Document:

Exhibit 10.1

 

COMPENSATION OF NON-EMPLOYEE DIRECTORS

 

The following is a description of the compensation payable to
non-employee Directors of Zenith National Insurance Corp. (the “Company”).  It is provided pursuant to Paragraph 10(iii)
to Item 601 of Regulation S-K, which requires a written description of a
compensatory arrangement when no formal document contains the compensation
information.

 

Directors of the Company
are elected annually.

 

Employee Directors receive no additional compensation for serving on
the Board of Directors.  Non-employee
Directors are compensated as follows:

 

	
  For service as a Director:

   

  An annual cash fee of
  $75,000 plus an annual award of 1,500 shares of restricted Company Common
  Stock to be granted after each annual election (or a prorated number of
  shares if a Director is appointed other than at the annual meeting).  Each such award would vest 500 shares per
  year for three years, so long as the recipient remains a Director.*

   

  
	
  In addition to the above compensation, the
  following fees are paid for committee service:

   

  	
   

  
	
   

  	
  Committees, other than the Audit Committee:

  	
  An annual cash fee of $31,250

  
	
   

  	
   

  
	
   

  	
  Audit Committee, other than Chairman:

  	
  An annual cash fee of $33,750

  
	
   

  	
   

  
	
   

  	
  Audit Committee Chairman:

  	
  An annual cash fee of $41,250

  

*The portion of compensation attributable to restricted Company Common
Stock is contingent upon approval by the Company’s Stockholders at the 2005
Annual Stockholders Meeting.  The Company
intends to seek Stockholder approval of an amendment to the existing Zenith
National Insurance Corp. 2004 Restricted Stock Plan to allow such restricted
stock grants to non-employee Directors.

 

Directors are also reimbursed all out of pocket expenses incurred by
them in connection with their service.Exhibit
10.1

 

AMENDMENT NUMBER
THREE

to the

Master Loan and
Security Agreement

Dated as of
December 30, 2003

between

HOMEONE FUNDING I

and

GREENWICH CAPITAL
FINANCIAL PRODUCTS, INC.

 

                This AMENDMENT NUMBER THREE is made this 14th
day of February, 2005, between HOMEONE FUNDING I, having an address at 2150
West 18th Street, Houston, Texas 77008 (the “Borrower”) and GREENWICH
CAPITAL FINANCIAL PRODUCTS, INC., having an address at 600 Steamboat Road,
Greenwich, Connecticut 06830 (the “Lender”), to the Master Loan and
Security Agreement, dated as of December 30, 2003, by and between the Borrower
and the Lender, as amended (the “Agreement”).  Capitalized terms used but not otherwise
defined herein shall have the meanings assigned to such terms in the Agreement.

 

RECITALS

 

                WHEREAS, the Borrower has requested that the Lender
agree to amend the Agreement to extend the Termination Date thereunder to March
15, 2005;

 

                WHEREAS, as of the date of this Amendment, the
Borrower represents to the Lender that it is in compliance with all of the
representations and warranties and all of the affirmative and negative
covenants set forth in the Agreement and is not in default under the Agreement;
and

 

                WHEREAS, the Borrower and the
Lender have agreed to amend the Agreement as set forth herein.

 

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

 

SECTION 1.  Effective as of February 14, 2005, Section 1
of the Agreement is hereby amended by deleting the definition of Termination
Date and replacing it with the following:

 

“Termination
Date” shall mean March 15, 2005, or such earlier date on which this Loan
Agreement shall terminate in accordance with the provisions hereof or by
operation of law.

 

SECTION 2.  Defined Terms.  Any terms capitalized but not otherwise
defined herein shall have the respective meanings set forth in the Agreement.

 

SECTION 3.  Limited Effect.  Except as amended hereby, the Agreement shall
continue in full force and effect in accordance with its terms.  Reference to this Amendment need not be made
in the Agreement or any other instrument or document executed in connection
therewith, or in any certificate, letter or communication issued or

 

 

made pursuant to, or with respect to, the Agreement, any reference in
any of such items to the Agreement being sufficient to refer to the Agreement
as amended hereby.

 

SECTION 4.  Representations.  The Borrower hereby represents to the Lender
that as of the date hereof, the Borrower is in full compliance with all of the
terms and conditions of the Agreement and no Default or Event of Default has
occurred and is continuing under the Agreement.

 

SECTION 5.  Governing Law. This Amendment Number
Three 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 without regard to conflict of laws
doctrine applied in such state (other than Sections 5-1401 and 5-1402 of the
New York General Obligations Law).

 

SECTION 6.  Counterparts.  This Amendment Number Three may be executed
by each of the parties hereto on any number of separate counterparts, each of
which shall be an original and all of which taken together shall constitute one
and the same instrument.

 

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

 

2

 

IN
WITNESS WHEREOF, the Borrower and the Lender have caused this Amendment Number
Three to be executed and delivered by their duly authorized officers as of the
day and year first above written.

 

	
   

  	
   

  	
  HOMEONE FUNDING I

  
	
   

  	
   

  	
  (Borrower)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:   Wilmington
  Trust Company not in its individual capacity but solely as Owner Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rachel L.
  Simpson

  	
   

  
	
   

  	
   

  	
  Name: Rachel L.
  Simpson

  
	
   

  	
   

  	
  Title: Financial
  Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GREENWICH CAPITAL FINANCIAL PRODUCTS. INC.

  
	
   

  	
   

  	
  (Lender)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jon Stapleton

  	
   

  
	
   

  	
   

  	
  Name: Jon Stapleton

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
  Acknowledged and
  Accepted:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  HOMEONE CREDIT CORP.

  	
   

  	
   

  
	
  (Guarantor)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Forrest D. Theobald

  	
   

  	
   

  	
   

  
	
  Name: Forrest D.
  Theobald

  	
   

  	
   

  
	
  Title: Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  FLEETWOOD ENTERPRISES,
  INC.

  	
   

  	
   

  
	
  (Guarantor)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Forrest D. Theobald

  	
   

  	
   

  	
   

  
	
  Name: Forrest D.
  Theobald

  	
   

  	
   

  
	
  Title:
  Sr. Vice President — General

  Counsel and Secretary

  	
   

  	
   

  
										

 

3Exhibit 10.1

 

FORM OF
IAC/INTERACTIVECORP RESTRICTED STOCK UNIT AGREEMENT

 

THIS AGREEMENT,
dated as of the award date (the “Award Date”) designated on the Summary of
Award referenced below, between IAC/InterActiveCorp, a Delaware corporation
(the “Corporation”), and the employee of the Corporation or one of its
businesses (the “Employee”) designated as receiving an award of restricted
stock units (the “Restricted Stock Units”) by the Compensation/Benefits
Committee of the Board of Directors of the Corporation (or such other Committee
as the Board may from time to time designate) (the “Committee”).

 

All capitalized
terms used herein, to the extent not defined, shall have the meanings set forth
in the Corporation’s [NAME OF PLAN] (the “Plan”).

 

1.                                      Award
and Vesting of Restricted Stock Units

 

(a)                                  Subject
to the provisions of this Agreement and to the provisions of the Plan, the
Corporation hereby grants Restricted Stock Units to the Employee.  Reference is made to the “Summary of Award”
that can be found on the Smith Barney Benefit Access System at
www.benefitaccess.com.  Your Summary of
Award, which sets forth the number of Restricted Stock Units granted to you by
the Corporation and the Award Date (among other information), is hereby
incorporated by reference into, and shall be read as part and parcel of, this
Agreement.

 

The Restricted
Stock Units constitute “Performance Units” under Section 8 of the Plan,
each with respect to one share of common stock of the Corporation, par value
$.01 per share (the “Common Stock”).

 

(b)                                 Subject
to the terms and conditions of this Agreement, the provisions of the Plan [and subject
to the satisfaction of performance goals approved by the Committee on [DATE]],
the Restricted Stock Units shall vest and no longer be subject to any
restriction (such period during which restrictions apply is the “Restriction
Period”):

 

	
  Vesting Date

  	
   

  	
  Percentage
  of Total Award Vesting

  
	
   

  	
   

  	
   

  
	
  On the first anniversary of the Award Date

  	
   

  	
  20%

  
	
   

  	
   

  	
   

  
	
  On the second anniversary of the Award Date

  	
   

  	
  20%

  
	
   

  	
   

  	
   

  
	
  On the third anniversary of the Award Date

  	
   

  	
  20%

  
	
   

  	
   

  	
   

  
	
  On the fourth anniversary of the Award Date

  	
   

  	
  20%

  
	
   

  	
   

  	
   

  
	
  On the fifth anniversary of the Award Date

  	
   

  	
  20%

  

 

(c)                                  Notwithstanding
the provisions of Paragraph 1(b), in the event the Employee incurs a
Termination of Employment by the Corporation for Cause, or the Employee
voluntarily incurs a Termination of Employment within two (2) years after any
event or circumstance that would have been grounds for a Termination of
Employment for Cause, the Employee’s Restricted Stock Units (whether or not
vested) shall be forfeited and canceled in their entirety upon such Termination
of Employment, and the Corporation may cause the Employee, immediately upon
notice from the Corporation, either to return the shares or cash issued upon

 

 

settlement of Restricted Stock Units which vested during the two-year
period after the events or circumstances giving rise to or constituting grounds
for such Termination of Employment for Cause or to pay to the Corporation an
amount equal to the aggregate amount, if any, that the Employee had previously
realized in respect of any and all shares issued upon settlement of Restricted
Stock Units which vested during the two-year period after the events or
circumstances giving rise to or constituting grounds for such Termination of
Employment for Cause (i.e., the value of the Restricted Stock Units upon
vesting), in each case including any dividend equivalents or other
distributions received in respect of any such Restricted Stock Units.

 

(d)                                 In
the event the Employee incurs a Termination of Employment during the
Restriction Period for any reason other than as set forth in Paragraph 1(c),
all remaining unvested Restricted Stock Units shall be forfeited by the
Employee and canceled in their entirety effective immediately upon such
termination.

 

(e)                                  For
purposes of this Agreement, employment with the Corporation shall include
employment with the Corporation’s Affiliates and its successors.  Nothing in this Agreement or the Plan shall
confer upon the Employee any right to continue in the employ of the Corporation
or any of its Affiliates or interfere in any way with the right of the
Corporation or any such Affiliates to terminate the Employee’s employment at
any time.

 

2.                                      Settlement
of Units

 

As soon as practicable
after any Restricted Stock Units have vested and are no longer subject to the
Restriction Period, such Restricted Stock Units shall be settled.  Subject to Paragraph 8 (pertaining to the
withholding of taxes), for each Restricted Stock Unit settled pursuant to this Section 2,
the Corporation shall (i) if the Employee is employed within the United States,
issue one share of Common Stock for each Restricted Stock Unit vesting at such
time and cause to be delivered to the Employee one or more unlegended, freely-transferable
stock certificates in respect of such shares issued upon settlement of the vesting
Restricted Stock Units or (ii) if the Employee is employed outside the United
States, pay, or cause to be paid, to the Employee an amount of cash equal to
the Fair Market Value of one share of Common Stock for each Restricted Stock
Unit vesting at such time. 
Notwithstanding the foregoing, the Corporation shall be entitled to hold
the shares or cash issuable upon settlement of Restricted Stock Units that have
vested until the Corporation or the agent selected by the Corporation to manage
the Plan under which the Restricted Stock Units have been issued (the “Agent”)
shall have received from the Employee a duly executed Form W-9 or W-8, as
applicable.

 

3.                                      Non-Transferability
of the Restricted Stock Units

 

During the
Restriction Period and until such time as the Restricted Stock Units are
ultimately settled as provided in Paragraph 2 above, the Restricted Stock Units
shall not be transferable by the Employee by means of sale, assignment,
exchange, encumbrance, pledge, hedge or otherwise.

 

2

 

4.                                      Rights
as a Stockholder

 

Except as
otherwise specifically provided in this Agreement, during the Restriction
Period the Employee shall not be entitled to any rights of a stockholder with
respect to the Restricted Stock Units. 
Notwithstanding the foregoing, if the Corporation declares and pays
dividends on the Common Stock during the Restriction Period, the Employee will
be credited with additional amounts for each Restricted Stock Unit equal to the
dividend that would have been paid with respect to such Restricted Stock Unit
if it had been an actual share of Common Stock, which amount shall remain
subject to restrictions (and as determined by the Committee may be reinvested
in Restricted Stock Units or may be held in kind as restricted property) and
shall vest concurrently with the vesting of the Restricted Stock Units upon
which such dividend equivalent amounts were paid.  Notwithstanding the foregoing, dividends and
distributions   other than regular
quarterly cash dividends, if any, may result in an adjustment pursuant to
Paragraph 5.

 

5.                                      Adjustment
in the Event of Change in Stock; Change in Control

 

In the event of any
change in corporate capitalization (including, but not limited to, a change in
the number of shares of Common Stock outstanding), such as a stock split or a
corporate transaction, such as any merger, consolidation, separation, including
a spin-off, or other distribution of stock or property of the Corporation
(including any extraordinary cash or stock dividend), any reorganization
(whether or not such reorganization comes within the definition of such term in
Section 368 of the Code) or any partial or complete liquidation of the
Corporation, the number of Restricted Stock Units and the shares underlying
such Restricted Stock Units shall be equitably adjusted by the Committee
(including, in its discretion, providing for other property to be held as
restricted property) as it may deem appropriate in its sole discretion.  The determination of the Committee regarding
any such adjustment will be final and conclusive.

 

Employee
acknowledges that when and if the Corporation’s publicly announced plan to
separate into two independently publicly traded companies (the “Spin-Off”) is
completed, the number of Restricted Stock Units (and underlying shares)
evidenced by this Agreement will be equitably adjusted by the Committee in its
sole discretion pursuant to this Section 5.  Equitable adjustments by the Committee may
include, among other adjustments, providing for shares of common stock of the
new, independent publicly traded company created as a result of the Spin-Off
(the “Spin-Co”) to be held as restricted property, such that following the
completion of the Spin-Off, the shares underlying the Restricted Stock Units
will be shares of common stock of Spin-Co (as opposed to shares of common stock
of the Corporation).

 

In addition,
unless otherwise determined by the Committee, in the event of a Change in
Control, the Restricted Stock Units shall automatically vest.

 

3

 

6.                                      Payment
of Transfer Taxes, Fees and Other Expenses

 

The Corporation
agrees to pay any and all original issue taxes and stock transfer taxes that
may be imposed on the issuance of shares received by an Employee in connection
with the Restricted Stock Units, together with any and all other fees and
expenses necessarily incurred by the Corporation in connection therewith.

 

7.                                      Other
Restrictions

 

(a)                                  The
Restricted Stock Units shall be subject to the requirement that, if at any time
the Committee shall determine that (i) the listing, registration or
qualification of the shares of Common Stock subject or related thereto upon any
securities exchange or under any state or federal law, or (ii) the consent or
approval of any government regulatory body, then in any such event, the award
of Restricted Stock Units shall not be effective unless such listing,
registration, qualification, consent or approval shall have been effected or
obtained free of any conditions not acceptable to the Committee.

 

(b)                                 The
Employee acknowledges that the Employee is subject to the Corporation’s
policies regarding compliance with securities laws, including but not limited
to its Securities Trading Policy (as in effect from time to time and any
successor policies), and, pursuant to these policies, if the Employee is on the
Corporation’s insider list, the Employee shall be required to obtain pre-clearance
from the Corporation’s General Counsel prior to purchasing or selling any of
the Corporation’s securities, including any shares issued upon vesting of the
Restricted Stock Units, and may be prohibited from selling such shares other
than during an open trading window.  The
Employee further acknowledges that, in its discretion, the Corporation may
prohibit the Employee from selling such shares even during an open trading
window if the Corporation has concerns over the potential for insider trading.

 

8.                                      Taxes
and Withholding

 

No later than the
date as of which an amount first becomes includible in the gross income of the
Employee for federal, state, local or foreign income tax purposes with respect
to any Restricted Stock Units, the Employee shall pay to the Corporation, or
make arrangements satisfactory to the Corporation regarding the payment of, all
federal, state, local and foreign taxes that are required by applicable laws
and regulations to be withheld with respect to such amount.  The obligations of the Corporation under this
Agreement shall be conditioned on compliance by the Employee with this
Paragraph 8, and the Corporation shall, to the extent permitted by law, have
the right to deduct any such taxes from any payment otherwise due to the Employee,
including deducting such amount from the delivery of shares or cash issued upon
settlement of the Restricted Stock Units that gives rise to the withholding
requirement.

 

9.                                      Notices

 

All notices and
other communications under this Agreement shall be in writing and shall be
given by hand delivery to the other party or by facsimile, overnight courier,
or registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

 

4

 

If to the
Employee:  at the last known address on
record at the Corporation.

 

If to the
Corporation:

 

IAC/InterActiveCorp

Carnegie Hall Tower

152 West 57th Street, 42nd Floor

New York, NY  10019

Attention:  General Counsel

Facsimile:  (212) 314-7497

 

or to
such other address or facsimile number as any party shall have furnished to the
other in writing in accordance with this Paragraph 9.  Notice and communications shall be effective
when actually received by the addressee. 
Notwithstanding the foregoing, the Employee consents to electronic
delivery of documents required to be delivered by the Corporation under the
securities laws.

 

10.                               Effect
of Agreement

 

Except as
otherwise provided hereunder, this Agreement shall be binding upon and shall
inure to the benefit of any successor or successors of the Corporation.

 

11.                               Laws
Applicable to Construction; Consent to Jurisdiction

 

The
interpretation, performance and enforcement of this Agreement shall be governed
by the laws of the State of Delaware without reference to principles of
conflict of laws, as applied to contracts executed in and performed wholly
within the State of Delaware.  In
addition to the terms and conditions set forth in this Agreement, the
Restricted Stock Units are subject to the terms and conditions of the Plan,
which are hereby incorporated by reference.

 

Any and all
disputes arising under or out of this Agreement, including without limitation
any issues involving the enforcement or interpretation of any of the provisions
of this Agreement, shall be resolved by the commencement of an appropriate
action in the state or federal courts located within the state of Delaware,
which shall be the exclusive jurisdiction for the resolution of any such
disputes.  The Employee hereby agrees and
consents to the personal jurisdiction of said courts over the Employee for
purposes of the resolution of any and all such disputes.

 

12.                               Severability

 

The invalidity or
enforceability of any provision of this Agreement shall not affect the validity
or enforceability of any other provision of this Agreement.

 

13.                               Conflicts
and Interpretation

 

In the event of
any conflict between this Agreement and the Plan, the Plan shall control.  In the event of any ambiguity in this
Agreement, or any matters as to which this Agreement is silent, the Plan shall
govern including, without limitation, the provisions thereof pursuant to

 

5

 

which the Committee has the power, among others, to (i) interpret the
Plan, (ii) prescribe, amend and rescind rules and regulations relating to the
Plan, and (iii) make all other determinations deemed necessary or advisable for
the administration of the Plan.

 

In the event of
any (i) conflict between the Summary of Award (or any other information posted
on the Smith Barney Benefit Access System) and this Agreement, the Plan and/or
the books and records of the Corporation, or (ii) ambiguity in the Summary of
Award (or any other information posted on the Smith Barney Benefit Access
System), this Agreement, the Plan and/or the books and records of the
Corporation, as applicable, shall control.

 

14.                               Amendment

 

The Corporation
may modify, amend or waive the terms of the Restricted Stock Unit award,
prospectively or retroactively, but no such modification, amendment or waiver
shall impair the rights of the Employee without his or her consent, except as
required by applicable law, NASDAQ or stock exchange rules, tax rules or
accounting rules.  The waiver by either
party of compliance with any provision of this Agreement shall not operate or
be construed as a waiver of any other provision of this Agreement, or of any
subsequent breach by such party of a provision of this Agreement.

 

15.                               Headings

 

The headings of
paragraphs herein are included solely for convenience of reference and shall
not affect the meaning or interpretation of any of the provisions of this
Agreement.

 

16.                               Counterparts

 

This Agreement may
be executed in counterparts, which together shall constitute one and the same
original.

 

17.                               Data
Protection

 

The Employee
authorizes the release from time to time to the Corporation (and any of its
subsidiaries or affiliated companies) and to the Agent (together, the “Relevant
Companies”) of any and all personal or professional data that is necessary or
desirable for the administration of the Plan and/or this Agreement (the “Relevant
Information”).  Without limiting the
above, Employee permits his or her employing company to collect, process,
register and transfer to the Relevant Companies all Relevant Information
(including any professional and personal data that may be useful or necessary
for the purposes of the administration of the Plan and/or this Agreement and/or
to implement or structure any further grants of equity awards (if any)).  Employee hereby authorizes the Relevant
Information to be transferred to any jurisdiction in which the Corporation, his
or her employing company or the Agent considers appropriate.  Employee shall have access to, and the right
to change, the Relevant Information. 
Relevant Information will only be used in accordance with applicable
law.

 

6

 

IN WITNESS
WHEREOF, as of the date first above written, the Corporation has caused this
Agreement to be executed on its behalf by a duly authorized officer and the
Employee has hereunto set the Employee’s hand. 
Electronic acceptance of this Agreement pursuant to the Corporation’s
instructions to Employee (including through an online acceptance process
managed by the Agent) is acceptable.

 

 

	
   

  	
  IAC/INTERACTIVECORP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

7

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