Document:

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                                                                     EXHIBIT 4.6

                               GUARANTEE AGREEMENT

                                 BY AND BETWEEN

                               VISTEON CORPORATION

                                  AS GUARANTOR

                                       AND

                          BANK ONE TRUST COMPANY, N.A.

                              AS GUARANTEE TRUSTEE

                                   RELATING TO

                             VISTEON CAPITAL TRUST I

                        --------------------------------

                         DATED AS OF _____________, 200_

                        --------------------------------

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<TABLE>
<CAPTION>
                                TABLE OF CONTENTS
                                                                                                                  Page
<S>                                                                                                               <C>
Article I Definitions

         Section 1.1.         Definitions......................................................................    1

Article II Trust Indenture Act

         Section 2.1.         Trust Indenture Act; Application.................................................    5
         Section 2.2.         List of Holders..................................................................    5
         Section 2.3.         Reports by the Guarantee Trustee.................................................    5
         Section 2.4.         Periodic Reports to the Guarantee Trustee........................................    5
         Section 2.5.         Evidence of Compliance with Conditions Precedent.................................    5
         Section 2.6.         Events of Default; Waiver........................................................    6
         Section 2.7.         Event of Default; Notice.........................................................    6
         Section 2.8.         Conflicting Interests............................................................    6

Article III Powers, Duties And Rights Of The Guarantee Trustee

         Section 3.1.         Powers and Duties of the Guarantee Trustee.......................................    6
         Section 3.2.         Certain Rights of Guarantee Trustee..............................................    8
         Section 3.3.         Compensation; Indemnity; Fees....................................................    9

Article IV Guarantee Trustee

         Section 4.1.         Guarantee Trustee; Eligibility...................................................   10
         Section 4.2.         Appointment, Removal and Resignation of the Guarantee Trustee....................   11

Article V Guarantee

         Section 5.1.         Guarantee........................................................................   12
         Section 5.2.         Waiver of Notice and Demand......................................................   12
         Section 5.3.         Obligations Not Affected.........................................................   12
         Section 5.4.         Rights of Holders................................................................   13
         Section 5.5.         Guarantee of Payment.............................................................   13
         Section 5.6.         Subrogation......................................................................   13
         Section 5.7.         Independent Obligations..........................................................   13

Article VI Covenants And Subordination

         Section 6.1.         Subordination....................................................................   14
         Section 6.2.         Pari Passu Guarantees............................................................   14
</TABLE>

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<TABLE>
<S>                                                                                                               <C>
Article VII Termination

         Section 7.1.         Termination......................................................................   14

Article VIII Miscellaneous

         Section 8.1.         Successors and Assigns...........................................................   14
         Section 8.2.         Amendments.......................................................................   15
         Section 8.3.         Notices..........................................................................   15
         Section 8.4.         Benefit..........................................................................   16
         Section 8.5.         Governing Law....................................................................   16
         Section 8.6.         Counterparts.....................................................................   16
</TABLE>

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                             CROSS-REFERENCE TABLE*

<TABLE>
SECTION OF TRUST INDENTURE ACT OF 1939, AS AMENDED           SECTION OF GUARANTEE AGREEMENT
<S>                                                          <C>
310(a)                                                       4.1(a)
310(b)                                                       2.8 and 4.1(c)
310(c)                                                       Inapplicable
311(a)                                                       2.2(b)
311(b)                                                       2.2(b)
311(c)                                                       Inapplicable
312(a)                                                       2.2(a)
312(b)                                                       2.2(b)
312(c)                                                       2.2(b)
313(a)                                                       2.3
313(b)                                                       2.3
313(c)                                                       2.3
313(d)                                                       2.3
314(a)                                                       2.4
314(b)                                                       Inapplicable
314(c)                                                       2.5
314(d)                                                       Inapplicable
314(e)                                                       2.5
314(f)                                                       Inapplicable
315(a)                                                       3.1(d); 3.2(a)
315(b)                                                       2.7(a)
315(c)                                                       3.1(c)
315(d)                                                       3.1(d)
316(a)                                                       2.6; 5.4(a)
317(a)                                                       2.10; 5.4
318(a)                                                       2.1
</TABLE>

----------
* This Cross-Reference Table does not constitute part of the Guarantee Agreement
and shall not have any bearing upon the interpretation of any of its terms or
provisions.

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      GUARANTEE AGREEMENT, dated as of _____________, 200_, between VISTEON
CORPORATION, a Delaware corporation (the "Guarantor"), having its principal
office at 5500 Auto Club Drive, Dearborn, Michigan 48126, and BANK ONE TRUST
COMPANY, N.A., as trustee (the "Guarantee Trustee"), for the benefit of the
Holders (as defined herein) from time to time of the Capital Securities (as
defined herein) of VISTEON CAPITAL TRUST I, a Delaware statutory business trust
(the "Issuer Trust").

                                    RECITALS

      WHEREAS, pursuant to an Amended and Restated Trust Agreement, of even date
herewith (the "Trust Agreement"), among Visteon Corporation, as Depositor, the
Property Trustee, the Delaware Trustee, and the Administrative Trustees (each as
named therein) and the holders from time to time of undivided beneficial
interests in the assets of the Issuer Trust, the Issuer Trust is issuing
$[_____________] aggregate Liquidation Amount (as defined in the Trust
Agreement) of its [__%] Preferred Securities (liquidation amount $_________ per
capital security)] (the "Capital Securities"), representing preferred undivided
beneficial interests in the assets of the Issuer Trust and having the terms set
forth in the Trust Agreement; and

      WHEREAS, the Capital Securities will be issued by the Issuer Trust, and
the proceeds thereof, together with the proceeds from the issuance of the Issuer
Trust's Common Securities (as defined herein), will be used to purchase the
Debentures of the Guarantor, which Debentures will be deposited with
_________________________, as Property Trustee under the Trust Agreement, as
trust assets; and

      WHEREAS, as an incentive for the Holders to purchase Capital Securities,
the Guarantor desires irrevocably and unconditionally to agree, to the extent
set forth herein, to pay to the Holders of the Capital Securities the Guarantee
Payments (as defined herein) and to make certain other payments on the terms and
conditions set forth herein.

      NOW, THEREFORE, in consideration of the purchase of Capital Securities by
each Holder, which purchase the Guarantor hereby acknowledges shall benefit the
Guarantor, the Guarantor executes and delivers this Guarantee Agreement for the
benefit of the Holders from time to time.

                                    ARTICLE I
                                   DEFINITIONS

      Section 1.1. Definitions.

      For all purposes of this Guarantee Agreement, except as otherwise
expressly provided or unless the context otherwise requires:

            (a) The terms defined in this Article have the meanings assigned to
      them in this Article, and include the plural as well as the singular;

            (b) All other terms used herein that are defined in the Trust
      Indenture Act, either directly or by reference therein, have the meanings
      assigned to them therein;

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            (c) The words "include," "includes" and "including" shall be deemed
      to be followed by the phrase "without limitation";

            (d) All accounting terms used but not defined herein have the
      meanings assigned to them in accordance with United States generally
      accepted accounting principles;

            (e) Unless the context otherwise requires, any reference to an
      "Article" or a "Section" refers to an Article or a Section, as the case
      may be, of this Guarantee Agreement; and

            (f) The words "hereby," "herein," "hereof" and "hereunder" and other
      words of similar import refer to this Guarantee Agreement as a whole and
      not to any particular Article, Section or other subdivision.

      "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control," when used with respect to any specified Person, means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

      "Board of Directors" means the board of directors of the Guarantor or any
committee of the board of directors of the Guarantor, comprised of one or more
members of the board of directors of the Guarantor or officers of the Guarantor,
or both.

      "Capital Securities" has the meaning specified in the recitals to this
Guarantee Agreement.

      "Common Securities" means the securities representing common undivided
beneficial interests in the assets of the Issuer Trust.

      "Debentures" shall have the meaning specified in the Trust Agreement.

      "Distributions" shall have the meaning specified in the Trust Agreement.

      "Event of Default" means (i) a default by the Guarantor in any of its
payment obligations under this Guarantee Agreement or (ii) a default by the
Guarantor in any other obligation hereunder that remains unremedied for 30 days.

      "Guarantee Agreement" means this Guarantee Agreement, as modified, amended
or supplemented from time to time.

      "Guarantee Payments" means the following payments or distributions,
without duplication, with respect to the Capital Securities, to the extent not
paid or made by or on behalf of the Issuer Trust: (i) any accumulated and unpaid
Distributions required to be paid on the Capital Securities, to the extent the
Issuer Trust shall have funds on hand available therefor at such time; (ii) the
Redemption Price with respect to any Capital Securities called for redemption

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by the Issuer Trust, to the extent the Issuer Trust shall have funds on hand
available therefor at such time; and (iii) upon a voluntary or involuntary
dissolution, winding-up or liquidation of the Issuer Trust, unless Debentures
are distributed to the Holders, the lesser of (a) the Liquidation Distribution
with respect to the Capital Securities, to the extent that the Issuer Trust
shall have funds on hand available therefor at such time, and (b) the amount of
assets of the Issuer Trust remaining available for distribution to Holders on
liquidation of the Issuer.

      "Guarantee Trustee" means Bank One Trust Company, N.A., solely in its
capacity as Guarantee Trustee and not in its individual capacity, until a
Successor Guarantee Trustee has been appointed and has accepted such appointment
pursuant to the terms of this Guarantee Agreement, and thereafter means each
such Successor Guarantee Trustee.

      "Guarantor" has the meaning specified in the first paragraph of this
Guarantee Agreement.

      "Holder" means any Holder (as defined in the Trust Agreement) of any
Capital Securities; provided, however, that in determining whether the holders
of the requisite percentage of Capital Securities have given any request,
notice, consent or waiver hereunder. "Holder" shall not include the Guarantor,
the Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee
Trustee.

      "Indenture" means the Subordinated Indenture, dated as of ______________
200__, between Visteon Corporation and Bank One Trust Company, N.A., as trustee,
as the same may be modified, amended or supplemented from time to time.

      "Issuer Trust" has the meaning specified in the first paragraph of this
Guarantee Agreement.

      "Liquidation Distribution" shall have the meaning specified in the Trust
Agreement.

      "List of Holders" has the meaning specified in Section 2.2(a).

      "Majority in Liquidation Amount of the Capital Securities" means, except
as provided by the Trust Indenture Act, Capital Securities representing more
than 50% of the aggregate Liquidation Amount (as defined in the Trust Agreement)
of all Capital Securities then Outstanding (as defined in the Trust Agreement).

      "Officers' Certificate" means, with respect to any Person, a certificate
signed by the Chairman or a Vice Chairman of the Board of Directors of such
Person or the President or a Vice President of such Person, and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of
such Person. Any Officers' Certificate delivered with respect to compliance with
a condition or covenant provided for in this Guarantee Agreement shall include:

            (a) a statement by each officer signing the Officers' Certificate
      that such officer has read the covenant or condition and the definitions
      relating thereto;

            (b) a brief statement of the nature and scope of the examination or
      investigation undertaken by such officer in rendering the Officers'
      Certificate;

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            (c) a statement that such officer has made such examination or
      investigation as, in such officer's opinion, is necessary to enable such
      officer to express an informed opinion as to whether or not such covenant
      or condition has been complied with; and

            (d) a statement as to whether, in the opinion of such officer, such
      condition or covenant has been complied with.

      "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, company,
limited liability company, trust, business trust, unincorporated association, or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

      "Redemption Price" shall have the meaning set forth in the Trust
Agreement.

      "Responsible Officer" means, with respect to the Guarantee Trustee, any
Senior Vice President, any Vice President, any Assistant Vice President, the
Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, any
Trust Officer or Assistant Trust Officer or any other officer of the Corporate
Trust Department of the Guarantee Trustee and also means, with respect to a
particular matter, any other officer to whom such matter is referred because of
that officer's knowledge of and familiarity with the particular subject.

      "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 4.1.

      "Trust Agreement" means the Amended and Restated Trust Agreement of the
Issuer Trust referred to in the recitals to this Guarantee Agreement, as
modified, amended or supplemented from time to time.

      "Trust Indenture Act" means the Trust Indenture Act of 1939 as in force at
the date as of which this Guarantee Agreement was executed; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date,
"Trust Indenture Act" means, to the extent required by any such amendment, the
Trust Indenture Act of 1939 as so amended.

      "Vice President," when used with respect to the Guarantor, means any duly
appointed vice president, whether or not designated by a number or a word or
words added before or after the title "vice president."

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<PAGE>

                                   ARTICLE II
                               TRUST INDENTURE ACT

      Section 2.1. Trust Indenture Act; Application.

      This Guarantee Agreement is subject to the provisions of the Trust
Indenture Act that are required to be part of this Guarantee Agreement and
shall, to the extent applicable, be governed by such provisions. If and to the
extent that any provision of this Guarantee Agreement limits, qualifies or
conflicts with the duties imposed by Sections 310 to 317, inclusive, of the
Trust Indenture Act, such imposed duties shall control.

      Section 2.2. List of Holders.

            (a) The Guarantor shall furnish or cause to be furnished to the
Guarantee Trustee (a) semiannually, on or before June 30 and December 31 of each
year, a list, in such form as the Guarantee Trustee may reasonably require, of
the names and addresses of the Holders (a "List of Holders") as of a date not
more than 15 days prior to the delivery thereof, and (b) at such other times as
the Guarantee Trustee may request in writing, within 30 days after the receipt
by the Guarantor of any such request, a List of Holders as of a date not more
than 15 days prior to the time such list is furnished, in each case to the
extent such information is in the possession or control of the Guarantor and has
not otherwise been received by the Guarantee Trustee in its capacity as such.
The Guarantee Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

            (b) The Guarantee Trustee shall comply with the requirements of
Section 311(a), Section 311(b) and Section 312(b) of the Trust Indenture Act.
Pursuant to Section 312(c) of the Trust Indenture Act, the Guarantee Trustee
shall not be held accountable by reason of the disclosure of any information
under Section 312(b) of the Trust Indenture Act.

      Section 2.3. Reports by the Guarantee Trustee.

      Within 60 days after May 15 each year, commencing May 15, 200__, the
Guarantee Trustee shall provide to the Holders such reports as are required by
Section 313 of the Trust Indenture Act, if any, in the form and in the manner
provided by Section 313 of the Trust Indenture Act.

      Section 2.4. Periodic Reports to the Guarantee Trustee.

      The Guarantor shall provide to the Guarantee Trustee and the Holders such
documents, reports and information, if any, as required by Section 314 of the
Trust Indenture Act and the compliance certificate required by Section 314 of
the Trust Indenture Act, in the form, in the manner and at the times required by
Section 314 of the Trust Indenture Act.

      Section 2.5. Evidence of Compliance with Conditions Precedent.

      The Guarantor shall provide to the Guarantee Trustee such evidence of
compliance with such conditions precedent, if any, provided for in this
Guarantee Agreement that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act. Any certificate or opinion

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required to be given by an officer of the Guarantor pursuant to Section
314(c)(1) may be given in the form of an Officers' Certificate.

      Section 2.6. Events of Default; Waiver.

      The Holders of at least a Majority in Liquidation Amount of the Capital
Securities may, by vote, on behalf of the Holders of all the Capital Securities,
waive any past default or Event of Default and its consequences. Upon such
waiver, any such default or Event of Default shall cease to exist, and any
default or Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Guarantee Agreement, but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon.

      Section 2.7. Event of Default; Notice.

      (a) The Guarantee Trustee shall, within 90 days after the occurrence of an
Event of Default known to the Guarantee Trustee, transmit by mail, first class
postage prepaid, to the Holders, notice of any such Event of Default known to
the Guarantee Trustee, unless such Event of Default has been cured before the
giving of such notice, provided that, except in the case of a default in the
payment of a Guarantee Payment, the Guarantee Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors and/or Responsible Officers of the
Guarantee Trustee in good faith determines that the withholding of such notice
is in the interests of the Holders.

      (b) The Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless the Guarantee Trustee shall have received written
notice, or a Responsible Officer charged with the administration of this
Guarantee Agreement shall have obtained written notice, of such Event of
Default.

      Section 2.8. Conflicting Interests.

      The Trust Agreement and the Indenture shall be deemed to be specifically
described in this Guarantee Agreement for the purposes of clause (i) of the
first proviso contained in Section 310(b) of the Trust Indenture Act.

                                  ARTICLE III
               POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

      Section 3.1. Powers and Duties of the Guarantee Trustee.

            (a) This Guarantee Agreement shall be held by the Guarantee Trustee
for the benefit of the Holders, and the Guarantee Trustee shall not transfer
this Guarantee Agreement to any Person except to a Successor Guarantee Trustee
on acceptance by such Successor Guarantee Trustee of its appointment to act as
Guarantee Trustee hereunder. The right, title and interest of the Guarantee
Trustee, as such, hereunder shall automatically vest in any Successor Guarantee
Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment
hereunder, and such vesting and cessation of title shall be effective whether or
not conveyancing documents

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<PAGE>

have been executed and delivered pursuant to the appointment of such Successor
Guarantee Trustee.

            (b) If an Event of Default has occurred and is continuing, the
Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the
Holders.

            (c) The Guarantee Trustee, before the occurrence of any Event of
Default and after the curing of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in
this Guarantee Agreement (including pursuant to Section 2.1), and no implied
covenants shall be read into this Guarantee Agreement against the Guarantee
Trustee. If an Event of Default has occurred (that has not been cured or waived
pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the
rights and powers vested in it by this Guarantee Agreement, and use the same
degree of care and skill in its exercise thereof, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

            (d) No provision of this Guarantee Agreement shall be construed to
relieve the Guarantee Trustee from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

                  (i) prior to the occurrence of any Event of Default and after
            the curing or waiving of all such Events of Default that may have
            occurred:

                        (A) the duties and obligations of the Guarantee Trustee
                  shall be determined solely by the express provisions of this
                  Guarantee Agreement (including pursuant to Section 2.1), and
                  the Guarantee Trustee shall not be liable except for the
                  performance of such duties and obligations as are specifically
                  set forth in this Guarantee Agreement (including pursuant to
                  Section 2.1); and

                        (B) in the absence of bad faith on the part of the
                  Guarantee Trustee, the Guarantee Trustee may conclusively
                  rely, as to the truth of the statements and the correctness of
                  the opinions expressed therein, upon any certificates or
                  opinions furnished to the Guarantee Trustee and conforming to
                  the requirements of this Guarantee Agreement (but in the case
                  of any such certificates or opinions that by any provision
                  hereof or of the Trust Indenture Act are specifically required
                  to be furnished to the Guarantee Trustee, the Guarantee
                  Trustee shall be under a duty to examine the same to determine
                  whether or not they conform to the requirements of this
                  Guarantee Agreement);

                  (ii) the Guarantee Trustee shall not be liable for any error
            of judgment made in good faith by a Responsible Officer of the
            Guarantee Trustee, unless it shall be proved that the Guarantee
            Trustee was negligent in ascertaining the pertinent facts upon which
            such judgment was made;

                  (iii) the Guarantee Trustee shall not be liable with respect
            to any action taken or omitted to be taken by it in good faith in
            accordance with the direction of

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            the Holders of not less than a Majority in Liquidation Amount of the
            Capital Securities relating to the time, method and place of
            conducting any proceeding for any remedy available to the Guarantee
            Trustee, or exercising any trust or power conferred upon the
            Guarantee Trustee under this Guarantee Agreement; and

                  (iv) subject to Section 3.1(b), no provision of this Guarantee
            Agreement shall require the Guarantee Trustee to expend or risk its
            own funds or otherwise incur personal financial liability in the
            performance of any of its duties or in the exercise of any of its
            rights or powers, if the Guarantee Trustee shall have reasonable
            grounds for believing that the repayment of such funds or liability
            is not reasonably assured to it under the terms of this Guarantee
            Agreement or adequate indemnity against such risk or liability is
            not reasonably assured to it.

      Section 3.2. Certain Rights of Guarantee Trustee.

            (a) Subject to the provisions of Section 3.1:

                  (i) The Guarantee Trustee may rely and shall be fully
            protected in acting or refraining from acting upon any resolution,
            certificate, statement, instrument, opinion, report, notice,
            request, direction, consent, order, bond, debenture, note, other
            evidence of indebtedness or other paper or document reasonably
            believed by it to be genuine and to have been signed, sent or
            presented by the proper party or parties.

                  (ii) Any direction or act of the Guarantor contemplated by
            this Guarantee Agreement shall be sufficiently evidenced by an
            Officers' Certificate unless otherwise prescribed herein.

                  (iii) Whenever, in the administration of this Guarantee
            Agreement, the Guarantee Trustee shall deem it desirable that a
            matter be proved or established before taking, suffering or omitting
            to take any action hereunder, the Guarantee Trustee (unless other
            evidence is herein specifically prescribed) may, in the absence of
            bad faith on its part, request and rely upon an Officers'
            Certificate which, upon receipt of such request from the Guarantee
            Trustee, shall be promptly delivered by the Guarantor.

                  (iv) The Guarantee Trustee may consult with legal counsel, and
            the written advice or opinion of such legal counsel with respect to
            legal matters shall be full and complete authorization and
            protection in respect of any action taken, suffered or omitted to be
            taken by it hereunder in good faith and in accordance with such
            advice or opinion. Such legal counsel may be legal counsel to the
            Guarantor or any of its Affiliates and may be one of its employees.
            The Guarantee Trustee shall have the right at any time to seek
            instructions concerning the administration of this Guarantee
            Agreement from any court of competent jurisdiction.

                                       8
<PAGE>

                  (v) The Guarantee Trustee shall be under no obligation to
            exercise any of the rights or powers vested in it by this Guarantee
            Agreement at the request or direction of any Holder unless such
            Holder shall have provided to the Guarantee Trustee such adequate
            security and indemnity as would satisfy a reasonable person in the
            position of the Guarantee Trustee against the costs, expenses
            (including attorneys' fees and expenses) and liabilities that might
            be incurred by it in complying with such request or direction,
            including such reasonable advances as may be requested by the
            Guarantee Trustee; provided that nothing contained in this Section
            (a)(v) shall be taken to relieve the Guarantee Trustee, upon the
            occurrence of an Event of Default, of its obligation to exercise the
            rights and powers vested in it by this Guarantee Agreement.

                  (vi) The Guarantee Trustee shall not be bound to make any
            investigation into the facts or matters stated in any resolution,
            certificate, statement, instrument, opinion, report, notice,
            request, direction, consent, order, bond, debenture, note, other
            evidence of indebtedness or other paper or document, but the
            Guarantee Trustee, in its discretion, may make such further inquiry
            or investigation into such facts or matters as it may see fit.

                  (vii) The Guarantee Trustee may execute any of the trusts or
            powers hereunder or perform any duties hereunder either directly or
            by or through its agents or attorneys, and the Guarantee Trustee
            shall not be responsible for any misconduct or negligence on the
            part of any such agent or attorney appointed by it with due care
            hereunder.

                  (viii) Whenever in the administration of this Guarantee
            Agreement the Guarantee Trustee shall deem it desirable to receive
            instructions with respect to enforcing any remedy or right or taking
            any other action hereunder, the Guarantee Trustee (A) may request
            instructions from the Holders, (B) may refrain from enforcing such
            remedy or right or taking such other action until such instructions
            are received, and (C) shall be protected in acting in accordance
            with such instructions.

            (b) No provision of this Guarantee Agreement shall be deemed to
impose any duty or obligation on the Guarantee Trustee to perform any act or
acts or exercise any right, power, duty or obligation conferred or imposed on it
in any jurisdiction in which it shall be illegal, or in which the Guarantee
Trustee shall be unqualified or incompetent in accordance with applicable law,
to perform any such act or acts or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Guarantee Trustee
shall be construed to be a duty to act in accordance with such power and
authority.

      Section 3.3. Compensation; Indemnity; Fees.

      The Guarantor agrees:

            (a) to pay to the Guarantee Trustee from time to time such
reasonable compensation for all services rendered by it hereunder as may be
agreed by the Guarantor and

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<PAGE>

the Guarantee Trustee from time to time (which compensation shall not be limited
by any provision of law in regard to the compensation of a trustee of an express
trust);

            (b) except as otherwise expressly provided herein, to reimburse the
Guarantee Trustee upon request for all reasonable expenses, disbursements and
advances incurred or made by the Guarantee Trustee in accordance with any
provision of this Guarantee Agreement (including the reasonable compensation and
the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad
faith; and

            (c) to indemnify the Guarantee Trustee, any Affiliate of the
Guarantee Trustee and any officer, director, shareholder, employee,
representative or agent of the Guarantee Trustee (each, an "Indemnified Person")
for, and to hold each Indemnified Person harmless against, any loss, liability
or expense incurred without negligence, willful misconduct or bad faith on the
part of the Indemnified Person, arising out of or in connection with the
acceptance or administration of this Guarantee Agreement, including the costs
and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder.

      The Guarantee Trustee will not claim or exact any lien or charge on any
Guarantee Payments as a result of any amount due to it under this Guarantee
Agreement.

      The provisions of this Section 3.3 shall survive the termination of this
Guarantee Agreement or the resignation or removal of the Guarantee Trustee.

                                   ARTICLE IV
                                GUARANTEE TRUSTEE

      Section 4.1. Guarantee Trustee; Eligibility.

            (a) There shall at all times be a Guarantee Trustee which shall:

                  (i) not be an Affiliate of the Guarantor; and

                  (ii) be a Person that is eligible pursuant to the Trust
            Indenture Act to act as such and has a combined capital and surplus
            of at least $50,000,000, and shall be a corporation meeting the
            requirements of Section 310(a) of the Trust Indenture Act. If such
            corporation publishes reports of condition at least annually,
            pursuant to law or to the requirements of its supervising or
            examining authority, then, for the purposes of this Section 4.1 and
            to the extent permitted by the Trust Indenture Act, the combined
            capital and surplus of such corporation shall be deemed to be its
            combined capital and surplus as set forth in its most recent report
            of condition so published.

            (b) If at any time the Guarantee Trustee shall cease to be eligible
to so act under Section 4.1(a), the Guarantee Trustee shall immediately resign
in the manner and with the effect set out in Section 4.2.

                                       10
<PAGE>

            (c) If the Guarantee Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Guarantee Trustee and Guarantor shall in all respects comply with the provisions
of Section 310(b) of the Trust Indenture Act.

     Section 4.2. Appointment, Removal and Resignation of the Guarantee Trustee.

            (a) Subject to Section 4.2(c), the Guarantee Trustee may be
appointed or removed at any time by the action of the Holders of a Majority in
Liquidation Amount of the Capital Securities delivered to the Guarantee Trustee
and the Guarantor (i) for cause or (ii) if a Debenture Event of Default (as
defined in the Trust Agreement) shall have occurred and be continuing at any
time.

            (b) Subject to Section 4.2(c), the Guarantee Trustee may resign from
office (without need for prior or subsequent accounting) by giving written
notice thereof to the Holders and the Guarantor and by appointing a successor
Guarantee Trustee. The Guarantee Trustee shall appoint a successor by requesting
from at least three Persons meeting the requirements of Section 4.1(a) their
expenses and charges to serve as the Guarantee Trustee, and selecting the Person
who agrees to the lowest expenses and charges.

            (c) The Guarantee Trustee appointed hereunder shall hold office
until a Successor Guarantee Trustee shall have been appointed and shall have
accepted such appointment. No removal or resignation of a Guarantee Trustee
shall be effective until a Successor Guarantee Trustee has been appointed and
has accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor and, in the case of any
resignation, the resigning Guarantee Trustee.

            (d) If no Successor Guarantee Trustee shall have been appointed and
accepted appointment as provided in this Section 4.2 within 60 days after
delivery to the Holders and the Guarantor of a notice of resignation, the
resigning Guarantee Trustee may petition, at the expense of the Guarantor, any
court of competent jurisdiction for appointment of a Successor Guarantee
Trustee. Such court may thereupon, after prescribing such notice, if any, as it
may deem proper, appoint a Successor Guarantee Trustee.

            (e) If a resigning Guarantee Trustee shall fail to appoint a
successor, or if a Guarantee Trustee shall be removed or become incapable of
acting as Guarantee Trustee and a replacement shall not be appointed prior to
such resignation or removal, or if a vacancy shall occur in the office of
Guarantee Trustee for any cause, the Holders of the Capital Securities, by the
action of the Holders of record of not less than 25% in aggregate Liquidation
Amount (as defined in the Trust Agreement) of the Capital Securities then
Outstanding (as defined in the Trust Agreement) delivered to such Guarantee
Trustee, may appoint a Successor Guarantee Trustee or Trustees. If no successor
Guarantee Trustee shall have been so appointed by the Holders of the Capital
Securities and accepted appointment, any Holder, on behalf of such Holder and
all others similarly situated, or any other Guarantee Trustee, may petition any
court of competent jurisdiction for the appointment of a successor Guarantee
Trustee.

                                       11
<PAGE>

                                    ARTICLE V
                                    GUARANTEE

      Section 5.1. Guarantee.

      The Guarantor irrevocably and unconditionally agrees to pay in full to the
Holders the Guarantee Payments (without duplication of amounts theretofore paid
by or on behalf of the Issuer Trust), as and when due, regardless of any
defense, right of set-off or counterclaim that the Issuer Trust may have or
assert, except the defense of payment. The Guarantor's obligation to make a
Guarantee Payment may be satisfied by direct payment of the required amounts by
the Guarantor to the Holders or by causing the Issuer Trust to pay such amounts
to the Holders.

      Section 5.2. Waiver of Notice and Demand.

      The Guarantor hereby waives notice of acceptance of this Guarantee
Agreement and of any liability to which it applies or may apply, presentment,
demand for payment, any right to require a proceeding first against the
Guarantee Trustee, the Issuer Trust or any other Person before proceeding
against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice
of redemption and all other notices and demands.

      Section 5.3. Obligations Not Affected.

      The obligations, covenants, agreements and duties of the Guarantor under
this Guarantee Agreement shall in no way be affected or impaired by reason of
the happening from time to time of any of the following:

            (a) the release or waiver, by operation of law or otherwise, of the
performance or observance by the Issuer Trust of any express or implied
agreement, covenant, term or condition relating to the Capital Securities to be
performed or observed by the Issuer Trust;

            (b) the extension of time for the payment by the Issuer Trust of any
portion of the Distributions (other than an extension of time for payment of
Distributions that results from the extension of any interest payment period on
the Debentures as provided in the Indenture), Redemption Price, Liquidation
Distribution or any other sums payable under the terms of the Capital Securities
or the extension of time for the performance of any other obligation under,
arising out of, or in connection with, the Capital Securities;

            (c) any failure, omission, delay or lack of diligence on the part of
the Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the Capital Securities, or any
action on the part of the Issuer Trust granting indulgence or extension of any
kind;

            (d) the voluntary or involuntary liquidation, dissolution,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of debt of, or other
similar proceedings affecting, the Issuer Trust or any of the assets of the
Issuer Trust;

            (e) any invalidity of, or defect or deficiency in, the Capital
Securities;

                                       12
<PAGE>

            (f) the settlement or compromise of any obligation guaranteed hereby
or hereby incurred; or

            (g) any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a guarantor (other than
payment of the underlying obligation), it being the intent of this Section 5.3
that the obligations of the Guarantor hereunder shall be absolute and
unconditional under any and all circumstances. There shall be no obligation of
the Holders to give notice to, or obtain the consent of, the Guarantor with
respect to the happening of any of the foregoing.

      Section 5.4. Rights of Holders.

      The Guarantor expressly acknowledges that: (i) this Guarantee Agreement
will be deposited with the Guarantee Trustee to be held for the benefit of the
Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee
Agreement on behalf of the Holders; (iii) the Holders of a Majority in
Liquidation Amount of the Capital Securities have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust
or power conferred upon the Guarantee Trustee under this Guarantee Agreement;
and (iv) any Holder may institute a legal proceeding directly against the
Guarantor to enforce its rights under this Guarantee Agreement without first
instituting a legal proceeding against the Guarantee Trustee, the Issuer Trust
or any other Person.

      Section 5.5. Guarantee of Payment.

      This Guarantee Agreement creates a guarantee of payment and not of
collection. This Guarantee Agreement will not be discharged except by payment of
the Guarantee Payments in full (without duplication of amounts theretofore paid
by the Issuer Trust) or upon the distribution of Debentures to Holders as
provided in the Trust Agreement.

      Section 5.6. Subrogation.

      The Guarantor shall be subrogated to all rights (if any) of the Holders
against the Issuer Trust in respect of any amounts paid to the Holders by the
Guarantor under this Guarantee Agreement; provided, however, that the Guarantor
shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any rights which it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Guarantee Agreement, if, at the time of any such
payment, any amounts are due and unpaid under this Guarantee Agreement. If any
amount shall be paid to the Guarantor in violation of the preceding sentence,
the Guarantor agrees to hold such amount in trust for the Holders and to pay
over such amount to the Holders.

      Section 5.7. Independent Obligations.

      The Guarantor acknowledges that its obligations hereunder are independent
of the obligations of the Issuer Trust with respect to the Capital Securities
and that the Guarantor shall be liable as principal and as debtor hereunder to
make Guarantee Payments pursuant to the terms

                                       13
<PAGE>

of this Guarantee Agreement notwithstanding the occurrence of any event referred
to in subsections (a) through (g), inclusive, of Section 5.3 hereof.

                                   ARTICLE VI
                           COVENANTS AND SUBORDINATION

      Section 6.1. Subordination.

      The obligations of the Guarantor under this Guarantee Agreement will
constitute unsecured obligations of the Guarantor and will rank subordinate and
junior in right of payment to all Senior Debt (as defined in the Indenture) of
the Guarantor to the extent and in the manner set forth in the Indenture with
respect to the Debentures, and the provisions of Article Thirteen of the
Indenture will apply, mutatis mutandis, to the obligations of the Guarantor
hereunder. The obligations of the Guarantor hereunder do not constitute Senior
Debt (as defined in the Indenture) of the Guarantor.

      Section 6.2. Pari Passu Guarantees.

      The obligations of the Guarantor under this Guarantee Agreement shall rank
pari passu with the obligations of the Guarantor under (i) any similar guarantee
agreements issued by the Guarantor on behalf of the holders of preferred or
capital securities issued by any business trust, (ii) the Indenture and the debt
securities issued thereunder; (iii) any expense agreements entered into by the
Guarantor in connection with the offering of preferred or capital securities by
any business trust, and (iv) any other security, guarantee or other agreement or
obligation that is expressly stated to rank pari passu with the obligations of
the Guarantor under this Guarantee Agreement or with any obligation that ranks
pari passu with the obligations of the Guarantor under this Guarantee Agreement.

                                   ARTICLE VII
                                   TERMINATION

      Section 7.1. Termination.

      This Guarantee Agreement shall terminate and be of no further force and
effect upon (i) full payment of the Redemption Price of all Capital Securities,
(ii) the distribution of Debentures to the Holders in exchange for all of the
Capital Securities or (iii) full payment of the amounts payable in accordance
with Article IX of the Trust Agreement upon liquidation of the Issuer Trust.
Notwithstanding the foregoing, this Guarantee Agreement will continue to be
effective or will be reinstated, as the case may be, if at any time any Holder
is required to repay any sums paid with respect to Capital Securities or this
Guarantee Agreement.

                                  ARTICLE VIII
                                  MISCELLANEOUS

      Section 8.1. Successors and Assigns.

                                       14
<PAGE>

      All guarantees and agreements contained in this Guarantee Agreement shall
bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Capital
Securities then outstanding. Except in connection with a consolidation, merger
or sale involving the Guarantor that is permitted under the Indenture and
pursuant to which the successor or assignee agrees in writing to perform the
Guarantor's obligations hereunder, the Guarantor shall not assign its
obligations hereunder, and any purported assignment other than in accordance
with this provision shall be void.

      Section 8.2. Amendments.

      Except with respect to any changes that do not adversely affect the rights
of the Holders in any material respect (in which case no consent of the Holders
will be required), this Guarantee Agreement may only be amended with the prior
approval of the Holders of not less than a Majority in Liquidation Amount of the
Capital Securities. The provisions of Article VI of the Trust Agreement
concerning meetings of the Holders shall apply to the giving of such approval.

      Section 8.3. Notices.

      Any notice, request or other communication required or permitted to be
given hereunder shall be in writing, duly signed by the party giving such
notice, and delivered, telecopied or mailed by first class mail as follows:

            (a) if given to the Guarantor, to the address or telecopy number set
forth below or such other address or telecopy number as the Guarantor may give
notice to the Guarantee Trustee and the Holders:

                    Visteon Corporation
                    Fairlane Plaza North, 10th Floor
                    290 Town Center Drive
                    Dearborn, Michigan  48126
                    Attention:  General Counsel
                    Telecopy:  (313) 755-2762

            (b) if given to the Guarantee Trustee, to the address or telecopy
number set forth below or such other address or telecopy number as the Guarantee
Trustee may give notice to the Guarantor and Holders:

                    Bank One Trust Company, N.A.
                    1 Bank One Plaza
                    Suite IL1-0481
                    Chicago, Illinois  60670-0481
                    Attention:  Corporate Trust Administration
                    Telecopy:  (312) 336-8840 or (312) 336-8841

                    with a copy to:
                    Visteon Capital Trust I
                    c/o Visteon Corporation

                                       15
<PAGE>

                    5500 Auto Club Drive
                    Dearborn, Michigan  48126
                    Telecopy:  (313) 755-2762

            (c) if given to any Holder, at the address set forth on the books
and records of the Issuer Trust. All notices hereunder shall be deemed to have
been given when received in person, telecopied with receipt confirmed, or mailed
by first class mail, postage prepaid, except that if a notice or other document
is refused delivery or cannot be delivered because of a changed address of which
no notice was given, such notice or other document shall be deemed to have been
delivered on the date of such refusal or inability to deliver.

      Section 8.4. Benefit.

      This Guarantee Agreement is solely for the benefit of the Holders and is
not separately transferable from the Capital Securities.

      Section 8.5. Governing Law.

      THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

      Section 8.6. Counterparts.

      This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

                                       16
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Guarantee
Agreement as of the day and year first above written.

                                        VISTEON CORPORATION,
                                        as Guarantor

                                        By:___________________________________
                                           Name: _____________________________
                                           Title:_____________________________

                                        BANK ONE TRUST COMPANY, N.A.,
                                        as Guarantee Trustee

                                        By:___________________________________
                                           Name: _____________________________
                                           Title:_____________________________

                                       17<PAGE>
                                  SULZER MEDICA
                        2002 EMPLOYEE STOCK PURCHASE PLAN
                            UNITED STATES AND CANADA

The Sulzer Medica 2002 Employee Stock Purchase Plan ("Plan") is a stock purchase
plan which provides employees of any subsidiary ("Subsidiary") of Sulzer Medica
Ltd. ("Company") in the United States and Canada with an opportunity to purchase
an equity interest in the Company through purchase of American Depositary Shares
("Shares"), so as to develop a stronger incentive to work for the continued
success of the Company or its Subsidiary.

                                    ARTICLE 1

                                   DEFINITIONS

The following terms shall have the meaning described below when used in the
Plan:

<Table>
<S>                        <C>
"ADS":                     shall mean an American Depositary Share ("ADS") registered in the USA representing one-tenth of
                           a share of the Company with a nominal value of Swiss Francs 30 per share.

"Base Salary":             shall mean the Participant's base compensation during the Offering Period as adjusted for
                           salary increases during the Offering Period, and shall not include overtime, bonuses and other
                           incentives, or reimbursements of expenses and allowances.

"Company":                 shall mean Sulzer Medica Ltd. or any successor in ownership of all or substantially all of its
                           assets.

"Compensation
      Committee"           shall mean the Committee consisting of Board Members empowered by the Board of Directors of
                           the Company to make decisions regarding compensation issues.

"Employer":                shall mean a Subsidiary of the Company in the United States or Canada that has adopted the Plan.

"Exercise Date":           shall mean the last business day of the applicable Offering Period or a date that occurs as
                           soon as administratively possible thereafter on which purchases of Shares may be made without
                           exceeding any trading volume restrictions or materially affecting the price of Shares.

"Fair Market Value":       shall mean the closing price of the ADS in US Dollars on the New York Stock Exchange on the
                           applicable Exercise Date.

"Notice":                  shall mean the notice that needs to be given when an eligible employee wants to participate in
                           the Plan.

"Offering Period":         shall mean the applicable calendar quarter.

"Participant":             shall mean an eligible employee who has elected to participate in the Plan.

"Purchase Price":          shall mean the price at which ADSs may be acquired on the Exercise Date.

"Purchase Rights":         shall mean a Participant's rights to purchase Shares under the Plan during an Offering Period.

"Shares":                  shall mean the registered ADSs of Sulzer Medica Ltd.

"Subscription Date":       shall mean the date that an eligible employee may enroll in the Plan.

"Subsidiary":              shall mean any US or Canadian corporation owned, in whole by the Company, or in which the
                           Company, directly or indirectly, has a controlling interest of more than 50% voting rights and
                           capital.
</Table>

<PAGE>

                                    ARTICLE 2

                                DEDICATED SHARES

The maximum number of ADSs that may be purchased under the Plan is 250'000 ADS.

                                    ARTICLE 3

                                    APPROVAL

The Plan will not be effective unless the Compensation Committee of the Board of
Directors of the Company approves the Plan.

                                    ARTICLE 4

                                 ADMINISTRATION

The Compensation Committee will appoint am Administrator to administer the Plan.

                                    ARTICLE 5

                                   ELIGIBILITY

All persons employed by the Employer on the first day of the applicable Offering
Period are eligible to participate in the Plan during such Offering Period
excluding employees who are customarily employed for 20 hours or less a week or
for not more than 5 months a calendar year.

                                    ARTICLE 6

                            PARTICIPATION IN THE PLAN

Participation in the Plan is voluntary. An eligible employee participates by
delivering to his/her Employer not later than the Subscription Date a Notice
indicating his/her decision to participate in the Plan and authorizing a payroll
deduction from his/her Base Salary. The Company may, from time to time, change
the Subscription Date as deemed advisable by the Company in its sole discretion
for the proper administration of the Plan.

Participation in the Plan is elective for each subsequent Offering Period
through procedures determined by the Administrator. After the initial
subscription, participation will continue until the Participant cancels
participation as detailed in Article 9, Withdrawal.

                                    ARTICLE 7

                                 PURCHASE PRICE

The Purchase Price at which ADSs may be acquired on the Exercise Date shall be
the Fair Market Value of the ADSs on the Exercise Date.

                                    ARTICLE 8

                               PURCHASE OF SHARES

Payment of the Purchase Price by a Participant shall be made only by means of
payroll deductions during the Offering Period.

                                       2
<PAGE>

a)       PAYROLL DEDUCTIONS

         Payroll deductions shall commence on the first pay period following the
         first day of the applicable Offering Period and shall continue until
         the Participant terminates his/her deductions. The Employer will
         maintain a ledger that will evidence each Participant's payroll
         deductions to date ("Payroll Deduction Account").

b)       LIMITATIONS ON PAYROLL DEDUCTIONS

         The amount of deductions shall be at least two percent (2%) but shall
         not exceed ten percent (10%) of the Base Salary for the respective
         Offering Period. Amounts shall be deducted in whole percentages only.

c)       ELECTION TO INCREASE/DECREASE PAYROLL DEDUCTIONS

         A Participant may elect to increase or decrease the deduction at the
         beginning of any Offering Period. The new payroll deduction shall not
         be below 2% unless the Participant elects to stop payroll deductions
         entirely. The reduction or cessation will be effective beginning with
         the first pay period following the start of the succeeding Offering
         Period if the Participant files the amended Notice at least 10 days
         before the Offering Period begins.

d)       INTEREST

         No interest will be credited on any payroll deduction.

e)       EMPLOYER MATCHING CONTRIBUTIONS

         The Employer shall maintain a ledger that will evidence the amount of
         Employer Matching Contributions for an Offering Period ("Employer
         Matching Account"). Each Offering Period a Participant's Employer shall
         credit to the Participant's Employer Matching Account an amount equal
         to 15% of the Participant's payroll deductions for the Offering Period,
         reduced as necessary to satisfy the Employer's tax withholding
         obligations relating to the Participant's benefits under the Plan.

f)       OFFERING AND EXERCISE OF PURCHASE RIGHTS

         The number of ADSs for which a Participant is offered Purchase Rights
         during the Offering Period is determined by dividing the Participant's
         Payroll Deduction Account (as of the Exercise Date) by the Purchase
         Price.

         On the Exercise Date, each Participant's Purchase Rights will be
         exercised. On that day the monetary amount credited to each
         Participant's Payroll Deduction Account and Employer Matching Account
         will be used to purchase the maximum number of whole ADSs that can be
         purchased. Only funds accumulated by the Participant through payroll
         deductions and Employer Matching Contributions during the Offering
         Period can be used to buy ADSs under the Plan. Upon exercise the ADSs
         purchased will be issued and delivered to the Participant's share
         account with the Plan recordkeeper together with any funds remaining in
         the Participant's Payroll Deduction Account and Employer Matching
         Account after the exercise of the Purchase Rights.

         Payroll deductions in Canadian Dollars will be converted into US
         dollars at the Exchange rate quoted by the Bank of Canada on the
         Exercise Date.

g)       WITHHOLDING FOR TAXES

         A Participant's Employer may withhold from the Participant's
         compensation the amount necessary for the Employer to meet applicable
         tax withholding obligations.

                                       3
<PAGE>

                                    ARTICLE 9

                                   WITHDRAWAL

A Participant may withdraw from the Plan by signing a written notice of
withdrawal on a form provided by the Employer for such purpose and delivering
such notice to the Employer. The withdrawal will become effective for a specific
Offering Period if delivered to the Employer at least 10 days before the
Offering Period begins. A Participant may again participate in the Plan upon
enrolling at the beginning of any subsequent Offering Period. The Employer may
impose, from time to time, a requirement that the notice of withdrawal be on
file with the Employer for a reasonable period prior to the effectiveness of the
Participant's withdrawal.

                                   ARTICLE 10

           TERMINATION OF EMPLOYMENT, RETIREMENT, DEATH OR DISABILITY

The termination of a Participant's employment with the Employer for any reason
prior to ten days before the Exercise Date shall immediately terminate the
Participant's participation in the Plan and the Participant's Purchase Rights
will lapse. In such event, any amounts deducted in the current Offering Period
will be returned to the Participant.

No interest shall be paid on sums returned to a Participant or his/her estate
pursuant to this Article 10.

                                   ARTICLE 11

         ADJUSTMENTS UPON DISSOLUTION, LIQUIDATION, MERGER OR ASSET SALE

a)       DISSOLUTION OR LIQUIDATION

         In the event of the proposed dissolution or liquidation of the
         Employer, the Plan shall terminate immediately prior to the
         consummation of such proposed action, unless otherwise provided by the
         Compensation Committee of the Board of Directors of the Company.

b)       MERGER OR ASSET SALE

         In the event of a proposed sale of all or substantially all of the
         assets of the Employer, or the merger of the Employer with or into
         another corporation, the Plan then in progress shall be shortened to a
         date before the date of the proposed sale or merger. The Compensation
         Committee of the Board of Directors of the Company and the companies at
         issue shall notify each Participant concerned in writing of the
         termination date.

                                   ARTICLE 12

                                  EQUAL RIGHTS

All Participants shall have the same rights and privileges except that the
number of Shares purchased bears a uniform relationship to each Participant's
Payroll Deduction Account as per Article 8 for the Offering Period.

                                   ARTICLE 13

                                    PLAN TERM

The Plan is effective January 1, 2002, and is intended to be an ongoing plan but
can be amended or terminated by the Compensation Committee of the Board of
Directors of the Company.

                                       4
<PAGE>

                                   ARTICLE 14

                        RESTRICTION OF DELIVERY OF SHARES

The delivery of ADSs shall be subject to compliance with all applicable
requirements of applicable law with respect to such securities. The Purchase
Rights may not be exercised if the delivery of ADSs upon such exercise would
constitute a violation of any applicable securities law or other law or
regulation. As a condition to the exercise of the Purchase Rights, the Employer
may require the Participant to satisfy any qualifications that may be necessary
or appropriate, to evidence compliance with any applicable law or regulation and
to make any representation or warranty with respect thereto as may be requested
by the Employer.

                                   ARTICLE 15

                              GOVERNMENTAL APPROVAL

The obligation to sell or deliver ADSs under the Plan is subject to the approval
of all governmental authorities required in connection with the authorization,
purchase, issuance or sale of the ADSs.

                                   ARTICLE 16

                            SPONSORSHIP AND ADOPTION

The Company sponsors the Plan. Any Subsidiary may adopt the Plan, if so decided
by the Compensation Committee of the Board of Directors of the Company, by a
resolution of the Subsidiary's board of directors.

                                   ARTICLE 17

                      TERMINATION OR AMENDMENT OF THE PLAN

The Compensation Committee of the Board of Directors of the Company may
terminate or amend the Plan at any time.

                                   ARTICLE 18

                               NON-TRANSFERABILITY

Purchase Rights may not be transferred in any manner other than by will or the
laws of descent and distribution and shall be exercisable during the lifetime of
the Participant only by the Participant.

                                   ARTICLE 19

                                 APPLICABLE LAW

The Plan and any Purchase Rights shall be governed by the laws of the
jurisdiction where the Employer has its registered office.

         IN WITNESS WHEREOF, THE CHAIRMAN OF THE COMPENSATION COMMITTEE OF THE
BOARD OF SULZER MEDICA LTD. CERTIFIES THAT THE COMPENSATION COMMITTEE OF THE
BOARD OF DIRECTORS OF SULZER MEDICA LTD. DULY ADOPTED THE FOREGOING SULZER
MEDICA 2002 EMPLOYEE STOCK PURCHASE PLAN ON OCTOBER 24, 2001.

                                       5

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