Document:

exv10w8

Exhibit 10.8

 

NISSAN AUTO LEASING LLC II,

as Depositor,

and

NISSAN AUTO LEASE TRUST 2011-B,

as Transferee

 

TRUST SUBI CERTIFICATE

TRANSFER AGREEMENT

Dated as of September 28, 2011

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ONE DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	2	 
	Section 1.02 Interpretive Provisions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE TWO TRANSFER OF 2011-B SUBI CERTIFICATE
	 	 	3	 
	 
	 	 	 	 
	Section 2.01 Transfer of 2011-B SUBI Certificate
	 	 	3	 
	Section 2.02 True Sale
	 	 	3	 
	Section 2.03 Representations and Warranties of the Depositor and the Transferee
	 	 	4	 
	Section 2.04 Financing Statement and Books and Records
	 	 	7	 
	Section 2.05 Acceptance by the Transferee
	 	 	7	 
	Section 2.06 Release of Claims
	 	 	7	 
	 
	 	 	 	 
	ARTICLE
THREE MISCELLANEOUS
	 	 	7	 
	 
	 	 	 	 
	Section 3.01 Amendment
	 	 	7	 
	Section 3.02 Governing Law
	 	 	8	 
	Section 3.03 Severability
	 	 	9	 
	Section 3.04 Binding Effect
	 	 	9	 
	Section 3.05 Headings
	 	 	9	 
	Section 3.06 Counterparts
	 	 	9	 
	Section 3.07 Further Assurances
	 	 	9	 
	Section 3.08 Third-Party Beneficiaries
	 	 	9	 
	Section 3.09 No Petition
	 	 	9	 
	Section 3.10 Limitation of Liability of Owner Trustee
	 	 	10	 
	 
	 	 	 	 
	SCHEDULE
	 	 	 	 
	Schedule I Perfection Representations, Warranties And Covenants
	 	 	 	 

-i-

 

TRUST SUBI CERTIFICATE TRANSFER AGREEMENT

     This Trust SUBI Certificate Transfer Agreement, dated as of September 28, 2011 (as amended,
supplemented or otherwise modified from time to time, this “Agreement”), is between Nissan
Auto Leasing LLC II, a Delaware limited liability company (“NALL II”), as depositor (the
“Depositor”), and Nissan Auto Lease Trust 2011-B, a Delaware statutory trust (the
“Issuing Entity”), as transferee (in such capacity, the “Transferee”).

RECITALS

     A. Nissan-Infiniti LT (the “Titling Trust”) is a Delaware statutory trust governed by
the Amended and Restated Trust and Servicing Agreement, dated as of August 26, 1998 (the
“Titling Trust Agreement”), among NILT Trust, a Delaware statutory trust (“NILT
Trust”), as grantor and initial beneficiary (in such capacity, the “Grantor” and the
“UTI Beneficiary”, respectively), Nissan Motor Acceptance Corporation, a California
corporation (“NMAC”), as servicer (the “Servicer”), Wilmington Trust Company, a
Delaware corporation with trust powers, as Delaware trustee (the “Delaware Trustee”), NILT,
Inc., a Delaware corporation, as trustee (the “Titling Trustee”), and U.S. Bank National
Association, a national banking association (“U.S. Bank”), as trust agent (the “Trust
Agent”);

     B. Pursuant to the Titling Trust Agreement, the purposes of the Titling Trust include taking
assignments and conveyances of and holding in trust various assets (the “Trust Assets”);

     C. The Grantor, the UTI Beneficiary, the Servicer, the Titling Trustee, the Delaware Trustee
and the Trust Agent are entering into the 2011-B SUBI Supplement, dated as of September 28, 2011
(the “2011-B SUBI Supplement”, and together with the Titling Trust Agreement, the “SUBI
Trust Agreement”), to (i) establish a special unit of beneficial interest (the “2011-B
SUBI”), and (ii) identify and allocate certain Trust Assets to the 2011-B SUBI;

     D. Pursuant to the SUBI Trust Agreement a separate portfolio of leases (the “2011-B
Leases”), the vehicles that are leased under the 2011-B Leases (the “2011-B Vehicles”),
and certain other related Trust Assets have been allocated to the 2011-B SUBI;

     E. The Titling Trust has issued a certificate evidencing a 100% beneficial interest in the
2011-B SUBI (the “2011-B SUBI Certificate”) to NILT Trust;

     F. NILT Trust has transferred and assigned, without recourse, all of its right, title, and
interest in and to the 2011-B SUBI Certificate to the Depositor pursuant to the SUBI Certificate
Transfer Agreement, dated as of September 28, 2011 (the “SUBI Certificate Transfer
Agreement”), between NILT Trust and the Depositor;

     G. The Issuing Entity was formed pursuant to a trust agreement, dated as of August 31, 2011,
as amended and restated by the amended and restated trust agreement, dated as of September 28, 2011
(the “Trust Agreement”), each, between the Depositor and Wilmington Trust, National
Association, a national banking association with trust powers, as owner trustee (the “Owner
Trustee”);

 

 

     H. The Depositor and the Transferee desire to provide for the sale, transfer and assignment by
the Depositor to the Transferee, without recourse, of all of the Depositor’s right, title and
interest in and to the 2011-B SUBI Certificate; and

     I. Immediately after the transfer and assignments of the 2011-B SUBI Certificate to the
Transferee, the Transferee shall pledge the 2011-B SUBI Certificate to U.S. Bank National
Association, as indenture trustee (the “Indenture Trustee”), pursuant to an indenture,
dated as of September 28, 2011 (the “Indenture”), between the Issuing Entity and the
Indenture Trustee.

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

ARTICLE ONE

DEFINITIONS

     Section 1.01 Definitions. Capitalized terms used herein that are not otherwise
defined shall have the respective meanings ascribed thereto in the Agreement of Definitions, dated
as of September 28, 2011, by and among the Issuing Entity, as issuer, NILT Trust, as Grantor and
UTI Beneficiary, the Titling Trust, NMAC, in its individual capacity, as Servicer and as
administrative agent (in such capacity, the “Administrative Agent”), NALL II, the Titling
Trustee, the Delaware Trustee, the Owner Trustee, the Trust Agent and the Indenture Trustee.

     Section 1.02 Interpretive Provisions. For all purposes of this Agreement, except as
otherwise expressly provided or unless the context otherwise requires, (i) terms used herein
include, as appropriate, all genders and the plural as well as the singular, (ii) references to
words such as “herein,” “hereof” and the like shall refer to this Agreement as a whole and not to
any particular part, Article or Section within this Agreement, (iii) references to an Article or
Section such as “Article One” or “Section 1.01” shall refer to the applicable Article or
Section of this Agreement, (iv) the term “include” and all variations thereof shall mean “include
without limitation,” (v) the term “or” shall include “and/or,” (vi) the term “proceeds” shall have
the meaning ascribed to such term in the UCC, (vii) references to Persons include their permitted
successors and assigns, (viii) references to agreements and other contractual instruments include
all subsequent amendments, amendments and restatements and supplements thereto or changes therein
entered into in accordance with their respective terms and not prohibited by this Agreement, except
that references to the SUBI Trust Agreement include only such items as related to the 2011-B SUBI
and the Titling Trust, (ix) references to laws include their amendments and supplements, the rules
and regulations thereunder and any successors thereto, (x) references to this Agreement include all
Exhibits hereto, (xi) the phrase “Titling Trustee on behalf of the Trust,” or words of similar
import, shall, to the extent required to effectuate the appointment of any Co-Trustee pursuant to
the Titling Trust Agreement, be deemed to refer to the Trustee (or such Co-Trustee) on behalf of
the Titling Trust, and (xii) in the computation of a period of time from a specified date to a
later specified date, the word “from” shall mean “from and including” and the words “to” and
“until” shall mean “to but excluding.”

(NALT 2011-B Trust SUBI Certificate Transfer Agreement)

2

 

ARTICLE TWO

TRANSFER OF 2011-B SUBI CERTIFICATE

     Section 2.01 Transfer of 2011-B SUBI Certificate. In consideration of the
Transferee’s delivery to, or upon the order of, the Depositor of the Notes and the Trust
Certificate, (the “Transfer Price”) the Depositor hereby absolutely sells, transfers, assigns and
otherwise conveys to the Transferee, without recourse, and the Transferee does hereby purchase and
acquire, as of the date set forth above, all of the Depositor’s right, title and interest in and to
the following (collectively, the “Assets”):

     (i) the 2011-B SUBI Certificate and the interest in the 2011-B SUBI represented
thereby, including all monies due and paid or to become due and paid or payable thereon or
in respect thereof after the Cutoff Date;

     (ii) all of the Depositor’s rights and benefits as holder of the 2011-B SUBI
Certificate under the Servicing Agreement and the SUBI Trust Agreement;

     (iii) the right to realize upon any property that underlies or may be deemed to secure
the interest in the 2011-B SUBI represented by the 2011-B SUBI Certificate, as granted in
the 2011-B SUBI Supplement and in the 2011-B SUBI Certificate;

     (iv) all general intangibles, chattel paper, instruments, documents, money, deposit
accounts, certificates of deposit, securities accounts, investment property, financial
assets, goods, letters of credit, letters of credit rights, advices of credit and
uncertificated securities, and other property consisting of, arising from, or relating or
credited to the foregoing;

     (v) all rights of the Depositor under the SUBI Certificate Transfer Agreement; and

     (vi) all cash and non-cash proceeds of all of the foregoing.

     Section 2.02 True Sale. The parties hereto intend that the sale, transfer, and
assignment of the Assets constitutes a true sale and assignment of the Assets such that any
interest in and title to the Assets would not be property of the Depositor’s estate in the event
that the Depositor becomes a debtor in a case under any bankruptcy law. To the extent that the
conveyance of the Assets hereunder is characterized by a court or similar governmental authority as
a financing (i), it is intended by the Depositor and the Transferee that the interest conveyed
constitutes a grant of a security interest under the UCC as in effect in the State of Delaware by
the Depositor to the Transferee to secure the Transfer Price to the Depositor, which security
interest shall be perfected and of a first priority, (ii) the Depositor hereby grants to the
Transferee a security interest in all of its right, title, and privilege and interest in and to the
Assets and the parties hereto agree that this Agreement constitutes a “security agreement” under
all applicable laws, and (iii) the possession by the Transferee or its agent of the 2011-B SUBI
Certificate shall be deemed to be “possession by the secured party” or possession by the purchaser
or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant
to the New York UCC and the UCC of any other applicable jurisdiction.

(NALT 2011-B Trust SUBI Certificate Transfer Agreement)

3

 

     Section 2.03 Representations and Warranties of the Depositor and the Transferee.

     (a) The Depositor hereby represents and warrants to the Transferee as of the date of this
Agreement and the Closing Date that:

     (i) Organization and Good Standing. The Depositor is a limited liability
company duly formed, validly existing, and in good standing under the laws of the State of
Delaware, and has the power and the authority to own its properties and to conduct its
business as such properties are currently owned and such business is presently conducted,
and had at all relevant times, and shall have, the power, the authority, and the legal right
to acquire, own, and sell the Assets.

     (ii) Due Qualification. The Depositor is duly qualified to do business as a
foreign limited liability company in good standing, and has obtained all necessary licenses
and approvals in all jurisdictions in which the ownership or lease of property or the
conduct of its business shall require such qualifications, except where the failure to have
any such license, approval, or qualification would not have a Material Adverse Effect on the
condition, financial or otherwise, of the Depositor or would not have a Material Adverse
Effect on the ability of the Depositor to perform its obligations under this Agreement.

     (iii) Power and Authority. The Depositor has the power and the authority to
execute and deliver this Agreement and to carry out its terms; and the execution, delivery
and performance of this Agreement has been duly authorized by the Depositor by all necessary
action.

     (iv) Binding Obligation. This Agreement constitutes a legal, valid, and
binding obligation of the Depositor, enforceable against it in accordance with its terms,
except as enforceability may be subject to or limited by bankruptcy, insolvency,
reorganization, moratorium, liquidation, or other similar laws affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of whether such
enforceability shall be considered in a proceeding in equity or at law.

     (v) No Violation. The execution, delivery, and performance by the Depositor of
this Agreement, the consummation of the transactions contemplated by this Agreement, and the
fulfillment of the terms hereof shall not (A) conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time) a
default under, the limited liability company agreement of the Depositor, (B) conflict with
or breach any of the material terms or provisions of, or constitute (with or without notice
or lapse of time) a default under, any indenture, agreement or other instrument to which the
Depositor is a party or by which it may be bound or any of its properties are subject, (C)
result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any material indenture, agreement, or other instrument (other than as permitted by
the Basic Documents), (D) violate any law or, to the knowledge of the Depositor, any order,
rule or regulation applicable to it or its properties, or (E) contravene, violate, or result
in a default under any judgment, injunction, order, decree, or other instrument of any court
or of any federal or state regulatory body,

(NALT 2011-B Trust SUBI Certificate Transfer Agreement)

4

 

administrative agency, or other governmental instrumentality having jurisdiction over
the Depositor or any of its properties, except to the extent that such contravention,
violation, or default would not be likely to have a Material Adverse Effect.

     (vi) No Proceedings. There are no proceedings in which the Depositor has been
served or, to the knowledge of the Depositor, proceedings or investigations that are pending
or threatened, in each case against the Depositor, before any court, regulatory body,
administrative agency or other tribunal, or governmental instrumentality (A) asserting the
invalidity of this Agreement, (B) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement or any other Basic Document or (C) seeking any
determination or ruling that, in the reasonable judgment of the Depositor, would materially
and adversely affect the performance by the Depositor of its obligations under this
Agreement.

     (vii) Title to 2011-B SUBI Certificate. Immediately prior to the transfer of
the 2011-B SUBI Certificate pursuant to this Agreement, the Depositor (A) is the true and
lawful owner of the 2011-B SUBI Certificate and has the legal right to transfer the 2011-B
SUBI Certificate, (B) has good and valid title to the 2011-B SUBI Certificate and the 2011-B
SUBI Certificate is on the date hereof free and clear of all Liens, and (C) will convey
good, valid, and indefeasible title to the 2011-B SUBI Certificate to the Transferee under
this Agreement.

     (b) Perfection Representations. The representations, warranties and covenants set
forth on Schedule I hereto shall be a part of this Agreement for all purposes.
Notwithstanding any other provision of this Agreement or any other Basic Document, the perfection
representations contained in Schedule I shall be continuing, and remain in full force and
effect until such time as all obligations under the Indenture have been finally and fully paid and
performed. The parties to this Agreement: (i) shall not waive any of the perfection
representations contained in Schedule I, (ii) shall provide the Rating Agencies with prompt
written notice of any breach of perfection representations contained in Schedule I, and
(iii) shall not waive a breach of any of the perfection representations contained in Schedule
I.

     (c) The Transferee hereby represents and warrants to the Depositor as of the date of this
Agreement and the Closing Date that:

     (i) Organization and Good Standing. The Transferee is a statutory trust duly
formed, validly existing, and in good standing under the laws of the State of Delaware, and
has the power and the authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted, and had at all
relevant times, and shall have, the power, the authority and the legal right to acquire, own
and sell the Assets.

     (ii) Due Qualification. The Transferee is duly qualified to do business as a
foreign trust in good standing, and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of property or the conduct of its business
shall require such qualifications, except where the failure to have any such license,
approval, or qualification would not have a Material Adverse Effect on the Transferee.

(NALT 2011-B Trust SUBI Certificate Transfer Agreement)

5

 

     (iii) Power and Authority. The Transferee has the power and the authority to
execute and deliver this Agreement and to carry out its terms; and the execution, delivery
and performance of this Agreement has been duly authorized by the Transferee by all
necessary action.

     (iv) Binding Obligation. This Agreement constitutes a legal, valid, and
binding obligation of the Transferee, enforceable against it in accordance with its terms,
except as enforceability may be subject to or limited by bankruptcy, insolvency,
reorganization, moratorium, liquidation, or other similar laws affecting the enforcement of
creditors’ rights in general and by general principles of equity, regardless of whether such
enforceability shall be considered in a proceeding in equity or at law.

     (v) No Violation. The execution, delivery, and performance of this Agreement
by the Transferee and the consummation of the transactions contemplated by this Agreement
and the fulfillment of the terms hereof do not (A) conflict with, result in any breach of
any of the terms and provisions of, or constitute (with or without notice or lapse of time)
a default under, the Trust Agreement, (B) conflict with or breach any of the material terms
or provisions of, or constitute (with or without notice or lapse of time) a default under,
any indenture, agreement or other instrument to which the Transferee is a party or by which
it may be bound or any of its properties are subject, (C) result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any material
indenture, agreement or other instrument (other than as permitted by the Basic Documents),
(D) violate any law or, to the knowledge of the Transferee, any order, rule or regulation
applicable to it or its properties, or (E) contravene, violate, or result in a default under
any judgment, injunction, order, decree, or other instrument of any court or of any federal
or state regulatory body, administrative agency, or other governmental instrumentality
having jurisdiction over the Transferee or any of its properties, except to the extent that
such contravention, violation, or default would not be likely to have a Material Adverse
Effect.

     (vi) No Proceedings. There are no proceedings in which the Transferee has been
served or, to the knowledge of the Transferee, proceedings or investigations that are
pending or threatened, in each case against the Transferee, before any court, regulatory
body, administrative agency or other tribunal or governmental instrumentality (A) asserting
the invalidity of this Agreement, (B) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement, or (C) seeking any determination or ruling
that, in the reasonable judgment of the Transferee, would materially and adversely affect
the performance by the Transferee of its obligations under this Agreement.

     (d) The representations and warranties set forth in this Section shall survive the sale of the
Assets by the Depositor to the Transferee and the pledge and grant of a security interest in the
Assets by the Transferee to the Indenture Trustee (for the benefit of the Noteholders) pursuant to
the Indenture. Upon discovery by the Depositor, the Transferee or the Indenture Trustee of a breach
of any of the foregoing representations and warranties, the party discovering such breach shall
give prompt written notice to the others.

(NALT 2011-B Trust SUBI Certificate Transfer Agreement)

6

 

     Section 2.04 Financing Statement and Books and Records.

     (a) In connection with the conveyance of the Assets hereunder, the Depositor agrees that on or
prior to the Closing Date it will deliver to or at the direction of the Transferee, with all
requisite endorsements, the 2011-B SUBI Certificate and will file on or within ten days after the
Closing Date, at its own expense, one or more financing statements with respect to the Assets
meeting the requirements of applicable state law in such manner as necessary to perfect, preserve,
maintain and protect the interest of the Transferee in the Assets, and the proceeds thereof to the
Depositor (and any continuation statements as are required by applicable state law), and to deliver
a file-stamped copy of each such financing statement (or continuation statement) or other evidence
of such filings (which may, for purposes of this Section 2.04, consist of telephone
confirmation of such filings with the file stamped copy of each such filing to be provided to the
Transferee in due course), as soon as is practicable after receipt by the Depositor thereof.

     (b) The Depositor further agrees that it will, take no actions inconsistent with the
Transferee’s ownership of the Assets and on or prior to the Closing Date indicate on its books,
records and statements that the Assets have been sold to the Transferee.

     Section 2.05 Acceptance by the Transferee. The Transferee agrees to comply with all
covenants and restrictions applicable to a Holder of the 2011-B SUBI Certificate and the interest
in the 2011-B SUBI represented thereby, whether set forth in the 2011-B SUBI Certificate, in the
SUBI Trust Agreement or otherwise, and assumes all obligations and liabilities, if any, associated
therewith.

     Section 2.06 Release of Claims. Pursuant to Section 3.04(b) of the Titling
Trust Agreement (as amended by Section 12.07 of the 2011-B SUBI Supplement) and
Section 12.02(b) of the 2011-B SUBI Supplement, the Transferee hereby covenants and agrees
for the express benefit of each holder from time to time of a UTI Certificate and any other SUBI
Certificate that the Transferee shall release all claims to the UTI Assets and the related Other
SUBI Assets, respectively, and, in the event such release is not given effect, to subordinate fully
all claims it may be deemed to have against the UTI Assets or such Other SUBI Assets, as the case
may be.

ARTICLE THREE

MISCELLANEOUS

     Section 3.01 Amendment.

     (a) Any term or provision of this Agreement may be amended by the parties hereto, without the
consent of any other Person; provided that (i) either (A) any amendment that materially and
adversely affects the interests of the Noteholders shall require the consent of Noteholders
evidencing not less than a Majority Interest of the Notes voting together as a single class, or (B)
such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor delivered to
the Indenture Trustee, materially and adversely affect the interests of the Noteholders, and (ii)
any amendment that adversely affects the interests of the Trust

(NALT 2011-B Trust SUBI Certificate Transfer Agreement)

7

 

Certificateholder, the Indenture Trustee or the Owner Trustee shall require the prior written
consent of each Person whose interests are adversely affected. An amendment shall be deemed not to
materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is
satisfied with respect to such amendment and the Officer’s Certificate described in the preceding
sentence is provided to the Indenture Trustee. The consent of the Trust Certificateholder or the
Owner Trustee shall be deemed to have been given if the Depositor does not receive a written
objection from such Person within 10 Business Days after a written request for such consent shall
have been given. The Indenture Trustee may, but shall not be obligated to, enter into or consent
to any such amendment that affects the Indenture Trustee’s own rights, duties, liabilities or
immunities under this Agreement or otherwise.

     (b) Notwithstanding the foregoing, no amendment shall (i) reduce the interest rate or
principal amount of any Note, or change the due date of any installment of principal of or interest
in any Note, or the Redemption Price with respect thereto, without the consent of the Holder of
such Note, or (ii) reduce the Outstanding Amount, the Holders of which are required to consent to
any matter without the consent of the Holders of at least a Majority Interest of the Notes which
were required to consent to such matter before giving effect to such amendment.

     (c) Notwithstanding anything herein to the contrary, any term or provision of this Agreement
may be amended by the Depositor without the consent of any of the Noteholders or any other Person
to add, modify or eliminate any provisions as may be necessary or advisable in order to comply with
or obtain more favorable treatment under or with respect to any law or regulation or any accounting
rule or principle (whether now or in the future in effect); it being a condition to any such
amendment that the Rating Agency Condition shall have been satisfied and the Officer’s Certificate
described in Section 3.01(a)(i)(B) is delivered to the Indenture Trustee.

     (d) It shall not be necessary for the consent of any Person pursuant to this Section for such
Person to approve the particular form of any proposed amendment, but it shall be sufficient if such
Person consents to the substance thereof.

     (e) Prior to the execution of any amendment to this Agreement, the Depositor shall provide
each Rating Agency, the Trust Certificateholder, the Transferee, the Owner Trustee and the
Indenture Trustee with written notice of the substance of such amendment. No later than 10
Business Days after the execution of any amendment to this Agreement, the Depositor shall furnish a
copy of such amendment to each Rating Agency, the Transferee, the Trust Certificateholder, the
Indenture Trustee and the Owner Trustee.

     (f) The Indenture Trustee shall be under no obligation to ascertain whether a Rating Agency
Condition has been satisfied with respect to any amendment. When the Rating Agency Condition is
satisfied with respect to such amendment, the Servicer shall deliver to a Responsible Officer of
the Indenture Trustee an Officer’s Certificate to that effect and the Indenture Trustee may
conclusively rely upon the Officer’s Certificate from the Servicer that a Rating Agency Condition
has been satisfied with respect to such amendment.

(NALT 2011-B Trust SUBI Certificate Transfer Agreement)

8

 

     Section 3.02 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to any otherwise
applicable principles of conflict of laws (other than Section 5-1401 of the New York General
Obligations Law).

     Section 3.03 Severability. If one or more of the covenants, agreements, or provisions
of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions
shall be deemed severable from the remaining covenants, agreements, and provisions of this
Agreement, and such invalidity or unenforceability shall in no way affect the validity or
enforceability of such remaining covenants, agreements and provisions, or the rights of any parties
hereto. To the extent permitted by law, the parties hereto waive any provision of law that renders
any provision of this Agreement invalid or unenforceable in any respect.

     Section 3.04 Binding Effect. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their permitted successors and assigns.

     The Depositor acknowledges and agrees that (a) the Transferee may, pursuant to the Indenture,
pledge and grant a security interest in the 2011-B SUBI and the 2011-B SUBI Assets represented
thereby and assign its rights under this Agreement to the Indenture Trustee (for the benefit of the
holders of the Notes), and (b) the representation, warranties and covenants contained in this
Agreement and the rights of the Transferee under this Agreement are intended to benefit the
Indenture Trustee (for the benefit of the holders of the Notes). The Depositor hereby consents to
all such pledges and grants.

     Section 3.05 Headings. The Article and Section headings are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof.

     Section 3.06 Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed and delivered shall be deemed to be an original, but all of
which counterparts shall together constitute but one and the same instrument.

     Section 3.07 Further Assurances. Each party hereto shall do such acts, and execute
and deliver to the other party such additional documents or instruments as may be reasonably
requested, in order to effect the purposes of this Agreement and to better assure and confirm unto
the requesting party its rights, powers and remedies hereunder.

     Section 3.08 Third-Party Beneficiaries. This Agreement shall inure to the benefit of
and be binding upon the parties hereto and each Holder of the 2011-B SUBI Certificate and each
Registered Pledgee, who shall be considered third-party beneficiaries hereof. Except as otherwise
provided in this Agreement, no other Person shall have any right or obligation hereunder.

     Section 3.09 No Petition. Each of the parties hereto covenants and agrees that prior
to the date that is one year and one day after the date upon which all obligations under each
Securitized Financing have been paid in full, it will not institute against, or join any other
Person in instituting against the Grantor, the Depositor, the Titling Trustee, the Titling Trust,
the Issuing Entity, any other Special Purpose Affiliate or any Beneficiary, any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any
federal or state bankruptcy or similar law.

(NALT 2011-B Trust SUBI Certificate Transfer Agreement)

9

 

     This Section shall survive the complete or partial termination of this Agreement, the
resignation or removal of the Titling Trustee and the complete or partial resignation or removal of
the Servicer.

     Section 3.10 Limitation of Liability of Owner Trustee. Notwithstanding anything
contained herein to the contrary, this instrument has been countersigned by Wilmington Trust,
National Association not in its individual capacity but solely in its capacity as Owner Trustee of
the Issuing Entity and in no event shall Wilmington Trust, National Association in its individual
capacity or any beneficial owner of the Issuing Entity have any liability for the representations,
warranties, covenants, agreements, or other obligations of the Issuing Entity hereunder, as to all
of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of this
Agreement, in the performance of any duties or obligations of the Issuing Entity hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of
Articles Six, Seven and Ten of the Trust Agreement.

[Signature Page to Follow]

(NALT 2011-B Trust SUBI Certificate Transfer Agreement)

10

 

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

	 	 	 	 	 
	 	NISSAN AUTO LEASING LLC II,

as Depositor

 	 
	 	By:  	/s/ Mark F. Wilten	 
	 	 	Name:  	Mark F. Wilten	 
	 	 	Title:  	Treasurer	 
	 
	 	NISSAN AUTO LEASE TRUST 2011-B,

as Transferee

 	 
	 	By:  	WILMINGTON TRUST, NATIONAL
 	 
	 	 	ASSOCIATION, 	 
	 	 	not in its individual capacity, but

solely as Owner Trustee 	 
	 
	 	By:  	/s/ Dorri Costello	 
	 	 	Name:  	Dorri Costello	 
	 	 	Title:  	Banking Officer	 
	 

(NALT 2011-B Trust SUBI Certificate Transfer Agreement)

S-1

 

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

     In addition to the representations, warranties and covenants contained in the Trust SUBI
Certificate Transfer Agreement, Nissan Auto Leasing LLC II, as depositor (the “Depositor”),
hereby represents, warrants, and covenants to Nissan Auto Lease Trust 2011-B, as transferee (the
“Transferee”), as follows on the Closing Date:

1. The Trust SUBI Certificate Transfer Agreement creates a valid and continuing security interest
(as defined in the applicable UCC) in the 2011-B SUBI Certificate in favor of the Transferee, which
security interest is prior to all other Liens and is enforceable as such as against creditors of
and purchasers from the Depositor.

2. The 2011-B SUBI Certificate constitutes a “general intangible,” “instrument,” “certificated
security” or “tangible chattel paper,” within the meaning of the applicable UCC.

3. The Depositor owns and has good and marketable title to the 2011-B SUBI Certificate free and
clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments
or similar governmental charges or levies incurred in the ordinary course of business that are not
yet due and payable or as to which any applicable grace period shall not have expired, or that are
being contested in good faith by proper proceedings and for which adequate reserves have been
established, but only so long as foreclosure with respect to such a lien is not imminent and the
use and value of the property to which the Lien attaches is not impaired during the pendency of
such proceeding.

4. The Depositor has received all consents and approvals to the sale of the 2011-B SUBI Certificate
under the Trust SUBI Certificate Transfer Agreement to the Transferee required by the terms of the
2011-B SUBI Certificate to the extent that it constitutes an instrument or a payment intangible.

5. The Depositor has received all consents and approvals required by the terms of the 2011-B SUBI
Certificate, to the extent that it constitutes a securities entitlement, certificated security or
uncertificated security, to the transfer to the Transferee of its interest and rights in the 2011-B
SUBI Certificate under the Trust SUBI Certificate Transfer Agreement.

6. The Depositor has caused or will have caused, within ten days after the effective date of the
Trust SUBI Certificate Transfer Agreement, the filing of all appropriate financing statements in
the proper filing office in the appropriate jurisdictions under applicable law in order to perfect
the sale of the 2011-B SUBI Certificate from the Depositor to the Transferee and the security
interest in the 2011-B SUBI Certificate granted to the Transferee under the Trust SUBI Certificate
Transfer Agreement.

7. To the extent that the 2011-B SUBI Certificate constitutes an instrument or tangible chattel
paper, all original executed copies of each such instrument or tangible chattel paper have been
delivered to the Transferee.

 

 

8. Other than the transfer of the 2011-B SUBI Certificate from NILT Trust to the Depositor under
the SUBI Certificate Transfer Agreement and from the Depositor to the Transferee under the Trust
SUBI Certificate Transfer Agreement and the security interest granted to the Indenture Trustee
pursuant to the Indenture, the Depositor has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed the 2011-B SUBI Certificate. The Depositor has not authorized
the filing of, nor is aware of, any financing statements against the Depositor that include a
description of collateral covering the 2011-B SUBI Certificate other than any financing statement
relating to any security interest granted pursuant to the Basic Documents or that has been
terminated.

9. No instrument or tangible chattel paper that constitutes or evidences the 2011-B SUBI
Certificate has any marks or notations indicating that it has been pledged, assigned or otherwise
conveyed to any Person other than the Indenture Trustee.exv10w1w17

Exhibit 10.1.17

NON-QUALIFIED STOCK OPTION AGREEMENT

(Employee Participant — Effective for Grants Made After May 1, 2008)

THIS AGREEMENT, entered into as of the Grant Date (as defined in Section 1), by and between the
Participant and Harris Interactive Inc. (the “Company”);

WITNESSETH THAT:

WHEREAS, the Company maintains the Harris Interactive Inc. Long-Term Incentive Plan (the “Plan”),
which is incorporated into and forms a part of this Agreement, and the Participant has been
selected by the committee administering the Plan (the “Committee”) to receive a Non-Qualified Stock
Option Award under the Plan;

NOW, THEREFORE, IT IS AGREED, by and between the Company and the Participant, as follows:

1. Terms of Award. The following terms used in this Agreement shall have the meanings set
forth in this Section 1:

     (a) The “Participant” is __________________________.

     (b) The “Grant Date” is __________.

     (c) The number of “Covered Shares” shall be _________ shares of Stock.

     (d) The “Exercise Price” is $_____ per share.

Other terms used herein are defined in Section 9 and elsewhere in this Agreement. Except where the
context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is
similarly used in this Agreement.

2. Award and Exercise Price. The Participant is hereby granted an option (the “Option”) to
purchase the number of Covered Shares of Stock at the Exercise Price per share as set forth in
Section 1. The Option is not intended to qualify as an “Incentive Stock Option”, as defined in the
Plan and in Section 422(b) of the Code.

3. Date of Exercise.

	 	(a)	 	The Option shall become exercisable (shall vest) with respect to:

     (i) ___________ of the Covered Shares as of the date on which Target I (described
below) is met;

     (ii) ___________ of the Covered Shares as of the date on which Target II (described
below) is met;

 

 

     (iii) ___________ of the Covered Shares as of the date on which Target III (described
below) is met;

     (iv) ___________ of the Covered Shares as of the date on which Target IV (described
below) is met; and

     (v) ___________ of the Covered Shares as of the date on which Target V (described
below) is met;

provided, however, in each case, to the extent that the Option has not become exercisable (vested)
on or before the Participant’s Date of Termination for any reason, such Option shall no longer vest
and become exercisable in accordance with the foregoing schedule (the “Original Vesting Schedule”)
as of any date subsequent to the Participant’s Date of Termination. Exercisability (vesting) under
the Original Vesting Schedule is cumulative, and after the Option becomes exercisable under the
Original Vesting Schedule with respect to any portion of the Covered Shares, it shall continue to
be exercisable with respect to that portion, and only that portion, of the Covered Shares until the
Expiration Date (described in Section 4 below), subject, however, to Section 4.15 of the Plan. For
the avoidance of doubt, achievement of a higher target includes within it achievement of all lower
targets to the extent not previously achieved.

     (b) Notwithstanding the provisions of Section 3(a), the Option shall become fully vested and
immediately exercisable with respect to all of the Covered Shares (whether or not previously
vested) upon the occurrence of a Change in Control if the Participant’s Date of Termination does
not occur before such date and a Complying Assumption does not occur in connection with the Change
in Control. If a Complying Assumption occurs in connection with the Change in Control, then the
Option shall become immediately exercisable (vest) with respect to all of the Covered Shares
(whether or not previously vested) if the Participant’s Date of Termination occurs upon or in the
one-year period immediately following the occurrence of the Change in Control unless such Date of
Termination is due to termination of Participant by the Company for Cause or Participant’s
voluntary termination of his or her employment without Good Reason. In order for a Complying
Assumption to be effective, any Covered Shares that have not vested under Section 3(a) as of the
occurrence of the Change in Control (the “Remaining Covered Shares”) shall become excisable (shall
vest) in accordance with the following schedule (the “New Vesting Schedule”) and the Original
Vesting Schedule shall thereafter be of no further force or effect:

     (i) 1/4th of the Remaining Covered Shares as of the later of (A) __________
or (B) the occurrence of the Change in Control; and

     (ii) 1/48th of the Remaining Covered Shares as of the end of each calendar
month beginning in _________ and ending in _________; provided, however, to the extent that
the Change in Control occurs subsequent to any such calendar month, then the Remaining
Covered Shares that would have vested during such prior calendar month(s) shall become
excisable (shall vest) upon the occurrence of the Change in Control,

provided, however, in each case, to the extent that the Option has not become exercisable (vested)
on or before the Participant’s Date of Termination for any reason, such Option shall no longer vest

 

 

and become exercisable in accordance with the New Vesting Schedule as of any date subsequent to the
Participant’s Date of Termination except as provided in this Section 3(b). Exercisability (vesting)
under the New Vesting Schedule is cumulative, and after the Option becomes exercisable under the
New Vesting Schedule with respect to any portion of the Remaining Covered Shares, it shall continue
to be exercisable with respect to that portion, and only that portion, of the Remaining Covered
Shares until the Expiration Date, subject, however, to Section 4.15 of the Plan.

     (c) Target I shall be achieved if either (i) the Company has had an average closing price for
its Stock, as reported by NASDAQ, during a thirty (30) consecutive trading day period commencing on
or after the Grant Date (excluding from such period, any trading day in which the total trading
volume of the Stock, as reported by NASDAQ, is less than 10,000) of at least $2.00, or (ii) the
Company has achieved EBITDA Target A. Target II shall be achieved if either (i) the Company has
had an average closing price for its Stock, as reported by NASDAQ, during a thirty (30) consecutive
trading day period commencing on or after the Grant Date (excluding from such period, any trading
day in which the total trading volume of the Stock, as reported by NASDAQ, is less than 10,000) of
at least $2.50, or (ii) the Company has achieved EBITDA Target B. Target III shall be achieved if
either (i) the Company has had an average closing price for its Stock, as reported by NASDAQ,
during a thirty (30) consecutive trading day period commencing on or after the Grant Date
(excluding from such period, any trading day in which the total trading volume of the Stock, as
reported by NASDAQ, is less than 10,000) of at least $3.00, or (ii) the Company has achieved EBITDA
Target C. Target IV shall be achieved if either (i) the Company has had an average closing price
for its Stock, as reported by NASDAQ, during a thirty (30) consecutive trading day period
commencing on or after the Grant Date (excluding from such period, any trading day in which the
total trading volume of the Stock, as reported by NASDAQ, is less than 10,000) of at least $3.50,
or (ii) the Company has achieved EBITDA Target D. Target V shall be achieved if either (i) the
Company has had an average closing price for its Stock, as reported by NASDAQ, during a thirty (30)
consecutive trading day period commencing on or after the Grant Date (excluding from such period,
any trading day in which the total trading volume of the Stock, as reported by NASDAQ, is less than
10,000) of at least $4.00, or (ii) the Company has achieved EBITDA Target E.

     (d) EBITDA Targets shall be equitably adjusted in the good faith discretion of the Committee
to compensate for the effect of changes in accounting principles and material acquisitions and
dispositions.

     (e) In the event that the Company is required to prepare an accounting restatement due to
material non-compliance of the Company with any financial reporting requirement under the
securities laws (“Restatement”), for any reason including without limitation as a result of fraud,
negligence, or intentional misconduct, whether by Participant or any other person(s), Participant
shall reimburse the Company for the amount of the proceeds of sale by Participant of any Covered
Shares (“Excess Payment”), the vesting of which was determined in whole or in part upon meeting or
exceeding EBITDA Targets for the period(s) covered by the Restatement, that would not have been met
based upon the financial results as restated, and any such award held by Participant that has
vested but remains unsold shall be forfeited. In the event that any Restatement related to the
Company’s financial
statements changes the EBITDA for such year, the EBITDA Targets shall be equitably adjusted to
account for the change in such base year, it being the intention that each successive EBITDA Target
shall be 20% greater than the adjusted base year and/or prior EBITDA Target, as the case may be.
The

 

 

portion of any Excess Payment retained by Participant net after taxes shall be repaid within
ninety (90) days after the Executive has been notified of a Board determination described below,
and the remainder of such Excess Payment, if any, shall be repaid within thirty (30) days of the
date on which the Executive is entitled to receive the benefit of a refund claim. Participant
shall have no reimbursement obligation under this subsection unless the Board of Directors of the
Company has considered the matter in a meeting (which may be telephonic) at which Participant (with
counsel) is given the opportunity to appear and discuss the matter, and in its good faith
discretion has made a determination that reimbursement is appropriate under the circumstances. The
rights under this Agreement are in addition to, and do not replace, the rights of the Company under
Section 304 of the Sarbanes-Oxley Act.

4. Expiration. The Option, to the extent not theretofore exercised, shall not be
exercisable on or after the Expiration Date. The “Expiration Date” shall be the earliest to
occur of:

     (a) the ten-year anniversary of the Grant Date;

     (b) the one-year anniversary of such Date of Termination if the Participant’s Date of
Termination occurs by reason of Disability or death;

     (c) sixty (60) days after the Date of Termination if the Participant’s Date of Termination
occurs for reasons other than death or Disability; and

     (d) the date of any breach by Participant of his or her obligations under Section 8 of this
Agreement.

In the event of the Participant’s death while in the employ of the Company, the Participant’s
executors or administrators (or the person or persons to whom the Participant’s rights under the
Option shall have passed by the Participant’s will or by the laws of descent and distribution) may
exercise, any unexercised portion of the Option to the extent such exercise is otherwise permitted
by this Agreement.

Any Option exercised subsequent to the Participant’s Date of Termination as permitted hereunder
shall be exercisable only to the extent vested at the time of the Participant’s Date of
Termination, regardless of the reason for the termination, and no extension of time beyond the
Participant’s Date of Termination shall permit exercise beyond the date such Option would otherwise
expire if no termination had occurred.

5. Method of Option Exercise. The Option may be exercised in whole or in part by filing a
written notice with, and which must be received by, the Secretary of the Company at its corporate
headquarters prior to the Expiration Date. Such notice shall (a) specify the number of shares of
Stock which the Participant elects to purchase; provided, however, that not less than one hundred
(100) shares of Stock may be purchased at any one time unless the number purchased is the total
number of shares available for purchase at that time under the Option, and (b) be accompanied by
payment of the Exercise Price for such shares of Stock indicated by the Participant’s election.
Payment shall be by cash or by check payable to the Company, or, at the discretion of the Committee
at any time: (a) all or a portion of the Exercise Price may be paid by the Participant by

 

 

delivery
of shares of Stock acceptable to the Committee (including, if the Committee so approves, the
withholding of shares otherwise issuable upon exercise of the Option) and having an aggregate Fair
Market Value (valued as of the date of exercise) that is equal to the amount of cash that would
otherwise be required; and (b) the Participant may pay the Exercise Price by authorizing a third
party to sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the
Option and remit to the Company a sufficient portion of the sale proceeds to pay the entire
Exercise Price and any tax withholding resulting from such exercise.

6. Withholding. All distributions under this Agreement are subject to withholding of all
applicable taxes. At the election of the Participant, and subject to such rules as may be
established by the Committee, such withholding obligations may be satisfied through the surrender
of shares of Stock which the Participant already owns, or to which the Participant is otherwise
entitled under the Plan.

7. Transferability. The Option is not transferable other than as designated by the
Participant by will or by the laws of descent and distribution, and during the Participant’s life,
may be exercised only by the Participant or the Participant’s legal guardian or legal
representative. However, the Participant, with the approval of the Committee, may transfer the
Option for no consideration to or for the benefit of the Participant’s Immediate Family (including,
without limitation, to a trust for the benefit of the Participant’s Immediate Family or to a
partnership or limited liability company for one or more members of the Participant’s Immediate
Family), subject to such limits as the Committee may establish, and the transferee shall remain
subject to all the terms and conditions applicable to the Option prior to such transfer. The
foregoing right to transfer Option shall apply to the right to consent to amendments to this
Agreement and, in the discretion of the Committee, shall also apply to the right to transfer
ancillary rights associated with the Option. The term “Immediate Family” shall mean the
Participant’s spouse, parents, children, stepchildren, adoptive relationships, sisters, brothers
and grandchildren (and, for this purpose, shall also include the Participant).

8. Non-Competition; Non-Solicitation.

     (a) Consideration for this Section. Participant acknowledges and agrees that:

     (i) the benefits afforded by this Agreement are discretionary and over and above the
ordinary employment compensation provided by the Company to Participant, and in making its
decision to offer Participant the benefits afforded by this Agreement the Company relied
upon and was induced by the covenants made by Participant in this section,

     (ii) in accepting the grant evidenced by this Agreement Participant is receiving an
asset of significant value, which is adequate consideration for the restrictions imposed by
this Agreement,

     (iii) Participant’s position with the Company places Participant in a position of
confidence and trust with the clients and employees of the Company,

     (iv) the Company’s business is carried on throughout the world and accordingly, it is
reasonable that the restrictive covenants set forth below are not limited by specific
geographic area,

 

 

     (v) the course of Participant’s employment with the Company necessarily requires the
disclosure of confidential information and trade secrets related to the Company’s
relationships with clients (such as, without limitation, pricing information, marketing
plans, budgets, designs, methodologies, products, client preferences and policies, and
identity of appropriate personnel of clients with sufficient authority to influence a shift
in suppliers) as well as other confidential and proprietary information, (such as databases,
methodologies, and technologies),

     (vi) Participant’s employment affords Participant the opportunity to develop a personal
acquaintanceship and relationship with the Company’s employees and clients, which in some
cases may constitute the Company’s primary or only contact with such employees and clients,
and to develop a knowledge of those client’s and employee’s affairs and requirements,

     (vii) the Company’s relationships with its established clientele and employees are
placed in Participant’s hands in confidence and trust, and

     (viii) it is reasonable and necessary for the protection of the goodwill and business
of the Company that Participant make the covenants contained in this Agreement.

     (b) Restricted Activity.

     (i) Participant agrees that during the term of Participant’s employment, Participant
shall not, directly or indirectly, as a director, officer, employee, agent, partner or
equity owner of any entity (except as owner of less than 4.9% of the shares of the publicly
traded stock of a corporation which Participant does not have in fact the power to control
or direct), or in any other manner directly or indirectly engage in any activity or business
competitive in any manner with the activities or business of the Company.

     (ii) For a period of one year after Participant’s Date of Termination, with respect to
any services, products, or business pursuits competitive with those of the Company,
Participant shall not, directly or indirectly, whether as a director, officer, employee,
consultant, agent, partner, equity owner of any entity (except as owner of less than 4.9% of
the shares of the publicly traded stock of a corporation which Participant does not have in
fact the power to control or direct), participant, proprietor, manager, operator,
independent contractor, representative, advisor, trustee, or otherwise, solicit or otherwise
deal in any way with any of the clients or customers of the Company:

     (A) with whom Participant in the course of employment by the Company
acquired a relationship or had dealings,

     (B) with respect to whom Participant in the course of employment by the Company
was privy to material or proprietary information, or

 

 

     (C) with respect to whom Participant was otherwise involved in the course of
employment by the Company, whether in a supervisory, managerial, consultative,
policy-making, or other capacity involving other Company employees who had direct
dealings with such clients and customers.

Such clients and customers include any client or customer to whom the Company sold services
or products in the two years prior to the Date of Termination, any prospective client or
customer of the Company for whom a proposal was prepared or to whom any other marketing
presentation was made within the year prior to the Date of Termination, or any prospective
client or customer for whom pursuit was actively planned by the Company within the year
prior to the Date of Termination and in respect of whom the Company has not determined to
cease such pursuit.

     (iii) For a period of one year after the Date of Termination, Participant shall not
(including without limitation on behalf of, for the benefit of, or in conjunction with or as
part of, any other person or entity) directly or indirectly:

     (A) solicit, assist, discuss with or advise, influence, induce or otherwise
encourage in any way, any employee of Company to terminate such employee’s
relationship with Company for any reason, or assist any person or entity in doing so,

     (B) employ, assist, engage, or otherwise contract or create any relationship
with, any employee or former employee of Company in any business or venture of any
kind or nature, in the case of a former employee unless such person shall not have
been employed by Company for a period of at least one year and no solicitation
prohibited hereby shall have occurred prior to the end of such one year period, or

     (C) interfere in any manner with the relationship between any employee and
Company.

     (c) Remedies. Participant acknowledges that the Company’s legal remedies for a breach
of this Section 8 shall be inadequate, and that without limitation of Company’s rights to any other
remedy at law or equity available to it, the Company (i) shall be entitled to obtain injunctive
relief to enforce this provision, and (ii) shall be entitled to cancel any rights under this
Agreement, and (iii) shall be entitled to recover from the Participant any Stock for which this
option has been exercised, or if such Stock has been transferred or sold, an amount equal to the
value thereof, and such Stock and the proceeds thereof shall be held in a constructive trust for
the purposes of enforcement hereof. The Company’s rights to enforce this Agreement shall survive
any vesting and/or forfeiture of rights hereunder. If any part of this Section 8 shall be deemed
illegal or unenforceable, this section shall be deemed modified and then enforced to the greatest
extent legally enforceable.

9. Definitions. For purposes of this Agreement, the terms listed below shall be defined as
follows:

 

 

          (a) “Adjusted EBITDA” means for any applicable period (i) the Company’s EBITDA as publicly
reported, plus (ii) stock-based compensation expense, plus (iii) restructuring charges. After
consultation with Participant, the Committee in its good faith discretion will determine from time
to time whether additional equitable adjustments should be made to Adjusted EBITDA and EBITDA
Targets in connection with non-recurring costs.

          (b) “Cause” means (A) refusal or substantial failure to perform (other than due to physical or
mental disability), or misconduct in the performance of, the ordinary and customary duties of
Participant as reasonably required by the Company or the successor company, provided that such
refusal, failure, or misconduct has continued after the Company or the surviving or acquiring
entity or successor company (“successor company”) has given Participant five (5) business days
written notice of same, (B) overt and willful disobedience of orders or directives issued by the
Company or successor company that are within the reasonable scope of Participant’s duties to the
Company or successor company, (C) conviction of or commission of any felony by Participant, whether
or not related to performance of duties under this Agreement, (D) commission of any other illegal
act if committed in connection with the performance of duties for the Company or successor company
if such act could reasonably tend to bring the Company or successor company into disrepute, or (E)
material violation of the Company’s or successor company’s written rules, regulations or policies
of general application provided that such violation has continued after the Company or successor
company has given Participant five (5) business days written notice of same.

          (c) A “Complying Assumption” shall occur if in connection with a Change in Control the
surviving or acquiring entity or successor company, or its respective parent company, assumes,
continues, or substitutes for the Option as provided in Section 4.15 of the Plan and Section 3(b).

          (d) The Participant’s “Date of Termination” shall be the first day occurring on or after the
Grant Date on which the Participant’s employment with the Company and all Related Companies
terminates (irrespective of the reason for termination and whether such termination is voluntary or
involuntary); provided that a termination of employment shall not be deemed to occur by reason of a
transfer of the Participant between the Company and a Related Company or between two Related
Companies; and further provided that the Participant’s employment shall not be considered
terminated while the Participant is on a leave of absence from the Company or a Related Company
approved by the Participant’s employer. If, as a result of a sale or other transaction, the
Participant’s employer ceases to be a Related Company (and the Participant’s employer is or becomes
an entity that is separate from the Company), the occurrence of such transaction shall be treated
as the Participant’s Date of Termination caused by the Participant being discharged by the
employer.

          (e) Except as otherwise provided by the Committee, the Participant shall be considered to have
a “Disability” during the period in which the Participant is unable, by reason of a
medically determinable physical or mental impairment, to engage in any substantial gainful
activity, which condition, in the opinion of a physician selected by the Committee, is expected to
have a duration of not less than one hundred twenty (120) days.

 

 

          (f) “EBITDA Target A” shall be Adjusted EBITDA of $16,000,000 using any trailing consecutive
four fiscal quarters commencing on or after the Grant Date, subject to adjustment pursuant to
Section 3(d).

          (g) “EBITDA Target B” shall be Adjusted EBITDA of $23,000,000 using any trailing consecutive
four fiscal quarters commencing on or after the Grant Date, subject to adjustment pursuant to
Section 3(d).

          (h) “EBITDA Target C” shall be Adjusted EBITDA of $26,000,000 using any trailing consecutive
four fiscal quarters commencing on or after the Grant Date, subject to adjustment pursuant to
Section 3(d).

          (i) “EBITDA Target D” shall be Adjusted EBITDA of $28,000,000 using any trailing consecutive
four fiscal quarters commencing on or after the Grant Date, subject to adjustment pursuant to
Section 3(d).

          (j) “EBITDA Target E” shall be Adjusted EBITDA of $30,000,000 using any trailing consecutive
four fiscal quarters commencing on or after the Grant Date, subject to adjustment pursuant to
Section 3(d).

          (k) “Good Reason” means (i) material breach of the Company’s or successor company’s
obligations to Participant, provided that Participant shall have given reasonably specific written
notice thereof to the Company and/or successor company, and the Company and/or successor company
shall have failed to remedy the circumstances within ten (10) business days thereafter, (ii) any
decrease in Participant’s base salary as in effect immediately prior to any Change of Control, or
any material decrease in Participant’s benefits if such modification is not of general
applicability to other similarly situated employees, or (iii) the relocation of Participant’s
principal office to a location more than thirty (30) miles from the location of his/her office
immediately prior to the Change in Control; provided, however, that Participant’s principal office
shall not be deemed to be relocated by virtue of Participant being required to spend up to ten (10)
working days per month on average in the Company’s or successor company’s, and their respective
affiliate’s, other offices.

10. Heirs and Successors. This Agreement shall be binding upon, and inure to the benefit
of, the Company and its successors and assigns, and upon any person or entity acquiring, whether by
merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s
assets and business. In the event of the Participant’s death prior to exercise of this Award, the
Award may be exercised by the estate of the Participant to the extent such exercise is otherwise
permitted by this Agreement. Subject to the terms of the Plan, any benefits distributable to the
Participant under this Agreement that are not paid at the time of the Participant’s death shall be
paid at the time and in the form determined in accordance with the provisions of this Agreement and
the
Plan, to the beneficiary designated by the Participant in writing filed with the Committee in such
form and at such time as the Committee shall require. If a deceased Participant fails to designate
a beneficiary, or if the designated beneficiary of the deceased Participant dies before the
Participant or before complete payment of the amounts distributable under this Agreement, the
amounts to be paid under this Agreement shall be paid to the legal representative or
representatives of the estate of

 

 

the last to die of the Participant and the beneficiary. Neither
the benefits nor obligations under this Agreement may be transferred or assigned by Participant
except as otherwise expressly provided herein or in the Plan.

11. Administration. The authority to manage and control the operation and administration
of this Agreement shall be vested in the Committee, and the Committee shall have all powers with
respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement
by the Committee and any decision made by it with respect to the Agreement shall be final and
binding.

12. Plan Definitions. Notwithstanding anything in this Agreement to the contrary, the
terms of this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained
by the Participant from the office of the Secretary of the Company.

13. Amendment. This Agreement may be amended by written Agreement of the Participant and
the Company, without the consent of any other person.

THIS AGREEMENT SHALL NOT BE EFFECTIVE UNLESS A COPY SIGNED BY THE PARTICIPANT IS DELIVERED TO THE
COMPANY WITHIN FORTY-FIVE (45) DAYS AFTER THE GRANT DATE.

IN WITNESS WHEREOF, the Participant has executed this Agreement, and the Company has caused these
presents to be executed in its name and on its behalf, all as of the Grant Date.

	 	 	 	 	 
	 	Participant

 	 
	 	 	 
	 	Name:  	 	 
	 	Dated: 	 	 
	 
	 	Harris Interactive Inc.

 	 
	 	By:  	 	 
	 	 	Its:

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