Document:

EXHIBIT 10.1

 

CHANGE-IN-CONTROL

SEVERANCE AGREEMENT

 

THIS AGREEMENT, dated as of July 11, 2005, by and between American Power Conversion Corporation, with its principal place of business at 132 Fairgrounds Road, West Kingston, RI (the “Company”), and Richard J. Thompson (the “Executive”).

WHEREAS, the Company considers it essential to the best interests of its stockholders to foster the continuous employment of key management personnel, and recognizes that, as is the case with many publicly held corporations, the possibility of a change in control may exist and that such possibility, and the uncertainty and questions which it may raise among management, may result in the distraction or departure of management personnel to the detriment of the Company and its stockholders; and

WHEREAS, the Board of Directors of the Company has determined that appropriate steps should be taken to reinforce and encourage the Executive’s continued attention and dedication to the Executive’s assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a change in control of the Company, although no such change is presently known to be contemplated.

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

Section 1

DEFINITIONS

Except as may otherwise be specified or as the context may otherwise require, the following terms shall have the respective meanings set forth below whenever used herein:

“Annual Bonus” shall mean the annual bonus, or if the Executive is paid a bonus on a quarterly basis, the sum of the four quarterly bonus payments, paid to the Executive for the Company’s fiscal year prior to the fiscal year in which the Date of Termination occurs, or, if greater, the fiscal year immediately preceding such prior fiscal year; provided that such amount shall be annualized for any fiscal year consisting of less than 12 full months; and provided, further, that, if at the time of a Covered Termination it is substantially certain that a bonus at a level greater than the bonus paid to Executive for the Company’s prior fiscal year (or, if applicable, the next preceding fiscal year) will be paid or payable for the current or recently ended fiscal year, then the bonus which is substantially certain to be paid or payable shall be used for these purposes.

“Base Salary” shall mean the annual base rate of regular compensation of the Executive immediately before a Covered Termination, or if greater, the highest annual such rate at any time during the 12-month period immediately preceding the Covered Termination.

“Board” shall mean the Board of Directors of the Company.

 

 

 

 

“Cause” shall mean (i) the Executive’s engaging in willful and repeated gross negligence or gross misconduct, (ii) the Executive’s breaching of a material fiduciary duty to the Employer, or (iii) the Executive’s being convicted of a felony, in either case, to the  demonstrable and material injury to the Employer.  For purposes hereof, no act, or failure to act, on the Executive’s part, shall be deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that any act or omission was in the best interest of the Employer.

“Change in Control” shall mean the first to occur, after the date hereof, of any of the following:

(i)             the members of the Board at the beginning of any consecutive 12-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 12-calendar-month period, shall be deemed to be an Incumbent Director;

(ii)           any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Securities Exchange Act), directly or indirectly, shares of Stock representing in the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); or

(iii)          there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by Persons in substantially the same proportion as their ownership of the Company immediately prior to such sale or (B) the approval by stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company.

Notwithstanding the foregoing, none of the foregoing event(s) shall constitute a Change in Control unless such event(s) constitute a “change in the ownership or effective control” or a change “in the ownership of a substantial portion of the assets,” in each case within the meaning of Section 409A(a)(2)(A)(v) of the Code and any regulations and other guidance in effect from time-to-time thereunder including, without limitation, Notice 2005-1.

Upon the occurrence of a Change in Control as provided above, no subsequent event or condition shall constitute a Change in Control for purposes of this Agreement, with the result that there can be no more than one Change in Control hereunder.

 

“Code” shall mean the Internal Revenue Code of 1986, as amended.

 

 

	
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“Company” shall mean, subject to Section 4.1(a), American Power Conversion Corporation, a Massachusetts corporation.

“Covered Termination” shall mean if, within the two-year period immediately following a Change in Control, the Executive (i) is terminated by the Employer without Cause (other than on account of death or Disability), or (ii) terminates the Executive’s employment with the Employer for Good Reason.  The Executive shall not be deemed to have terminated for purposes of this Agreement merely because he or she ceases to be employed by the Employer and becomes employed by a new employer involved in the Change in Control; provided that such new employer shall be bound by this Agreement as if it were the Employer hereunder with respect to the Executive.  It is expressly understood that no Covered Termination shall be deemed to have occurred merely because, upon the occurrence of a Change in Control, the Executive ceases to be employed by the Employer and does not become employed by
a successor to the Employer after the Change in Control if the successor makes an offer to employ the Executive on terms and conditions which, if imposed by the Employer, would not give the Executive a basis on which to terminate employment for Good Reason.

“Date of Termination” shall mean the date on which a Covered Termination occurs.

“Disability” shall mean the occurrence after a Change in Control of the incapacity of the Executive due to physical or mental illness, whereby the Executive shall have been absent from the full-time performance of the Executive’s duties with the Employer for six consecutive months or, in any one year period, for an aggregate of  six months.

“Employer” shall mean the Company (if and for so long as the Executive is employed thereby) and each Subsidiary which may now or hereafter employ the Executive or, where the context so requires, the Company and such Subsidiaries collectively.  A subsidiary which ceases to be, directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with the Company prior to a Change in Control (other than in connection with and as an integral part of a series of transactions resulting in a Change in Control) shall, automatically and without any further action, cease to be (or be part of) the Employer for purposes hereof.

“Good Reason” shall mean, without the express written consent of the Executive, the occurrence after a Change in Control of any of the following circumstances, unless such circumstances are fully corrected prior to the Date of Termination specified in the Notice of Termination given in respect thereof:

(i)              the material reduction of the Executive’s title, or the reduction of the Executive’s authority, duties or responsibilities, or the assignment to the Executive of any duties inconsistent with Executive’s position, authority, duties or responsibilities from those in effect immediately prior to the Change in Control;

(ii)             a reduction in the Executive’s Base Salary as in effect immediately before the Change in Control;

(iii)            a material reduction in the Executive’s aggregate compensation opportunity, comprised only of the Executive’s (A) Base Salary, and (B) bonus opportunity (taking into account, without limitation, any target, minimum and maximum 

 

	
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amounts payable and the attainability and otherwise the reasonableness of any performance hurdles, goals and other measures), if any;

(iv)           the Company’s requiring the Executive to be based at any office or location more than 25 miles from that location at which the Executive performed Executive’s services immediately prior to the occurrence of a Change in Control, except for travel reasonably required in the performance of the Executive’s responsibilities; 

(v)            the failure of the Company to obtain a reasonable agreement from any successor to assume and agree to perform this Agreement, as contemplated in Section 4.1(a);

(vi)            the failure of the Company to pay the Executive any amounts due hereunder; or

	
            (vii)
 	
            any other material breach by the Company of this Agreement.
 

“Notice of Termination” shall mean a notice given by the Employer or Executive, as applicable, which shall indicate the date of termination and the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provisions so indicated.

“Person” shall have the meaning ascribed thereto by Section 3(a)(9) of the Securities Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof (except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company, or (v) such Executive or any “group” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act) which includes the Executive).

 “Securities Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Stock” shall mean the common stock, $.01 par value, of the Company.

“Subsidiary” shall mean any entity, directly or indirectly, through one or more intermediaries, controlled by the Company.

 

Section 2

BENEFITS

	
            2.1
 	
            If a Change in Control occurs, then:
 

(a)           subject to Section 2.2, (i) any and all outstanding unvested stock options and stock appreciation rights held by the Executive shall thereupon automatically vest and become immediately exercisable in accordance with their terms, and (ii) notwithstanding 

 

	
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anything to the contrary contained in clause (i), upon a termination of employment (regardless of the party initiating the termination, for any reason or no reason), all stock options and stock appreciation rights held by the Executive shall be exercisable for the lesser of (A) the remainder of the generally applicable term of the stock options or stock appreciation rights, which is measured from the date of grant thereof, and (B) three years from the date of such termination; provided that nothing in this Section 2.1(a) shall reduce or otherwise adversely affect the rights under such stock options and stock appreciation rights that the Executive would have without regard to this Section 2.1(a); and

(b)        any and all restricted stock and restricted stock rights then held by the Executive shall thereupon fully vest and become immediately transferable free of restrictions, other than restrictions imposed by applicable law.

2.2        Notwithstanding Section 2.1, the following additional provisions shall apply in the case of an option which is an “incentive stock option” as defined in Section 422(b) of the Code (and not previously converted to a non-qualified stock option):

(a)        unless otherwise provided by the Company, Section 2.1(a)(i) shall not apply if and to the extent that the acceleration set forth therein would violate the annual exercisability limitation contained in Section 422(d) of the Code, and, in such case, the Company (or the Board or any committee thereof) shall have the right with (and only with) the consent of the Executive, to accelerate the date on which any installment of any option becomes exercisable; and 

(b)        Section 2.1(a)(ii) shall not apply to the extent that the applicability of Section 2.1(a)(ii) would cause the stock option not to be an incentive stock option under Section 422(b) of the Code.

2.3        If a Covered Termination occurs, then the Executive shall be entitled hereunder to the following:

(a)        the Company shall pay to the Executive an amount equal to two times the sum of (i) the Executive’s Base Salary and (ii) the Executive’s Annual Bonus;

(b)        for a period of two years after such termination, the Employer shall arrange to make available to the Executive medical, dental, vision, group life and disability benefits that are at least at a level (and cost to the Executive) that is substantially similar in the aggregate to the level of such benefits which was available to the Executive immediately prior to the Change in Control; provided that (i) the Employer shall be required to provide group life and disability benefits only to the extent it is able to do so on reasonable terms and at a reasonable cost, (ii) the Employer shall not be required to provide benefits under this Section 2.3(b) upon and after the Change in Control which are in excess of those provided to a significant number of Executives of similar status who are employed by the Employer from time to time upon and after the
Change in Control, and (iii) no type of benefit otherwise to be made available to the Executive pursuant to this Section 2.3(b) shall be required to be made available to the extent that such type of benefit is made available to the Executive by any subsequent employer of the Executive; 

(c)        in addition to the benefits to which the Executive is entitled under any tax-qualified defined benefit retirement plan (the “Retirement Plan”) and defined benefit 

 

	
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supplemental Executive retirement plan of the Company (the “SERP”), including any successor plans thereto, the Employer shall pay to the Executive in cash:

(i)             the present value of the retirement benefits (or, if available, the lump-sum retirement benefits) which would have accrued under the terms of the Retirement Plan and the SERP (without regard to any amendment to the Retirement Plan or the SERP made subsequent to a Change in Control and prior to the Date of Termination, which amendment adversely affects in any manner the computation of retirement benefits thereunder), determined as if the Executive was 36 months older than their actual age at the Date of Termination and had accumulated (after the Date of Termination) 36 additional months of service credit for vesting, benefit accrual and eligibility purposes thereunder at their highest annual rate of compensation during the 12 months immediately preceding the Date of
Termination (or, if higher, as in effect at the time of the Change in Control) and as if any benefit indexing factors continued at the rate applicable at the Date of Termination, minus

(ii)           the present value of the vested retirement benefits (or, if available, the lump-sum retirement benefits) which had then accrued pursuant to the provisions of the Retirement Plan and the SERP; provided, however, that any payment otherwise provided for under this Section 2.3(c) shall be reduced by the present value of any retirement (including early retirement) incentives offered for a limited time to, and accepted by, the Executive (whether or not under a tax-qualified plan).

(d)        the Employer shall provide the Executive with out placement service through a bona fide outplacement organization acceptable to the Executive that, at a minimum, agrees to supply the Executive with outplacement counseling, a private office and administrative support including telephone service until the earlier of one year from the Date of Termination or until such time that Executive secures suitable employment;

(e)        the Company shall pay for the Executive to receive financial planning services for which the Company pays not more than $5,000; and

(f)         the Company shall provide the Executive with a payment for any accrued but unused vacation.

2.4        (a)       The payments provided for in Section 2.3 shall (except as otherwise expressly provided therein or as provided in Section 2.4(b) or as otherwise expressly provided hereunder) be made as soon as practicable, but in no event later than 30 days, following the Date of Termination.  Notwithstanding any other provision of this Agreement, if the Executive is a “key employee” as defined in Section 416(i) of the Code without regard to paragraph 5 thereof, no payment under this Agreement with respect to separation from service shall be made before the date which is six months after the date of separation from service (or, if earlier, the date of death of the Executive).

(b)        Notwithstanding any other provision of this Agreement to the contrary, no payment or benefit otherwise provided for under or by virtue of the foregoing provisions of this Agreement shall be paid or otherwise made available unless and until the Employer shall have 

 

	
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first received from the Executive (no later than 60 days after the Employer has provided to the Executive estimates relating to the payments to be made under this Agreement) a valid, binding and irrevocable general release, in form and substance reasonably acceptable to the Employer; provided that the Employer shall be permitted to defer any payment or benefit otherwise provided for in this Agreement to the fifth day after the later of its receipt of such release and the time at which the release has become valid, binding and irrevocable. 

2.5        Notwithstanding any other provision of this Agreement to the contrary, to the extent permitted by the Worker Adjustment and Retraining Notification Act (“WARN”), any benefit payable hereunder to the Executive as a consequence of the Executive’s Covered Termination shall be reduced by any amounts required to be paid under Section 2104 of WARN to the Executive in connection with such Covered Termination.

Section 3

PARACHUTE TAX PROVISIONS

3.1        If all, or any portion, of the payments and benefits provided under this Agreement, if any, either alone or together with other payments and benefits which the Executive receives or is entitled to receive from the Company or its affiliates, would constitute an excess “parachute payment” within the meaning of Section 280G of the Code (whether or not under an existing plan, arrangement or other agreement) (each such parachute payment, a “Parachute Payment”), and would result in the imposition on the Executive of an excise tax under Section 4999 of the Code, then, in addition to any other benefits to which the Executive is entitled under this Agreement or otherwise, the Executive shall be paid an amount in cash equal to the sum of the excise taxes payable by the Executive by reason of receiving Parachute Payments plus the
amount necessary to place the Executive in the same after-tax position (taking into account any and all applicable federal, state and local excise, income or other taxes at the highest possible applicable rates on such Parachute Payments (including, without limitation, any payments under this Section 3.1)) as if no excise taxes had been imposed with respect to Parachute Payments (the “Parachute Gross-up”).  Any Parachute Gross-up otherwise required by this Section 3.1 shall be made not later than the time of the corresponding payment or benefit hereunder giving rise to the underlying Section 4999 excise tax, even if the payment of the excise tax is not required under the Code until a later time.  

3.2        Except as may otherwise be agreed to by the Company and the Executive, the amount or amounts (if any) payable under this Section 3 shall be determined, at the sole cost of the Company, by the Company’s independent auditors (who served in such capacity immediately prior to the Change in Control), whose determination or determinations shall be final and binding on all parties.  The Executive hereby agrees to utilize such determination or determinations, as applicable, in filing all of the Executive’s tax returns with respect to the excise tax imposed by Section 4999 of the Code.  If such independent auditors refuse to make the required determinations, then such determinations shall be made by a comparable independent accounting firm of national reputation reasonably selected by the Company.  Notwithstanding any other provision of this
Agreement to the contrary, as a condition to receiving any Parachute Gross-up payment, the Executive hereby agrees to be bound by and comply with the provisions of this Section 3.2.

Section 4

MISCELLANEOUS

 

 

	
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4.1        (a)       The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform under the terms of this Agreement in the same manner and to the same extent that the Company and its affiliates would be required to perform it if no such succession had taken place (provided that such a requirement to perform which arises by operation of law shall be deemed to satisfy the requirements for such an express assumption and agreement), and in such event the Company (as constituted prior to such succession) shall have no further obligation under or with respect to this Agreement.  Failure of the Company to obtain such assumption and agreement with respect to the
Executive prior to the effectiveness of any such succession shall be a breach of the terms of this Agreement with respect to the Executive and shall entitle the Executive to compensation from the Employer (as constituted prior to such succession) in the same amount and on the same terms as the Executive would be entitled to hereunder were the Executive’s employment terminated for Good Reason following a Change in Control, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination.  As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business or assets as aforesaid which assumes and agrees (or is otherwise required) to perform this Agreement.  Nothing in this Section 4.1(a) shall be deemed to cause any event or condition which would otherwise constitute a Change in Control not to constitute a Change in Control.

(b)        Notwithstanding Section 4.1(a), the Company shall remain liable to the Executive upon a Covered Termination after a Change in Control if (i) the Executive is not offered continuing employment by a successor to the Employer or (ii) the Executive declines such an offer and the Executive’s resulting termination of employment otherwise constitutes a Covered Termination hereunder.

(c)        This Agreement, and the Executive’s and the Company’s rights and obligations hereunder, may not be assigned by the Executive or, except as provided in Section 4.1(a), the Company, respectively; any purported assignment by the Executive or the Company in violation hereof shall be null and void.

(d)        The terms of this Agreement shall inure to the benefit of and be enforceable by the personal or legal representatives, executors, administrators, permitted successors, heirs, distributees, devisees and legatees of the Executive.  If the Executive shall die while an amount would still be payable to the Executive hereunder if they had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee or other designee or, if there is no such designee, the Executive’s estate.

4.2        Except as expressly provided in Section 2.3, the Executive shall not be required to mitigate damages or the amount of any payment or benefit provided for under this Agreement by seeking other employment or otherwise, nor will any payments or benefits hereunder be subject to offset in the event the Executive does mitigate.

4.3        The Employer shall pay all legal fees and expenses incurred in a legal proceeding by the Executive in seeking to obtain or enforce any right or benefit provided by this Agreement.  Such payments are to be made within five days after the Executive’s request for payment accompanied with such evidence of fees and expenses incurred as the Employer 

 

	
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reasonably may require; provided that if the Executive institutes a proceeding and the judge or other decision-maker presiding over the proceeding affirmatively finds that the Executive has failed to prevail substantially, the Executive shall pay Executive’s own costs and expenses (and, if applicable, return any amounts theretofore paid on the Executive’s behalf under this Section 4.3).

4.4        The Executive may file a claim for benefits under this Agreement by written communication to the Board.  A claim is not considered filed until such communication is actually received by the Board.  Within 90 days (or, if special circumstances require an extension of time for processing, 180 days, in which case notice of such special circumstances shall be provided within the initial 90-day period) after the filing of the claim, the Board shall:

(i)             approve the claim and take appropriate steps for satisfaction of the claim; or

(ii)           if the claim is wholly or partially denied, advise the Executive of such denial by furnishing to him or her a written notice of such denial setting forth (A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions of this Agreement on which the denial is based and, if the denial is based in whole or in part on any rule of construction or interpretation adopted by the Board, a reference to such rule, a copy of which shall be provided to the Executive; (C) a description of any additional material or information necessary for the Executive to perfect the claim and an explanation of the reasons why such material or information is necessary; and (D) a reference to this Section 4.4.

4.5        For the purposes of this Agreement, notice and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when hand delivered or mailed by United States certified or registered express mail, return receipt requested, postage prepaid, if to the Executive, addressed to the Executive at his or her respective address on file with the Company; if to the Company, addressed to American Power Conversion Corporation, 132 Fairgrounds Road, West Kingston, RI 02892, and directed to the attention of its General Counsel; if to the Board, addressed to the Board of Directors, c/o 132 Fairgrounds Road, West Kingston, RI 02892, and directed to the Company’s General Counsel; or to such other address as any party may have furnished to the others in writing in accordance herewith, except that notice
of change of address shall be effective only upon receipt.

4.6        Unless otherwise determined by the Employer in an applicable plan or arrangement, no amounts payable hereunder upon a Covered Termination shall be deemed salary or compensation for the purpose of computing benefits under any employee benefit plan or other arrangement of the Employer for the benefit of its employees unless the Employer shall determine otherwise.

4.7        This Agreement is the exclusive arrangement with the Executive applicable to payments and benefits in connection with a change in control of the Company (whether or not a Change in Control), and supersedes any prior arrangements involving the Company or its predecessors or affiliates  relating to changes in control (whether or not Changes in Control).  This Agreement shall not limit any right of the Executive to receive any payments or benefits under an employee benefit or Executive compensation plan of the Employer, initially 

 

	
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adopted as of or after the date hereof, which are expressly contingent thereunder upon the occurrence of a change in control (including, but not limited to, the acceleration of any rights or benefits thereunder); provided that in no event shall the Executive be entitled to any payment or benefit under this Agreement which duplicates a payment or benefit received or receivable by the Executive under any severance or similar plan or policy of the Employer, and in any such case the Executive shall only be entitled to receive the greater of the two payments.

4.8        Any payments hereunder shall be made out of the general assets of the Employer.  The Executive shall have the status of general unsecured creditor of the Employer, and this Agreement constitutes a mere promise by the Employer to make payments under this Agreement in the future as and to the extent provided herein.

4.9        Nothing in this Agreement shall confer on the Executive any right to continue in the employ of the Employer or interfere in any way (other than by virtue of requiring payments or benefits as may expressly be provided herein) with the right of the Employer to terminate the Executive’s employment at any time.

4.10      The Employer shall be entitled to withhold from any payments or deemed payments any amount of tax withholding required by law.

4.11      Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement that is not resolved by the Employer and the Executive shall be submitted to arbitration in Providence, Rhode Island, in accordance with Massachusetts law and the procedures of the American Arbitration Association.  The determination of the arbitrator(s) shall be conclusive and binding on the Employer and Executive and judgment may be entered on the arbitrator(s)’ award in any court having jurisdiction.

4.12      (a)       This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance.  No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

(b)        Notwithstanding Section 4.12(a), the Board, or any committee thereof, on written notice to the Executive, may unilaterally terminate all or part of this Agreement as to any particular business combination, without liability to the Executive hereunder, in the event that the Company is advised in writing by its independent accounting firm that certain terms of this Agreement make “pooling of interests” accounting treatment for such business combination unavailable to the Company (thereby rendering all or part of this Agreement of no force or effect only with respect to such combination).  Any such notice to the Executive must be accompanied by a copy of the independent accounting firm’s written advice.

4.13     The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement which shall remain in full force and effect.

4.14      The use of captions in this Agreement is for convenience.  The captions are not intended to and do not provide substantive rights.

 

 

	
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4.15      In consideration of, among other things, the Company’s entering into this Agreement, the Executive has concurrently herewith executed an Agreement Relating to Non-Competition, a copy of which is attached hereto as Schedule 1.

4.16      THIS AGREEMENT SHALL BE CONSTRUED, ADMINISTERED AND ENFORCED ACCORDING TO THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW, EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW.

 

	
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IN WITNESS WHEREOF, the parties hereto have signed their names, effective as of the date first above written.

AMERICAN POWER CONVERSION CORPORATION

	
            By: /s/ Andrew Cole
 

Name: Andrew Cole

Title:  VP of Human Resources and 

Organizational Development

 

 

	
            /s/ Richard J. Thompson
 

Richard J. Thompson

 

	
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Schedule 1

 

AGREEMENT RELATING TO NON-COMPETITION

 

I, Richard J. Thompson, in consideration of having been offered by American Power Conversion Corporation a Change-in-Control Severance Agreement, dated as of the date hereof (a “Severance Agreement”), hereby agree as follows:

 

	
            1.
 	
            Non-competition.  
 

1.1        I acknowledge that (i) the principal business of American Power Conversion Corporation and its subsidiaries (“Company”) is the development, manufacture, production, marketing, licensing and selling of power protection equipment, including uninterruptible power supplies, surge suppressors and related software, and the related manageability, availability and performance of sensitive networking, electronic, communication and industrial systems and equipment (such business, and any and all other businesses that after the date hereof, become material with respect to the Company’s then-overall business, herein collectively referred to as the "Business"); (ii) Company is one of a limited number of persons who have developed or are in the process of developing the Business; (iii) the Business is international in scope; (iv) my
relationship with Company has given and will continue to give me access to the confidential, proprietary and trade secret information of Company or access to the Company’s customers or perspective customers; and (v) the agreements and covenants I have made in this Agreement are essential to the business and goodwill of Company, and are required by Company in connection with my acceptance of a Severance Agreement.

1.2        I covenant and agree that during the period commencing on the date hereof and ending   one year following the date of termination of my employment with Company, for any reason or no reason, I shall not directly or indirectly, (i) develop, manufacture, produce, market, license, sell or aid in the development, manufacturing, production, marketing, licensing or sale of any product which competes, or is planned to compete, with any products (including products under development as of the date of my termination) of the Company in connection with the Business; (ii) otherwise engage in the Business for my own account; (iii) render any services to any person, corporation, partnership or other entity (hereinafter referred to as a “person”) other than Company engaged in the Business; or (iv) become interested in any such person (other
than Company) as a partner, shareholder, principal, agent, employee, consultant or in any other relationship or capacity; provided, however, that notwithstanding the above, I may own, directly or indirectly, solely as an investment, securities of any such person which are traded on any national securities exchange or NASDAQ if I (y) am not a controlling person of, or a member of a group which controls such person; and (z) do not, directly or indirectly own 2% or more of any class of securities of such person. 

2.          Equitable Relief.  I acknowledge and agree that monetary damages would not be a sufficient remedy for a breach of the obligations described herein and that, in addition to all other rights and remedies which may be available to Company, Company shall be entitled to equitable relief (without the need to prove damages or to post a bond), including injunction and specific performance, for any breach by me of the obligations described herein. 

 

 

	
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3.          Assignment.  The obligations described herein are personal to me and may not be assigned by me to any other party; any unauthorized assignment or other transfer shall be null and void.  This Agreement shall inure to the benefit of the Company’s successors and assigns.

4.          Confirmation.  I hereby confirm to Company that I have the right to enter into this Agreement and to perform my obligations hereunder, and that there are no restrictions or obligations to any third parties, which would in any way detract from or affect my performance hereunder.

5.          Termination of Employment.  Nothing herein is considered to constitute a right to continued employment.  Subject to the provisions of the Severance Agreement, my employment is terminable at will at any time by Company for any reason whatsoever.  Termination of my employment for any reason will not release me from any obligations hereunder, and this Agreement shall survive any such termination in accordance with its terms.

6.          Severability.  If it is determined that any of the provisions of this Agreement, including, without limitation, any of the restrictive covenants contained herein, or any part thereof, is invalid or unenforceable, the remainder of the provisions of this Agreement shall not thereby be affected and shall be given full effect, without regard to the invalid portions.

7.          Modification and Waiver.  This Agreement may not be modified without the prior written consent of American Power Conversion Corporation.  No failure or delay by Company in exercising any right with respect to this Agreement shall operate as a waiver thereof, and no single or partial exercise of any right shall preclude any other or further exercise thereof or the exercise of any right hereunder.

8.          Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE  COMMONWEALTH OF MASSACHUSETTS WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PRINCIPLES.

IN WITNESS WHEREOF, this Agreement Relating to Noncompetition has been executed as of this 11th day of July, 2005.

	
            AMERICAN POWER CONVERSION CORPORATION
 

 

 

	
            By: /s/ Andrew Cole
 	
             

	
            Name: Andrew Cole
 	
             

	
            Title:  VP of Human Resources and
 
			

Organizational Development

 

 

 

	
            /s/ Richard J. Thompson
 
	
            Richard J. Thompson
 	
             

 

 

 

 

	
            14Exhibit
4.1

NAVTEQ CORPORATION

SUBSCRIPTION AND
REGISTRATION RIGHTS AGREEMENT

THIS SUBSCRIPTION AND
REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is executed as of July 8, 2005,
by and between the undersigned (the “Subscriber”) and NAVTEQ Corporation, a Delaware
corporation (the “Company”), in connection with the Subscriber’s subscription
for shares of the common stock, par value US$0.001 per share (the “Shares”), of
the Company.  Capitalized terms used but
not otherwise defined herein shall have the meaning ascribed to them in the
Stock Purchase Agreement (as defined below).

WHEREAS, the Company has agreed to issue to the
shareholders of Picture Map International Co., Ltd. (“PMI”) certain Shares in
connection with the purchase by NAVTEQ B.V. (“NTBV”) of all of the issued and
outstanding shares of PMI from the Subscriber and other subscribers pursuant to
the Stock Purchase Agreement dated July 8, 2005, by and among the Company,
NTBV, PMI and all the shareholders of PMI (the “Stock Purchase Agreement”); and

WHEREAS, this Agreement is being delivered, and
any Shares offered, sold and issued pursuant to this Agreement and the Stock
Purchase Agreement are being offered, sold and issued in reliance upon an
exemption from registration afforded by Regulation S (“Regulation S”) under the
U.S. Securities Act of 1933, as amended (the “Securities Act”); and

WHEREAS, the Company and the Subscriber desire
to provide for compliance with the Securities Act and for the registration of
the re-sale by the Subscriber of the Shares upon the terms and conditions set
forth below.

NOW,
THEREFORE, in
consideration of the mutual promises, representations, warranties, covenants
and conditions set forth in this Agreement and the Stock Purchase Agreement,
the parties hereto agree as follows:

1.             Agreement to Subscribe; Subscription
Price.

(a)           Number
of Shares; Subscription Price.  Subscriber
hereby agrees to purchase from the Company the number of Shares indicated on
the signature page hereto (the “Subscriber Shares”) at a per share price equal
to $36.60 (the average closing price of the Company’s common stock as quoted on
the New York Stock Exchange for the twenty (20) trading days immediately prior
to the Closing Date) for the aggregate purchase price (the “Purchase Price”)
indicated on the signature page hereto. 
The actual number of Subscriber Shares to be issued will be calculated
and delivered to Subscriber pursuant to the terms of the Stock Purchase
Agreement, including, without limitation, Sections 2.2, 4.1, 4.2 and 6.1
thereof.

(b)           Payment;
Delivery of Subscriber Shares to Subscriber; Delivery of Purchase Price to
Company.  On the Closing Date,
the Closing Payment, among other consideration, shall be delivered by NTBV to
the Payment Agent (pursuant to the Payment Agency Agreement), who shall accept
payment of the Closing Payment and other consideration on behalf of the
Subscriber in connection with the Stock Purchase Agreement and the Payment

 

 

Agency Agreement. 
The Payment Agent shall cause (i) fifteen percent (15%) of the Purchase
Price to be remitted to the Company directly and (ii) fifty-five percent (55%)
of the Purchase Price to be remitted to the Company through Korea Investment
Securities Co., Ltd., in both cases in immediately available funds by wire
transfer, and the Company shall issue, allot and deliver the physical stock
certificates representing the applicable Subscriber Shares to each respective
Seller in such Seller’s name at the address specified on Exhibit 1(b) hereto;
provided, however, the physical stock certificates representing the Subscriber
Shares of Yong Won Lee to satisfy the Escrow Amount shall be delivered and
deposited with the Escrow Agent to be held in escrow pursuant to Section 6.1 of
the Stock Purchase Agreement and the Escrow Agreement.

(c)           Conditions
to Obligations of Company.  The Company’s obligation to sell and issue
the Subscriber Shares is conditioned upon the following:

(i)            The receipt and acceptance by the
Company of this Agreement, executed by Subscriber or his, her or its authorized
officers or other authorized signatories and the receipt and acceptance by the
Company of properly executed Subscription and Registration Rights Agreements
from all other Sellers;

(ii)           The continuing effect of all
representations and warranties of the Subscriber made in this Agreement and
compliance by the Subscriber with all covenants and agreements of Subscriber
through the Closing Date;

(iii)          The receipt by NTBV and the Company of
the Stock Purchase Agreement, executed by Subscriber or his, her or its
authorized officers or other authorized signatories and the receipt by NTBV and
the Company of the Stock Purchase Agreement properly executed by all other
Sellers; and

(iv)          The Closing of the stock purchase
pursuant to the Stock Purchase Agreement.

(d)           Conditions
to Obligations of Subscriber. Subscriber’s obligation to purchase
the Subscriber Shares from the Company is conditioned upon the following:

(i)            The acceptance of this Agreement by
the Company, as evidenced by the countersignature on this Agreement by authorized
officers of Company; and

(ii)           The Closing of the stock purchase
pursuant to the Stock Purchase Agreement and the receipt of the Closing Payment
by the Payment Agent.

2.             Subscriber Representations,
Warranties and Covenants; Access to Information.  Subscriber represents and warrants to and covenants
and agrees with NTBV and the Company:

(a)           Offshore
Transaction; Restrictions on Transfer; Subscription Irrevocable.

(i)            Subscriber understands and
acknowledges that the Subscriber Shares have not been registered under the
Securities Act or any other applicable securities law, are being offered in
transactions not requiring registration under the Securities Act or any other
securities laws, and may not be offered, sold or otherwise transferred except
in compliance with the registration requirements of the Securities Act or any
other applicable securities law or pursuant to an exemption therefrom or in a

 

2

 

transaction not subject
thereto, and, in each case in compliance with the conditions for transfer set
forth in Section 6 below.

(ii)           Subscriber is not an “affiliate” (as
defined in Rule 144 under the Securities Act) of NTBV or the Company or acting
on behalf of NTBV or the Company and, at the time the commitment to purchase
the Subscriber Shares was originated, was outside the United States and was not
a U.S. person (and was not purchasing for the account or benefit of a U.S.
person) within the meaning of Regulation S under the Securities Act.  No offer to purchase the Subscriber Shares
was made by Subscriber in the United States.

(iii)           Subscriber is purchasing the
Subscriber Shares for his, her or its own account, or for one or more investor
accounts for which it is acting as a fiduciary or agent, in each case for
investment, and not with a view to, or for offer or sale in connection with,
any distribution thereof in violation of the Securities Act, subject to any
requirement of law that the disposition of its property or the property of such
investor account or accounts be at all times within its or their control and
subject to its or their ability to resell Subscriber Shares pursuant to Rule
144, Regulation S or any other exemption from registration available under the
Securities Act.  Subscriber agrees on
his, her or its own behalf and on behalf of any investor account for which it
is purchasing the Subscriber Shares, and each subsequent permitted transferee
of the Subscriber Shares by its acceptance thereof will be deemed to have
agreed, that all subsequent offers and sales of Subscriber Shares prior to the
date which is two years after the original issue date of the Subscriber Shares
shall be made only (1) to the Company or a subsidiary thereof, (2) pursuant to
a registration statement which has been declared effective under the Securities
Act, (3) pursuant to offers and sales to non-U.S. persons that occur outside
the United States within the meaning of Regulation S under the Securities Act
and in compliance with Rules 904 and 905 thereunder, or (4) pursuant to any
other available exemption from the registration requirements of the Securities
Act.  In addition, Subscriber agrees on
his, her or its behalf and on behalf of any investor account for which it is
purchasing the Subscriber Shares, and each subsequent permitted transferee of
the Subscriber Shares, by its acceptance thereof, will be deemed to have
agreed, that any hedging transaction involving the Subscriber Shares will be
conducted only in compliance with the requirements of the Securities Act.  Subscriber acknowledges, and each subsequent
permitted transferee will be deemed to have acknowledged, (i) that the Company
and its transfer agent reserve the right, prior to any offer, sale or other
transfer of the Subscriber Shares, to require delivery of an opinion of
counsel, certifications and/or other information satisfactory to the Company
and the transfer agent, (ii) that each certificate evidencing Subscriber Shares
will contain a legend substantially as set forth in Section 6 of this
Agreement, and (7) that the foregoing restrictions apply to holders of
beneficial interests in the Subscriber Shares, as well as to record holders of
the Subscriber Shares.

(iv)          This subscription may be rejected in
whole only by NTBV and the Company in their discretion, at any time prior to
the Closing Date relating to such Subscriber’s subscription, notwithstanding
prior receipt by the Subscriber of notice of acceptance of Subscriber’s
subscription.

(v)           This subscription is and shall be
irrevocable, except that the Subscriber shall have no obligations hereunder in
the event that (1) this subscription is rejected

 

3

 

for any reason or (2) the
conditions set forth in Section 1(d) shall not have been satisfied by July 22,
2005.

(vi)          At Closing, no subscription, resale or
other transfer of the Subscriber Shares has been arranged, or will have been
arranged to return the Subscriber Shares to the U.S. securities markets or to a
U.S. citizen or resident.

(vii)         Subscriber acknowledges and agrees that
Company and its transfer agent will not be required to accept for registration
of transfer any Subscriber Shares by Subscriber, except upon presentation of
evidence satisfactory to Company and the transfer agent of compliance with the
restrictions set forth in this Agreement and the Stock Purchase Agreement.

(viii)        Subscriber acknowledges that NTBV, the
Company, the Company’s transfer agent and others will rely upon the truth and
accuracy of the foregoing acknowledgments, representations and agreements and
agrees that if any of the acknowledgments, representations or agreements deemed
to have been made by its purchase of the Subscriber Shares are no longer
accurate, it shall promptly notify NTBV and the Company.  If Subscriber is acquiring the Subscriber
Shares as a fiduciary or agent for one or more investor accounts, Subscriber
represents that it has sole investment discretion with respect to each such
account and it has full power to make the foregoing acknowledgments,
representations and agreements on behalf of each account; and that each such
investor account is eligible to purchase the Subscriber Shares, as applicable.

(ix)           Subscriber agrees that he, she or it
will give to each person to whom he, she or it transfers the Subscriber Shares
notice of any restrictions on transfer of such security.

(b)           No
Government Recommendation or Approval.  Subscriber
understands that no United States or foreign federal or state agency has passed
on or made any recommendation or endorsement of the Subscriber Shares.

(c)           SEC
Filings; Additional Information.  Subscriber
acknowledges that he, she or it has received copies of the Company’s most
recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange
Commission, the Company’s 2004 Annual Report of Stockholders, the Company’s
Proxy Statement for its 2005 Annual Meeting of Stockholders, all Quarterly
Reports on Form 10-Q filed subsequent to the Form 10-K and all Current Reports
on Form 8-K filed subsequent to the latest Form 10-Q, if any (collectively the “SEC
Filings”), and has carefully reviewed such SEC Filings.  The Company has made available to Subscriber
all documents and information that Subscriber has requested relating to an
investment in the Company.

(d)           Compliance
with Laws.  Subscriber has
satisfied himself, herself or itself as to the full observance of the laws of
its jurisdiction in connection with any invitation to subscribe for the
Subscriber Shares or any use of this Agreement, including (i) the legal
requirements within his, her or its jurisdiction for the purchase of the
Subscriber Shares, (ii) any foreign exchange restrictions applicable to such
purchase, (iii) any governmental or other consents that may need to be obtained
and (iv) the income tax and other tax consequences, if any, that may be
relevant to the purchase, holding, redemption, sale or transfer of the
Subscriber Shares.  Subscriber’s
subscription and payment for, and its continued ownership

 

4

 

of the Subscriber Shares, will not violate any
applicable securities or other laws of its jurisdiction.

(e)           Subscriber’s
Investigation.  Subscriber and
his, her or its representatives have been solely responsible for Subscriber’s
own due diligence investigation of the Company and its management and business,
for his, her or its own analysis of the merits and risks of this investment,
and for his, her or its own analysis of the fairness and desirability of the
terms of the investment.  Subscriber has
not relied on any representations or other information (whether oral or
written) from NTBV or the Company or any of its or their agents other than as
specifically set forth in the SEC Filings, and no oral or written
representations have been made or oral or written information furnished to the
undersigned or his, her or its advisors in connection with this Agreement which
were in any way inconsistent with the SEC Filings.  In taking any action or performing any role
relative to the arranging of the proposed investment, Subscriber has acted solely
in his, her or its own interest, and neither Subscriber nor any of his, her or
its representatives has acted as an agent of NTBV or the Company.  Subscriber has carefully considered and has,
to the extent Subscriber believes such discussion necessary, discussed with
his, her or its professional legal, tax and financial advisers the suitability
of an investment in the Company for the Subscriber’s particular tax and
financial situation and has determined that the Subscriber Shares are a
suitable investment for Subscriber. 
Subscriber recognizes that an investment in the Company involves certain risks, and Subscriber has
taken full cognizance of and understands all of the risk factors relating to
the Company and the Subscriber Shares, including, without limitation, those
discussed under “Risk Factors” in the SEC Filings.

(f)            No
Consents or Approvals.  No
consent, approval or authorization of or designation, declaration or filing
with any governmental authority on the part of Subscriber is required in connection
with the valid execution, delivery and performance of this Agreement.

(g)           Valid
Execution of Agreement.  This Agreement has been duly authorized,
validly executed and delivered by or on behalf of Subscriber, is a valid and
binding agreement in accordance with its terms, subject to general principles
of equity and to bankruptcy or other laws affecting the enforcement of
creditors’ rights generally.

3.             Company Representations and
Warranties. The Company represents and warrants to Subscriber as follows;

(a)           Reporting
Company Status.  The Company
is a “Reporting Issuer” as defined by Rule 902 of Regulation S.  The Company is in compliance, to the extent
applicable, with all reporting obligations under either Section 12(b), 12(g) or
15(d) of the U.S. Securities
Exchange Act of 1934, as amended (the “Exchange Act”).  The Company has registered its class of
common stock pursuant to Section 12 of the Exchange Act.

(b)           Offshore
Transaction; No Directed Selling Efforts.  The Company has not offered the securities
that are the subject of this Regulation S transaction to any person in the
United States, any identifiable groups of U.S. citizens abroad or to any “U.S.
Person” as that term is defined in Regulation S.  In regard to this Regulation S transaction,
the Company has not conducted any “directed selling efforts” as that term is
defined in Rule 902 of Regulation S nor has the Company conducted any general
solicitation relating to the offer and sale of the securities that are the
subject of this Regulation S transaction to persons resident within the United
States or elsewhere.

 

5

 

(c)           Valid
Authorization and Issuance.  The
Subscriber Shares when issued and delivered hereunder and the Stock Purchase
Agreement will be duly and validly authorized and issued, fully paid and
non-assessable.

(d)           Valid
Execution.  This Agreement has
been duly authorized, validly executed and delivered on behalf of the Company
and is a valid and binding agreement in accordance with its terms, subject to
general principles of equity and to bankruptcy or other laws affecting the
enforcement of creditors’ rights generally.

(e)           No Registration Rights.  The Company does not have any stockholders as
of the date hereof that have any rights with respect to Registration, as that
term is defined in Section 4(a)(ii) of this Agreement, of the NVT Stock.

4.             Registration Rights.

(a)           Definitions.  For purposes of this Section 4, the following
defined terms shall have the following meanings:

(i)            “Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended, or any successor United States
Federal statute, and the rules and regulations of the SEC promulgated under the
Exchange Act, as they each may, from time to time, be in effect.

(ii)           “Register,” “Registered” and “Registration”
mean a registration effected by preparing and filing a registration statement
in compliance with the Securities Act and applicable rules and regulations
thereunder, the filing of such registration statement with the SEC, and the
declaration or ordering of the effectiveness of such registration statement by
the SEC.

(iii)          “Registrable Shares” means the shares
of NVT Stock issued to Subscribers pursuant to the terms of this Agreement and
the Stock Purchase Agreement and any other shares of the Company’s common stock
or other securities issued in respect of such NVT Stock (because of stock
splits, stock dividends, reclassifications, recapitalizations, or similar
events); provided, however, that any shares of NVT Stock described herein that
have been resold to the public shall cease to be Registrable Shares.

(iv)          “Registration Expenses” means all
expenses incident to performance of this Section 4 by the Company including,
without limitation, all registration and filing fees, all listing fees, all
fees and expenses of complying with securities or “blue sky” laws, all printing
and automated document preparation expenses, all message and delivery expenses,
the fees and disbursements of counsel for the Company and of its individual
public accountants, including the expenses of any special audits required by or
incident to such performance and compliance.

(v)           “Registration Statement” means the
registration statement filed by the Company with the SEC pursuant to this
Section 4.

(vi)          “Securities Act” means the U.S.
Securities Act of 1933, as amended, or any successor United States Federal
statute, and the rules and regulations of the SEC

 

6

 

promulgated under the
Securities Act, as they each may, from time to time, be in effect.

(vii)         “SEC” means the United States
Securities and Exchange Commission.

(viii)        “Selling Stockholders” means the
Subscribers under this Agreement or any other person owning or having the right
to acquire Registrable Shares pursuant to this Section 4.

(b)           Required
Registration of Shares.  The
Company, for the benefit of the Subscriber and all other Subscribers who
receive Registrable Shares pursuant to this Agreement and the Stock Purchase
Agreement, will:

(i)            Prepare and use commercially
reasonable efforts to file a Registration Statement with the SEC under the
Securities Act on such form as the Company believes is necessary or appropriate
to register the Shares for resale by the Subscribers under the Securities Act.  The Registration Statement will be filed with
the SEC as soon as commercially practicable after August 6, 2005 (subject to
the provisions of Section 4(c)).  The
Company will use commercially reasonable efforts to cause such Registration
Statement to be declared effective by the SEC within three (3) months of the
initial filing date of the Registration Statement (subject to the provisions of
Section 4(c) and Section 5).

(ii)           Prepare and file with the SEC such
amendments and supplements to such Registration Statement and any prospectus
used in connection therewith as may be necessary to maintain the effectiveness
of such Registration Statement and to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Shares
included in such Registration Statement, in accordance with the intended
methods of disposition thereof, until the earlier of (a) such time as all of
the Registrable Shares included in such Registration Statement have been
disposed of in accordance with the intended methods of disposition by the
holder or holders thereof as set forth in such Registration Statement or (b)
180 days (or, if the filing was on a Form S-3 registration statement, 365 days)
after such Registration Statement becomes effective; provided, that, in the event of the holder of Registrable
Shares is required to discontinue such holder’s disposition of Registrable
Shares pursuant to Section 4(b)(vi) hereof, such 180-day (or 365-day, if
applicable) period shall be extended for such additional period as is equal to
the period during which such holders were required to discontinue such
disposition.

(iii)          Promptly notify each Selling
Stockholder and the underwriter(s), if any:

(A)          when such Registration Statement or
any prospectus used in connection therewith, or any amendment or supplement
thereto, has been filed and, with respect to such Registration Statement or any
post-effective amendment thereto, when the same has become effective;

(B)           when any written request by the SEC
for amendments or supplements to such Registration Statement or prospectus is
received by the Company;

 

7

 

(C)           when any notification from the SEC
regarding the SEC’s initiation of any proceeding with respect to, or of the
issuance by the SEC of, any stop order suspending the effectiveness of such
Registration Statement is received by the Company; and

(D)          when any notification with respect to
the suspension of the qualification of the Registrable Shares for sale under
the applicable securities or “blue sky” laws of any jurisdiction is received by
the Company.

(iv)          Furnish to each Selling Stockholder
included in such Registration Statement such number of conformed copies of such
Registration Statement and of each amendment and supplement thereto, and such
number of copies of the prospectus contained in such Registration Statement
(including each preliminary prospectus and any summary prospectus) and any such
other documents as the Selling Stockholders may reasonably request to
facilitate the disposition of its Registrable Shares.

(v)           Notify each Selling Stockholder at
any time when a prospectus relating thereto is required to be delivered under
the Securities Act, of the happening of any event as a result of which any
prospectus included in such Registration Statement, as then in effect, includes
an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading, and
at the request of any such Selling Stockholder promptly prepare and furnish to
such Selling Stockholder a reasonable number of copies of a supplement to or an
amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchaser of such Registrable Shares, such prospectus shall
not include an untrue statement of material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

(vi)          Upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 4(b)(v),
each Selling Stockholder will forthwith discontinue such Selling Stockholder’s
disposition of Registrable Securities pursuant to the Registration Statement
relating to such Registrable Securities until such Selling Stockholder receives
the copies of the supplemented or amended prospectus contemplated by Section
4(b)(v) and, if so directed by the Company, shall deliver to the Company all
copies, other than permanent file copies, then in such Selling Stockholder’s
possession of the prospectus relating to such Registrable Securities.

(c)           Limitations
on Obligation to Register. The Company shall not be obligated to
take any action to effect any such Registration on behalf of the Selling
Stockholders pursuant to Section 4(b) if the Company shall furnish to the
Selling Stockholders a certificate signed by the President of the Company stating
that in the good faith judgment of the Board of Directors of the Company it
would be seriously detrimental to the Company or its stockholders for a
Registration Statement to be filed or to become effective pursuant to Section
4(b) in the near future, in which case the Company’s obligation to use its
commercially reasonable efforts pursuant to Section 4(b) shall be deferred for
a period not to exceed 120 days from the date of such Registration Statement
was to be filed or become effective.

 

8

 

(d)           Underwriting.  In the event that a Registration
pursuant to this Section 4 is for a registered public offering involving a firm
commitment underwriting by an investment bank, the right of any Subscriber to
participate as a Selling Stockholder in the Registration pursuant to this
Section 4 shall be conditioned upon such Subscriber’s participation in the
underwriting arrangements as required by this Section 4(d), and the inclusion
of such Subscriber Shares in the underwriting shall be limited as provided
herein.  The Company and each Subscriber
shall enter into an underwriting agreement in customary form with such managing
underwriter(s) selected for such underwriting jointly by the Company and the
Subscribers.  Notwithstanding any other
provision of this Section 4, if the managing underwriter(s) advise(s) the
Company and the Selling Stockholders that marketing factors require a
limitation of the number of shares to be underwritten, then the number of
Shares that may be included in the Registration and underwriting shall be
allocated among all Selling Stockholders in proportion, as nearly as
practicable, to the respective amounts of securities held by such Selling
Stockholders at the time of filing the registration statement.  No Registrable Shares excluded from the
underwriting by reason of the underwriters’ marketing limitation shall be
included in such Registration. To facilitate the allocation of shares in
accordance with the above provisions, the Company or the underwriters may round
the number of shares allocated to any Selling Stockholder to the nearest 100
shares.  If any Selling Stockholder
disapproves of the terms of the underwriting, such person may elect to withdraw
therefrom by written notice to the Company and the managing underwriter.  The Registrable Shares so withdrawn shall be
withdrawn from registration, and such Registrable Shares shall not be
transferred in a public distribution prior to 180 days after the effective date
of such Registration, or such other shorter period of time as the underwriters
may require. The Company shall remain obligated pursuant to this Section 4 to
register for resale any Shares not included in a Registration Statement filed
pursuant to this Section 4.

(e)           Information
by Selling Stockholder.  It
shall be a condition precedent to the obligations of the Company to take any
action pursuant to this Section 4 that each Subscriber who wishes to
participate as a Selling Stockholder furnish to the Company such information
regarding himself, herself or itself, the Registrable Shares and the intended
method of disposition of such securities as shall be required, in the opinion
of the Company based on advice of its counsel, to effect the Registration of
such Registrable Shares; provided, however,
that as far in advance as practical before filing a Registration Statement or
any amendment thereto, the Company will furnish counsel for the Selling
Stockholder with copies of reasonably complete drafts of all such documents
proposed to be filed (including exhibits), and any such holder shall have the
opportunity to object to any information pertaining solely to such Selling
Stockholder that is contained therein and the Company will make the corrections
as reasonably requested by such Selling Stockholder with respect to such
information prior to filing such Registration Statement or amendment.

(f)            Registration
Expenses.  All Registration
Expenses incurred by the Company in complying with its obligation to Register
pursuant to this Section 4 shall by borne by the Company.  All underwriting discounts and selling
commissions, if any, all expenses of counsel and other advisors to the Selling
Stockholders, and all stock transfer taxes applicable to the Shares shall not
be deemed to be Registration Expenses and shall be paid by the Selling
Stockholders.

(g)           Indemnification
With Respect to Registration.

(i)            In the event of any Registration of
any of the Registrable Shares under the Securities Act pursuant to this
Agreement, each Selling Stockholder, severally and

 

9

 

not jointly, will
indemnify and hold harmless the Company, each of its directors and officers and
each underwriter (if any) and each person, if any, who controls the Company or
any such underwriter within the meaning of the Securities Act or the Exchange
Act, and any other Selling Stockholder or any such Selling Stockholder’s
partners, directors or officers and each person, if any, who controls such
Selling Stockholder within the meaning of the Securities Act and the Exchange
Act, against any losses, claims, damages or liabilities, joint or several
(collectively, the “Losses”), to which the Company, such directors and
officers, underwriter, other Selling Stockholder or controlling person may
become subject under the Securities Act, Exchange Act, state securities or “blue
sky” laws or otherwise, insofar as such Losses (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in any Registration Statement under which such
Registrable Shares were Registered under the Securities Act, any prospectus
contained in the Registration Statement, or any amendment or supplement to the
Registration Statement, or arise out of or are based upon any omission or
alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, and each such Selling
Stockholder will reimburse the Company for any legal or any other expenses reasonably
incurred by the Company in connection with investigating or defending any such
Loss if the statement or omission was made in reliance upon and in conformity
with information furnished to the Company by or on behalf of such Selling
Stockholder, specifically for use in connection with the preparation of such
Registration Statement, prospectus, amendment or supplement; provided, however, that the obligations of
such Selling Stockholders hereunder shall be limited to an amount equal to the
net proceeds received by each Selling Stockholder of Registrable Shares sold as
contemplated herein.

(ii)           The Company will, to the full extent
permitted by law, indemnify and hold harmless each Selling Stockholder or any
such Selling Stockholder’s partners, directors or officers and each person, if
any, who controls such Selling Stockholder within the meaning of the Securities
Act and the Exchange Act, against any and all Losses to which such Selling
Stockholder or controlling person may become subject under the Securities Act,
Exchange Act, state securities or “blue sky” laws or otherwise, insofar as such
Losses (or actions in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement under which such Registrable Shares were Registered
under the Securities Act, any prospectus contained in the Registration
Statement, or any amendment or supplement to the Registration Statement, or
arise out of or are based upon any omission or alleged omission to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and the Company will reimburse each Selling Stockholder
and each such Selling Stockholder’s partners, directors or officers and each
controlling person for any legal or any other expenses reasonably incurred by
them in connection with investigating or defending any such Loss (or action or
proceeding in respect thereof); provided,
however, that the Company will not be liable in any such case to the
extent that any such Losses arise out of or are based upon (A) an untrue
statement or alleged untrue statement or omission or alleged omission made in
conformity with written information furnished by such Selling Stockholder specifically
for use in the preparation of the Registration Statement or (B) such Selling
Stockholder’s failure to send or give a copy of the final prospectus to the
persons asserting an untrue

 

10

 

statement or alleged
untrue statement or omission or alleged omission at or prior to the written
confirmation of the sale of Registrable Securities to such person if such
statement or omission was corrected in such final prospectus.

(iii)          To the extent the any party is entitled
to indemnification pursuant to this Section 4(g) (the “Indemnified Party”), it
shall give notice to the indemnifying party (the “Indemnifying Party”) promptly
after such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the
defense of any such claim or any litigation resulting therefrom; provided, that
counsel for the Indemnifying Party, who shall conduct the defense of such claim
or litigation, shall be approved by the Indemnified Party (whose approval shall
not be unreasonably withheld); and, provided, further, that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations pursuant to this Agreement, except to the
extent that the Indemnifying Party’s ability to defend against such claim or
litigation is impaired as a result of such failure to give notice.  The Indemnified Party may participate in such
defense at such party’s expense; provided, however, that the Indemnifying Party
shall pay such expense if representation of such Indemnified Party by the
counsel retained by the Indemnifying Party would be inappropriate due to actual
or potential differing interests between the Indemnified Party and any other
party represented by such counsel in such proceeding.  No Indemnifying Party in the defense of any
such claim or litigation shall, except with the consent of each Indemnified
Party, consent to entry of any judgment or enter into any settlement that does
not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect
of such claim or litigation, and no Indemnified Party shall consent to entry of
any judgment or settle such claim or litigation without the prior written
consent of the Indemnifying Party.  Each
Indemnified Party shall furnish such information regarding itself or the claim
in question as an Indemnifying Party may reasonably request in writing and as
shall be reasonably required in connection with the defense of such claim and
litigation resulting therefrom.

(iv)          In order to provide for just and
equitable contribution in circumstances in which the indemnification provided
for in this Section 4(g) is due in accordance with its terms but for any reason
is held to be unavailable to an Indemnified Party in respect to any losses,
claims, damages and liabilities referred to herein, then the Indemnifying Party
shall, in lieu of indemnifying such Indemnified Party, contribute to the amount
paid or payable by such Indemnified Party as a result of such losses, claims,
damages or liabilities to which such party may be subject in proportion as is
appropriate to reflect the relative fault of the Indemnifying Party on the one
hand and the Indemnified Party on the other hand in connection with the
statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations.  The relative fault of the Indemnifying Party
and the Indemnified Party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of material fact related
to information supplied by the Indemnifying Party or the Indemnified Party and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. 
The Company and the Selling Stockholder agree that it would not be just
and equitable if contribution pursuant to this Section 4(g) were determined by
pro rata allocation or by any other method of allocation that does not take
account

 

11

 

of the equitable
considerations referred to above.  Any
party entitled to contribution will, promptly after receipt of notice of
commencement of any action, suit or proceeding against such party or parties
pursuant to this Section 4(g)(iv), notify such party or parties from whom such
contribution may be sought, but the omission so to notify such party or parties
from contribution may be sought shall not relieve such party from any other
obligation it or they may have thereunder or otherwise pursuant to this Section
4(g)(iv).  No party shall be liable for
contribution with respect to any action, suit, proceeding or claim settled
without its prior written consent, which consent shall not be unreasonably
withheld.

5.             Market
Standoff Agreement

The Subscriber hereby
agrees, and any subsequent permitted transferee of the Subscriber Shares must
agree in writing prior to any sale or other transfer of the Subscriber Shares
by the Subscriber, that, so long as such Subscriber holds at least 5% of the
Company’s outstanding voting equity securities, during the period of one
hundred eighty (180) days following the effective date of a Registration
Statement of the Company filed under the Securities Act or other applicable law
or regulation in connection with an underwritten offering of securities by the
Company, Subscriber or such subsequent permitted transferee of the Subscriber
Shares shall not, to the extent requested by the Company and such underwriter,
sell or otherwise transfer or dispose of (other than to donees or partners who
agree to be similarly bound) any Subscriber Shares; provided, however, that all other persons with registration
rights (whether or not pursuant to this Agreement) and all of the executive
officers and directors who own NVT Stock must also agree to not less onerous
restrictions.  In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with
respect to the Subscriber Shares until the end of such period and include an
appropriate legend on certificates representing the Subscriber Shares.

6.             Certificates;
Legends; Transfer Procedures

(a)           Certificates;
Legends.

(i)            Each share
certificate constituting the Subscriber Shares issued and sold pursuant to this
Agreement and the Stock Purchase Agreement and any share certificate issued in
replacement thereof shall be stamped or otherwise imprinted with the legends in
substantially the form below and transfer restrictions of like effect will be
provided by the Company to the Company’s transfer agent, and each Subscriber
acknowledges and agrees to such legends, transfer agent instructions and
transfer restrictions, on behalf of such Subscriber and each subsequent
permitted transferee of such Subscriber:

THE SECURITIES EVIDENCED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES LAWS, AND MAY NOT BE
OFFERED, REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, WITHIN THE UNITED
STATES OR TO OR FOR THE ACCOUNT OF U.S. PERSONS UNLESS THE TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT OR PURSUANT TO

 

12

 

AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF AGREES THAT IT WILL NOT OFFER, REOFFER, SELL, ASSIGN,
TRANSFER, PLEDGE, ENCUMBER OR OTHERWISE DISPOSE OF OR DISTRIBUTE DIRECTLY OR
INDIRECTLY THESE SECURITIES IN THE UNITED STATES, ITS TERRITORIES, POSSESSIONS,
OR AREAS SUBJECT TO ITS JURISDICTION, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A
U.S. PERSON EXCEPT (A) TO THE COMPANY OR A SUBSIDIARY OF THE COMPANY, (B) IN
CONJUNCTION WITH AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT, (C) IN COMPLIANCE WITH AN EXEMPTION FROM REGISTRATION UNDER
THE ACT OR (D) IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, INCLUDING
RULES 904 AND 905 THEREOF. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF
FURTHER AGREES THAT ANY HEDGING TRANSACTIONS INVOLVING THE SECURITIES WILL BE
CONDUCTED IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT AND AGREES
THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY, THE
TRANSFER AGENT, AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER, IN EACH OF THE FOREGOING CASES, TO REQUIRE DELIVERY OF A
CERTIFICATION OF TRANSFER AND OPINION OF COUNSEL IN FORM SATISFACTORY TO THEM.
AS USED HEREIN, THE TERMS “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS
GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

(ii)           In addition to the legend as set
forth in Section 6(a)(i) above, each share certificate constituting the
Subscriber Shares issued and sold to a Key Employee pursuant to this Agreement
and the Stock Purchase Agreement and any share certificate issued in
replacement thereof shall be stamped or otherwise imprinted with the legend in
substantially the form below and transfer restrictions of like effect will be
provided by the Company to the Company’s transfer agent:

THE SECURITIES EVIDENCED
HEREBY ARE FURTHER SUBJECT TO CERTAIN RESTRICTIONS AS CONTAINED IN THAT CERTAIN
STOCK PURCHASE AGREEMENT DATED AS OF JULY 8, 2005, BY AND AMONG NAVTEQ B.V.,
NAVTEQ CORPORATION, PICTURE MAP INTERNATIONAL CO., LTD AND ALL OF THE
SHAREHOLDERS OF PICTURE MAP INTERNATIONAL CO., LTD.  A COPY OF THIS AGREEMENT IS AVAILABLE UPON
WRITTEN REQUEST MADE TO THE SECRETARY OF NAVTEQ CORPORATION.

(b)           Notice
of the Proposed Transfer; Opinion of Counsel.  The Subscriber holding share certificates
bearing the restrictive legends set forth in Section 6(a) above and any

 

13

 

subsequent permitted transferee of such certificates
acknowledges and agrees that prior to any transfer or attempted transfer of the
shares represented by such certificates such Subscriber or subsequent permitted
transferee will give to the Company (a) written notice describing the manner or
circumstances of such transfer or proposed transfer, and (b) an opinion of
counsel, in form and substance satisfactory to the Company, to the effect that
the proposed transfer of such shares may be effected without registration of
such shares under the Securities Act. 
Except to the extent required by the Company’s transfer agent, the
requirements for an opinion of counsel imposed by this Section 6(b) upon the
transferability of any particular shares shall not apply when such shares are
sold pursuant to an effective Registration
Statement under the Securities Act. 
As used in this Section 6(b), the term “transfer” encompasses any sale,
transfer or other disposition of any Shares referred to herein.

(c)           Continuing
Effect of Lock-Up. 
Notwithstanding any registration of the Registrable Shares for resale by
the Selling Stockholders pursuant to Section 4 or the availability of any
exemption from the registration requirements of the Securities Act that would
otherwise permit sale of the Registrable Shares by the Subscriber, the Key
Employees of PMI shall not offer to sell, sell, contract to sell, pledge or
otherwise transfer or dispose of, directly or indirectly, the Registrable
Shares held by such Key Employees in accordance with Section 4.4 of the Stock
Purchase Agreement until November 1, 2006 other than in accordance with such Section
4.4.

7.             Miscellaneous

(a)           Entire
Agreement.  This Agreement,
the Stock Purchase Agreement and the agreements referred to in or contemplated
by this Agreement and the Stock Purchase Agreement constitute the entire
understanding and agreement among the parties and supersede any and all prior
or contemporaneous, oral or written, representations, communications,
understandings and agreements among the parties with respect to the subject
matter hereof or thereof to the extent inconsistent with or contradictory to
this Agreement, the Stock Purchase Agreement or such other agreements.

(b)           Survival
of Representations and Warranties. 
The representations and warranties of Subscriber contained herein are
true and correct as of the date hereof and as of the Closing Date.  If such representations and warranties are
not true and correct in any respect as of any date, the undersigned will
provide prompt written notice to the Company, specifying which representations
and warranties are not true and correct. 
The representations, warranties and agreements made by the Subscriber
herein shall survive the execution of this Agreement and the closing of the
transactions contemplated by this Agreement and the Stock Purchase Agreement.

(c)           Amendment.  The Company shall not amend this Agreement
without the written consent of the holders of more than 50% of the Registrable
Securities then outstanding.

(d)           Assignment.  Neither this Agreement nor any right or
obligation hereunder may be assigned by the Subscriber without the prior
written consent of the Company, and any attempted assignment without the
required consents shall be void, except to an Affiliate of the Subscriber
without limitation.  “Affiliate” means
any person that directly or indirectly controls or is controlled by, or is
under common control with, another specified person.

 

14

 

(e)           Governing
Law.  This Agreement and all
disputes arising out of or in connection with this Agreement shall be governed
by, interpreted under, and construed and enforceable in accordance with, the
laws of the State of New York, U.S.A., without giving effect to conflict of law
principles.

(f)            Jurisdiction.  Any dispute, controversy or differ­ence
arising between the Subscriber and the Company out of or in relation to this
Agreement or for the breach thereof shall be resolved exclusively by the
federal district courts sitting in New York City, New York, U.S.A.

(g)           Severability.  Whenever possible, each provision of this
Agreement shall be interpreted in such a manner as to be effective and valid
under applicable law but if any provision of this Agreement is held to be
invalid, illegal or unenforceable under any applicable law or rule, the
validity, legality and enforceability of the other provision of this Agreement
will not be affected or impaired thereby.

(h)           Notices.
All notices, demands, requests, consents or other communi­cations hereunder
shall be in writing and shall be given by personal delivery, by express
courier, by registered or certified mail with return receipt requested, or by
telex or facsimile, to the receiving party at the address shown below, or to
such other address as may be designated by written notice given by any party to
the other parties.  Unless conclusively
proved otherwise, all notices, demands, requests, consents or other
communications hereunder shall be deemed effective upon delivery if personally
delivered, five (5) days after dispatch if sent by express courier, ten (10)
days after dispatch if sent by registered or certified mail with return receipt
requested, or confirmation of the receipt of the facsimile by the recipient if
sent by telex or facsimile.

(i)            Captions.  The section headings and captions contained
herein are for purposes of reference and convenience only and shall not in any
way affect the meaning or interpretation of this Agreement.

(j)            Confidentiality.  No party to this Agreement shall disclose,
disseminate or cause to be disclosed the terms and conditions of this
Agreement, except insofar as disclosure is reasonably necessary to carry out
and effectuate the terms of this Agreement, and insofar as any party is
required by law or regulation.

(k)           Language.  The English language shall be the language
used for the interpretation of this Agreement.

 

[Signature Page Follows]

 

15

 

SIGNATURE PAGE

NAVTEQ CORPORATION

SUBSCRIPTION AND
REGISTRATION RIGHTS AGREEMENT

IN WITNESS WHEREOF, the
undersigned Subscriber has executed this Agreement on the date indicated below.

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name and address

  	
   

  	
   

  	
   

  
	
  of Subscriber

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Type of Entity

  	
   

  	
   

  	
   

  
	
  (if Subscriber is

  	
   

  	
   

  	
   

  
	
  not an individual):

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Number of Shares

  	
   

  	
   

  	
   

  
	
  And Purchase Price:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  	
   

  
	
  (individuals):

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature and

  	
   

  	
   

  	
   

  
	
  Title of Authorized

  	
   

  	
   

  	
   

  
	
  Signatory (if

  	
   

  	
   

  	
   

  
	
  Subscriber is an

  	
   

  	
   

  	
   

  
	
  Entity):

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

	
  NAVTEQ
  Corporation

  	
   

  
	
   

  	
   

  
	
  Subscription Accepted on July 8, 2005

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  
			

 

 

 

EXHIBIT 1(b)

Korea
Investment Securities Co., Ltd.

Dongwon
Securities Building, 11th Floor

34-7,
Yeouido-dong, Youngdeungpo-gu

Seoul,
150-747, Korea

Attention:
Mr. K. H. Kim, International Department

Tel:
(82-2) 768-5510

 

2

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