Document:

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                                                                    Exhibit 10.3

                        FORM OF ADMINISTRATION AGREEMENT

     This ADMINISTRATION AGREEMENT, dated as of __________ ___, 2001 (as from
time to time amended, supplemented or otherwise modified and in effect, this
"Agreement"), is by and among CAPITAL ONE AUTO FINANCE [Trust] [LLC] 200__-__, a
_________ [common law trust] [limited liability company] (the "Issuer"), CAPITAL
ONE AUTO FINANCE, INC., a specialty finance company organized under the laws of
the State of Delaware, as administrator (the "Administrator"), and
___-_________, a ___________ banking corporation, not in its individual capacity
but solely as Indenture Trustee (the "Indenture Trustee").

     WHEREAS, the Issuer is issuing the Notes pursuant to the Indenture and the
Certificates pursuant to the Trust Agreement and has entered into certain
agreements in connection therewith, including (i) the Sale and Servicing
Agreement, (ii) the Depository Agreements, and (iii) the Indenture (the Sale and
Servicing Agreement, the Depository Agreements and the Indenture being referred
to hereinafter collectively as the "Related Agreements");

     WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator
perform certain duties of the Issuer and the Owner Trustee under the Related
Agreements and to provide such additional services consistent with the terms of
this Agreement and the Related Agreements as the Issuer and the Owner Trustee
may from time to time request; and

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

     NOW, THEREFORE, in consideration of the mutual covenants contained herein,
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto, intending to be legally bound, agree
as follows:

1. Definitions and Usage. Except as otherwise specified herein or as the context
may otherwise require, capitalized terms used but not otherwise defined herein
are defined in Appendix X to the Sale and Servicing Agreement, which also
contains rules as to usage that shall be applicable herein.

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2. Duties of the Administrator. Duties with Respect to the Indenture and the
Depository Agreements.

     a.   The Administrator agrees to perform all its duties as Administrator
          and the duties of the Issuer under the Depository Agreements. In
          addition, the Administrator shall consult with the Owner Trustee
          regarding the duties of the Issuer under the Indenture and the
          Depository Agreements.

     b.   The Administrator shall monitor the performance of the Issuer and
          shall advise the Owner Trustee when action is necessary to comply with
          the Issuer's duties under the Indenture and the Depository Agreements.

     c.   The Administrator shall prepare for execution by the Issuer, or shall
          cause the preparation by appropriate persons of, all such documents,
          reports, filings, instruments, certificates and opinions that it shall
          be the duty of the Issuer to prepare, file or deliver pursuant to the
          Indenture and the Depository Agreements.

     d.   In furtherance of the foregoing, the Administrator shall take all
          appropriate action that is the duty of the Issuer to take pursuant to
          the Indenture including, without limitation, such of the foregoing as
          are required with respect to the following matters under the Indenture
          (references are to sections of the Indenture):

          (1)  the duty to cause the Note Register to be kept and to give the
               Indenture Trustee notice of any appointment of a new Note
               Registrar and the location, or change in location, of the Note
               Register (Section 2.4);

          (2)  the preparation of or obtaining of the documents and instruments
               required for authentication of the Notes and delivery of the same
               to the Indenture Trustee (Section 2.2);

          (3)  the preparation, obtaining or filing of the instruments, opinions
               and certificates and other documents required for the release of
               property from the lien of the Indenture (Section 2.9);

          (4)  the preparation of Definitive Notes in accordance with the
               instructions of the Clearing Agency (Section 2.12);

          (5)  the maintenance of an office in the Borough of Manhattan, City of
               New York, for registration of transfer or exchange of Notes
               (Section 3.2);

          (6)  the duty to cause newly appointed Note Paying Agents, if any, to
               deliver to the Indenture Trustee the instrument specified in the
               Indenture regarding funds held in trust (Section 3.3);

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          (7)  the direction to the Indenture Trustee to deposit monies with
               Note Paying Agents, if any, other than the Indenture Trustee
               (Section 3.3);

          (8)  the obtaining and preservation of the Issuer's qualification to
               do business in each jurisdiction in which such qualification is
               or shall be necessary to protect the validity and enforceability
               of the Indenture, the Notes, the Collateral and each other
               instrument or agreement included in the Trust Estate (Section
               3.4);

          (9)  the preparation of all supplements and amendments to the
               Indenture and all financing statements, continuation statements,
               instruments of further assurance and other instruments and the
               taking of such other action as is necessary or advisable to
               protect the Trust Estate (Section 3.5);

          (10) the delivery of the Opinion of Counsel on the Closing Date and
               the annual delivery of Opinions of Counsel as to the Trust
               Estate, and the annual delivery of the Officer's Certificate and
               certain other statements as to compliance with the Indenture
               (Sections 3.6 and 3.9);

          (11) the identification to the Indenture Trustee in an Officer's
               Certificate of any Person with whom the Issuer has contracted to
               perform its duties under the Indenture (Section 3.7(b));

          (12) the notification of the Indenture Trustee and the Rating Agencies
               of an Event of Servicing Termination under the Sale and Servicing
               Agreement and, if such Event of Servicing Termination arises from
               the failure of the Servicer to perform any of its duties under
               the Sale and Servicing Agreement with respect to the Receivables,
               the taking of all reasonable steps available to remedy such
               failure (Section 3.7(d));

          (13) the preparation and obtaining of documents and instruments
               required for the transfer by the Issuer of its properties or
               assets (Section 3.10(b));

          (14) the duty to cause the Servicer to comply with Sections 4.9, 4.10,
               4.11, 4.12 and 5.5 of the Sale and Servicing Agreement (Section
               3.14);

          (15) the delivery of written notice to the Indenture Trustee and the
               Rating Agencies of each Event of Default under the Indenture and
               each default by the Servicer or the Seller under the Sale and
               Servicing Agreement (Section 3.18);

          (16) the monitoring of the Issuer's obligations as to the satisfaction
               and discharge of the Indenture and the preparation of an
               Officer's Certificate

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               and the obtaining of the Opinions of Counsel and the Independent
               Certificate relating thereto (Section 4.1);

          (17) the monitoring of the Issuer's obligations as to the
               satisfaction, discharge and defeasance of the Notes and the
               preparation of an Officer's Certificate and the obtaining of an
               opinion of a nationally recognized firm of independent certified
               public accountants, a written confirmation thereof and the
               Opinions of Counsel relating thereto (Section 4.1);

          (18) the preparation and delivery of an Officer's Certificate to the
               Indenture Trustee after the occurrence of any event which with
               the giving of notice and the lapse of time would become an Event
               of Default under Section 5.1(c) of the Indenture, its status and
               what action the Issuer is taking or proposes to take with respect
               thereto (Section 5.1);

          (19) the compliance with any written directive of the Indenture
               Trustee with respect to the sale of the Trust Estate at one or
               more public or private sales called and conducted in any manner
               permitted by law if an Event of Default shall have occurred and
               be continuing (Section 5.4);

          (20) the preparation and delivery of notice to Noteholders of the
               removal of the Indenture Trustee and the appointment of a
               successor Indenture Trustee (Section 6.8);

          (21) the preparation of any written instruments required to confirm
               more fully the authority of any co-trustee or separate trustee
               and any written instruments necessary in connection with the
               resignation or removal of any co-trustee or separate trustee
               (Sections 6.8 and 6.10);

          (22) the furnishing of the Indenture Trustee with the names and
               addresses of Noteholders during any period when the Indenture
               Trustee is not the Note Registrar (Section 7.1);

          (23) the preparation and, after execution by the Issuer, the filing
               with the Commission, any applicable state agencies and the
               Indenture Trustee of documents required to be filed on a periodic
               basis with, and summaries thereof as may be required by rules and
               regulations prescribed by, the Commission and any applicable
               state agencies and the transmission of such summaries, as
               necessary, to the Noteholders (Section 7.3);

          (24) the preparation and delivery of Issuer Orders, Officer's
               Certificates and Opinions of Counsel and all other actions
               necessary with respect to investment and reinvestment, to the
               extent permitted, of funds in such accounts (Sections 8.2 and
               8.3);

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          (25) the preparation of an Issuer Request and Officer's Certificate
               and the obtaining of an Opinion of Counsel and Independent
               Certificates, if necessary, for the release of the Trust Estate
               (Sections 8.4 and 8.5);

          (26) the preparation of Issuer Orders and the obtaining of Opinions of
               Counsel with respect to the execution of supplemental indentures
               and the mailing to the Noteholders of notices with respect to
               such supplemental indentures (Sections 9.1, 9.2 and 9.3);

          (27) the execution and delivery of new Notes conforming to any
               supplemental indenture (Section 9.6);

          (28) the notification of Noteholders of redemption of the Notes or
               duty to cause the Indenture Trustee to provide such notification
               (Section 10.2);

          (29) the preparation and delivery of all Officer's Certificates and
               the obtaining of Opinions of Counsel and Independent Certificates
               with respect to any requests by the Issuer to the Indenture
               Trustee to take any action under the Indenture (Section 11.1(a));

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

          (31) the notification of the Rating Agencies, upon the failure of the
               Indenture Trustee to give such notification, of the information
               required pursuant to Section 11.4 of the Indenture (Section
               11.4);

          (32) the preparation and delivery to Noteholders and the Indenture
               Trustee of any agreements with respect to alternate payment and
               notice provisions (Section 11.6); and

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

     e.   Payment of Fees by the Administrator:

          (1)  [the Administrator will pay the Indenture Trustee from time to
               time reasonable compensation for all services rendered by the
               Indenture Trustee under the Indenture (which compensation shall
               not be limited by any provision of law in regard to the
               compensation of a trustee of an express trust);] and

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

     f.   Additional Duties. In addition to the duties of the Administrator set
          forth above, the Administrator shall perform such calculations and
          shall prepare or shall cause the preparation by other appropriate
          persons of, and shall execute on behalf of the Issuer or the Owner
          Trustee, all such documents, reports, filings, instruments,
          certificates and opinions that it shall be the duty of the Issuer or
          the Owner Trustee to prepare, file or deliver pursuant to the Related
          Agreements, and at the request of the Owner Trustee shall take all
          appropriate action that it is the duty of the Issuer or the Owner
          Trustee to take pursuant to the Related Agreements. Subject to Section
          5 of this Agreement, and in accordance with the directions of the
          Owner Trustee, the Administrator shall administer, perform or
          supervise the performance of such other activities in connection with
          the Collateral (including the Related Agreements) as are not covered
          by any of the foregoing provisions and as are expressly requested by
          the Owner Trustee and are reasonably within the capability of the
          Administrator:

          (1)  Notwithstanding anything in this Agreement or the Related
               Agreements to the contrary, the Administrator shall be
               responsible for promptly notifying the Owner Trustee in the event
               that any withholding tax is imposed on the Issuer's payments (or
               allocations of income) to a Certificateholder as contemplated in
               Section 5.2(c) of the Trust Agreement. Any such notice shall
               specify the amount of any withholding tax required to be withheld
               by the Owner Trustee pursuant to such provision.

          (2)  Notwithstanding anything in this Agreement or the Related
               Agreements to the contrary, the Administrator shall be
               responsible for performance of the duties of the Trust or the
               Owner Trustee set forth in Section 5.5(a), (b), (c), (d) and (e)
               and Section 5.6(a) of the Trust Agreement with respect to, among
               other things, accounting and reports to Certificateholders.

          (3)  The Administrator will provide prior to __________ ___, 2001, a
               certificate of an Authorized Officer in form and substance
               satisfactory promptly notify the Owner Trustee as to whether any
               tax withholding is then required and, if required, the procedures
               to be followed with respect thereto to comply with the
               requirements of the Code. The Administrator shall be required to
               update the letter in each instance that any additional

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               tax withholding is subsequently required or any previously
               required tax withholding shall no longer be required.

          (4)  The Administrator shall perform the duties of the Administrator
               specified in Section 10.2 of the Trust Agreement required to be
               performed in connection with the resignation or removal of the
               Owner Trustee, and any other duties expressly required to be
               performed by the Administrator pursuant to the Trust Agreement.

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

     g.   Non-Ministerial Matters. With respect to matters that in the
          reasonable judgment of the Administrator are non-ministerial, the
          Administrator shall not take any action unless within a reasonable
          time before the taking of such action, the Administrator shall have
          notified the Owner Trustee of the proposed action and the Owner
          Trustee shall not have withheld consent or provided an alternative
          direction. For the purpose of the preceding sentence, "non-ministerial
          matters" shall include, without limitation:

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

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

          (3)  the amendment, change or modification of the Related Agreements;

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

          (5)  the removal of the Indenture Trustee.

     h.   Notwithstanding anything to the contrary in this Agreement, the
          Administrator shall not be obligated to, and shall not, (x) make any
          payments to the Noteholders

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          under the Related Agreements, (y) sell the Trust Estate pursuant to
          Section 5.4 of the Indenture or (z) take any other action that the
          Issuer directs the Administrator not to take on its behalf.

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

4. Compensation. As compensation for the performance of the Administrator's
obligations under this Agreement and, as reimbursement for its expenses related
thereto, the Administrator shall be entitled to $_____ annually which shall be
solely an obligation of the Seller.

5. Additional Information To Be Furnished to the Issuer. The Administrator shall
furnish to the Issuer from time to time such additional information regarding
the Collateral as the Issuer shall reasonably request.

6. Independence of the Administrator. For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the
supervision of the Issuer or the Owner Trustee with respect to the manner in
which it accomplishes the performance of its obligations hereunder. Unless
expressly authorized by the Issuer, the Administrator shall have no authority to
act for or represent the Issuer or the Owner Trustee in any way and shall not
otherwise be deemed an agent of the Issuer or the Owner Trustee.

7. No Joint Venture. Nothing contained in this Agreement shall constitute the
Administrator and either of the Issuer or the Owner Trustee as members of any
partnership, joint venture, association, syndicate, unincorporated business or
other separate entity, shall be construed to impose any liability as such on any
of them or shall be deemed to confer on any of them any express, implied or
apparent authority to incur any obligation or liability on behalf of the others.

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

9. Term of Agreement; Resignation and Removal of Administrator. This Agreement
shall continue in force until the dissolution of the Issuer, upon which event
this Agreement shall automatically terminate.

     a.   Subject to Sections 9(e) and 9(f), the Administrator may resign its
          duties hereunder by providing the Issuer with at least sixty (60)
          days' prior written notice.

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     b.   Subject to Sections 9(e) and 9(f), the Issuer may remove the
          Administrator without cause by providing the Administrator with at
          least sixty (60) days' prior written notice.

     c.   Subject to Sections 9(e) and 9(f), at the sole option of the Issuer,
          the Administrator may be removed immediately upon written notice of
          termination from the Issuer to the Administrator if any of the
          following events shall occur:

          (1)  the Administrator shall default in the performance of any of its
               duties under this Agreement and, after notice of such default,
               shall not cure such default within ten (10) days (or, if such
               default cannot be cured in such time, shall not give within ten
               (10) days such assurance of cure as shall be reasonably
               satisfactory to the Issuer);

          (2)  a court having jurisdiction in the premises shall enter a decree
               or order for relief, and such decree or order shall not have been
               vacated within sixty (60) days, in respect of the Administrator
               in any involuntary case under any applicable bankruptcy,
               insolvency or other similar law now or hereafter in effect or
               appoint a receiver, liquidator, assignee, custodian, trustee,
               sequestrator or similar official for the Administrator or any
               substantial part of its property or order the winding-up or
               liquidation of its affairs; or

          (3)  the Administrator shall commence a voluntary case under any
               applicable bankruptcy, insolvency or other similar law now or
               hereafter in effect, shall consent to the entry of an order for
               relief in an involuntary case under any such law, shall consent
               to the appointment of a receiver, liquidator, assignee, trustee,
               custodian, sequestrator or similar official for the Administrator
               or any substantial part of its property, shall consent to the
               taking of possession by any such official of any substantial part
               of its property, shall make any general assignment for the
               benefit of creditors or shall fail generally to pay its debts as
               they become due.

          The Administrator agrees that if any of the events specified in
          clauses (2) or (3) of this Section 9(c) shall occur, it shall give
          written notice thereof to the Issuer and the Trustee within seven (7)
          days after the happening of such event.

     d.   No resignation or removal of the Administrator pursuant to this
          Section 9 shall be effective until (1) a successor Administrator shall
          have been appointed by the Issuer and (2) such successor Administrator
          shall have agreed in writing to be bound by the terms of this
          Agreement in the same manner as the Administrator is bound hereunder.

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

     f.   Subject to Sections 9(e) and 9(f), the Administrator acknowledges that
          upon the appointment of a successor Servicer pursuant to the Sale and
          Servicing Agreement, the Administrator shall immediately resign and
          such successor Servicer shall automatically become the Administrator
          under this Agreement.

10. Action upon Termination, Resignation or Removal. Promptly upon the effective
date of termination of this Agreement pursuant to Section 9(a) or the
resignation or removal of the Administrator pursuant to Section 9(b) or (c),
respectively, the Administrator shall be entitled to be paid all fees and
reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to Section 9(a) deliver to the Issuer all property and documents of or
relating to the Collateral then in the custody of the Administrator. In the
event of the resignation or removal of the Administrator pursuant to Section
9(b) or (c), respectively, the Administrator shall cooperate with the Issuer and
take all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.

11. Notices. Any notice, report or other communication given hereunder shall be
in writing and addressed as follows:

     a.   if to the Issuer or the Owner Trustee, to:

                  Capital One Auto Finance [Trust][LLC] 200__-__
                  c/o ______________________________
                  Attention:  _______________________
                  Telephone:  ______________________
                  Telecopy:  _______________________

     b.   if to the Administrator, to:

                  Capital One Auto Finance, Inc.
                  3901 Dallas Parkway
                  Plano, Texas 75903
                  Attention:  _______________________
                  Telephone:  ______________________
                  Telecopy:  _______________________

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     c.   If to the Indenture Trustee, to:

                  Attention:  _______________________
                  Telephone:  ______________________
                  Telecopy:  _______________________

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

12. Amendments. This Agreement may be amended from time to time by a written
amendment duly executed and delivered by the Issuer, the Administrator and the
Indenture Trustee, with the written consent of the Owner Trustee, without the
consent of the Noteholders and the Certificateholders, for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of the Noteholders or
Certificateholders; provided that, unless the Rating Agency Condition shall have
been satisfied, such amendment will not, as set forth in an Opinion of Counsel
satisfactory to the Indenture Trustee and the Owner Trustee, materially and
adversely affect the interest of any Noteholder or Certificateholder. This
Agreement may also be amended by the Issuer, the Administrator and the Indenture
Trustee with the written consent of the Owner Trustee and the Noteholders of
Notes evidencing not less than a majority of the Notes Outstanding and the
Certificateholders of Certificates evidencing not less than a majority of the
Certificate Balance for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of Noteholders or the Certificateholders;
provided, however, that no such amendment may increase or reduce in any manner
the amount of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that are required to be made for the benefit of the
Noteholders or Certificateholders or reduce the aforesaid percentage of the
Noteholders and Certificateholders which are required to consent to any such
amendment, without the consent of the Noteholders of all the Notes Outstanding
and Certificateholders of Certificates evidencing all the Certificate Balance.
Notwithstanding the foregoing, the Administrator may not amend this Agreement
without the consent of the Seller, which permission shall not be unreasonably
withheld.

13. Successors and Assigns. This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by
the Issuer and the Owner Trustee and subject to the satisfaction of the Rating
Agency Condition in respect thereof. An assignment with such consent and
satisfaction, if accepted by the assignee, shall bind the assignee hereunder in
the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuer or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of
assets) to the Administrator; provided that such successor

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organization executes and delivers to the Issuer, the Owner Trustee and the
Indenture Trustee an agreement in which such corporation or other organization
agrees to be bound hereunder by the terms of said assignment in the same manner
as the Administrator is bound hereunder. Subject to the foregoing, this
Agreement shall bind any successors or assigns of the parties hereto.

14. Governing Law. This agreement shall be construed in accordance with the laws
of the State of New York, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

15. Headings. The Section headings hereof have been inserted for convenience of
reference only and shall not be construed to affect the meaning, construction or
effect of this Agreement.

16. Counterparts. This Agreement may be executed in counterparts, each of which
when so executed shall be an original, but all of which together shall
constitute but one and the same agreement.

17. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

18. Not Applicable to Capital One Auto Finance, Inc. in Other Capacities.
Nothing in this Agreement shall affect any right or obligation Capital One Auto
Finance, Inc. may have in any other capacity.

19. Limitation of Liability of Owner Trustee and Indenture Trustee. (a)
Notwithstanding anything contained herein to the contrary, this instrument has
been countersigned by [Name of Owner Trustee] not in its individual capacity but
solely in the capacity as Owner Trustee of the Issuer and in no event shall
[Name of Owner Trustee] in its individual capacity or any beneficial owner of
the Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder, as to all of which
recourse shall be had solely to the assets of the Issuer. For all purposes of
this Agreement, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement.

     (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by [Name of Indenture Trustee] not in its
individual capacity but solely as [Name of Indenture Trustee] and in no event
shall Indenture Trustee have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

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20. Third-Party Beneficiary. The Owner Trustee is a third-party beneficiary to
this Agreement and is entitled to the rights and benefits hereunder and may
enforce the provisions hereof as if it were a party hereto.

21. Nonpetition Covenants. (a) Notwithstanding any prior termination of this
Agreement, the Seller, the Administrator, the Owner Trustee and the Indenture
Trustee shall not, prior to the date which is one year and one day after the
termination of this Agreement with respect to the Issuer, acquiesce, petition or
otherwise invoke or cause the Issuer to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against
the Issuer under any federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Issuer or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Issuer.

     (b) Notwithstanding any prior termination of this Agreement, the Issuer,
the Administrator, the Owner Trustee and the Indenture Trustee shall not, prior
to the date which is one year and one day after the termination of this
Agreement with respect to the Seller, acquiesce, petition or otherwise invoke or
cause the Seller to invoke the process of any court or government authority for
the purpose of commencing or sustaining a case against the Seller under any
federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Seller or any substantial part of their respective property, or ordering
the winding up or liquidation of the affairs of the Seller.

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

                          Capital One Auto Finance [Trust] [LLC] 200__-__

                          By:  _____________, not in its individual capacity but
                               solely as Owner Trustee

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

                          _________________, not in its individual capacity but
                          solely as Indenture Trustee

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

                          Capital One Auto Finance, Inc., as Administrator

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

                                       14<PAGE>   1
EXHIBIT 10.2

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT, dated as of the 1st day of June, 2000, by and among
Tarpon Coast Bancorp, Inc., a Florida corporation (the "Holding Company"),
Tarpon Coast National Bank a national bank organized under the laws of the
United States (the "Bank") (collectively referred to herein as the "Employer"),
and Lewis S. Albert (the "Executive").

                                   WITNESSETH:

         WHEREAS, the Boards of Directors of the Employer desire to employ
Executive to serve as Chairman of the Board & Chief Executive Officer of the
Holding Company and the Bank; and

         WHEREAS, Executive is willing to become employed by the Holding Company
and the Bank as Chairman and Chief Executive Officer in accordance with the
terms and conditions hereinafter set forth:

1.       Employment. Employer employs Executive and Executive accepts employment
         upon the terms and conditions set forth in this Agreement.

2.       Term. The term of employment of Executive under this Agreement shall be
         for two years and commence on June 1, 2000. If this contract is not
         renewed or renegotiated prior to the end of the two year term, it will
         be treated as a termination without cause and compensated as indicated
         in paragraph 11.b.

3.       Compensation.

         For all services rendered by Executive, Executive shall be paid a
         minimum annual base salary of $112,000.00 per year. The minimum annual
         base salary will be paid by the Bank in equal semi-monthly installments
         during the term of this Agreement. Salary payments shall be subject to
         withholding and other applicable taxes.

4.       Title and Duties. Executive shall serve as Chairman of the Board and
         Chief Executive Officer of the Holding Company and of the Bank.
         Executive shall be responsible for overall operations of the Holding
         Company and the Bank, including implementing the Board's directives;
         acting as chief regulatory contact; monitoring the Employer's progress
         and presenting regular reports to the Boards on financial, lending and
         deposit activities and on other operations; actively involved in
         community relations and business development; and be responsible for
         strategic planning efforts.

5.       Extent of Services. Executive shall devote his entire time, attention
         and energies to the business of Employer and shall not during the term
         of this Agreement be engaged in any other business activity which
         requires the attention or participation of Executive during normal
         business hours of Employer, recognition being given to the fact that
         Executive is expected on occasion to participate in client development
         after normal business hours. However, Executive may invest his assets
         in such form or manner as will not require his services in the
         operation of the affairs of the companies in which such investments are
         made, except that Executive shall not make an investment in the
         securities of any competing financial institution without the express
         approval of the Boards of Directors of the Employer. Executive shall
         notify Employer of any significant participation by him in any trade
         association or similar organization.

6.       Working Facilities. Executive shall receive from the Bank, such
         assistants, perquisites, facilities and services as are suitable to his
         position and appropriate for the performance of his duties on behalf of
         such entity. In addition, the Bank shall provide Executive membership
         in a country or golf club (including dues, assessments and initiation
         fees) of his choice and Executive shall have the option at the
         termination of his employment for any reason to repurchase said
         membership from the Bank.

7.       Expenses. Executive may incur reasonable expenses for promoting the
         business of the Bank, including expenses for entertainment, travel, and
         similar items. Executive will be reimbursed by the Bank for all such
         expenses upon Executive's periodic presentation of an itemized account
         of such expenditures with receipts attached.

<PAGE>   2

8.       Vacations. Executive shall be entitled each year to four (4) weeks of
         vacation time in accordance with the personnel policy established by
         the Bank's Board of Directors, during which time Executive's
         compensation shall be paid in full.

9.       Additional Compensation. As additional consideration paid to Executive,
         Executive shall be provided with and participate in all employee
         benefit plans offered by the Bank to all of its employees, including
         health, hospitalization, disability, life insurance, travel insurance,
         bonus, retirement and savings plans. In addition, Executive shall be
         provided with a term life insurance policy of at least $200,000, which
         shall include an accidental death or dismemberment provision of two
         times the face amount of the policy. The Holding Company shall also
         grant to Executive, effective June 1, 2000, the option to purchase
         10,000 shares of Common Stock of the Holding Company at a purchase
         price equal to the closing price as quoted on the OTC Bulletin Board on
         such date. These options shall vest at the rate of ten percent (10%) or
         one thousand (1,000) options per year, beginning on the grant date and
         on each of the nine (9) subsequent anniversary dates, and shall be
         exercisable for a period of ten (10) years from the grant date.

10.      Change in Control of the Bank.

         a.       In the event of a "change in control" of the Employer, as
                  defined herein, and only to the extend permitted by applicable
                  statutes and regulations, Executive shall be entitled, for a
                  period of thirty (30) days from the date of closing of the
                  transaction effecting such change in control and at his
                  election, to give written notice to Employer of termination of
                  this Agreement and to receive a cash payment equal to one time
                  (100%) the compensation, including incentive compensation, if
                  any, received by Executive in the one-year period immediately
                  preceding the change in control. The severance payments
                  provided for in this Section 10.a. shall be paid in cash,
                  commencing not later than ten (10) days after the date of
                  notice of termination by Executive under this Section 10 or
                  ten (10) days after the date of closing of the transaction
                  effecting the change in control of the Employer, whichever is
                  later.

         b.       In addition, if Executive elects to terminate this Agreement
                  pursuant to this Section 10, Executive shall further be
                  entitled, in lieu of shares of Common Stock of the Holding
                  Company issuable upon exercise of stock options to which
                  Executive is entitled, an amount in cash or Common Stock of
                  the Holding Company or any other company into which shares of
                  the Holding Company are convertible (or any combination
                  thereof) as Executive shall in his election designate equal to
                  the excess of the fair market value of the Common Stock as of
                  the date of closing of the transaction effecting the change in
                  control over the per share exercise price of the options held
                  by Executive, times the number of shares of Common Stock
                  subject to such options (whether or not then fully
                  exercisable). The fair market value of the Common Stock shall
                  be equal to the higher of (i) the value as determined by the
                  Board of Directors of the Holding Company if there is no
                  organized trading market for the shares at the time such
                  determination is made, which per share value shall not be less
                  than 1.8 times the per share book value of the stock or (ii)
                  the closing price (or the average of the bid and asked prices
                  if no closing price is available) on any nationally recognized
                  securities exchange or association on which the Holding
                  Company's shares may be quoted or listed, or (iii) the highest
                  per share price actually paid for Common Stock of the Holding
                  Company in connection with any change in control of the
                  Employer. The severance payments provided for in this Section
                  10.b. shall be paid in full not later than ten (10) days after
                  the date of notice of termination by Executive under this
                  Section 10 or ten (10) days after the date of closing of the
                  transaction effecting the change in control of the Employer,
                  whichever is later.

         c.       For purposes of this Section 10, "change in control" of the
                  Employer shall mean:

                  1.       any transaction, whether by merger, consolidation,
                           asset sale, tender offer, reverse stock split, or
                           otherwise, which results in the acquisition or
                           beneficial ownership (as such term is defined under
                           rules and regulations promulgated under the
                           Securities Exchange Act of 1934, as amended) by any
                           person or entity or group of persons or entities
                           acting in concert, of 50% or more of the outstanding
                           shares of Common Stock of the Employer.

                  2.       the sale of all or substantially all of the assets of
                           the Employer; or

                  3.       the liquidation of the Employer.

         d.       If any payments to be made under this Section 10 constitute an
                  "Excess Parachute Payment" as that term is defined in Section
                  280(g) of the Internal Revenue Code, the payments shall be
                  reduced to the

<PAGE>   3

                  largest amount which would not constitute an "Excess Parachute
                  Payment."

11.      Termination.

         a.       For Cause. This Agreement may be terminated by the Boards of
                  Directors of the Employer without notice and without further
                  obligations other than for monies already paid, for any of the
                  following reasons:

                  i.       failure of Executive to follow reasonable written
                           instructions or policies of the Boards of Directors
                           of the Employer;

                  ii.      gross negligence or willful misconduct of Executive
                           materially damaging to the business of the Employer
                           during the term of this Agreement, or at any time
                           while he was employed by the Employer prior to the
                           term of this Agreement, if not disclosed to the
                           Employer prior to the commencement of the term of
                           this Agreement; or

                  iii.     conviction of Executive during the term of this
                           Agreement of a crime involving breach of trust or
                           moral turpitude; or

                  iv.      at the request of any bank regulatory authority with
                           jurisdiction over the Employer.

                           In the event that the Employer discharges Executive
                  alleging "cause" under this Section 11.a. and it is
                  subsequently determined judicially that the termination was
                  "without cause," then such discharge shall be deemed a
                  discharge without cause subject to the provisions of Section
                  11.b. hereof. In the event that the Employer discharges
                  Executive alleging "cause" under this Section 11.a, such
                  notice of discharge shall be accompanied by a written and
                  specific description of the circumstances alleging such
                  "cause". The termination of Executive for "cause" shall not
                  entitle the Employer to enforcement of the non-competition and
                  non-solicitation covenants contained in Section 13 hereof,
                  unless the employee purposely engages in conduct constituting
                  "cause" for the purpose of negating the non-competition
                  provision.

         b.       Without Cause.

                  i.       Notwithstanding the provisions of Section 2 of this
                           Agreement, the Employer may, upon thirty (30) days'
                           written notice to Executive, or by the giving of a
                           notice under Section 2 of this Agreement terminate
                           this Agreement without cause at any time during the
                           term of this Agreement upon the condition that
                           Executive shall be entitled, as liquidated damages in
                           lieu of all other claims, to the same severance
                           payments as provided in Section 10 hereof; provided
                           that for purposes of Section 10.b., the fair market
                           value of Common Stock shall be determined as of the
                           date of notice of termination of this Agreement given
                           by the Employer to Executive. The severance payments
                           provided for in this Section 11.b. shall commence not
                           later than thirty (30) days after the actual date of
                           termination of employment of Executive.

                  ii.      Executive may upon thirty (30) days' written notice
                           to Employer terminate his Agreement without cause at
                           any time during the term of this Agreement. In the
                           event of termination of this Agreement by Executive,
                           the Employer shall have no further obligation to
                           Executive than for monies paid.

12.      Death or Disability.

         a.       In the event of Executive's death during the term of this
                  Agreement, Employer shall pay to Executive's designated
                  beneficiary, or if Executive has failed to designate a
                  beneficiary, to his estate, an amount equal to Executive's
                  base salary pursuant to Section 3 hereof through the end of
                  the month in which Executive's death occurred plus an amount
                  equal to ninety (90) days salary. Employer shall also continue
                  to provide Executive's survivors with any benefits it provided
                  Executive for such additional ninety (90) day period.

<PAGE>   4

         b.       In the event of Executive's disability during the term of this
                  Agreement, Employer shall pay to Executive an amount equal to
                  Executive's base salary pursuant to Section 3 hereof through
                  the end of the month in which Executive's disability occurred
                  plus an amount equal to six (6) months salary. Employer shall
                  also continue to provide Executive with any benefits it
                  provided Executive prior to his disability for a period of six
                  (6) months following his disability and shall continue to pay
                  the premiums on any life and disability policies provided by
                  the Employer for the benefit of Executive prior to his
                  disability.

         c.       The compensation set forth in Sections a. and b. of this
                  Section 12 shall be in lieu of any other benefits provided
                  hereunder, except that (i) in the event of a change in control
                  of the Employer as defined herein during the ninety (90) day
                  or six (6) month periods described in Sections a. and b. of
                  this Section 12, Executive, Executive's designated beneficiary
                  or Executive's estate, as the case may be, shall be entitled
                  to the benefits of Section 10.b. hereof, and (ii) any benefit
                  payable pursuant to Section 3 shall be prorated and made
                  available to Executive or his beneficiary or estate in respect
                  of any period prior to his death or disability. and (iii) in
                  the event of Executive's disability, Employer shall continue
                  to pay the premiums on any life and disability policies
                  provided by the Employer for the benefit of Executive prior to
                  his disability. The Employer may maintain insurance on its
                  behalf to satisfy in whole or in part the obligations of this
                  Section 12.

         d.       Executive shall be deemed disabled if, by reason of physical
                  or mental impairment, he is incapable of performing his duties
                  hereunder for a period of 180 consecutive days.

13.      Notices. Any notice required or desired to be given under this
         Agreement shall be deemed given if in writing sent by certified mail to
         his residence in the case of Executive, or to its principal office in
         the case of Employer.

14.      Waiver of Breach. The waiver of Employer of a breach of any provision
         of this Agreement by Executive shall not operate or be construed as a
         waiver of any subsequent breach by Executive. No waiver shall be valid
         unless in writing and signed by an authorized officer of Employer.

15.      Assignment. Executive acknowledges that the services to be rendered by
         him are unique and personal. Accordingly, Executive may not assign any
         of his rights or delegate any of his duties or obligations under this
         Agreement. The rights and obligations of Executive under this Agreement
         shall inure to the benefit of and shall be binding upon the successors
         and assigns of Employer.

16.      Governing Law. This Agreement shall be governed and construed in
         accordance with the laws of the State of Florida.

17.      Entire Agreement. This Agreement contains the entire understanding of
         the parties hereto regarding employment of Executive, and supersedes
         and replaces any prior agreement relating thereto. It may not be
         changed orally but only by an agreement in writing signed by the party
         against whom enforcement of any waiver, change, modification,
         extension, or discharge is sought.

                  WHEREAS, as of the day and date first above set forth, the
         parties hereto execute this Agreement.

              TARPON COAST BANCORP, INC.

              By /s/ Todd H. Katz, President
                 -------------------------------------

              TARPON COAST NATIONAL BANK

              By  /s/ Todd H. Katz, President
                 -------------------------------------

              LEWIS S. ALBERT

              By /s/ Lewis S. Albert
                 -------------------------------------

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