Document:

exv10w1

 

EXHIBIT 10.1

	 	 	 	 	 
	Contact:	 	Customer Services — CTSLink
	 	 	Wells Fargo Bank Minnesota, N.A.
	 	 	Securities Administration Services
	 	 	7485 New Horizon Way
	 	 	Frederick, MD 21703
	 	 	www.ctslink.com
	 

	 	Telephone:
	 	(301) 815-6600
	 

	 	Fax:
	 	(301) 315-6660

SMT SERIES 2004-12

Record Date: March 31, 2006

Distribution Date: April 20, 2006

Certificateholder Distribution Summary

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	Certificate	 	 	Certificate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Class	 	 	Pass-Through	 	 	Beginning	 	 	Interest	 	 	Principal	 	 	Current	 	 	Ending Certificate	 	 	Total	 	 	Cumulative	 
	 	Class	 	 	CUSIP	 	 	Description	 	 	Rate	 	 	Certificate Balance	 	 	Distribution	 	 	Distribution	 	 	Realized Loss	 	 	Balance	 	 	Distribution	 	 	Realized Loss	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-1
	 	 	81744FFY8	 	 	SEN	 	 	 	5.04625	%	 	 	 	195,421,041.38	 	 	 	 	821,786.19	 	 	 	 	10,770,625.22	 	 	 	 	0.00	 	 	 	 	184,650,416.16	 	 	 	 	11,592,411.41	 	 	 	 	0.00	 	 
	 	A-2
	 	 	81744FFZ5	 	 	SEN	 	 	 	4.95688	%	 	 	 	104,059,086.60	 	 	 	 	429,840.34	 	 	 	 	8,193,872.16	 	 	 	 	0.00	 	 	 	 	95,865,214.44	 	 	 	 	8,623,712.50	 	 	 	 	0.00	 	 
	 	A-3
	 	 	81744FGA9	 	 	SEN	 	 	 	4.98688	%	 	 	 	89,305,090.71	 	 	 	 	370,973.64	 	 	 	 	7,045,696.13	 	 	 	 	0.00	 	 	 	 	82,259,394.59	 	 	 	 	7,416,669.77	 	 	 	 	0.00	 	 
	 	X-A1
	 	 	81744FGB7	 	 	IO	 	 	 	0.66804	%	 	 	 	0.00	 	 	 	 	166,720.33	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	166,720.33	 	 	 	 	0.00	 	 
	 	X-A2
	 	 	81744FGC5	 	 	IO	 	 	 	0.94291	%	 	 	 	0.00	 	 	 	 	70,143.22	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	70,143.22	 	 	 	 	0.00	 	 
	 	X-B
	 	 	81744FGD3	 	 	IO	 	 	 	0.20836	%	 	 	 	0.00	 	 	 	 	2,141.12	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	2,141.12	 	 	 	 	0.00	 	 
	 	B-1
	 	 	81744FGF8	 	 	SUB	 	 	 	5.27625	%	 	 	 	8,588,000.00	 	 	 	 	37,760.36	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	8,588,000.00	 	 	 	 	37,760.36	 	 	 	 	0.00	 	 
	 	B-2
	 	 	81744FGG6	 	 	SUB	 	 	 	5.62625	%	 	 	 	6,134,000.00	 	 	 	 	28,759.51	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	6,134,000.00	 	 	 	 	28,759.51	 	 	 	 	0.00	 	 
	 	B-3
	 	 	81744FGH4	 	 	SUB	 	 	 	6.02625	%	 	 	 	3,680,000.00	 	 	 	 	18,480.50	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	3,680,000.00	 	 	 	 	18,480.50	 	 	 	 	0.00	 	 
	 	B-4
	 	 	81744FGJ0	 	 	SUB	 	 	 	5.68252	%	 	 	 	2,453,000.00	 	 	 	 	11,616.03	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	2,453,000.00	 	 	 	 	11,616.03	 	 	 	 	0.00	 	 
	 	B-5
	 	 	81744FGK7	 	 	SUB	 	 	 	5.68252	%	 	 	 	920,000.00	 	 	 	 	4,356.60	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	920,000.00	 	 	 	 	4,356.60	 	 	 	 	0.00	 	 
	 	B-6
	 	 	81744FGL5	 	 	SUB	 	 	 	5.68252	%	 	 	 	2,762,778.00	 	 	 	 	13,082.96	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	2,762,778.00	 	 	 	 	13,082.96	 	 	 	 	0.00	 	 
	 	A-R
	 	 	81744FGE1	 	 	RES	 	 	 	5.13316	%	 	 	 	0.00	 	 	 	 	0.12	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.12	 	 	 	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	413,322,996.69	 	 	 	 	1,975,660.92	 	 	 	 	26,010,193.51	 	 	 	 	0.00	 	 	 	 	387,312,803.19	 	 	 	 	27,985,854.43	 	 	 	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.

 

 

Principal Distribution Statement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	Beginning	 	 	Scheduled	 	Unscheduled	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Original Face	 	 	Certificate	 	 	Principal	 	Principal	 	 	 	 	 	Realized	 	 	Total Principal	 	 	Ending Certificate	 	 	Ending Certificate	 	 	Total Principal	 
	 	Class	 	 	Amount	 	 	Balance	 	 	Distribution	 	Distribution	 	Accretion	 	Loss	 	 	Reduction	 	 	Balance	 	 	Percentage	 	 	Distribution	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-1
	 	 	 	380,510,000.00	 	 	 	 	195,421,041.38	 	 	 	 	1,329.92	 	 	 	10,769,295.30	 	 	 	0.00	 	 	 	0.00	 	 	 	 	10,770,625.22	 	 	 	 	184,650,416.16	 	 	 	 	0.48527086	 	 	 	 	10,770,625,22	 	 
	 	A-2
	 	 	 	208,392,000.00	 	 	 	 	104,059,086.60	 	 	 	 	380.27	 	 	 	8,193,491.89	 	 	 	0.00	 	 	 	0.00	 	 	 	 	8,193,872.16	 	 	 	 	95,865,214.44	 	 	 	 	0.46002349	 	 	 	 	8,193,872.16	 	 
	 	A-3
	 	 	 	218,330,615.00	 	 	 	 	89,305,090.71	 	 	 	 	0.00	 	 	 	7,045,696.13	 	 	 	0.00	 	 	 	0.00	 	 	 	 	7,045,696.13	 	 	 	 	82,259,394.59	 	 	 	 	0.37676528	 	 	 	 	7,045,696.13	 	 
	 	X-A1
	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00000000	 	 	 	 	0.00	 	 
	 	X-A2
	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00000000	 	 	 	 	0.00	 	 
	 	X-B
	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00000000	 	 	 	 	0.00	 	 
	 	B-1
	 	 	 	8,588,000.00	 	 	 	 	8,588,000.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	8,588,000.00	 	 	 	 	1.00000000	 	 	 	 	0.00	 	 
	 	B-2
	 	 	 	6,134,000.00	 	 	 	 	6,134,000.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	6,134,000.00	 	 	 	 	1.00000000	 	 	 	 	0.00	 	 
	 	B-3
	 	 	 	3,680,000.00	 	 	 	 	3,680,000.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	3,680,000.00	 	 	 	 	1.00000000	 	 	 	 	0.00	 	 
	 	B-4
	 	 	 	2,453,000.00	 	 	 	 	2,453,000.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	2,453,000.00	 	 	 	 	1.00000000	 	 	 	 	0.00	 	 
	 	B-5
	 	 	 	920,000.00	 	 	 	 	920,000.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	920,000.00	 	 	 	 	1.00000000	 	 	 	 	0.00	 	 
	 	B-6
	 	 	 	2,762,778.00	 	 	 	 	2,762,778.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	2,762,778.00	 	 	 	 	1.00000000	 	 	 	 	0.00	 	 
	 	A-R
	 	 	 	100.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00	 	 	 	 	0.00000000	 	 	 	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals
	 	 	 	831,770,493.00	 	 	 	 	413,322,996.69	 	 	 	 	1,710.19	 	 	 	26,008,483.32	 	 	 	0.00	 	 	 	0.00	 	 	 	 	26,010,193.51	 	 	 	 	387,312,803.19	 	 	 	 	0.46564865	 	 	 	 	26,010,193.51	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Principal Distribution Factors Statement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	Beginning	 	 	Scheduled	 	Unscheduled	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ending	 	 	 	 
	 	 	 	 	Original Face	 	 	Certificate	 	 	Principal	 	Principal	 	 	 	 	 	Realized	 	 	Total Principal	 	 	Ending Certificate	 	 	Certificate	 	 	Total Principal	 
	 	Class	 	 	Amount	 	 	Balance	 	 	Distribution	 	Distribution	 	Accretion	 	Loss	 	 	Reduction	 	 	Balance	 	 	Percentage	 	 	Distribution	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-1
	 	 	 	380,510,000.00	 	 	 	 	513.57662448	 	 	 	 	0.00349510	 	 	 	28.30226617	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	28.30576127	 	 	 	 	485.27086321	 	 	 	 	0.48527086	 	 	 	 	28.30576127	 	 
	 	A-2
	 	 	 	208,392,000.00	 	 	 	 	499.34300069	 	 	 	 	0.00182478	 	 	 	39.31768921	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	39.31951399	 	 	 	 	460.02348670	 	 	 	 	0.46002349	 	 	 	 	39.31951399	 	 
	 	A-3
	 	 	 	218,330,615.00	 	 	 	 	409.03604247	 	 	 	 	0.00000000	 	 	 	32.27076574	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	32.27076574	 	 	 	 	376.76527678	 	 	 	 	0.37676528	 	 	 	 	32.27076574	 	 
	 	X-A1
	 	 	 	0.00	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 
	 	X-A2
	 	 	 	0.00	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 
	 	X-B
	 	 	 	0.00	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 
	 	B-1
	 	 	 	8,588,000.00	 	 	 	 	1000.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	1.00000000	 	 	 	 	0.00000000	 	 
	 	B-2
	 	 	 	6,134,000.00	 	 	 	 	1000.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	1.00000000	 	 	 	 	0.00000000	 	 
	 	B-3
	 	 	 	3,680,000.00	 	 	 	 	1000.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	1.00000000	 	 	 	 	0.00000000	 	 
	 	B-4
	 	 	 	2,453,000.00	 	 	 	 	1000.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	1.00000000	 	 	 	 	0.00000000	 	 
	 	B-5
	 	 	 	920,000.00	 	 	 	 	1000.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	1.00000000	 	 	 	 	0.00000000	 	 
	 	B-6
	 	 	 	2,762,778.00	 	 	 	 	1000.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	1.00000000	 	 	 	 	0.00000000	 	 
	 	A-R
	 	 	 	100.00	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

Interest Distribution- Statement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Payment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	of	 	 	 	Non-	 	 	 	 	 	 	 	Remaining	 	 	Ending	 
	 	 	 	 	 	 	 	 	 	 	Current	 	 	Beginning	 	 	Current	 	Unpaid	 	Current	 	Supported	 	 	 	 	 	 	 	Unpaid	 	 	Certificate/	 
	 	 	 	 	 	 	 	Accrual	 	 	Certificate	 	 	Certificate/	 	 	Accrued	 	Interest	 	Interest	 	Interest	 	 	Total Interest	 	 	Interest	 	 	Notational	 
	 	Class	 	 	Accural Dates	 	 	Days	 	 	Rate	 	 	Notional Balance	 	 	Interest	 	Shortfall	 	Shortfall	 	Shortfall(1)	 	 	Distribution	 	 	Shortfall(2)	 	 	Balance	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-1
	 	 	03/20/06 – 04/19/06	 	 	30	 	 	 	5.04625	%	 	 	 	195,421,041.38	 	 	 	 	821,786.19	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	821,786.19	 	 	 	 	0.00	 	 	 	 	184,650,416.16	 	 
	 	A-2
	 	 	03/20/06 – 04/19/06	 	 	30	 	 	 	4.95688	%	 	 	 	104,059,086.60	 	 	 	 	429,840.34	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	429,840.34	 	 	 	 	0.00	 	 	 	 	95,865,214.44	 	 
	 	A-3
	 	 	03/20/06 – 04/19/06	 	 	30	 	 	 	4.98688	%	 	 	 	89,305,090.71	 	 	 	 	371,128.14	 	 	 	0.00	 	 	 	0.00	 	 	 	154.50	 	 	 	 	370,973.64	 	 	 	 	0.00	 	 	 	 	82,259,394.59	 	 
	 	X-A1
	 	 	03/01/06 – 03/30/06	 	 	30	 	 	 	0.66804	%	 	 	 	299,480,127.98	 	 	 	 	166,720.33	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	166,720.33	 	 	 	 	0.00	 	 	 	 	280,515,630.60	 	 
	 	X-A2
	 	 	03/01/06 – 03/30/06	 	 	30	 	 	 	0.94291	%	 	 	 	89,305,090.71	 	 	 	 	70,172.43	 	 	 	0.00	 	 	 	0.00	 	 	 	29.21	 	 	 	 	70,143.22	 	 	 	 	0.00	 	 	 	 	82,259,394.59	 	 
	 	X-B
	 	 	03/01/06 – 03/30/06	 	 	30	 	 	 	0.20836	%	 	 	 	18,402,000.00	 	 	 	 	3,195.22	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	2,141.12	 	 	 	 	0.00	 	 	 	 	18,402,000.00	 	 
	 	B-1
	 	 	02/20/06 – 03/19/06	 	 	30	 	 	 	5.27625	%	 	 	 	8,588,000.00	 	 	 	 	37,760.36	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	37,760.36	 	 	 	 	0.00	 	 	 	 	8,588,000.00	 	 
	 	B-2
	 	 	03/20/06 – 04/19/06	 	 	30	 	 	 	5.62625	%	 	 	 	6,134,000.00	 	 	 	 	28,759.51	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	28,759.51	 	 	 	 	0.00	 	 	 	 	6,134,000.00	 	 
	 	B-3
	 	 	03/20/06 – 04/19/06	 	 	30	 	 	 	6.02625	%	 	 	 	3,680,000.00	 	 	 	 	18,480.50	 	 	 	1,054.09	 	 	 	1,054.09	 	 	 	0.00	 	 	 	 	18,480.50	 	 	 	 	0.00	 	 	 	 	3,680,000.00	 	 
	 	B-4
	 	 	03/01/06 – 03/30/06	 	 	30	 	 	 	5.68252	%	 	 	 	2,453,000.00	 	 	 	 	11,616.03	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	11,616.03	 	 	 	 	0.00	 	 	 	 	2,453,000.00	 	 
	 	B-5
	 	 	03/01/06 – 03/30/06	 	 	30	 	 	 	5.68252	%	 	 	 	920,000.00	 	 	 	 	4,356.60	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	4,356.60	 	 	 	 	0.00	 	 	 	 	920,000.00	 	 
	 	B-6
	 	 	03/01/06 – 03/30/06	 	 	30	 	 	 	5.68252	%	 	 	 	2,762,778.00	 	 	 	 	13,082.96	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	13,082.96	 	 	 	 	0.00	 	 	 	 	2,762,778.00	 	 
	 	A-R
	 	 	N/A	 	 	N/A	 	 	 	5.13316	%	 	 	 	0.00	 	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	 	0.12	 	 	 	 	0.00	 	 	 	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,976,898.61	 	 	 	1,054.09	 	 	 	1,054.09	 	 	 	183.71	 	 	 	 	1,975,660.92	 	 	 	 	0.00	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

(1, 2) Amount also includes coupon cap or basis risk shortfalls, if applicable.

Interest Distribution Factors Statement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Beginning	 	 	 	 	 	 	Payment of	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Remaining	 	 	Ending	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Current	 	 	Certificate/	 	 	 	 	 	 	Unpaid	 	 	 	 	 	Non-Supported	 	 	 	 	 	 	 	Unpaid	 	 	Certificate/	 	 	 	 	 
	 	 	 	 	Original Face	 	 	Certificate	 	 	Notional	 	 	Current	 	Interest	 	Current Interest	 	Interest	 	 	Total Interest	 	 	Interest	 	 	Notational	 	 	 	 	 
	 	Class	 	 	Amount	 	 	Rate	 	 	Balance	 	 	Accrued Interest	 	Shortfall	 	Shortfall(1)	 	Shortfall	 	 	Distribution	 	 	Shortfall(2)	 	 	Balance	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	A-1
	 	 	 	380,510,000.00	 	 	 	 	5.04625	%	 	 	 	513.57662448	 	 	 	 	2.15969670	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	2.15969670	 	 	 	 	0.00000000	 	 	 	 	485.27086321	 	 	 	 	 	 
	 	A-2
	 	 	 	208,392,000.00	 	 	 	 	4.95688	%	 	 	 	499.34300069	 	 	 	 	2.06265279	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	2.06265279	 	 	 	 	0.00000000	 	 	 	 	460.02348670	 	 	 	 	 	 
	 	A-3
	 	 	 	218,330,615.00	 	 	 	 	4.98688	%	 	 	 	409.03604247	 	 	 	 	1.69984471	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00070764	 	 	 	 	1.69913706	 	 	 	 	0.00000000	 	 	 	 	376.76527678	 	 	 	 	 	 
	 	X-A1
	 	 	 	0.00	 	 	 	 	0.66804	%	 	 	 	508.53983851	 	 	 	 	0.28310369	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.28310369	 	 	 	 	0.00000000	 	 	 	 	476.33669201	 	 	 	 	 	 
	 	X-A2
	 	 	 	0.00	 	 	 	 	0.94291	%	 	 	 	409.03604247	 	 	 	 	0.32140444	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00013379	 	 	 	 	0.32127066	 	 	 	 	0.00000000	 	 	 	 	376.76527678	 	 	 	 	 	 
	 	X-B
	 	 	 	0.00	 	 	 	 	0.20836	%	 	 	 	1000.00000000	 	 	 	 	0.17363439	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	0.11635257	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	 	 
	 	B-1
	 	 	 	8,588,000.00	 	 	 	 	5.27625	%	 	 	 	1000.00000000	 	 	 	 	4.39687471	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	4.39687471	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	 	 
	 	B-2
	 	 	 	6,134,000.00	 	 	 	 	5.62625	%	 	 	 	1000.00000000	 	 	 	 	4.68854092	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	4.68854092	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	 	 
	 	B-3
	 	 	 	3,680,000.00	 	 	 	 	6.02625	%	 	 	 	1000.00000000	 	 	 	 	5.02187500	 	 	 	0.28643750	 	 	 	0.28643750	 	 	 	0.00000000	 	 	 	 	5.02187500	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	 	 
	 	B-4
	 	 	 	2,453,000.00	 	 	 	 	5.68252	%	 	 	 	1000.00000000	 	 	 	 	4.73543824	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	4.73543824	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	 	 
	 	B-5
	 	 	 	920,000.00	 	 	 	 	5.68252	%	 	 	 	1000.00000000	 	 	 	 	4.73543478	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	4.73543478	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	 	 
	 	B-6
	 	 	 	2,762,778.00	 	 	 	 	5.68252	%	 	 	 	1000.00000000	 	 	 	 	4.73543658	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	4.73543658	 	 	 	 	0.00000000	 	 	 	 	1000.00000000	 	 	 	 	 	 
	 	A-R
	 	 	 	100.00	 	 	 	 	5.13316	%	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	0.00000000	 	 	 	 	1.20000000	 	 	 	 	0.00000000	 	 	 	 	0.00000000	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

(1, 2) Amount also includes coupon cap or basis risk shortfalls, if applicable. Per $1 denomination

 

 

Certificateholder Account Statement

Certificate Account

	 	 	 	 	 
	Beginning Balance
	 	 	0.00	 
	 
	 	 	 	 
	Deposits
	 	 	 	 
	
Payments of Interest and Principal
	 	 	28,087,835.50	 
	Reserve Funds and Credit Enhancements
	 	 	0.00	 
	Proceeds from Repurchased Loans
	 	 	0.00	 
	Servicer Advances
	 	 	47,355.31	 
	Realized Loss (Gains, Subsequent Expenses & Recoveries)
	 	 	0.00	 
	Prepayment Penalties
	 	 	0.00	 
	Swap/Cap Payments
	 	 	0.00	 
	 
	 	 	 
	Total Deposits
	 	 	28,135,190.81	 
	 
	 	 	 	 
	Withdrawals
	 	 	 	 
	Reserve Funds and Credit Enhancements
	 	 	0.00	 
	Reimbursement for Servicer Advances
	 	 	45,348.81	 
	Total Administration Fees
	 	 	103,987.57	 
	Payment of Interest and Principal
	 	 	27,985,854.43	 
	 
	 	 	 
	Total Withdrawals (Pool Distribution Amount)
	 	 	28,135,190.81	 
	 
	 	 	 	 
	Ending Balance
	 	 	0.00	 
	 
	 	 	 

Prepayment/Curtailment Interest Shortfall

	 	 	 	 	 
	Total Prepayment/Curtailment Interest Shortfall
	 	 	183.71	 
	Servicing Fee Support
	 	 	0.00	 
	 
	 	 	 
	 
	 	 	 	 
	Non-Supported Prepayment Curtailment Interest Shortfall
	 	 	183.71	 
	 
	 	 	 

Administration Fees

	 	 	 	 	 
	Gross Servicing Fee*
	 	 	101,287.42	 
	Master Servicing Fee
	 	 	2,700.15	 
	Supported Prepayment/Curtailment Interest Shortfall
	 	 	0.00	 
	 
	 	 	 
	 
	 	 	 	 
	Total Administration Fees
	 	 	103,987.57	 
	 
	 	 	 

 

			
	*	 	Servicer Payees include: BANK OF AMERICA (NY); GMAC MTG CORP; MORGAN STANLEY
DEAN WITTER; PHH US MTG CORP

 

 

Reserve Accounts

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Beginning	 	Current	 	Current	 	Ending
	Account Type	 	Balance	 	Withdrawals	 	Deposits	 	Balance
	 
	Class X-A1 Pool 1 Comp. Sub Amount
	 	 	3,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,000.00	 
	Class X-A1 Pool 2 Comp. Sub Amount
	 	 	3,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,000.00	 
	Class X-A2 Sub Amount
	 	 	3,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,000.00	 
	Class X-B Sub Amount
	 	 	1,000.00	 	 	 	1,054.09	 	 	 	1,054.09	 	 	 	1,000.00	 

Collateral Statement

	 	 	 	 	 
	Collateral Description	 	Fixed & Mixed Arm
	Weighted Average Gross Coupon
	 	 	6.068300	%
	Weighted Average Net Coupon
	 	 	5.693182	%
	Weighted Average Pass-Through Rate
	 	 	4.912471	%
	Weighted Average Remaining Term
	 	 	324	 
	 
	 	 	 	 
	Beginning Scheduled Collateral Loan Count
	 	 	1,034	 
	Number of Loans Paid in Full
	 	 	55	 
	Ending Scheduled Collateral Loan Count
	 	 	979	 
	 
	 	 	 	 
	Beginning Scheduled Collateral Balance
	 	 	324,017,906.89	 
	Ending Scheduled Collateral Balance
	 	 	305,053,409.51	 
	Ending Actual Collateral Balance at 31-Mar-2006
	 	 	305,053,736.93	 
	 
	 	 	 	 
	Monthly P&I Constant
	 	 	1,640,241.79	 
	Special Servicing Fee
	 	 	0.00	 
	Prepayment Penalty Waived Amount
	 	 	0.00	 
	Prepayment Penalty Waived Count
	 	 	0	 
	Prepayment Penalty Paid Amount
	 	 	0.00	 
	Prepayment Penalty Paid Count
	 	 	0	 
	Realized Loss Amount
	 	 	0.00	 
	Cumulative Realized Loss
	 	 	0.00	 
	 
	 	 	 	 
	Scheduled Principal
	 	 	1,710.19	 
	Unscheduled Principal
	 	 	18,962,787.19	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Group	 	Group One	 	Group Two	 	Total
	Collateral Description	 	Mixed ARM	 	6 Month LIBOR ARM	 	Mixed ARM
	Weighted Average Coupon Rate
	 	 	6.106947	 	 	 	5.995878	 	 	 	6.068300	 
	Weighted Average Net Rate
	 	 	5.731909	 	 	 	5.620610	 	 	 	5.693182	 
	Weighted Average Remaining Term
	 	 	323	 	 	 	327	 	 	 	324	 
	Record Date
	 	 	03/31/2006	 	 	 	03/31/2006	 	 	 	03/31/2006	 
	Principal and Interest Constant
	 	 	1,076,538.08	 	 	 	563,703.71	 	 	 	1,640,241.79	 
	Beginning Loan Count
	 	 	648	 	 	 	386	 	 	 	1,034	 
	Loans Paid in Full
	 	 	33	 	 	 	22	 	 	 	55	 
	Ending Loan Count
	 	 	615	 	 	 	364	 	 	 	979	 
	Beginning Scheduled Balance
	 	 	211,275,760.23	 	 	 	112,742,146.66	 	 	 	324,017,906.89	 
	Ending Scheduled Balance
	 	 	200,505,135.01	 	 	 	104,548,274.50	 	 	 	305,053,409.51	 
	Scheduled Principal
	 	 	1,329.92	 	 	 	380.27	 	 	 	1,710.19	 
	Unscheduled Principal
	 	 	10,769,295.30	 	 	 	8,193,491.89	 	 	 	18,962,787.19	 
	Scheduled Interest
	 	 	1,075,208.16	 	 	 	563,323.44	 	 	 	1,638,531.60	 
	Servicing Fee
	 	 	66,030.38	 	 	 	35,257.04	 	 	 	101,287.42	 
	Master Servicing Fee
	 	 	1,760.63	 	 	 	939.52	 	 	 	2,700.15	 
	Trustee Fee
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	FRY Amount
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Special Hazard Fee
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Other Fee
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Pool Insurance Fee
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Spread 1
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Spread 2
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Spread 3
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Net Interest
	 	 	1,007,417.15	 	 	 	527,126.88	 	 	 	1,534,544.03	 
	Realized Loss Amount
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Cumulative Realized Loss
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Percentage of Cumulative Losses
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Prepayment Penalty Waived Amount
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Prepayment Penalty Waived Count
	 	 	0	 	 	 	0	 	 	 	0	 
	Prepayment Penalty Paid Amount
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 
	Prepayment Penalty Paid Count
	 	 	0	 	 	 	0	 	 	 	0	 
	Special Servicing Fee
	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

 

Additional Reporting – Deal Level

Miscellaneous Reporting

	 	 	 	 	 
	Rapid Prepay Event?
	 	NO	 
	Underlying Certificate Balance
	 	 	82,259,394.61	 
	Underlying Certificate Interest
	 	 	441,116.86	 
	Underlying Certificate Principal
	 	 	7,045,696.10	 

Additional Reporting – Group Level

Miscellaneous Reporting

	 	 	 	 	 
	Group One
	 	 	 	 
	One Month Libor Loan Balance
	 	 	111,068,877.50	 
	Six Month Libor Loan Balance
	 	 	89,436,257.51	 
	Principal Transfer Amount
	 	 	0.00	 
	Interest Transfer Amount
	 	 	0.00	 
	Pro Rata Senior Percent
	 	 	92.495723	%
	Senior Percent
	 	 	100.000000	%
	Senior Prepayment Percent
	 	 	100.000000	%
	Subordinate Percent
	 	 	0.000000	%
	Subordinate Prepayment Percent
	 	 	0.000000	%
	 
	 	 	 	 
	Group Two
	 	 	 	 
	Principal Transfer Amount
	 	 	0.00	 
	Interest Transfer Amount
	 	 	0.00	 
	Pro Rata Senior Percent
	 	 	92.298302	%
	Senior Percent
	 	 	100.000000	%
	Senior Prepayment Percent
	 	 	100.000000	%
	Subordinate Percent
	 	 	0.000000	%
	Subordinate Prepayment Percent
	 	 	0.000000	%

 

 

Loan Status Stratification/Credit Enhancement Statement

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	DELINQUENT	 	 	BANKRUPTCY	 	 	FORECLOSURE	 	 	REO	 	 	TOTAL	 
	 	 	 	No. of	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 
	 	 	 	Loans	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0-29 Days
	 	0	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 
	 	30 Days
	 	21	 	 	8,439,315.47	 	 	 	30 Days	 	 	0	 	 	 	0.00	 	 	 	30 Days	 	 	0	 	 	 	0.00	 	 	 	30 Days	 	 	0	 	 	 	0.00	 	 	 	30 Days	 	 	21	 	 	 	8,439,315.47	 	 
	 	60 Days
	 	4	 	 	1,067,712.53	 	 	 	60 Days	 	 	0	 	 	 	0.00	 	 	 	60 Days	 	 	0	 	 	 	0.00	 	 	 	60 Days	 	 	0	 	 	 	0.00	 	 	 	60 Days	 	 	4	 	 	 	1,067,712.53	 	 
	 	90 Days
	 	0	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 
	 	120 Days
	 	0	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 
	 	150 Days
	 	0	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 
	 	180+ Days
	 	1	 	 	185,466.73	 	 	 	180+ Days	 	 	0	 	 	 	0.00	 	 	 	180+ Days	 	 	0	 	 	 	0.00	 	 	 	180+ Days	 	 	0	 	 	 	0.00	 	 	 	180+ Days	 	 	1	 	 	 	185,466.73	 	 
	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 
	 	 
	 	26	 	 	9,692,494.73	 	 	 	 	 	 	0	 	 	 	0.00	 	 	 	 	 	 	0	 	 	 	0.00	 	 	 	 	 	 	0	 	 	 	0.00	 	 	 	 	 	 	26	 	 	 	9,692,494.73	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	No. of	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 
	 	 
	 	Loans	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0-29 Days
	 	0.000000%	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	30 Days
	 	2.145046%	 	 	2.766501	%	 	 	30 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	30 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	30 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	30 Days	 	 	2.145046%	 	 	 	2.766501	%	 
	 	60 Days
	 	0.408580%	 	 	0.350008	%	 	 	60 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	60 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	60 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	60 Days	 	 	0.408580%	 	 	 	0.350008	%	 
	 	90 Days
	 	0.000000%	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	120 Days
	 	0.000000%	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	150 Days
	 	0.000000%	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	180+ Days
	 	0.102145%	 	 	0.060798	%	 	 	180+ Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	180+ Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	180+ Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	180+ Days	 	 	0.102145%	 	 	 	0.060798	%	 
	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 
	 	 
	 	2.655771%	 	 	3.177307	%	 	 	 	 	 	0.000000%	 	 	 	0.000000	%	 	 	 	 	 	0.000000%	 	 	 	0.000000	%	 	 	 	 	 	0.000000%	 	 	 	0.000000	%	 	 	 	 	 	2.655771%	 	 	 	3.177307	%	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Period Class A Insufficient Funds:

	 	 	0.00	 	 	Principal Balance of Contaminated Properties
	 	 	0.00	 	 	Periodic Advance
	 	 	47,355.31	 

 

 

Delinquency Status by Group

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	DELINQUENT	 	 	BANKRUPTCY	 	 	FORECLOSURE	 	 	REO	 	 	TOTAL	 
	 	Group One	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	No. of	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 
	 	 	 	Loans	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0-29 Days
	 	0	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 
	 	30 Days
	 	11	 	 	5,905,447.62	 	 	 	30 Days	 	 	0	 	 	 	0.00	 	 	 	30 Days	 	 	0	 	 	 	0.00	 	 	 	30 Days	 	 	0	 	 	 	0.00	 	 	 	30 Days	 	 	11	 	 	 	5,905,447.62	 	 
	 	60 Days
	 	3	 	 	877,804.99	 	 	 	60 Days	 	 	0	 	 	 	0.00	 	 	 	60 Days	 	 	0	 	 	 	0.00	 	 	 	60 Days	 	 	0	 	 	 	0.00	 	 	 	60 Days	 	 	3	 	 	 	877,804.99	 	 
	 	90 Days
	 	0	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 
	 	120 Days
	 	0	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 
	 	150 Days
	 	0	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 
	 	180+ Days
	 	1	 	 	185,466.73	 	 	 	180+ Days	 	 	0	 	 	 	0.00	 	 	 	180+ Days	 	 	0	 	 	 	0.00	 	 	 	180+ Days	 	 	0	 	 	 	0.00	 	 	 	180+ Days	 	 	1	 	 	 	185,466.73	 	 
	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 
	 	 
	 	15	 	 	6,968,719.34	 	 	 	 	 	 	0	 	 	 	0.00	 	 	 	 	 	 	0	 	 	 	0.00	 	 	 	 	 	 	0	 	 	 	0.00	 	 	 	 	 	 	15	 	 	 	6,968,719.34	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	No. of	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 
	 	 
	 	Loans	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0-29 Days
	 	0.000000%	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	30 Days
	 	1.788618%	 	 	2.945286	%	 	 	30 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	30 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	30 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	30 Days	 	 	1.788618%	 	 	 	2.945286	%	 
	 	60 Days
	 	0.487805%	 	 	0.437797	%	 	 	60 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	60 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	60 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	60 Days	 	 	0.487805%	 	 	 	0.437797	%	 
	 	90 Days
	 	0.000000%	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	120 Days
	 	0.000000%	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	150 Days
	 	0.000000%	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	180+ Days
	 	0.162602%	 	 	0.092500	%	 	 	180+ Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	180+ Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	180+ Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	180+ Days	 	 	0.162602%	 	 	 	0.092500	%	 
	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 
	 	 
	 	2.439024%	 	 	3.475582	%	 	 	 	 	 	0.000000%	 	 	 	0.000000	%	 	 	 	 	 	0.000000%	 	 	 	0.000000	%	 	 	 	 	 	0.000000%	 	 	 	0.000000	%	 	 	 	 	 	2.439024%	 	 	 	3.475582	%	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	DELINQUENT	 	 	BANKRUPTCY	 	 	FORECLOSURE	 	 	REO	 	 	TOTAL	 
	 	Group Two	 	 	 	 	 	 	 	 	 	 	 	1.183654%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	No. of	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal Balance	 
	 	 	 	Loans	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0-29 Days
	 	0	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 	 	0-29 Days	 	 	0	 	 	 	0.00	 	 
	 	30 Days
	 	10	 	 	2,533,867.85	 	 	 	30 Days	 	 	0	 	 	 	0.00	 	 	 	30 Days	 	 	0	 	 	 	0.00	 	 	 	30 Days	 	 	0	 	 	 	0.00	 	 	 	30 Days	 	 	10	 	 	 	2,533,867.85	 	 
	 	60 Days
	 	1	 	 	189,907.54	 	 	 	60 Days	 	 	0	 	 	 	0.00	 	 	 	60 Days	 	 	0	 	 	 	0.00	 	 	 	60 Days	 	 	0	 	 	 	0.00	 	 	 	60 Days	 	 	1	 	 	 	189,907.54	 	 
	 	90 Days
	 	0	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 	 	90 Days	 	 	0	 	 	 	0.00	 	 
	 	120 Days
	 	0	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 	 	120 Days	 	 	0	 	 	 	0.00	 	 
	 	150 Days
	 	0	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 	 	150 Days	 	 	0	 	 	 	0.00	 	 
	 	180+ Days
	 	0	 	 	0.00	 	 	 	180+ Days	 	 	0	 	 	 	0.00	 	 	 	180+ Days	 	 	0	 	 	 	0.00	 	 	 	180+ Days	 	 	0	 	 	 	0.00	 	 	 	180+ Days	 	 	0	 	 	 	0.00	 	 
	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 
	 	 
	 	11	 	 	2,723,775.39	 	 	 	 	 	 	0	 	 	 	0.00	 	 	 	 	 	 	0	 	 	 	0.00	 	 	 	 	 	 	0	 	 	 	0.00	 	 	 	 	 	 	11	 	 	 	2,723,775.39	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	No. of	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 	 	 	 	 	No. of	 	 	Principal	 
	 	 
	 	Loans	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 	 	 	 	 	Loans	 	 	Balance	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0-29 Days
	 	0.000000%	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	0-29 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	30 Days
	 	2.747253%	 	 	2.423626	%	 	 	30 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	30 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	30 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	30 Days	 	 	2.747253%	 	 	 	2.423626	%	 
	 	60 Days
	 	0.274725%	 	 	0.181645	%	 	 	60 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	60 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	60 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	60 Days	 	 	0.274725%	 	 	 	0.181645	%	 
	 	90 Days
	 	0.000000%	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	90 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	120 Days
	 	0.000000%	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	120 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	150 Days
	 	0.000000%	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	150 Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	180+ Days
	 	0.000000%	 	 	0.000000	%	 	 	180+ Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	180+ Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	180+ Days	 	 	0.000000%	 	 	 	0.000000	%	 	 	180+ Days	 	 	0.000000%	 	 	 	0.000000	%	 
	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 	 	 	 	 	   	 
	 	 
	 	3.021978%	 	 	2.605271	%	 	 	 	 	 	0.000000%	 	 	 	0.000000	%	 	 	 	 	 	0.000000%	 	 	 	0.000000	%	 	 	 	 	 	0.000000%	 	 	 	0.000000	%	 	 	 	 	 	3.021978%	 	 	 	2.605271	%exv10w1

 

EXHIBIT 10.1

URS CORPORATION

2006 Annual Incentive Compensation Plan summary

I.     Plan Objectives

     The URS Corporation Annual Incentive Compensation Plan (the “Plan”) is intended to provide
rewards to individuals who make a significant contribution to the financial performance of URS
Corporation and its URS Division and EG&G Division (collectively, the “Company”) during each fiscal
year (a “Plan Year”). Among other things, the Plan is intended to:

	     •	     	Help key employees to focus on achieving specific financial targets;

	     •	     	Reinforce teamwork;

	     •	     	Provide significant award potential for achieving outstanding performance; and

	     •	     	Enhance the Company’s ability to attract and retain highly talented and competent people.

II.     General Plan Description

     A.      Eligibility

     The Plan provides an opportunity for employees to earn cash awards based on achievement of
Company and individual performance objectives during a Plan Year. Eligible participants are
classified in one of two categories:

	     1.	     	“Designated Participants” are key employees who have the potential to
significantly impact the Company’s success; or

	     2.	     	“Non-designated Participants” are employees who demonstrate outstanding
individual effort and results during the year. Awards to this group of employees are
paid from a discretionary bonus pool.

     Except as noted herein, to be eligible to receive an award under the Plan, participants must
be employed by the Company at the end of the Plan Year. However, if the employment of a Designated
Participant is terminated prior to the end of a Plan Year due to death, permanent disability or
retirement, other than the retirement of a Covered Employee (as defined in the Plan), the
Designated Participant (or their heirs in the case of death) will be eligible to receive a pro-rata
award based on the time the Designated Participant was employed by the Company and the performance
objectives achieved. If a Designated Participant’s employment is terminated for any other reason
prior to the end of a Plan Year (whether voluntary or involuntary), the Designated Participant will
not receive an award. New hires (employees who join the Company during the Plan Year) who are
identified as Designated Participants must have at least three months of service and be employed by
the Company at the end of a Plan Year to be eligible to receive a pro-rata award based on the time
the Designated Participant was employed by the Company and the performance objectives achieved.
Notwithstanding the foregoing, the terms of a Designated Participant’s employment agreement will
supersede the terms and conditions of the Plan.

     B.      Performance Objectives

     Each Plan Year, the Compensation Committee of the Board of Directors (the “Committee”)
establishes specific performance objectives for the Company and for Designated Participants,
including weightings of the performance objectives, by the business unit or units in which the
Designated Participant is expected to have the

 

 

most direct impact. The performance objectives may be based on any one, all or a combination
of the following (each as defined in the Plan):

     1.      Net Income;

     2.      Contribution;

     3.      Average Day Sales Outstanding;

     4.      Revenues; and/or

     5.      New Sales.

     In addition, the Committee has the discretion to adjust the performance objectives by
including or excluding the following events that may occur during a Plan Year and that are
objectively determinable and unrelated to the achievement of the performance objectives:

	     1.	     	Effects of changes in U.S. tax laws, generally accepted accounting principles
or other laws or provisions affecting the Company’s reported financial results;

	     2.	     	Extraordinary non-recurring items as described in Accounting Principles Board
Opinion No. 30 and/or in Management’s Discussion and Analysis of Financial Condition
and Results of Operations appearing in the Company’s annual report to stockholders for
a Plan Year; and

	     3.	     	Effects of changes in capital structure, such as stock offering, debt offering
and debt restructure.

     C.      Target Bonus Pool

     Each Plan Year, the Committee identifies a target bonus pool as part of the Company’s
financial planning process. The target bonus pool is the sum of all anticipated awards for
Designated Participants and Non-designated Participants. The actual bonus pool may vary from the
target bonus pool depending on the Company’s actual performance against the performance objectives
established for a Plan Year.

     D.      Target Bonus Percentage

     Each Plan Year, the Committee assigns each Designated Participant a target bonus percentage,
expressed as a percentage of salary, based on his or her anticipated contributions to the Company.

III.     2006 Plan Year

     A.      Performance Objectives

     For the 2006 Plan Year, the Committee established as a prerequisite to all bonus payments
under the Plan that URS Corporation meets a minimum Net Income threshold. In addition, the
Committee established business unit performance objectives and individual performance objectives
for Designated Participants, including weightings of the performance objectives, by the business
unit where the Designated Participant is expected to have the most direct impact as follows:

	 	 	 	 	 	 
	Name	 	 	Primary Performance Objective	 	Weight
	URS Corporation
	 	Net Income	 	100%
	URS Division
	 	URS Division Profit Contribution	 	100%
	EG&G Division
	 	EG&G Division Profit Contribution	 	100%

Page 2 of 4

 

     In addition, for Designated Participants in the URS Division and the EG&G Division, the
Committee has established secondary individual performance objectives consisting of Average Day
Sales Outstanding, Safety Record, Revenues and New Sales.

     B.      Target Bonus Pool

     For the 2006 Plan Year, the Committee established a target bonus pool which will be funded
based on achievement of the Company performance objectives as follows:

	 	 	 	 	 	 
	Performance Results	 	 	2006 Award Pool Funding
	110%, 115% or 120% of Performance Objective,
depending on the specific Performance Objective
	 	 	200%	 
	100% of Performance Objective
	 	 	100%	 
	90% of Performance Objective
	 	 	   0%	 

     C.      Target Bonus Percentage

     For the 2006 Plan Year, the Committee has established the following target bonus percentages
for the Company’s executive officers:

	 	 	 	 
	Name	 	 	2006 Target Bonus Percentage
	 	 	 	(as a percentage of salary)
	Martin M. Koffel	 	120%
	H. Thomas Hicks	 	75%
	Thomas W. Bishop	 	60%
	Reed N. Brimhall	 	60%
	Gary V. Jandegian	 	75%
	Joseph Masters	 	65%
	Randall A. Wotring	 	75%
	Susan B. Kilgannon	 	40%

IV.     Determination of Awards

Awards to Designated Participants will be dependent upon satisfying one or more of the
following criteria: (1) the Company achieving its Net Income threshold; (2) the Division
achieving its minimum contribution threshold; and (3) the Designated Participant achieving
his/her individual performance goal(s). A Designated Participant’s award will be calculated
based on the percent of his/her performance goal(s) achieved, multiplied by his/her target
bonus percentage and by his/her base salary earned during the Plan Year. Determinations of
awards to Non-designated Participants (from the discretionary pool) will be made by the CEO
at the end of a Plan Year.

Page 3 of 4

 

V.     Other Plan Provisions

     A.      Payment of Awards

     Assessment of actual performance and payout of awards will be subject to completion of the
Company’s fiscal year-end independent audit and certification by the Committee that the applicable
performance objectives and other material terms of the Plan have been met.

     The actual award earned will be paid to Designated Participants (or the Designated
Participant’s heirs in the case of death) in cash within 30 days following completion of both the
independent audit and the above-referenced certification by the Committee. Payroll and other taxes
will be withheld as required by law.

     B.      Plan Accrual

     Estimated payouts for the Plan will accrue monthly during each Plan Year. At the end of each
fiscal quarter, the estimated actual awards for the Plan Year will be evaluated based on actual
performance to date and the monthly accrual rate will be adjusted so that the cost of the Plan is
fully accrued at Plan Year-end. Accrual of estimated payouts does not imply vesting of any
individual awards to Designated Participants.

     C.      Administration

     The Plan will be administered by the Committee and the CEO. The Committee may, without
notice, amend, suspend or revoke the Plan at any time.

     D.      Assignment of Employee Rights

     No employee has a claim or right to be a participant, to continue as a participant or to be
granted an award under the Plan. Participation in the Plan does not give an employee the right to
be retained in the employment of the Company or its affiliates, nor does it imply or confer any
other employment rights.

     Nothing contained in the Plan shall be construed to create a contract of employment with any
participant. The Company and its affiliates reserve the right to elect any person to its offices
and to remove any employees in any manner and upon any basis permitted by law.

     Nothing contained in the Plan shall be deemed to require the Company or its affiliates to
deposit, invest or set aside amounts for the payment of any awards. Participation in the Plan does
not give a participant any ownership, security or other rights in any assets of the Company or any
of its affiliates.

     E.      Validity

     In the event that any provision of the Plan is held invalid, void or unenforceable, such
provision shall not affect, in any respect, the validity of any other provision of the Plan.

     F.      Governing Law

     The Plan will be governed by, and construed in accordance with, the laws of the State of
California.

Page 4 of 4

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