinded, cancelled or terminated. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	 	i.	 Confirm there is no evidence within the Lease Documents that the Lease has been subordinated, rescinded,
cancelled or terminated 

  

	 	ii.	 Confirm there is no evidence within the Lease Documents that the Lease has been satisfied prior to the Cutoff
Date 

  

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

  
 Schedule A-19 

 Representation 

20.    Schedule of Leases. The 2021-1 Lease Agreement has
been identified in the Schedule of 2021-1 Lease Agreements and 2021-1 Leased Vehicles and such Schedule of 2021-1 Lease
Agreements and 2021-1 Leased Vehicles is accurate in all material respects and the 2021-1 Lease Agreement has not been allocated to any other Designated Pool. 

Documents 
 data tape 

Procedures to be Performed 
  

	 	i.	 Confirm the Lease number reported in the data tape matches the Lease number reported in the Schedule of 2021-1 Lease Agreements and 2021-1 Leased Vehicles 

  

	 	ii.	 If confirmed, Test Pass 

  
 Schedule A-20 

 Representation 

21.    Maturity Date. At origination the Maturity Date with respect to the 2021-1 Lease Agreement was not less than twelve (12) months or more than sixty (60) months after the date of origination. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	 	i.	 Confirm the Lease Agreement reports the lease term within the allowable range 

 

	 	ii.	 If confirmed, then Test Pass 

  
 Schedule A-21 

 Representation 

22.    Securitization Value. As of the 2021-1 Cutoff Date,
each 2021-1 Lease Agreement had a Securitization Value not less than $5,000.000 and no more than $150,000.00. 

Documents 
 Lease Documents 

Procedures to be Performed 
  

	 	i.	 Confirm the Lease Agreement reports the Securitization value within the allowable range. 

 

	 	ii.	 If confirmed, then Test Pass 

  
 Schedule A-22 

 Representation 

23.    One Original. With respect to any 2021-1 Lease
Agreement that constitutes “electronic chattel paper” under the UCC, (a) a single electronically authenticated authoritative copy (within the meaning of the UCC) of the 2021-1 Lease Agreement is
continuously maintained by the Servicer, and (b) the Servicer is able (1) to transfer the electronically authenticated authoritative copy of the related 2021-1 Lease Agreement to a separate
electronic vault at the related econtracting facilitator that is controlled by the applicable Successor Servicer or to an electronic vault at the applicable successor Servicer, or (2) to export the electronically authenticated authoritative
copy from the electronic vault and deliver a physical copy of the exported 2021-1 Lease Agreement to the successor Servicer. 

Documents 
 Lease Documents 

E-Vault 

Procedures to be Performed 
  

	 	i.	 If the Lease Agreement constitutes “electronic chattel paper”, confirm it is an electronically
authenticated authoritative copy and 

  

	 	ii.	 Confirm the authoritative copy of the Lease Agreement was signed by all parties 

 

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

  
 Schedule A-23EX-4.2

 Exhibit 4.2 

INVESTORS’ RIGHTS AGREEMENT 

THIS INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of October 27, 2020, by and among Longboard
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor” and, solely for purposes of
Sections 1.5, 1.19, 4, 5.5 and 6, Arena Pharmaceuticals, Inc. (“ARNA”). 
 RECITALS

 WHEREAS, the Company and the Investors are parties to that certain Series A Preferred Stock Purchase Agreement of even date
herewith (the “Purchase Agreement”); and 
 WHEREAS, in order to induce the Company to enter into the Purchase
Agreement and to induce the Investors to invest funds in the Company pursuant to the Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares
of Common Stock issuable to the Investors, to receive certain information from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement; 

NOW, THEREFORE, the parties hereby agree as follows: 
  

	1.	 Definitions. For purposes of this Agreement: 

1.1    “Affiliate” means, with respect to any specified Person, any other Person who, directly or
indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or other investment
fund now or hereafter existing that is controlled by one or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser with, such Person. 

1.2    “Board of Directors” means the board of directors of the Company. 

1.3    “Certificate of Incorporation” means the Company’s Amended and Restated Certificate of
Incorporation, as amended and/or restated from time to time. 
 1.4    “Common Stock” means shares of
the Company’s common stock, par value $0.0001 per share. 
 1.5    “Competitor” means a Person
engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the development or commercialization of pharmaceutical
products for the treatment of neurological conditions with microglial neuroinflammation, but shall not include (i) any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent
(20%) of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any members of the board of directors of any Competitor, (ii) ARNA or (iii) Farallon. 

 1.6    “Damages” means any loss, damage, claim or
liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or
is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the
indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.7    “Derivative Securities” means any securities or rights convertible into, or exercisable or
exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 

1.8    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 1.9    “Excluded Registration” means (i) a registration
relating to the sale or grant of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a
registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common
Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

1.10    “Farallon” means, collectively, Zone II Healthcare Holdings, LLC, Farallon Capital Management,
L.L.C. and their respective Affiliates. 
 1.11    “FOIA Party” means a Person that, in the reasonable
determination of the Board of Directors, may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552
(“FOIA”), any state public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement. 

1.12    “Form S-1” means such form under the Securities Act as in
effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

1.13    “Form S-3” means such form under the Securities Act as in
effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

1.14    “GAAP” means generally accepted accounting principles in the United States as in effect from time
to time. 

 1.15    “Holder” means any holder of Registrable
Securities who is a party to this Agreement. 
 1.16    “Immediate Family Member” means a child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, life partner or similar statutorily-recognized domestic partner, sibling, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships of a natural person referred to herein. 

1.17    “Initiating Holders” means, collectively, Holders who properly initiate a registration request
under this Agreement. 
 1.18    “IPO” means the Company’s first underwritten public offering of
its Common Stock under the Securities Act. 
 1.19    “Major Investor” means any Investor that,
individually or together with such Investor’s Affiliates, holds at least $3.0 million of Registrable Securities (based on the aggregate original purchase price of such Registrable Securities); provided that ARNA shall also be deemed
a Major Investor solely for the purposes of Section 4 and Section 6.6. 

1.20    “New Securities” means, collectively, equity securities of the Company, whether or not currently
authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 

1.21    “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 1.22    “Preferred Director” means any director of the
Company that the holders of record of Preferred Stock are entitled to elect, exclusively and as a separate class, pursuant to the Certificate of Incorporation. 

1.23    “Preferred Stock” means the Company’s Series A Preferred Stock. 

1.24    “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of
the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof; and
(iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares
referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to
Section 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Section 2.13 of this Agreement. 

1.25    “Registrable Securities then outstanding” means the number of shares determined by adding the
number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 

 1.26    “Restricted Securities” means the securities of
the Company required to be notated with the legend set forth in Section 2.12(b) hereof. 

1.27    “SEC” means the Securities and Exchange Commission. 

1.28    “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

1.29    “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.30    “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 1.31    “Selling Expenses” means all underwriting discounts, selling
commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as
provided in Section 2.6. 
 1.32    “Series A Preferred Stock” means shares
of the Company’s Series A Preferred Stock, par value $0.0001 per share. 
  

	2.	 Registration Rights. The Company covenants and agrees as follows: 

2.1    Demand Registration. 

(a)    Form S-1 Demand. If at any time after the earlier of (i) four
years after the date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least forty (40%) of the Registrable
Securities then outstanding that the Company file a Form S-1 registration statement with respect to at least forty percent (40%) of the Registrable Securities then outstanding, then the Company shall:
(x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty
(60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders
requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the
Demand Notice is given, and in each case, subject to the limitations of Sections 2.1(c) and 2.3. 

(b)    Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that the Company file a Form
S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $4.0 million, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days
after the date such request is given by the Initiating Holders, file a Form S-3 registration 

 
statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the
Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Sections 2.1(c) and 2.3. 

(c)    Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant
to this Section 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental to the Company and its stockholders
for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant
acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or
(iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or
effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than
once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such ninety (90) day period other than an Excluded
Registration. 
 (d)    The Company shall not be obligated to effect, or to take any action to effect, any registration
pursuant to Section 2.1(a), (i) during the period that is ninety (90) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after
the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has
effected two registrations pursuant to Section 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form
S-3 pursuant to a request made pursuant to Section 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Section 2.1(b), (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a
Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations
pursuant to Section 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this
Section 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration
expenses therefor, and forfeit their right to one demand registration statement pursuant to Section 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this
Section 2.1(d); provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Section 2.1(c), then the Initiating Holders may withdraw their request
for registration and such registration will not be counted as “effected” for purposes of this Section 2.1(d). 

 2.2    Company Registration. If the Company proposes to register
(including for this purpose a registration effected by the Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an
Excluded Registration, a registration relating to a demand pursuant to Section 2.1, or the IPO), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty
(20) days after such notice is given by the Company, the Company shall, subject to the provisions of Section 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be
included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 before the effective date of such registration, whether or not any Holder has
elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 2.6. 

2.3    Underwriting Requirements. 

(a)    If, pursuant to Section 2.1, the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 2.1, and the Company shall include such information in the Demand Notice.
The underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such
registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their
securities through such underwriting shall (together with the Company as provided in Section 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting;
provided, however, that no Holder (or any of their assignees) shall be required to make any representations, warranties or indemnities except as they relate to such Holder’s ownership of shares and authority to enter into the
underwriting agreement and to such Holder’s intended method of distribution, and the liability of such Holder shall be several and not joint, and limited to an amount equal to the net proceeds from the offering received by such Holder, except
in the case of fraud or willful misconduct by such Holder. Notwithstanding any other provision of this Section 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a
limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be
included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other
proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other
securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one
hundred (100) shares. 
 (b)    In connection with any offering involving an underwriting of shares of the
Company’s capital stock pursuant to Section 2.2, the Company shall not be required to include any 

 
of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in
such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in
such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the
offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than
all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable
to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the
Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering
be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below twenty-five percent
(25%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s
securities are included in such offering. For purposes of the provision in this Section 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners,
members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the
foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included
in such “selling Holder,” as defined in this sentence. 
 (c)    For purposes of
Section 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Section 2.3(a), fewer than fifty percent
(50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included. 

2.4    Obligations of the Company. Whenever required under this Section 2 to effect the
registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period
of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that such one hundred twenty (120) day period shall be extended
for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration; 

 (b)    prepare and file with the SEC such amendments and supplements to
such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;

 (c)    furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as
required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d)    use its commercially reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e)    in the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the underwriter(s) of such offering; 
 (f)    use its commercially
reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities
issued by the Company are then listed; 
 (g)    provide a transfer agent and registrar for all Registrable Securities
registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h)    promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any
disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of
the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or
advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i)    notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration
statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 

 (j)    after such registration statement becomes effective, notify each
selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 
 In addition, the
Company shall ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s
directors may implement a trading program under Rule 10b5-1 of the Exchange Act. 

2.5    Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action
pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the
intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6    Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with
registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the
reasonable fees and disbursements, not to exceed $25,000 per registration, of one counsel for the selling Holders selected by Holders of at least a majority of the Registrable Securities to be registered(“Selling Holder Counsel”),
shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 if the registration
request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that
were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Sections 2.1(a) or 2.1(b), as the case may be;
provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request
and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Sections
2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 (other than fees and disbursements of counsel to any Holder, other than the Selling Holder
Counsel, which shall be borne solely by the Holder engaging such counsel) shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

2.7    Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or
otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8    Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a)    To the extent permitted by law, the Company will indemnify and hold
harmless each selling Holder, and the partners, members, officers, directors, and stockholders of 

 
each such Holder; legal counsel, accountants and investment advisers for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who
controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other
expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this
Section 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the
Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling
Person, or other aforementioned Person expressly for use in connection with such registration. 
 (b)    To the extent
permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company
within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such
underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of
such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply
to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate
amounts payable by any Holder by way of indemnity or contribution under Section 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder),
except in the case of fraud or willful misconduct by such Holder. 
 (c)    Promptly after receipt by an indemnified
party under this Section 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under this Section 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to
the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however,
that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such
action. The failure 

 
to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this
Section 2.8, only to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Section 2.8. 
 (d)    To
provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this
Section 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case, notwithstanding the fact that this Section 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of
any party hereto for which indemnification is provided under this Section 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may
be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted
in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things,
whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent,
knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering
price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y)no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 2.8(d), when
combined with the amounts paid or payable by such Holder pursuant to Section 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of
willful misconduct or fraud by such Holder. 
 (e)    Notwithstanding the foregoing, to the extent that the provisions
on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions of this Section 2.8, the provisions
in the underwriting agreement shall control; provided, however, that any matter expressly provided for or addressed by the foregoing provisions that is not expressly provided for or addressed by the underwriting agreement shall be
controlled by the foregoing provisions. 
 (f)    Unless otherwise superseded by an underwriting agreement entered into
in connection with the underwritten public offering, the obligations of the Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this
Section 2, and otherwise shall survive the termination of this Agreement or any provision(s) of this Agreement. 

 2.9    Reports Under Exchange Act. With a view to making
available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 
 (a)    make and keep available adequate current public
information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b)    use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to
the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the
IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form
S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any
such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies
to use such form). 
 2.10    Limitations on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the Holders of at least a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company
that would allow such holder or prospective holder to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent
that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included; provided that this limitation shall not apply to Registrable Securities acquired by any additional Investor that
becomes a party to this Agreement in accordance with Section 6.9. 

2.11    “Market Stand-off” Agreement. Each
Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the
managing underwriter (such period not to exceed one hundred eighty (180) days), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or
warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock, or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock, in each case held immediately
before the effective date of the registration statement for the IPO; or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic 

 
consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other
securities, in cash, or otherwise. The foregoing provisions of this Section 2.11 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement and shall only
be applicable to the Holders if all officers, directors and holders of more than one percent (1%) of the outstanding Common Stock (after giving effect to the conversion into Common Stock of all outstanding Preferred Stock) enter into similar
agreements. The underwriters in connection with such registration are intended third-party beneficiaries of this Section 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they
were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 2.11 or that are
necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements executed by Company stockholders, by the Company or the underwriters shall apply pro rata to all Company
stockholders that are subject to such agreements, based on the number of shares subject to such agreements. Notwithstanding the foregoing, the Company and the underwriters may, in their sole discretion, waive or terminate these restrictions with
respect to up to an aggregate of one percent (1%) of all of the shares of Common Stock subject to these restrictions; provided that these restrictions may not be waived or terminated with respect to any shares of Common Stock held by a Major
Investor unless such waiver or termination applies pro rata to all Major Investors, based on the number of shares of Common Stock held by them. 

2.12    Restrictions on Transfer. 

(a)    The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the
Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure
compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities
subject to the provisions and upon the conditions specified in this Agreement. Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or, following the IPO, SEC Rule 144,
in each case, to be bound by the terms of this Agreement. 
 (b)    Each certificate, instrument, or book entry
representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend,
recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES
MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

 THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN
AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to
the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Section 2.12. 

(c)    The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with
the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction or
following the IPO, the transfer is made pursuant to SEC Rule 144, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer, provided that no such notice shall be required in
connection if the intended sale, pledge or transfer complies with SEC Rule 144. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company,
shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed
transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not
result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the
Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the
notice given by the Holder to the Company. The Company will not require such a notice, legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such Holder
distributes Restricted Securities to an Affiliate of such Holder for no or nominal consideration; provided that with respect to transfers under the foregoing clause (y), each transferee agrees in writing to be subject to the terms of
this Section 2.12. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144 or pursuant
to an effective registration statement, the appropriate restrictive legend set forth in Section 2.12(b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the
opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. 

2.13    Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Sections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a)    the closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, in which
the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities, or if the Investors receive registration rights from the acquiring company or other successor to the Company
reasonably comparable to those set forth in this Section 2; 

 (b)    such time after consummation of the IPO as SEC Rule 144 is
available for the sale of all of such Holder’s shares without limitation in a single transaction without registration; and 

(c)    the third anniversary of the IPO (or such later date that is one hundred eighty (180) days following the
expiration of all deferrals of the Company’s obligations pursuant to Section 2 that remain in effect as of the third anniversary of the consummation of the IPO). 

 

	3.	 Information and Observer Rights. 

3.1    Delivery of Financial Statements. The Company shall deliver to each Major Investor, provided that the
Board of Directors has not reasonably determined that such Major Investor is a Competitor: 
 (a)    as soon as
practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a
comparison between (x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined in Section 3.1(e)) for such year, with an
explanation of any material differences between such amounts and a schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements
to be in reasonable detail, prepared in accordance with GAAP, each of which financial statements may be unaudited, unless the Company has received audited versions thereof; 

(b)    as soon as practicable, but in any event within forty five (45) days after the end of each quarter of each
fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP
(except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c)    as soon as practicable, but in any event within forty-five (45) days after the end of each quarter of each
fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable
upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but
reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the chief financial officer or chief executive officer of the Company
as being true, complete, and correct; 
 (d)    as soon as practicable, but in any event within thirty (30) days
after the end of each month (or within forty-five (45) days after the end of each December), an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and

 
statement of stockholders’ equity as of the end of such month, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); and 

(e)    as soon as practicable, but in any event at least thirty (30) days before the end of each fiscal year, a
budget and business plan for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by
the Company (such budget and business plan that is approved by the Board of Directors is collectively referred to herein as the “Budget”). 

If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period
the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

Notwithstanding anything else in this Section 3.1 to the contrary, the Company may cease providing the information
set forth in this Section 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must
do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Section 3.1 shall be reinstated at such time as the Company is
no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective. 

3.2    Inspection. The Company shall permit each Major Investor (provided that the Board of Directors has
not reasonably determined that such Major Investor is a Competitor), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs,
finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this
Section 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form
acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

3.3    Termination of Information Rights. The covenants set forth in Section 3.1 and
Section 3.2 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of
Section 12(g) or 15(d) of the Exchange Act, or (iii) upon the closing of a Deemed Liquidation Event, whichever event occurs first; provided, that, with respect to clause (iii), the covenants set forth in
Section 3.1 shall only terminate if the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities or if the Investors receive financial information
from the acquiring company or other successor to the Company comparable to those set forth in Section 3.1. 

3.4    Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose,
divulge, or use for any purpose (other than to monitor or make decisions with 

 
respect to its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file
a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 3.4 by such Investor),(b) is or has been
independently developed or conceived by such Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to such Investor by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent reasonably
necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the
provisions of this Section 3.4; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor, provided that such Investor informs such Person that such
information is confidential and directs such Person to maintain the confidentiality of such information; (iv) as may be required by law, regulation, rule, court order or subpoena, provided that, if such requirement is specifically
targeted at information regarding the Company, such Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure; or (v) as requested by, or in such Investor’s
or its Affiliates’ ordinary course reporting to, any governmental authority, regulatory body or agency, stock exchange or self-regulatory organization. 
  

	4.	 Rights to Future Stock Issuances. 

4.1    Right of First Offer. Subject to the terms and conditions of this Section 4.1 and
applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby
granted to it in such proportions as it deems appropriate, among (i) itself, (ii) its Affiliates and (iii) its beneficial interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as
such term is defined in Rule 13d-3 promulgated under the Exchange Act, of such Major Investor (“Investor Beneficial Owners”); provided that each such Affiliate or Investor Beneficial
Owner (x) is not a Competitor or FOIA Party, unless such party’s purchase of New Securities is otherwise consented to by the Board of Directors, (y) agrees to enter into this Agreement and each of the Voting Agreement of even date
herewith among the Company, the Investors and the other parties named therein (the “Voting Agreement”) and the Right of First Refusal and Co-Sale Agreement of even date herewith among the
Company, the Investors and the other parties named therein, as an “Investor” under each such agreement (provided that any Competitor or FOIA Party shall not be entitled to any rights as a Major Investor under Sections
3.1, 3.2 and 4.1 hereof), and (z) agrees to purchase at least such number of New Securities as are allocable hereunder to the Major Investor holding the fewest number of shares of Preferred Stock and any other
Derivative Securities. 
 (a)    The Company shall give notice (the “Offer Notice”) to each Major
Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

 (b)    By notification to the Company within ten (10) business days
after the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock
then held by such Major Investor (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major
Investor) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and any other Derivative Securities then outstanding). At the expiration of such ten
(10) business day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure
to do likewise. During the five (5) business day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares
specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or
issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or
indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to
this Section 4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Section 4.1(c). 

(c)    If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in
Section 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Section 4.1(b), offer and sell the remaining unsubscribed portion of such
New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within
such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major
Investors in accordance with this Section 4.1. 
 (d)    The right of first offer in this
Section 4.1 shall not be applicable to (i) Exempted Securities (as defined in the Certificate of Incorporation); and (ii) shares of Common Stock issued in the IPO. 

(e)    Notwithstanding any provision hereof to the contrary, in lieu of complying with the provisions of this
Section 4.1, the Company may elect to give notice to the Major Investors within thirty (30) days after the issuance of New Securities. Such notice shall describe the type, price, and terms of the New Securities. Each
Major Investor shall have twenty (20) days from the date notice is given to elect to purchase up to the number of New Securities that would, if purchased by such Major Investor, maintain such Major Investor’s percentage-ownership position,
calculated as set forth in Section 4.1(b) before giving effect to the issuance of such New Securities. 

 4.2    Termination. The covenants set forth in
Section 4.1 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, or (ii) upon the closing of a Deemed Liquidation Event, whichever event occurs first. 

 

	5.	 Additional Covenants. 

5.1    Insurance. The Company shall obtain, within ninety (90) days of the date hereof, from financially sound
and reputable insurers Directors and Officers liability insurance in an amount and on terms and conditions satisfactory to the Board of Directors, and will use commercially reasonable efforts to cause such insurance policies to be maintained until
such time as the Board of Directors (including all of the then-serving Preferred Directors) determines that such insurance should be discontinued. 

5.2    Employee Agreements. The Company will cause each Person now or hereafter employed by it or by any subsidiary
(or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure, proprietary rights assignment and
non-solicitation agreement. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement
between the Company and any employee, without the consent of the Board of Directors, including at least one Preferred Director to the extent that at least one Preferred Director is then serving on the Board of Directors (the “Requisite
Preferred Director Vote”). 
 5.3    Employee Stock. Unless otherwise approved by the Board of
Directors, including the Requisite Preferred Director Vote, all employees, consultants and other service providers of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the
date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four year period, with the first twenty-five percent (25%) of such shares vesting following twelve months
of continued employment or service, and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market
stand-off provision substantially similar to that in Section 2.11. Without the prior approval by the Board of Directors, including the Requisite Preferred Director Vote, the Company
shall not amend, modify, terminate, waive or otherwise alter, in whole or in part, any stock purchase, stock restriction or option agreement with any existing employee or service provider if such amendment would cause it to be inconsistent with this
Section 5.3. In addition, unless otherwise approved by the Board of Directors, including the Requisite Preferred Director Vote, the Company (x) shall not offer or approve any acceleration of vesting, and (y) shall
retain (and not waive) a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. 

5.4    Matters Requiring Preferred Director Approval. During such time or times as the holders of
Preferred Stock are entitled to elect a Preferred Director and such seat is filled, the 

 
Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors, which approval must include all of the Preferred Directors then in
office: 
 (a)    create or authorize the creation of any debt security or incur or guarantee any indebtedness for
borrowed money if the Company’s and its subsidiaries’ aggregate indebtedness outstanding, together with the aggregate amount of outstanding indebtedness guaranteed by the Company and its subsidiaries, at any time would exceed
$5.0 million (excluding equipment leases or bank lines of credit or trade payables incurred in the ordinary course); 

(b)    amend the Company’s 2020 Equity Incentive Plan, including any increase in the number of shares of the
Company’s Common Stock that are reserved for issuance thereunder, or adopt any other incentive plan or similar arrangement; 

(c)    hire, terminate, or change the compensation of any executive officer of the Company or any of its subsidiaries,
including approving any option grants or stock awards to any executive officer; 
 (d)    sell, assign, license, pledge,
or encumber material technology or intellectual property, other than licenses granted in the ordinary course of business; or 

(e)    enter into any corporate strategic relationship involving the payment, contribution, or assignment by the Company
or to the Company of money or assets greater than $100,000. 
 5.5    Board Matters. The Company shall reimburse
the directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the
Board of Directors. Each committee of the Board of Directors, to the extent established, shall be comprised of at least two members, with at least one of such members being a Preferred Director (to the extent that at least one Preferred Director is
then serving on the Board) and one of such members being an ARNA Director (as defined in the Voting Agreement) (to the extent that at least one ARNA Director is then serving on the Board). 

5.6    Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges
into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the
obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, the Certificate of Incorporation,
or elsewhere, as the case may be. 
 5.7    Indemnification Matters. The Company hereby acknowledges that one or
more of the directors nominated to serve on the Board of Directors by one or more of the Investors (the “Investor Directors”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or
more of the Investors and certain of their Affiliates (collectively, the “Investor Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Investor
Director are primary and any obligation of the Investor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Investor Director are secondary), (b) that it shall be required to advance
the full amount of expenses incurred by such Investor Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in 

 
settlement by or on behalf of any such Investor Director to the extent legally permitted and as required by the Certificate of Incorporation or Bylaws of the Company (or any agreement between the
Company and such Investor Director), without regard to any rights such Investor Director may have against the Investor Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims
against the Investor Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Investor Indemnitors on behalf of any such Investor Director with
respect to any claim for which such Investor Director has sought indemnification from the Company shall affect the foregoing and the Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or
payment to all of the rights of recovery of such Investor Director against the Company. The Investor Directors and the Investor Indemnitors are intended third-party beneficiaries of this Section 5.7 and shall have the
right, power and authority to enforce the provisions of this Section 5.7 as though they were a party to this Agreement. 

5.8    Right to Conduct Activities. The Company hereby agrees and acknowledges that each of the Investors are
professional investment organizations, and as such review the business plans and related proprietary information of many enterprises, some of which may compete directly or indirectly with the Company’s business (as currently conducted or as
currently propose to be conducted). Nothing in this Agreement shall preclude or in any way restrict any Investor from evaluating or purchasing securities, including publicly traded securities, of a particular enterprise, or investing or
participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company; and the Company hereby agrees that, to the extent permitted under applicable law, no Investor (or its
Affiliates) shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by such Investor (or its Affiliates) in any entity competitive with the Company, or (ii) actions taken by any partner, officer,
employee or other representative of such Investor (or its Affiliates) to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not
such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any Investors from liability associated with the disclosure of the Company’s confidential information obtained
pursuant to this Agreement in violation of Section 3.4, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

5.9    Termination of Covenants. The covenants set forth in this Section 5, except for
Sections 5.6 and 5.7, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, or (ii) upon a Deemed Liquidation Event, whichever event occurs first. 

 

	6.	 Miscellaneous. 

6.1    Successors and Assigns. The rights under this Agreement may be assigned (but only with all related
obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s
Immediate Family Members; (iii) after such transfer, together with its Affiliates, would be a Major Investor or (iv) acquires all of such Holder’s Registrable Securities; provided, however, that (x) the Company is,
within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the 

 
Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to
the terms and conditions of this Agreement, including the provisions of Section 2.11. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee
(1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated
together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall, as a condition to the applicable transfer, establish a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to
the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2    Governing Law. This Agreement shall be governed by the internal law of the State of Delaware, without regard
to conflict of law principles that would result in the application of any law other than the law of the State of Delaware. 

6.3    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

6.4    Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not
to be considered in construing or interpreting this Agreement. 
 6.5    Notices. 

(a)    All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail during the recipient’s normal business hours, and if not sent during normal
business hours, then on the recipient’s next business day; (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one business day after the business day of deposit
with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent (x) to the respective parties (other
than the Company) at their addresses as set forth on Schedule A hereto, (y) with respect to the Company, to 6154 Nancy Ridge Drive, San Diego, CA 92121, Attention: Chief Executive Officer, and a copy (which copy shall not constitute
notice) shall also be sent to Cooley LLP, 4401 Eastgate Mall, San Diego, CA 92121-1909, Attn: Steven M. Przesmicki, e-mail: przes@cooley.com, or (z) with respect to any party, to such other email address
or address as subsequently notified by such party in accordance with this Section 6.5(a). 

 (b)    Consent to Electronic Notice. Each Investor consents to
the delivery of any stockholder notice pursuant to the Delaware General Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor
thereto) at the electronic mail address set forth below such Investor’s name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of
electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted electronic notice shall be
ineffective and deemed to not have been given. Each Investor agrees to promptly notify the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing. 

6.6    Amendments and Waivers. Any term of this Agreement may be amended, modified or terminated and the observance
of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of at least a majority of the Registrable Securities
then outstanding; provided that the Company may in its sole discretion waive compliance with Section 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment
allegedly in violation of Section 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent
of any other party. Notwithstanding the foregoing, (a) this Agreement may not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Investor or Major Investor, as applicable, without the
written consent of such Investor or Major Investor, as applicable, unless such amendment, modification, termination, or waiver applies to all Investors or Major Investors, as applicable, in the same fashion (it being agreed that a waiver of the
provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Major Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Major Investors
may nonetheless, by agreement with the Company, purchase securities in such transaction; (b) Sections 3.1 and 3.2, Section 4 and any other section of this Agreement applicable to the Major
Investors (including this clause (b) of this Section 6.6) may be amended, modified, terminated or waived with only the written consent of the Company and the holders of at least a majority of the Registrable
Securities (or, solely for the purposes of Section 4, at least a majority of the Registrable Securities and the shares of Common Stock held by ARNA) then outstanding and held by the Major Investors, (c) clause
(ii) of Section 1.5 may be amended, modified, terminated or waived only with the written consent of the Company and ARNA, (d) clause (iii) of Section 1.5 may be amended, modified,
terminated or waived only with the written consent of the Company and Farallon, and (e) the proviso in Section 1.19 may be amended, modified, terminated or waived only with the written consent of the Company and ARNA.
Notwithstanding the foregoing, Schedule A hereto may be amended by the Company from time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other parties; and
Schedule A hereto may also be amended by the Company after the date of this Agreement without the consent of the other parties to add information regarding any additional Investor who becomes a party to this Agreement in accordance with
Section 6.9. The Company shall give prompt notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination, or
waiver. Any amendment, modification, termination, or waiver effected in accordance with this Section 6.6 shall be binding 

 
on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more
instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

6.7    Severability. In case any one or more of the provisions contained in this Agreement is for any reason held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so
that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 6.8    Aggregation of Stock;
Apportionment. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated Persons may apportion such
rights as among themselves in any manner they deem appropriate. 
 6.9    Additional Investors. Notwithstanding
anything to the contrary contained herein, if the Company issues additional shares of Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an
additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional
Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

6.10    Entire Agreement. This Agreement (including any Schedules hereto), constitutes the full and entire
understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. 

6.11    Dispute Resolution. The parties: (a) hereby irrevocably and unconditionally submit to the jurisdiction
of the Court of Chancery of the State of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, provided, that if jurisdiction is not then available in the Court of Chancery of the State
of Delaware, then any such legal action or proceeding may be brought in any federal court located in the State of Delaware or any other Delaware state court, (b) agree not to commence any suit, action or other proceeding arising out of or based
upon this Agreement except in the above-named courts, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the
jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that
this Agreement or the subject matter hereof or thereof may not be enforced in or by such court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY
WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS

 
INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,
INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL
NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. 
 6.12    Delays or Omissions. No delay or omission to exercise any right,
power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or
non-defaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single
breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

[Signature Pages Follow] 

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

			
	COMPANY:
	
	LONGBOARD PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Kevin Lind

	Name:	 	Kevin Lind
	Title:	 	 President, Chief Executive Officer and
 Chief
Financial Officer

 
			
		
	Address:	 	c/o Arena Pharmaceuticals, Inc.
		 	6154 Nancy Ridge Drive
		 	San Diego, CA 92121
		 	Attn: Kevin Lind

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

			
	INVESTOR:
	
	ZONE II HEALTHCARE HOLDINGS, LLC
		
	By:	 	Farallon Capital Management, L.L.C.,
its Manager
		
	By:	 	 /s/ Philip Dreyfuss

	Name:	 	Philip Dreyfus
	Title:	 	Managing Member

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

			
	INVESTOR:
	
	POTOMAC PARTNERS LTD
		
	By:	 	 /s/ Lee Hobson

	Name:	 	Lee Hobson
	Title:	 	General Partner

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

			
	INVESTOR:
	
	MIRAMAR KRCB I, LLC
		
	By:	 	 /s/ Tai-Li Chang

	Name:	 	Tai-Li Chang
	Title:	 	Managing Member
	
	&
	
	 /s/ Tai-Li Chang

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

			
	INVESTOR:
	
	HBM HEALTHCARE INVESTMENTS
(CAYMAN) LTD.
		
	By:	 	 /s/ Jean-Marc Lesieur

	Name:	 	Jean-Marc Lesieur
	Title:	 	Managing Director

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

			
	INVESTOR:
	
	CORMORANT PRIVATE HEALTHCARE FUND III, LP
	
	BY: CORMORANT PRIVATE HEALTHCARE GP, LLC
		
	By:	 	 /s/ Bihua Chen

	Name:	 	Bihua Chen
	Title:	 	Managing Member

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

			
	INVESTOR:
	
	CORMORANT GLOBAL HEALTHCARE MASTER FUND, LP
	
	BY: CORMORANT PRIVATE HEALTHCARE GP, LLC
		
	By:	 	 /s/ Bihua Chen

	Name:	 	Bihua Chen
	Title:	 	Managing Member

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

			
	INVESTOR:
	
	CRMA SPV, L.P.
	
	BY: CORMORANT ASSET MANAGEMENT, LP
		
	By:	 	 /s/ Bihua Chen

	Name:	 	Bihua Chen
	Title:	 	Its attorney-in-fact

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

			
	INVESTOR:
	
	T. ROWE PRICE HEALTH SCIENCES FUND, INC.
	TD MUTUAL FUNDS – TD HEALTH SCIENCES FUND
	VALIC COMPANY I – HEALTH SCIENCES FUND
	T. ROWE PRICE HEALTH SCIENCES PORTFOLIO
	Each account severally, and not jointly
	
	By: T. Rowe Price Associates, Inc., Investment Advisor or Subadvisor, as applicable

 
			
		
	By:	 	 /s/ Andrew Baek

	Name:	 	Andrew Baek
	Title:	 	Vice President

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

			
	INVESTOR:
	
	T. ROWE NEW HORIZONS FUND INC.
	T. ROWE PRICE NEW HORIZONS TRUST
	T. ROWE PRICE U.S. EQUITIES TRUST
	MASSMUTUAL SELECT FUNDS – MASSMUTUAL SELECT T. ROWE PRICE SMALL AND MID CAP BLEND FUND
	Each account severally, and not jointly
	
	By: T. Rowe Price Associates, Inc., Investment Advisor or Subadvisor, as applicable

 
			
		
	By:	 	 /s/ Andrew Baek

	Name:	 	Andrew Baek
	Title:	 	Vice President

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

			
	INVESTOR:
	
	ARENA PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Amit D. Munshi

	Name:	 	Amit D. Munshi
	Title:	 	President and Chief Executive Officer

 SCHEDULE A 

INVESTORS 
 Name and Address

 Zone II Healthcare Holdings, LLC 
 c/o
Farallon Capital Management, L.L.C. 
 One Maritime Plaza, Suite 2100 

San Francisco, CA 94111 
 Attn: Philip Dreyfuss 

E-mail: 
 Potomac
Partners Ltd 
 3889 Maple Avenue, Suite 550 
 Dallas, TX
75219 
 Email: 
 Miramar KRCB I, LLC 

3720 Mockingbird Lane 
 Dallas, TX 75205 

Email: 
 Tai-Li Chang

 3720 Mockingbird Lane 
 Dallas, TX 75205 

Email: 
 HBM Healthcare Investments (Cayman) Ltd. 

Governors Square, Suite #4-212-2 

23 Lime Tree Bay Avenue 
 West Bay 

Grand Cayman, Cayman Islands 
 Attention: Jean-Marc LeSieur 

Email: 
 Cormorant Private Healthcare Fund III, LP 

200 Clarendon Street, 52nd Floor 
 Boston, MA 02116 

Attention: Jay Scollins 

 Cormorant Global Healthcare Master Fund, LP 

200 Clarendon Street, 52nd Floor 
 Boston, MA 02116 

Attention: Jay Scollins 
 CRMA SPV, L.P. 

200 Clarendon Street, 52nd Floor 
 Boston, MA 02116 

Attention: Jay Scollins 
 T. Rowe Price New Horizons Fund,
Inc. 
 T. Rowe Price Associates, Inc. 
 100 East Pratt
Street 
 Baltimore, MD 21202 
 Attn: Andrew Baek, Vice
President and Senior Legal Counsel 
 Phone: 
 Email: 

T. Rowe Price New Horizons Trust 
 T. Rowe Price
Associates, Inc. 
 100 East Pratt Street 
 Baltimore, MD 21202

 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

Phone: 
 Email: 

T. Rowe Price U.S. Equities Trust 
 T. Rowe Price
Associates, Inc. 
 100 East Pratt Street 
 Baltimore, MD 21202

 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

Phone: 
 Email: 

MassMutual Select Funds - MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund 

T. Rowe Price Associates, Inc. 
 100 East Pratt Street 

Baltimore, MD 21202 
 Attn: Andrew Baek, Vice President and Senior
Legal Counsel 
 Phone: 
 Email: 

 T. Rowe Price Health Sciences Fund, Inc. 

T. Rowe Price Associates, Inc. 
 100 East Pratt Street 

Baltimore, MD 21202 
 Attn: Andrew Baek, Vice President and Senior
Legal Counsel 
 Phone: 
 Email: 

TD Mutual Funds – TD Health Sciences Fund 
 T. Rowe
Price Associates, Inc. 
 100 East Pratt Street 
 Baltimore, MD
21202 
 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

Phone: 
 Email: 

VALIC Company I - Health Sciences Fund 
 T. Rowe Price
Associates, Inc. 
 100 East Pratt Street 
 Baltimore, MD 21202

 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

Phone: 
 Email: 

T. Rowe Price Health Sciences Portfolio 
 T. Rowe Price
Associates, Inc. 
 100 East Pratt Street 
 Baltimore, MD 21202

 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

Phone: 
 Email: 

Arena Pharmaceuticals, Inc. 
 6154 Nancy Ridge Drive 

San Diego, CA 92121 
 Tel: 

E-mail:

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