Document:

Exchange Note Servicing Supplement 2011-A to Closed-End Servicing Agreement

 Exhibit 10.4 
   
  

 
 WORLD OMNI FINANCIAL
CORP., 
 as Servicer 
 WORLD OMNI LT, 
 as Titling Trust 

and 
 AL
HOLDING CORP., 
 as Closed-End Collateral Agent 
 EXCHANGE NOTE SERVICING SUPPLEMENT 2011-A TO 
 CLOSED-END SERVICING
AGREEMENT 
 Dated as of May 5, 2011 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Article XI DEFINITIONS
	  	 	2	  
	 SECTION 11.1
	  	 DEFINITIONS
	  	 	2	  
		
	 Article XII REPRESENTATIONS AND WARRANTIES OF THE SERVICER
	  	 	2	  
	 SECTION 12.1
	  	 EXISTENCE AND POWER
	  	 	2	  
	 SECTION 12.2
	  	 AUTHORIZATION AND NO CONTRAVENTION
	  	 	3	  
	 SECTION 12.3
	  	 NO CONSENT REQUIRED
	  	 	3	  
	 SECTION 12.4
	  	 BINDING EFFECT
	  	 	3	  
	 SECTION 12.5
	  	 ACCURACY OF INFORMATION
	  	 	3	  
	 SECTION 12.6
	  	 NO PROCEEDINGS
	  	 	3	  
		
	 Article XIII SPECIFIC REQUIREMENTS FOR ADMINISTRATION AND SERVICING OF THE REFERENCE POOL
	  	 	3	  
	 SECTION 13.1
	  	 APPOINTMENT OF THE SERVICER
	  	 	3	  
	 SECTION 13.2
	  	 SERVICER BOUND BY CLOSED-END SERVICING AGREEMENT
	  	 	4	  
	 SECTION 13.3
	  	 APPLICATION OF PROCEEDS
	  	 	5	  
	 SECTION 13.4
	  	 SERVICER CERTIFICATE
	  	 	6	  
	 SECTION 13.5
	  	 SERVICER FEE
	  	 	6	  
	 SECTION 13.6
	  	 INSURANCE LAPSES; REPAIRS
	  	 	6	  
	 SECTION 13.7
	  	 LICENSING OF TITLING TRUST
	  	 	6	  
	 SECTION 13.8
	  	 SERVICER ADVANCES
	  	 	6	  
	 SECTION 13.9
	  	 PAYMENT OF FEES AND EXPENSES
	  	 	6	  
	 SECTION 13.10
	  	 ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS’ SERVICING REPORT
	  	 	7	  
	 SECTION 13.11
	  	 ANNUAL OFFICER’S CERTIFICATE
	  	 	7	  
	 SECTION 13.12
	  	 POSTMATURITY TERM EXTENSION
	  	 	7	  
	 SECTION 13.13
	  	 INSURANCE POLICIES; ADDITIONAL INSUREDS
	  	 	8	  
	 SECTION 13.14
	  	 SECURITY DEPOSITS
	  	 	8	  
		
	 Article XIV TERMINATION OF THE SERVICER
	  	 	8	  
	 SECTION 14.1
	  	 TERMINATION OF THE SERVICER AS TO REFERENCE POOL
	  	 	8	  
	 SECTION 14.2
	  	 NO EFFECT ON OTHER PARTIES
	  	 	9	  
		
	 Article XV TERMINATION OF THE SERVICER
	  	 	10	  
	 SECTION 15.1
	  	 OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE
	  	 	10	  
		
	 Article XVI MISCELLANEOUS
	  	 	10	  
	 SECTION 16.1
	  	 AMENDMENT
	  	 	10	  
	 SECTION 16.2
	  	 GOVERNING LAW
	  	 	11	  
	 SECTION 16.3
	  	 NOTICES
	  	 	11	  

  
 i 

							
	 SECTION 16.4
	  	THIRD-PARTY BENEFICIARIES	  	 	12	  
	 SECTION 16.5
	  	SEVERABILITY	  	 	12	  
	 SECTION 16.6
	  	BINDING EFFECT	  	 	12	  
	 SECTION 16.7
	  	ARTICLE AND SECTION HEADINGS	  	 	12	  
	 SECTION 16.8
	  	EXECUTION IN COUNTERPARTS	  	 	12	  
	 SECTION 16.9
	  	FURTHER ASSURANCES	  	 	12	  
	 SECTION 16.10
	  	EACH EXCHANGE NOTE SEPARATE; ASSIGNEES OF EXCHANGE NOTE	  	 	13	  
	 SECTION 16.11
	  	NO PETITION	  	 	13	  
	 SECTION 16.12
	  	SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL	  	 	14	  
	 SECTION 16.13
	  	LIMITATION OF LIABILITY OF VT INC	  	 	14	  
	 SECTION 16.14
	  	INFORMATION REQUESTS	  	 	14	  
	 SECTION 16.15
	  	REGULATION AB	  	 	15	  

  
 ii 

 EXCHANGE NOTE SERVICING SUPPLEMENT 2011-A TO 

CLOSED-END SERVICING AGREEMENT 
 THIS EXCHANGE NOTE SERVICING SUPPLEMENT 2011-A TO CLOSED-END SERVICING AGREEMENT (as amended, modified or supplemented from time to time, the “Exchange Note Servicing Supplement”), dated
as of May 5, 2011, is among (i) WORLD OMNI FINANCIAL CORP., a Florida corporation (“World Omni”), as servicer (in such capacity, the “Servicer”), (ii) WORLD OMNI LT, a Delaware statutory trust (the “Titling
Trust”) and (iii) AL HOLDING CORP., a Delaware corporation, as collateral agent (“ALHC” or the “Closed-End Collateral Agent”). 
 RECITALS 
 1. The Titling Trust, the Closed-End Collateral
Agent and the Servicer have entered into that certain Fifth Amended and Restated Closed-End Servicing Agreement, as amended, to provide that such agreement will constitute the “Closed-End Servicing Agreement” (as defined in the
Titling Trust Agreement) with respect to the Closed-End Collateral Specified Interest, which provides, among other things, for the servicing of the Titling Trust Assets by the Servicer. 

2. The Titling Trust, as Borrower, the Closed-End Collateral Agent, Bank of America, N.A., as Deal Agent, U.S. Bank
National Association, as Closed-End Administrative Agent, and the other Secured Parties named therein entered into a Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (as amended, modified or supplemented
from time to time, the “Collateral Agency Agreement”). 
 3. The Collateral Agency Agreement
contemplates that from time to time the Titling Trustee, on behalf of the Titling Trust and at the direction of the Initial Beneficiary, will identify and allocate on the Titling Trust’s books and records certain Titling Trust Assets within
separate Reference Pools and create and issue to the Initial Beneficiary a Closed End Exchange Note. 
 4.
Concurrently herewith, World Omni Auto Leasing LLC (the “Depositor”) will purchase the Exchange Note, which represents the 2011-A Reference Pool, from the Initial Beneficiary and World Omni Automobile Lease Securitization Trust
2011-A, a Delaware statutory trust (the “Issuing Entity”), will purchase the Exchange Note, which represents the 2011-A Reference Pool, from the Depositor. The Issuing Entity is expected to fund such purchase from proceeds of the
issuance of the Notes and Certificates. 
 5. Concurrently herewith, the Issuing Entity is entering into an
asset-backed financing transaction pursuant to, among other agreements, an indenture (the “Indenture”) with The Bank of New York Mellon, as indenture trustee (the “Indenture Trustee”), pursuant to which the Issuing
Entity will issue asset-backed notes and will grant a security interest to the Indenture Trustee in certain of its assets. 
 6. Concurrently herewith, the Titling Trust, the Closed-End Collateral Agent, the Closed-End Administrative Agent, and the other Secured Parties named therein are entering into that certain Exchange Note
Supplement 2011-A to the Collateral Agency Agreement (as 

 
amended, modified or supplemented from time to time, the “Exchange Note Supplement”) to supplement the terms of the Collateral Agency Agreement (i) to cause the Titling
Trustee to identify and allocate Titling Trust Assets to a particular Reference Pool (the “Reference Pool”), which shall consist of Titling Trust Assets which shall constitute Exchange Note Assets, (ii) to create and issue to
Auto Lease Finance LLC a Closed-End Exchange Note and (iii) to set forth the terms and conditions thereof. 

7. The Titling Trust desires to retain the Servicer to provide certain services with respect to the 2011-A Reference Pool
allocated to the Closed-End Exchange Note owned by the Issuing Entity, and the parties hereto desire, pursuant to this Exchange Note Servicing Supplement, to supplement the terms of the Closed-End Servicing Agreement insofar as they apply to the
2011-A Reference Pool, providing for specific servicing obligations that will benefit the Issuing Entity, as holder of the Closed-End Exchange Note, and the Indenture Trustee, as the pledgee of the Closed-End Exchange Note on behalf of the
Noteholders. 
 NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained and in the Closed-End
Servicing Agreement, the parties hereto agree to the following supplemental obligations with regard to the Closed-End Exchange Note: 
 ARTICLE XI 
 DEFINITIONS 

SECTION 11.1 DEFINITIONS. For all purposes of this Exchange Note Servicing Supplement, except as otherwise expressly provided or
unless the context otherwise requires, (a) unless otherwise defined herein, all capitalized terms used herein shall have the meanings attributed to them (i) by Appendix A to the Indenture, (ii) if not defined therein, by Appendix A to
the Collateral Agency Agreement or (iii) if not defined therein, by the Titling Trust Agreement, (b) the capitalized terms defined in this Exchange Note Servicing Supplement have the meanings assigned to them in this Exchange Note
Servicing Supplement and include (i) all genders and (ii) the plural as well as the singular, (c) all references to words such as “herein”, “hereof” and the like shall refer to this Exchange Note Servicing
Supplement as a whole and not to any particular article or section within this Exchange Note Servicing Supplement, (d) the term “include” and all variations thereon shall mean “include without limitation”, and (e) the
term “or” shall include “and/or”. 
 ARTICLE XII 

REPRESENTATIONS AND WARRANTIES OF THE SERVICER 
 The Servicer represents and warrants to the Depositor, the Issuing Entity and the Indenture Trustee on behalf of the Noteholders as follows: 

SECTION 12.1 EXISTENCE AND POWER. The Servicer is a corporation duly organized, validly existing and in good standing under the
laws of the State of Florida and has all power and authority required to carry on its business as it is now conducted. The Servicer has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially
and adversely affect the business, properties, financial condition or results of operations of the Servicer, taken as a whole. 

  
 2 

 SECTION 12.2 AUTHORIZATION AND NO CONTRAVENTION. The execution, delivery and
performance by the Servicer of each Transaction Document to which it is a party (i) have been duly authorized by all necessary corporate action and (ii) do not violate or constitute a default under (A) any applicable law, rule or
regulation, (B) its organizational instruments or (C) any agreement, contract, order or other instrument to which it is a party or its property is subject and (iii) will not result in any Adverse Claim on any Transaction Unit or
Closed-End EN Collected Amounts with respect to the 2011-A Reference Pool or give cause for the acceleration of any indebtedness of the Servicer. 
 SECTION 12.3 NO CONSENT REQUIRED. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by
the Servicer of any Transaction Document, other than UCC filings and other than approvals and authorizations that have previously been obtained and filings which have previously been made. 

SECTION 12.4 BINDING EFFECT. Each Transaction Document to which the Servicer is a party constitutes the legal, valid and binding
obligation of the Servicer enforceable against the Servicer in accordance with its terms, except as limited by bankruptcy, insolvency, or other similar laws of general application relating to or affecting the enforcement of creditors’ rights
generally and subject to general principles of equity. 
 SECTION 12.5 ACCURACY OF INFORMATION. All information
heretofore furnished by or on behalf of the Servicer in writing to the Closed-End Administrative Agent for purposes of or in connection with this Agreement or any transaction contemplated hereby is true and accurate in all material respects on and
as of the date such information was furnished (except to the extent that such furnished information relates solely to an earlier date, in which case such information is true and accurate in all material respects on and as of such earlier date).

 SECTION 12.6 NO PROCEEDINGS. There is no action, suit, proceeding or investigation pending or, to the knowledge of the
Servicer, threatened against the Servicer which, either in any one instance or in the aggregate, would result in any material adverse change in the business, operations, financial condition, properties or assets of the Servicer, or in any material
impairment of the right or ability of the Servicer to carry on its business substantially as now conducted, or in any material liability on the part of the Servicer, or which would render invalid this Agreement or the Transaction Units or the
obligations of the Servicer contemplated herein, or which would materially impair the ability of the Servicer to perform under the terms of this Agreement or any other Transaction Document. 

ARTICLE XIII 
 SPECIFIC REQUIREMENTS FOR 
 ADMINISTRATION AND SERVICING OF THE

 REFERENCE POOL 
 SECTION 13.1 APPOINTMENT OF THE SERVICER. 
 (a) The Servicer
shall manage, service and administer the Exchange Note Assets, at its own expense and for the benefit of each holder and pledgee of the Closed- End Exchange Note, and shall make collections on the Transaction Units in accordance with its Credit and
Collection Policy in effect from time to time, using the same degree of skill and attention that the Servicer exercises with respect to all comparable retail automotive leases that it services for itself or others. 

  
 3 

 (b) The Servicer may delegate its duties and obligations as Servicer in
accordance with Section 3.5 of the Closed-End Servicing Agreement. 
 (c) If the Servicer shall
commence a legal proceeding to enforce a Transaction Unit, the Titling Trust shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such Transaction Unit to the Servicer. If in any enforcement suit or legal
proceeding it shall be held that the Servicer may not enforce a Transaction Unit on the ground that it is not a real party in interest or a holder entitled to enforce such Transaction Unit, the Closed-End Collateral Agent shall, at the
Servicer’s expense and direction, take steps to enforce such Transaction Unit, including bringing suit in its name. 
 (d) The Servicer shall account for the Transaction Units allocated to the 2011-A Reference Pool separately from any Other Reference Pool and the Warehouse Facility Pool. 

SECTION 13.2 SERVICER BOUND BY CLOSED-END SERVICING AGREEMENT. 

(a) The Servicer shall continue to be bound by all provisions of the Closed-End Servicing Agreement with respect to the
Transaction Units allocated to the 2011-A Reference Pool, including the provisions of Article VI thereof relating to the administration and servicing of Closed-End Leases; and the provisions set forth herein shall operate either as additions
to or modifications of the existing obligations of the Servicer under the Closed-End Servicing Agreement, as the context may require. In the event of any conflict between the provisions of this Exchange Note Servicing Supplement and the Closed-End
Servicing Agreement with respect to the Closed-End Exchange Note, the provisions of this Exchange Note Servicing Supplement shall prevail; provided, however, that Section 5.1(d) of the Servicing Agreement shall at all times
govern the Required Deposit Amount. 
 (b) For purposes of determining the Servicer’s obligations with
respect to the servicing of the 2011-A Reference Pool under this Exchange Note Servicing Supplement, general references in the Closed-End Servicing Agreement to: (i) a Reference Pool shall be deemed to refer more specifically to the 2011-A
Reference Pool; (ii) an Exchange Note Servicing Supplement shall be deemed to refer more specifically to this Exchange Note Servicing Supplement; and (iii) an Exchange Note Supplement shall be deemed to refer more specifically to the
Exchange Note Supplement related to the 2011-A Reference Pool. 

  
 4 

 (c) Notwithstanding any other provision of this Exchange Note Servicing
Supplement or the Servicing Agreement, including Section 6.7 thereof, the Servicer shall not in connection with any early lease termination program terminate or permit any Closed-End Obligor to terminate any Closed-End Lease and remove
the related Closed-End Vehicle from the 2011-A Reference Pool in connection with such termination unless there shall have been deposited into the Exchange Note Collection Account an amount equal to the Securitization Value of such Closed-End Vehicle
as of the termination date of such Closed-End Lease, provided, however, that the Servicer may at any time prior to the Maturity Date of a Closed-End Lease, agree to terminate such Closed-End Lease, provided the related Closed-End
Obligor has made all remaining scheduled payments with respect to such Closed-End Lease and surrendered the related Closed-End Vehicle. 
 SECTION 13.3 APPLICATION OF PROCEEDS. 
 (a) Prior to the
satisfaction and discharge of the Indenture with respect to the Collateral and subject to the provision of Section 5.1(d) of the Closed-End Servicing Agreement, the Servicer shall pay an amount equal to all Closed-End Exchange Note
Collections received in respect of the 2011-A Reference Pool during any Closed-End EN Collection Period into the Exchange Note Collection Account on or prior to 2:00 p.m., New York City time, on the Business Day immediately preceding the related
Closed-End Exchange Note Payment Date; provided, however, that if the Monthly Remittance Condition is not satisfied, the Servicer will be required to deposit an amount equal to all Closed-End Exchange Note Collections into the Exchange
Note Collection Account within two Business Days after receipt (including receipt of proper instructions regarding where to allocate such payment), (it being understood that, with respect to Relinquished Vehicle Proceeds, the Servicer shall remit
the Relinquished Vehicle Proceeds in accordance with Section 5.1(d) of the Closed-End Servicing Agreement). The “Monthly Remittance Condition” shall be deemed to be satisfied if (i) World Omni is the Servicer,
(ii) no Exchange Note Servicer Default has occurred and is continuing, and (iii) World Omni receives notice from the Rating Agencies that the cessation of daily deposits will not result in a reduction or withdrawal of the then current
rating of the Notes. Pending deposit into the Exchange Note Collection Account, Closed-End Exchange Note Collections may be used by the Servicer at its own risk and for its own benefit and will not be segregated from its own funds. 

(b) After the satisfaction and discharge of the Indenture with respect to the Collateral, the Servicer shall pay an amount
equal to Closed-End Exchange Note Collections in accordance with the instructions provided from time to time by the holder of the Exchange Note. 
 (c) Notwithstanding anything to the contrary contained in this Agreement, for so long as the Monthly Remittance Condition has been satisfied, the Servicer shall be permitted to deposit into the Exchange
Note Collection Account only the net amount distributable to the Issuing Entity, as holder of the Exchange Note, and to retain any reimbursement for outstanding Advances, and Servicing Fees, on the Closed-End Exchange Note Payment Date. The Servicer
shall, however, account for all Closed-End Exchange Note Collections as if all of the deposits and distributions described herein were made individually. 

  
 5 

 SECTION 13.4 SERVICER CERTIFICATE. On each Determination Date prior to the
satisfaction and discharge of the Indenture with respect to the Collateral, the Servicer shall deliver to the Indenture Trustee, the Issuing Entity, the Administrator, the Closed-End Administrative Agent, the Closed-End Collateral Agent, the Owner
Trustee and the Paying Agent a Servicer Certificate reflecting information as of the close of business of the Servicer for the immediately preceding Closed-End EN Collection Period containing the information described in Section 8.3 of the
Indenture. At the sole option of the Servicer, each Servicer Certificate may be delivered in electronic or hard copy format. 

SECTION 13.5 SERVICER FEE. Notwithstanding anything to the contrary in Section 3.9(b) of the Closed-End Servicing Agreement,
on each Closed-End Exchange Note Payment Date, the Issuing Entity shall pay to the Servicer in accordance with Section 13.2 of the Exchange Note Supplement, the Servicing Fee for the immediately preceding Closed-End EN Collection Period as
compensation for its services. In addition, the Servicer may retain any Supplemental Servicing Fees. The Servicer may, as long as it believes that sufficient collections will be available on one or more future Closed-End Exchange Note Payment Dates
to pay the Servicing Fee, by notice to the Closed-End Administrative Agent on or before a Closed-End Exchange Note Payment Date, elect to defer all or a portion of the Servicing Fee with respect to the related Closed-End EN Collection Period,
without interest. If the Servicer defers all of the Servicing Fee, the Servicing Fee for such related Closed-End EN Collection Period will be deemed to equal zero. 
 SECTION 13.6 INSURANCE LAPSES; REPAIRS. Subject to Section 3.7(c) of the Closed-End Servicing Agreement, the Servicer shall have no liability in the event that any Closed-End Obligor fails to
maintain, in full force and effect, a physical damage insurance policy covering any Transaction Unit or naming the Titling Trust as loss payee. Without limiting the foregoing, in no event shall the Servicer be obligated to perform or be liable for
any repairs or maintenance with respect to any Transaction Unit. 
 SECTION 13.7 LICENSING OF TITLING TRUST. The Servicer
shall cause the Titling Trust to apply for and maintain at all times all licenses and permits necessary to carry on the Titling Trust’s leasing business in each jurisdiction in which the Titling Trust operates, except where the failure to have
any license or permit would not materially and adversely affect the business, properties, financial condition or results of operation of the Titling Trust, taken as a whole. 
 SECTION 13.8 SERVICER ADVANCES. On each Closed-End Exchange Note Payment Date, the Servicer may deposit into the Exchange Note Collection Account prior to 11:00 a.m., New York City time, an advance
of any shortfall in the amounts available to make the payments in clauses (i) through (v) of Section 8.4(a) of the Indenture (an “Advance”). 
 SECTION 13.9 PAYMENT OF FEES AND EXPENSES. The Servicer shall pay all expenses incurred in connection with the administration and servicing of the 2011-A Reference Pool and the Transaction Units,
including, without limitation, expenses incurred by it in connection with its activities hereunder, including fees and disbursements of the Titling Trustee, independent accountants, taxes imposed on the Servicer and any Titling Trustee indemnity
claims. 

  
 6 

 SECTION 13.10 ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS’ SERVICING REPORT.

 (a) On or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending
December 31, 2011, the Servicer shall cause a firm of independent public accountants (who may also render other services to the Servicer, the Depositor or their respective Affiliates) to furnish to the Indenture Trustee, the Servicer (who
promptly shall provide the assessment described in this Section 13.10(a) to each Rating Agency) and the Depositor each attestation report on assessments of compliance with the Servicing Criteria with respect to the Servicer or any affiliate
thereof during the related fiscal year delivered by such accountants pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The certification required by this paragraph may be replaced
by any similar certification using other procedures or attestation standards which are now or in the future in use by servicers of comparable assets or which otherwise comply with any rule, regulation, “no action” letter or similar
guidance promulgated by the Commission. 
 (b) If the Issuing Entity is not required to file periodic reports
under the Exchange Act or any other law, the reports referred to in this section may be delivered on or before the date that is 120 days after the end of each calendar year, commencing with the calendar year ended December 31, 2012. 

(c) Deliveries pursuant to this Section 13.10 may be delivered by electronic mail. 

SECTION 13.11 ANNUAL OFFICER’S CERTIFICATE. 

(a) The Servicer will deliver to the Rating Agencies, the Issuing Entity and the Indenture Trustee on or before the 90th
day following the end of each fiscal year, beginning with the fiscal year ending December 31, 2011, an Officers’ Certificate providing such information as is required under Item 1123 of Regulation AB. 

(b) The Servicer will deliver to the Issuing Entity and the Indenture Trustee, on or before the 90th day following the end
of each fiscal year, beginning with the fiscal year ending December 31, 2011, a report regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year including disclosure of any
material instance of non-compliance identified by the Servicer, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 

SECTION 13.12 POSTMATURITY TERM EXTENSION. Consistent with its Credit and Collection Policy, the Servicer may, in its discretion,
grant a Postmaturity Term Extension with respect to any Closed-End Lease in the 2011-A Reference Pool. If the Servicer grants a Postmaturity Term Extension with respect to a Closed-End Lease in the 2011-A Reference Pool of a total of more than five
times or more than five months in the aggregate, or to a date later than the last day of the thirteenth month before the legal final maturity date of the Notes, then the Servicer shall direct the Titling Trustee to reallocate the Transaction Unit
related 

  
 7 

 
to such Closed-End Lease from the 2011-A Reference Pool to the Warehouse Facility Pool on the Closed-End Exchange Note Payment Date following the beginning of the Closed-End EN Collection Period
during which such Postmaturity Term Extension was granted. In consideration for such reallocation, the Servicer shall make a payment to the Issuing Entity equal to the Securitization Value of such Transaction Unit as of the end of the Closed-End EN
Collection Period preceding such Closed-End Exchange Note Payment Date by depositing such amount into the Exchange Note Collection Account prior to 2:00 p.m., New York City time, on the Business Day immediately preceding such Closed-End Exchange
Note Payment Date. 
 SECTION 13.13 INSURANCE POLICIES; ADDITIONAL INSUREDS. The Servicer shall cause all policies of
insurance required to be maintained pursuant to Section 3.7 of the Closed-End Servicing Agreement to name the Depositor, the Issuing Entity, the Owner Trustee and the Indenture Trustee as additional insureds. 

SECTION 13.14 SECURITY DEPOSITS. In accordance with Section 5.1(d) of the Closed-End Servicing Agreement, on the Closed-End
Exchange Note Payment Date related to the Closed-End EN Collection Period in which a Security Deposit becomes a Closed-End Exchange Note Collection with respect to the 2011-A Reference Pool, the Servicer shall deposit such amounts (including, as
applicable, any Required Deposit Amount) in the Exchange Note Collection Account. 
 ARTICLE XIV 

TERMINATION OF THE SERVICER 
 SECTION 14.1 TERMINATION OF THE SERVICER AS TO REFERENCE POOL. 
 (a) As used herein “Exchange Note Servicer Default” means the occurrence and continuance of the events set forth in Section 8.3(a) of the Closed-End Servicing Agreement. Upon
the occurrence and continuation of any Exchange Note Servicer Default, the Servicer shall provide to the Indenture Trustee, the Issuing Entity, the Administrator, the Closed-End Collateral Agent and each Rating Agency prompt notice specifying such
Exchange Note Servicer Default, together with a description of its efforts to perform its obligations. The Servicer may not resign except in accordance with Section 8.4 of the Closed-End Servicing Agreement. 

(b) If an Exchange Note Servicer Default shall have occurred and be continuing, the Titling Trustee on behalf of the
holder of the Exchange Note, shall, at the direction of the Required Related Holders, by notice given to the Servicer (who promptly shall provide such notice to each Rating Agency), the Issuing Entity, the Indenture Trustee, the Closed-End
Collateral Agent and the Administrator, terminate the rights and obligations of the Servicer under this Exchange Note Servicing Supplement and the Closed-End Servicing Agreement with respect to the Exchange Note and the Included Units. In the event
the Servicer is removed or resigns as Servicer with respect to servicing the Exchange Note Assets, the Required Related Holders shall appoint a successor Servicer. With respect to any Exchange Note Servicer Default, the Closed-End Administrative
Agent, acting on the direction of the Required Related Holders may waive 

  
 8 

 
any default of the Servicer. For purposes of this Section, so long as the Lien of the Indenture is in place, the “Required Related Holders” shall be deemed to be the Indenture
Trustee, acting at the direction of the Holders of not less than 66 2/3% of the Outstanding Notes and thereafter, the Issuing Entity, acting at the direction of the Majority Certificateholders. 

(c) If replaced, the Servicer agrees that it will use commercially reasonable efforts to effect the orderly and efficient
transfer of the servicing of the Transaction Units to a successor Servicer. 
 (d) Upon the effectiveness of the
assumption by the successor Servicer of its duties pursuant to this Section 14.1, the successor Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under the Closed-End Servicing Agreement with respect to
the 2011-A Reference Pool, and shall be subject to all the responsibilities, duties and liabilities relating thereto, except with respect to the obligations of the predecessor Servicer that survive its termination as Servicer as set forth in
Section 14.1(e). No Servicer shall resign or be relieved of its duties under the Closed-End Servicing Agreement, as Servicer of the 2011-A Reference Pool, until a newly appointed Servicer for the 2011-A Reference Pool shall have assumed the
responsibilities and obligations of the resigning or terminated Servicer under this Exchange Note Servicing Supplement. In the event of a replacement of World Omni as Servicer, the Required Related Holders shall cause the successor Servicer to agree
to indemnify World Omni against any losses, liabilities, damages or expenses (including attorneys’ fees) as a result of the negligence or willful misconduct of such successor Servicer. The predecessor Servicer shall be entitled to receive
reimbursement for any outstanding Advances made with respect to the Transaction Units to the extent funds are available therefor in accordance with the Indenture. 

(e) No termination or resignation of the Servicer as to the 2011-A Reference Pool shall affect the obligations of the
Servicer pursuant to Section 3.3(c) of the Closed-End Servicing Agreement; provided that following the replacement of the Servicer pursuant to this Section 14.1, such Servicer shall have no duties, responsibilities or
other obligations hereunder with respect to matters arising after such replacement. 
 SECTION 14.2 NO EFFECT ON OTHER
PARTIES. Upon any termination of the rights and powers of the Servicer with respect to the 2011-A Reference Pool pursuant to Section 14.1 hereof, or upon any appointment of a successor Servicer with respect to the 2011-A Reference Pool, all
the rights, powers, duties and obligations of the Titling Trustees, the Initial Beneficiary and World Omni under the Titling Trust Agreement, the Closed-End Servicing Agreement, the Exchange Note Supplement, any other supplement, any other Exchange
Note Servicing Supplement or any other Basic Document shall remain unaffected by such termination or appointment and shall remain in full force and effect thereafter, except as otherwise expressly provided herein or therein. 

  
 9 

 Article XV 
 TERMINATION OF THE SERVICER 
 SECTION 15.1 OPTIONAL PURCHASE OF THE
CLOSED-END EXCHANGE NOTE. 
 (a) On the Closed-End Exchange Note Payment Date immediately following (and on
each Closed-End Exchange Note Payment Date thereafter) the last day of any Closed-End EN Collection Period as of which the aggregate Securitization Value is 10% or less of the aggregate Initial Securitization Value, the Servicer shall have the
option to purchase the Closed-End Exchange Note and direct the Issuing Entity to redeem the Notes pursuant to Section 10.1 of the Indenture (an “Optional Redemption”). To exercise such option, the Servicer shall deposit
pursuant to Section 13.3 hereof in the Exchange Note Collection Account an amount, as calculated by the Servicer, equal to the Exchange Note Balance and all accrued interest thereon up to but not including the Redemption Date (the
“Exchange Note Purchase Price”), and shall succeed to all interests in and to the Issuing Entity. Notwithstanding the foregoing, the Servicer shall not be permitted to exercise such option unless the amount to be deposited in the
Exchange Note Collection Account pursuant to the preceding sentence is greater than or equal to the sum of the Outstanding Amount of the Notes, and all accrued but unpaid interest (including any overdue interest and premium) thereon. 

(b) As described in Section 9.01(c) of the Trust Agreement, notice of any termination of the Issuing Entity
shall be given by the Servicer to the Owner Trustee, the Closed-End Collateral Agent and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. 

ARTICLE XVI 

MISCELLANEOUS 
 SECTION 16.1 AMENDMENT. 
 (a) Notwithstanding any provision
of the Closed-End Servicing Agreement, the Closed-End Servicing Agreement, as supplemented by this Exchange Note Servicing Supplement, to the extent that it deals solely with the 2011-A Reference Pool, may be amended in accordance with this
Section 16.1. 
 (b) Any term or provision of the Closed-End Servicing Agreement or this Exchange Note
Servicing Supplement may be amended by the Servicer, without the consent of any other Person; provided that (i) any amendment that materially and adversely affects the interests of the Exchange Noteholder shall require the consent of the
Exchange Noteholder, (ii) any amendment that materially and adversely affects the interests of the Closed-End Collateral Agent shall require the consent of the Closed-End Collateral Agent, and (iii) any amendment that materially and
adversely affects the interests of the Titling Trustee shall require the prior written consent of the Titling Trustee. An amendment shall be deemed not to materially and adversely affect the interests of the Exchange Noteholder if the Rating Agency
Condition is satisfied with respect to such amendment. 

  
 10 

 (c) Notwithstanding the foregoing, no amendment shall reduce the interest
rate or principal amount of any Exchange Note, or delay the final scheduled payment date of any Exchange Note without the consent of the holder of such Exchange Note. 

(d) Notwithstanding anything herein to the contrary, any term or provision of this Exchange Note Servicing Supplement may
be amended by the Servicer without the consent of any of the Exchange Noteholder or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment under or with
respect to any law or regulation or any accounting rule or principle (whether now or in the future in effect); it being a condition to any such amendment that the Rating Agency Condition shall have been satisfied. 

(e) It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the
particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof. 
 (f) Prior to the execution of any amendment to this Exchange Note Servicing Supplement, the Servicer shall provide each Rating Agency with written notice of the substance of such amendment. No later than
10 Business Days after the execution of any amendment to this Exchange Note Servicing Supplement, the Servicer shall furnish a copy of such amendment to each Rating Agency, the Titling Trustee, the Closed-End Administrative Agent and the Closed-End
Collateral Agent. 
 (g) Prior to the execution of any amendment to this Exchange Note Servicing Supplement, the
Titling Trustee and the Closed-End Administrative Agent shall be entitled to receive upon request and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by the Closed-End Servicing
Agreement or this Exchange Note Servicing Supplement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. 
 SECTION 16.2 GOVERNING LAW. THIS EXCHANGE NOTE SERVICING SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 16.3 NOTICES. The notice provisions of the Closed-End Servicing Agreement shall apply equally to this Exchange Note Servicing Supplement. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, any prepaid courier service, or by telecopier, and addressed in each case as follows: (a) if to the
Servicer, 190 Jim Moran Blvd., Deerfield Beach, Florida 33442, Attention: Treasurer; Facsimile: (954) 429-2685; (b) if to the Titling Trustee, 209 South LaSalle Street, Suite 300, Chicago, Illinois 60604, 

  
 11 

 
Attention: Patricia M. Child; Facsimile: (312) 325-8905; (c) if to the Delaware Trustee, 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801, Attention: Patricia M. Child;
Facsimile: (312) 325-8905; (d) if to the Closed-End Administrative Agent, 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801, Attention: Patricia M. Child; Facsimile: (312) 325-8905; (e) if to the Collateral Agent, c/o
U.S. Bank National Association, 209 South LaSalle Street, Suite 300, Chicago, Illinois 60604, Attention: Patricia M. Child; Facsimile: (312) 325-8905; or (f) if to the Closed-End Collateral Agent, c/o Lord Securities Corporation, 48 Wall
Street, 27th Floor, New York, New York 10005, Attention: World Omni Program Manager or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. All notices and demands shall be deemed to
have been given upon actual receipt thereof to any officer of the Person entitled to receive such notices and demands at the address of such Person for notices hereunder. If World Omni is no longer the Servicer, the successor Servicer shall provide
any required Rating Agency notices under this Agreement to the Depositor, who promptly shall provide such notices to the Rating Agencies. 
 SECTION 16.4 THIRD-PARTY BENEFICIARIES. The Issuing Entity and the Indenture Trustee, as holder and pledgee, respectively, of the Closed-End Exchange Note, and their respective successors,
permitted assigns and pledgees are third-party beneficiaries of the obligations of the parties hereto and may directly enforce the performance of any of such obligations hereunder. 

SECTION 16.5 SEVERABILITY. If one or more of the provisions of this Exchange Note Servicing Supplement shall be for any reason
whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Exchange Note Servicing Supplement, and such invalidity or unenforceability shall in no way affect the
validity or enforceability of such remaining covenants, agreements and provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law that renders any provision of this Exchange Note
Servicing Supplement invalid or unenforceable in any respect. 
 SECTION 16.6 BINDING EFFECT. The provisions of the
Closed-End Servicing Agreement and this Exchange Note Servicing Supplement, insofar as they relate to the 2011-A Reference Pool, shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto.

 SECTION 16.7 ARTICLE AND SECTION HEADINGS. The article and section headings herein are for convenience of reference
only, and shall not limit or otherwise affect the meaning hereof. 
 SECTION 16.8 EXECUTION IN COUNTERPARTS. This
Exchange Note Servicing Supplement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which shall together constitute but one and the same instrument. 

SECTION 16.9 FURTHER ASSURANCES. Each party will do such acts, and execute and deliver to any other party such additional
documents or instruments, as may be reasonably requested in order to effect the purposes of this Exchange Note Servicing Supplement and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder. 

  
 12 

 SECTION 16.10 EACH EXCHANGE NOTE SEPARATE; ASSIGNEES OF EXCHANGE NOTE. Each party
hereto acknowledges and agrees (and each holder or pledgee of the Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (a) the Closed-End Collateral Specified Interest is a separate
series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to the Exchange Note or the related 2011-A Reference Pool shall be enforceable against such 2011-A Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool and (ii) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Note, any Other Reference Pool, or the Warehouse Facility Pool shall be enforceable against such Other Exchange Note, Other
Reference Pools, or the Warehouse Facility Pool only, as applicable, and not against the Exchange Note or any Closed-End Units included in the 2011-A Reference Pool, (c) except to the extent required by law the Closed-End Units included in the
Warehouse Facility Pool or Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred hereunder which is related to the 2011-A Reference Pool) shall not be subject to the
claims, debts, liabilities, expenses or obligations arising from or with respect to the Exchange Note in respect of such claim, (d) (i) no creditor or holder of a claim relating to the Exchange Note or the related 2011-A Reference Pool
shall be entitled to maintain any action against or recover any assets allocated to any Other Reference Pool, the Warehouse Facility Pool or any Other Exchange Note or the assets allocated thereto (except to the extent of Closed-End EN Collected
Amounts available to such Persons on a fully subordinated basis), and (ii) no creditor or holder of a claim relating to any Other Reference Pool, the Warehouse Facility Pool or any Other Exchange Note other than the Exchange Note related to the
2011-A Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 2011-A Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 2011-A Reference Pool or, the Exchange Note,
must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool and each
Other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Pool and each Other Reference Pool.
Pursuant to Section 3.1(a) of the Intercreditor Agreement, on the date hereof, each party hereto shall enter into a Joinder Agreement to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy of such Joinder
Agreement to each party to the Intercreditor Agreement. 
 SECTION 16.11 NO PETITION. With respect to each Bankruptcy
Remote Party, each party hereto (and each holder and pledgee of the Closed-End Exchange Note, by virtue of its acceptance of such Closed-End Exchange Note or pledge thereof) agrees that, prior to the date which is one year and one day after payment
in full of all obligations under each Financing, (i)

  
 13 

 
no party hereto shall authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief
with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, trustee, receiver, liquidator, custodian
or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other
proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join
with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

SECTION 16.12 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. Each of the parties hereto hereby irrevocably and unconditionally:

 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement or any
documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of
America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any
such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and
agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may
be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 16.3 of this Exchange Note Servicing
Supplement; and 
 (d) agrees that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other jurisdiction. 
 SECTION 16.13 LIMITATION OF
LIABILITY OF VT INC. Notwithstanding anything contained herein to the contrary, this Exchange Note Servicing Supplement has been signed by VT Inc. not in its individual capacity but solely in its capacity as Titling Trustee and in no event shall
VT Inc. in its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Titling Trust hereunder, as to all of which recourse shall be had solely to the assets of the Titling Trust.

 SECTION 16.14 INFORMATION REQUESTS. The parties hereto shall provide any information reasonably requested by the
Servicer, the Issuing Entity, the Depositor or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 

  
 14 

 SECTION 16.15 REGULATION AB. The Servicer shall cooperate fully with the Depositor
and the Issuing Entity to deliver to the Depositor and the Issuing Entity (including any of its assignees or designees) any and all statements, reports, certifications, records and any other information necessary in the good faith determination of
the Depositor or the Issuing Entity to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer and the Transaction Units, or the servicing of the Transaction Units, reasonably
believed by the Depositor to be necessary in order to effect such compliance. 
 [SIGNATURES ON THE FOLLOWING PAGE]

  
 15 

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

					
	AL Holding Corp., as Closed-End Collateral Agent
		
	By:	 	/s/ Phillip A. Martone
	Name:	 	Phillip A. Martone
	Title:	 	Vice President

  
 S - 1

 
					
	World Omni Financial Corp., as Servicer
		
	By:	 	/s/ Ben Miller
	Name:	 	Ben Miller
	Title:	 	Assistant Treasurer

  
 S - 2

 
					
	WORLD OMNI LT
	
	By: VT Inc., not in its individual capacity but solely as Titling Trustee
		
	By:	 	/s/ Patricia M. Child
	Name:	 	Patricia M. Child
	Title:	 	President

  
 S - 3Form of 2011 time-vested stock appreciation rights agreement for CEO

 Exhibit 10.1 
 STOCK APPRECIATION RIGHTS AGREEMENT 
 This STOCK APPRECIATION RIGHTS AGREEMENT (this “SAR Agreement”), dated as of May 5, 2011 (the “Grant Date”), is between ZEBRA TECHNOLOGIES CORPORATION, a Delaware
corporation (the “Company”), and Anders Gustafsson (the “Participant”), relating to a stock appreciation right granted under the 2006 Zebra Technologies Corporation Incentive Compensation Plan (the “Plan”). Capitalized
terms used in this SAR Agreement without definitions shall have the meanings ascribed to such terms in the Plan. 
  

	1.	Grant of Stock Appreciation Right. 

  

	 	(a)	Grant. Subject to the provisions of this SAR Agreement and pursuant to the provisions of the Plan, the Company hereby grants to the Participant as of the
Grant Date a stock appreciation right (the “SAR”) covering              shares (the “SAR Shares”) of the Company’s Class A Common Stock, $0.01 par value
per share (the “Stock”), at a price of $         per share (the “SAR Price”). The SAR is not issued in tandem with an Option. This SAR Agreement shall be null and void unless the
Participant accepts this SAR Agreement by either (i) electronically accepting this SAR Agreement through the Company’s electronic delivery and acceptance process operated by e*Trade or (ii) executing this SAR Agreement in the space
provided below and returning it to the Company not later than June 4, 2011. 

  

	 	(b)	 Term of the SAR. Unless the SAR terminates earlier pursuant to other provisions of the SAR Agreement, the SAR shall expire on the tenth
(10th) anniversary of the Grant Date (the
“Expiration Date”). 

  

	 	(c)	Nontransferability. The SAR shall be nontransferable, except by will or the laws of descent and distribution, or as otherwise permitted under the Plan.

  

	2.	Vesting of the SAR. 

  

	 	(a)	General Vesting Rule. Prior to the Expiration Date, the SAR shall become and be exercisable as follows: 

 

			
	 Vesting Date Anniversary
	  	 Percentage of SAR Exercisable

		
	 Prior to the first anniversary of the Grant Date
	  	  0%
		
	 On or after the first anniversary of the Grant Date
	  	25%
		
	 On or after the second anniversary of the Grant Date, an additional
	  	25%
		
	 On or after the third anniversary of the Grant Date, an additional
	  	25%
		
	 On or after the fourth anniversary of the Grant Date, an additional
	  	25%

 provided, however,
except as otherwise provided for under this SAR Agreement, 

  
 1 

 
the Participant must remain employed by the Company or any Subsidiary continuously through the applicable vesting dates. 

 

	 	(b)	Additional Vesting Rules. Notwithstanding Section 2(a) hereof, the SAR shall be subject to the following additional vesting rules in the following
circumstances: 

  

	 	(i)	Death, Disability, Good Reason or Termination by the Company or any Subsidiary other than for Cause. Notwithstanding the Employment Agreement between the
Company and the Participant effective as of September 4, 2007, as amended (the “Employment Agreement”), and unless otherwise determined by the Board of Directors of the Company or the Compensation Committee of the Board of Directors,
in the event the Participant’s employment with the Company and/or any Subsidiary is terminated due to the Participant’s death or Disability, or by reason of the Participant’s resignation for Good Reason, or by the Company and/or any
Subsidiary other than for Cause, the number of SAR Shares that shall be vested as of the date of the Participant’s termination of employment shall equal the number obtained by (A) multiplying
             by a fraction, the numerator of which is the number of days from but excluding the Grant Date and to and including the date of the Participant’s termination of
employment, and the denominator of which is 1461 and (B) subtracting from such product the number, if any, of SAR Shares that vested prior to the date of the Participant’s termination of employment in accordance with Section 2(a). Any
unexercised vested portion of the SAR shall remain exercisable until the earlier of: 

  

	 	(A)	the Expiration Date; or 

  

	 	(B)	one (1) year after the date of the Participant’s termination of employment due to the Participant’s death or Disability; or 

 

	 	(C)	ninety (90) days after the date of the Participant’s termination of employment by reason of the Participant’s resignation for Good Reason, or by the
Company and/or any Subsidiary other than for Cause. 

 For purposes of this SAR Agreement, “Good Reason”
and “Cause” have the meanings assigned to them in the Participant’s Employment Agreement. In the event of the Participant’s death, the Participant’s beneficiary or estate may exercise the vested SAR. 

 

	 	(ii)	Retirement. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated due to Retirement, any unexercised vested
portion of the SAR as of the date of the Participant’s termination of employment shall remain exercisable until the earlier of: 

  

	 	(A)	the Expiration Date; or 

  

	 	(B)	one (1) year after the date of the Participant’s termination of employment due to Retirement. 

  
 2 

 For purposes of this SAR Agreement, “Retirement” means the Participant’s
voluntary termination of employment with the Company and/or any Subsidiary after attaining either: 
  

	 	•	 	 age fifty-five (55) with ten (10) or more complete years of service with the Company and/or any Subsidiary; or 

 

	 	•	 	 age sixty-five (65). 

  

	 	(iii)	Termination for Cause. In the event the Participant’s employment with the Company and/or any Subsidiary is terminated for Cause, any unexercised SAR,
whether vested or not, shall expire immediately, be forfeited, and be considered null and void. 

  

	 	(iv)	Other Termination of Employment. In the event the Participant’s employment with the Company or any Subsidiary is terminated for any reason other than
as provided in Section 2(b)(i), (ii) or (iii) hereof, the unexercised vested portion of the SAR as of the date of the Participant’s termination of employment shall remain exercisable until the earliest of:

  

	 	(A)	the Expiration Date; or 

  

	 	(B)	thirty (30) days after the date of the Participant’s termination of employment. 

 

	3.	Exercise of SAR.  

(a) Notice of Exercise. Prior to the Expiration Date, the vested portion of the SAR may be exercised, in whole or in part,
by delivering written notice to the Company in accordance with Section 7(j) hereof and in such form as the Company may require from time to time. Such notice of exercise shall specify the number of SAR Shares to be exercised. 

(b) Payment. As of the date of exercise of the SAR, the Company shall settle the exercised portion of the SAR as provided in
Section 7.5 of the Plan. The amount of the payment for each SAR Share exercised shall equal (i) the Fair Market Value of a share of Stock on the date of exercise, less (ii) the SAR Price for each such exercised SAR Share. The
exercised SAR shall be settled in whole shares of Stock, and cash for the value of a fractional share of Stock. 
 (c)
Payment of Taxes. If the Company is obligated to withhold an amount on account of any tax imposed as a result of the exercise of the SAR, the Participant shall be required to remit such amount to the Company, as provided in
Section 17.1 of the Plan. Alternatively, subject to Company approval, the Participant may elect to withhold a portion of the SAR exercise payment equal to the minimum statutory tax that would be imposed on the exercise, as provided under
Section 17.2 of the Plan. The Participant acknowledges and agrees that the Participant is responsible for the tax consequences associated with the grant of the SAR and its exercise. 

(d) Death Prior to Exercise. In the event of the Participant’s death prior to the exercise of any vested portion of the
SAR, the Participant’s beneficiary or estate may exercise the vested SAR. 

  
 3 

	4.	Compliance with Federal and State Law. The Company reserves the right to delay the Participant’s exercise of any portion of the SAR if (a) the
Company’s issuance of Stock upon such exercise would violate any applicable federal or state securities laws or any other applicable laws or regulations, or (b) the Company reasonably determines that payment of such SAR portion would not
be deductible under Code Section 162(m). The Participant may not sell or otherwise dispose of any portion of the SAR in violation of any applicable law. The Company may postpone issuing and delivering any Stock in payment for the exercise of
such portion of the SAR for so long as the Company reasonably determines to be necessary to satisfy the following: 

  

	 	(i)	its completing or amending any securities registration or qualification of the Stock or it or the Participant satisfying any exemption from registration under any
federal or state law, rule, or regulation; 

  

	 	(ii)	its receiving proof it considers satisfactory that a person seeking to exercise the SAR after the Participant’s death is entitled to do so;

  

	 	(iii)	Participant complying with any requests for representations under the Plan; and 

 

	 	(iv)	Participant complying with any federal, state, or local tax withholding obligations. 

 

	5.	Change in Control. Subject to Section 15 of the Plan: 

 (a) Notwithstanding any provision in this Agreement, in the event of a Change in Control pursuant to Section 2.5(c) or (d) of the Plan in connection with which holders of Shares may receive
consideration consisting solely of shares of common stock that are registered under Section 12 of the Exchange Act (and disregarding the payment of cash in lieu of fractional shares), this SAR shall become immediately exercisable in full and,
along with the unexercised vested portion of the SAR, shall remain exercisable through the Expiration Date, and there shall be substituted for each SAR Share then subject to this SAR Agreement, the number and class of shares into which each
outstanding Share shall be converted pursuant to such Change in Control. In the event of any such substitution, the SAR Price shall be appropriately adjusted by the Committee (whose determination shall be final, binding and conclusive), such
adjustments to be made without an increase in the aggregate SAR Price. 
 (b) Notwithstanding any provision in this Agreement to
the contrary, in the event of a Change in Control pursuant to Section 2.5(a) or (b) of the Plan, or in the event of a Change in Control pursuant to Section 2.5(c) or (d) of the Plan as to which Section 5(a) above does not
apply, this grant shall be surrendered to the Company by the Participant, and this grant shall immediately be canceled by the Company, and Participant shall receive, within 30 days following the effective date of the Change in Control, a cash
payment from the Company in an amount equal to the number of SAR Shares then subject to this SAR, multiplied by the excess, if any, of the greater of (i) the highest per Share price offered to stockholders of the Company in any transaction
whereby the Change in Control takes place or (ii) the Fair Market Value of a Share on the effective date of the Change in Control, over the SAR Price. 
  

	6.	Confidentiality, Non-Solicitation and Non-Compete. The Participant agrees to, understands, and acknowledges the following: 

 

	 	(a)	 Confidential Information. The Participant will be furnished, use or otherwise

  
 4 

	 	 
have access to certain Confidential Information of the Company and/or a Subsidiary. For purposes of this SAR Agreement, “Confidential Information” means any and all financial,
technical, commercial or other information concerning the business and affairs of the Company and/or a Subsidiary that is confidential and proprietary to the Company and/or a Subsidiary, including without limitation: 

 

	 	(i)	information relating to the Company’s or Subsidiary’s past and existing customers and vendors and development of prospective customers and vendors, including
specific customer product requirements, pricing arrangements, payment terms, customer lists and other similar information; 

  

	 	(ii)	inventions, designs, methods, discoveries, works of authorship, creations, improvements or ideas developed or otherwise produced, acquired or used by the Company and/or
a Subsidiary; 

  

	 	(iii)	the Company’s or Subsidiary’s proprietary programs, processes or software, consisting of, but not limited, to computer programs in source or object code and
all related documentation and training materials, including all upgrades, updates, improvements, derivatives and modifications thereof and including programs and documentation in incomplete stages of design or research and development;

  

	 	(iv)	the subject matter of the Company’s or Subsidiary’s patents, design patents, copyrights, trade secrets, trademarks, service marks, trade names, trade dress,
manuals, operating instructions, training materials, and other industrial property, including such information in incomplete stages of design or research and development; and 

 

	 	(v)	other confidential and proprietary information or documents relating to the Company’s or Subsidiary’s products, business and marketing plans and techniques,
sales and distribution networks and any other information or documents that the Company and/or a Subsidiary reasonably regards as being confidential. 

 The Company and its Subsidiaries devote significant financial, human and other resources to the development of their products, customer base and the general goodwill associated with their business, and
the Company and its Subsidiaries diligently maintain the secrecy and confidentiality of their Confidential Information. Each and every component of the Confidential Information is sufficiently secret to derive economic value from its not being
generally known to other persons. While employed by the Company and/or Subsidiary and thereafter, the Participant will hold in the strictest confidence and not use in any manner which is detrimental to the Company or its Subsidiaries or disclose to
any individual or entity any Confidential Information, except as may be required by the Company or its Subsidiaries in connection with the Participant’s employment. 
 All Company Materials are and will be the sole property of the Company and/or Subsidiary. The Participant agrees that during and after his or her employment by the Company and/or Subsidiary, the
Participant will not remove any Company Materials from the business premises of the Company or a Subsidiary or deliver any 

  
 5 

 
Company Materials to any person or entity outside the Company or a Subsidiary, except as the Participant is required to do so in connection with performing the duties of his or her employment.
The Participant further agrees that, immediately upon the termination of his or her employment for any reason, or during the Participant’s employment if so requested by the Company, the Participant will return all Company Materials and other
physical property, and any reproduction thereof, excepting only the Participant’s copy of this Agreement. For purposes of this SAR Agreement, “Company Materials” means documents or other media or tangible items that contain or embody
Confidential Information or any other information concerning the business, operations or future/strategic plans of the Company and/or any Subsidiary, whether such documents have been prepared by the Participant or by others. 

 

	 	(b)	Non-Solicitation and Non-Compete. Notwithstanding any provision of this SAR Agreement, if at any time prior to the date that is one year after the date of
exercise of all or any portion of the SAR, the Participant directly or indirectly: 

  

	 	(i)	breaches or violates Section 6(a) of this SAR Agreement; or 

  

	 	(ii)	employs, recruits or solicits for employment any person who is (or was within the six (6) months prior to the Participant’s employment termination date) an
employee of the Company and/or any Subsidiary; or 

  

	 	(iii)	accepts employment or engages in a competing business that may require contact, solicitation, interference or diverting of any of the Company’s or any
Subsidiary’s customers, or that may result in the disclosure, divulging, or other use of Confidential Information or Company Materials acquired during the Participant’s employment with the Company or any Subsidiary; or

  

	 	(iv)	solicits or encourages any customer, vendor or potential customer or vendor of the Company or any Subsidiary with whom the Participant had contact while employed by the
Company or any Subsidiary to terminate or otherwise alter his, her or its relationship with the Company or any Subsidiary. The Participant understands that any person or entity that the Participant contacted during the twelve (12) months prior
to the date of the Participant’s termination of employment for the purpose of soliciting sales from such person or entity shall be regarded as a “potential customer” of the Company to whom the Company or a Subsidiary has a protectable
proprietary interest; 

 the SAR shall terminate automatically on the date the Participant engages in such activity
and the Participant shall pay the Company, within five business days of receipt by the Participant of a written demand therefor, an amount in cash determined by multiplying the number of Shares as to which the SAR was exercised within the one-year
period described above by the difference between (i) the Fair Market Value of a Share on the date of such exercise and (ii) the SAR Price per SAR (without reduction for any Shares withheld by the Company pursuant to Section 3(c)).

  
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	 	(c)	Remedies for Violation. 

  

	 	(i)	Injunctive Action. The Participant acknowledges that if he or she violates the terms of this Section 6, the injury that would be suffered by the
Company and/or a Subsidiary as a result of a breach of the provisions of this SAR Agreement (including any provision of Section 6(a) or (b) hereof) would be irreparable and that an award of monetary damages to the Company and/or a
Subsidiary for such a breach would be an inadequate remedy. Consequently, the Company and/or a Subsidiary will have the right, in addition to any other rights it may have, to obtain injunctive relief to restrain any breach or threatened breach or
otherwise to specifically enforce any provision of this SAR Agreement, and the Company and/or a Subsidiary will not be obligated to post bond or other security in seeking such relief. Without limiting the Company’s or a Subsidiary’s rights
under this Section 6 (or Sections 6(a) or (b) hereof) or any other remedies of the Company or a Subsidiary, if the Participant breaches any of the provisions of Section 6(a) or (b) hereof, the Company will have the right to
cancel this SAR Agreement. 

  

	 	(ii)	Attorneys’ Fees; Set-off Right. In addition to the rights available to the Company and its Subsidiaries under Section 6(c)(i) hereof, if the
Participant violates the terms of this Section 6 at any time, the Company shall be entitled to reimbursement from the Participant of any fees and expenses (including attorneys’ fees) incurred by or on behalf of the Company or any
Subsidiary in enforcing the Company’s or a Subsidiary’s rights under this Section 6. By accepting this SAR grant, the Participant hereby consents to a deduction from any amounts the Company or any Subsidiary owes to the Participant
from time to time (including amounts owed to the Participant as wages or other compensation, fringe benefits, or vacation pay, as well as any other amounts owed to the Participant by the Company or any Subsidiary), unless such amount is subject to
Section 409A of the Code, to the extent of any amounts that the Participant owes the Company under this Section 6. In addition to any injunctive relief sought under Section 6(c)(i) hereof and whether or not the Company or any
Subsidiary elects to make any set-off in whole or in part, if the Company or any Subsidiary does not recover by means of set-off the full amount the Participant owes to the Company or any Subsidiary, calculated as set forth in this
Section 6(c)(ii), the Participant agrees to immediately pay the unpaid balance to the Company or any Subsidiary. 

  

	 	(d)	Enforceability of Restrictive Covenants. The scope and duration of the restrictive covenants contained in this SAR Agreement are reasonable and necessary
to protect a legitimate, protectable interest of the Company and its Subsidiaries. 

  

	 	(e)	 Written Acknowledgement by the Participant. The Committee, in its sole discretion, may require the Participant, as a condition to the
exercise of this SAR, to acknowledge in writing that he or she has not engaged, and is not in the process of 

  
 7 

	 	 
engaging, in any of the activities described in this Section 6. 

  

	7.	Miscellaneous Provisions. 

  

	 	(a)	No Service or Employment Rights. No provision of this SAR Agreement or of the SAR granted hereunder shall give the Participant any right to continue in
the service or employ of the Company or any Subsidiary, create any inference as to the length of employment or service of the Participant, affect the right of the Company or any Subsidiary to terminate the employment or service of the Participant,
with or without Cause, or give the Participant any right to participate in any employee welfare or benefit plan or other program (other than the Plan) of the Company or any Subsidiary. 

 

	 	(b)	Stockholder Rights. Until the SAR shall have been duly exercised into Stock and such Stock has been officially recorded as issued on the Company’s
official stockholder records, no person or entity shall be entitled to vote, receive dividends or be deemed for any purpose the holder of such Stock, and adjustments for dividends or otherwise shall be made only if the record date thereof is
subsequent to the date such shares are recorded and after the date of exercise and without duplication of any adjustment. 

  

	 	(c)	Plan Document Governs. The SAR is granted pursuant to the Plan, and the SAR and this SAR Agreement are in all respects governed by the Plan and subject to
all of the terms and provisions thereof, whether such terms and provisions are incorporated in this SAR Agreement by reference or are expressly cited. Any inconsistency between the SAR Agreement and the Plan shall be resolved in favor of the Plan.
The Participant hereby acknowledges receipt of a copy of the Plan. 

  

	 	(d)	Beneficiary Designation. The Participant may, from time to time, in accordance with procedures set forth by the Committee, name any beneficiary or
beneficiaries (who may be named contingently or successively) to whom any benefit under this SAR Agreement is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior
designations by the Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Committee during the Participant’s lifetime. In the absence of any such designation,
benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate or exercised by the Participant’s estate. 

  

	 	(e)	Administration. This SAR Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be
amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary
or appropriate to the administration of the Plan and this SAR Agreement, all of which shall be binding upon the Participant.  

  
 8 

	 	(f)	No Vested Right in Future Awards. the Participant acknowledges and agrees (by executing this SAR Agreement) that the granting of the SAR under this SAR
Agreement is made on a fully discretionary basis by the Company and that this SAR Agreement does not lead to a vested right to further SAR or other awards in the future. 

 

	 	(g)	Use of Personal Data. By executing this SAR Agreement, the Participant acknowledges and agrees to the collection, use, processing and transfer of certain
personal data, including his or her name, salary, nationality, job title, position, and details of all past Awards and current Awards outstanding under the Plan (“Data”), for the purpose of managing and administering the Plan. The
Participant is not obliged to consent to such collection, use, processing and transfer of personal data, but a refusal to provide such consent may affect his or her ability to participate in the Plan. The Company or its Subsidiaries may transfer
Data among themselves or to third parties as necessary for the purpose of implementation, administration and management of the Plan. These various recipients of Data may be located elsewhere throughout the world. The Participant authorizes these
various recipients of Data to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Plan. The Participant may, at any time, review Data with respect to the
Participant and require any necessary amendments to such Data. The Participant may withdraw his or her consent to use Data herein by notifying the Company in writing; however, the Participant understands that by withdrawing his or her consent to use
Data, the Participant may affect his or her ability to participate in the Plan. 

  

	 	(h)	Severability. In the event that any provision of this SAR Agreement (including, without limitations, the provisions of Section 6 hereof) are held to
be unenforceable under applicable law to any extent, such provision(s) shall, to that extent, be excluded from this SAR Agreement and the balance of the SAR Agreement shall be interpreted as if such provision(s) were so excluded to that extent and
shall be enforceable in accordance with its terms. 

  

	 	(i)	Waiver; Cumulative Rights. The failure or delay of either party to require performance by the other party of any provision hereof shall not affect its
right to require performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is cumulative and may be exercised in part or in whole from time to time. 

 

	 	(j)	Notices. Any notice which either party hereto may be required or permitted to give the other shall be in writing and may be delivered personally or by
mail, postage prepaid, addressed to the Secretary of the Company, at its then corporate headquarters, and the Participant at the Participant’s address (including any electronic mail address) as shown on the Company’s records, or to such
other address as the Participant, by notice to the Company, may designate in writing from time to time. The Participant hereby consents to electronic delivery of any notices that may be made hereunder. 

 

	 	(k)	Counterparts. This SAR Agreement may be signed in counterparts, each of which shall be an original, but both of which shall constitute but one and the
same instrument. 

  
 9 

	 	(l)	Successors and Assigns. This SAR Agreement shall inure to the benefit of and be binding upon each successor and assign of the Company. All obligations
imposed upon the Participant, and all rights granted to the Company hereunder, shall be binding upon the Participant’s heirs, legal representatives and successors. 

 

	 	(m)	Governing Law. This SAR Agreement and the SAR granted hereunder shall be governed by, and construed and enforced in accordance with, the laws of the State
of Delaware, without giving effect to provisions thereof regarding conflict of laws. 

  

	 	(n)	Entire Agreement. This SAR Agreement, together with the Plan, constitutes the entire obligation of the parties hereto with respect to the subject matter
hereof and shall supersede any prior expressions of intent or understanding with respect to this transaction. 

  

	 	(o)	Amendment. Any amendment to this SAR Agreement shall be in writing and signed by an executive officer of the Company or the Director of Compensation and
Benefits. 

  

	 	(p)	Headings. The headings contained in this SAR Agreement are for reference purposes only and shall not affect the meaning or interpretation of this SAR
Agreement. 

 IN WITNESS WHEREOF, the Company has caused this SAR Agreement to be duly executed by an
officer thereunto duly authorized, and the Participant has hereunto set his or her hand, all as of the day and year first above written. 
  

									
	ZEBRA TECHNOLOGIES CORPORATION	 		 	PARTICIPANT
					
	By: 	  	  
	 		 	Signed:	 	  

	Name:	  	Joanne Townsend	 		 	Name:	 	Anders Gustafsson
	Title:	  	Vice President, Human Resources	 		 	Title:	 	Chief Executive Officer

  
 10

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