Document:

Class A(2005-11) Terms Document

 Exhibit 4.1 
  
 Execution Copy 
  

  
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST

  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 CLASS A(2005-11) TERMS DOCUMENT 
  
 dated as of November 23, 2005 
  
 to 
  
 CARD SERIES INDENTURE SUPPLEMENT 

 
 dated as of October 9, 2002 
  
 to 
  
 ASSET POOL 1 SUPPLEMENT 
  
 dated as of October 9, 2002 
  
 to 
  
 INDENTURE 
  
 dated as of October 9, 2002 
  

 TABLE OF CONTENTS 
  

					
	 	  	Page

	ARTICLE I	  	 
	Definitions and Other Provisions of General Application	  	 
			
	Section 1.01.	 	Definitions	  	1
			
	Section 1.02.	 	Governing Law	  	7
			
	Section 1.03.	 	Counterparts	  	7
			
	Section 1.04.	 	Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement	  	7
		
	ARTICLE II	  	 
	The Class A(2005-11) Notes	  	 
			
	Section 2.01.	 	Creation and Designation	  	8
			
	Section 2.02.	 	Adjustments to Required Subordinated Percentages	  	8
			
	Section 2.03.	 	Interest Payment	  	8
			
	Section 2.04.	 	Calculation Agent; Determination of LIBOR.	  	9
			
	Section 2.05.	 	Payments of Interest and Principal	  	9
			
	Section 2.06.	 	Form of Delivery of Class A(2005-11) Notes; Depository; Denominations	  	10
			
	Section 2.07.	 	Delivery and Payment for the Class A(2005-11) Notes	  	10
			
	Section 2.08.	 	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	Section 2.09.	 	[Reserved]	  	10

  

 -i- 

 THIS CLASS A(2005-11) TERMS DOCUMENT (this “Terms Document”), by and between CAPITAL ONE
MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at E. A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road,
Wilmington, DE 19805 and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of November 23, 2005. 
  
 Pursuant to this Terms Document, the Issuer shall create a new tranche of
Class A Notes and shall specify the principal terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General
Application 
  
 Section 1.01. Definitions. For all
purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
  

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

  

	 	(2)	all other terms used herein which are defined in the Indenture Supplement, the Asset Pool 1 Supplement or the Indenture, either directly or by reference therein, have the meanings
assigned to them therein; 

  

	 	(3)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation; 

  

	 	(4)	all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions
of this Terms Document; 

  

	 	(5)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular
Article, Section or other subdivision; 

  

	 	(6)	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement, the Asset Pool 1
Supplement, the Indenture or the Transfer and Administration Agreement, the terms and provisions of this Terms Document shall be controlling; 

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2005-11) Notes and no other Tranche of Notes issued by the Issuer; and 

  

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	 	(8)	“including” and words of similar import will be deemed to be followed by “without limitation.” 

  
 “Accumulation Period Amount” means $41,666,666.67;
provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount
specified in the definition of “Accumulation Period Amount” in the Indenture Supplement. 
  
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month,
there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Distribution Date for
which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2005-11) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution
Date following and including the October 2008 Distribution Date for which the Quarterly Excess Spread Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 12 months
prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2005-11) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the
Monthly Period following the first Distribution Date following and including the April 2009 Distribution Date for which the Quarterly Excess Spread Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be
required to commence earlier than 6 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2005-11) Notes pursuant to Section 3.10(b) of the
Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date following and including the June 2009 Distribution Date for which the Quarterly Excess Spread Percentage is less than 4%, but in such event the Accumulation
Reserve Funding Period shall not be required to commence earlier than 4 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2005-11) Notes pursuant to
Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2005-11) Notes
and (ii) the date on which the Class A(2005-11) Notes are paid in full. 
  
 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time.

  
 “Base Rate” means, with respect to any
Monthly Period, the sum of (a) the Card Series Servicing Fee Percentage and (b) the weighted average (based on the Outstanding Dollar Principal Amount of the related Card Series Notes) of the following: 
  
 (i) in the case of a Tranche of Card Series Dollar
Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in
such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in the following Monthly Period; 
  

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 (ii) in the case of a Tranche of Card Series Discount Notes, the rate of accretion
(converted to an accrual rate) of such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such
Tranche of Card Series Discount Notes in the following Monthly Period; 
  
 (iii) in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting
of such payments, if applicable) for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series
Notes in the following Monthly Period; provided, however, that in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest in which the rating on such Tranche of Card Series Notes is not dependant upon the
rating of the applicable Derivative Counterparty, the amount determined pursuant to this clause (iii) will be the higher of (1) the rate determined pursuant to this clause (iii) above and (2) the rate of interest applicable to
such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following
Monthly Period; and 
  
 (iv) in the case of a
tranche of Card Series Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related Terms Document. 
  
 “Calculation Agent” is defined in Section 2.04(a). 
  
 “Class A(2005-11) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption
Event with respect to the Class A(2005-11) Notes or (b) an Event of Default and acceleration of the Class A(2005-11) Notes. 
  
 “Class A(2005-11) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2005-11) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2005-11) Noteholder” means a Person in whose name a Class A(2005-11) Note is registered in the Note Register. 
  
 “Class A(2005-11) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2005-11) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied
pursuant to Article VI thereof. 
  
 “Excess Spread
Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
  

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 “Expected Principal Payment Date” means November 15, 2010. 
  
 “Initial Dollar Principal Amount” means $500,000,000.

  
 “Indenture” means the Indenture dated as of
October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Indenture Supplement” means the Card Series Indenture Supplement dated as of October 9, 2002, by and between the Issuer and the
Indenture Trustee, as amended and supplemented from time to time. 
  
 “Interest Payment Date” means the fifteenth day of each month commencing in December 2005, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest
Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 
  
 “Issuance Date” means November 23, 2005. 
  
 “Legal Maturity Date” means September 16, 2013.

  
 “LIBOR” means, for any Interest Period, the
London interbank offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for such Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means November 21, 2005 for
the period from and including the Issuance Date to but excluding December 15, 2005 and the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
  
 “London Business Day” means any Business Day on which
dealings in deposits in United States Dollars are transacted in the London interbank market. 
  
 “Maximum Subordination Amount of Class B Notes” means, for the Class A(2005-11) Notes for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar
Principal Amount of the Class A(2005-11) Notes on such date of determination and (b) the percentage equivalent of a fraction, the numerator of which is 10 and the denominator of which is 81.25. 
  
 “Note Interest Rate” means a rate per annum equal to 0.04%
in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
  
 “Paying Agent” means The Bank of New York. 
  

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 “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage
equivalent of a fraction: 
  
 (a) the numerator of which is equal
to the sum of: 
  
 (i) the aggregate amount of
Finance Charge Amounts allocated to the Card Series with respect to such Monthly Period; plus 
  
 (ii) the aggregate amount of Interest Funding sub-Account Earnings on all Tranches of Card Series Notes for such Monthly Period;
plus 
  
 (iii) any amounts to be treated
as Card Series Finance Charge Amounts pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement; minus 
  
 (iv) the excess, if any, of (1) the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall
over (2) the sum of the aggregate amount to be treated as Card Series Finance Charge Amounts for such Monthly Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to
cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of Card Series Notes for such Monthly Period; minus 
  
 (v) the Card Series Default Amount for such Monthly Period; and 
  
 (b) the denominator of which is the numerator used in the calculation of the Card Series Floating Allocation Percentage for
such Monthly Period. 
  
 “Quarterly Excess Spread
Percentage” means, with respect to the October 2008 Distribution Date and each Distribution Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the
immediately preceding three Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Distribution Date, the last Business Day of the preceding Monthly Period. 
  
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
  
 “Required Accumulation Reserve sub-Account Amount” means,
with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2005-11) Notes as of the close of business on the last day of the preceding
Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect
will not occur with respect to such change. 
  
 “Required
Subordinated Amount of Class B Notes” means, for the Class A(2005-11) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class B Notes for such Class A(2005-11) Notes on
such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2005-11) Notes on such date of determination; provided, however, that such an amount shall not exceed the 
  

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 Maximum Subordination Amount of Class B Notes for the Class A(2005-11) Notes; provided further,
however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2005-11) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2005-11) Notes will be the greater of
(x) the amount determined above for such date of determination and (y) the amount determined above for the date immediately prior to the date on which such Class A(2005-11) Adverse Event shall have occurred. 
  
 “Required Subordinated Amount of Class C Notes” means, for
the Class A(2005-11) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class C Notes for such Class A(2005-11) Notes on such date of determination and (b) the Adjusted
Outstanding Dollar Principal Amount of such Class A(2005-11) Notes on such date of determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes
on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class C
Notes for the Class A(2005-11) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2005-11) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class
A(2005-11) Notes; provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2005-11) Adverse Event, the Required Subordinated Amount of Class C Notes for
the Class A(2005-11) Notes will be the greater of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2005-11) Adverse Event shall
have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on
such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 
  
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2005-11) Notes for any date of determination, an amount equal to
the product of (a) the Required Subordinated Percentage of Class D Notes for such Class A(2005-11) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2005-11) Notes on such date of
determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded
amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class D Notes for the Class A(2005-11) Notes will not be less than an amount equal to
1.8462% of the Initial Dollar Principal Amount of the Class A(2005-11) Notes, provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2005-11) Adverse
Event, the Required Subordinated Amount of Class D Notes for the Class A(2005-11) Notes will be the greatest of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior
to the date on which such Class A(2005-11) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded
amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 
  

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 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2005-11)
Notes, 12.3077%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2005-11) Notes, 8.9231%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class D Notes” means,
for the Class A(2005-11) Notes, 1.8462%, subject to adjustment in accordance with Section 2.02. 
  
 “Stated Principal Amount” means $500,000,000. 
  
 “Telerate Page 3750” means the display page currently so designated on the Moneyline Telerate Service (or such other page as may replace
that page on that service for the purpose of displaying comparable rates or prices). 
  
 Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

Section 1.03. Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to
be an original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04. Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this Terms Document, each of the
Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as so supplemented and
this Terms Document shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

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 ARTICLE II 
  
 The Class A(2005-11) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class A Notes to be issued pursuant to the
Indenture, the Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class A(2005-11) Notes.” 
  
 Section 2.02. Adjustments to Required Subordinated Percentages. 
  
 (a) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes or the Required Subordinated
Percentage of Class C Notes, in each case for the Class A(2005-11) Notes, without the consent of any Noteholders or any Note Rating Agencies, provided that, after giving effect to such change, (x) the sum of the Required Subordination
Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2005-11) Notes after giving effect to such change is equal to or greater than the sum of the Required Subordination Percentage
of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2005-11) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class
A(2005-11) Notes does not exceed the Maximum Subordinated Amount of Class B Notes. 
  
 (b) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each
case for the Class A(2005-11) Notes, such that after giving effect to all changes to such percentages on such date the sum of the Required Subordination Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the
Required Subordinated Amount of Class D Notes, in each case, for the Class A(2005-11) Notes after giving effect to such change is less than the sum of the Required Subordination Percentage of Class B Notes, the Required Subordinated Percentage of
Class C Notes and the Required Subordinated Amount of Class D Notes, in each case, for the Class A(2005-11) Notes immediately prior to giving effect to such change, without the consent of any Noteholders, provided that the Issuer has
(i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect to any Outstanding Class A(2005-11) Notes
and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 
  
 Section 2.03. Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2005-11) Notes shall be an amount equal to the product of
(i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to such related Interest Period
times (ii) the Outstanding Dollar Principal Amount of the Class A(2005-11) Notes determined as of the Record Date preceding the related Distribution Date. Any interest on the Class A(2005-11) Notes will be calculated on the basis of the
actual number of days in the related Interest Period and a 360-day year. 
  

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 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the
Indenture Trustee shall deposit into the Class A(2005-11) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2005-11) Notes. 
  
 Section 2.04. Calculation Agent; Determination of LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as any Class A(2005-11) Notes
are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes
of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine
LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties,
and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate Page 3750, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which
deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London
office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of such quotations. If fewer than two quotations are
provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for
loans in United States dollars to leading European banks for a one-month period. 
  
 (c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (212) 815-3247 or
such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
  
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee, the Issuer, the Beneficiary
and the Servicer, by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Period. 
  
 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class A(2005-11) Note which is punctually paid or duly provided for by the Issuer and
the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2005-11) Note (or one or more Predecessor Notes) is registered on the Record Date, by
wire transfer of immediately available funds to such Person’s 
  

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 account as has been designated by written instructions received by the Paying Agent from such Person not later than the
close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
  
 (b) The right of the Class A(2005-11) Noteholders to receive payments from
the Issuer will terminate on the first Business Day following the Class A(2005-11) Termination Date. 
  
 Section 2.06. Form of Delivery of Class A(2005-11) Notes; Depository; Denominations. 
  
 (a) The Class A(2005-11) Notes shall be delivered in the form of a global
Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively. 
  
 (b) The Depository for the Class A(2005-11) Notes shall be The Depository Trust Company, and the Class A(2005-11) Notes shall initially be registered in
the name of Cede & Co., its nominee. 
  
 (c) The Class
A(2005-11) Notes will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 
  
 Section 2.07. Delivery and Payment for the Class A(2005-11) Notes. The Issuer shall execute and deliver the Class A(2005-11) Notes to the
Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2005-11) Notes when authenticated, each in accordance with Section 303 of the Indenture. 
  
 Section 2.08. Targeted Deposits to the Accumulation Reserve
Account. 
  
 The deposit targeted to be made to the
Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
  
 Section 2.09. [Reserved]. 
  
 [END OF ARTICLE II] 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

			
	CAPITAL ONE MULTI-ASSET EXECUTION TRUST,
	 by DEUTSCHE BANK TRUST COMPANY
 DELAWARE, not in its individual capacity, but solely as
 Owner Trustee on behalf of the
Trust

		
	By:	 	 /s/ Michele H.Y. Voon

	Name:	 	Michele H.Y. Voon
	Title:	 	Attorney-In-Fact
	
	 THE BANK OF NEW YORK, as Indenture Trustee
 and not in its individual capacity

		
	By:	 	 /s/ Scott J. Tepper

	Name:	 	Scott J. Tepper
	Title:	 	Vice President

  
 [Signature Page
to the Class A(2005-11) Terms Document]EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

                                SYNTHETECH, INC.

                              PIUS (PHILIP) OTTIGER

                                                   DATED AS OF NOVEMBER 25, 2005
<PAGE>

                              EMPLOYMENT AGREEMENT

This Employment Agreement (this "AGREEMENT"), dated as of November 25, 2005, is
between Synthetech, Inc., an Oregon corporation ("EMPLOYER"), and Pius (Philip)
Ottiger ("EXECUTIVE").
                                    RECITALS
         A. Employer desires to retain the services of Executive upon the terms
and conditions set forth herein.

         B. Executive is willing to provide services to Employer upon the terms
and conditions set forth herein.

                                    AGREEMENT
         For and in consideration of the foregoing premises and for other good
and valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, Employer and Executive hereby agree as follows:

1.       EMPLOYMENT

         Employer will employ Executive and Executive will accept employment by
Employer as its President and Chief Executive Officer. Executive will have the
authority, subject to Employer's Articles of Incorporation and Bylaws, as may be
granted from time to time by the Board of Directors of Employer (the "BOARD OF
DIRECTORS"). Executive will perform the duties assigned to the President and
Chief Executive Officer in Employer's Bylaws, the duties customarily performed
by the President and Chief Executive Officer of a corporation which is, in all
material respects, similar to Employer and such other duties as may be assigned
from time to time by the Board of Directors, which relate to the business of
Employer or any subsidiaries or parent company of Employer or any business
ventures in which Employer or any subsidiaries or parent company of Employer may
participate.

2.       ATTENTION AND EFFORT

         Executive will devote the necessary time, ability, attention and effort
to Employer's business and will serve its interests during the term of this
Agreement; provided, however, that Executive may devote reasonable periods of
time to (a) engaging in personal investment activities, (b) serving on the board
of directors of other corporations, (c) engaging in charitable or community
service activities, and (d) managing other business interests that Executive has
(including, but not limited to, those listed in Attachment A hereto), so long as
none of the foregoing additional activities (x) materially interfere with
Executive's duties under this Agreement or (y) violate paragraph 8.

3.       TERM

Employment Agreement
<PAGE>

         Unless otherwise terminated pursuant to paragraph 6 of this Agreement,
Executive's term of employment under this Agreement shall commence on his first
day of full-time employment at Employer's headquarters in Albany, Oregon (such
date being referred to herein as the "COMMENCEMENT DATE") and shall expire on
the third anniversary of the Commencement Date; provided, however, that,
commencing on the third anniversary of the Commencement Date and on each
anniversary thereafter and subject to paragraph 6, the expiration date of the
term of Executive's employment hereunder shall automatically be extended for one
additional year unless, not later than the date 90 days prior to the expiration
of the then existing term, either party gives the other written notice that the
expiration date shall not be so extended; and, provided further, that if a
Change in Control (as defined in paragraph 7.4) of Employer occurs less than one
year prior to the then applicable expiration date and Executive's employment
with Employer is not terminated in connection with such Change in Control, the
term of this Agreement shall automatically extend until the first anniversary of
the date on which the Change in Control occurs.
Notwithstanding anything to the contrary, this Agreement shall terminate and be
of no other force and effect if Executive does not commence full-time employment
at Employer's headquarters in Albany, Oregon on or before March 1, 2006.

4.       COMPENSATION

         Commencing on the Commencement Date and continuing during the term of
this Agreement, Employer agrees to pay or cause to be paid to Executive, and
Executive agrees to accept in exchange for the services rendered hereunder by
him, the following compensation:

         4.1.     BASE SALARY

         Executive's compensation shall consist, in part, of an annual base
salary. Up until the first Anniversary of the Commencement Date, Executive's
annual base salary shall be $210,000, before customary payroll deductions. Such
annual base salary shall be paid in substantially equal installments and at the
same intervals as other officers of Employer are paid, and shall be prorated for
any partial years. The Compensation Committee of the Board of Directors (the
"Compensation Committee") shall determine any increases in the annual base
salary in future years.

         4.2.     BONUS

                  4.2.1 SIGNING BONUS

         If Executive forfeits some or all of his performance bonus due him from
his current employer in order to commence employment with Employer on an
expedited basis, Employer shall pay Executive up to $35,000 of any such
forfeited amount. Such payment will be paid on the Commencement Date and shall
be subject to all customary payroll deductions.

                                      -2-
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<PAGE>
                  4.2.2 PERFORMANCE BONUS

         Executive may be entitled to receive, in addition to the annual base
salary described above, an annual bonus in an amount (up to 25% of Executive's
base salary) to be determined by the Compensation Committee, in its sole
discretion. The Compensation Committee shall determine the performance
objectives relating to the annual bonus for a given fiscal year prior to the
beginning of that year and shall determine achievement of performance objectives
in its sole discretion. Any annual bonus will be paid to Executive no later than
30 days after completion of Employer's audited financial statements for the
fiscal year for which such bonus applies. If (a) Executive's employment with
Employer terminates as a result of expiration of the term of this Agreement or
termination by Employer other than for Cause or by Executive with Good Reason or
due to Executive's death or total disability (as defined in paragraph 6.3) and
(b) actual performance for the fiscal year during which such termination occurs
achieves the performance objectives established by the Compensation Committee
for such fiscal year, Executive shall be entitled to receive, no later than 30
days after completion of Employer's audited financial statements for the
applicable fiscal year, an annual performance bonus, the amount of which shall
be prorated (based on the number of days during such fiscal year Executive was
employed by Employer prior to such termination). Notwithstanding the foregoing,
the first performance bonus objectives determined by the Compensation Committee
shall cover the period from the Commencement Date through the end of Executive's
first full fiscal year with Employer thereafter.

                  4.2.3 DISCRETIONARY CHANGE IN CONTROL BONUS

         If Employer's Board of Directors and shareholders approve a Change in
Control transaction, the Compensation Committee of the Board of Directors will
consider the value to Employer or the shareholders in such transaction and, in
its sole discretion, may provide additional compensation to Executive upon the
closing of the transaction in recognition of Executive's efforts on behalf of
Employer. The amount of any such additional compensation will be determined in
the sole discretion of the Compensation Committee.

         4.3      EQUITY AWARDS

                  4.3.1       INITIAL OPTIONS

         At the first meeting of the Compensation Committee after the
Commencement Date, Employer will grant stock options ("INITIAL OPTIONS") to
purchase 300,000 shares of Employer's Common Stock under Employer's 2005 Equity
Incentive Plan (the "PLAN"). The per share exercise price of the Initial Options
will be equal to the fair market value per share of Employer's Common Stock as
determined by the Compensation Committee as of the grant date thereof. Unless
otherwise agreed by Executive, the Initial Options will be evidenced by an
incentive stock option agreement, in substantially the form customarily used by
Employer. Subject to accelerated vesting described in the incentive stock option
agreements (a) 100,000 of the Initial Options shall vest as of the Commencement
Date and (b) so long as Executive continues as an officer or employee of
Employer, the remaining Initial Options will vest and become exercisable with
respect to one-third of the remaining

                                      -3-
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<PAGE>

original option shares on the first anniversary of the Commencement Date and
with respect to an additional 1/24th of such remaining original option shares on
the completion of each full month thereafter, until the third anniversary of the
Commencement Date thereof, when all of such option shares shall be vested and
exercisable. 4.3.2 ADDITIONAL EQUITY AWARDS

         The Compensation Committee shall determine any grants of restricted
stock, additional options or other equity-based awards to be made to Executive
under the Plan or otherwise in future years.

         4.4      WITHHOLDING

         Employer shall withhold from any payments under this Agreement all
federal, state, city or other taxes as may be required pursuant to any
applicable law, governmental regulation or ruling.

5.       BENEFITS; KEY-MAN LIFE INSURANCE; INDEMNIFICATION

         5.1      BENEFITS

         Commencing on the Commencement Date and continuing during the term of
this Agreement, Executive will be entitled to participate, subject to and in
accordance with applicable eligibility requirements, in fringe benefit programs
as shall be available generally to officers and employees of Employer or which
may be provided specifically for Executive from time to time by action of the
Compensation Committee (or any other person or committee appointed by the Board
of Directors to determine fringe benefit programs).

         5.2      VEHICLE

         Employer will secure a lease for a mutually agreed upon automobile that
Executive will utilize during the term of his employment with Employer, and
Employer shall pay all expenses related to the use of such automobile,
including, but not limited to, financing, operation and maintenance of the
automobile and all standard liability, collision and comprehensive insurance for
the use of such automobile.

         5.3      MOVING EXPENSES

         Employer will pay Executive's reasonable out-of-pocket moving expenses
incurred in connection with Executive's relocation to Oregon and will pay up to
four weeks of Executive's reasonable expenses incurred for temporary
accommodation in connection with his relocation to Oregon.

         5.4      KEY-MAN LIFE INSURANCE

                                      -4-
Employment Agreement
<PAGE>

         At Employer's request, Executive shall cooperate with Employer in
obtaining, at Employer's expense, key-man life insurance policies on Executive's
life, with Employer to be the beneficiary of any such policies. Employer's
inability to obtain such insurance due to lack of insurability of Executive
shall not be deemed a breach of this Agreement.

         5.5      BOARD MEMBERSHIP

         At the first meeting of the Board of Directors after the Commencement
Date, the Board of Directors will appoint Executive as a Director of Employer.
During his service as the Chief Executive Officer of Employer, Employer will
nominate Executive as a Director with respect to each election of Directors of
Employer by its shareholders and use reasonable efforts to cause him to be
elected as a Director.

         5.6      INDEMNIFICATION

         Employer agrees that it will indemnify Executive against liability as
an officer of Employer and, to the extent he acts in such capacity, as a
director or an officer of any of Employer's affiliates, to the fullest extent
permitted by applicable law. To the fullest extent permitted by applicable law,
Employer agrees to advance and pay all reasonable legal fees and costs on behalf
of Executive to defend Executive against any and all claims against Executive
relating to his position as an officer and director of Employer, and Executive
shall have the right to select his legal counsel to defend him against any and
all such claims, provided that such counsel must be reasonably acceptable to
Employer.

         5.7      INDIVIDUAL LIFE INSURANCE

         Subject to Executive's eligibility therefore, Employer shall secure and
maintain during the term of Executive's employment with Employer a standard term
life insurance policy in the aggregate amount of $150,000 for the benefit of
Executive and his designated beneficiaries.

6.       TERMINATION

         In addition to the termination of this Agreement pursuant to the final
paragraph of paragraph 3, employment of Executive pursuant to this Agreement may
be terminated as follows, but in any case, the provisions of paragraph 8 hereof
shall survive the termination of this Agreement and the termination of
Executive's employment hereunder:

         6.1.     BY EMPLOYER

         With or without Cause (as defined below), Employer may terminate the
employment of Executive at any time during the term of employment upon giving
Executive at least thirty (30) days' prior written notice thereof. The effective
date of the termination of Executive's employment shall be the date on which
such applicable 30-day period expires; provided, however, that Employer may,
upon notice to Executive and without reducing Executive's annual base salary
during such 30-day period, excuse Executive from any or all of his duties

                                      -5-
Employment Agreement
<PAGE>

during such period and request Executive to immediately resign as a Director, if
applicable, and officer of Employer, whereupon, if requested to so resign,
Executive shall immediately resign.

         6.2.     BY EXECUTIVE

         Executive may terminate his employment at any time upon giving
Employer, in the case of termination by Executive (a) other than with Good
Reason, at least 90 days' prior written notice thereof and (b) with Good Reason,
at least 30 days' prior written notice thereof. The effective date of the
termination of Executive's employment shall be the date on which such applicable
90 or 30-day period expires; provided, however, that Employer may, upon notice
to Executive and without reducing Executive's annual base salary during such 90
or 30-day period, excuse Executive from any or all of his duties during such
period and request Executive to immediately resign as a Director, if applicable,
and officer of Employer, whereupon, if requested to so resign, Executive shall
immediately resign. Any such resignation at Employer's request following
Executive's notice of termination other than with Good Reason shall not be
deemed to represent termination of Executive's employment by Employer for
purposes of this Agreement or otherwise, but shall be deemed voluntary
termination by Executive of his employment without Good Reason.

         6.3.     AUTOMATIC TERMINATION

         This Agreement and Executive's employment hereunder shall terminate
automatically upon the death or total disability of Executive. The term "TOTAL
DISABILITY" as used herein shall mean Executive's inability to perform the
duties set forth in paragraph 1 hereof, with or without reasonable
accommodation, for a period or periods aggregating 120 calendar days in any
12-month period as a result of physical or mental illness, loss of legal
capacity or any other cause beyond Executive's control, unless Executive is
granted a leave of absence by the Board of Directors. Executive and Employer
hereby acknowledge that Executive's ability to perform the duties specified in
paragraph 1 hereof is of the essence of this Agreement. Termination hereunder
shall be deemed to be effective immediately upon Executive's death or a
determination by the Board of Directors of Executive's total disability, as
defined herein.

7.       TERMINATION PAYMENTS

         In the event of termination of the employment of Executive, all
compensation and benefits set forth in this Agreement shall terminate except as
specifically provided in this paragraph 7:

         7.1. TERMINATION BY EMPLOYER WITHOUT CAUSE OR BY EXECUTIVE WITH GOOD
         REASON, OR UPON CHANGE IN CONTROL OF EMPLOYER

         If Employer terminates Executive's employment without Cause, or if
Executive terminates his employment with Good Reason, or if Executive's
employment is terminated upon a Change in Control of Employer (as defined in
paragraph 7.4 below), in each case prior to the end of the term of this
Agreement, Executive shall be entitled to receive

                                      -6-
Employment Agreement
<PAGE>

immediately and in a lump sum payment: (a) termination payments equal to (i)
$630,000 if such termination occurs prior to the first anniversary of the
Commencement Date, or (ii) 200% of Executive's then-current annual base salary
if such termination occurs after the first anniversary of the Commencement Date
and (b) any unpaid annual base salary and unpaid fringe benefits under paragraph
5.1 that have accrued as of the date termination of Executive's employment
becomes effective (or, if applicable, up to the end of the 90 or 30-day period
referenced in paragraphs 6.1 or 6.2) and (c) performance bonus payments pursuant
to paragraph 4.2.2, except such performance bonus payments shall be made by
Employer in accordance with payment provisions and terms set forth in paragraph
4.2.2 (e.g. payment shall be no later than 30 days after completion of
Employer's audited financial statements for the applicable fiscal year and shall
be calculated based upon prorated calculations, if applicable, as provided for
by paragraph 4.2.2) and (d) if Executive's employment is terminated upon a
Change in Control transaction, any additional compensation payable pursuant to
paragraph 4.2.3. If Executive is terminated by Employer for Cause, Executive
shall not be entitled to receive any of the foregoing benefits, other than any
accrued but unpaid annual base salary and other benefits set forth in clause (b)
above.

         7.2      TERMINATION BY EXECUTIVE WITHOUT GOOD REASON; TERMINATION
                  BECAUSE OF DEATH OR TOTAL DISABILITY

         In the case of the termination of Executive's employment by Executive
without Good Reason or because of his death or total disability, Executive (or
his personal representative, as applicable) shall not be entitled to receive any
payments hereunder other than any accrued but unpaid annual base salary and
other benefits set forth in clause (b) of paragraph 7.1 hereof and performance
bonus payments pursuant to paragraph 4.2.2, except that such performance bonus
payments shall be made in accordance with the payment provisions and terms set
forth in paragraph 4.2.2 (e.g. payment shall be made no later than 30 days after
completion of Employer's audited financial statements for the applicable fiscal
year and shall be calculated based upon prorated calculations, if applicable, as
provided for by paragraph 4.2.2).

         7.3.     EXPIRATION OF TERM; TERMINATION PURSUANT TO PARAGRAPH 3

         Notwithstanding anything to the contrary, in the case of a termination
of Executive's employment as a result of the expiration of the term (as the same
may be extended pursuant to paragraph 3) of this Agreement, Executive shall not
be entitled to receive any payments hereunder other than those set forth in
clause (b) of paragraph 7.1 hereof.
If this Agreement is terminated pursuant to the final paragraph of paragraph 3,
Executive shall be entitled to no compensation of any kind.

         7.4.     DEFINITION OF CHANGE IN CONTROL

         A "CHANGE IN CONTROL" of Employer shall mean: (a) any consolidation or
merger of Employer in which Employer is not the continuing or surviving
corporation or pursuant to which shares of Employer's Common Stock would be
converted into the right to receive cash, securities or other property, other
than a merger of Employer in which the holders of

                                      -7-
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<PAGE>

Common Stock immediately prior to the merger have the same proportionate
ownership of common stock of the surviving corporation immediately after the
merger; (b) any sale, lease, exchange or other transfer (in one transaction or a
series of related transactions) of all or substantially all the assets of
Employer; (c) the acquisition by any person (as such term is defined in Section
13(d) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT"),
excluding, for this purpose, Employer) of any shares of Common Stock (or
securities convertible into Common Stock), if after making such acquisition,
such person is the beneficial owner (as such term is defined in Rule 13d-3
promulgated under the Exchange Act), directly or indirectly, of 30% or more of
the outstanding Common Stock (calculated as provided in paragraph (d) of such
Rule 13d-3 in the case of rights to acquire common stock); or (d) the failure,
for any reason, of the persons comprising the Board of Directors as of the date
hereof (the "INCUMBENT BOARD") to constitute at least a majority of the Board of
Directors; provided, however, that any person whose election or nomination for
election was approved by a majority of the persons then comprising the Incumbent
Board (other than an election or nomination of a person whose initial assumption
of office is in connection with an actual or threatened election contest
relating to the election of directors, as such terms are used in Rule 14a-11 of
Regulation 14A promulgated under the Exchange Act) shall be, for purposes of
this Agreement, deemed to be a member of the Incumbent Board.

         7.5.     DEFINITION OF CAUSE

         Whenever reference is made in this Agreement to termination being with
or without Cause, "CAUSE" shall mean cause given by Executive to Employer and
shall include the occurrence of one or more of the following events:

                  (a) Willful failure or refusal to carry out the lawful duties
         of Executive described in paragraph 1 hereof or lawful directions of
         the Board of Directors of Employer, which directions are reasonably
         consistent with the duties herein set forth to be performed by
         Executive.

                  (b) Conviction of or entering a plea of guilty or no contest
         to a violation by Executive of a state or federal criminal law
         involving the commission of a crime against Employer or its employees
         or a felony;

                  (c) Continuous misuse of alcohol or controlled substances or
         illegal substances that materially interferes with Executive's
         performance of his duties to Employer; deception, fraud,
         misrepresentation or dishonesty by Executive; any incident materially
         compromising Executive's reputation or ability to represent Employer
         with the public; any act or omission by Executive that materially
         impairs Employer's business, good will or reputation; or any other
         misconduct; or

                  (d) Any material violation of any provision of this Agreement
         that is not cured by Executive within 30 days after receipt of written
         notice thereof given by Employer.

                                      -8-
Employment Agreement
<PAGE>

         7.6      DEFINITION OF GOOD REASON

         Whenever reference is made in this Agreement to termination being with
Good Reason, "GOOD REASON" means the occurrence, without Executive's written
consent, of one or more of the following events:

                  (a) Action by Employer which results in a material diminution
         in the position held by Executive, or the assignment to Executive of
         duties materially inconsistent with his position with Employer,
         excluding for this purpose isolated and inadvertent action not taken in
         bad faith and that is remedied by Employer within 30 days after receipt
         of written notice thereof given by Executive;

                  (b) Failure by Employer to promptly pay Executive any
         installment or portion of his compensation from Employer when earned
         and due (excluding for this purpose any inadvertent action not taken in
         bad faith and that is remedied by Employer promptly after receipt of
         written notice thereof given by Executive);

                  (c) Employer requiring Executive generally to perform his
         duties to Employer at a location more than 75 miles outside the Albany,
         Oregon area, excluding for this purpose travel outside such area
         reasonably required in connection with fulfilling his duties and
         responsibilities to Employer; or

                  (d) Any other material breach by Employer of this Agreement
         that is not cured by Employer within 30 days after receipt of written
         notice thereof from Executive.

8.       NONCOMPETITION AND NONSOLICITATION

         8.1.     APPLICABILITY

         This paragraph 8 shall survive the termination of Executive's
employment with Employer or the expiration of the term of this Agreement.

         8.2.     SCOPE OF COMPETITION

         Executive agrees that he will not, directly or indirectly, during his
employment and for a period of two years from the later of (a) the date on which
his employment with Employer terminates for any reason and (b) the date this
Agreement expires, be employed by, consult with or otherwise perform services
for, own, manage, operate, join, control or participate in the ownership,
management, operation or control of or be connected with, in any manner, any
Competitor. A "Competitor" shall include any entity which, directly or
indirectly, competes with Employer or produces, markets, distributes or
otherwise derives benefit from the production, marketing or distribution of
products that compete with products then produced by Employer or the feasibility
for production of which Employer is then actually studying, or which is
preparing to market or is developing products that will be in

                                      -9-
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<PAGE>

competition with the products then produced or being studied or developed by
Employer, in each case anywhere within such geographic areas as Employer sells
or markets its products at the time of termination of Executive's employment
with Employer, unless released from such obligation in writing by the Board of
Directors. Executive shall be deemed to be related to or connected with a
Competitor if such Competitor is (a) a partnership in which he is a general or
limited partner or employee, (b) a corporation or association of which he is a
shareholder, officer, employee or director, or (c) a partnership, limited
liability company, corporation or association of which he is a member, manager,
consultant or agent; provided, however, that nothing herein shall prevent (x)
the purchase or ownership by Executive of shares which constitute less than five
percent of the outstanding equity securities of a publicly held corporation, or
(y) Executive's current ownership of Bachem Inc., as set forth on Attachment A
hereto, if in each case Executive has no other relationship with such
corporation or entity.

         8.3.     SCOPE OF NONSOLICITATION

         Executive shall not, directly or indirectly, solicit, influence or
entice, or attempt to solicit, influence or entice, any employee or consultant
of Employer to cease his relationship with Employer or solicit, influence,
entice or in any way divert any customer, distributor, partner, joint venture or
supplier of Employer to do business or in any way become associated with any
Competitor. This subparagraph 8.3 shall apply during the time period and
geographical area described in subparagraph 8.2 hereof.

         8.4.     ASSIGNMENT OF INTELLECTUAL PROPERTY

         All concepts, designs, machines, devices, uses, processes, technology,
trade secrets, works of authorship, customer lists, plans, embodiments,
inventions, improvements or related work product (collectively "INTELLECTUAL
PROPERTY") which Executive develops, conceives or first reduces to practice
during the term of his employment hereunder or within one year after the
termination of his employment hereunder or the expiration of this Agreement,
whether working alone or with others, shall be the sole and exclusive property
of Employer, together with any and all Intellectual Property rights, including,
without limitation, patent or copyright rights, related thereto, and Executive
hereby assigns to Employer all of such Intellectual Property. "INTELLECTUAL
PROPERTY" shall include only such concepts, designs, machines, devices, uses,
processes, technology, trade secrets, customer lists, plans, embodiments,
inventions, improvements and work product which (a) relate to Executive's
performance of services under this Agreement, to Employer's field of business or
to Employer's actual or demonstrably anticipated research or development,
whether or not developed, conceived or first reduced to practice during normal
business hours or with the use of any equipment, supplies, facilities or trade
secret information or other resource of Employer or (b) are developed, in whole
or in part, on Employer's time or developed using Employer's equipment,
supplies, facilities or trade secret information, or other resources of
Employer, whether or not the work product relates to Employer's field of
business or Employer's actual or demonstrably anticipated research.

         8.5.     DISCLOSURE AND PROTECTION OF INVENTIONS

                                      -10-
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         Executive shall disclose in writing all concepts, designs, processes,
technology, plans, embodiments, inventions or improvements constituting
Intellectual Property to Employer promptly after the development thereof. At
Employer's request and at Employer's expense, Executive will assist Employer or
its designee in efforts to protect all rights relating to such Intellectual
Property. Such assistance may include, without limitation, the following: (a)
making application in the United States and in foreign countries for a patent or
copyright on any work products specified by Employer; (b) executing documents of
assignment to Employer or its designee of all of Executive's right, title and
interest in and to any work product and related intellectual property rights;
and (c) taking such additional action (including, without limitation, the
execution and delivery of documents) to perfect, evidence or vest in Employer or
its designee all right, title and interest in and to any Intellectual Property
and any rights related thereto.

         8.6.     NONDISCLOSURE; RETURN OF MATERIALS

         During the term of his employment by Employer and following termination
of such employment, he will not disclose (except as required by his duties to
Employer), any concept, design, process, technology, trade secret, customer
list, plan, embodiment, or invention, any other Intellectual Property or any
other confidential information (including, without limitation, customer
information), whether patentable or not, of Employer of which Executive becomes
informed or aware during his employment, whether or not developed by Executive.
In the event of the termination of his employment with Employer or the
expiration of this Agreement, Executive will return all documents, data and
other materials of whatever nature, including, without limitation, drawings,
specifications, research, reports, embodiments, software and manuals to Employer
which pertain to his employment with Employer or to any Intellectual Property
and shall not retain or cause or allow any third party to retain photocopies or
other reproductions of the foregoing.

         8.7.     EQUITABLE RELIEF

         Executive acknowledges that the provisions of this paragraph 8 are
essential to Employer, that Employer would not enter into this Agreement if it
did not include this paragraph 8 and that damages sustained by Employer as a
result of a breach of this paragraph 8 cannot be adequately remedied by damages,
and Executive agrees that Employer, notwithstanding any other provision of this
Agreement, including paragraph 13 hereof, and in addition to any other remedy it
may have under this Agreement or at law, shall be entitled to injunctive and
other equitable relief to prevent or curtail any breach of any provision of this
Agreement, including this paragraph 8.

         8.8.     EFFECT OF VIOLATION

         Executive and Employer acknowledge and agree that additional
consideration has been given for Executive entering into this paragraph 8, such
additional consideration, including, certain provisions for termination payments
pursuant to paragraph 7 of this Agreement. Violation by Executive of this
paragraph 8 shall relieve Employer of any

                                      -11-
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<PAGE>

obligation it may have to make such termination payments, but shall not relieve
Executive of his obligations under this paragraph 8.

         8.9.     DEFINITION OF EMPLOYER

         For purposes of subparagraph 8.2 and subparagraph 8.3 hereof,
"EMPLOYER" shall include Employer and any of its subsidiaries or parent
corporation and any business ventures in which Employer or any of its
subsidiaries or parent corporation may participate.

9.       REPRESENTATIONS AND WARRANTIES

         In order to induce Employer to enter into this Agreement, Executive
represents and warrants to Employer as follows:

         9.1      NO VIOLATION OF OTHER AGREEMENTS

         Subject to the terms of the agreement between Executive and Bachem
Holding AG, a true and complete copy of which Executive has delivered to
Employer, neither the execution nor the performance of this Agreement by
Executive will violate or conflict in any way with any other agreement by which
Executive may be bound, or with any other duties imposed upon Executive by
corporate or other statutory or common law.

         9.2      PATENTS, ETC.

         Executive has prepared and attached hereto as Schedule A a list of all
inventions, patent applications and patents made or conceived by Executive prior
to the date hereof, which are subject to prior agreement or which Executive
desires to exclude from this Agreement, or, if no such list is attached,
Executive hereby represents and warrants to Employer that there are no such
inventions, patent applications or patents.

10.      FORM OF NOTICE

         All notices given hereunder shall be given in writing, shall
specifically refer to this Agreement and shall be personally delivered or sent
by telecopy or other electronic facsimile transmission, by overnight delivery by
a nationally recognized carrier service or by registered or certified mail,
return receipt requested, at the address set forth below or at such other
address as may hereafter be designated by notice given in compliance with the
terms hereof:

         If to Executive:             Pius (Philip) Ottiger
                                      17 Pear Tree Lane
                                      Rolling Hills Estates, CA 90274

         If to Employer:              Synthetech, Inc.
                                      1290 Industrial Way
                                      Albany, OR 97321-0210

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                                      Fax No. (541) 967-9424
                                      Attention: Chairman, Board of Directors

         Copy to:                     Perkins Coie LLP
                                      1120 NW Couch Street, Tenth Floor
                                      Portland, OR  97209-4128
                                      Attention:  David Matheson
                                      Facsimile No.: 503-727-2222

         If notice is mailed, such notice shall be effective upon mailing, if
such notice is sent by overnight delivery, such notice shall be effective upon
the next business day following delivery to the courier service, or if notice is
personally delivered or sent by telecopy or other electronic facsimile
transmission, it shall be effective upon receipt.

11.      ASSIGNMENT

         This Agreement is personal to Executive and shall not be assignable by
Executive. Employer may assign its rights hereunder to (a) any corporation
resulting from any merger, consolidation or other reorganization to which
Employer is a party or (b) any corporation, partnership, association or other
person to which Employer may transfer all or substantially all of the assets and
business of Employer existing at such time. All of the terms and provisions of
this Agreement shall be binding upon and shall inure to the benefit of and be
enforceable by the parties hereto and their respective successors, heirs, legal
representatives and permitted assigns.

12.      WAIVERS

         No delay or failure by any party hereto in exercising, protecting or
enforcing any of its rights, titles, interests or remedies hereunder, and no
course of dealing or performance with respect thereto, shall constitute a waiver
thereof. The express waiver by a party hereto of any right, title, interest or
remedy in a particular instance or circumstance shall not constitute a waiver
thereof in any other instance or circumstance. All rights and remedies shall be
cumulative and not exclusive of any other rights or remedies.

13.      ARBITRATION

         Subject to the provisions of subparagraph 8.7 hereof, any controversies
or claims arising out of or relating to this Agreement shall be fully and
finally settled by arbitration in Portland, Oregon, in accordance with the
Commercial Arbitration Rules of the American Arbitration Association then in
effect (the "AAA Rules"), conducted by one arbitrator either mutually agreed
upon by Employer and Executive or chosen in accordance with the AAA Rules,
except that (a) the parties thereto shall have any right to discovery as would
be permitted by the Federal Rules of Civil Procedure for a period of 90 days
following the commencement of such arbitration and the arbitrator thereof shall
resolve any dispute which arises in connection with such discovery and (b) the
arbitration may be conducted by AAA or by such other arbitration service as the
parties agree. The prevailing party shall be entitled to

                                      -13-
Employment Agreement
<PAGE>

costs, expenses and reasonable attorneys' fees, and judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction
thereof.

14.      AMENDMENTS IN WRITING

         No amendment, modification, waiver, termination or discharge of any
provision of this Agreement, nor consent to any departure therefrom by either
party hereto, shall in any event be effective unless the same shall be in
writing, specifically identifying this Agreement and the provision intended to
be amended, modified, waived, terminated or discharged and signed by Employer
and Executive, and each such amendment, modification, waiver, termination or
discharge shall be effective only in the specific instance and for the specific
purpose for which given. No provision of this Agreement shall be varied,
contradicted or explained by any oral agreement, course of dealing or
performance or any other matter not set forth in an agreement in writing and
signed by Employer and Executive.

15.      APPLICABLE LAW; VENUE

         This Agreement shall in all respects, including all matters of
construction, validity and performance, be governed by, and construed and
enforced in accordance with, the laws of the State of Oregon, without regard to
any rules governing conflicts of laws. Subject to paragraph 13, the parties
irrevocably consent to the exclusive jurisdiction and venue of the state and
federal courts located in Multnomah County, Oregon in connection with any action
relating to this Agreement.

16.      SEVERABILITY

         If any provision of this Agreement shall be held invalid, illegal or
unenforceable in any jurisdiction, for any reason, including, without
limitation, the duration of such provision, its geographical scope or the extent
of the activities prohibited or required by it, then, to the full extent
permitted by law (a) all other provisions hereof shall remain in full force and
effect in such jurisdiction and shall be liberally construed in order to carry
out the intent of the parties hereto as nearly as may be possible, (b) such
invalidity, illegality or unenforceability shall not affect the validity,
legality or enforceability of any other provision hereof, and (c) any court or
arbitrator having jurisdiction thereover shall have the power to reform such
provision to the extent necessary for such provision to be enforceable under
applicable law.

17.      HEADINGS

         All headings used herein are for convenience only and shall not in any
way affect the construction of, or be taken into consideration in interpreting,
this Agreement.

18.      COUNTERPARTS

         This Agreement, and any amendment or modification entered into pursuant
to paragraph 14 hereof, may be executed in any number of counterparts, each of
which

                                      -14-
Employment Agreement
<PAGE>

counterparts, when so executed and delivered, shall be deemed to be an original
and all of which counterparts, taken together, shall constitute one and the same
instrument.

19.      ENTIRE AGREEMENT

         This Agreement on and as of the date hereof constitutes the entire
agreement between Employer and Executive with respect to the subject matter
hereof and all prior or contemporaneous oral or written communications,
understandings or agreements between Employer and Executive with respect to such
subject matter are hereby superseded and nullified in their entireties.

                [Remainder of This Page Intentionally Left Blank.

                                      -15-
Employment Agreement
<PAGE>

IN WITNESS WHEREOF, the parties have executed and entered into this Employment
Agreement on the date set forth above.

                                   EXECUTIVE:

                                   /s/ Pius (Philip) Ottiger
                                   -----------------------------------------
                                   Name: Pius (Philip) Ottiger

                                   EMPLOYER:

                                   SYNTHETECH, INC.

                                   By   /s/ Daniel T. Fagan
                                        ------------------------------------
                                   Title: Chairman of the Board of Directors

                                      -16-
Employment Agreement
<PAGE>

                                  ATTACHMENT A
                                       TO
                              EMPLOYMENT AGREEMENT

         Business Interests

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

    BUSINESS NAME           OWNERSHIP               INTEREST
----------------------- ----------------------- --------------------------------

Limrock Farm             100% Ownership         Agriculture and Horse Breeding

Reddick FL

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

Bachem Inc              Minority Shareholding   Will keep present investment

Bubendorf               Less than 1 % ownership

Switzerland
----------------------- ----------------------- --------------------------------

Employment Agreement

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