Document:

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Exhibit 4.1

CAPITAL ONE FINANCIAL CORPORATION

2002 ASSOCIATE STOCK PURCHASE PLAN

1. Purpose and Effect of Plan

     The purpose of the Plan is to secure for the Company and its stockholders
the benefits of the incentive inherent in the ownership of Common Stock by
present and future employees of the Company and its Subsidiaries.

2. Shares Reserved for the Plan

     There shall be reserved for issuance and purchase by Participating
Associates under the Plan an aggregate of 3,000,000 shares of Common Stock,
subject to adjustment as provided in Section 12. Shares issued under the Plan
may consist of newly issued shares acquired from the Company, treasury shares
held by the Company, shares acquired on the open market or a combination of the
above.

3. Definitions

     Where indicated by initial capital letters, the following terms shall have
the following meanings:

     a.      Act: The Securities Exchange Act of 1934, as amended.

     b.      Base Compensation: The fixed basic annual earnings of an Eligible
Associate received from the Employer, excluding overtime, bonuses, commissions,
profit sharing awards and credits received under a plan subject to Code section
125, but including salary reduction contributions pursuant to elections under a
plan subject to Code sections 125 or 401(k).

     c.      Beneficiary: The beneficiary designated by the Participating Associate
in the beneficiary designation in effect under the Company’s group life
insurance plan, or if no beneficiary designation is in effect under such plan,
the beneficiary designated by the Participating Associate in the beneficiary
designation in effect under the Company’s Executive Life Insurance Plan,
provided that if the Participating Associate has no beneficiary designation in
effect under either of the foregoing plans or if the Participating Associate’s
designated beneficiary predeceases him, the Participating Associate’s
beneficiary shall be his estate.

     d.      Board: The Board of Directors of the Company.

     e.      Business Day: A day on which the New York Stock Exchange is open for
trading in Common Stock or, if trading in Common Stock is suspended, the next
following day on which

 

the New York Stock Exchange is open for trading and on which trading in
Common Stock is no longer suspended.

     f.      Code: The Internal Revenue Code of 1986, as amended from time to time.

     g.      Committee: The committee established pursuant to Section 4 to be
responsible for the general administration of the Plan.

     h.      Common Stock: The Company’s common stock, $.01 par value per share.

     i.      Company: Capital One Financial Corporation and any successor by
merger, consolidation or otherwise.

     j.      Eligible Associate: Any employee of the Company or any of its
Subsidiaries who meets the eligibility requirements of Section 5.

     k.      Employer: For purposes of Section 5, the Company or Subsidiary
employing an Eligible Associate.

     l.      Enrollment Form: The form filed with the Company’s Human Resources
Department authorizing payroll deductions pursuant to Section 6.

     m.      Fair Market Value: With respect to Common Stock acquired from the
Company, the average of the lowest and highest sales prices (computed to four
decimal places) as reported on the New York Stock Exchange Composite Tape on
the date in question, or, if the Common Stock shall not have been so quoted on
such date, the average of the lowest and highest sales prices so quoted
(computed to four decimal places) on the last day prior thereto on which the
Common Stock was so quoted. With respect to Common Stock acquired in respect
of the Plan on the open market, the weighted average purchase price (computed
to four decimal places) of all shares purchased on the date in question.

     n.      Investment Account: The account established for each Participating
Associate pursuant to Section 9 to account for Common Stock purchased under the
Plan.

     o.      Investment Date: The last Business Day of each calendar month.

     p.      Participating Associate: An Eligible Associate who elects to
participate in the Plan by filing an Enrollment Form pursuant to Section 6.

     q.      Payroll Deduction Account: The account established for a Participating
Associate to reflect payroll deductions and lump-sum cash contributions
pursuant to Section 6.

     r.      Plan: The “Capital One Financial Corporation 2002 Associate Stock
Purchase Plan,” as set forth herein and as amended from time to time.

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     s.      Purchase Price: The price for each whole and fractional share of
Common Stock, including those purchased by dividend reinvestment, which shall
be 85% of the Fair Market Value of such whole or fractional share on the date
in question.

     t.      Section: A section of the Plan, unless otherwise required by the
context.

     u.      Subsidiary or Subsidiaries: Any corporation (other than the Company)
in an unbroken chain of corporations beginning with the Company if, as of an
Investment Date, each of the corporations other than the last corporation in
the unbroken chain owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such
chain.

4. Administration of the Plan

     The Plan shall be administered by the Committee, consisting of not less
than two members appointed by the Board. The Committee shall be the
Compensation Committee of the Board unless the Board shall appoint another
committee to administer the Plan. The Board from time to time may remove
members previously appointed and may fill vacancies, however caused, in the
Committee.

     Subject to the express provisions of the Plan, the Committee shall have
the authority to take any and all actions necessary to implement the Plan and
to interpret the Plan, to prescribe, amend and rescind rules and regulations
relating to the Plan, and to make all other determinations necessary or
advisable in administering the Plan. All of such actions, interpretations and
determinations shall be final and binding upon all persons. A quorum of the
Committee shall consist of a majority of its members and the Committee may act
by vote of a majority of its members at a meeting at which a quorum is present,
or without a meeting by a written consent to its actions signed by all members
of the Committee. The Committee may request advice or assistance and employ
such other persons as are necessary for proper administration of the Plan.

     No member of the Committee or the Board shall be liable for any action,
omission, or determination relating to the Plan, and the Company shall
indemnify and hold harmless each member of the Committee and each other
director, employee or consultant of the Company to whom any duty or power
relating to the administration or interpretation of the Plan has been delegated
against any cost or expense (including counsel fees) or liability arising out
of any action, omission or determination relating to the Plan, to the maximum
extent permitted by law.

5. Eligible Associates

     Subject to the limitations of this Section, all employees of the Company
or its Subsidiaries shall be eligible to participate in the Plan. To be an
employee eligible to participate in the Plan, a person must be actively
employed by the Employer and customarily paid through the Employer’s regular
payroll. Any person who is excluded by the terms and conditions of his
employment from participation in the Plan, any person acting as a non-employee
director of the Employer, any person designated by the Employer as an
independent contractor, and any person who is a “leased employee” within the
meaning of Section 414(n) of the Code, shall not be

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considered an employee for purposes of this Section 5. It is expressly
intended that persons acting as non-employee directors of the Employer, persons
designated as independent contractors by the Employer and “leased employees”
within the meaning of Section 414(n) of the Code are to be excluded from Plan
participation even if a court or administrative agency determines that such
persons are common law employees and not persons acting as non-employee
directors, independent contractors or “leased employees” of the Employer.

6. Election to Participate

     Each Eligible Associate may elect to become a Participating Associate by
filing with the Company’s Human Resources Department an Enrollment Form
authorizing specified regular payroll deductions from his Base Compensation;
provided however that, for purposes of this Section 6, the last Enrollment Form
filed by a Participating Associate pursuant to the Company’s 1994 Associate
Stock Purchase Plan shall be deemed to be filed and effective with respect to
the Plan as if actually filed hereunder. Such regular payroll deductions shall
be subject to a minimum deduction of 1% and a maximum deduction of 15% of Base
Compensation for that payroll period. A Participating Associate may also elect
to make lump-sum cash contributions to the Plan, provided that the total of
regular payroll deductions and lump-sum cash contributions in any calendar
quarter shall not exceed 15% of the Participating Associate’s Base Compensation
as of the end of the calendar quarter in which the lump-sum cash contribution
is made (taking into account as Base Compensation for this purpose only that
Base Compensation that was paid with respect to payroll periods during which
payroll deductions were being made). All regular payroll deductions and
lump-sum cash contributions shall be credited as soon as practicable to the
Payroll Deduction Account that the Company has established with respect to the
Participating Associate. A Participating Associate may elect once each
calendar quarter to increase, decrease, or eliminate his regular payroll
deduction by filing a new Enrollment Form.

     All elections described in this Section 6 shall be filed in a form and
manner established by the Company’s Human Resources Department. Except to the
extent otherwise required to comply with the Act or any securities law
compliance program established by the Company, elections with respect to
regular payroll deductions shall become effective as soon as practicable on or
after the first day of the first payroll period that begins following the date
the election is duly filed.

7. Method of Purchase and Investment Accounts

     Subject to Section 13, each Participating Associate having eligible funds
in his Payroll Deduction Account on an Investment Date shall be deemed, without
any further action, to have purchased the number of whole and fractional shares
that the eligible funds in his Payroll Deduction Account could purchase at the
Purchase Price on that Investment Date; provided, however, that no eligible
funds in a Participating Associate’s Payroll Deduction Account attributable to
such Participating Associate’s lump-sum cash contributions shall be deemed to
have purchased whole and fractional shares of Common Stock until the last
Investment Date of the calendar quarter within which such lump-sum cash
contributions were made. All whole and fractional shares purchased (rounded to
the nearest ten thousandth) shall be maintained in a separate Investment
Account for each Participating Associate. All cash dividends paid with

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respect to the whole and fractional shares of Common Stock held in a
Participating Associate’s Investment Account shall be used as soon as
practicable to purchase additional shares of Common Stock at the Purchase
Price. All such additional shares, along with any dividends paid in additional
shares of Common Stock, shall be added to the shares held for the Participating
Associate in his Investment Account. Expenses incurred in the purchase of such
shares of Common Stock shall be paid by the Company. Any distribution of
shares or other property with respect to whole or fractional shares of Common
Stock held in a Participating Associate’s Investment Account, other than a
dividend of Common Stock, shall be distributed to the Participating Associate
as soon as practicable. In the event of such a distribution, certificates for
whole shares shall be issued and fractional shares shall be sold and the
proceeds of sale, less selling expenses and other applicable charges,
distributed to the Participating Associate.

8. Stock Purchases

     The Company shall issue (or direct the issuance of or the purchase on the
open market of) shares of Common Stock to be credited to the Investment
Accounts of the Participating Associates as of each Investment Date (or as soon
as practicable thereafter) and each date as of which shares of Common Stock are
purchased with reinvested cash dividends (or as soon as practicable
thereafter).

9. Title of Accounts

     The Company’s Human Resources Department or its delegate shall establish
and maintain an Investment Account with respect to each Participating
Associate. Each Investment Account shall be in the name of the Participating
Associate.

10. Rights as a Shareholder

     From and after the Investment Date on which shares of Common Stock are
purchased by a Participating Associate under the Plan, such Participating
Associate shall have all of the rights and privileges of a shareholder of the
Company with respect to such shares of Common Stock. Subject to Section 17
herein, a Participating Associate shall have the right at any time (i) to
obtain a certificate for the whole shares of Common Stock credited to his
Investment Account or (ii) to direct that any whole shares in his Investment
Account be sold and that the proceeds, less expenses of sale, be remitted to
him.

     Prior to the Investment Date on which shares of Common Stock are to be
purchased by a Participating Associate, such Participating Associate shall not
have any rights as a shareholder of the Company with respect to such shares of
Common Stock. Each Participating Associate shall be a general unsecured
creditor of the Company to the extent of any amounts deducted under the Plan
from such Participating Associate’s Base Compensation or lump-sum cash
contributions made by such Participating Associate during the period prior to
the Investment Date on which such amounts are applied to the purchase of Common
Stock for the Participating Associate.

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11. Rights Not Transferable

     Rights under the Plan, except as set forth in Section 13(b) herein, are
not transferable by a Participating Associate.

12. Change in Capital Structure

     In the event of a stock dividend, spin-off, stock split or combination of
shares, recapitalization or merger in which the Company is the surviving
corporation or other change in the Company’s capital stock (including, but not
limited to, the creation or issuance to shareholders generally of rights,
options or warrants for the purchase of common stock or preferred stock of the
Company), the number and kind of shares of stock or securities of the Company
to be subject to the Plan, the maximum number of shares or securities that may
be delivered under the Plan, the Purchase Price and other relevant provisions
shall be appropriately adjusted by the Committee, whose determination shall be
binding on all persons.

     If the Company is a party to a consolidation or a merger in which the
Company is not the surviving corporation, a transaction that results in the
acquisition of substantially all of the Company’s outstanding stock by a single
person or entity, or a sale or transfer of substantially all of the Company’s
assets, the Committee may take such actions with respect to the Plan as the
Committee deems appropriate.

     Notwithstanding anything in the Plan to the contrary, the Committee may
take the foregoing actions without the consent of any Participating Associate,
and the Committee’s determination shall be conclusive and binding on all
persons for all purposes.

13. Termination of Employment and Death

     (a)  If a Participating Associate’s employment is terminated for any reason
other than death: (i) certificates with respect to the whole shares in his
Investment Account shall be issued to him as soon as practicable following the
next Investment Date, provided that the Participating Associate may elect to
have such shares sold and the proceeds of the sale, less selling expenses,
remitted to him; (ii) any fractional shares in his Investment Account shall be
sold as soon as practicable following the next Investment Date, and the
proceeds of the sale, less selling expenses, shall be remitted to the
Participating Associate; and (iii) any amount in his Payroll Deduction Account
shall be used to purchase shares as of the next following Investment Date, and
such shares shall be distributed as soon as practicable thereafter in
accordance with (a) (i) and (a) (ii) above; provided that, following the
termination of his employment for any reason other than death, a Participating
Associate may elect to receive a cash distribution from his Payroll Deduction
Account before the next following Investment Date, if practicable.

     (b)  If a Participating Associate dies: (i) certificates with respect to
any whole shares in his Investment Account shall be delivered to his
Beneficiary as soon as practicable following the next Investment Date; (ii) any
fractional shares in his Investment Account shall be sold as soon as
practicable following the next Investment Date, and the proceeds of the sale,
less selling expenses, shall be remitted to his Beneficiary; and (iii) any
amount in his Payroll

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Deduction Account shall be used to purchase shares as of the next
following Investment Date, and such shares shall be distributed to his
Beneficiary as soon as practicable thereafter in accordance with (b) (i) and
(b) (ii) above; provided that a Beneficiary may elect to receive the
distributions from the Participating Associate’s Investment Account (as
described in (b) (i) and (b) (ii) , above) before the Investment Date next
following the Participating Associate’s death, if practicable.

14. Amendment of the Plan

     The Board in its sole discretion may at any time amend the Plan in any
respect; provided that such amendment is in compliance with all applicable laws
and regulations and the requirements of any national securities exchange on
which shares of Common Stock are then traded.

15. Termination of the Plan

     The Plan and all rights of Eligible Associates hereunder shall terminate:

     (a)  on the Investment Date that Participating Associates become entitled
to purchase a number of shares greater than the number of reserved shares
remaining available for purchase; or

     (b)  at any earlier date determined by the Board in its sole discretion.

     In the event that the Plan terminates under circumstances described in (a)
above, reserved shares remaining as of the termination date shall be issued to
Participating Associates on a pro rata basis. Upon termination of the Plan,
all amounts in a Participating Associate’s Payroll Deduction Account that are
not used to purchase Common Stock shall be refunded to the Participating
Associate.

16. Effective Date of Plan

     The Plan was adopted by the Board and became effective on September 19,
2002.

17. Government and Other Regulations

     The Plan, and the grant and exercise of the rights to purchase shares
hereunder, and the obligation to sell and deliver shares upon the exercise of
rights to purchase shares, shall be subject to all applicable federal, state
and foreign laws, rules and regulations, and to such approvals by any
regulatory or government agency as may be required, in the opinion of counsel
for the Company.

18. Gender and Number

     Masculine pronouns shall refer to both males and females. The singular
form shall include the plural.

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                                                                     EXHIBIT 4.2

                     AGREEMENT CONCERNING BUY-SELL AGREEMENT

         The undersigned were all of the parties to that certain Buy-Sell
Agreement executed May 31, 1977, relating to shares of Clear Channel
Communications, Inc. (the "Agreement"). For the mutual consideration expressed
in this agreement, the undersigned agree as follows:

         1.       Terms defined in the Agreement shall have the same meaning in
                  this agreement.

         2.       John M. Schaefer and John W. Barger are hereby released from
                  all obligations and rights under the Agreement and for all
                  purposes shall cease to be parties to the Agreement.

         3.       If any remaining shareholder sells all of his stock (other
                  than stock acquired through a broker in a transaction on the
                  New York Stock Exchange or on another market open to sales and
                  purchases by members of the general public), that Shareholder
                  shall be then released from all obligations and rights under
                  the Agreement and for all purposes shall cease to be a party
                  to the Agreement.

         Executed as of August 3, 1998.

CLEAR CHANNEL COMMUNICATIONS, INC.

        /s/ L. LOWRY MAYS
-------------------------------------
L. Lowry Mays, CEO and Chairman

        /s/ L. LOWRY MAYS
-------------------------------------
L. Lowry Mays

        /s/ B.J. MCCOMBS
-------------------------------------
B.J. McCombs

        /s/ JOHN M. SCHAEFER
-------------------------------------
John M. Schaefer

        /s/ JOHN W. BARGER
-------------------------------------
John W. Barger

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