Document:

Exhibit
4.3

 

	
  NEITHER
  THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS WARRANT
  CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
  HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
  APPLICABLE STATE SECURITIES LAWS.  THE
  SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE
  ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
  SECURITIES ACT OR AN OPINION OF COUNSEL IN FORM REASONABLY ACCEPTABLE TO THE
  COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

   

  

 

	
  No. CS-2007-3

  	
   

  	
  Warrant to Purchase 2,350

  Shares of Common Stock

  
	
  Dated: April 2, 2007

  	
   

  	
   

  

 

WARRANT TO
PURCHASE SHARES

OF COMMON STOCK OF

NAVTEQ CORPORATION

This is to certify
that, FOR VALUE RECEIVED, PNC Bank, National Association or its permitted
assigns (in either case, a “Holder”),
is entitled to purchase, subject to the terms set forth below, from NAVTEQ
Corporation., a Delaware corporation (the “Company”) during the Exercise
Period (as defined below), an aggregate of 2,350 fully paid and
non-assessable shares of Common Stock, $0.001 par value per share, of the
Company (the “Common Stock”), at the Exercise Price (as defined
below).  The Exercise Price and the
number of such shares are subject to adjustment, from time to time, as provided
below.  The shares of Common Stock
deliverable upon such exercise are hereinafter sometimes referred to as the “Warrant
Shares.”

Section 1.              Exercise Period.  This Warrant may be exercised at any time
from the date hereof until 5:00 P.M. Eastern time on January 27, 2008 (the “Exercise
Period”).

Section 2.              Exercise of Warrant.

(a)           Exercise Price.  The exercise price at any time for each
Warrant Share shall be $102.13 (the “Exercise Price”), subject to
adjustment pursuant to Section 3 hereof.

(b)           Manner of Exercise.  This Warrant may be exercised by the Holder,
in whole or in part, at any time and from time to time during the Exercise
Period, by (i) the surrender of this Warrant to the Company, with the Notice of
Exercise attached hereto as Exhibit
A  (the “Notice of
Exercise”) duly completed and executed on behalf of the Holder, at the
principal office of the Company or such other office or agency of the Company
as it may designate by notice in writing to the Holder (the “Principal Office”), and (ii) the
delivery of payment to the Company of the Exercise Price for the number of
Warrant Shares specified in the Notice of Exercise in any manner specified in
Section 2(d).

(c)           Issuance of Warrant Shares.  Such Warrant Shares as to which a Notice of
Exercise has been duly delivered shall be deemed to be issued to the Holder as
the record holder 

 

 

of such Warrant Shares as of the close of business on
the date on which this Warrant shall have been duly surrendered (including due
completion of a Notice of Exercise) and payment in full shall have been made
for the Warrant Shares as to which a Notice of Exercise has been duly delivered
as aforesaid.  As promptly as practicable
thereafter, but in any event within five (5) business days, the Company shall
deliver to the Holder a stock certificate or certificates for the Warrant
Shares specified in the Notice of Exercise. 
If this Warrant shall have been exercised only in part, the Company
shall, at the time of delivery of the stock certificate or certificates, also
deliver to the Holder, at the Company’s expense, a new Warrant evidencing the
right to purchase the remaining number of Warrant Shares to which this Warrant
relates, which new Warrant shall in all other respects be identical to this
Warrant.

(d)           Payment of Exercise Price.  The Exercise Price shall be payable in cash
or its equivalent, payable by wire transfer of immediately available funds to a
bank account specified by the Company or by certified or bank cashiers’ check
in lawful money of the United States of America.  The Exercise Price also may be paid, in whole
or in part, at the election of the Holder, by means of a “cashless exercise” in
which the Holder shall be entitled to receive a certificate for the number of
Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by
(A), where:

(A) = the Market
Price on the trading day preceding the date of such election;

(B) = the Exercise
Price of the Warrant, as in effect at the time of the exercise; and

(X) = the number
of Warrant Shares issuable upon exercise of the Warrant by means of a cash
exercise rather than a cashless exercise in accordance with the terms of this
Warrant.

“Market Price” means, for
any date, the price determined by the first of the following clauses that
applies: (a) the closing price of the Common Stock for the nearest preceding
trading day prior to the exercise on the primary market or exchange on which
the Common Stock is then listed or quoted as reported by such primary market or
exchange; (b) if the Common Stock is not then listed or quoted on a market or
exchange and if prices for the Common Stock are then quoted on the OTC Bulletin
Board, the closing price of the Common Stock on the nearest preceding trading
day prior to exercise on the OTC Bulletin Board; (c) if the Common Stock is not
then listed or quoted on the OTC Bulletin Board and if prices for the Common
Stock are then reported in the “Pink Sheets” published by the National
Quotation Bureau Incorporated (or a similar organization or agency succeeding
to its functions of reporting prices), the average of the most recent bid and
ask price per share of the Common Stock so reported; or (d) in all other cases,
the fair market value of a share of Common Stock as determined in good faith by
the Company’s Board of Directors.

(e)           Fractional Shares.  The Company shall not issue fractions of
Warrant Shares upon exercise of this Warrant or scrip in lieu thereof.  If any fraction of a Warrant Share would,
except for the provisions of this Section 2(e), be issuable upon exercise of
this Warrant, the Company shall in lieu thereof pay to the person entitled
thereto an amount in cash equal to such fraction, calculated to the nearest
one-hundredth (1/100) of a share, multiplied by the Market Price for the
Common Stock, determined as of the date of exercise.

 

 

Section 3.              Adjustment of Exercise Price
and Warrant Shares.

(a)           Stock Split.  If, at any time after in date hereof, the
number of shares of the Company’s capital stock outstanding is increased by a
stock dividend or by a subdivision or split-up of shares, then, following
the record date for the determination of holders of capital stock entitled to
receive such stock dividend, subdivision or split-up, the Exercise Price
shall be appropriately decreased and the aggregate number of Warrant Shares shall
be increased in proportion to such increase in outstanding shares.  The foregoing provisions shall similarly
apply to successive stock dividends, subdivisions or split-ups.

(b)           Reverse Stock Split.  If,
at any time after the date hereof, the number of shares of capital stock
outstanding is decreased by a combination or reverse-split of the
outstanding shares, then, following the record date for such combination or
reverse-split, the Exercise Price shall be appropriately increased and
the aggregate number of Warrant Shares shall be decreased in proportion to such
decrease in outstanding shares.  The
foregoing provisions shall similarly apply to successive combinations or
reverse-splits.

(c)           Issuance of Dividends.  In the event that the Company shall make or
issue to holders of Common Stock, or shall fix a record date for the
determination of holders of Common Stock entitled to receive, any dividend or
other distribution payable in equity securities (other than shares of Common
Stock), evidences of its indebtedness or other property (other than a cash
dividend that is payable solely out of earnings or surplus legally available
for dividends under applicable law), then, in each such event and as a
condition precedent to the taking of any such action, lawful and adequate
provision (in form and substance approved by the Holder, which approval shall
not be unreasonably withheld or delayed) shall be made whereby the Holder shall
thereafter have the right to receive, upon exercise of this Warrant, in
addition to the number of shares of Common Stock receivable thereupon, the
amount of such equity securities, evidences of indebtedness or other property
as the Holder would have received had the Holder been the record owner, at the
time the Company made or issued such dividend or other distribution or on the
record date fixed therefor, as the case may be, of that number of shares of
Common Stock receivable upon exercise of this Warrant in full, and had the
Holder thereafter, during the period from the date of such event to and
including the date(s) on which the Holder exercises this Warrant, retained such
equity securities, evidences of indebtedness or other property, giving
application to all other adjustments called for during such period under this
Section 3.

(d)           Merger or Sale of Assets.  In case the Company shall reorganize its
capital, reclassify its capital stock, consolidate or merge with or into
another corporation (where the Company is not the surviving corporation or
where there is a change in or distribution with respect to the Common Stock of
the Company), or sell, transfer or otherwise dispose of all or substantially
all its property, assets or business to another corporation and, pursuant to
the terms of such reorganization, reclassification, merger, consolidation or
disposition of assets, shares of common stock of the successor or acquiring
corporation, or any cash, shares of stock or other securities or property of
any nature whatsoever (including warrants or other subscription or purchase
rights) in addition to or in lieu of common stock of the successor or acquiring
corporation (“Other Property”), are to be received by or distributed to
the holders of Common 

 

 

Stock of the Company, then the Holder shall have the
right thereafter to receive, upon exercise of this Warrant, instead of the
shares of Common Stock, the number of shares of common stock and/or Other
Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event.  In case
of any such reorganization, reclassification, merger, consolidation or
disposition of assets, lawful provision shall be made to ensure the due and
punctual observance and performance by the successor or acquiring corporation
of each and every covenant and condition of this Warrant to be performed and
observed by the Company and all the obligations and liabilities hereunder,
subject to such modifications as may be deemed appropriate (as determined in
good faith by resolution of the Board of Directors of the Company) in order to
provide for adjustments of Warrant Shares for which this Warrant is exercisable
which shall be as nearly equivalent as practicable to the adjustments provided
for in this Section 3(d).  The foregoing
provisions of this Section 3(d) shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of assets.

(e)           Notice of Adjustments.  In each case of an adjustment or readjustment
of the Exercise Price and number of Warrant Shares pursuant to this Section 3,
the Company shall, at its expense, promptly furnish to the Holder a certificate
prepared and signed by the Treasurer or Chief Financial Officer of the Company,
setting forth (i) such adjustment or readjustment, (ii) the Exercise Price and
number of Warrant Shares in effect following such adjustment or readjustment
(including the amount, if any, of other securities and property that at the
time would be received upon the exercise of this Warrant), and (iii) the facts,
set forth in reasonable detail, upon which such adjustment or readjustment is
based.

Section 4.              No Dilution or Impairment.  The Company shall not, by amendment to its
certificate of incorporation or through reorganization, consolidation, merger,
dissolution, sale of assets or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such action as may be necessary or appropriate in
order to protect the rights of the Holder against dilution or other
impairment.  Without limiting the
generality of the foregoing, the Company will not increase the par value of any
shares of stock receivable upon the exercise of this Warrant above the amount
payable therefor upon such exercise, and at all times will take all such action
as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and non-assessable stock upon the exercise of
this Warrant.  The provisions of this
Section 4 shall not prevent the Company from taking any action otherwise
permitted by the terms of this Warrant.

Section 5.              Representations, Warranties and
Covenants as to Common Stock.  The
Company represents and warrants to the Holder that all shares of Common Stock
issued upon the exercise of this Warrant will, upon issuance in accordance with
the terms of this Warrant, be validly issued, fully paid and non-assessable.  The Company covenants and agrees that it
shall take all such action as may be required to ensure that a sufficient
number of shares of its Common Stock are authorized and reserved for issuance in
connection with the exercise of this Warrant.

 

 

Section 6.              No Rights as Stockholder.  The Holder shall not be entitled to vote or
receive dividends nor shall the Holder be deemed the holder of the Warrant
Shares or any other securities of the Company that may at any time be issuable
upon the exercise of this Warrant for any purpose, and nothing contained herein
shall be construed to confer upon the Holder, in Holder’s capacity as such, any
of the rights of a stockholder of the Company or any right to vote for the
election of directors or upon any other matter submitted to the stockholders of
the Company at any meeting thereof, or to give or withhold consent to any
corporate action (whether upon any recapitalization, issuance or
reclassification of capital stock, change of par value, or change of stock to
no par value, consolidation, merger, conveyance or otherwise) or to receive
notice of meetings or any other communication required or permitted to be
delivered to stockholders of the Company, or to receive or be entitled to any
other rights afforded to stockholders of the Company, unless and until this
Warrant shall have been exercised as provided herein.

Section 7.              Restrictions on Transfer.  This Warrant may not be transferred or
assigned to any person without the prior written consent of the Company.  To the extent that the Warrant Shares
issuable upon exercise of this Warrant are deemed to be “restricted securities”
under the Securities Act of 1933, as amended, any certificates representing the
Warrant Shares may include appropriate legends restricting the transfer of the
Warrant Shares without registration under the Securities Act or the
availability of an exemption from registration.

Section 8.              Lost, Stolen or Destroyed
Warrant Certificate.  Upon receipt by
the Company of evidence reasonably satisfactory to it of the loss, theft or
destruction of this Warrant and an indemnity agreement reasonably satisfactory
in form and substance to the Company, the Company, at its expense, shall
execute and deliver, in lieu of this Warrant, a new Warrant of like tenor and
amount.  Upon receipt by the Company of
evidence reasonably satisfactory to it of the mutilation of this Warrant, the
Company, at its expense, shall execute and deliver, in lieu of this Warrant, a
new Warrant of like tenor and amount.

Section 9.              Notice.  All notices and other communications
hereunder shall be in writing and shall be deemed duly given (i) on the date of
delivery if delivered personally and/or by messenger service, (ii) on the date
of confirmation of receipt (or, the first business day following such receipt
if the date is not a business day) of transmission by facsimile, or (iii) on
the date of confirmation of receipt (or, the first business day following such
receipt if the date is not a business day) if delivered by a nationally recognized
courier service.  All notices hereunder
shall be delivered as set forth below, or pursuant to such other instructions
as may be designated in writing by the party to receive such notice:

	
  

  	
  if to the Company, to:

  NAVTEQ Corporation

  222 Merchandise Mart, Suite 900

  Chicago, Illinois 60654

  Attention: 
  Lawrence M. Kaplan, General Counsel

  Telephone: 
  (312) 894-7000

  Telecopy: 
  (312) 894-7228

  

 

 

	
  

  	
  if to Holder, to:

  PNC Bank, National Association

  PNC Investment Corp

  PNC Equity Management Corp.

  One PNC Plaza, Floor 8

  249 Fifth Avenue

  Pittsburgh, PA 15222

  Attention: 
  Fund Portfolio Manager

  Telephone: 
  412-762-7035

  Telecopy: 
  412-762-6233

  

 

Section 10.            Other Provisions.

(a)           Governing Law; Jurisdiction.  This Warrant shall be governed by and
construed in accordance with the laws of the State of Delaware, regardless of
the laws that might otherwise govern under applicable principles of conflicts
of law thereof.  Each of the parties
hereto (i) irrevocably consents to the jurisdiction and venue of the Delaware
Court of Chancery or any court of the United States located in the State of
Delaware in the event any dispute arises with respect to this Warrant, (ii)
agrees that it will not attempt to deny or defeat such personal jurisdiction by
motion or other request for leave from any such court, (iii) agrees that it
will not bring any action relating to this Warrant in any court other than the
Delaware Court of Chancery or, if under applicable law exclusive jurisdiction over
such matter is vested in the federal courts, any court of the United States
located in the State of Delaware and (iv) consents to service being made
through the notice procedures set forth in Section 9.  Each of the parties hereby agrees that
service of any process, summons, notice or document by U.S. registered mail to
the respective addresses set forth in Section 9 shall be effective service of
process for any legal proceeding in connection with this Warrant.

(b)           Waiver of Jury Trial.  EACH OF THE COMPANY AND HOLDER HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS WARRANT OR THE ACTIONS OF THE COMPANY OR HOLDER IN THE
NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

(c)           Amendment, Modification or Waiver.  No provision of this Warrant may be amended,
modified or waived except upon the written consent of the party against whom
such amendment, modification or waiver is to be enforced.  The failure of any party to enforce any of
the provisions of this Warrant shall in no way be construed as a waiver of such
provisions and shall not affect the right of such party thereafter to enforce
each and every provision of this Warrant in accordance with its terms.

 

 

(d)           Assignment; Binding Effect.  The rights and obligations of each of the
parties set forth herein may not be assigned or delegated without the prior
written consent of the other party.  Any
purported assignment in violation of this provision shall be void. 
This Warrant shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

(e)           Severability.  In the event that any provision of this
Warrant becomes or is declared by a court of competent jurisdiction to be
illegal, void or unenforceable, the remainder of this Warrant shall continue in
full force and effect and the application of such provision to other persons or
circumstances will be interpreted so as reasonably to effect the intent of the
parties hereto.  The parties further
agree to replace such void or unenforceable provision of this Warrant with a
valid and enforceable provision that will achieve, to the greatest extent
possible, the economic, business and other purposes of such void or
unenforceable provision

(f)            Construction.  Whenever the context requires, the gender of
any word used in this Warrant includes the masculine, feminine or neuter, and
the number of any word includes the singular or plural.  Unless the context otherwise requires, all
references to articles and sections refer to articles and sections of this
Warrant, and all references to exhibits are to exhibits attached hereto, each
of which is made a part hereof for all purposes.

(g)           Headings.  The headings and sub-heading contained in
this Warrant are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Warrant.

Section 11.            Status of Warrant; Cancellation
of Prior Warrant.  This Warrant has
been issued to Holder in exchange for and in substitution of that certain
warrant to purchase 30,000 shares of the common stock of Traffic.com, Inc.
dated as of January 26, 2001 (the “Traffic.com Warrant”), pursuant to
the terms of the Agreement and Plan of Merger dated as of November 5, 2006, by
and among the Company, NAVTEQ Holdings B.V., NAVTEQ Holdings Delaware, Inc. and
Traffic.Com, Inc.  Concurrently with the
execution of this Warrant, Holder has delivered to Traffic.com, Inc. and the
Company, for cancellation, the original Traffic.com Warrant.  Holder acknowledges and agrees that upon
delivery of this Warrant by the Company to Holder (a) all rights and
obligations of the parties to the Traffic.com Warrant under such Traffic.com
Warrant are extinguished and of no further force or effect, (b) all claims
under such Traffic.com Warrant that the parties may have had, may have now or
may have in the future are waived, and (c) the parties shall look only to this
Warrant with respect to the rights and obligations of the parties hereto
regarding the Warrant and Warrant Shares.

[remainder of page intentionally blank; signature page follows]

 

 

IN WITNESS
WHEREOF, each of the Company and the Holder has caused this Warrant to be
executed by its duly authorized officer as of the date indicated below.

COMPANY:

NAVTEQ Corporation

	
  

  	
  By:

  	
  /s/ David B. Mullen

  
	
   

  	
  Name:

  	
  David B. Mullen

  
	
   

  	
  Title:

  	
  Executive Vice President and Chief Financial Officer

  
	
   

  	
  Date:

  	
  April 21, 2007

  

 

HOLDER:

PNC Bank, National Association

	
  

  	
  By:

  	
  /s/ Peter Chiste

  
	
   

  	
  Name:

  	
  Peter Chiste

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
  Date:

  	
  April 12, 2007

  

 

 

 

EXHIBIT A

NOTICE OF EXERCISE

WARRANT TO PURCHASE SHARES OF COMMON STOCK OF NAVTEQ CORPORATION

To:  NAVTEQ Corporation

1.             The undersigned hereby elects to
purchase __________ shares of Common Stock of NAVTEQ Corporation, pursuant to
the terms of Warrant No. CS-2007-___, which is attached hereto (“Warrant”), and
tenders herewith payment of the Exercise Price for such shares in full in the
following manner:

 ̈            The undersigned elects to exercise
the attached Warrant by means of a cash payment, and tenders herewith payment
in full for the Exercise Price of the shares being purchased, together with all
applicable transfer taxes, if any.

 ̈            The undersigned elects to exercise
the attached Warrant by means of the surrender of the right to purchase a
number of shares of Common Stock in accordance with the provisions of Section
2(d) of the Warrant, and also tenders herewith a cash payment in the amount of
all applicable transfer taxes, if any.

 ̈            The undersigned elects to exercise
the attached Warrant by means of both a cash payment and the surrender of the
right to purchase a number of shares of Common Stock in accordance with the
provisions of Section 2(d) of the Warrant, and tenders herewith payment in full
for that portion of the purchase price being paid in cash, together with all
applicable transfer taxes, if any.

Cash payment as to
__________ shares.

Cashless Exercise
as payment pursuant to Section 2(d) as to __________ shares.

2.             In exercising this Warrant, the
undersigned hereby confirms and acknowledges that the shares of Common Stock to
be issued upon exercise are being acquired solely for the account of the
undersigned and not as a nominee for any other party, or for investment, and
that the undersigned will not offer, sell or otherwise dispose of any such
shares of Common Stock except under circumstances that will not result in a
violation of the registration provisions of the Securities Act of 1933, as
amended, or any applicable state securities laws.

3.             Please issue a certificate or
certificates representing said shares of Common Stock in the name of the
undersigned or in such other name as is specified immediately below:

Name:  _________________________

4.             Please issue a new Warrant for the
unexercised portion of the attached Warrant in the name of the undersigned
Holder.

Name of Warrant
Holder:  _________________________

Signature of Holder:  _________________________

Date:  _________________________Exhibit
10.1

memo

February 26, 2001

Mr. Jeffrey L. Mize

4036 Greenview Drive

El Dorado Hills, CA 95762

Dear Jeff:

I am pleased to offer you
the position of Director, Vehicle Application Sales at Navigation Technologies
Corporation (“Navigation Technologies”). 
Subject to your acceptance of this offer, your employment will commence
on a date mutually agreed upon.

You will receive a base
annual salary of $6,923.08 paid bi-weekly, equal to $180,000.00 per annum.  Commencing on your start date, you will be
eligible for a senior management discretionary bonus based on the financial
performance of the North America, Vehicle Application Group as well as your own
performance.  For your position, the
bonus range is 0 - 25% of your base annual salary. Once you have achieved your
North America Vehicle Application Group’s annual revenue target, you will be
eligible for additional commissions as outlined in the Sales Compensation
Plan.  The Sales Compensation Plan
describes a commission rate multiplier that is 4X the normal commission rate
for revenues that are above the annual revenue target.  For each Navigation Technologies fiscal year
(calendar year), this bonus will be paid to you on or before April 1st of the following year.  For your first year of employment, your bonus
will be prorated to reflect the fraction of the year you are a Navigation
Technologies employee.  To be eligible
for this discretionary bonus you must be on the payroll at the time that it is
paid.

Subject
to approval by the Navigation Technologies Board of Directors or its appointed
administrator, you will be eligible to purchase 250,000 stock option shares of
Navigation Technologies common stock at the fair market value at the date of
the grant.  Details of your grant will be
communicated upon approval.

You are eligible for a
benefits package beginning on your date of hire which includes medical, dental,
vision, life and long-term disability coverage. Employees have the option of
acquiring medical, dental, and vision coverage for their dependents as well.  Depending on the plan you select, your
employee contribution will vary. You will also be eligible to participate in a
Section 125 Health Care/Dependent Care Reimbursement Plan and a 401(k) Saving
and Investment Plan.

While I hope our
relationship will be long and mutually beneficial, it is mutually recognized
that your relationship with Navigation Technologies shall not be for any
definite term, but rather shall be one of “at-will” employment.

In order to minimize
costs and expenses for all parties, any disputes or controversies arising in
connection with your employment or the cessation of your employment with
Navigation Technologies will be resolved by binding arbitration in the State of
Illinois.  The arbitration will be
conducted in accordance with the applicable rules of the American Arbitration
Association under Illinois law.

This offer is contingent
on the execution by you and Navigation Technologies of the Proprietary
Information and Inventions Agreement attached hereto as Exhibit A on or before
the commencement of your employment with Navigation Technologies.

This offer is also
contingent on your providing Navigation Technologies with proof of your legal
eligibility to work in the United States within seventy-two (72) hours of your
first day of employment.

Let me express my
pleasure and enthusiasm that you will be joining Navigation Technologies, and
my expectation that you will find Navigation Technologies to be an exciting and
fulfilling place to work.

I look forward to your
positive response to this offer and to your role as a key member of the team
that will lead Navigation Technologies to success.

Sincerely,

	
  /s/ Michael T. Kelly

  	
   

  	
   

  	
   

  

Michael T. Kelly

Director

Human Resources

AGREED TO AND ACCEPTED:

	
  /s/ Jeffrey L.
  Mize

  	
   

  	
  March 5, 2001

  	
   

  
	
  Jeffrey L. Mize

  	
   

  	
  Date

  	
   

  

 

 2

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