Document:

Form of Administration Agreement

 EXHIBIT 10.3 
  

 ADMINISTRATION AGREEMENT 
 among 
 WORLD OMNI AUTO RECEIVABLES TRUST 20[·]-[·] 
 as Issuing Entity, 
 WORLD OMNI FINANCIAL CORP., 
 as Administrator, 
 WORLD OMNI AUTO
RECEIVABLES LLC, 
 as Depositor, 
 and 
 [·] 
 as Indenture Trustee 
 Dated as of
[·] 
  

 ADMINISTRATION AGREEMENT 
 This ADMINISTRATION AGREEMENT, dated as of [·] (as
amended from time to time, this “Agreement”), is among WORLD OMNI AUTO RECEIVABLES TRUST 20[·]-[·], a Delaware statutory trust (the “Issuing Entity”), WORLD OMNI FINANCIAL CORP. (“WOFCO” or in its capacity as administrator, the
“Administrator”), WORLD OMNI AUTO RECEIVABLES LLC (the “Depositor”) and [·], as Indenture Trustee (the
“Indenture Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the Issuing Entity is a statutory trust under the Delaware Statutory Trust Act created by a trust agreement dated as of [·] (as amended and restated as of the date hereof, and as may be further amended, supplemented or otherwise modified and in effect from time to time, the “Owner Trust Agreement”) between the Depositor,
as Depositor, and [·], as Owner Trustee (together with its successors and assigns in such capacity, the “Owner Trustee”).

 WHEREAS, the Issuing Entity is issuing Class A-1, [·]% Asset-Backed Notes, Class A-2, [·]% Asset-Backed Notes, Class A-3, [·]% Asset-Backed Notes, Class A-4, [·]% Asset-Backed Notes and Class-B,
[·]% Asset-Backed Notes (collectively, the “Notes”) pursuant to an Indenture, dated as of the date hereof (as amended,
supplemented or otherwise modified and in effect from time to time, the “Indenture”), between the Issuing Entity and the Indenture Trustee (capitalized terms used herein that are not otherwise defined shall have the meanings
ascribed thereto in, or incorporated by reference into, the Indenture); 
 WHEREAS, the Issuing Entity is issuing Certificates (the
“Certificates”) pursuant to the Owner Trust Agreement; 
 WHEREAS, the Issuing Entity has entered into certain agreements in
connection with the issuance of the Notes including (i) the sale and servicing agreement, dated as of the date hereof (as amended, supplemented or otherwise modified and in effect from time to time, the “Sale and Servicing
Agreement”), among the Issuing Entity, the Depositor and WOFCO, as servicer (in such capacity, the “Servicer”), (ii) a Letter of Representations, dated as of the date hereof, among the Issuing Entity, the Indenture Trustee
and The Depository Trust Company (“DTC”) relating to the Notes (as amended, supplemented or otherwise modified and in effect from time to time, the “Depository Agreement”) and (iii) the Indenture (the Sale and
Servicing Agreement, the Depository Agreement, the Owner Trust Agreement and the Indenture shall be referred to hereinafter collectively as the “Related Agreements”); 
 WHEREAS, pursuant to the Related Agreements, the Issuing Entity and the Owner Trustee are required to perform certain duties in connection with (i) the
Notes and the collateral therefor pledged pursuant to the Indenture (the “Collateral”) and (ii) the beneficial ownership interest in the Issuing Entity; 
 WHEREAS, the Issuing Entity and the Owner Trustee desire to have the Administrator perform certain of the duties of the Issuing Entity and the Owner Trustee referred to in the preceding clause and to provide such
additional services consistent with the terms of this Agreement and the Related Agreements as the Issuing Entity and the Owner Trustee may from time to time request; and 
  

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 WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to
perform such services for the Issuing Entity and the Owner Trustee on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the
mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Duties of the Administrator. 
 (a) Primary Duties of the Administrator. 
 (i) The Administrator agrees to perform all its duties as Administrator
and the duties of the Issuing Entity and the Owner Trustee under the Related Agreements. In addition, the Administrator shall consult with the Owner Trustee regarding the duties of the Issuing Entity or the Owner Trustee under the Related
Agreements. The Administrator shall monitor the performance of the Issuing Entity and shall advise the Owner Trustee when action is necessary to comply with the respective duties of the Issuing Entity and the Owner Trustee under the Related
Agreements. The Administrator shall prepare for execution by the Issuing Entity, or shall cause the preparation by other appropriate persons of, all such documents, reports, filings, instruments, certificates and opinions that it shall be the duty
of the Issuing Entity or the Owner Trustee to prepare, file or deliver pursuant to the Related Agreements. In furtherance of the foregoing, the Administrator shall take all appropriate action that the Issuing Entity or the Owner Trustee is required
to take pursuant to the Indenture including, without limitation, such of the foregoing as are required with respect to the following matters under the Indenture (references are to Sections of the Indenture): 
 (A) the preparation of or obtaining of the documents and instruments required for execution and authentication of the Notes and delivery
of the same to the Indenture Trustee (Section 2.02); 
 (B) the preparation of or obtaining of the documents and
instruments required for execution and authentication of temporary Notes and delivery of the same to the Indenture Trustee (Section 2.03); 
 (C) the duty to cause the Note Register to be kept and to give the Indenture Trustee notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register (Section
2.05); 
 (D) the duty to cause the replacement of lost or mutilated Notes upon the request of the Issuing Entity
(Section 2.06); 
  

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 (E) the fixing or causing to be fixed of any specified record date and the notification
of the Indenture Trustee and Noteholders with respect to special payment dates, if any (Section 2.08(c)); 
 (F) the
preparation, obtaining or filing of the instruments, opinions and certificates and other documents required for the release of Collateral (Section 2.10); 
 (G) the preparation of Definitive Notes in accordance with the instructions of the Clearing Agency (Section 2.13); 
 (H) the maintenance of an office in the Borough of Manhattan, City of New York, for registration and transfer or exchange of Notes
(Section 3.02); 
 (I) the duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture Trustee
the instrument specified in the Indenture regarding funds held in trust (Section 3.03); 
 (J) the direction to the
Indenture Trustee to deposit monies with Paying Agents, if any, other than the Indenture Trustee (Section 3.03); 
 (K) the obtaining and preservation of the Issuing Entity’s qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes
and the Collateral (Section 3.04); 
 (L) the preparation of all supplements and amendments to the Indenture and all
financing statements, continuation statements, instruments of further assurance and other instruments and the taking of such other action as is necessary or advisable to protect the Collateral (Section 3.05); 
 (M) the delivery of an Opinion of Counsel on the Closing Date and annual Opinions of Counsel as to the Trust Estate, and the annual
delivery of the Officer’s Certificate and certain other statements as to compliance with the Indenture (Sections 3.06 and 3.09); 
 (N) the identification to the Indenture Trustee in an Officer’s Certificate of a Person with whom the Issuing Entity has contracted to perform its duties under the Indenture (Section 3.07(b)); 
 (O) the notification of the Indenture Trustee and each Rating Agency of a Servicer Default under the Sale and Servicing Agreement and, if
such Servicer Default arises from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the taking of all reasonable steps available to remedy such failure
(Section 3.07(d)); 
  

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 (P) the Issuing Entity’s duty to use all reasonable efforts to cause the Servicer
to comply with Sections 4.09, 4.10, 4.11, 5.07(b) and Article IX of the Sale and Servicing Agreement (Section 3.14); 
 (Q) the delivery of written notice to the Indenture Trustee, Owner Trustee and each Rating Agency of each Event of Default under the
Indenture and each default by the Servicer or the Depositor under the Sale and Servicing Agreement (Section 3.19); 
 (R) the monitoring of the Issuing Entity’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officer’s Certificate and the obtaining of the Opinion of Counsel and the Independent
Certificate relating thereto (Section 4.01); 
 (S) the compliance with any written directive of the Indenture Trustee
with respect to the sale of the Collateral in a commercially reasonable manner if an Event of Default shall have occurred and be continuing (Section 5.04); 
 (T) the preparation of any written instruments required to give effect to the authority of any co-trustee or separate trustee and any
written instruments necessary in connection with the resignation or removal of the Indenture Trustee or any co-trustee or separate trustee to the Noteholders (Sections 6.08 and 6.10); 
 (U) the furnishing of the Indenture Trustee with the names and addresses of Noteholders during any period when the Indenture Trustee is
not the Note Registrar (Section 7.01); 
 (V) the preparation and, after execution by the Issuing Entity, the filing
with the Commission, any applicable state agencies and the Indenture Trustee of documents required to be filed on a periodic basis with, and summaries thereof as may be required by rules and regulations prescribed by, the Commission and any
applicable state agencies and the transmission of such summaries, as necessary, to the Noteholders (Section 7.03); 
 (W) the preparation and delivery of Issuing Entity Orders, Officer’s Certificates and Opinions of Counsel and all other actions necessary with respect to investment and reinvestment of funds in the Trust Accounts (Sections 8.02
and 8.03); 
 (X) the preparation of an Issuing Entity Request and Officer’s Certificate and the obtaining of an
Opinion of Counsel and Independent Certificates, if necessary, for the release of the Trust Estate (Sections 8.04 and 8.05); 
  

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 (Y) the preparation of Issuing Entity Orders and the obtaining of Opinions of Counsel
with respect to the execution of supplemental indentures and the mailing to the Noteholders of notices with respect to such supplemental indentures (Sections 9.01, 9.02 and 9.03); 
 (Z) arranging for the execution and delivery of new Notes conforming to any supplemental indenture (Section 9.06); 
 (AA) the duty to notify Noteholders and the Rating Agencies of redemption of the Notes or to cause the Indenture Trustee to provide such
notification (Section 10.02); 
 (BB) the preparation and delivery of all Officer’s Certificates, Opinions of
Counsel and Independent Certificates with respect to any requests by the Issuing Entity to the Indenture Trustee to take any action under the Indenture (Section 11.01(a)); 
 (CC) the preparation and delivery of Officer’s Certificates and the obtaining of Independent Certificates, if necessary, for the
release of property from the lien of the Indenture (Section 11.01(b)); 
 (DD) the notification of the Rating
Agencies, upon the failure of the Issuing Entity or the Indenture Trustee to give such notification, of the information required pursuant to Section 11.04 of the Indenture (Section 11.04); 
 (EE) the preparation and delivery to the Noteholders and the Indenture Trustee of any agreements with respect to alternate payment and
notice provisions (Section 11.06); and 
 (FF) the recording of the Indenture, if applicable (Section 11.15);
and 
 (ii) The Administrator will: 
 (A) pay the Indenture Trustee and any separate trustee or co-trustee appointed pursuant to Section 6.10 of the Indenture (a
“Separate Trustee”) from time to time reasonable compensation for all services rendered by the Indenture Trustee or Separate Trustee, as the case may be, under the Indenture (which compensation shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust); 
 (B) except as otherwise expressly provided in the
Indenture, reimburse the Indenture Trustee or any Separate Trustee upon its request 
  

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 for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee or
Separate Trustee, as the case may be, in accordance with any provision of the Indenture (including the reasonable compensation, expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be
attributable to its negligence, bad faith or willful misconduct; 
 (C) indemnify the Indenture Trustee and any Separate
Trustee and their respective agents for, and hold them harmless against, any Expenses (as defined below) incurred without negligence, bad faith or willful misconduct on their part, arising out of or in connection with the acceptance or
administration of the transactions contemplated by the Basic Documents, including the reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or
duties under the Indenture; and 
 (D) indemnify the Owner Trustee (including in its individual capacity) and its officers,
directors, employees, successors, assigns, agents and servants as primary obligor from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable and documented costs, expenses
and disbursements (including reasonable and documented legal fees and expenses and other amounts owed to the Owner Trustee pursuant to the Trust Agreement) of any kind and nature whatsoever (collectively, “Expenses”) which may at
any time be imposed on, incurred by, or asserted against the Owner Trustee in any way relating to or arising out of the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner
Trustee, except only that the Administrator shall not be liable for or required to indemnify the Owner Trustee from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 7.01 of the Owner
Trust Agreement. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee, or the termination of this Agreement. In any event of any claim, action or proceeding for which indemnity will be sought
pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Administrator, which approval shall not be unreasonably withheld or delayed. 
 (iii) [Reserved]. 
 (b) Additional Duties of
the Administrator. 
 (i) In addition to the duties set forth in Section 1(a)(i), the Administrator shall perform such
calculations and shall prepare or shall cause the preparation by other appropriate persons of, and shall execute on behalf of the Issuing Entity or the Owner Trustee, all such notices, documents, reports, filings, 
  

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 instruments, certificates and opinions that it shall be the duty of the Issuing Entity or the Owner
Trustee to prepare, file or deliver pursuant to the Related Agreements, and at the request of the Owner Trustee shall take all appropriate action that the Issuing Entity or the Owner Trustee is required to take pursuant to the Related Agreements. In
furtherance thereof, the Owner Trustee shall on behalf of itself and of the Issuing Entity, execute and deliver to the Administrator and to each successor Administrator appointed pursuant to the terms hereof, one or more powers of attorney
substantially in the form of Exhibit A hereto, appointing the Administrator the attorney-in-fact of the Owner Trustee and the Issuing Entity for the purpose of executing on behalf of the Owner Trustee and the Issuing Entity all such notices,
documents, reports, filings, instruments, certificates and opinions. Subject to Section 5 of this Agreement, and in accordance with the directions of the Owner Trustee, the Administrator shall administer, perform or supervise the performance
of such other activities in connection with the Collateral (including the Related Agreements) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of the
Administrator. 
 (ii) Notwithstanding anything in this Agreement or the Related Agreements to the contrary, the Administrator
shall be responsible for performance of the duties of the Owner Trustee set forth in Sections 5.05 and 5.06 of the Owner Trust Agreement with respect to, among other things, accounting and reports to the Depositor. 
 (iii) The Administrator shall provide written notice to the Indenture Trustee upon notification to the Administrator that the Clearing
Agency is no longer willing or able to properly discharge its responsibilities as described in the Depository Agreement. Upon the receipt of such notification from the Clearing Agency, the Administrator shall use reasonable efforts to locate and
appoint a qualified successor Clearing Agency. 
 (iv) The Administrator shall have the duties of the Administrator specified
in Section 10.02 of the Owner Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Administrator under the Owner Trust
Agreement. 
 (v) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator
may enter into transactions or otherwise deal with any of its Affiliates; provided that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuing Entity and shall be, in the
Administrator’s opinion, no less favorable to the Issuing Entity than would be available from unaffiliated parties. 
  

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 (c) Non-Ministerial Matters. 
 (i) With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any
action unless authorized pursuant to the Basic Documents and within a reasonable time before the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed action and the Owner Trustee shall not have unreasonably
withheld consent or shall not have provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include, without limitation: 
 (A) the amendment of or any supplement to the Indenture; 
 (B) the initiation of any claim or lawsuit by the Issuing Entity and the compromise of any action, claim or lawsuit brought by or against
the Issuing Entity (other than in connection with the collection of the Contracts); 
 (C) the amendment, change or
modification of the Related Agreements; 
 (D) the appointment of successor Note Registrars, successor Paying Agents and
successor Indenture Trustees pursuant to the Indenture or the appointment of a successor Administrator or a Successor Servicer, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee of its obligations under the
Indenture; and 
 (E) the removal of the Indenture Trustee. 
 (ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (A) make any
payments to the Noteholders under the Related Agreements, (B) sell the Collateral pursuant to clause (iv) of Section 5.04(a) of the Indenture, (C) take any other action that the Issuing Entity directs the Administrator not to take on its
behalf or (D) take any other action which may be construed as having the effect of varying the investment of the Holders. 
 (d) Regulation AB 
 (i) The Administrator and the Depositor acknowledge and agree that the purpose of this Section
1(d) is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance under
these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission under the Securities Act and the Exchange Act. The Administrator acknowledges
that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or
otherwise, and the 
  

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 Administrator agrees to comply with all reasonable requests made by the Depositor in good faith for
delivery of information and shall deliver to the Depositor all information and certifications reasonably required by the Depositor to comply with its Exchange Act reporting obligations, including with respect to any of its predecessors or
successors. The obligations of the Administrator to provide such information shall survive the removal or termination of the Administrator as Administrator hereunder. 
 Section 2. Records. 
 The Administrator shall maintain appropriate books of account and records
relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuing Entity and the Indenture Trustee with reasonable prior notice at any time during normal business hours. The Issuing Entity
and the Indenture Trustee shall, and shall cause their representatives to, hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and
except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations under the Indenture. 
 Section 3. Compensation. 
 As compensation for the performance of the Administrator’s obligations
under this Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to an annual payment of compensation of $1,000 which shall be solely an obligation of the Servicer. 
 Section 4. Additional Information to be Furnished to the Issuing Entity. 
 The Administrator shall furnish to the Issuing Entity and the Indenture Trustee from time to time such additional information regarding the Collateral as
the Issuing Entity or the Indenture Trustee shall reasonably request. 
 Section 5. Independence of the Administrator. 
 For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuing Entity
or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuing Entity, the Administrator shall have no authority to act for or represent the Issuing
Entity or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuing Entity or the Owner Trustee. 
 Section 6.
No Joint Venture. 
 Nothing contained in this Agreement shall (i) constitute the Administrator and any of the Issuing Entity, the
Owner Trustee or the Indenture Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) be construed to impose any liability as such on any of them or (iii) be deemed to
confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
  

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 Section 7. Other Activities of Administrator. 
 Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar
capacity as an administrator for any other Person or entity even though such person or entity may engage in business activities similar to those of the Issuing Entity, the Owner Trustee or the Indenture Trustee. 
 Section 8. Term of Agreement; Resignation and Removal of Administrator. 
 This Agreement shall continue in force until the dissolution of the Issuing Entity, upon which event this Agreement shall automatically terminate.

 (a) Subject to Sections 8(d) and 8(e), the Administrator may resign its duties hereunder by providing the
Issuing Entity and the Indenture Trustee with at least 60 days’ prior written notice. 
 (b) Subject to Sections
8(d) and 8(e), the Issuing Entity may remove the Administrator without cause by providing the Administrator with at least 60 days’ prior written notice. 
 (c) Subject to Sections 8(d) and 8(e), at the sole option of the Issuing Entity, the Administrator may be removed
immediately upon written notice of termination from the Issuing Entity to the Administrator if any of the following events shall occur: 
 (i) the Administrator shall default in the performance of any of its duties under this Agreement and, after notice of such default, shall not cure such default within 30 days (or, if such default cannot be cured in
such time, shall not give within ten days such assurance of cure as shall be reasonably satisfactory to the Issuing Entity); 
 (ii) a court having jurisdiction in the premises shall enter a decree or order for relief, and such decree or order shall not have been vacated within 60 days, in respect of the Administrator in any involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Administrator or any substantial part of its property or order the
winding-up or liquidation of its affairs; or 
 (iii) the Administrator shall commence a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of a receiver, liquidator, assignee, trustee,
custodian, sequestrator or similar official for the Administrator or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its property, shall make any general assignment for
the benefit of creditors or shall fail generally to pay its debts as they become due. 
  

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 The Administrator agrees that if any of the events specified in clauses (ii) or (iii) above shall occur,
it shall give written notice thereof to the Issuing Entity and the Indenture Trustee within seven days after the occurrence of such event. 
 (d) No resignation or removal of the Administrator pursuant to this Section shall be effective until (i) a successor Administrator acceptable to the Indenture Trustee shall have been appointed by the Issuing
Entity with the consent of the Indenture Trustee and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound hereunder. 
 (e) The appointment of any successor Administrator shall be effective only after satisfaction of the Rating Agency Condition with respect
to the proposed appointment. 
 Section 9. Action upon Termination, Resignation or Removal. 
 Promptly upon the effective date of termination of this Agreement pursuant to the first sentence of Section 8 or the resignation or removal of the
Administrator pursuant to Section 8(a), (b) or (c), respectively, the Administrator shall be entitled to be paid the prorated portion of all fees and reimbursable expenses as set forth in Section 3 accruing to it to the
date of such termination, resignation or removal. The Administrator shall forthwith upon such termination pursuant to the first sentence of Section 1.08 deliver to the Issuing Entity all property and documents of or relating to the
Collateral then in the custody of the Administrator. In the event of the resignation or removal of the Administrator pursuant to Section 8(a), (b) or (c), respectively, the Administrator shall cooperate with the Issuing
Entity and take all reasonable steps requested to assist the Issuing Entity in making an orderly transfer of the duties of the Administrator. The Administrator’s payment and indemnification obligations pursuant to this Agreement
which arose as a result of Administrator’s actions while acting as Administrator shall survive the termination of this Agreement and the resignation and removal of the Administrator. 
 Section 10. Notices. 
 Any notice,
report or other communication given hereunder shall be in writing and addressed as follows: 
 (a) if to the Issuing Entity or the
Owner Trustee, to: 
 WORLD OMNI AUTO RECEIVABLES TRUST 20[·]-[·], c/o [Owner Trustee], [Owner Trustee address]. 
 (b) if to the Administrator, to: 
 WORLD OMNI
FINANCIAL CORP., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442 Attention: Patrick Ossenbeck, Telecopy: (954) 429-2685 
  

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 (c) if to the Indenture Trustee, to: 
 (d) [·], [Indenture Trustee
address], Telephone: [·], Telecopy: [·], or
to such other address as any party shall have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed given if such notice is mailed by certified mail, postage prepaid, or hand-delivered to the
address of such party as provided above. 
 Section 11. Amendments. 
 (a) This Agreement may be amended from time to time by a written amendment duly executed and delivered by the parties hereto, with the
prior written consent of the Owner Trustee, but without the consent of the Noteholders, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the
rights of the Noteholders; provided that such amendment will not, as so evidenced, upon the request of the Indenture Trustee, by an Officer’s Certificate, materially and adversely affect the interest of any Noteholder. 
 (b) This Agreement may also be amended by the parties hereto with the prior written consent of the Owner Trustee and the holders of Notes
evidencing at least 50% of the Outstanding Amount of the Controlling Securities for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of
Noteholders; provided, further, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Contracts or distributions that are required to be made for the
benefit of the Noteholders or (ii) reduce the aforesaid percentage of the holders of Notes which are required to consent to any such amendment, without the consent of the holders of all outstanding Notes. Notwithstanding the foregoing, the
Administrator may not amend this Agreement without the permission of the Depositor, which permission shall not be unreasonably withheld. 
 (c) Successors and Assigns. 
 This Agreement may not be assigned by the Administrator unless such assignment is previously
consented to in writing by the Issuing Entity, the Owner Trustee and the Indenture Trustee and subject to the satisfaction of the Rating Agency Condition in respect thereof. An assignment with such consent and satisfaction, if accepted by the
assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuing Entity, the Indenture
Trustee or the Owner Trustee to a corporation or other organization that is a successor (by merger, consolidation or purchase of assets) to the Administrator; provided that the Rating Agency Condition is satisfied and such successor organization
executes and delivers to the Issuing Entity, the Owner Trustee and the Indenture Trustee an agreement, in form and substance reasonably satisfactory to the Issuing Entity, the Owner Trustee and the Indenture Trustee, in which such corporation or
other organization agrees to be bound hereunder by the terms of said assignment in the same manner as the Administrator is bound hereunder. Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

  

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 Section 12. Governing Law. 
 This Agreement shall, in accordance with Section 5-1401 of the General Obligations Law of the State of New York, be governed by, and construed in
accordance with, the laws of the State of New York without regard any otherwise applicable conflict of law provisions. 
 Section 13.
Headings. 
 The section and subsection headings hereof have been inserted for convenience of reference only and shall not be construed
to affect the meaning, construction or effect of this Agreement. 
 Section 14. Counterparts. 
 This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same
agreement. 
 Section 15. Severability. 
 Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 16. Not Applicable to WOFCO in Other Capacities. 
 Nothing in this Agreement shall affect any
obligation WOFCO may have in any other capacity. 
 Section 17. Limitation of Liability of Owner Trustee and Indenture Trustee.

 (a) Notwithstanding anything contained herein to the contrary, this instrument has been countersigned by [·], not in its individual capacity but solely in its capacity as Owner Trustee of the Issuing Entity, and in no event shall [·], in its individual capacity or any beneficial owner of the Issuing Entity have any liability for the representations, warranties, covenants, agreements or other obligations of the
Issuing Entity hereunder, as to all of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of this Agreement, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee
shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII, of the Owner Trust Agreement. 
 (b) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by [·], as Indenture Trustee and in no event shall [·] have any liability
for the representations, warranties, covenants, agreements or other 
  

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 obligations of the Issuing Entity hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuing Entity. 
 Section 18.
Third-Party Beneficiary. 
 The Owner Trustee is a third-party beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party hereto. 
 Section 19. Nonpetition Covenants. 
 (a) Notwithstanding any prior termination of this Agreement, each party hereto shall not, at any time, acquiesce, petition or otherwise
invoke or cause the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuing Entity under any Federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuing Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuing Entity.

 (b) Notwithstanding any prior termination of this Agreement, each party hereto shall not, solely in its capacity as a
creditor of the Depositor, at any time, acquiesce, petition or otherwise invoke or cause the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining an involuntary case against the Depositor
under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Depositor. 
 * * * * * 
  

 14 

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

			
	 WORLD OMNI AUTO RECEIVABLES
 TRUST
20[·]-[·], as Issuing
Entity

	
	By: [·], not in its individual capacity but solely as Owner
Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WORLD OMNI AUTO RECEIVABLES LLC, as Depositor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[·], as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WORLD OMNI FINANCIAL CORP., as Administrator
		
	By:	 	  

	Name:	 	
	Title:	 	

 Administration Agreement 

 EXHIBIT A 
 FORM OF POWER OF ATTORNEY 

			
	STATE OF                          	 	)
	COUNTY OF                          	 	)

 KNOW ALL MEN BY THESE PRESENTS, that [·], not in its individual capacity but solely as owner trustee (“Owner Trustee”) for the WORLD OMNI AUTO RECEIVABLES TRUST 20[·]-[·] (the “Trust”), does hereby make, constitute, and appoint
WORLD OMNI FINANCIAL CORP. as Administrator under the Administration Agreement (as defined below), and its agents and attorneys, as Attorneys-in-Fact to execute on behalf of the Owner Trustee or the Trust all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Owner Trustee or the Trust to prepare, file or deliver pursuant to the Related Agreements (as defined in the Administration Agreement), including, without limitation, to appear
for and represent the Owner Trustee and the Trust in connection with the preparation, filing and audit of federal, state and local tax returns pertaining to the Trust, and with full power to perform any and all acts associated with such returns and
audits that the Owner Trustee could perform, including without limitation, the right to distribute and receive confidential information, defend and assert positions in response to audits, initiate and defend litigation, and to execute waivers of
restriction on assessments of deficiencies, consents to the extension of any statutory or regulatory time limit, and settlements. For the purpose of this Power of Attorney, the term “Administration Agreement” means the
Administration Agreement, dated as of [·], by and among the Trust, World Omni Financial Corp., as Administrator, World Omni Auto Receivables LLC,
as Depositor, and [·], as Indenture Trustee, as such may be amended, supplemented or otherwise modified and in effect from time to time.

 All powers of attorney for this purpose heretofore filed or executed by the Owner Trustee are hereby revoked. 
 EXECUTED this      day of
                        ,          
  

			
	[·], not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 Administration AgreementNote Purchase Agreement

 Exhibit 10.1 
 NOTE PURCHASE AGREEMENT 
 by and between 
 PFIZER INC. 
 and 
 MONOGRAM BIOSCIENCES, INC. 
 Dated
as of May 5, 2006 

 Table of Contents 
  

							
	 	  	 	 	 	  	Page
	 1.
	  	Authorization of Sale of the Securities; Sales of Additional Securities	  	1
			
	 2.
	  	Agreement to Sell and Purchase the Note	  	1
			
	 3.
	  	Closing and Delivery.	  	1
				
		  	3.1	 	Closing	  	1
		  	3.2	 	Delivery	  	2
			
	 4.
	  	Representations and Warranties of the Company.	  	2
				
		  	4.1	 	Organization and Good Standing	  	2
		  	4.2	 	Corporate Power; Authorization.	  	2
		  	4.3	 	Compliance with Other Instruments	  	3
		  	4.4	 	Valid Issuance	  	3
		  	4.5	 	Indebtedness	  	3
		  	4.6	 	Absence of Liabilities	  	3
		  	4.7	 	Properties; Liens and Encumbrances	  	3
		  	4.8	 	Subsidiaries	  	3
		  	4.9	 	Registration Rights	  	4
		  	4.10	 	SEC Documents; Financial Statements	  	4
		  	4.11	 	Intellectual Property	  	4
		  	4.12	 	Capitalization	  	4
		  	4.13	 	Litigation	  	5
		  	4.14	 	Governmental Consents	  	5
		  	4.15	 	No Material Adverse Change	  	5
		  	4.16	 	Securities Violations	  	5
		  	4.17	 	Nasdaq	  	5
		  	4.18	 	Offering Valid	  	5
		  	4.19	 	Investment Company Act and Public Utility Holding Company Act	  	5
			
	 5.
	  	Representations and Warranties of the Purchaser.	  	6
			
	 6.
	  	Survival of Representations, Warranties and Agreements, Disclaimer, Indemnification.	  	7
				
		  	6.1	 	Survival	  	7
		  	6.2	 	Disclaimer	  	7
		  	6.3	 	Limitation of Liability	  	7
			
	 7.
	  	Conditions to Company’s Obligations at Closing	  	7
				
		  	7.1	 	Receipt of Payment	  	7
		  	7.2	 	Representations, Warranties and Covenants	  	7

  

 i 

 Table of Contents 
  

							
	 	 	 	 	 	  	Page
	 8.
	 	Conditions to Purchasers’ Obligations At Closing	  	7
				
		 	8.1	 	Issuance of Note	  	7
		 	8.2	 	Representations, Warranties and Covenants	  	8
		 	8.3	 	Delivery of Documents	  	8
		 	8.4	 	No Default	  	8
		 	8.5	 	Officer’s Certificate	  	8
		 	8.6	 	Legal Opinion	  	8
		 	8.7	 	Lien Searches and Terminations	  	8
			
	 9.
	 	Covenants and Agreements.	  	8
			
	 10.
	 	Restrictions on Transfer; Registration Rights.	  	8
				
		 	10.1	 	Certain Definitions	  	8
		 	10.2	 	Restrictions on Transfer.	  	9
		 	10.3	 	Registration Procedures	  	10
		 	10.4	 	Expenses of Registration	  	13
		 	10.5	 	Termination of Registration Rights	  	13
		 	10.6	 	Furnishing Information	  	13
		 	10.7	 	Indemnification	  	14
			
	 11.
	 	Miscellaneous.	  	16
				
		 	11.1	 	Termination	  	16
		 	11.2	 	Broker’s Fee	  	16
		 	11.3	 	Notices	  	16
		 	11.4	 	Waivers and Amendments	  	17
		 	11.5	 	Headings	  	17
		 	11.6	 	Severability	  	17
		 	11.7	 	Governing Law	  	17
		 	11.8	 	Submission to Jurisdiction.	  	17
		 	11.9	 	Counterparts	  	18
		 	11.10	 	Successors and Assigns	  	18
		 	11.11	 	Payment of Fees and Expenses	  	19

  

 ii 

 NOTE PURCHASE AGREEMENT 
 THIS NOTE PURCHASE AGREEMENT (“Agreement”) is made as of May 5,
2006 (the “Effective Date”), by and between MONOGRAM BIOSCIENCES, INC., a Delaware corporation with its principal place of business at 345 Oyster Point
Boulevard, South San Francisco, California 94080 (the “Company”), and PFIZER INC., 235 East 42nd Street, New York, NY 10017 (subject to Section 11.10(a), the “Purchaser”). 
 WHEREAS, the Company wishes to sell to the Purchaser, and Purchaser wishes to purchase from the Company, a 3% Senior Secured Convertible Note in the principal amount of $25,000,000 and in the
form attached hereto as Exhibit A (the “Note”), on the terms and subject to the conditions set forth in this Agreement. 
 WHEREAS, immediately prior to the execution of this Agreement, the Company and Purchaser entered into a Collaboration Agreement (as such agreement may be amended from time to time, the
“Collaboration Agreement”). 
 WHEREAS, in connection with issuing and selling
the Note to the Purchaser, the Company and the Purchaser into a Security Agreement dated as of the Effective Date (as such agreement may be amended from time to time, the “Security Agreement” and together with the Note and
this Agreement, the “Transaction Documents”). 
 AGREEMENT 
 In consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Company and the Purchaser hereby agree as follows: 
 1. AUTHORIZATION OF
SALE OF THE SECURITIES; SALES OF ADDITIONAL SECURITIES. Subject to the terms and conditions of this Agreement, the Company
has authorized the sale and issuance of the Note and the shares of Common Stock issuable upon conversion thereof (collectively, the “Securities”). 
 2. AGREEMENT TO SELL AND PURCHASE THE NOTE. Subject to the terms and conditions of this Agreement at the
Closing (as defined below), the Company will sell to the Purchaser, and the Purchaser will purchase from the Company, the Note at a purchase price equal to 100% of the principal amount thereof, for a total purchase price of twenty-five million
dollars (the “Purchase Price”). The Note executed and delivered at Closing and dated as of the date of the Closing shall (i) include a maturity date that is four years from the date of the Closing and (ii) include a
conversion price that equals 120% of the average of the closing prices of the Company’s common stock (determined in accordance with the Note) for the five trading day period ending on the Business Day (as defined in the Note) immediately
preceding the date of the Closing. 
 3. CLOSING AND DELIVERY. 
 3.1 Closing. The closing of the purchase and sale of the Note pursuant to this Agreement (the “Closing”) shall be held at
the offices of Debevoise & Plimpton LLP, 919 Third 

  

 1 

 
Avenue, New York, NY 10022 on the fourteenth day following the Effective Date (the “Closing Date”). At or prior to the Closing, the
Purchaser and the Company shall execute any related agreements or other documents required to be executed and/or delivered hereunder, dated as of the Closing Date. 
 3.2 Delivery. At the Closing (i) the Purchaser shall deliver to the Company a check or wire transfer funds in the amount of the Purchase Price; and (ii) the Company shall issue and deliver to the
Purchaser the Note. 
 4. REPRESENTATIONS AND WARRANTIES OF THE
COMPANY. 
 Except as set forth on the Schedule of Exceptions delivered to the Purchaser concurrently herewith, the Company
hereby represents and warrants as of the date hereof and as of the Closing to the Purchaser as follows: 
 4.1 Organization and Good
Standing. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, has full corporate power and authority to own or lease its properties and conduct its business as
described in the SEC Documents (as defined in Section 4.10 below), and is duly qualified as a foreign corporation and in good standing in all jurisdictions in which the character of the property owned or leased or the nature of the business
transacted by it makes qualification necessary, except where the failure to be so qualified would not have a material adverse effect on the business, properties, financial condition or results of operations of the Company or to perform its
obligations under any of the Transaction Documents (any of the foregoing, a “material adverse effect”). 
 4.2 Corporate
Power; Authorization. 
 (a) The Company has all requisite corporate power, and has taken all requisite corporate action, to execute and
deliver this Agreement, the other Transaction Documents, to sell and issue the Securities and carry out and perform all of its obligations under this Agreement and the other Transaction Documents. Each of Transaction Documents constitutes a legal,
valid and binding obligation of the Company, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of
creditors’ rights generally, (ii) as limited by equitable principles generally, including any specific performance, and (iii) in the case of this Agreement and the Collaboration Agreement, to the extent that the enforceability of
those provisions relating to indemnity or contribution may be limited by applicable laws. 
 (b) Without limiting the generality of the
foregoing, the board of directors of the Corporation have approved the transactions contemplated by the Transaction Documents for purposes of Section 203 of the Delaware General Corporation Law. No provision of Section 203 of the Delaware
General Corporation Law or the articles of incorporation or bylaws of the Company would restrict or impair the ability of the Purchaser to vote, or otherwise to exercise the rights of a shareholder with respect to the shares of Common Stock acquired
by Purchaser or one of its Subsidiaries (as defined in the Note) prior to the date hereof or that are part of the Securities. 
  

 2 

 4.3 Compliance with Other Instruments. The execution, delivery and performance of and compliance
with this Agreement and the other Transaction Documents and the issuance, sale and delivery of the Securities by the Company and any exercise of rights by the Purchaser thereunder will not conflict with or result in a breach or violation of the
terms, conditions or provisions of, or result in any acceleration or loss of rights under (including upon the passage of time or notice or both) (a) the Certificate of Incorporation or Bylaws of the Company, (b) any statute, law, rule or
regulation (including without limitation, the rules and regulations applicable to the Nasdaq Stock Market and applicable securities laws) applicable to the Company, (c) any state or federal order, judgment or decree applicable to the Company or
(d) any indenture, mortgage, lease or other agreement or instrument to which the Company or any of its properties is subject, and, in the case of clauses (b), (c) or (d), where such breach or violation would have a material adverse effect
or materially impair or limit the exercise of rights by the Purchaser granted under any of the Transaction Documents. The execution, delivery and performance of and compliance with this Agreement and the issuance, sale and delivery of the Securities
by the Company will not require the approval of its stockholders, or result in the creation or imposition of any lien upon any of the properties or assets of the Company. 
 4.4 Valid Issuance. The Securities, when issued and paid for in compliance with the provisions of this Agreement (or, in the case of shares of Common Stock, upon any conversion of the Note), will be validly
issued, fully paid and nonassessable and will not be issued in violation of any preemptive right that has not been effectively waived. 
 4.5 Indebtedness. Schedule 4.5 is a complete and correct list of each credit agreement, loan agreement, indenture, purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any
Indebtedness of, or any extension of credit (or commitment for any extension of credit) to, or Guarantee by, the Company outstanding on the Effective Date, (A) the aggregate principal or face amount of which, for each such arrangement, equals
or exceeds (or, based on credit commitments existing as of the date hereof, may equal or exceed) $50,000, or (B) which constitutes Permitted Lien Indebtedness (as defined in the Note), and the aggregate principal or face amount outstanding or
that may become outstanding (based on credit commitments existing as of the date hereof) under each such arrangement as of the Effective Date is correctly described on Schedule 4.5. 
 4.6 Absence of Liabilities. Other than in connection with the transactions contemplated by this Agreement, neither the Company nor any of its
subsidiaries has any liabilities (fixed or contingent, including without limitation any tax liabilities due or to become due), except those which (i) are fully reflected or provided for in the Financial Statements or (ii) were incurred in
the ordinary course of business (and which remain outstanding), none of which would, individually or in the aggregate, have a material adverse effect. 
 4.7 Properties; Liens and Encumbrances. Except for Permitted Liens (as such term is defined in the Note), the Company owns all its material property and assets free and clear of any and all Liens (as defined in
the Note), encumbrances and other security interests. 
 4.8 Subsidiaries. The Company has no Subsidiaries (as defined in the Note).

  

 3 

 4.9 Registration Rights. Except as provided for herein and as set forth in the SEC Documents, the
Company is not under any obligation to register under the Securities Act any of its currently outstanding securities or any of its securities which may hereafter be issued. The Company is eligible to register Registrable Securities (as defined in
Section 10) on a Registration Statement on Form S-3 in accordance with Section 10. No registration obligation disclosed in the SEC Documents would limit the exercise of the registration rights granted herein in the manner set forth herein.

 4.10 SEC Documents; Financial Statements. The Company has filed in a timely manner all documents that the Company was required to
file with the United States Securities and Exchange Commission (the “SEC”) under Sections 13, 14(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), during the twelve
(12) months preceding the Effective Date. As of their respective filing dates (or, if amended, when amended), all documents filed by the Company with the SEC (the “SEC Documents”) complied in all material respects with
the requirements of the Exchange Act. None of the SEC Documents as of their respective dates contained any untrue statement of material fact or omitted to state a material fact required (under the federal securities laws in connection with the sale
of the Securities) to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. The financial statements (including the notes thereto) of the Company included in the
SEC Documents (the “Financial Statements”) comply as to form and substance in all material respects with applicable accounting requirements and with the published rules and regulations of the SEC with respect thereto. The
Financial Statements have been prepared in accordance with generally accepted accounting principles consistently applied and fairly present the financial position of the Company at the dates thereof and the results of its operations and cash flows
for the periods then ended (subject, in the case of unaudited statements, to normal, recurring adjustments). 
 4.11 Intellectual
Property. Except as set forth on Schedule 4.11 hereto, the Company owns or possesses adequate rights to use all material patents, patent rights, inventions, trade secrets and know-how that are necessary for the conduct of its business as
presently conducted and as described in the SEC Documents. Except as set forth in the SEC Documents, the Company has not received any written notice of, nor has any knowledge of, any infringement of or conflict with asserted rights of others with
respect to any patent, patent right, invention, trade secret or know-how that, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse effect. 
 4.12 Capitalization. The capitalization of the Company is as described in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2005 and subsequently filed SEC Documents. The Company has not issued any capital stock since December 31, 2005 other than pursuant to equity incentive and employee benefit plans, warrants and other convertible securities disclosed
in the Company’s SEC Documents filed before the Effective Date. The outstanding shares of capital stock of the Company have been duly and validly issued and are fully paid and nonassessable and were not issued in violation of any preemptive
rights not effectively waived. Except as set forth in or contemplated by the Company’s SEC Documents or as otherwise described in this Agreement, there are no outstanding rights (including, without limitation, preemptive rights), warrants or
options to acquire, or instruments convertible into or exchangeable for, any unissued shares of capital stock 

  

 4 

 
or other equity interest in the Company, or any contract, commitment, agreement, understanding or arrangement of any kind to which the Company is a party and
relating to the issuance or sale of any capital stock of the Company, any such convertible or exchangeable securities or any such rights, warrants or options. 
 4.13 Litigation. There is no pending or, to the Company’s knowledge, threatened, action, suit or other proceeding to which the Company is a party or to which its property or assets are subject that is not
disclosed in the SEC Documents that is required to be so disclosed. 
 4.14 Governmental Consents. No consent, approval, order or
authorization of, or registration, qualification, designation, declaration or filing with, any federal, state, or local governmental authority on the part of the Company is required in connection with the consummation of the transactions
contemplated by the Transaction Documents except for compliance with the securities and blue sky laws in the states and other jurisdictions in which Securities are offered and/or sold, which compliance will be effected in accordance with such laws.

 4.15 No Material Adverse Change. Except as otherwise disclosed herein, since December 31, 2005, there have not been any
changes in the assets, liabilities, financial condition or operations of the Company from that reflected in the Company’s Form 10-K for the period ended December 31, 2005 except changes in the ordinary course of business or which have not
been, either individually or in the aggregate, materially adverse. 
 4.16 Securities Violations. The Company represents and warrants
that none of its directors or officers is or has within the last five years, been the subject of, or a defendant in: (i) an enforcement action or prosecution (or settlement in lieu thereof) brought by a governmental authority relating to a
violation of securities, tax, fiduciary or criminal laws, or (ii) a civil action (or settlement in lieu thereof) brought by shareholders or investors in a common investment vehicle for violation of duties owed to the shareholders or investors.

 4.17 Nasdaq. The Company’s Common Stock is listed on The Nasdaq National Market. 
 4.18 Offering Valid. Assuming the accuracy of the representations and warranties of the Purchaser contained in Section 5.1 hereof, the offer
and issuance of the Securities will be exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), and will have been registered or qualified (or are exempt from registration
and qualification) under the registration, permit or qualification requirements of all applicable state securities laws. Neither the Company nor any agent on its behalf has solicited or will solicit any offers to sell or has offered to sell or will
offer to sell all or any part of the Securities to any person or persons so as to bring the sale of such Securities by the Company within the registration provisions of the Securities Act or any state securities laws. 
 4.19 Investment Company Act and Public Utility Holding Company Act. The Company is not (a) an “investment company” as defined in,
or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding Company Act of 1935. 
  

 5 

 5. REPRESENTATIONS AND WARRANTIES OF
THE PURCHASER. 
 5.1 The Purchaser represents and warrants as of the date hereof and as of the
Closing to the Company that: 
 (a) Without limiting any of the representations and warranties of the Company in any Transaction Document, the
Purchaser, taking into account the personnel and resources it can practically bring to bear on the purchase of the Securities contemplated hereby, either alone or together with the advice of the Purchaser’s representative, is knowledgeable,
sophisticated and experienced in making, and is qualified to make, decisions with respect to investments in securities presenting an investment decision like that involved in the purchase of the Securities, including investments in securities issued
by the Company, and has requested, received, reviewed and considered, either alone or with the Purchaser’s representative, all information the Purchaser deems relevant (including the SEC Documents) in making an informed decision to purchase the
Securities. 
 (b) The Purchaser is acquiring the Securities being acquired by the Purchaser pursuant to this Agreement for its own account
for investment only and with no present intention of distributing any of such Securities or any arrangement or understanding with any other persons regarding the distribution of such Securities, except in compliance with Section 10. 

(c) The Purchaser will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or
otherwise acquire or take a pledge of) any of the Securities purchased hereunder except in compliance with the Securities Act, applicable blue sky laws, and the rules and regulations promulgated thereunder. 
 (d) The Purchaser is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act. 

(e) The Purchaser has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions contemplated hereby
and has taken all necessary action to authorize the execution, delivery and performance of this Agreement. Upon the execution and delivery of this Agreement by the Purchaser, this Agreement shall constitute a valid and binding obligation of the
Purchaser, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’ rights generally,
(ii) as limited by equitable principles generally, including any specific performance, and (iii) as to those provisions of Section 10.7 relating to indemnity or contribution. 
 5.2 The Purchaser represents and warrants to and covenants with the Company that it has not engaged in any short sales of the Company’s
Common Stock within the three (3) month period prior to the Closing Date. 
  

 6 

 5.3 The Purchaser understands that nothing in the SEC Documents, this Agreement or any other
materials presented to the Purchaser in connection with the purchase and sale of the Securities constitutes legal, tax or investment advice rendered to the Purchaser and that independent legal counsel has reviewed these documents and materials on
the Purchaser’s behalf. Without limiting any of the representations and warranties of the Company in any Transaction Document, the Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed
necessary or appropriate in connection with its purchase of the Securities. 
 6. SURVIVAL OF
REPRESENTATIONS, WARRANTIES AND AGREEMENTS, DISCLAIMER, INDEMNIFICATION. 
 6.1 Survival. Notwithstanding any investigation made by any party to this Agreement, all representations and warranties made by the Company and the Purchaser herein and in the certificates for the securities
delivered pursuant hereto shall survive the Closing. The representations and warranties shall expire on the earlier of (i) repayment in full of all outstanding amounts under the Note or (ii) conversion of all outstanding amounts under the
Note pursuant to Section 6 of the Note. The covenants and agreements of the parties herein shall survive without expiration unless otherwise specified herein. 
 6.2 Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY TO THE OTHER PARTY OF ANY NATURE, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY
WARRANTY OF NONINFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 
 6.3 Limitation of Liability. NEITHER PARTY SHALL
BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT. 
 7. CONDITIONS TO COMPANY’S OBLIGATIONS AT CLOSING. The Company’s obligation to sell, issue and deliver the Note to the
Purchaser at the Closing shall be subject to the following conditions to the extent not waived by the Company: 
 7.1 Receipt of Payment.
The Company shall receive payment at the Closing by check or wire transfer of immediately available funds, in the full amount of the Purchase Price. 
 7.2 Representations, Warranties and Covenants. The representations and warranties made by the Purchaser in Section 5 hereof shall be true and correct when made and as of the Closing. The Purchaser shall
have performed and complied with all obligations and conditions required to be performed and complied with by the Purchaser under this Agreement on or prior to the Closing. 
 8. CONDITIONS TO PURCHASERS’ OBLIGATIONS AT CLOSING.
The Purchaser’s obligation to accept delivery of and pay for the Note at the Closing shall be subject to the following conditions to the extent not waived by such Purchaser: 
 8.1 Issuance of Note. The Purchaser shall have received the Note, duly executed and delivered. 
  

 7 

 8.2 Representations, Warranties and Covenants. The representations and warranties made by the
Company in Section 4 hereof shall be true and correct on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date and the representations and warranties made by the Company in the Security Agreement
shall be true and correct on and as of the Closing Date. The Company shall have performed and complied with all obligations, covenants and conditions to be performed and complied with by the Company under this Agreement on or prior to the Closing.

 8.3 Delivery of Documents. The Purchaser shall have received the Security Agreement, duly executed and delivered by the Company.

 8.4 No Default. As of the Closing, the Company shall not be in default or material breach of this Agreement or the Collaboration
Agreement 
 8.5 Officer’s Certificate. The Purchaser shall have received a certificate, dated the Closing Date, signed by an
executive officer of the Company, confirming compliance with the conditions set forth in Section 8.2 and 8.4. 
 8.6 Legal
Opinion. The Purchaser shall have received from Cooley Godward LLP, counsel for the Company, a legal opinion, dated as of the Closing Date, which contains the opinions set forth on Exhibit B and is otherwise in form and substance
reasonably satisfactory to the Purchaser. 
 8.7 Lien Searches and Terminations. The Purchaser shall have received certified copies of
search reports, each dated on or reasonably prior to the Closing Date and conducted by a Person reasonably acceptable to the Purchaser, with respect to (A) Uniform Commercial Code filings, federal and state tax liens and judgment liens for the
Company and (B) each jurisdiction in which a Uniform Commercial Code financing statement may have been filed under applicable law (as in effect prior to, on or after July 1, 2001) to perfect the personal property collateral of the Company
and (ii) evidence of the termination of each Lien (as defined in the Note) indicated in such search reports (except for any Permitted Liens (as defined in the Note), including duly executed Uniform Commercial Code termination statements and any
other documents required to terminate the effectiveness of filings creating liens with the Patent and Trademark Office or the Copyright Office. 
 9. COVENANTS AND AGREEMENTS. 
 9.1 The Company shall at all times prior
to the full repayment or conversion of the Note a sufficient number of shares for issuance upon any conversion of the Note. 
 10.
RESTRICTIONS ON TRANSFER; REGISTRATION RIGHTS. 
 10.1
Certain Definitions. When used in this Section 10 of this Agreement, the following terms shall have the following respective meanings: 
 (a) “Holder” shall mean the Purchaser and each of its permitted assigns under Section 10.2(c) then holding any Registrable Securities. 
  

 8 

 (b) “Registrable Securities” shall mean (i) the shares of Common Stock
issued or issuable pursuant to the terms of the Note (including, to the extent permitted by the SEC, any Common Stock issuable as payment of interest on the principal amount of the Note), (ii) any other Common Stock held by Pfizer Inc. or any
of its subsidiaries as of the Effective Date and (iii) any other shares of Common Stock issued in respect any security listed in clause (i) or (ii) above as a result of stock splits, stock dividends, reclassifications,
recapitalizations, or similar events. 
 (c) “Registration Expenses” shall mean all expenses other than Selling
Expenses incurred in connection with registrations, filings or qualifications pursuant to this agreement, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, escrow fees, fees and
disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the Holder. 
 (d) “Selling
Expenses” shall mean all underwriting discounts and selling commissions and, except as set forth in Section 10.1 (c) above, fees and disbursements of counsel for the Holder, applicable to the applicable sale. 
 10.2 Restrictions on Transfer. 
 (a)
The Purchaser agrees not to dispose of any Security required to bear a legend referred to under Section 10.2(b) unless and until: 
  

	 	(i)	There is then in effect a registration statement under the Securities Act covering the proposed disposition of such Security and such disposition is made in accordance with
such registration statement; or 

  

	 	(ii)	(A) Except in connection with a sale referred to in paragraph (a)(i) or exempt from registration under Rule 144, (A) the transferee of such Security has agreed in
writing to be bound by the terms of this Agreement, and (B) if reasonably requested by the Company, the Purchaser shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company that such disposition will not
require registration of such securities under the Securities Act. 

  

	 	(iii)	Notwithstanding the provisions of paragraphs (a)(i) and (a)(ii) above, no such registration statement or opinion of counsel shall be necessary for a transfer by the Purchaser
(or its permitted transferee) to the extent such transfer is made by (A) a partnership to its partners or former partners in accordance with partnership interests, (B) a limited liability company to its members or former members in
accordance with their interest in the limited liability company, or (C) a corporation to a subsidiary of which it owns at least eighty percent (80%) of the capital stock, or to a parent corporation that owns at least eighty percent
(80%) of the capital stock of the Purchaser. 

  

 9 

 (b) Each certificate representing Securities shall be stamped or otherwise imprinted with a legend
substantially similar to the following (in addition to any legend required under applicable state securities laws, as provided elsewhere in this Agreement or any other applicable agreement or instrument): 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 The Company shall be obligated to reissue promptly unlegended certificates at the request of the Purchaser if (A) the Purchaser shall have obtained
an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so disposed of (with no need for compliance with Rule 144) without
registration, qualification or legend or (B) the Purchaser has disposed of such Securities pursuant to an effective registration statement. 
 Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky
authority authorizing such removal. 
 (c) The registration rights granted under Section 10.3 of this Agreement shall not be
transferable except in connection with transfers permitted under Section 10.2(a)(iii). 
 10.3 Registration Procedures. The
Company is obligated to do the following: 
 (a) The Company shall prepare and file with the SEC, as promptly as practicable and in any event
no later than thirty (30) days following the Closing Date, a registration statement in order to register with the SEC the resale by the Holder, from time to time, of the Registrable Securities through Nasdaq and/or the facilities of any
national securities exchange on which the Common Stock is then traded, and/or in privately negotiated transactions and/or such other methods of distribution as may be elected by the Holder (a “Registration Statement”). The
Company shall use reasonable best efforts to cause such Registration Statement to be declared effective as soon as reasonably practicable following the Closing Date. 
 (b) The Company shall prepare and file with the SEC (i) such amendments and supplements to the Registration Statement and the prospectus used in connection therewith, (ii) such SEC Documents and
(iii) such other filings required by the SEC, in each case as may be necessary to keep the Registration Statement continuously effective and 

  

 10 

 
not misleading until all of the Registrable Securities held by the Holder that are registered under such Registration Statement have been resold.
Notwithstanding the foregoing, if, at any time following the effectiveness of a Registration Statement, the Company shall have determined that the Company may be required to disclose a material corporate development, the disclosure of which would be
materially adverse to the Company, the Company may suspend the effectiveness of a Registration Statement until such time as an amendment to such Registration Statement has been filed by the Company and declared effective by the SEC or until such
time as the Company has filed an appropriate report with the SEC pursuant to the Exchange Act, which suspension shall endure for such period as deemed necessary by the Company upon advice of counsel (a “Suspension Period”),
by giving notice to the Holders, provided that (x) the Company will use commercially reasonable efforts to limit the length of any Suspension Period to a reasonable period of time but in no event (i) shall any Suspension Period exceed 45
days in any single occurrence, (ii) shall any Suspension Period commence within 10 calendar days of another Suspension Period or (iii) shall Suspension Periods exceed a total of 60 days in any twelve month period and (y) the Company
will use reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then existing and end the Suspension Period. Each Holder agrees that, upon receipt of any notice from the Company of a Suspension Period, the Holder will not sell any Registrable
Securities pursuant to the Registration Statement until (i) the Holder is advised in writing by the Company that the use of the applicable prospectus may be resumed, (ii) the Holder has received copies of any additional or supplemental or
amended prospectus, if applicable, and (iii) the Holder has received copies of any additional or supplemental filings which are incorporated or deemed to be incorporated by reference in such prospectus. 
 (c) In order to facilitate the public sale or other disposition of all or any of the Registrable Securities by the Holders, the Company shall furnish to
the Holders with respect to the Registrable Securities registered under a Registration Statement such number of copies of prospectuses, prospectus supplements and preliminary prospectuses as the Holders reasonably request in conformity with the
requirements of the Securities Act. 
 (d) The Company shall file any documents required of the Company for normal blue sky clearance in
states specified in writing by the Holders; provided, however, that the Company shall not be required to qualify to do business or consent to service of process in any jurisdiction in which it is not now so qualified or has not so consented.

 (e) The Company shall furnish to the Holders copies of reasonably complete drafts of all such documents proposed to be filed (including
exhibits), and any such holder shall have the opportunity to object to any information pertaining solely to such Holder that is contained therein and the Company will make the corrections reasonably requested by such holder with respect to such
information prior to filing any such registration statement or amendment. 
 (f) The Company shall promptly notify each Holder and the
underwriter or underwriters, if any: 
  

	 	(i)	when such registration statement or any prospectus used in connection therewith, or any amendment or supplement thereto, has been filed and, with respect to such registration
statement or any post-effective amendment thereto, when the same has become effective; 

  

 11 

	 	(ii)	of any written comments from the Commission with respect to any filing referred to in clause (i) or of any written request by the Commission for amendments or
supplements to such registration statement or prospectus; and 

  

	 	(iii)	of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 

 (g) The Company shall use its best efforts to cause all Registrable Securities covered by such registration statement to be registered with or approved
by such other United States governmental agencies or authorities as may be necessary to enable each holder thereof to consummate the disposition of such Registrable Securities. 
 (h) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering. 
 (i) The Company shall cause all such Registrable Securities registered pursuant
hereunder to be listed on NASDAQ or such securities exchange(s) on which the Common Stock of the Company is then listed. 
 (j) The Company
shall provide a transfer agent and cooperate with the Holders to facilitate timely preparation and delivery of certificates representing the Registrable Securities sold pursuant to such registration statement free of any restrictive legends and in
such denominations and registered in such names as Purchaser may request in writing at least two business days prior to sales of securities pursuant to such registration statement. 
 (k) Otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its
security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder, which statement shall cover the period of at least twelve months
beginning with the first day of the Company’s first full calendar quarter after the effective date of the registration statement. 
 (l)
Make reasonably available for inspection by the Holders, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by the Holders or underwriter, all financial and
other records, pertinent corporate documents and properties of the Company, and cause the officers, 

  

 12 

 
directors, employees and independent accountants of the Company to supply all information reasonably requested by the Holders, underwriter, attorney,
accountant or agent in connection with such registration statement, in each case as and to the extent necessary to permit the holders to conduct a reasonable investigation within the meaning of the Securities Act. 
 (m) In connection with any underwritten public offering of the Securities, the Company shall furnish to each Holder a signed counterpart, addressed to
such Holder (and the underwriters), 
  

	 	(i)	an opinion of counsel for the Company, dated the effective date of the underwriting agreement, reasonably satisfactory in form and substance to such holder and underwriters,
and 

  

	 	(ii)	a “comfort” letter, dated the effective date of such registration statement (and a bring-down comfort letter) dated the date of any closing under the underwriting
agreement), signed by the independent public accountants who have certified the Company’s financial statements included in such registration statement, 

 in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of the accountants’ letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in underwritten public offerings of securities and, in the case of
the accountants’ letter, such other financial matters, as such holder (or the underwriters) may reasonably request. 
 10.4 Expenses
of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any registration under Section 10.3 herein shall be borne by the Company. All Selling Expenses incurred in connection with any
registrations hereunder, shall be borne by the Holders. 
 10.5 Termination of Registration Rights. All registration rights granted to
the Holders under this Section 10 shall terminate and be of no further force and effect upon the earlier to occur of (i) date that all Registrable Securities held by the Holders may be immediately sold pursuant to Rule 144(k) and
(ii) the fourth anniversary of the date of the Closing. 
 10.6 Furnishing Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Section 10.3 that each Holder shall furnish to the Company such information regarding itself, the Securities held by the Holder and the intended method of disposition of such securities
as shall be required under applicable law to effect the registration of the Securities. As soon as practicable following the Closing Date, the Company shall Deliver a questionnaire (a “Questionnaire”) to the Holder requesting, among other
things, the following information regarding the Holder: (i) legal name, address, telephone and fax number, (ii) beneficial ownership of the Registrable Securities to be registered and other securities of the Company held by Holder,
(iii) relationships with the Company, and (iv) 

  

 13 

 
intended plan of distribution of the Securities to be registered. If a properly completed and signed Questionnaire is received by the Company not later than
10 business days after receipt thereof by the Holder, the Holder delivering such questionnaire shall be entitled to have its Securities included in the Registration Statement. 
 10.7 Indemnification. In the event any Registrable Securities are included in a Registration Statement under Section 10.3: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless the Holders, the partners, officers, directors and legal counsel of the
Holder, any underwriter (as defined in the Securities Act) for the Holder and each person, if any, who controls the Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, expenses
(including attorney fees) or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material fact
contained in such Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) the omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under
the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such Registration Statement; and the Company will reimburse the Holders and each such partner, officer or director, underwriter or
controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided however, that the indemnity agreement contained in this
Section 10.7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall
the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration by the Holders or any such partner, officer, director, underwriter or controlling person of the Holders. 
 (b) To the extent permitted by law, the Holder will, if Registrable Securities held by the Holder are included in the securities as to which such registration, qualifications or compliance is being effected, indemnify
and hold harmless the Company, each of its directors, its officers and legal counsel and each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such
Registration Statement or any of such other Holder’s partners, directors or officers or any person who controls the Holder, against any losses, claims, damages, expenses (including attorney fees), or liabilities (several) to which the Company
or any such director, officer, counsel, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or
state law, insofar as such losses, claims, damages or liabilities 

  

 14 

 
(or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs
in reliance upon and in conformity with written information furnished by the Holders under an instrument duly executed by the Holder and stated to be specifically for use in connection with such registration; and the Holder will reimburse any legal
or other expenses reasonably incurred by the Company or any such director, officer, counsel, controlling person, underwriter in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially
determined that there was such a Violation; provided, however, that the indemnity agreement contained in this Section 10.7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this Section 10.7(b) exceed the net proceeds from the offering received by
the Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 10.7 of notice of the commencement of any action
(including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 10.7, deliver to the indemnifying party a written notice of the commencement thereof
and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own 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 proceeding. The failure to deliver written notice
to the indemnifying party within a reasonable time of the commencement of any such action, to the extent materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party
under this Section 10.7, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 10.7. 
 (d) If the indemnification provided for in this Section 10.7 is held by a court of competent jurisdiction to be unavailable to an indemnified party
with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or
payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in
connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court
of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by the Purchaser hereunder exceed the net proceeds from the offering
received by the Holder. 
  

 15 

 (e) The obligations of the Company and the Holder under this Section 10.7 shall survive completion
of any offering of Registrable Securities in a Registration Statement. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 
 11. MISCELLANEOUS. 
 11.1 Termination. This Agreement shall terminate without action by either party to the extent the Closing does not occur within 30 days of the date hereof. Termination shall not relieve any party of any liability for any breach
occurring prior to such termination. 
 11.2 Broker’s Fee. The Company and the Purchaser hereby represent that there are no
brokers or finders entitled to compensation in connection with the sale of the Securities; and the Company and the Purchaser shall indemnify each other for any such fees for which they are responsible. 
 11.3 Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed facsimile or
mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of facsimile transmission, or when so received in the case of mail or
courier, and addressed as follows: 
  

			
	(a)	    	If to the Company:
		
		    	 Monogram Biosciences Inc.

		    	 345 Oyster Point Boulevard

		    	 South San Francisco, California 94080

		
		    	 Attention: Chief Executive Officer

		    	 Facsimile No: +1 650-635-1111

		
		    	with a copy to:
		
		    	 Attention: General Counsel

		    	 Facsimile No.: +1 650-635-1111

 or to such other person at such other place as the Company shall designate to the Purchaser in writing.

  

			
	(b)	    	If to the Purchaser:
		
		    	 Pfizer Inc.

		    	 235 East 42nd Street

		    	 New York, New York 10017

		
		    	 Attention: President, Pfizer Human Health

		    	 Facsimile No.: +1 212-808-8652

  

 16 

			
		    	with a copy to:
		
		    	 Attention:       Vice Chairman, Executive Vice President

		    	     and General Counsel

		    	 Facsimile No.: +1 212-808-8924

 or to such other person at such other place as the Purchaser shall designate to the Company in writing.

 11.4 Waivers and Amendments. Neither this Agreement nor any provision hereof may be changed, waived, discharged, terminated,
modified or amended except upon the written consent of the Company and the Purchaser. 
 11.5 Headings. The headings of the various
sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement. 
 11.6 Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired thereby. 
 11.7 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to conflicts of law principles. 
 11.8 Submission to Jurisdiction. 
 (a) Submission to Jurisdiction. In accordance with Section 5-1402 of the New York General Obligations Law, the Company hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the holder may otherwise have to bring any action
or proceeding relating to this Agreement against the Company or its properties in the courts of any jurisdiction. 
  

 17 

 (b) Waiver of Venue and Inconvenient Forum. The Company hereby irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in
paragraph (a) of this Section 11.8. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 (c) Service of Process. Each Obligor irrevocably consents to service of process in the manner provided for notices in
Section 11.3. This Section 11.8(c) does not affect any other method of service allowed by law. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 (d) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.8. 
 11.9 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and delivered to the other parties. 
 11.10 Successors and Assigns. (a) Pfizer Inc. may designate one or more of its direct or indirect subsidiaries to purchase the Note
and/or any other obligations hereunder and in such event the “Purchaser” shall refer to such assignee(s), provided that Pfizer Inc. will remain liable for the obligations of such subsidiaries hereunder. 
 (b) Except as provided in Section 11.10(a), this Agreement and all obligations hereunder shall not be assignable or otherwise transferable by any
party hereto without the prior written consent of the other parties hereto, and any purported assignment or other transfer without such consent shall be void and unenforceable. 
 (c) Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns,
heirs, executors and administrators of the parties hereto (and for the avoidance of doubt references herein to a party shall also be deemed to also refer to successors and assigns). 
  

 18 

 11.11 Payment of Fees and Expenses. Except as provided in Section 10, each of the Company and
the Purchaser shall bear its own expenses and legal fees incurred on its behalf with respect to this Agreement and the transactions contemplated hereby. If any action at law or in equity is necessary to enforce or interpret the terms of this
Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 
 [SIGNATURE PAGE TO FOLLOW] 
  

 19 

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

			
	MONOGRAM BIOSCIENCES, INC.
		
	By:	 	 /s/ William D. Young

	Name:	 	William D. Young
	Title:	 	Chief Executive Officer
	
	PFIZER INC.
		
	By:	 	 /s/ Marie-Caroline Sainpy

	Name:	 	Marie-Caroline Sainpy
	Title:	 	Senior Vice President USP Marketing and Worldwide Commercial Development

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