Document:

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                                                                     EXHIBIT 4.5

                                                                  EXECUTION COPY

                   HONDA AUTO RECEIVABLES 2001-3 OWNER TRUST,
                                   as Issuer,

                       AMERICAN HONDA FINANCE CORPORATION,
                                as Administrator,

                        AMERICAN HONDA RECEIVABLES CORP.,
                                  as Depositor,

                                       and

                             BANKERS TRUST COMPANY,
                              as Indenture Trustee

                            ADMINISTRATION AGREEMENT

                           Dated as of October 1, 2001

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                                TABLE OF CONTENTS

                                                                            PAGE

Section 1.01  Capitalized Terms; Interpretive Provisions.....................1
Section 1.02  Duties of the Administrator....................................2
Section 1.03  Records........................................................7
Section 1.04  Compensation...................................................7
Section 1.05  Additional Information to be Furnished to the Issuer...........7
Section 1.06  Independence of the Administrator..............................7
Section 1.07  No Joint Venture...............................................8
Section 1.08  Other Activities of Administrator..............................8
Section 1.09  Term of Agreement; Resignation and Removal of Administrator....8
Section 1.10  Action Upon Termination, Resignation or Removal................9
Section 1.11  Notices........................................................9
Section 1.12  Amendments....................................................10
Section 1.13  Successors and Assigns........................................10
Section 1.14  Governing Law.................................................10
Section 1.15  Headings......................................................11
Section 1.16  Counterparts..................................................11
Section 1.17  Severability..................................................11
Section 1.18  Limitation of Liability of Owner Trustee and Indenture
              Trustee.......................................................11
Section 1.19  Third-Party Beneficiary.......................................11
Section 1.20  Rights of the Indenture Trustee...............................11

                                    EXHIBITS

Exhibit A - Form of Power of Attorney .....................................A-1

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      This Administration Agreement, dated as of October 1, 2001 (the
"Agreement"), is among Honda Auto Receivables 2001-3 Owner Trust, as issuer (the
"Issuer"), American Honda Finance Corporation ("AHFC"), as administrator (in
such capacity, the "Administrator"), American Honda Receivables Corp. ("AHRC"),
as depositor (in such capacity, the "Depositor"), and Bankers Trust Company, as
indenture trustee (the "Indenture Trustee").

      WHEREAS, the Issuer was created pursuant to the Amended and Restated Trust
Agreement, dated as of October 1, 2001 (the "Trust Agreement"), between the
Depositor and Citibank, N.A., as owner trustee (the "Owner Trustee");

      WHEREAS, the Issuer is issuing 2.38875% Asset Backed Notes, Class A-1,
2.76% Asset Backed Notes, Class A-2, 3.40% Asset Backed Notes, Class A-3 and
3.96% Asset Backed Notes, Class A-4 (collectively, the "Notes") pursuant to an
Indenture, dated as of the date hereof (the "Indenture"), between the Issuer and
the Indenture Trustee;

      WHEREAS, the Issuer has entered into certain agreements in connection with
the issuance of the Notes and of certain beneficial ownership interests of the
Issuer, including (i) the Indenture, (ii) a Sale and Servicing Agreement, dated
as of the date hereof (the "Sale and Servicing Agreement"), among the Issuer,
AHRC, as transferor (in such capacity, the "Seller"), and AHFC, as servicer (in
such capacity, the "Servicer"), and (iii) a Letter of Representations, dated
October 17, 2001 (the "Note Depository Agreement" and, together with this
Agreement, the Indenture, the Sale and Servicing Agreement, the Control
Agreement and the Trust Agreement, the "Related Documents"), among the Issuer,
the Indenture Trustee and The Depository Trust Company;

      WHEREAS, pursuant to the Related Documents, the Issuer and the Owner
Trustee are required to perform certain duties in connection with (i) the Notes
and the collateral therefor pledged pursuant to the Indenture (the "Collateral")
and (ii) the beneficial ownership interests in the Issuer (the registered
holders of such interests being referred to herein as the "Owners");

      WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator
perform certain of the duties of the Issuer and the Owner Trustee referred to in
the preceding clause and to provide such additional services consistent with the
terms of this Agreement and the other Related Documents as the Issuer and the
Owner Trustee may from time to time request; and

      WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;

      NOW, THEREFORE, in consideration of the mutual agreements herein
contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

      Section 1.01 CAPITALIZED TERMS; INTERPRETIVE PROVISIONS.

      (a) Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto or incorporated by reference in the Sale and
Servicing Agreement, the

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Trust Agreement or the Indenture, as the case may be. Whenever used herein,
unless the context otherwise requires, the following words and phrases shall
have the following meanings:

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

      "RELATED DOCUMENTS" has the meaning set forth in the Preamble.

      (b) For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires, (i) terms used in this
Agreement include, as appropriate, all genders and the plural as well as the
singular, (ii) references to this Agreement include all Exhibits hereto, (iii)
references to words such as "herein", "hereof" and the like shall refer to this
Agreement as a whole and not to any particular part, Article or Section within
this Agreement, (iv) the term "include" and all variations thereof shall mean
"include without limitation", (v) the term "or" shall include "and/or" and (vi)
the term "proceeds" shall have the meaning ascribed to such term in the UCC.

      Section 1.02 DUTIES OF THE ADMINISTRATOR.

      (a) The Administrator agrees to perform all its duties as Administrator
and, except as specifically excluded herein, agrees to perform all the duties of
the Issuer and the Owner Trustee under the Related Documents. In addition, the
Administrator shall consult with the Owner Trustee regarding the duties of the
Issuer or the Owner Trustee under the Related Documents. The Administrator shall
monitor the performance of the Issuer and shall advise the Owner Trustee when
action is necessary to comply with the respective duties of the Issuer and the
Owner Trustee under the Related Documents. The Administrator shall prepare for
execution by the Issuer or the Owner Trustee, or shall cause the preparation by
other appropriate persons of, all such documents, reports, notices, filings,
instruments, certificates and opinions that it shall be the duty of the Issuer
or the Owner Trustee to prepare, file or deliver pursuant to the Related
Documents. In furtherance of the foregoing, the Administrator shall take (or, in
the case of the immediately preceding sentence, cause to be taken) all
appropriate action that the Issuer or the Owner Trustee is required to take
pursuant to the Indenture including, without limitation, such of the foregoing
as are required with respect to the following matters under the Indenture
(references are to Sections of the Indenture):

            (i) the preparation of or obtaining of the documents and instruments
      required for execution and authentication of the Notes and delivery of the
      same to the Indenture Trustee (Section 2.02);

            (ii) the duty to cause the Note Register to be kept and to give the
      Indenture Trustee notice of any appointment of a new Note Registrar and
      the location, or change in location, of the Note Register (Section 2.04);

            (iii) the notification of Noteholders and the Rating Agencies of the
      final principal payment on the Notes (Section 2.07(b));

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            (iv) the fixing or causing to be fixed of any special record date
      and the notification of the Indenture Trustee and Noteholders with respect
      to special payment dates, if any (Section 2.07(c));

            (v) the preparation of Definitive Notes in accordance with the
      instructions of the Clearing Agency (Section 2.11);

            (vi) the preparation, obtaining or filing of the instruments,
      opinions and certificates and other documents required for the release of
      collateral (Section 2.12);

            (vii) the duty to cause newly appointed Paying Agents, if any, to
      deliver to the Indenture Trustee the instrument specified in the Indenture
      regarding funds held in trust (Section 3.03);

            (viii) the direction to the Indenture Trustee to deposit monies with
      Paying Agents, if any, other than the Indenture Trustee (Section 3.03);

            (ix) the obtaining and preservation of the Issuer's qualifications
      to do business, including under the Pennsylvania Motor Vehicle Sale
      Finance Act (Section 3.04);

            (x) the preparation of all supplements and amendments to the
      Indenture and all financing statements, continuation statements,
      instruments of further assurance and other instruments and the taking of
      such other action as are necessary or advisable to protect the Owner Trust
      Estate (Section 3.05);

            (xi) the delivery of the Opinion of Counsel on the Closing Date and
      the annual delivery of Opinions of Counsel as to the Owner Trust Estate,
      and the annual delivery of the Officer's Certificate and certain other
      statements as to compliance with the Indenture (Sections 3.06 and 3.09);

            (xii) the identification to the Indenture Trustee in an Officer's
      Certificate of a Person with whom the Issuer has contracted to perform its
      duties under the Indenture (Section 3.07(b));

            (xiii) the notification of the Indenture Trustee and the Rating
      Agencies of each Servicer Default and, if such Servicer Default arises
      from the failure of the Servicer to perform any of its duties or
      obligations under the Servicing Agreement with respect to the Receivables,
      the taking of all reasonable steps available to remedy such failure
      (Section 3.07(d));

            (xiv) the preparation and obtaining of documents and instruments
      required for the release of the Issuer from its obligations upon the
      merger or consolidation of the Issuer under the Indenture and the
      obtaining of the Opinion of Counsel and the Officer's Certificate relating
      thereto (Section 3. 10);

            (xv) the duty to cause the Servicer to comply with Sections 3.10,
      3.11, 3.12, 4.10 and Article Eight of the Sale and Servicing Agreement
      (Section 3.14);

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            (xvi) the delivery of written notice to the Indenture Trustee and
      each Rating Agency of each Event of Default and each default by the
      Servicer or the Seller under the Sale and Servicing Agreement (Section
      3.19);

            (xvii) the monitoring of the Issuer's obligations as to the
      satisfaction and discharge of the Indenture and the preparation of an
      Officer's Certificate and the obtaining of the Opinion of Counsel and the
      Independent Certificate relating thereto (Section 4.01);

            (xviii) the compliance with Section 5.04 of the Indenture with
      respect to the sale of the Owner Trust Estate in a commercially reasonable
      manner if an Event of Default shall have occurred and be continuing
      (Section 5.04);

            (xix) the preparation and delivery of notice to Noteholders of the
      removal of the Indenture Trustee and the appointment of a successor
      Indenture Trustee (Section 6.08);

            (xx) the preparation and delivery to each Noteholder such
      information as may be required to enable such holder to prepare its
      federal and state income tax returns (Section 6.06);

            (xxi) the preparation of any written instruments required to confirm
      more fully the authority of any co-trustee or separate trustee and any
      written instruments necessary in connection with the resignation or
      removal of the Indenture Trustee or any co-trustee or separate trustee
      (Sections 6.08 and 6. 10);

            (xxii) the furnishing of the Indenture Trustee with the names and
      addresses of Noteholders during any period when the Indenture Trustee is
      not the Note Registrar (Section 7.01);

            (xxiii) the preparation and, after execution by the Issuer, the
      filing with the Commission, any applicable state agencies and the
      Indenture Trustee of documents required to be filed on a periodic basis
      with, and summaries thereof as may be required by rules and regulations
      prescribed by, the Commission and any applicable state agencies and the
      transmission of such summaries, as necessary, to the Noteholders (Section
      7.03);

            (xxiv) the opening of one or more accounts in the Issuer's name and
      the taking of all other actions necessary with respect to investment and
      reinvestment of funds in the Accounts (Sections 8.02 and 8.03);

            (xxv) the preparation of an Issuer Request and Officer's Certificate
      and the obtaining of an Opinion of Counsel and Independent Certificates,
      if necessary, for the release of the Owner Trust Estate (Sections 8.04 and
      8.05);

            (xxvi) the preparation of Issuer Requests, the obtaining of Opinions
      of Counsel and the certification to the Indenture Trustee with respect to
      the execution of supplemental indentures and the mailing to the
      Noteholders of notices with respect to such supplemental indentures
      (Sections 9.01 and 9.02);

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            (xxvii) the execution and delivery of new Notes conforming to any
      supplemental indenture (Section 9.06);

            (xxviii) the duty to notify Noteholders and the Rating Agencies of
      redemption of the Notes or to cause the Indenture Trustee to provide such
      notification (Sections 10.01 and 10.02);

            (xxix) the preparation and delivery of all Officer's Certificates,
      Opinions of Counsel and Independent Certificates with respect to any
      requests by the Issuer to the Indenture Trustee to take any action under
      the Indenture (Section 11.01(a));

            (xxx) the preparation and delivery of Officer's Certificates and the
      obtaining of Independent Certificates, if necessary, for the release of
      property from the Lien of the Indenture (Section 11.01(b));

            (xxxi) the notification of each Rating Agency, upon the failure of
      the Issuer, the Owner Trustee or the Indenture Trustee to give such
      notification, of the information required pursuant to Section 11.04 of the
      Indenture (Section 11.04); and

            (xxxii) the recording of the Indenture, if applicable (Section
      11.15).

      (b) The Administrator shall:

            (i) pay from time to time reasonable compensation to (A) the
      Indenture Trustee for all services rendered by the Indenture Trustee under
      the Basic Documents and (B) the Owner Trustee for all services rendered
      under the Trust Agreement (in each case which compensation shall not be
      limited by any provision of law in regard to the compensation of a trustee
      of an express trust);

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

            (iii) except as otherwise expressly provided in the third sentence
      of Section 7.01 of the Trust Agreement, reimburse the Owner Trustee upon
      its request for all reasonable expenses, disbursements and advances
      incurred or made by the Owner Trustee in accordance with any provision of
      the Trust Agreement (including reasonable compensation, expenses and
      disbursements of its agents and counsel), except any such expense,
      disbursement or advance as may be attributable to its willful misconduct,
      negligence or bad faith; and

            (iv) indemnify the Indenture Trustee, the Delaware Trustee, the
      Owner Trustee and their respective agents for, and hold them harmless
      against, any loss, liability or expense incurred without negligence (or,
      in the case of the Delaware Trustee only, gross negligence), willful
      misconduct or bad faith on their part, arising out of or in

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      connection with the acceptance or administration of the transactions
      contemplated by the Basic Documents, as the case may be, including the
      reasonable costs and expenses of defending themselves against any claim or
      liability in connection with the exercise or performance of any of their
      powers or duties thereunder.

      (c) In addition to the duties set forth in Sections 1.02(a) and (b), the
Administrator shall perform such calculations and shall prepare or shall cause
the preparation by other appropriate Persons of, and shall execute on behalf of
the Issuer or the Owner Trustee, all such documents, notices, reports, filings,
instruments, certificates and opinions that the Issuer or the Owner Trustee are
required to prepare, file or deliver pursuant to the Related Documents, and at
the request of the Owner Trustee shall take all appropriate action that the
Issuer or the Owner Trustee are required to take pursuant to the Related
Documents. In furtherance thereof, the Owner Trustee shall, on behalf of itself
and of the Issuer, execute and deliver to the Administrator and to each
successor Administrator appointed pursuant to the terms hereof, one or more
powers of attorney substantially in the form of Exhibit A hereto, appointing the
Administrator the attorney-in-fact of the Owner Trustee and the Issuer for the
purpose of executing on behalf of the Owner Trustee and the Issuer all such
documents, reports, filings, instruments, certificates and opinions. Subject to
Section 1.06, and in accordance with the directions of the Owner Trustee, the
Administrator shall administer, perform or supervise the performance of such
other activities in connection with the Collateral (including the Related
Documents) as are not covered by any of the foregoing provisions and as are
expressly requested by the Owner Trustee and are reasonably within the
capability of the Administrator.

      (d) Notwithstanding anything in this Agreement or the Related Documents to
the contrary, the Administrator shall be responsible for promptly notifying the
Owner Trustee in the event that any withholding tax is imposed on the Issuer's
payments (or allocations of income) to a Trust Certificateholder as contemplated
in Section 5.02(c) of the Trust Agreement. Any such notice shall specify the
amount of any withholding tax required to be withheld by the Owner Trustee
pursuant to such provision.

      (e) Notwithstanding anything in this Agreement or the Related Documents to
the contrary, the Administrator shall be responsible for performance of the
duties of the Owner Trustee set forth in Section 5.05 of the Trust Agreement
with respect to, among other things, accounting and reports to Owners; provided,
however, that the Owner Trustee shall retain responsibility for the distribution
of the Schedule K-1's, necessary to enable each Owner to prepare its federal and
state income tax returns.

      (f) The Administrator shall perform any duties expressly required to be
performed by the Administrator under the Trust Agreement.

      (g) In carrying out the foregoing duties or any of its other obligations
under this Agreement, the Administrator may enter into transactions or otherwise
deal with any of its Affiliates; provided, however, that the terms of any such
transactions or dealings shall be in accordance with any directions received
from the Issuer and shall be, in the Administrator's opinion, no less favorable
to the Issuer than would be available from unaffiliated parties.

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      (h) With respect to matters that in the reasonable judgment of the
Administrator are non-ministerial, the Administrator shall not take any action
unless within a reasonable time before the taking of such action, the
Administrator shall have notified the Owner Trustee of the proposed action and
the Owner Trustee shall not have withheld consent or provided an alternative
direction. For the purpose of the preceding sentence, "non-ministerial matters"
shall include:

            (i) the amendment of or any supplement to the Indenture;

            (ii) the initiation of any claim or lawsuit by the Issuer and the
      compromise of any action, claim or lawsuit brought by or against the
      Issuer (other than in connection with the collection of the Receivables);

            (iii) the amendment, change or modification of the Basic Documents;

            (iv) the appointment of successor Note Registrars, successor Paying
      Agents and successor Indenture Trustees pursuant to the Indenture or the
      appointment of successor Administrators or successor Servicers, or the
      consent to the assignment by the Note Registrar, any Paying Agent or
      Indenture Trustee of its obligations under the Indenture; and

            (v) the removal of the Indenture Trustee.

      (i) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (i) make any payments to
the Noteholders under the Related Documents, (ii) sell the Owner Trust Estate
pursuant to Section 5.04 of the Indenture, (iii) take any other action that the
Issuer directs the Administrator not to take on its behalf or (iv) take any
other action which may be construed as having the effect of varying the
investment of the Trust Certificateholders.

      Section 1.03 RECORDS. The Administrator shall maintain appropriate books
of account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer and the
Depositor at any time during normal business hours.

      Section 1.04 COMPENSATION. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to an annual
payment of compensation which shall be solely an obligation of the Depositor.

      Section 1.05 ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

      Section 1.06 INDEPENDENCE OF THE ADMINISTRATOR. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer or the Owner Trustee with respect to
the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the

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Administrator shall have no authority to act for or represent the Issuer or the
Owner Trustee in any way and shall not otherwise be deemed an agent of the
Issuer or the Owner Trustee.

      Section 1.07 NO JOINT VENTURE. Nothing contained in this Agreement (i)
shall constitute the Administrator and either the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

      Section 1.08 OTHER ACTIVITIES OF ADMINISTRATOR. Nothing herein shall
prevent the Administrator or its Affiliates from engaging in other businesses
or, in its sole discretion, from acting in a similar capacity as an
administrator for any other Person or entity, even though such person or entity
may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

      Section 1.09 TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF Administrator.
This Agreement shall continue in force until the dissolution of the Issuer, upon
which event this Agreement shall automatically terminate.

      (a) Subject to Sections 1.09(d) and 1.09(e), the Administrator may resign
its duties hereunder by providing the Issuer with at least 60 days' prior
written notice.

      (b) Subject to Sections 1.09(d) and 1.09(e), the Issuer may remove the
Administrator without cause by providing the Administrator with at least 60
days' prior written notice.

      (c) Subject to Sections 1.09(d) and 1.09(e), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator if any of the following events
shall occur:

            (i) the Administrator shall default in the performance of any of its
      duties under this Agreement and, after notice of such default, shall not
      cure such default within ten days (or, if such default cannot be cured in
      such time, shall not give within ten days such assurance of cure as shall
      be reasonably satisfactory to the Issuer);

            (ii) the existence of any proceeding or action, or the entry of a
      decree or order for relief by a court or regulatory authority having
      jurisdiction over the Administrator in an involuntary case under the
      federal bankruptcy laws, as now or hereafter in effect, or appointing a
      receiver, liquidator, assignee, trustee, custodian, sequestrator or other
      similar official of the Administrator or of any substantial part of its
      property, or ordering the winding up or liquidation of the affairs of the
      Administrator and the continuance of any such action, proceeding, decree
      or order unstayed and, in the case of any such order or decree, in effect
      for a period of 90 consecutive days; or

            (iii) the commencement by the Administrator of a voluntary case
      under the federal bankruptcy laws, as now or hereafter in effect, or the
      consent by the Administrator to the appointment of or taking of possession
      by a receiver, liquidator, assignee, trustee, custodian, sequestrator or
      other similar official of the Administrator or

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      of any substantial part of its property or the making by the Administrator
      of an assignment for the benefit of creditors or the failure by the
      Administrator generally to pay its debts as such debts become due or the
      taking of corporate action by the Administrator in furtherance of any of
      the foregoing.

      The Administrator agrees that if any of the events specified in clauses
(ii) or (iii) above shall occur, it shall give written notice thereof to the
Issuer and the Indenture Trustee within seven days after the occurrence of such
event.

      (d) No resignation or removal of the Administrator pursuant to this
Section shall be effective until (i) a successor Administrator shall have been
appointed by the Issuer and (ii) such successor Administrator shall have agreed
in writing to be bound by the terms of this Agreement in the same manner as the
Administrator is bound hereunder.

      (e) The appointment of any successor Administrator shall be effective only
after satisfaction of the Rating Agency Condition with respect to the proposed
appointment.

      (f) Subject to Sections 1.09(d) and 1.09(e), the Administrator
acknowledges that upon the appointment of a successor Servicer pursuant to the
Sale and Servicing Agreement, the Administrator shall immediately resign and
such successor Servicer shall automatically become the Administrator under this
Agreement.

      Section 1.10 ACTION UPON TERMINATION, RESIGNATION OR REMOVAL. Promptly
upon the effective date of termination of this Agreement pursuant to the first
sentence of Section 1.09 or the resignation or removal of the Administrator
pursuant to Section 1.09(a), (b) or (c), respectively, the Administrator shall
be entitled to be paid all fees and reimbursable expenses accruing to it to the
date of such termination, resignation or removal. The Administrator shall
forthwith upon such termination pursuant to the first sentence of Section 1.09
deliver to the Issuer all property and documents of or relating to the
Collateral then in the custody of the Administrator. In the event of the
resignation or removal of the Administrator pursuant to Section 1.09(a), (b) or
(c), respectively, the Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.

      Section 1.11 NOTICES. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by telecopier (followed by hard copy by overnight delivery), and
addressed in each case as follows: (a) if to the Issuer or the Owner Trustee,
to: Citibank, N.A., 111 Wall Street, 14th Floor, New York, New York 10005,
Attention: Agency and Trust Servicer, Structured Finance Group, (b) if to the
Administrator, to: American Honda Finance Corporation, 700 Van Ness Avenue,
Building 300, Torrance, California 90501, Attention: President; (c) if to the
Depositor, to: American Honda Receivables Corp., 700 Van Ness Avenue, Building
300, Torrance, California 90501, Attention: President; and (d) if to the
Indenture Trustee, to: Bankers Trust Company, 4 Albany Street, New York, New
York 10006, Attention: Structured Finance Team; or to such other address as any
party shall have provided to the other parties in writing. Any notice required
to be in writing hereunder shall be deemed given

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if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

      Section 1.12 AMENDMENTS. This Agreement may be amended from time to time
by a written amendment duly executed and delivered by the parties hereto, with
the written consent of the Owner Trustee but without the consent of the
Noteholders or the Certificateholders, for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, that such amendment will not, in the Opinion of
Counsel satisfactory to the Indenture Trustee, materially and adversely affect
the interest of any of the Noteholders or the Certificateholders. This Agreement
may also be amended by the parties hereto with the written consent of the Owner
Trustee and the Holders of Notes evidencing at least a majority of the
Outstanding Amount and the Holders of Trust Certificates evidencing at least a
majority of the Percentage Interests evidenced by the Trust Certificates for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
the Noteholders or the Certificateholders; provided, however, that no such
amendment may (i) increase or reduce in any manner the amount of, or accelerate
or delay the timing of, collections of payments on the Receivables or
distributions that are required to be made for the benefit of the Noteholders or
the Certificateholders or (ii) reduce the aforesaid percentage of the Holders of
Notes and Trust Certificates which are required to consent to any such
amendment, without the consent of the Holders of all outstanding Notes and Trust
Certificates. Notwithstanding the foregoing, the Administrator may not amend
this Agreement without the permission of the Depositor, which permission shall
not be unreasonably withheld.

      Section 1.13 SUCCESSORS AND ASSIGNS. This Agreement may not be assigned by
the Administrator unless such assignment is previously consented to in writing
by the Issuer and the Owner Trustee and subject to the satisfaction of the
Rating Agency Condition in respect thereof. An assignment with such consent and
satisfaction, if accepted by the assignee, shall bind the assignee hereunder in
the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuer or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of
assets) to the Administrator; provided, that such successor organization
executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee
an agreement, in form and substance reasonably satisfactory to the Owner Trustee
and the Indenture Trustee, in which such corporation or other organization
agrees to be bound hereunder by the terms of said assignment in the same manner
as the Administrator is bound hereunder. Subject to the foregoing, this
Agreement shall bind any successors or assigns of the parties hereto.

      Section 1.14 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, 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, EXCEPT THAT
THE DUTIES OF THE INDENTURE TRUSTEE SHALL BE GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK.

                                       10
<Page>

      Section 1.15 HEADINGS. The headings of the various Sections herein are for
convenience of reference only and shall not define or limit any of the terms or
provisions hereof.

      Section 1.16 COUNTERPARTS. 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.

      Section 1.17 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 1.18 LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE
TRUSTEE.

      (a) Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by Citibank, N.A., in its capacity as Owner
Trustee of the Issuer and in no event shall Citibank, N.A., in its individual
capacity or any beneficial owner of the Issuer have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder, 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 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 Six, Seven and Eight of the Trust Agreement.

      (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed by Bankers Trust Company in its capacity as
Indenture Trustee under the Indenture and in no event shall Bankers Trust
Company in its individual capacity 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 pursuant hereto,
as to all of which recourse shall be had solely to the assets of the Issuer.

      Section 1.19 THIRD-PARTY BENEFICIARY. The Owner Trustee and the Delaware
Trustee are third-party beneficiaries to this Agreement and are entitled to the
rights and benefits hereunder and may enforce the provisions hereof as if they
were a party hereto.

      Section 1.20 RIGHTS OF THE INDENTURE TRUSTEE. The Indenture Trustee shall
be afforded the same rights, protections, immunities and indemnities set forth
in the Indenture as if specifically set forth herein.

                                       11
<Page>

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

                                    HONDA AUTO RECEIVABLES 2001-3 OWNER TRUST,
                                          as Issuer

                                    By: CITIBANK, N.A., not in its individual
                                        capacity but solely as Owner Trustee

                                    By: /s/ Kristen Driscoll
                                       -----------------------------------------
                                        Name:  Kristen Driscoll
                                        Title: Assistant Vice President

                                    AMERICAN HONDA RECEIVABLES CORP.
                                        as Depositor

                                    By: /s/ Y. Kohama
                                       -----------------------------------------
                                        Name:  Y. Kohama
                                        Title: President

                                    BANKERS TRUST COMPANY,
                                    not in its individual capacity but solely
                                    as Indenture Trustee

                                    By: /s/ Louis Bodi
                                       -----------------------------------------
                                        Name:  Louis Bodi
                                        Title: Vice President

                                    AMERICAN HONDA FINANCE CORPORATION,
                                       as Administrator

                                    By: /s/ Y. Kohama
                                       -----------------------------------------
                                        Name:  Y. Kohama
                                        Title: President

                                       1
<Page>

                                                                       EXHIBIT A

                          POWER OF ATTORNEY PURSUANT TO
                   SECTION 1.02(c) OF ADMINISTRATION AGREEMENT

      KNOW ALL MEN BY THESE PRESENTS, that Citibank, N.A (the "Grantor"),
located at 111 Wall Street, 14th Floor, New York, New York 10005, as owner
trustee of Honda Auto Receivables 2001-3 Owner Trust, a Delaware business trust
(the "Issuer"), does hereby appoint American Honda Finance Corporation, a
California corporation (the "Grantee"), located at 700 Van Ness Avenue, Building
300, Torrance, California 90501, as its attorney-in-fact with full power of
substitution and hereby authorizes and empowers the Grantee, in the name of and
on behalf of the Grantor or the Issuer, to take the following actions from time
to time with respect to the duties of the Administrator under the Administration
Agreement, dated as of October 1, 2001 (the "Administration Agreement"), among
the Issuer, the Administrator, American Honda Receivables Corp., as depositor
and Bankers Trust Company, as indenture trustee, for the purpose of executing on
behalf of the Grantor or the Issuer all such documents, reports, filings,
instruments, certificates and opinions required pursuant to the Related
Documents:

      The Grantee is hereby empowered to do any and all lawful acts necessary or
desirable to effect the performance of the duties under the Administration
Agreement and the Grantor hereby ratifies and confirms any and all lawful acts
the Grantee shall undertake pursuant to and in conformity with this Power of
Attorney.

      This Power of Attorney is revocable in whole or in part as to the powers
herein granted upon notice by the Grantor. If not earlier revoked, this Power of
Attorney shall expire completely or, if so indicated, in part, upon the earlier
of (i) the termination of the amended and restated trust agreement, dated
October 17, 2001 (the "Trust Agreement"), among American Honda Receivables
Corp., as depositor and the Grantor, as owner trustee, or (ii) the termination
of the Administration Agreement, as each may be amended, restated or
supplemented from time to time. Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the Trust
Agreement or the Administration Agreement, as the case may be.

      This Power of Attorney shall be created under and governed and construed
under the internal laws of the State of New York.

      The Grantor executes this Power of Attorney with the intent to be legally
bound hereby, and with the intent that such execution shall have the full
dignity afforded by the accompanying witnessing and notarization and all lesser
dignity resulting from the absence of such witnessing and notarization or any
combination thereof.

                                       A-1
<Page>

      Dated this 17, day of October 2001.

[Seal]                              CITIBANK, N.A., not in its individual
                                    capacity but solely as Owner Trustee of
                                    the Honda Auto Receivables 2001-3 Owner
                                    Trust

                                    By:
                                       -----------------------------------------
                                        Name:
                                        Title:

Signed and delivered in the presence of.

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

Address:
        ----------------------------

[Unofficial Witness]

                                       A-2<Page>

                                                                   Exhibit 10.20

                           FOURTH AMENDED AND RESTATED
                                 DONJOY, L.L.C.
                                1999 OPTION PLAN

         1.       PURPOSE OF THE PLAN

                  The purpose of the Fourth Amended and Restated DonJoy, L.L.C.
1999 Option Plan (the "Plan") is (i) to further the growth and success of,
DonJoy, L.L.C. (the "Company") and its Subsidiaries (as hereinafter defined) by
enabling directors and employees of, and independent consultants and contractors
to, the Company and any of its Subsidiaries to acquire equity ownership
interests in the Company (the "Units"), thereby increasing their personal
interest in such growth and success, and (ii) to provide a means of rewarding
outstanding performance by such persons to the Company and/or its Subsidiaries.
For purposes of the Plan, the term "Subsidiary" shall mean "Subsidiary
Corporation" as defined in Section 424(f) of the Internal Revenue Code of 1986,
as amended.

         2.       ADMINISTRATION OF THE PLAN

                  (a)      OPTION COMMITTEE

                  The Plan shall be administered by the Board of Managers of the
Company (the "Board") or a three-person Option Committee (the "Committee")
appointed from time to time by the Board. Any reference in the Plan to action by
the Company means action by or under the authority of the Board or the
Committee. The members of the Committee may be removed by the Board at any time
either with or without cause. Any vacancy on the Committee, whether due to
action of the Board or any other cause, shall be filled by the Board. The term
"Committee" shall, for all purposes of the Plan other than this Section 2, be
deemed to refer to the Board if the Board is administering the Plan.

                  (b)      PROCEDURES

                  The Committee shall adopt such rules and regulations as it
shall deem appropriate concerning the holding of meetings and the administration
of the Plan. A majority of the entire Committee shall constitute a quorum and
the actions of a majority of the members of the Committee present at a meeting
at which a quorum is present, or actions approved in writing by all of the
members of the Committee, shall be the actions of the Committee.

                  (c)      INTERPRETATION

                  Except as otherwise expressly provided in the Plan, the
Committee shall have all powers with respect to the administration of the Plan,
including, without limitation, full power and authority to interpret the
provisions of the Plan and any Option Agreement (as defined in Section 5(b)),
and to resolve all questions arising under the Plan. All decisions of the Board
or the Committee, as the case may be, shall be conclusive and binding on all
participants in the Plan.

<Page>

         3.       UNITS SUBJECT TO THE PLAN.

                  (a)      NUMBER OF UNITS

                  Subject to the provisions of Section 9 (relating to
adjustments upon changes in capital structure and other limited liability
company transactions), the maximum number of Units subject at any one time to
options granted under the Plan ("Options"), plus the number of Units theretofore
issued and delivered pursuant to the exercise of Options granted under the Plan,
shall not in aggregate exceed 178,799 Units, as follows:

                           (i)      Options relating to up to 76,764 Units may
                  be granted pursuant to Option Agreements substantially in the
                  form of Exhibit A hereto ("Tier I Options");

                           (ii)     Options relating to up to 40,357 Units may
                  be granted pursuant to Option Agreements substantially in the
                  form of Exhibit B hereto ("Tier II Options");

                           (iii)    Options relating to up to 50,428 Units may
                  be granted pursuant to Option Agreements substantially in the
                  form of Exhibit C hereto ("Tier III Options"); and

                           (iv)     Options relating to up to 11,250 Units may
                  be granted pursuant to Option Agreements substantially in the
                  form of Exhibit D hereto ("Non-Employee Options").

                  If and to the extent that Options granted under clauses (i)
through (iv) above terminate, expire or are canceled without having been fully
exercised, new Options may be granted under clauses (i) through (iv) above with
respect to the Units covered by the unexercised portion of such terminated,
expired or canceled Options.

                  (b)      CHARACTER OF UNITS

                  The Units issuable upon exercise of an Option granted under
the Plan shall be (i) authorized but unissued Units, (ii) Units held in the
Company's treasury or (iii) a combination of the foregoing.

                  (c)      RESERVATION OF UNITS

                  The number of Units reserved for issuance under the Plan shall
at no time be less than the maximum number of Units which may be purchased at
any time pursuant to outstanding Options.

         4.       ELIGIBILITY

                  Options may be granted under the Plan only to (i) persons who
are employees of, or independent consultants to, the Company or any of its
Subsidiaries and (ii) persons who are directors or managers of the Company or
any of its Subsidiaries. Notwithstanding the foregoing,

                                       2
<Page>

Options may be conditionally granted to persons who are prospective employees or
directors or managers of, or independent consultants to, the Company or any of
its Subsidiaries.

         5.       GRANT OF OPTIONS

                  (a)      GENERAL

                  Options may be granted under the Plan at any time and from
time to time on or prior to the tenth anniversary of the Effective Date (as
defined in Section 11). Subject to the provisions of the Plan, the Committee
shall have plenary authority, in its discretion, to determine:

                           (i)      the persons (from among the class of persons
                  eligible to receive Options under the Plan) whom Options shall
                  be granted (the "Optionees");

                           (ii)     the time or times at which Options shall be
                  granted;

                           (iii)    the number of Units subject to each Option;

                           (iv)     the Option Price of the Units subject to
                  each Option; and

                           (v)      the time or times when each Option shall
                  become exercisable and the duration of the exercise period.

                  (b)      OPTION AGREEMENTS

                  Each Option granted under the Plan shall be evidenced by a
written agreement (an "Option Agreement"), containing such terms and conditions
and in such form, not inconsistent with the Plan, as the Committee shall, in its
discretion, provide. Each Option Agreement shall be executed by the Company and
the Optionee.

                  (c)      NO EVIDENCE OF EMPLOYMENT OR SERVICE

                  Nothing contained in the Plan or in any Option Agreement shall
confer upon any Optionee any right with respect to the continuation of his or
her employment by or service with the Company or any of its Subsidiaries or
interfere in any way with the right of the Company or any such Subsidiary
(subject to the terms of any separate agreement to the contrary) at any time to
terminate such employment or service or to increase or decrease the compensation
of the Optionee from the rate in existence at the time of the grant of an
Option.

                  (d)      DATE OF GRANT

                  The date of grant of an Option under the Plan shall be the
date as of which the Committee approves the grant; provided, however, that the
grant shall in no event be earlier than the date as of which the Optionee
becomes an employee of the Company or one of its Subsidiaries.

                                       3
<Page>

         6.       OPTION PRICE

                  Subject to Section 9, the price (the "Option Price") at which
each Unit subject to an Option granted under the Plan may be purchased shall be
determined by the Committee at the time the Option is granted.

         7.       EXERCISABILITY OF OPTIONS

                  (a)      COMMITTEE DETERMINATION

                  Each Option granted under the Plan shall be exercisable at
such time or times, or upon the occurrence of such event or events, and for such
number of Units subject to the Option, as shall be determined by the Committee
and set forth in the Option Agreement evidencing such Option. If an Option is
not at the time of grant immediately exercisable, the Committee may (i) in the
Option Agreement evidencing such Option, provide for the acceleration of the
exercise date or dates of the subject Option upon the occurrence of specified
events and/or (ii) at any time prior to the complete termination of an Option,
accelerate the exercise date or dates of such Option.

                  (b)      AUTOMATIC TERMINATION OF OPTIONS

                  The unexercised portion of any Option granted under the Plan
shall automatically terminate and shall become null and void and be of no
further force or effect upon the first to occur of the following:

                           (i)      the end of the stated term thereof;

                           (ii)     if the Optionee is an employee, unless a
                  shorter period is provided for in any Option Agreement, the
                  expiration of three months from the date that the Optionee
                  ceases to be an employee of the Company or any of its
                  Subsidiaries (other than as a result of an Involuntary
                  Termination (as defined in clause (iii) below) or termination
                  For Cause (as defined herein)); PROVIDED, HOWEVER, that if the
                  Optionee shall die during such three-month period, the time of
                  termination of the unexercised portion of such Option shall be
                  the expiration of 12 months from the date that such Optionee
                  ceased to be an employee of the Company or any of its
                  Subsidiaries;

                           (iii)    if the Optionee is an employee, the
                  expiration of 12 months from the date that the Optionee ceases
                  to be an employee of the Company or any of its Subsidiaries,
                  if such termination is due to such Optionee's death or
                  Disability (as defined below) (an "Involuntary Termination");

                           (iv)     if the Optionee is an employee, immediately
                  upon the date that the Optionee ceases to be an employee of
                  the Company or any of its Subsidiaries, if such termination is
                  For Cause;

                           (v)      the expiration of such period of time or the
                  occurrence of such event as the Committee in its discretion
                  may provide in the Option Agreement;

                                       4
<Page>

                           (vi)     on the effective date of a Material
                  Transaction (as defined in Section 9(b)(i)) to which Section
                  9(b)(ii) (relating to assumptions and substitutions of
                  Options) does not apply; and

                           (vii)    except to the extent permitted by Section
                  9(b)(ii), the date on which an Option or any part thereof or
                  right or privilege relating thereto is transferred (otherwise
                  than by will or the laws of descent and distribution),
                  assigned, pledged, hypothecated, attached or otherwise
                  disposed of by the Optionee.

                  As used herein, "Disability" means any accident, sickness,
incapacity or other disability which (i) renders the Optionee unable to
substantially perform all of his duties for 90 days during any period of 360
consecutive days or (ii) would reasonably be expected to render the Optionee
unable to substantially perform all of his duties for 90 days during any period
of 360 consecutive days, in the case of each of clauses (i) or (ii), as
determined by the Board (excluding the Optionee should he be a member of the
Board at the time of such determination) in its good faith judgment.

                  As used herein, "For Cause" shall mean (i) the failure by the
Optionee to perform such duties as are reasonably requested by the Board or the
Chief Executive Officer of the Company or its Subsidiaries, as applicable, (ii)
the Optionee's failure to observe any material policies of the Company or its
Subsidiaries, as applicable, (iii) gross negligence or willful misconduct by the
Optionee in the performance of his duties, (iv) the commission by the Optionee
of any act of fraud, theft or financial dishonesty with respect to the Company
or any of its Affiliates, or any felony or act involving moral turpitude, (v)
the material breach by the Optionee of his/her employment agreement (if
applicable) with the Company or its Subsidiaries, as applicable, or of any other
agreement or contract with the Company or any Affiliate thereof (including,
without limitation, the Members' Agreement of the Company or any option
agreement which must be entered into pursuant to this Plan), (vi) chronic
absenteeism or (vii) the failure of the Optionee to give at least 30 days' prior
written notice of his termination of employment with the Company or its
Subsidiaries, as applicable. For purposes of this Agreement, "AFFILIATES" means
dj Orthopedics, LLC (or its successors or assigns) and all subsidiaries thereof.

                  Anything contained in the Plan to the contrary
notwithstanding, unless otherwise provided in an Option Agreement, no Option
granted under the Plan shall be affected by any change of duties or position of
the Optionee (including a transfer to or from the Company or one of its
Subsidiaries), so long as such Optionee continues to be an employee of the
Company or one of its Subsidiaries.

         8.       PROCEDURE FOR EXERCISE

                  (a)      PAYMENT

                  Payment upon exercise of an Option shall be made, at the
election of the Optionee, (i) in cash or personal or certified check payable to
the Company in an amount equal to the aggregate Option Price of the Units with
respect to which the Option is being exercised or (ii) upon the surrender of
Units or option to buy Units, in each case with such Units or Options to

                                       5
<Page>

buy Units, as the case may be, valued at the Fair Value per Unit (as defined in
Section 8) thereof as determined by the Committee.

                  (b)      NOTICE

                  An Optionee (or other person, as provided in Section 10(b))
may exercise an Option granted under the Plan in whole or in part (but for the
purchase of whole Units only), as provided in the Option Agreement evidencing
his Option, by delivering a written notice (the "Notice") to the Secretary of
the Company. The Notice shall state:

                           (i)      that the Optionee elects to exercise the
                  Option;

                           (ii)     the number of Units with respect to which
                  the Option is being exercised (the "Optioned Units");

                           (iii)    the method of payment for the Optioned Units
                  (which method must be available to the Optionee under the
                  terms of his or her Option Agreement);

                           (iv)     the date upon which the Optionee desires to
                  consummate the purchase (which date must be prior so the
                  termination of such Option);

                           (v)      a copy of any election filed by the Optionee
                  pursuant to Section 83(b) of the Code; and

                           (vi)     such further provisions consistent with the
                  Plan as the Committee may from time to time require.

                  The exercise date of an Option shall be the date on which the
Company receives the Notice from the Optionee.

                  (c)      ISSUANCE OF CERTIFICATES

                  The Company shall issue a certificate in the name of the
Optionee (or such other person exercising the Option in accordance with the
provisions of Section 10(b)) for the Optioned Units as soon as practicable after
receipt of the Notice and payment of the aggregate Option Price for such Units.
Neither the Optionee nor any person exercising an Option in accordance with the
provisions of Section 10(b) shall have any privileges as a holder of Units with
respect to any Units subject to an Option granted under the Plan until the date
of payment for such Units pursuant to the Option.

                  (d)      DETERMINATION OF FAIR MARKET VALUE.

                  Fair Market Value of each Unit shall be determined in
accordance with the following:

                           (i)      "FAIR VALUE PER UNIT" shall mean, as of any
                  date of determination, the fair value of each Unit (or, with
                  respect to a warrant or option, the fair value of each Unit
                  obtainable upon exercise thereof net of the exercise price),
                  determined as follows:

                                       6
<Page>

                  At any time that the Fair Value per Unit shall be required to
                  be determined hereunder, the Board shall make a good faith
                  determination (the "Board's Determination") of the fair value
                  of each Unit within 30 days of the delivery by the Company of
                  a Repurchase Notice (as defined in the Operating Agreement)
                  (without taking into account that the Units may be "restricted
                  securities" but with a reasonable discount, for the minority
                  position represented by the Units and shall provide to the
                  Member (as defined in the Operating Agreement) with respect to
                  whose Unit such determination is being made a written notice
                  thereof which notice shall set forth supporting data in
                  respect of such calculation (the "Determination Notice"). The
                  Member shall have 10 days following receipt of the
                  Determination Notice within which to deliver to the Company a
                  written notice (the "Objection Notice") of an objection, if
                  any, to the Board's Determination, which Objection Notice
                  shall set forth the Member's good faith determination (the
                  "Member's Determination") of the fair value of each Unit. The
                  failure by the Member to deliver the Objection Notice within
                  such 10-day period shall constitute the Member's acceptance of
                  the Board's Determination as conclusive. In the event of the
                  timely delivery of an Objection Notice, the Company and the
                  Member shall attempt in good faith to arrive at an agreement
                  with respect to the Fair Value per Unit, which agreement shall
                  be set forth in writing within 15 days following delivery of
                  the Objection Notice. If the Company and the Member are unable
                  to reach an agreement within such 15-day period, the matter
                  shall be promptly referred for determination to a regionally
                  or nationally recognized investment banking or valuation firm
                  (the "Valuer") reasonably acceptable to the Company and the
                  Member. The Company and the Member will cooperate with each
                  other in good faith to select such Valuer. The Valuer may
                  select the Board's Determination or the Member's Determination
                  as the Fair Value per Unit or may select any other number or
                  value (determined without taking into account that the Units
                  may be "restricted securities" but with a reasonable discount,
                  not to exceed 20% for the minority position represented by the
                  Units). The Valuer's selection will be furnished to the
                  Company and the Member in writing and conclusive and binding
                  upon the Company and the Member. The fees and expenses of the
                  Valuer shall be borne equally by the Company and the Member
                  with respect to whose Units such determination relates;
                  PROVIDED, HOWEVER, that if the Fair Value per Unit, as
                  determined by the Valuer, shall be more than 15% greater than
                  the Board's Determination of such Fair Value per Unit, then
                  such fees and expenses of the Valuer shall be borne entirely
                  by the Company.

         9.       ADJUSTMENTS

                  (a)      CHANGES IN CAPITAL STRUCTURE

                  Subject to Section 9(b), if the Unit is changed by reason of a
split, reverse split or recapitalization, or converted into or exchanged for
other securities as a result of a merger, consolidation or reorganization, the
Committee shall make such adjustments in the number and class of Units with
respect to which Options may be granted under the Plan as shall be equitable and
appropriate in order to make such Options, as nearly as may be practicable,
equivalent to such Options immediately prior to such change. A corresponding
adjustment changing the

                                       7
<Page>

number and class of Units allocated to, and the Option Price of, each Option or
portion thereof outstanding at the time of such change shall likewise be made.

                  (b)      MATERIAL TRANSACTIONS

                  The following rules shall apply in connection with the
dissolution or liquidation of the Company, a reorganization, merger or
consolidation in which the Company is not the surviving corporation, or a sale
of all or substantially all of the assets of the Company to another person or
entity (each, a "Material Transaction"), unless otherwise provided in the Option
Agreement or in the Members' Agreement of even date herewith:

                           (i)      each holder of an Option outstanding at such
                  time shall be given (A) written notice of such Material
                  Transaction at least 20 days prior to its proposed effective
                  date (as specified in such notice) and (B) an opportunity,
                  during the period commencing with delivery of such notice and
                  ending 10 days prior to such proposed effective date, to
                  exercise the Option to the full extent to which such Option
                  would have been exercisable by the Optionee at the expiration
                  of such 20-day period; provided, however, that upon the
                  occurrence of a Material Transaction, all Options granted
                  under the Plan and not so exercised shall automatically
                  terminate; and

                           (ii)     Notwithstanding anything contained in the
                  Plan to the contrary, Section 9(b)(i) shall not be applicable
                  if provision shall be made in connection with such Material
                  Transaction for the assumption of outstanding Options by, or
                  the substitution for such Options of new options covering the
                  equity securities of, the surviving, successor or purchasing
                  corporation, or a parent or subsidiary thereof, with
                  appropriate adjustments as to the number, kind and option
                  prices of Units subject to such options.

                  (c)      SPECIAL RULES

                  The following rules shall apply in connection with Section
9(a) and (b) above:

                           (i)      no fractional Units shall be issued as a
                  result of any such adjustment, and any fractional Units
                  resulting from the computations pursuant to Section 9(a) or
                  (b) shall be eliminated and the Optionee shall receive cash
                  consideration for such fractional Unit at the rate of the Fair
                  Market Value of such Unit, determined in accordance with
                  clause (d) below;

                           (ii)     no adjustment shall be made for cash
                  dividends or the issuance to holders of rights to subscribe
                  for additional Units or other securities; and

                           (iii)    any adjustments referred to in Section 9(a)
                  or (b) shall be made by the Board or Committee (as the case
                  may be) in good faith and shall be conclusive and binding on
                  all persons holding Options granted under the Plan.

                                       8
<Page>

         10.      RESTRICTIONS ON OPTIONS AND OPTIONED UNITS

                  (a)      COMPLIANCE WITH SECURITIES LAWS

                  No Options shall be granted under the Plan, and no Units shall
be issued and delivered upon the exercise of Options granted under the Plan,
unless and until the Company and/or the Optionee shall have complied with all
applicable Federal or state registration, listing and/or qualification
requirements and all other requirements of law or of any regulatory agencies
having jurisdiction.

                  The Committee in its discretion may, as a condition to the
exercise of any Option granted under the Plan, require an Optionee (i) to
represent in writing that the Units received upon exercise of an Option are
being acquired for investment and not with a view to distribution and (ii) to
make such other representations and warranties as are deemed appropriate by the
Company. Certificates representing Units acquired upon the exercise of Options
that have not been registered under the Securities Act shall, if required by the
Committee, bear the following legend and such additional legends as may be
required by the Option Agreement evidencing a particular Option:

                  "THE UNITS REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "SECURITIES ACT"). THE UNITS HAVE BEEN ACQUIRED FOR INVESTMENT
                  AND MAY NOT BE PLEDGED, HYPOTHECATED, SOLD OR TRANSFERRED IN
                  THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE
                  UNITS UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL TO THE
                  COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT."

                  (b)      NONASSIGNABILITY OF OPTION RIGHTS

                  No Option granted under the Plan shall be assignable or
otherwise transferable by the Optionee except by will or by the laws of descent
and distribution. An Option may be exercised during the lifetime of the Optionee
only by the Optionee. If an Optionee dies, his or her Option shall thereafter be
exercisable, during the period specified in Section 7(b)(ii) or (iii) (as the
case may be), by his or her executors or administrators to the full extent to
which such Option was exercisable by the Optionee at the time of his or her
death.

         11.      EFFECTIVE DATE OF PLAN

                  The Plan shall become effective on the date of its adoption by
the Board.

         12.      EXPIRATION AND TERMINATION OF THE PLAN

                  Except with respect to Options then outstanding, the Plan
shall expire on the first to occur of (i) the fifteenth anniversary of the date
on which the Plan is approved by the holders of Units and (ii) the date as of
which the Board, in its sole discretion, determines that the Plan

                                       9
<Page>

shall terminate (the "Expiration Date"). Any Options outstanding as of the
Expiration Date shall remain in effect until they have been exercised or
terminated or have expired by their respective terms.

         13.      AMENDMENT OF PLAN

                  The Board may at any time prior to the Expiration Date modify
and amend the Plan in any respect. No such amendment to the Plan shall affect
the terms or provisions of any Option granted by the Company prior to the
effectiveness of such amendment.

         14.      CAPTIONS

                  The use of captions in the Plan is for convenience. The
captions are not intended to provide substantive rights.

         15.      WITHHOLDING TAXES

                  Whenever under the Plan, Units are to be delivered by an
Optionee upon exercise of an Option, the Company shall be entitled to require as
a condition of delivery that the Optionee remit or, in appropriate cases, agree
to remit when due, an amount sufficient to satisfy all current or estimated
future Federal, state and local income tax withholding the employee's portion of
any employment tax requirements relating thereto.

         16.      OTHER PROVISIONS

                  Each Option granted under the Plan may contain such other
terms and conditions not inconsistent with the Plan as may be determined by the
Committee, in its sole discretion.

         17.      NUMBER AND GENDER

                  With respect to words used in the Plan, the singular form
shall include the plural form, the masculine gender shall include the feminine
gender, and vice-versa, as the context requires

         18.      GOVERNING LAW

                  The validity and construction of the Plan and the instruments
evidencing the Options granted hereunder shall be governed by the laws of the
State of Delaware.

AS ADOPTED BY THE BOARD OF MANAGERS
OF DONJOY, L.L.C.
ON OCTOBER 25, 2001.

                                       10

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