Document:

EX-10.6

 Exhibit 10.6 
  

 
 SECURITIES ACCOUNT CONTROL
AGREEMENT 
 among 
 NISSAN
AUTO RECEIVABLES 2022-A OWNER TRUST, 
 as Issuer, 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, 

in its capacity as Indenture Trustee 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Intermediary 

Dated as of February 23, 2022 
  

 

  

					
		  		  	 NAROT 2022-A

Securities Account Control Agreement

 TABLE OF CONTENTS 

 

							
		  		  	 	Page	 
			
	ARTICLE I	  	 DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	  	Defined Terms	  	 	1	 
			
	ARTICLE II	  	 ACCOUNTS
	  	 	1	 
			
	 Section 2.1
	  	Accounts	  	 	1	 
			
	ARTICLE III	  	 RIGHTS OF THE SECURED PARTY
	  	 	2	 
			
	 Section 3.1
	  	Control of Accounts by Secured Party	  	 	2	 
			
	 Section 3.2
	  	No Control by Issuer or Third Parties Concerning Accounts	  	 	2	 
			
	 Section 3.3
	  	Perfection of Security Interests in Accounts	  	 	3	 
			
	 Section 3.4
	  	Notices of Adverse Claims	  	 	3	 
			
	ARTICLE IV	  	 RIGHTS AND RESPONSIBILITIES OF INTERMEDIARY
	  	 	3	 
			
	 Section 4.1
	  	Limited Obligations	  	 	3	 
			
	ARTICLE V	  	 MISCELLANEOUS
	  	 	3	 
			
	 Section 5.1
	  	Amendment and Other Modifications	  	 	3	 
			
	 Section 5.2
	  	Termination; Survival	  	 	3	 
			
	 Section 5.3
	  	Governing Law	  	 	4	 
			
	 Section 5.4
	  	Submission to Jurisdiction; Waiver of Jury Trial	  	 	4	 
			
	 Section 5.5
	  	Binding Agreement; Successors and Assigns	  	 	5	 
			
	 Section 5.6
	  	Severability	  	 	5	 
			
	 Section 5.7
	  	Notices to Indenture Trustee, Issuer and Intermediary	  	 	5	 
			
	 Section 5.8
	  	Headings	  	 	5	 
			
	 Section 5.9
	  	Counterparts and Electronic Signature	  	 	5	 
			
	 Section 5.10
	  	Concerning the Secured Party	  	 	6	 
			
	 Section 5.11
	  	Indemnification	  	 	6	 
			
	 Section 5.12
	  	No Proceedings	  	 	6	 
			
	 Section 5.13
	  	Limited Recourse	  	 	6	 
			
	 Section 5.14
	  	Limitations on Liability of Intermediary	  	 	7	 
			
	 Section 5.15
	  	Limitation of Liability of Owner Trustee	  	 	8	 

  

  

					
		  	-i-	  	

 SECURITIES ACCOUNT CONTROL AGREEMENT (this “Agreement”), dated as of
February 23, 2022, among NISSAN AUTO RECEIVABLES 2022-A OWNER TRUST, as Issuer (the “Issuer”), U.S. BANK NATIONAL ASSOCIATION, as Intermediary
(the “Intermediary”) and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, in its capacity as Indenture Trustee (the “Secured Party”). 

PREAMBLE 
 Pursuant to the
Indenture, dated as of February 23, 2022, by and between the Issuer and the Indenture Trustee (as amended or modified from time to time, the “Indenture”), the Issuer has granted to the Secured Party, for the benefit of the
Noteholders, a first priority security interest in the Accounts and all funds, Account Property (as defined in the Sale and Servicing Agreement) or other property on deposit from time to time in or credited to the Accounts, including all investments
and Proceeds thereof and all income thereon (collectively, the “Account Property”). The Accounts currently existing under the Indenture are the Reserve Account and the Collection Account maintained and held at the Intermediary by
the Issuer, subject to the first priority security interest of the Secured Party for the benefit of the Noteholders in the Accounts granted by the Issuer to the Secured Party to secure payment of the Notes. 

The parties hereto are entering into this Agreement to perfect the Secured Party’s security interest in the Accounts by
“control,” within the meaning of Articles 8 and 9 of the Uniform Commercial Code as in effect in the State of New York (the “UCC”). 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Defined Terms. Except as otherwise specified herein or if the context may otherwise
require, capitalized terms used but not otherwise defined herein have the meanings ascribed thereto in the Sale and Servicing Agreement, dated as of the date hereof (as amended or modified from time to time, the “Sale and Servicing
Agreement”), by and among Nissan Auto Receivables Company II LLC, as seller, Nissan Motor Acceptance Company LLC, as servicer, the Issuer and the Indenture Trustee. 

ARTICLE II 
 ACCOUNTS

 Section 2.1 Accounts. 

(a) The Intermediary represents and warrants to each of the Secured Party and the Issuer that the Intermediary does not know of
any claim to or interest in the Accounts, except the first priority security interest of the Secured Party in the Accounts for the benefit of the Noteholders and the other claims and interests of the parties referred to in this Agreement. The
Intermediary does not have and shall not have in the future, any security interest, lien or right of setoff on or against the Accounts. 

  

					
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Securities Account Control Agreement

 (b) The Intermediary, the Issuer and the Secured Party agree that the
Intermediary is the securities intermediary and the Issuer is the entitlement holder as to each Account subject to the first priority security interest of the Secured Party. 

(c) The Intermediary, the Issuer and the Secured Party agree that all property credited to the Accounts shall be treated as
“financial assets” under Article 8 of the UCC. 
 (d) The Intermediary shall not accept any “entitlement
order,” within the meaning of Section 8-102(a)(8) of the UCC, or other instruction regarding the Accounts except from the Secured Party and, subject to Section 3.1(b), the
Issuer. 
 (e) The Intermediary, the Issuer and the Secured Party agree that, with respect to the Accounts, the jurisdiction
of the Intermediary for purposes of Articles 8 and 9 of the UCC shall be the State of New York. 
 (f) The Intermediary shall
at all times be a “participant” (as such term is defined in the Federal Book-Entry Regulations) in the Federal Reserve System. 

ARTICLE III 
 RIGHTS OF
THE SECURED PARTY 
 Section 3.1 Control of Accounts by Secured Party. 

(a) Subject to Section 3.1(b), the Intermediary shall comply with any entitlement order originated by
the Secured Party or the Issuer. The Intermediary, the Issuer and the Secured Party agree that the Intermediary shall comply with any entitlement order originated by the Secured Party without further consent of the Issuer. 

(b) If the Secured Party notifies the Intermediary that the Secured Party will exercise exclusive control over the Accounts (a
“notice of exclusive control”), then the Intermediary shall not comply with any contrary or otherwise inconsistent instructions or other directions concerning the Accounts originated by the Issuer unless and until such notice of
exclusive control is withdrawn by the Secured Party. The Secured Party shall only give such notice of exclusive control upon the occurrence and during the continuance of an Event of Default and the acceleration of the payment of principal and
interest on the Notes in accordance with the Indenture (without the related declaration of acceleration and its consequences having been rescinded or annulled), after expiration of the related period specified in Article V of the Indenture limiting
actions in respect of such Event of Default. 
 Section 3.2 No Control by Issuer or Third Parties Concerning
Accounts. The Intermediary shall not comply with any instructions of the Issuer (except to the extent permitted under Section 3.1(b)) concerning the Accounts (including any order that is originated by the Issuer and
that would require the Intermediary to make a free delivery of Accounts to the Issuer or any other person). Additionally, the Intermediary shall not agree with any third party (other than the Secured Party) that the Intermediary will comply with
orders originated by such third party concerning the Accounts. 

  

					
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Securities Account Control Agreement

 Section 3.3 Perfection of Security Interests in Accounts.
It is intended that the first priority security interest of the Secured Party in the Accounts be perfected by control of the Accounts under Sections 8-106(d)(2),
9-106(a) and 9-314(a) of the UCC. In addition, it is intended for purposes of Articles 8 and 9 of the UCC that (i) the Issuer be deemed to be the related
“entitlement holder”, (ii) the Intermediary be deemed to be the related “securities intermediary”, (iii) all such property held by the Intermediary in the Accounts and all rights of the Issuer against the Intermediary arising out
of such property, including any free credit balances, be deemed to be “financial assets”, and (iv) the Secured Party be deemed to have “control” of such Accounts under
Section 8-106(d)(2) of the UCC with respect to the first priority security interest therein granted to the Secured Party pursuant to the Indenture. With respect to any proceeds of the Account Property
that constitute a Deposit Account, it is intended for purposes of Article 9 of the UCC that (i) the Intermediary is the bank with which the Deposit Account is maintained and the Issuer is the bank’s customer with respect to the Deposit
Account, and (ii) the Issuer, the Secured Party and the Intermediary agree that the Intermediary will comply with instructions originated by the Secured Party directing disposition of funds in the Deposit Accounts without further consent of the
Issuer. 
 Section 3.4 Notices of Adverse Claims. The Intermediary shall promptly notify the Secured
Party and the Issuer if any other person claims that it has a property interest in the Accounts or that it is a violation of such person’s rights for anyone else to hold, transfer or deal with the Accounts. 

ARTICLE IV 
 RIGHTS AND
RESPONSIBILITIES OF INTERMEDIARY 
 Section 4.1 Limited Obligations. This Agreement does not create any
obligation of the Intermediary except for those expressly set forth in this Agreement. The Intermediary may conclusively rely and shall be fully protected in acting or refraining from acting upon notices and communications it believes to be genuine
and given by the appropriate party. Except for permitting a withdrawal, delivery or payment in violation of Article III, the Intermediary shall not be liable to the Secured Party or the Issuer for any error of judgment made in good faith and in
accordance with this Agreement, nor shall it otherwise be liable under this Agreement except as a result of its own willful misconduct, bad faith or negligence. 

ARTICLE V 
 MISCELLANEOUS

 Section 5.1 Amendment and Other Modifications. This Agreement may be amended, supplemented or
otherwise modified from time to time, and the observance of any term of this Agreement may be waived, by the parties hereto. Any such modification or waiver of this Agreement shall be in writing and shall be signed by all the parties hereto. 

Section 5.2 Termination; Survival. This Agreement shall terminate upon satisfaction and discharge of the
Indenture. However, Article IV shall survive termination of this Agreement. 

  

					
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Securities Account Control Agreement

 Section 5.3 Governing Law. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. The Issuer and the Intermediary agree that, to the extent any agreement covering the Accounts is not currently
governed by the law of the State of New York, such agreement is hereby amended so that the law of the State of New York governs the Accounts, including, without limitation, all issues specified in Article 2(1) of the Hague Convention on the Law
Applicable to Certain Rights in Respect of Securities held with an Intermediary (the “Hague Securities Convention”). The Issuer and the Intermediary agree that no such governing law provision may be amended or modified without the written
consent of the Secured Party. To the extent that the Accounts, or any agreements between the Intermediary and the Issuer with respect to the Accounts, are at any time governed by laws other than the laws of the State of New York, the parties hereto
do not consent to the new governing law for the purposes of Article 7 of the Hague Securities Convention. 

Section 5.4 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby, irrevocably
and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement
or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States
of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action
or proceeding may be brought and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address as set forth in Section 5.7; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, waives all
right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Basic Document, or any matter arising hereunder or thereunder. 

  

					
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Securities Account Control Agreement

 Section 5.5 Binding Agreement; Successors and Assigns. All
covenants and agreements in this Agreement by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Secured Party or the Intermediary in this Agreement shall bind its successors, co-trustees and agents. 
 Section 5.6 Severability. Any provision of
this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 5.7 Notices to Indenture Trustee, Issuer and Intermediary. All demands, notices, communications and
instructions upon or to the Issuer, the Secured Party or the Intermediary under this Agreement shall be in writing, personally delivered, mailed by certified mail, return receipt requested, or delivered by facsimile or electronically by email (if an
email address is provided), and shall be deemed to have been duly given upon receipt (a) in the case of the Issuer, to Nissan Auto Receivables 2022-A Owner Trust, c/o Wilmington Trust, National
Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Nissan Auto Receivables 2022-A Owner Trust, with a copy to Nissan Motor Acceptance Company LLC, One Nissan
Way, Franklin, Tennessee 37067 (facsimile no. (615) 725-8530) (email: doug.gwin@nissan-usa.com), Attention: Treasurer; (b) in the case of the Indenture Trustee, to
U.S. Bank Trust Company, National Association, 190 South LaSalle Street, 7th Floor, Chicago, IL 60603 (facsimile no. (312) 332-7493) (email: juan.hernandez3@usbank.com), Attention: NAROT 2022-A; and (c) in the case of the Intermediary, to U.S. Bank National Association, 190 South LaSalle Street, 7th Floor, Chicago, IL 60603 (facsimile no. (312) 332-7493)
(email: juan.hernandez3@usbank.com), Attention: NAROT 2022-A; or, as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 

Section 5.8 Headings. The headings of the various Articles and Sections herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 5.9 Counterparts
and Electronic Signature. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same
instrument. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be digitally or electronically signed, and that any digital or electronic signatures (including pdf, facsimile or electronically
imaged signatures provided by a digital signature provider as specified in writing to the Indenture Trustee) appearing on this Agreement or such other documents shall have the same effect as manual signatures for the purpose of validity,
enforceability and admissibility. Other than with respect to instances in which manual signatures are expressly required by this paragraph, each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to,
any digital or electronic signature appearing on this Agreement or any other documents to be delivered in connection herewith and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. 

  

					
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Securities Account Control Agreement

 Section 5.10 Concerning the Secured Party. To the extent
that the rights, protections and immunities of the Secured Party are not explicitly stated herein, the Secured Party shall enjoy the same rights, protections and immunities afforded to it in the Indenture. 

Section 5.11 Indemnification. The indemnification furnished to the Secured Party under Section 6.07 of
the Indenture shall extend to and cover the exercise of its respective rights and the performance of its respective obligations under this Agreement. To the extent U.S. Bank National Association is acting as Intermediary, such indemnification
furnished to the Secured Party under Section 6.07 of the Indenture shall also extend to and cover the exercise of the Intermediary’s rights and the performance of its obligations under this Agreement. This
Section 5.11 shall survive the resignation or removal of the parties and the termination of this Agreement. 

Section 5.12 No Proceedings. Each of the Intermediary and the Secured Party hereby agree that, from and after
the Closing Date and until the date one (1) year plus one (1) day following the date on which all amounts due with respect to the Notes have been paid in full in cash, it will not directly, or indirectly, institute or cause to be
instituted against the Issuer any proceedings of the type referred to in the definition of “Insolvency Event”; provided, that the foregoing shall not in any way limit the Intermediary’s or the Secured Party’s right to pursue any
claims against the Issuer in any proceeding voluntarily commenced by the Issuer or in any proceeding commenced by a Person other than the Indenture Trustee or other creditor rights or remedies that the Intermediary or the Secured Party may have for
claims against the Issuer under Applicable Law. 
 Section 5.13 Limited Recourse. Notwithstanding any other
provision of this Agreement, the Notes or the Indenture, the obligations of the Issuer hereunder and thereunder are limited-recourse obligations of the Issuer. Such obligations are non-recourse to the
Issuer, its assets and its property other than the Collateral, and are payable solely from the Collateral, subject to any prior security interests therein, and following realization of the Collateral, any claims of any party hereto under
this Agreement, the Notes or the Indenture (other than the Issuer) shall be extinguished and shall not thereafter be reinstated. No recourse shall be had against any principal, director, officer, employee, beneficiary, shareholder,
partner, member, trustee, agent or affiliate of the Issuer or any person owning, directly or indirectly, any legal or beneficial interest in the Issuer, or any successors or assigns of any of the foregoing (the “Exculpated
Parties”) for the payment of any amounts payable hereunder or thereunder. No party hereto (other than the Issuer) shall enforce the liability and obligation of the Issuer to perform and observe the obligations contained in
this Agreement, the Notes and the other Basic Documents to which the Issuer is a party by any action or proceeding wherein a money judgment establishing any personal liability shall be sought against the Issuer, subject to the following
sentence, or the Exculpated Parties. It is understood that the foregoing provisions of this Section 5.13 shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security,
instrument or agreement which is part of the Collateral, (ii) constitute a waiver, release or discharge of any indebtedness or obligation of the Issuer under the Notes, or secured by the Indenture, until the Collateral has been realized,
whereupon any such outstanding indebtedness or obligation shall be extinguished, (iii) limit the right of any Person to name the Issuer as a party defendant in any action or suit or in the exercise of any other remedy under this Agreement
and the other Basic Documents, so long as no judgment in the nature of a 

  

					
		  	-6-	  	 NAROT 2022-A

Securities Account Control Agreement

 
deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against the Issuer, (iv) impair the right of any party hereto (other than the Issuer) to obtain
the appointment of a receiver or (v) constitute a waiver of any right which any party hereto (other than the Issuer) may have under any applicable insolvency laws to file a claim for the full amount of the indebtedness or
obligations secured by the Indenture or to require that the Collateral shall continue to secure all of the indebtedness or obligations owing to the Noteholders in accordance with the Notes and the Basic Documents to which the
Issuer is a party. 
 Section 5.14 Limitations on Liability of Intermediary. 

(a) This Agreement shall not subject the Intermediary to any duty, obligation or liability except as is expressly set forth
herein. In particular (without implied limitation), the Intermediary need not investigate whether the Secured Party is entitled under the Basic Documents, or otherwise, to give any entitlement order or any other directions, instructions or other
orders in any instance. 
 (b) The Intermediary shall be protected in acting or refraining from acting upon any written
notice, certificate, instruction, request or other paper or document, as to the due execution thereof and the validity and effectiveness of the provisions thereof and as to the truth of any information therein contained, which the Intermediary in
good faith believes to be genuine. 
 (c) The Intermediary may consult with and obtain advice from counsel, accountants or
other experts of its own choice in the event of any dispute or question as to the construction of any provision hereof or otherwise in connection with its duties hereunder, and any action taken or omitted by the Intermediary in reasonable reliance
upon such advice shall be full justification and protection to it. The Intermediary shall not be liable for any error of judgment or for any act done or step taken or omitted except in the case of its willful misconduct, bad faith or negligence.

 (d) The Intermediary shall have no duties hereunder except those which are expressly set forth herein and in any
modification or amendment hereof. For the avoidance of doubt, nothing herein shall impose or imply on the part of the Intermediary any duties of a fiduciary nature. 

(e) The Intermediary may engage or be interested in any financial or other transactions with any party hereto and may act on,
or as depositary, trustee or agent for, any committee or body of holders of obligations of such Persons as freely as if it were not the Intermediary hereunder. 

(f) The Intermediary shall not be obligated to take any action which in its reasonable judgment would cause it to incur any
expense or liability not otherwise contemplated hereunder unless it has been furnished with an indemnity with respect thereto which is reasonably satisfactory to the Intermediary. 

(g) The Intermediary may rely upon the contents of any notice, consent, instruction or other communication or document from the
Indenture Trustee, for the benefit of the Secured Parties, the Issuer or the Servicer that the Intermediary believes in good faith to be genuine and from the proper Person, without any further duty of inquiry or independent investigation on its
part. 

  

					
		  	-7-	  	 NAROT 2022-A

Securities Account Control Agreement

 (h) The Intermediary shall not be deemed to have notice or knowledge of any
Event of Default or any other default under any other Basic Document unless an Authorized Officer of the Intermediary has actual knowledge or Intermediary shall have received written notice thereof. In the absence of such actual knowledge or receipt
of such notice, the Intermediary may conclusively assume that none of such events have occurred and the Intermediary shall not have any obligation or duty to determine whether any Event of Default or any other default under any other Basic
Document has occurred or is continuing. 
 (i) No provision of this Agreement or any other Basic Document shall be construed
to require the Intermediary to perform, supervise, monitor or accept any responsibility for the performance of, the obligations of the Issuer hereunder or under any other Basic Document or any Person other than itself under any Basic Document. 

(j) The Intermediary shall not be liable for any delays in performance for causes beyond its reasonable control, including acts
of declared or undeclared war (including acts of terrorism), public disorder, rebellion, sabotage, fire, flood, epidemic, pandemic, landslide, lightning, fire, hurricane, earthquake, flood, strike, restriction by civil or military authority in their
sovereign or contractual capacities, transportation failure, loss or malfunctions of communications or computer (software and hardware) services, power line or other utility failures or interruptions, or inability to obtain labor. 

(k) In no event shall the Intermediary be liable for any special, indirect, punitive or consequential damages (including lost
profits). 
 Section 5.15 Limitation of Liability of Owner Trustee. Notwithstanding anything contained
herein to the contrary, this Agreement has been executed by Wilmington Trust, National Association, not in its individual capacity, but solely in its capacity as Owner Trustee of the Issuer. In no event shall Wilmington Trust, National Association
have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered by the Issuer, pursuant hereto, as to all of which recourse
shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 

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Securities Account Control Agreement

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

			
	 NISSAN AUTO RECEIVABLES 2022-A
OWNER TRUST,
 as Issuer

		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	 U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION,
 not in its individual capacity but solely as Indenture Trustee, as Secured Party

		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Intermediary

		
	By:	 	 
	Name:	 	
	Title:	 	

  

					
		  	S-1	  	 NAROT 2022-A

Securities Account Control Agreementntgr-ex1013_414.htm

 

EXHIBIT 10.13

 

 

 

 

November 6, 2001

 

Bryan Murray

 

 

 

OFFER OF EMPLOYMENT

 

 

Dear Bryan:

 

On behalf of NETGEAR Inc., I am pleased to offer you the position of Accounting Manager reporting directly to me in my capacity as Vice President, Finance.  The specific terms of your offer are described below.

 

Base compensation for this position will be $82,000.00 on an annualized basis, earned and payable at the rate of  $3,153.85 biweekly, less applicable deductions and taxes.

 

You will be eligible to participate in the company's NETGEAR Bonus Plan with an annual incentive target of up to 20% of your base salary, prorated from your hire date.  A NETGEAR Bonus Plan participant must be in the plan for at least three months to be eligible for a NETGEAR Bonus Plan. Additional plan details will be provided to you following your start of employment.

 

In anticipation of your future performance and contribution to NETGEAR, and subject to the approval of the NETGEAR Board of Directors, you will be granted an option to purchase 7,000 shares of NETGEAR, Inc. under the 2000 NETGEAR, Inc. Stock Option Plan. Vesting of the stock option is over a four year period with 25% of your options vesting on the first anniversary of the commencement of your employment with NETGEAR Inc., and 1/48th of the options vesting monthly for the three years thereafter.

 

The Stock Option Plan guidelines are subject to change.  Although you are eligible to participate in the Plan and receive options under the Plan, there is no guarantee that you will receive a stock option grant in each year of your employment with NETGEAR.

 

Commencing on your start date, you will be eligible to participate in the NETGEAR US Benefits Program in accordance with the terms of the various plans.  Complete benefits information and enrollment materials will be provided to you on your first Monday of employment. NETGEAR’s benefits, payroll and other human resource management services will be provided through TriNet Employer Group, Inc. TriNet is an employer services company contracted by NETGEAR to perform certain employer responsibilities on our behalf. As a result of this arrangement, TriNet will be considered your employer of record for payroll, benefits and other functions involving employment related administration. However, NETGEAR through your manager will 

 

 

continue to be responsible for directing your work, reviewing your performance and otherwise directing your work at NETGEAR.

 

Please respond to our offer no later than November 9, 2001.  If you wish to accept this offer, please review the additional terms and conditions noted below and return a signed copy of this offer letter to me.

 

Bryan, our team is very impressed with you and feels confident that you will make a significant contribution to the continued success of NETGEAR Inc.  I look forward to your favorable reply, and to working with you in the near future.  

 

Sincerely,

 

 

/s/ Rick Fabiano

____________________________________

Rick Fabiano

Vice President, Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Please print your name as you would like it to appear for business purposes:  

 

 

 

			
	
Bryan D. Murray
	
 
	
 

 

 

Please indicate your desired start date:  

 

 

			
	
November 8, 2001
	
 
	
 

 

 

 

Please note that as a condition of employment, you will be required to sign the company’s standard agreement, which addresses the issues of confidentiality, conflicts of interest, non-competition, and patent assignments. This offer is contingent upon the accuracy of information contained in your resume or job application, satisfactory completion of reference checking, background checking, and verification of degree if applicable.  In addition, on your first day of employment you must provide NETGEAR with appropriate documents to establish your eligibility to work in the United States (i.e., a U.S. passport or birth certificate, driver's license and Social Security card) to satisfy the requirements of Employment Eligibility Verification (Form I-9) as required by Federal law.  Your employment at NETGEAR is entirely voluntary for both parties, and either you or NETGEAR may terminate the employment relationship at any time for any reason.

 

My signature below confirms my acceptance of this offer of employment at NETGEAR.

 

I understand that this letter includes all terms and conditions of the offer of employment and supersedes any other communications relating to the terms of my employment with NETGEAR.   I accept the above conditions for commencing employment with NETGEAR Inc., and understand that acceptance of this offer does not create an employment contract or a guarantee of employment for any specified period of time.

 

 

			
	
/s/ Bryan Murray
	
 
	
11/7/2001

Bryan MurrayDate

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