Document:

Supplemental Indenture

 Exhibit 4.1 
  
 EXECUTION COPY 
  

 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 SUPPLEMENTAL INDENTURE 
  
 with respect to
Additional Class A(2004-4) Notes 
 dated as of November 23, 2004 
  
 to 
  
 CLASS A(2004-4) TERMS DOCUMENT 
  
 dated as of June 10, 2004 
  
 to 
  
 CARD SERIES INDENTURE SUPPLEMENT 
  
 dated as of October 9, 2002 
  
 to

  
 ASSET POOL 1 SUPPLEMENT 
  
 dated as of October 9, 2002 
  
 to 
  
 INDENTURE 
  
 dated as of October 9, 2002 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 	  	ARTICLE I	  	 
		
	 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	1
			
	 	  	 Section 1.1 Definitions
	  	1
			
	 	  	 Section 1.2 Governing Law
	  	2
			
	 	  	 Section 1.3 Counterparts
	  	2
			
	 	  	 Section 1.4 Ratification of Indenture, Asset Pool 1 Supplement, Indenture Supplement and Terms Document
	  	2
			
	 	  	 Section 1.5 Full Force and Effect of Terms Document
	  	2
			
	 	  	ARTICLE II	  	 
		
	 THE ADDITIONAL CLASS A(2004-4) NOTES
	  	3
			
	 	  	 Section 2.1 Terms and Issuance
	  	3
			
	 	  	 Section 2.2 Modification of Defined Terms
	  	3
			
	 	  	 Section 2.3 Form of Delivery of Additional Class A(2004-4) Notes; Depository; Denominations
	  	3
			
	 	  	 Section 2.4 Delivery and Payment for the Additional Class A(2004-4) Notes
	  	3
			
	 	  	 Section 2.5 Supplemental Indenture
	  	3

  

 -i- 

 THIS SUPPLEMENTAL INDENTURE WITH RESPECT TO ADDITIONAL CLASS A(2004-4) NOTES (this “Supplemental
Indenture”), by and between CAPITAL ONE MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at c/o E.A. Delle Donne Corporate Center,
Montgomery Building, 1101 Centre Road, Wilmington, Delaware 19805, and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of November 23, 2004 and hereby
modifies and supplements the Class A(2004-4) Terms Document (the “Terms Document”) entered into by the Issuer and the Indenture Trustee as of June 10, 2004. 
  
 WHEREAS, the Issuer has created, pursuant to the Terms Document, a Tranche of Card Series Class A(2004-4) Notes known as the
“Class A(2004-4) Notes.” 
  
 WHEREAS, pursuant to
Section 310(a) of the Indenture, the Issuer shall issue the Additional Class A(2004-4) Notes (as defined below) that shall be identical in all material respects to all other Outstanding Class A(2004-4) Notes and will be equally and ratably
entitled to the benefits of the Indenture, the Asset Pool 1 Supplement, the Indenture Supplement and the Terms Document as all other Outstanding Class A(2004-4) Notes without preference, priority or distinction. 
  
 NOW, THEREFORE, in connection with the issuance of the Additional Class
A(2004-4) Notes, the Issuer and the Indenture Trustee enter into this Supplemental Indenture. 
  
 ARTICLE 1 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  
 Section 1.1 Definitions. For all purposes of this Supplemental
Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
  
 (2) all other terms used herein which are defined in the Indenture Supplement, the Indenture, the Asset Pool 1 Supplement,
or the Terms Document, either directly or by reference therein and are not modified by Section 2.2 hereof, have the meanings assigned to them therein; 
  
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and,
except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United
States of America at the date of such computation; 
  
 (4) all
references in this Supplemental Indenture to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Supplemental Indenture; 

 (5) the words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 
  
 (6) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Terms
Document, the Indenture Supplement, the Asset Pool 1 Supplement, the Indenture or the Transfer and Administration Agreement, the terms and provisions of this Supplemental Indenture shall be controlling; 
  
 (7) each capitalized term defined herein shall relate only to the Class
A(2004-4) Notes and no other Tranche of Notes issued by the Issuer; and 
  
 (8) “including” and words of similar import will be deemed to be followed by “without limitation.” 
  
 “Additional Class A(2004-4) Notes” means the $100,000,000 principal amount Class A(2004-4) Notes described in this Supplemental
Indenture, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated as a Class A(2004-4) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Additional Issuance Date” means November 23, 2004.

  
 Section 1.2 Governing Law. THIS SUPPLEMENTAL
INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.3 Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together
constitute but one and the same instrument. 
  
 Section 1.4
Ratification of Indenture, Asset Pool 1 Supplement, Indenture Supplement and Terms Document. As supplemented by this Supplemental Indenture, each of the Indenture, the Asset Pool 1 Supplement, the Indenture Supplement and the Terms Document
is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool 1 Supplement, the Indenture Supplement as so supplemented by the Terms Document and the Terms Document as so supplemented by this Supplemental Indenture
shall be read, taken and construed as one and the same instrument. 
  
 Section 1.5 Full Force and Effect of Terms Document. All terms and conditions of the Terms Document not changed hereby shall remain in full force and effect. 
  

 -2- 

 ARTICLE II 
 THE ADDITIONAL CLASS A(2004-4) NOTES 
  
 Section 2.1 Terms and Issuance. The Additional Class A(2004-4) Notes shall be identical in all material respects to all other Outstanding Class A(2004-4) Notes and will be equally and ratably entitled to the benefits of the
Indenture, the Asset Pool 1 Supplement, the Indenture Supplement and the Terms Document as all other Outstanding Class A(2004-4) Notes without preference, priority or distinction. The Additional Class A(2004-4) Notes shall be issued pursuant to the
Indenture, the Asset Pool 1 Supplement, the Indenture Supplement, the Terms Document and this Supplemental Indenture on the Additional Issuance Date. 
  
 Section 2.2 Modification of Defined Terms. Upon issuance of the Additional Class A(2004-4) Notes, all references in the Terms Document with respect
to the Class A(2004-4) Notes shall include the Additional Class A(2004-4) Notes and each of the following terms, as used in the Terms Document, shall have the respective meanings set forth below: 
  
 “Accumulation Period Amount” means $41,666,666.67;
provided, however, if the Accumulation Period Length is determined to be less than 12 months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount will be the amount specified in the
definition of “Accumulation Period Amount” in the Indenture Supplement. 
  
 “Initial Dollar Principal Amount” means $400,000,000; provided, however, for purposes of Section 310(b)(ii) of the Indenture Supplement and the definitions of “Required
Subordinated Amount of Class C Notes” and “Required Subordinated Amount of Class D Notes” in the Terms Document, Initial Dollar Principal Amount shall mean $500,000,000. 
  
 “Stated Principal Amount” means $500,000,000. 
  
 Section 2.3 Form of Delivery of Additional Class A(2004-4) Notes; Depository; Denominations. 
  
 (1) The Additional Class A(2004-4) Notes shall each be delivered in the form
of a global Registered Note as provided in Section 202 and 301(i) of the Indenture, respectively. 
  
 (2) The Depository for the Additional Class A(2004-4) Notes shall be The Depository Trust Company, and the Additional Class A(2004-4) Notes shall
initially be registered in the name of Cede & Co., its nominee. 
  
 (3) The Additional Class A(2004-4) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000, in excess of that amount. 
  
 Section 2.4 Delivery and Payment for the Additional Class A(2004-4) Notes. The Issuer shall execute and deliver the Additional Class A(2004-4)
Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Additional Class A(2004-4) Notes when authenticated, each in accordance with Section 303 of the Indenture. 
  
 Section 2.5 Supplemental Indenture. The Issuer may enter into a
supplemental indenture with respect to the Class A(2004-4) Notes as provided in Section 901 of the Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit
enhancement for the Class A(2004-4) Notes shall, in addition to the requirements set forth in Section 901 of the Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the Card Series that such
supplemental indenture will not result in a Ratings Effect with respect to any Outstanding Notes of the Card Series. 
  

 -3- 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all
as of the day and year first above written. 
  

			
	 CAPITAL ONE MULTI-ASSET EXECUTION TRUST,

		
	 By:
	 	 DEUTSCHE BANK TRUST COMPANY DELAWARE,

	 	 	 not in its individual capacity, but solely as

	 	 	 Owner Trustee on behalf of the Trust

		
	 By:
	 	 /s/ Michele H.Y. Voon

	 Name:
	 	 Michele H.Y. Voon

	 Title:
	 	 Attorney-in-Fact

	
	 THE BANK OF NEW YORK, as Indenture Trustee

	 and not in its individual capacity.

		
	 By:
	 	 /s/ James P. Bowden

	 Name:
	 	 James P. Bowden

	 Title:
	 	 Assistant Treasurer

  
 [Signature Page
to the Class A(2004-4) Supplemental Indenture]Agreement between Alcoa Inc. and William E. Leahey, Jr.

 EXHIBIT 10(aa) 
  
 November 10, 2004 
  
 William E. Leahey, 
 150 Columbus Avenue, #25D, 
 New York, NY 10023 
  
 Dear Bill: 
  
 In light of our recent discussions
regarding your retirement from Alcoa (“Company”), and the transition of your specific areas of accountability as Executive Vice President-Alcoa and Group President, Alcoa Packaging, Consumer, Construction & Distribution Group, the
following sets forth our understanding of the parameters of your continuing relationship with the Company. 
  
 The initial focus is to plan and implement a successful transition of your areas of responsibility. Starting immediately, you will begin to assist Ruth Mack to implement a successful and positive transition, and to
re-deploy your job functions and responsibilities (“Transitional Services”). These Transitional Services will be performed to achieve the specific goals and objectives, as shall be agreed upon, with Alain Belda or Ruth Mack. It is
anticipated that these activities will be completed as quickly as possible, but not later than by December 31, 2004. It is not expected that you will work on a full-time basis, or need to be at work during the entire transition period. Your role as
an Officer of Alcoa will cease not later than this date. During the entire transition period, you will continue to receive your current salary, and benefits as an active employee. 
  
 Effective January 1, 2005, your job functions and areas of accountability will be restructured, and your position with the Company will be
eliminated. You will be placed on an inactive status without pay or other compensation through May 31, 2005, and during this period you will be eligible to receive all benefits, and to participate in all company sponsored programs, which are
available to employees of the Company who are placed in a “layoff” status. Benefits will include severance benefits under the Alcoa Involuntary Separation Plan (“ISP”), which offers a Basic Benefit and an Enhanced Benefit. The
Basic Benefit offers four (4) weeks pay, and the Enhanced Benefit offers two (2) weeks pay per year of continuous service (maximum 56 weeks), provided that you release the Company from any and all claims. You will be eligible for thirty two (32)
weeks of Basic Benefits and Enhanced Benefits for total ISP Benefit of $289,230.00. Your ISP Benefit will be payable June 1, 2005. Applicable federal, state and local taxes will be deducted from your ISP Benefit. In addition, you will continue to be
eligible to receive a 2004 Incentive Compensation award, which will be determined and paid in accordance with the terms and conditions of the program. You will not be eligible to receive a 2005 Incentive Compensation award. 
  
 Effective June 1, 2005 you will retire from the Company, and commence receiving benefits
under the applicable benefit plans and programs, e.g., pension, savings, deferred compensation. After your retirement you will retain any and all rights afforded to you or your beneficiary under all Alcoa sponsored benefit plans or programs in which
you are eligible to continue to participate, in accordance with the terms and conditions of such plan or programs as may be amended from time to time. You will be able to exercise your vested, but unexercised options as a retiree in accordance with
the stock option program. Specific questions regarding your retirement, and other benefits after your retirement, e.g., stock options, performance shares and other benefit related questions should be referred to Debbie Gates at TBG Consulting at
(800) 984-9726 or (412) 281-5472. 

 It is my understanding that you will begin to pursue other career opportunities during the January 1, 2005 through May
31, 2005 layoff period, as well as after your June 1, 2005 retirement. To assist you with your transition, executive level career transition services will be provided to you. Please contact Jim Michaud at 212-836-2664, and Jim will assist you with
the coordination of these services. Should you acquire employment during the layoff period, please contact Jim so the appropriate adjustments, if any, can be made to your medical and other affected welfare benefits. 
  
 During your employment with the Company, you have had access to proprietary information,
including strategic plans, technical and operating know-how, business strategy, trade secrets, customer information, patents, business operations and other proprietary information. In particular, your role with the Executive Council has provided you
with detailed insight regarding the Company’s strategies and plans. You have a legal obligation to maintain the confidentiality of all such information, not to disclose any of it to anyone, not to use any of it whether for your own use, a new
employer or otherwise or in a manner that is detrimental to, or inconsistent with any interest of the Company. The Company takes these obligations of yours very seriously and relies upon you to take them very seriously as well. If you have any
questions concerning any of these matters, please contact me. If you have any doubt about whether specific information is covered by the above, please contact me, or my successor to discuss your concerns. 
  
 It is acknowledged and agreed that because of the unique character of your position with the
Company and the highly confidential nature of your knowledge of the Company’s business, in further consideration of the obligations of the Company set forth in this letter, you agree to the following specific limitations concerning your future
employment: 
  
 For the period beginning January 1, 2005 through December 31,
2006, you will not directly or indirectly enter into any employment arrangements as a director, officer, partner, owner, employee, inventor, consultant, advisor, agent, or otherwise with any domestic or international business or firm that is engaged
or may become engaged in business activities that relate to any aspect of the Company’s businesses in which it or its affiliates are currently engaged, or were engaged at any time during your employment with the Company. This includes, but is
not limited to, the manufacturing, fabricating, distributing and selling of aluminum and/or aluminum related products for the aerospace, automotive, packaging, home exterior or other aluminum fabricated products markets, as well as any business or
firm that is engaged in the mining of bauxite, conversion and refining of bauxite into alumina and/or the sale or distribution of alumina or alumina related chemical products. It is understood and agreed that “packaging,” as referenced and
included as a business in which the Company is engaged, is not intended to include an employment arrangement with a business or firm engaged in the manufacture, distribution or selling of cans. 
  
 It is not the Company’s intention to restrict or limit your activities, unless it is
believed and there is a substantial possibility that your future employment, or activities in any of the lines of business in which the Company is engaged, may be detrimental to the Company’s business interest. So as to not unduly restrict your
future employment, if you desire to enter into any employment arrangement or relationship with any entity in the above identified markets, for the period beginning January 1, 2005 through December 31, 2006 please consult with me, or my successor to
discuss your intended relationship with the competitive entity. You and I recognize that due to the many different businesses which presently compete, or which in the future may compete with the Company in the above identified markets, in order to
not unnecessarily restrict your future employment based upon a perceived detrimental impact to the 
  

 2 

 Company it is important that we maintain a process of liaison to discuss your future business interest. In order to
protect your interest as well as the Company’s, we will discuss your desire to enter into an employment arrangement with any manufacturer or firm, which may be perceived as a competitor. The Company’s consent to future employment during
this period will not be unreasonably withheld. Please advise me, or my successor if you desire to discuss, and for the Company to consider your prospective employment with a competitor during the identified period. 
  
 It is also agreed that during the period January 1, 2005 through December 31, 2006 you will
not directly or indirectly solicit, induce or attempt to solicit or induce any current or future employee of the Company to leave the Company for any reason or solicit the trade of, or trade with any current or future customer or supplier of the
Company for any purpose. In the event that you become aware that any present or future employee of the Company will be offered employment with any business or firm that you are affiliated with, you will immediately notify me or my successor to
confirm your non-solicitation of said employee. 
  
 As consideration for the
limitation on your future employment and activities as stated above, commencing with the first month following the date of your retirement, you will receive twelve (12) monthly payments of $39,167 (totaling $470,004.00), less applicable federal,
state and local taxes, the total of which is equivalent to your present base salary. 
  
 This agreement shall be governed and interpreted in accordance with the laws of the State of New York. If the limitations on your future employment or any part thereof should, for any reason whatsoever, be declared invalid by a New York
court of competent jurisdiction, the validity or enforceability of the remainder of such limitations and of this agreement shall not be adversely affected. You agree that the foregoing territorial and time limitations are reasonable, properly
required for the adequate protection of the proprietary interest and business of the Company, and are supported by adequate consideration. In the event, that any such limitations on your future employment are deemed to be unreasonable by a New York
court of competent jurisdiction, you agree to submit to the reduction of any such limitation as said court shall deem reasonable. You understand that your failure to comply with the terms of this agreement will result in an obligation to return any
money received as consideration for the limitations contained in this agreement, and any other remedies provided by law to the Company. If any claim or action is brought by the Company due to a breach of this agreement, you will be responsible for
paying the Company’s attorney’s fees related to defending such action. It is agreed that the breach of this agreement cannot be reasonably or adequately compensated in damages in an action at law. You expressly agree that in addition to
any other rights or remedies, which the Company may have, it shall be entitled to injunctive or other equitable relief to prevent a breach of this agreement. 
  
 Also, please note that under Alcoa’s Stock Incentive Plan, the Company retains the right to cancel a participant’s vested, unexercised Alcoa Stock Options if
without the prior written consent of the Company, the participant renders services to a competitor after the active employment relationship with the Company has been terminated. If you desire to accept employment or enter into any type of employment
relationship with any manufacturer, business or firm, which may be deemed to be a competitor in any line of business of the Company, you agree to notify me or my successor prior to accepting such employment in order to determine if such employment
will violate the Alcoa Stock Incentive Plan. 
  
 You agree to keep completely
confidential the fact, amount and terms of this agreement and will not disclose, directly or indirectly, any such information to any person or entity or otherwise except to your spouse, your attorney, accountant and financial advisor (who shall each
also be bound by this agreement), or as may be required by law or subpoena. You recognize and acknowledge that strict confidentiality of 
  

 3 

 this agreement and any and all of the terms hereof is of the essence and that if you, at any time from and after the date
of this agreement breach or threaten to breach the confidentially of this agreement, Alcoa shall consider such breach or threatened breach as a breach of the entire agreement and may commence appropriate legal actions whether under law or in equity.
The Company acknowledges and recognizes the strict confidentiality of this agreement. Other than any public disclosure which may be required for the Company’s compliance with applicable federal or state laws or regulations, or regulatory agency
directives, e.g., Securities and Exchange Commission, the fact and terms of this agreement will only be disclosed to persons who need to know in order to administer the agreement. 
  
 In consideration of the foregoing you do release the Company and its officers, employees, directors and agents for yourself, your heirs,
executors and assigns from and against all claims of continued employment, causes of action (including, but not limited to, any claims you have had at any time prior to your signing this agreement under Title VII of the Civil Rights Act of 1964 or
the Age Discrimination in Employment Act, Employees Retirement Income Security Act, Americans with Disabilities Act, Rehabilitation Act, state or local civil rights laws or any Company internal employment dispute process); damages, liabilities,
expenses and costs whatsoever arising by reason of your employment by the Company. 
  
 This letter sets forth your specific rights and your release of any and all legal claims you have against the Company. You understand that you may have your own attorney review this letter. In order for you to have time to pursue such a
review if you chose to do so, I will leave the offer contained in this letter open for twenty-one (21) days from the receipt of this letter. If you choose to accept the offer contained in this letter, please sign and date both copies of this letter
in the spaces provided below and return one copy to me. You may revoke your acceptance of this offer by written notice given within seven (7) days from the date you sign this letter. 
  
 This agreed upon arrangement for Transitional Services and additional compensation and benefits will be presented to the Compensation
Committee of the Board of Directors of Alcoa for approval, which I expect will be forthcoming. 
  
 Sincerely, 
  

			
	 ALCOA INC.

		
	 By
	 	 /s/ Paul D. Thomas

	
	 Agreed to and accepted this

	 29th day of November, 2004

		
	 By
	 	 /s/ William E. Leahey, Jr.

  

 4

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