Document:

Exhibit 4.3

Genworth Life and Annuity Insurance Company

 

Funding Agreement

 

POLICYHOLDER:  Genworth Global Funding Trust 2008-24, its successors and permitted
assignees

 

POLICY NUMBER: GS-R6040

 

EFFECTIVE DATE: May 15, 2008

 

ISSUE STATE:  Virginia

 

Genworth
Life and Annuity Insurance Company (“GLAIC”) (which term includes its
successors and permitted assignees) and the Policyholder hereby agree to the
terms of this funding agreement (this “Policy”).  This Policy, including the attached
Accumulation Fund Schedule, and any amendments thereto, constitutes the entire
contract between GLAIC and the Policyholder.  
This Policy is delivered in the Issue State and governed by the laws of
that state.

 

In witness whereof, GLAIC and the Policyholder have agreed to this
Policy as of the Effective Date and caused the same to be in full force and
effect.

 

	
  /s/
  Thomas E. Duffy­

  	
   

  	
  /s/Pamela
  S. Schutz

  
	
  Secretary

  	
  President

  

 

Genworth Life and Annuity Insurance Company

6610 West Broad Street

Richmond, VA  23230

1-800-635-8056

 

 

Table of Contents

 

	
  Section 1 – Accumulation Fund – Establishment
  and Operation

  
	
   

  
	
  Section 2 – Payments From the Accumulation Fund

  
	
   

  
	
  Section 3 – Termination of Agreement

  
	
   

  
	
  Section 4 – General Provisions

  
	
   

  
	
  Section 5 – Definitions

  

 

 

SECTION 1 – ACCUMULATION
FUND – ESTABLISHMENT AND OPERATION

 

1.1  POLICY PAYMENTS.  The Policyholder agrees to pay to GLAIC in
the currency specified in the Accumulation Fund Schedule (the “Specified
Currency”), and by wire transfer, the Net Deposit Amount on the Deposit Date.  Regardless of the Effective Date of the
Policy or the Deposit Date specified in the Accumulation Fund Schedule, this
Policy shall become effective only upon the receipt by GLAIC, or its designee,
of the Net Deposit Amount.

 

1.2  ESTABLISHMENT OF THE ACCUMULATION FUND.  Upon the receipt by GLAIC of the Net Deposit
Amount, GLAIC will establish an Accumulation Fund.  The Accumulation Fund is a general account
record that reflects the Fund Balance under this Policy.  GLAIC is neither a trustee nor a fiduciary
with respect to the Accumulation Fund. 
The Net Deposit Amount is allocated to GLAIC’s general account for
investment but all funds received under this Policy will become the exclusive
property of GLAIC without any duty or requirement for segregation or separate
investment.  The Fund Balance is not
affected by the investment results of the assets held in the general account.

 

1.3  INTEREST ON THE ACCUMULATION FUND.  The Guaranteed Rate for the Accumulation Fund
is effective until the Fund Balance is paid in full to the Policyholder.  Interest is credited based upon the
methodology specified in the Accumulation Fund Schedule.

 

1.4  VALUE OF THE ACCUMULATION FUND.  The Fund Balance on any given day equals the Deposit
Amount plus interest, if any, credited thereon at the Guaranteed Rate, less any
payments made under Section 2 of the Policy.

 

SECTION 2 – PAYMENTS
FROM THE ACCUMULATION FUND

 

2.1  PERIODIC
PAYMENTS.  GLAIC will
pay the Policyholder the amounts specified in the Accumulation Fund Schedule as
Periodic Payouts, including the Maturity
Payout, on the dates specified (subject to Section 4.7).  Such payment amounts are adjusted to reflect
any other payment payable under this Section of the Policy.  The interest factor used in making such
adjustments is the Guaranteed Rate.

 

2.2  OPTIONAL REPAYMENT.  If so indicated in the Accumulation Fund
Schedule, GLAIC shall pay to the Policyholder the amount the Policyholder needs
to redeem or repay any notes or other instruments issued by the Policyholder
and backed by this Policy, pursuant to any limited right of redemption or
repayment contained in such note or instrument. 
GLAIC may require reasonable evidence that the redemption or repayment
request satisfies all the terms and conditions described in the prospectus, prospectus
supplement and/or pricing supplement applicable to such note or other instrument.  Additional restrictions, if any, on the
Policyholder’s reimbursement rights under this Section may be included in
the Accumulation Fund Schedule.

 

1

 

2.3        OPTIONAL REDEMPTION.  If so indicated in the Accumulation Fund
Schedule, GLAIC may elect to pay the Policyholder all or any part of
the Fund Balance on the Call Dates specified in the Accumulation Fund
Schedule.  Unless otherwise provided in
the Accumulation Fund Schedule, GLAIC will give the Policyholder at least
thirty-five (35) calendar days and no more than seventy-five (75) calendar days
notice of its intent to make such pre-payment. 
No adjustment will be made to the amount of such payment, unless such
adjustment is specifically provided for in the Accumulation Fund Schedule.

 

2.4        MATURITY PAYMENTS.  GLAIC shall pay the Policyholder the Fund
Balance on the Maturity Date.

 

2.5        FORM OF PAYMENT.  All payments GLAIC makes to the Policyholder
will be made in the Specified Currency, by wire transfer, unless otherwise
agreed in writing by the parties hereto. Unless otherwise stated in the
Accumulation Fund Schedule, all payments GLAIC makes will be net of any
applicable withholding or deduction for or on account of any present or future
taxes, duties, levies, assessments or other governmental charges of whatever
nature imposed or levied by or on behalf of any governmental authority having
the power to tax.  Unless otherwise
specified in the Accumulation Fund Schedule, such net payments fully satisfy
GLAIC’s obligation to the Policyholder with respect to the full amount due.

 

SECTION 3
– TERMINATION OF AGREEMENT

 

3.1        AUTOMATIC TERMINATION/ACCELERATION.  This Policy terminates
with respect to the Accumulation Fund when the Fund Balance is zero and GLAIC’s
obligations hereunder shall automatically accelerate upon the occurrence of an
Event of Default described in Section 3.3(a).

 

3.2        EARLY TERMINATION/ACCELERATION.  The Policyholder may
accelerate this Policy by giving GLAIC not less than two (2) Business Days’
written notice upon the occurrence of an Event of Default specified in Section 3.3
b., c. or d. below.  GLAIC may accelerate
this Policy, in whole but not in part, by giving the Policyholder not less than
forty-five (45) days’, but no more than seventy-five (75) days’, prior written
notice of the occurrence of a Tax Event as described in Section 3.4,
provided, however that this Policy shall not be terminated until the Fund
Balance has been paid to the Policyholder in full.

 

3.3        EVENTS OF DEFAULT.  An Event of Default occurs if: 

 

a.      GLAIC is
dissolved or a resolution is passed or proceeding is instituted for the
winding-up, liquidation or similar arrangement of GLAIC (other than pursuant to a consolidation, amalgamation
or merger);

 

b.     GLAIC
breaches any material obligation, representation or certification contained
herein, provided that there is no bona fide dispute as to whether such breach has occurred and that such breach continues
for fifteen (15) Business Days following the Policyholder’s written notice to
GLAIC of such breach;

 

2

 

c.      GLAIC
fails to make any required Periodic Payout (other than the Maturity Payout)
described in the Accumulation Fund Schedule or any other payment described in
Sections 2.2 or 2.3 of this Policy or any other funding agreement GLAIC issues
in connection with the Program, and such failure continues for seven (7) Business
Days after the due date thereof;

 

d.     GLAIC
fails to make the Maturity Payout described in the Accumulation Fund Schedule
or in any other funding agreement GLAIC issues in connection with the Program
and such failure is continuing as of the end of the Business Day following the due date thereof.

 

3.4        TAX EVENT.  A “Tax Event” occurs if GLAIC has received an
opinion of independent legal counsel stating in effect that there is more than
an insubstantial risk that as a result of 
any amendment to, or change (including any announced prospective change)
in, the laws (or regulations thereunder) of the United States or any political
subdivision or taxing authority thereof or therein or any amendment to, or
change in, an interpretation or application of any such laws or regulations by
any governmental authority in the United States, which amendment or change is
enacted, promulgated, issued or announced on or after the Deposit Date, the
Policyholder is or will be within ninety (90) days of the date thereof, (1) subject
to an entity level U.S. federal income tax with respect to interest accrued or
received on this Policy or (2) subject to more than a de minimis amount of
taxes, duties or other governmental charges.

 

Notwithstanding anything to the
contrary in this Section 3, if GLAIC shall comply in all respects with the
requirements of this Section 3, but an event of default has occurred with
respect to the notes  backed by the
Policy and as a result payments with respect to the notes have been
accelerated, otherwise than by reason of any default under this Policy by
GLAIC, no Event of Default (as defined above) under this Policy shall be deemed
to have occurred, no payments with respect to this Policy shall be accelerated
and GLAIC will remain obligated to make payments under this Policy as if no
Event of Default had occurred with respect to the notes.

 

SECTION 4
– GENERAL PROVISIONS

 

4.1        PAYMENT UPON TERMINATION.  Unless otherwise
specified in the Accumulation Fund Schedule, GLAIC shall pay the Policyholder
the Fund Balance on the Maturity Date. 
Such payment fully discharges GLAIC’s obligation to the Policyholder
under this Policy.

 

4.2        DISCLAIMER OF RESPONSIBILITY.  GLAIC’s only liability
is as set out in this Policy, including the Accumulation Fund Schedule attached
hereto.  In performing its obligations
under this Policy, GLAIC is not acting as a fiduciary or agent for the
Policyholder or anyone else regardless of whether or not they are directly or
indirectly associated with the Policyholder.

 

4.3        NOTICES.  All agreements, notices, directions,
consents, elections or other communication (“Notices”) required by this Policy
must be in writing, directed to the applicable address designated on the face
page.  Any such Notices may be given by
facsimile transmission or other acceptable electronic means.  All Notices are effective when received.

 

3

 

4.4        AMENDMENTS.  This Policy may be amended only by mutual
written agreement between the parties hereto.

 

4.5        CONFLICT.  To the extent that there is a conflict in
terms between the Policy and the Accumulation Fund Schedule, the Accumulation
Fund Schedule will control the conduct of the parties.

 

4.6        TRANSFERABILITY/ASSIGNMENT.  This Policy and the
Accumulation Fund established pursuant to it may solely be sold, assigned,
transferred or pledged in accordance with, and for the purposes contemplated
by, the documents and agreements governing the establishment and operation of
the Program.  GLAIC will maintain a
record of ownership of this Policy on its books and records.

 

4.7        PAYMENTS BY GLAIC.  When this Policy
provides that GLAIC will make a payment to the Policyholder, such payment shall
be made to the Policyholder or to the agent the Policyholder designates.  Unless otherwise specified in the
Accumulation Fund Schedule, if a payment date is not a Business Day, GLAIC will
pay such amount on the next Business Day.

 

4.8        WAIVER BY GLAIC.  At the Policyholder’s
request, GLAIC may waive any terms, conditions or adjustments provided for in
this Policy.  Any such waiver is subject
to any limitations GLAIC specifies in making the waiver and does not require
GLAIC to grant similar future waivers to the Policyholder or anyone else.  A failure or delay in exercising a right
under this Policy does not waive GLAIC’s right or ability to assert such right
in the future.

 

4.9        MUTUAL REPRESENTATIONS.  The parties mutually represent and warrant,
each to the other, that:

 

a.      This
Policy is its legal, valid and binding obligation, enforceable in accordance
with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditor’s
rights, and subject, as to enforceability, to general principals of equity,
regardless of whether enforcement is sought in proceeding in equity or law;

 

b.     It has the
power to enter into this Policy
and to consummate the transactions contemplated hereby;

 

c.      All information provided in connection
with this Policy is, to the best of its knowledge and belief, true, correct and
complete;

 

d.     The
execution and the delivery of this Policy and the performance of obligations
hereunder do not and will not constitute or result in a default, breach or
violation, of the terms or provisions of its certificate, articles or charter
of incorporation, declaration of trust, by-laws or any agreement, instrument,
mortgage, judgment, injunction or order applicable to it or any of its property.

 

4

 

4.10      TAX PROVISIONS.  The Policyholder and each transferee and
assignee of this Policy, to the extent required by law, agree to provide GLAIC
with any properly completed tax forms that are needed for GLAIC to satisfy its
tax reporting obligations with respect to amounts held under this Policy.  This Policy is intended to be ignored for
U.S. federal, state and local income and franchise tax purposes. To the extent
it cannot be ignored, GLAIC and the Policyholder and each transferee and
assignee of this Policy agree to treat this Policy as GLAIC’s debt obligation
for U.S. federal, state and local income and franchise tax purposes.

 

SECTION 5
– DEFINITIONS

 

5.1        POLICY
DEFINITIONS.  The
following terms have the meanings indicated:

 

“Accumulation
Fund” is the accounting record GLAIC will establish under
this Policy as described in Section 1.2.

 

“Accumulation
Fund Schedule” is attached to this Policy and establishes the
terms of the Accumulation Fund.

 

“Business
Day” is any day, other than Saturday or Sunday, that is
neither a legal holiday nor a day on which commercial banks are authorized or
required by law, regulation or executive order to close, or are otherwise
closed, in each Business Day City specified in the Accumulation Fund Schedule.

 

“Call
Date” is the day or days prior to the Stated Maturity Date,
if any, specified in the Accumulation Fund Schedule attached to this Policy, on
which GLAIC may elect to pay the Policyholder all or any part of the Fund
Balance.  If no Call Date is indicated in
an Accumulation Fund Schedule, GLAIC will pay to the Policyholder the Fund
Balance prior to the Stated Maturity Date only to the extent provided in Section 3.2.

 

“Deposit
Amount” is the amount GLAIC credits to the Accumulation Fund
on the Deposit Date as set forth in the Accumulation Fund Schedule.

 

“Deposit
Date” is the date, specified in the Accumulation Fund
Schedule, on which GLAIC receives the Net Deposit Amount.

 

“Event
of Default” has the meaning described in Section 3.3.

 

“Fund
Balance” is the value of the Accumulation Fund, determined
pursuant to Section 1.4.

 

“Guaranteed
Rate” is the interest rate, if any, applied to the
Accumulation Fund, as stated in the Accumulation Fund Schedule.

 

“Indenture”
is that certain indenture agreement, made between the Policyholder and the
Indenture Trustee related to the notes to be supported by this Policy as such
agreement may be amended, supplemented or replaced from time to time.

 

5

 

“Indenture Trustee”
is the party specified as trustee under the Indenture, or its successor.

 

“Maturity
Date” is the earlier of (i) the Stated Maturity Date and
(ii) each date on which the Fund Balance is payable in full to the
Policyholder pursuant to an Event of Default, Optional Repayment, Optional
Redemption or otherwise.  Unless
otherwise indicated in the Accumulation Fund Schedule, if any of the foregoing
dates is not a Business Day, the Maturity Date is the next following Business
Day.  Interest accrues during such delay
only if specified in the Accumulation Fund Schedule.

 

“Net
Deposit Amount” is the amount GLAIC receives from the Policyholder
on the Deposit Date as set forth in the Accumulation Fund Schedule.

 

“Program”
is the Genworth Global Funding program, as described in the prospectus relating
thereto, including the applicable prospectus supplement or pricing supplement
or in any amendment thereto.

 

“Stated
Maturity Date” is the date, as set forth on the Accumulation
Fund Schedule, when the Fund Balance is originally due and payable to the
Policyholder.

 

“Tax
Event” has the meaning described in Section 3.4.

 

5.2      OTHER DEFINITIONS.  Other capitalized terms appearing in this
Policy have the meanings indicated on the Policy’s face page or in the
Accumulation Fund Schedule.

 

6

 

	
  GLAIC

  
	
  Accumulation
  Fund Schedule – Fixed Rate

  
	
   

  	
   

  	
   

  
	
  Policy
  Number: GS-R6040

  
	
   

  	
   

  	
   

  
	
  Deposit
  Date:

  	
   

  	
  May 15, 2008 or
  the date the deposit is actually received by GLAIC

  
	
   

  	
   

  	
   

  
	
  Specified
  Currency:

  	
   

  	
  United
  States Dollars

  
	
   

  	
   

  	
   

  
	
  Deposit
  Amount:

  	
   

  	
  $5,389,000.00

  
	
   

  	
   

  	
   

  
	
  Net
  Deposit Amount:

  	
   

  	
  $5,254,275.00

  
	
   

  	
   

  	
   

  
	
  Stated
  Maturity Date:

  	
   

  	
  May 15, 2033

  
	
   

  	
   

  	
   

  
	
  Guaranteed
  Rate:

  	
   

  	
  6.05%

  
	
   

  	
   

  	
   

  
	
  Crediting
  Period:

  	
   

  	
  The first Crediting Period shall be the period
  commencing on the Deposit Date, to but excluding November 15, 2008. Each
  subsequent Crediting Period shall be the semi-annual period occurring between
  the 15th of each May and November thereafter. The final
  Crediting Period will be the period from and including November 15,
  2032, to but excluding May 15, 2033.

  
	
   

  	
   

  	
   

  
	
  Interest
  Crediting:

  	
   

  	
  Interest is credited
  based upon a 30/360 basis, applied to
  the Fund Balance each day.

  
	
   

  	
   

  	
   

  
	
  Periodic
  Payouts:

  	
   

  	
  On the 15th of
  each May and November, GLAIC will pay the Policyholder all accrued and
  unpaid interest (if such date is not a Business Day, the Periodic Payout will
  be made on the next following Business Day, and in such cases the amount of
  interest shall not be adjusted for non-Business Days) (each, an “Interest
  Payment Date”); provided, however,
  that the final Periodic Payout shall be on the Maturity Date, on which date
  all accrued and unpaid interest will be paid.

  
	
   

  	
   

  	
   

  
	
  Optional
  Repayment:

  	
   

  	
  Optional Repayments under Section 2.2 of the
  Policy may be made solely with respect to the “Survivor’s Option” described
  in Pricing Supplement No. 029 dated May 5, 2008 to the Prospectus
  Supplement dated December 9, 2005 related to the Program.

  
					

 

 

	
  Call
  Terms:

  	
   

  	
  Under Section 2.3 of the Policy, GLAIC may
  elect to pay the Policyholder all of the Fund Balance on May 15, 2013,
  or as of any date thereafter when a Periodic Payout is due (the “Call
  Dates”).

  
	
   

  	
   

  	
   

  
	
  Maturity
  Payout:

  	
   

  	
  On the Maturity Date, GLAIC will pay to the
  Policyholder the Fund Balance. If such date is not a Business Day, the
  Maturity Payout will be made on the next following Business Day; provided, however, that
  interest shall not accrue beyond the Maturity Date.

  
	
   

  	
   

  	
   

  
	
  Business
  Day City(s):

  	
   

  	
  New
  York, New York

  
	
   

  	
   

  	
   

  
	
  Other
  Terms:

  	
   

  	
  None

  

 

*********************

 

The calculation of the Guaranteed Rate and all
other payment terms of this Policy will be determined in the manner described
in the “Description of the Notes” section in the Prospectus Supplement.

 

*********************

 

GENWORTH LIFE AND
ANNUITY                 GENWORTH GLOBAL
FUNDING TRUST 2008-24 2005-A

 

INSURANCE
COMPANY

 

 

	
  By: 

  	
     /s/
  Pamela C. Asbury

  	
   

  	
  By*:

  	
     /s/
  Patricia M. Child

  
	
  Pamela
  C. Asbury

  	
   

  	
  Patricia
  M. Child

  
	
   

  	
   

  	
   

  
	
  Official Title: 

  	
  Vice President

  	
   

  	
  Official Title: 

  	
     Vice
  President

  
	
   

  	
   

  	
   

  
	
  Date:

  	
         May 13,
  2008

  	
  Date: 

  	
         May 13,
  2008

  
											

 

* It is expressly
understood and agreed that (a) this Policy is executed and delivered by
U.S. Bank National Association (“USB”) not individually or personally, but
solely as Trustee of the Genworth Global Funding Trust 2008-24 in the exercise
of powers and authority conferred and vested in it (b) each of the
representations, undertakings and agreements herein made on the part of the
Trust is made and intended not 

 

 

as personal
representations, undertakings and agreements by USB but is made and intended
for the purpose of binding only the Trust, (c) nothing herein contained
shall be construed as creating any liability on USB individually or personally,
to perform any covenant either express or implied contained herein, all such
liability, if any being expressly waived by the parties hereto and by any
person claiming by, through or under the parties hereto and (d) under no
circumstances shall USB be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warrant or covenant made or undertaken by the
Trust under this Policy or any other related documents.

 

*********************Exhibit 10.1

Fossil, Inc.

Non-employee Director Compensation

 

Effective
April 1, 2008

 

1.             Board of Directors

 

	
  Annual Retainer

  	
   

  	
  $

  	
  40,000

  	
   

  
	
  In-person meeting fee

  	
   

  	
  $

  	
  1,500

  	
   

  
	
  Telephone meetings*

  	
   

  	
  $

  	
  1,000

  	
   

  

 

2.             Audit Committee

 

	
  Chair annual retainer

  	
   

  	
  $

  	
  20,000

  	
   

  
	
  Member retainer

  	
   

  	
  $

  	
  2,500

  	
   

  
	
  In-person meeting fee

  	
   

  	
  $

  	
  1,250

  	
   

  
	
  Telephone meetings*

  	
   

  	
  $

  	
  1,000

  	
   

  

 

3.             Compensation Committee

 

	
  Chair annual retainer

  	
   

  	
  $

  	
  10,000

  	
   

  
	
  Member retainer

  	
   

  	
  $

  	
  0

  	
   

  
	
  In-person meeting fee

  	
   

  	
  $

  	
  1,250

  	
   

  
	
  Telephone meetings*

  	
   

  	
  $

  	
  1,000

  	
   

  

 

4.             Nominating and Corporate
Governance Committee

 

	
  Chair annual retainer

  	
   

  	
  $

  	
  7,500

  	
   

  
	
  Member retainer

  	
   

  	
  $

  	
  0

  	
   

  
	
  In-person meeting fee

  	
   

  	
  $

  	
  1,250

  	
   

  
	
  Telephone meetings*

  	
   

  	
  $

  	
  1,000

  	
   

  

 

Payment
shall be made for each committee meeting attended even if attending more than
one committee meeting on the same day.

 

*
in excess of one hour

 

 

5.             Stock Options

 

1993
Non-employee Director Plan

 

Grant
- options to purchase 5,000 shares of common stock on the date first becoming a
non-employee director and options to purchase 6,000 shares of common stock on
each January 1 thereafter

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