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Exhibit 10.8    
    

(Multicurrency—Cross Border)  

	 	ISDA	®
	International Swap Dealers Association, Inc.

MASTER AGREEMENT  

dated
as of June 21, 2004 

	BANK OF AMERICA, N.A.	 	and	 	ADESA, INC.

have entered and/or anticipate entering into one or more transactions (each a "Transaction") that are or will be governed by this Master Agreement, which includes the schedule
(the "Schedule"), and the
documents and other confirming evidence (each a "Confirmation") exchanged between the parties confirming those Transactions. 

        Accordingly,
the parties agree as follows:— 

1.     Interpretation  

        (a)    Definitions.    The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement. 

        (b)    Inconsistency.    In the event of any inconsistency between the provisions of the
Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including
the Schedule), such Confirmation will prevail for the purpose of the relevant Transaction. 

        (c)    Single Agreement.    All Transactions are entered into in reliance on the fact that
this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this "Agreement"), and the parties would not otherwise enter into any Transactions. 

2.     Obligations  

        (a)    General Conditions.    

        (i)    Each
party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement 

        (ii)   Payments
under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely
transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the
due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

        (iii)  Each
obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with
respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively
designated and (3) each other applicable condition precedent specified in this Agreement. 

        (b)    Change of Account.    Either party may change its account for receiving a payment or
delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the 

 

payment
or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. 

        (c)    Netting.    If on any date amounts would otherwise be payable:— 

        (i)    in
the same currency; and 

        (ii)   in
respect of the same Transaction, 

by
each party to the other, then, on such date, each party's obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would
otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 

        The
parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of
such Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that
subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through
which the parties make and receive payments or deliveries. 

        (d)    Deduction or Withholding for Tax.    

        (i)    Gross-Up.    All payments under this Agreement will be made without any deduction or
withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in
effect. If a party is so required to deduct or withhold, then that party ("X") will:— 

        (1)   promptly
notify the other party ('Y") of such requirement; 

        (2)   pay
to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional
amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed
against Y; 

        (3)   promptly
forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y evidencing such payment to such authorities; and 

        (4)   if
such Tax is an Indemnifiable Tax, pay to Y. in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary
to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or
withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:— 

        (A)  the
failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or 

        (B)  the
failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any
action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after 

2

 

the
date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. 

        (ii)    Liability.    If:— 

        (1)   X
is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which
X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 

        (2)   X
does not so deduct or withhold; and 

        (3)   a
liability resulting from such Tax is assessed directly against X, 

then,
except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest,
but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 

        (e)    Default Interest; Other Amounts.    Prior to the occurrence or effective designation of
an Early Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to
Section 6(c), be required to pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as such overdue amount, for the period from
(and including) the original due date for payment to (but excluding) the date of actual payment, at the Default Rate. Such interest will be calculated on the basis of daily compounding and the actual
number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the performance of any obligation
required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 

3.     Representations  

        Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement) that:— 

        (a)    Basic Representations.    

        (i)    Status.    It is duly organized and validly existing under the laws of the jurisdiction
of its organization or incorporation and, if relevant under such laws, in good standing; 

        (ii)    Powers.    It has the power to execute this Agreement and any other documentation
relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its
obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorize such execution, delivery and
performance; 

        (iii)    No Violation or Conflict.    Such execution, delivery and performance do not violate
or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any
contractual restriction binding on or affecting it or any of its assets; 

        (iv)    Consents.    All governmental and other consents that are required to have been
obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have
been complied with; and 

3

 

        (v)    Obligations Binding.    Its obligations under this Agreement
and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy,
reorganisation, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether
enforcement is sought in a proceeding in equity or at law)). 

        (b)    Absence of Certain Events.    No Event of Default or Potential Event of Default or, to
its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under
this Agreement or any Credit Support Document to which it is a party. 

        (c)    Absence of Litigation.    There is not pending or, to its knowledge, threatened against
it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the
legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit
Support Document. 

        (d)    Accuracy of Specified Information.    All applicable information that is furnished in
writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in
every material respect. 

        (e)    Payer Tax Representation.    Each representation specified in the Schedule as being
made by it for the purpose of this Section 3(e) is accurate and true. 

        (f)    Payee Tax Representations.    Each representation specified in the Schedule as being
made by it for the purpose of this Section 3(f) is accurate and true. 

4.     Agreements  

        Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which
it is a party:— 

        (a)    Furnish Specified Information.    It will deliver to the other party or, in certain
cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs:— 

        (i)    any
forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; 

        (ii)   any
other documents specified in the Schedule or any Confirmation; and 

        (iii)  upon
reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party or its
Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or
withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of
such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required
certification, 

in
each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 

        (b)    Maintain Authorizations.    It will use all reasonable efforts to maintain in full
force and effect all consents of any governmental or other authority that are required to be obtained by it with respect 

4

 

to
this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 

        (c)    Comply with Laws.    It will comply in all material respects with all applicable laws
and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 

        (d)    Tax Agreement.    It will give notice of any failure of a representation made by it
under Section 3(f) to be accurate and true promptly upon learning of such failure. 

        (e)    Payment of Stamp Tax.    Subject to
Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed
and controlled, or considered to have its seat, or in which a branch or office through which it is acting for the purpose of this Agreement is located ("Stamp Tax Jurisdiction") and will indemnify the
other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party's execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not
also a Stamp Tax Jurisdiction with respect to the other party. 

5.     Events of Default and Termination Events  

        (a)    Events of Default.    The occurrence at
any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:— 

        (i)    Failure to Pay or Deliver.    Failure by the party to make, when due, any payment under
this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is
given to the party; 

        (ii)    Breach of Agreement.    Failure by the party to comply with or perform any agreement
or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or
obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth
day after notice of such failure is given to the party; 

        (iii)    Credit Support Default.    

        (1)   Failure
by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in
accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 

        (2)   the
expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force and effect for the purpose of
this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates
without the written consent of the other party; or 

        (3)   the
party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, such Credit Support Document; 

        (iv)    Misrepresentation.    A representation (other than a
representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of
such party in this Agreement or any Credit Support Document proves to have 

5

 

been
incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; 

        (v)    Default under Specified Transaction.    The party, any Credit
Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace
period, there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice
requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default
continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a
Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

        (vi)    Cross Default.    If "Cross Default" is specified in the Schedule as applying to the
party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party
or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of
not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and
payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or
collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect
to any applicable notice requirement or grace period); 

        (vii)    Bankruptcy.    The party, any Credit Support Provider of such party or any applicable
Specified Entity of such party:— 

        (1)   is
dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing
its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4) institutes or has
instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a
petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a
judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in
each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a
consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar
official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment,
sequestration or other legal process levied enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed,
discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or 

6

 

        (viii)    Merger Without Assumption.    The party or any Credit Support Provider of such party
consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such
consolidation, amalgamation, merger or transfer:— 

        (1)   the
resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit
Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or 

        (2)   the
benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity
of its obligations under this Agreement. 

        (b)    Termination Events.    The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event
if the event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified
pursuant to (iv) below or an Additional Termination Event if the event is specified pursuant to (v) below:— 

        (i)    Illegality.    Due to the adoption of, or any change in, any applicable law after the
date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court tribunal or regulatory authority with competent jurisdiction of any
applicable law after such date, it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):— 

        (1)   to
perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any
other material provision of this Agreement relating to such Transaction; or 

        (2)   to
perform, or for any Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under
any Credit Support Document relating to such Transaction; 

        (ii)    Tax Event.    Due to (x) any action taken by a taxing authority, or brought in a court
of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change
in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the
other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 2(e), 6(d)(ii) 6(e)) and no additional amount is
required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 

        (iii)    Tax Event Upon Merger.    The party (the "Burdened Party") on the next succeeding
Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under
Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not
required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into,
or transferring all 

7

 

or
substantially all its assets to, another entity (which will be the Affected Party) where such action does not constitute an event described in Section 5(a)(viii); 

        (iv)    Credit Event Upon Merger.    If "Credit Event Upon Merger" is specified in the
Schedule as applying to the party, such party ("X"), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all
or substantially all its assets
to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker
than that of X, such Credit Support Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will
be the Affected Party); or 

        (v)    Additional Termination Event.    If any "Additional Termination Event" is specified in
the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in
the Schedule or such Confirmation). 

        (c)    Event of Default and Illegality.    If an event or circumstance which would otherwise
constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 

6.     Early Termination  

        (a)    Right to Terminate Following Event of Default.    If at any time an Event of Default
with respect to a party (the "Defaulting Party") has occurred and is then continuing, the other party (the "Non-defaulting Party") may, by not more than 20 days notice to the Defaulting Party
specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence
with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or,
to the extent analogous thereto, (8). 

        (b)    Right to Terminate Following Termination Event.    

        (i)    Notice.    If a Termination Event occurs, an Affected Party will, promptly upon
becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as
the other party may reasonably require. 

        (ii)    Transfer to Avoid Termination Event.    If either an Illegality under
Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a
condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial,
incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to
another of its Offices or Affiliates so that such Termination Event ceases to exist. 

If
the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer
within 30 days after the notice is given under Section 6(b)(i). 

8

 

Any
such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other
party's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 

        (iii)    Two Affected Parties.    If an Illegality under section 5(b)(i)(1) or a Tax
Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on
action to avoid that Termination Event. 

        (iv)    Right to Terminate.    If:— 

        (1)   a
transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected
Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 

        (2)   an
Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened
Party is not the Affected Party, 

either
party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there is more
than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more
than 20 days notice to the other party and provided that the relevant Termination Event is then continuing,
designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. 

        (c)    Effect of Designation.    

        (i)    If
notice designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will occur on the date so designated, whether or
not the relevant Event of Default or Termination Event is then continuing. 

        (ii)   Upon
the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect of the
Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be
determined pursuant to Section 6(e). 

        (d)    Calculations.    

        (i)    Statement.    On or as soon as reasonably practicable following the occurrence of an
Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable
detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details of the relevant account to which any amount
payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be
conclusive evidence of the existence and accuracy of such quotation. 

        (ii)    Payment Date.    An amount calculated as being due in respect of any Early Termination
Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event
of Default) and on the day which is two Local Business Days after the day on which notice of the amount ayable is effective (in the case of an Early Termination Date which is designated as a 

9

 

result
of a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency,
from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily compounding and
the actual number of days elapsed. 

        (e)    Payments on Early Termination.    If an Early Termination Date occurs, the following
provisions shall apply based on the parties' election in the Schedule of a payment measure, either "Market Quotation" or " Loss", and a payment method, either the "First Method" or the "Second
Method". If the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that "Market Quotation" or the "Second Method", as the case may be, shall apply. The
amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 

        (i)    Events of Default.    If the Early Termination Date results from an Event of
Default:— 

        (1)    First Method and Market Quotation.    If the First Method and Market Quotation apply, the Defaulting Party will
pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and
the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. 

        (2)    First Method and Loss.    If the First Method and Loss apply, the Defaulting Party will pay to the Non-
defaulting Party, if a positive number, the Non-defaulting Party's Loss in respect of this Agreement. 

        (3)    Second Method and Market Quotation.    1f the Second Method and Market Quotation apply, an amount will be
payable equal to (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid
Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the Defaulting
Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

        (4)    Second Method and Loss.    If the Second Method and Loss apply, an amount will be payable equal to the
Non-defaulting Party's Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the
Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

        (ii)    Termination Events.    If the Early Termination Date results from a Termination
Event:— 

        (1)    One Affected Party.    If there is one Affected Party, the amount payable will be determined in accordance with
Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party
will be deemed to be references to the Affected Party and the party which is not the Affected Party,
respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated Transactions. 

        (2)    Two Affected Parties.    If there are two Affected Parties:— 

        (A)  if
Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable equal to
(I) the 

10

 

sum
of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount ("X") and the Settlement Amount of the party with the lower Settlement Amount
("Y") and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 

        (B)  if
Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all
Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss ("X") and the Loss of the party with the lower Loss ("Y"). 

If
the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 

        (iii)    Adjustment for Bankruptcy.    In circumstances where an Early Termination Date occurs
because "Automatic Early Termination" applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to
reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for
payment determined under Section 6(d)(ii). 

        (iv)    Pre-Estimate.    The parties agree that if Market Quotation applies an amount
recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and
except as otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses. 

7.     Transfer  

        Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the other party, except that:— 

        (a)   a
party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its
assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 

        (b)   a
party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e). 

        Any
purported transfer that is not in compliance with this Section will be void. 

8.     Contractual Currency  

        (a)    Payment in the Contractual Currency.    Each payment under this Agreement will be made
in the relevant currency specified in this Agreement for that payment (the "Contractual Currency"). To the extent permitted by applicable law, any obligation to make payments under this Agreement in
the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the
party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of
all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this
Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately 

11

 

pay
such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in
the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 

        (b)    Judgments.    To the extent permitted by applicable law, if any judgment or order
expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating
to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of
any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency
received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual
Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in
good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such
party. The term "rate of exchange" includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 

        (c)    Separate Indemnities.    To the extent permitted by applicable law, these indemnities
constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any
indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 

        (d)    Evidence of Loss.    For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 

9.     Miscellaneous  

        (a)    Entire Agreement.    This Agreement constitutes the entire agreement and understanding
of the parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto. 

        (b)    Amendments.    No amendment, modification or waiver in respect of this Agreement will
be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an
electronic messaging system. 

        (c)    Survival of Obligations.    Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. 

        (d)    Remedies Cumulative.    Except as provided in this Agreement, the rights, powers,
remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 

        (e)    Counterparts and Confirmations.    

        (i)    This
Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each
of which will be deemed an original. 

12

 

        (ii)   The
parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation
shall be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes or by an exchange of
electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or
through another effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 

        (f)    No Waiver of Rights.    A failure or delay in exercising any right, power or privilege
in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further
exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 

        (g)    Headings.    The headings used in this Agreement are for convenience of reference only
and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 

10.   Offices; Multibranch Parties  

        (a)   If
Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had
entered into the Transaction through its bead or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 

        (b)   Neither
party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of the
other party. 

        (c)   If
a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any
Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation. 

11.   Expenses  

        A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by
reason of the early termination of any Transaction, including, but not limited to, costs of collection. 

12.   Notices  

        (a)    Effectiveness.    Any notice or other communication in respect of this Agreement may be
given in any manner set forth below (except that a notice or other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address
or number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed effective as indicated:— 

        (i)    if
in writing and delivered in person or by courier, on the date it is delivered; 

        (ii)   if
sent by telex, on the date the recipient's answerback is received; 

        (iii)  if
sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible form (it being agreed that the
burden of proving receipt will 

13

 

be
on the sender and will not be met by a transmission report generated by the sender's facsimile machine); 

        (iv)  if
sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is
attempted; or 

        (v)   if
sent by electronic messaging system, on the date that electronic message is received, 

unless
the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after
the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 

        (b)    Change of Addresses.    Either party may by notice to the other change the address,
telex or facsimile number or electronic messaging system details at which notices or other communications are to be given to it. 

13.   Governing Law and Jurisdiction  

        (a)    Governing Law.    This Agreement will be governed by and construed in accordance with
the law specified in the Schedule. 

        (b)    Jurisdiction.    With respect to any suit, action or proceedings relating to this
Agreement ("Proceedings"), each party irrevocably:— 

        (i)    submits
to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to the non-exclusive jurisdiction of the courts of
the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New York; and 

        (ii)   waives
any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been
brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. 

        Nothing
in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law, the
Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being in force) nor will the
bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

        (c)    Service of Process.    Each party irrevocably appoints the Process Agent (if any)
specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party's Process Agent is unable to act as such, such
party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law. 

        (d)    Waiver of Immunities.    Each party irrevocably waives, to the fullest extent permitted
by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from
(i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets
(whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the 

14

 

courts
of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 

14.   Definitions  

        As used in this Agreement:— 

        "Additional Termination Event" has the meaning specified in Section 5(b). 

        "Affected Party" has the meaning specified in Section 5(b). 

        "Affected Transactions" means (a) with respect to any Termination Event consisting of an Illegality, Tax Event or Tax Event Upon
Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 

        "Affiliate" means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any
entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, "control" of any entity or person means ownership
of a majority of the voting power of the entity or person. 

        "Applicable Rate" means:— 

        (a)   in
respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 

        (b)   in
respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on
which that amount is payable, the Default Rate; 

        (c)   in
respect of all other obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate;
and 

        (d)   in
all other cases, the Termination Rate. 

        "Burdened Party" has the meaning specified in Section 5(b). 

        "Change in Tax Law" means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the
application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 

        "consent" includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. 

        "Credit Event Upon Merger" has the meaning specified in Section 5(b). 

        "Credit Support Document" means any agreement or instrument that is specified as such in this Agreement. 

        "Credit Support Provider" has the meaning specified in the Schedule. 

        "Default Rate" means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified
by it) if it were to fund or of funding the relevant amount plus 1% per annum. 

        "Defaulting Party" has the meaning specified in Section 6(a). 

        "Early Termination Date" means the date determined in accordance with Section 6(a) or 6(b)(iv). 

        "Event of Default" has the meaning specified in Section 5(a) and, if applicable, in the Schedule. 

        "Illegality" has the meaning specified in Section 5(b). 

15

 

        "Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a
present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including,
without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in
a trade or business in such jurisdiction, or having or having bad a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such
recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 

        "law" includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental
revenue authority) and "lawful" and "unlawful" will be construed accordingly. 

        "Local Business Day" means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign
exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the
relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place
where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction. 

        "Loss" means,with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination
Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this
Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without
duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss
includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early
Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and out-of-pocket expenses
referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is
reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets. 

        "Market Quotation" means, with respect to one or more Terminated Transactions and a party making the determination, an amount determined
on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as
a positive number) in consideration of an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting
Reference Market-maker to enter into a transaction (the "Replacement Transaction") that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether
the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated
Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that 

16

 

date.
For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any payment or delivery that would, but
for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement
Transaction would be subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time without regard to different time zones) on or as soon as reasonably practicable after the
relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in good faith by the party obliged to make a determination under Section 6(e),
and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to
the quotations having the highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest
quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined. 

        "Non-default Rate" means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as
certified by it) if it were to fund the relevant amount. 

        "Non-defaulting Party" has the meaning specified in Section 6(a). 

        "Office" means a branch or office of a party, which may be such party's head or home office. 

        "Potential Event of Default" means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of
Default. 

        "Reference Market-makers" means four leading dealers in the relevant market selected by the party determining a Market Quotation in good
faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make an extension of credit
and (b) to the extent practicable, from among such dealers having an office in the same city. 

        "Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised,
managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes
this Agreement and (d) in relation to any payment, from or through which such payment is made. 

        "Scheduled Payment Date" means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a
Transaction. 

        "Set-off" means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the
payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer. 

        "Settlement Amount" means, with respect to a party and any Early Termination Date, the sum of:— 

        (a)   the
Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated Transaction or group of Ter minated Transactions for
which a Market Quotation is determined; and 

17

 

        (b)   such
party's Loss (whether positive or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for
which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially reasonable result. 

        "Specified Entity" has the meaning specified in the Schedule. 

        "Specified Indebtedness" means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal
or surety or otherwise) in respect of borrowed money. 

        "Specified Transaction" means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now
existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this
Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar
transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions),
(b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 

        "Stamp Tax" means any stamp, registration, documentation or similar tax. 

        "Tax" means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and
additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 

        "Tax Event" has the meaning specified in Section 5(b). 

        "Tax Event Upon Merger" has the meaning specified in Section 5(b). 

        "Terminated Transactions" means with respect to any Early Termination Date (a) if resulting from a Termination Event, all affected
Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination
Date (or, if "Automatic Early Termination" applies, immediately before that Early Termination Date). 

        "Termination Currency" has the meaning specified in the Schedule. 

        "Termination Currency Equivalent" means, in respect of any amount denominated in the Termination Currency, such Termination Currency
amount and, in respect of any amount denominated in a currency other than the Termination Currency (the "Other Currency"), the amount in the Termination Currency determined by the party making the
relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is
determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of
such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination
of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a
determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 

18

 

        "Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon
Merger or an Additional Termination Event. 

        "Termination Rate" means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each
party (as certified by such party) if it were to fund or of funding such amounts. 

        "Unpaid Amounts" owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all
Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or
would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each case together with
(to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid
or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if
each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined by both parties. 

        IN
WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document. 

	BANK OF AMERICA, N.A.	 	ADESA, INC.
	

/s/  MINDI SCHUMAN      
	
 	

/s/  CAMERON C. HITCHCOCK      

	Name:	 	Mindi Schuman	 	Name:	 	Cameron C. Hitchcock
	Title:	 	Principal	 	Title:	 	EUP & CFO
	Date:	 	7/20/04	 	Date:	 	7/7/04

19

(Multicurrency—Cross Border)  

	 	ISDA	®
	International Swap Dealers Association, Inc.

SCHEDULE

to the

Master Agreement  

dated as of June 21, 2004 

between

BANK OF AMERICA, N.A.  

("Party A") 

and 

ADESA, INC.  

 ("Party B")  

PART 1: Termination Provisions  

	(a)
	"Specified Entity" means in relation to Party A for the purpose of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(iv): 

None; 

"Specified Entity" means in relation to Party B for the purpose of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(iv): 

None.

	(b)
	"Specified Transaction" will have the meaning specified in Section 14 but shall also include any transaction with respect to the
forward sale or delivery of any security.

	(c)
	The
"Cross-Default" provisions of Section 5(a)(vi) (as amended in Part 5(i))

        will apply to Party A and

        will apply to Party B. 

In
connection therewith, "Specified Indebtedness" will not have the meaning specified in Section 14, and such definition shall be replaced by the
following: "any obligation in respect of the payment of moneys (whether present or future, contingent or otherwise, as principal or surety or otherwise), except that such term shall not include
obligations in respect of deposits received in the ordinary course of a party's banking business." 

"Threshold Amount" means with respect to Party A an amount equal to three percent (3%) of the Shareholders' Equity of Bank of America Corporation
and with respect to Party B, zero ($0). 

"Credit Agreement" means the Credit Agreement dated as of June 21, 2004, by and among Adesa, Inc. (Borrower), the Subsidiary Guarantors,
the Lenders, UBS Securities LLC and Merrill Lynch & Co., Bank One, NA, General Electric Capital Corporation, Keybank National Association, Suntrust Bank and
U.S. Bank National Association, as co-documentation agents, Merrill Lynch & Co., as syndication agent, UBS Loan Finance LLC as swingline lender and UBS AG,
Stamford Branch, as issuing bank as administrative agent for the Lenders and as 

 

collateral
agent for the Secured Parties and the Issuing Bank (as amended, restated, extended, supplemented or otherwise modified in writing from time to time). 

With
respect to Party B, any default (howsoever defined) under the Credit Agreement shall be an Event of Default under this Agreement. 

"Shareholders' Equity" means with respect to an entity, at any time, the sum (as shown in the most recent annual audited financial statements of such
entity) of (i) its capital stock (including preferred stock) outstanding, taken at par value, (ii) its capital surplus and (iii) its retained earnings, minus (iv) treasury
stock, each to be determined in accordance with generally accepted accounting principles. 

	(d)
	The
"Credit Event Upon Merger" provisions of Section 5(b)(iv)

        will apply to Party A

        will apply to Party B.

	(e)
	The
"Automatic Early Termination" provision of Section 6(a)

        will not apply to Party A

        will not apply to Party B.

	(f)
	Payments on Early Termination. For the purpose of Section 6(e):—

	(i)
	Loss
will apply.

	(ii)
	The
Second Method will apply.

	(g)
	"Termination Currency" means United States Dollars.

	(h)
	Additional Termination Event will apply. 

It
shall be an Additional Termination Event hereunder, with respect to which Party B shall be the Affected Party, if for any reason either Party A's obligation to lend under the Credit
Agreement is terminated or Party A ceases to be a party to the Credit Agreement. 

PART 2: Tax Representations  

	(a)
	Payer Tax Representations. For the purpose of Section 3(e) of this Agreement, Party A and Party B will make the
following representation:— 

It
is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on
account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under this Agreement. In making this
representation, it may rely on (x) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (y) the satisfaction of the agreement contained in
Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement
and (z) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach
of this representation where reliance is placed on clause (y) and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal
or commercial position. 

21

 
	(b)
	Payee Tax Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B will make the
following representations specified below, if any:—

	(i)
	The
following representations will apply to Party A: 

Party A
is a national banking association created or organized under the laws of the United States of America and the federal taxpayer identification number is 94-1687665. 

	(ii)
	The
following representations will apply to Party B: 

Party B
is a corporation created or organized under the laws of the State of Delaware and the federal taxpayer identification number is 35-1842546. 

PART 3: Agreement to Deliver Documents  

        For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents: 

	Party required to deliver document
 
	 	Form/Document/Certificate
 
	 	Date by which to be delivered
 
	 	Covered by Section 3(d) Representation
 

	Party A	 	Annual Report of Bank of America Corporation containing audited, consolidated financial statements certified by independent certified public accountants and prepared in accordance with generally accepted accounting
principles in the country in which such party is organized	 	To be made available on www.bankofamerica.com/investor/ as soon as available and in any event within 90 days after the end of each fiscal year of
Party A	 	Yes
	

Party A	
 	

Quarterly Financial Statements of Bank of America Corporation thereof containing unaudited, consolidated financial statements of such party's fiscal quarter prepared in accordance with generally accepted accounting principles in the country in which
such party is organized	
 	

To be made available on www.bankofamerica.com/investor/ as soon as available and in any event within 30 days after the end of each fiscal quarter of Party A	
 	

Yes
	

Party B	
 	

Financial Statements, Records and Reports as specified and detailed in Section 3.04 of the Credit Agreement as may be amended from time to time	
 	

As specified and detailed in Section 3.04 of the Credit Agreement as may be amended from time to time	
 	

Yes
	

Party A and Party B	
 	

Certified copies of all corporate or partnership authorizations, as the case may be, and any other documents with respect to the execution, delivery and performance of this Agreement and any Credit Support Document	
 	

Upon execution and delivery of this Agreement	
 	

Yes
	 	 	 	 	 	 	 

22

 

	

Party A and Party B	
 	

Certificate of authority and specimen signatures of individuals executing this Agreement and any Credit Support Document	
 	

Upon execution and delivery of this Agreement and thereafter upon request of the other party	
 	

Yes
	

Party B	
 	

Credit Support Document	
 	

Upon execution and delivery of this Agreement	
 	

No

PART 4: Miscellaneous  

	(a)
	Address for Notices. For the purpose of Section 12(a) of this Agreement:— 

Address
for notice or communications to Party A: 

Bank
of America, N.A.

Sears Tower

233 South Wacker Drive, Suite 2800

Chicago, Illinois 60606

Attention: Swap Operations

Telephone No.: 312-234-2732

Facsimile No.: 312-234-3603 

with
a copy to: 

Bank
of America, N.A.

315 Montgomery Street, CA5-704-10-25

San Francisco, California 94104

Attention: Capital Markets Documentation

Facsimile No.: 415-953-7997 

Address
for financial statements to Party A: 

Bank
of America, N.A.

231 S. La Salle Street

Chicago, Illinois 60604

Attention: Portfolio Management Office, Mail Code: IL1-231-06-40

Facsimile: 312-974-2109 

Address
for notice or communications to Party B: 

Adesa, Inc.

13085 Hamilton Crossing Boulevard

Carmel, Indiana 46032

Attention: Curtis L. Phillips

Telephone No.: 317-815-9645

Facsimile No.: 317-915-9650 Email: Cphillips@adesa.com 

	(b)
	Process Agent. For the purpose of Section 13(c): 

Party A
appoints as its Process Agent: Not applicable. 

Party B
appoints as its Process Agent: Not applicable. 

	(b)
	Offices. The provisions of Section 10(a) will apply to this Agreement. 

23

 
	(d)
	Multibranch Party. For the purpose of Section 10 of this Agreement:— 

Party A
is a Multibranch Party and may act through its Charlotte, North Carolina, Chicago, Illinois, San Francisco, California, New York, New York or London, England Office, or such other
Office as may be agreed to by the parties in connection with a Transaction. 

Party B
is not a Multibranch Party. 

	(e)
	Calculation Agent. The Calculation Agent is Party A.

	(f)
	Credit Support Document. Details of any Credit Support Document:— 

Each
of the following, as amended, supplemented, modified, renewed, replaced, consolidated, substituted or extended from time to time, is a "Credit Support Document" in relation to Party B: 

	(i)
	The
Guarantee as set forth in the Credit Agreement; and

	(ii)
	The
Pledge Agreement dated as of June 21, 2004, by and among Adesa, Inc. and the Guarantors specified therein (or from time to time party thereby by execution of a
Joinder Agreement), in favor of UBS AG, Stamford Branch, in its capacity as collateral agent pursuant to the Credit Agreement, as the same may be amended from time to time. 

Party B
agrees that the security interests in collateral granted to Party A under the foregoing Credit Support Documents shall secure the obligations of Party B to Party A
under this Agreement. 

	(g)
	Credit Support Provider.  

Credit
Support Provider means in relation to Party A: 

Not
applicable. 

Credit
Support Provider means in relation to Party B: 

	(i)
	The
Subsidiary Guarantors, as defined in the Credit Agreement; and

	(ii)
	The
Guarantors, as defined in the Pledge Agreement referenced in Section (f)(ii) above.

	(i)
	Governing Law. This Agreement will be governed by, and construed in accordance with, the laws of the State of New York without
reference to its conflict of laws doctrine.

	(i)
	Netting of Payments. All amounts payable on the same date, in the same currency and in respect of the same Transaction shall be netted
in accordance with Section 2(c) of this Agreement. The election contained in the last paragraph of Section 2(c) of this Agreement shall not apply for the purposes of this Agreement.

	(j)
	"Affiliate" will have the meaning specified in Section 14 of this Agreement. 

PART 5: Other Provisions  

	(a)
	Set-off. Any amount (the "Early Termination Amount") payable to one party (the Payee) by the other party (the Payer) under
Section 6(e), in circumstances where there is a Defaulting Party or one Affected Party in the case where a Termination Event under Section 5(b)(iv) or (v) has occurred, will, at the
option of the party ("X") other than the Defaulting Party or the Affected Party (and without prior notice to the Defaulting Party or the Affected Party), be reduced by its set-off against any
amount(s) (the "Other Agreement Amount") payable (whether at such time or in the future or upon the occurrence of a contingency) by the Payee to the Payer (irrespective of the currency, place of
payment or booking office of the obligation) under any other agreement(s) between the Payee and the Payer or instrument(s) or undertaking(s) issued or executed by one party to, or in favor of, the
other party (and the Other Agreement Amount will be discharged 

24

 

promptly
and in all respects to the extent it is so set-off). X will give notice to the other party of any set-off effected under this Part 5(a). 

For
this purpose, either the Early Termination Amount or the Other Agreement Amount (or the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated
at the rate of exchange at which such party would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency. 

If
an obligation is unascertained, X may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is
ascertained. 

Nothing
in this Part 5(a) shall be effective to create a charge or other security interest. This Part 5(a) shall be without prejudice and in addition to any right of set-off, combination
of accounts, lien or other right to which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise). 

	(b)
	Delivery of Confirmations. For each Transaction entered into hereunder, Party A shall promptly send to Party B a
Confirmation via facsimile transmission. Party B agrees to respond to such Confirmation within two (2) Local Business Days, either confirming agreement thereto or requesting a correction of any
error(s) contained therein. Failure by Party A to send a Confirmation or of Party B to respond within such period shall not affect the validity or enforceability of such Transaction.
Absent manifest error, there shall be a presumption that the terms contained in such Confirmation are the terms of the Transaction.

	(c)
	Recording of Conversations. Each party to this Agreement acknowledges and agrees to the tape recording of conversations between trading
and marketing personnel of the parties to this Agreement whether by one or other or both of the parties or their agents, and that any such tape recordings may be submitted in evidence in any
proceedings relating to the Agreement.

	(d)
	Furnishing Specified Information. Section 4(a)(iii) is hereby amended by inserting "promptly upon the earlier of (i)" in lieu of
the word "upon" at the beginning thereof and inserting "or (ii) such party learning that the form or document is required" before the word "any" on the first line thereof.

	(e)
	Notice by Facsimile Transmission. Section 12(a) is hereby amended by deleting the parenthetical "(except that a notice or other
communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system)".

	(f)
	Section 3(a)
of this Agreement is amended by (i) deleting the word "and" at the end of clause (iv); (ii) deleting the period at the end of
clause (v) and inserting therein "; and " ; and (iii) by inserting the following additional representation: 

"(vi)
Eligible Contract Participant. Each party represents to the other party (which representation will be deemed to be repeated by each party on each
date on which a Transaction is entered into) that it is an "eligible contract participant" as defined in Section 1a(12) of the U.S. Commodity Exchange Act, 7 U.S.C.
Section 1a(12)." 

	(g)
	Section 3
is revised so as to add the following Section (g) at the end thereof: 

"(g)
Relationship Between Parties. Each party represents to the other party and will be deemed to represent to the other party on the date on which it
enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):— 

	(i)
	Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to
whether that Transaction is appropriate 

25

 

or
proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment
advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered
investment advice or a recommendation to enter into that Transaction. Further, such party has not received from the other party any assurance or guarantee as to the expected results of that
Transaction. 

	(ii)
	Evaluation and Understanding. It is capable of evaluating and understanding (on its own behalf or through independent professional
advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the financial and other risks of that Transaction.

	(iii)
	Status of Parties. The other party is not acting as an agent, fiduciary or advisor for it in respect of that Transaction."

	(h)
	Waiver of Right to Trial by Jury. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

	(i)
	Cross Default. Section 5(a)(vi) of this Agreement is hereby amended adding the following after the semicolon at the end thereof:

"provided,
however, that notwithstanding the foregoing (but subject to any provision to the contrary contained in any such agreement or instrument), an Event of Default shall not occur under either
(1) or (2) above if the default, event of default or other similar condition or event referred to in (1) or the failure to pay referred to in (2) is caused not (even in part) by the unavailability of
funds but is caused solely due to a technical or administrative error which has been remedied within three Local Business Days after notice of such failure is given to the party." 

	(j)
	Incorporation by Reference of Terms of Credit Agreement. The covenants, terms and provisions of, including all representations and
warranties of Party B contained in the Credit Agreement, as in effect as of the date of this Agreement, are hereby incorporated by reference in, and made part of, this Agreement to the same
extent as if such covenants, terms, and provisions were set forth in full herein. Party B hereby agrees that, during the period commencing with the date of this Agreement through and including
such date on which all of Party B's obligations under this Agreement are fully performed, Party B will (a) observe, perform, and fulfill each and every such covenant, term, and provision
applicable to Party B, as such covenants, terms, and provisions, may be amended from time to time after the date of this Agreement with the consent of Party A and (b) deliver to
Party A at the address for notices to Party A provided in Part 4 each notice, document, certificate or other writing as Party B is obligated to furnish to any other party
to the Credit Agreement. In the event the Credit Agreement terminates or becomes no longer binding on Party B prior to the termination of this Agreement, such covenants, terms, and provisions
(other than those requiring payments in respect of amounts owed under the Credit Agreement) will remain in force and effect for purposes of this Agreement as though set forth in full herein until the
date on which all of Party B's obligations under this Agreement are fully performed, and this Agreement is terminated. 

26

 
	(k)
	Hedging Agreement. This Agreement is a Hedging Agreement as defined in the Credit Agreement. 

	Accepted and agreed:	 	 	 	 
	
BANK OF AMERICA, N.A.	
 	
ADESA, INC.
	
By:	
 	

/s/  MINDI SCHUMAN      
	
 	
By:	
 	

/s/  CAMERON C. HITCHCOCK      

	Name:	 	Mindi Schuman	 	Name:	 	Cameron C. Hitchcock
	Title:	 	Principal	 	Title:	 	EUP & CFO

27

QuickLinks

Exhibit 10.8<Page>

                                                                   EXHIBIT 10.18

                                ADESA CORPORATION

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

<Page>

                                ADESA CORPORATION
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                                TABLE OF CONTENTS

<Table>
<Caption>
ARTICLE                                                                                                 PAGE
-------                                                                                                 ----
<S>                                                                                                       <C>
       INTRODUCTION..................................................................................     1

I.     DEFINITIONS...................................................................................     1

       1.1_  Administrator...........................................................................     1
       1.2   Base Salary.............................................................................     1
       1.3   Board...................................................................................     1
       1.4   Bonus...................................................................................     1
       1.5   Change in Control of Company............................................................     1
       1.6   Company.................................................................................     2
       1.7   Compensation............................................................................     2
       1.8   Deferral Account........................................................................     2
       1.9   Effective Date..........................................................................     2
       1.10  Employee................................................................................     2
       1.11  Employer................................................................................     2
       1.12  Employer Contribution Account...........................................................     2
       1.13  (Reserved)..............................................................................     3
       1.14  Participant.............................................................................     3
       1.15  Participant Deferral Contributions......................................................     3
       1.16  Plan ...................................................................................     3
       1.17  Plan Year...............................................................................     3
       1.18  Subsidiary or Subsidiaries..............................................................     3
       1.19  Trust...................................................................................     3
       1.20  Trustee.................................................................................     3

II.    ELIGIBILITY AND PARTICIPATION.................................................................     3

       2.1   Initial Eligibility.....................................................................     3
       2.2   Change in Eligibility...................................................................     3

III.   CONTRIBUTIONS AND ALLOCATIONS.................................................................     4

       3.1   Participant Deferral Contributions......................................................     4
       3.2   Deferral Elections......................................................................     4
       3.3   Employer Contributions..................................................................     5
       3.4   Allocation of Contributions and Adjustments.............................................     5
</Table>

                                       -i-
<Page>

<Table>
<S>                                                                                                      <C>
IV.    INVESTMENT OF CONTRIBUTIONS...................................................................     6

       4.1   Investments.............................................................................     6
       4.2   Unsecured Contractual Rights............................................................     7

V.     DISTRIBUTIONS.................................................................................     7

       5.1   Time of Payment of Benefits.............................................................     7
       5.2   Manner of Payment of Benefits...........................................................     7
       5.3   Benefit Payment Elections...............................................................     7
       5.4   Vesting.................................................................................     7
       5.5   Death of the Participant and Beneficiary Designations...................................     8
       5.6   Advance Payments to Participants........................................................     8

VI.    PLAN ADMINISTRATION...........................................................................     9

       6.1   Administration by the Company...........................................................     9
       6.2   Powers and Responsibilities of the Plan Administrator...................................     9
       6.3   Liabilities.............................................................................    10
       6.4   Claims Procedure........................................................................    10
       6.5   Income and Employment Tax Withholding...................................................    11
       6.6   Notices.................................................................................    11

VII.   AMENDMENT AND TERMINATION OF THE PLAN.........................................................    11

       7.1   Amendment of the Plan...................................................................    11
       7.2   Termination of the Plan.................................................................    11

VIII.  MISCELLANEOUS.................................................................................    12

       8.1   Governing Law...........................................................................    12
       8.2   Headings and Gender.....................................................................    12
       8.3   Spendthrift Clause......................................................................    12
       8.4   Counterparts............................................................................    12
       8.5   No Enlargement of Employment Rights.....................................................    12
       8.6   Limitations on Liability................................................................    12
       8.7   Incapacity for Participant or Beneficiary...............................................    12
       8.8   Corporate Successors....................................................................    12
       8.9   Evidence................................................................................    13
       8.10  Action by Employer......................................................................    13
       8.11  Severability............................................................................    13
</Table>

                                      -ii-
<Page>

                                   ADOPTION OF
                                ADESA CORPORATION
                            EXECUTIVE RETIREMENT PLAN

     Pursuant to resolutions adopted by the Board of Directors of ADESA
Corporation (the "Company") on April 1, 2001, the undersigned officers of the
Company hereby adopt the ADESA Corporation Supplemental Executive Retirement
Plan, effective as of April 1, 2001, on behalf of the Company, in the form
attached hereto.

     Dated this 1st day of April, 2001.

                                               ADESA CORPORATION

                                               By: /s/ James P. Hallett
                                                  ------------------------
                                                  James P. Hallett
                                                  President

ATTEST:

 /s/ Karen C. Turner
----------------------
Karen C. Turner

Its: Secretary
    ----------

<Page>

                                  INTRODUCTION

     The purpose of this Plan is to permit a select group of management or
highly compensated Employees to elect to defer compensation from the Employers
without regard to the limitations imposed by the Code on the benefits which may
accrue to those Employees under the Employers' tax-qualified retirement plans
and to provide supplemental retirement benefits to help recompense the Employees
for benefits lost due to the imposition of Code limitations on tax-qualified
retirement benefits. It is the intention of the Employers that the Plan shall
constitute an unfunded arrangement maintained for the purpose of providing
deferred compensation for a select group of management or highly compensated
employees for federal income tax purposes and for purposes of Title I of the
Employee Retirement Income Security Act of 1974, as amended.

                                    ARTICLE I
                                   DEFINITIONS

     Whenever the initial letter of a word or phrase is capitalized herein, the
following words and phrases shall have the meanings stated below unless a
different meaning is plainly required by the context:

     1.1_  "Administrator" means the Company.

     1.2   "Base Salary" means the Participant's annual base salary rate payable
from his Employer as of the first day of the applicable Plan Year, unreduced by
projected salary reduction contributions to be made on behalf of the Participant
under this Plan or under a plan which qualifies under Section 401(k) of the Code
and/or Section 125 of the Code.

     1.3   "Board" means the Board of Directors of the Company.

     1.4   "Bonus" means the annual bonus payable to a Participant under either
(i) the ALLETE Annual Incentive Plan, or (ii) the ADESA Management Incentive
Program.

     1.5   "Change in Control of the Company" means:

           (a)  Any merger, consolidation, share exchange, or other combination
                or reorganization involving the Company, irrespective of which
                party is the surviving entity, excluding any merger,
                consolidation, share exchange, or other combination involving
                the Company solely in connection with the acquisition by the
                Company of any Subsidiary;

           (b)  Any sale, lease, exchange, transfer, or other disposition of all
                or any substantial part of the assets of the Company;

           (c)  Any acquisition or agreement to acquire by any person or entity
                (other than an employee pension benefit plan sponsored by the
                Company),

                                       -1-
<Page>

                directly or indirectly, beneficial ownership of twenty-five
                percent (25%) or more of the outstanding voting stock of the
                Company;

           (d)  During any period of two consecutive years during the term of
                this Plan, individuals who at the Effective Date constitute the
                Board of Directors cease for any reason to constitute at least a
                majority thereof, unless the election of each Director at the
                beginning of such Director's term has been approved by Directors
                representing at least two-thirds of the Directors then in office
                who were Directors on the Effective Date;

           (e)  A majority of the Board or a majority of the shareholders of the
                Company approve, adopt, agree to recommend, or accept any
                agreement, contract, offer, or other arrangement providing for
                any of the transactions described above;

           (f)  The consummation of any series of transactions which result in
                any of the transactions described above; or

           (g)  Any other set of circumstances which the Board determines, in
                its sole discretion, to constitute a Change in Control of the
                Company.

Notwithstanding the foregoing, a Change in Control of the Company shall not
occur as a result of the issuance of stock by the Company in connection with any
public offering of its stock.

     1.6   "Company" means ADESA Corporation.

     1.7   "Compensation" means the Base Salary payable to a Participant by an
Employer during a Plan Year.

     1.8   "Deferral Account" means the individual bookkeeping account
maintained for each Participant in accordance with Section 3.4(a) of the Plan.

     1.9   "Effective Date" means April 1, 2001.

     1.10  "Employee" means any individual who is employed by an Employer.

     1.11  "Employer" or "Employers" means the Company and any Subsidiary which
the Company allows to adopt, and become a participating Employer under, the
Plan.

     1.12  "Employer Contribution Account" means the individual bookkeeping
account maintained for each Participant in accordance with Section 3.4(b) of the
Plan.

                                       -2-
<Page>

     1.13  (Reserved)

     1.14  "Participant" means a salaried executive Employee of an Employer who
becomes a Participant pursuant to the provisions of Article II of the Plan.

     1.15  "Participant Deferral Contributions" means contributions made to the
Plan pursuant to Section 3.1 by an Employer, at the election of the Participant,
in lieu of receiving all or a portion of his Bonus or Compensation. Although the
term "contribution" is used for ease of reference, credits to Participants'
individual accounts under the Plan are merely credits to a bookkeeping account.

     1.16  "Plan" means the deferred compensation plan embodied herein, as
amended from time to time, known as the ADESA Corporation Supplemental Executive
Retirement Plan.

     1.17  "Plan Year" means the 12-month period beginning each January 1 and
ending on the following December 31, except that the first Plan Year will begin
on the Effective Date and end on December 31, 2001.

     1.18  "Subsidiary" or "Subsidiaries" means a corporation, partnership or
limited liability company, a majority of the outstanding voting stock, general
partnership interests or membership interest, as the case may be, of which is
owned or controlled directly or indirectly, by the Company or by one or more
other Subsidiaries. For the purposes of this definition, "voting stock" means
stock having voting power for the election of directors, or trustees, as the
case may be, whether at all times or only so long as no senior class of stock
has such voting power by reason of any contingency.

     1.19  "Trust" means a so-called "rabbi trust" evidenced by a trust
agreement between the Company and the Trustee.

     1.20  "Trustee" means the independent financial institution designated in
the Trust from time to time to hold assets to be used to provide benefits under
the Plan.

                                   ARTICLE II
                          ELIGIBILITY AND PARTICIPATION

     2.1   INITIAL ELIGIBILITY. A member of a select group of management or
highly compensated Employees is eligible to become a Participant in the Plan
provided the Employee is designated as a Participant by the Company President in
writing. A designated Employee will become a Participant as of the later of the
Effective Date or the date specified by the Company President.

     2.2   CHANGE IN ELIGIBILITY. A Participant may be removed as an active
Participant by the Company President effective as of any date, so that he will
not be entitled to make deferrals or receive benefit accruals under Article III
on or after that date. Amounts credited to his

                                       -3-
<Page>

Deferral Account and to his Employer Contribution Account will be distributed to
such Participant pursuant to Article V.

                                   ARTICLE III
                          CONTRIBUTIONS AND ALLOCATIONS

     3.1   PARTICIPANT DEFERRAL CONTRIBUTIONS. Subject to the terms and
limitations of this Article III, a Participant may elect, pursuant to Section
3.2, to have a portion, not to exceed eighty-five percent (85%), of his Bonus
payable for any Plan Year withheld by his Employer and credited as a Participant
Deferral Contribution under this Plan. A Participant may also elect, pursuant to
Section 3.2, to have a portion, not to exceed twenty-five percent (25%), of that
portion of his Compensation earned subsequent to the date he becomes a
Participant withheld by the Employer and credited as a Participant Deferral
Contribution under this Plan.

     3.2   DEFERRAL ELECTIONS. Participant Deferral Contributions will be
withheld from a Participant's pay in accordance with the following terms and
conditions.

           (a)  REQUIREMENT FOR DEFERRAL ELECTIONS. As a condition to an
                Employer's obligation to withhold and the Administrator's
                obligation to credit Participant Deferral Contributions for the
                benefit of a Participant pursuant to Section 3.1, the
                Participant must complete and file an election form with the
                Administrator (on a form or forms prescribed by the
                Administrator). Provisions may be made by the Administrator for
                separate elections with respect to deferrals of Bonuses and
                Compensation.

           (b)  TIMING OF EXECUTION AND DELIVERY OF ELECTIONS. To be effective
                to defer any portion of a Bonus, an election must be filed with
                the Administrator with respect to that Bonus on or before the
                first day of the Plan Year for which the Bonus is payable. For
                example, an election for the 2002 Bonus, payable in February,
                2003, must be filed on or before January 1, 2002 to be
                effective. To be effective to defer any portion of a
                Participant's Compensation, an election must be filed with the
                Administrator with respect to that Compensation on or prior to
                the first business day of the pay period for which the
                Participant would otherwise be entitled to receive the
                Compensation with respect to which the deferral is being
                requested. For example, to defer Compensation payable during the
                month of January, 2002, an election must be filed on or before
                December 31, 2001.

                In the case of an Employee who becomes a Participant for a Plan
                Year on any day other than the first day of that Plan Year, an
                election to defer any portion of a Bonus or Compensation for
                such Plan Year must be filed with the Administrator no later
                than thirty (30) days after the date he commences participation
                in the Plan.

                                       -4-
<Page>

           (c)  MODIFICATION OF DEFERRAL ELECTIONS. Once made, a deferral
                election with respect to Bonuses or Compensation will remain in
                effect for future Bonuses and future Compensation, unless the
                election is revoked or a new election filed. The revocation or
                new election for a Bonus must be filed on or before the first
                day of the Plan Year for which the Bonus is payable. The
                revocation or new election for Compensation must be filed on or
                prior to the first business day of the pay period for which the
                Participant would otherwise be entitled to receive the
                Compensation.

     3.3   EMPLOYER CONTRIBUTIONS. For the Plan Year commencing on the Effective
Date, an Employer shall make a contribution for each Participant in its employ
on the first day of such Plan Year in an amount equal to eight percent (8%) of
the Participant's Base Salary for such year. For each Plan Year commencing after
the Effective Date, an Employer shall make a contribution for each Participant
in its employ on the first day of the applicable Plan Year in an amount equal to
five percent (5%) of the Participant's Base Salary for the applicable Plan Year;
provided, however, commencing with the calendar month next following the
calendar month in which a Participant completes one hundred and twenty (120)
months of combined participation in this Plan and the predecessor to this Plan
(the Insured Security Option Plan, or ISOP, maintained by the Company between
March 6, 1998 and March 5, 2001), the foregoing five percent (5%) shall be
increased to eight percent (8%) but such increase shall be applied prospectively
only. For example, if a Participant completes 120 months of combined
participation on June 30, 2008, then the employer contribution under this
subsection for the 2008 Plan Year shall be 5% of his Base Salary from January 1,
2008 to June 30, 2008, and 8% of his Base Salary from July 1, 2008 to December
31, 2008.

     3.4   ALLOCATION OF CONTRIBUTIONS AND ADJUSTMENTS.

           (a)  DEFERRAL ACCOUNT. The Administrator shall establish and maintain
                a Deferral Account in the name of each Participant, to which the
                Administrator shall credit all amounts to be allocated to each
                Participant pursuant to Section 3.1 and from which the
                Administrator shall debit amounts paid to the Participant or his
                designated beneficiary pursuant to Article V.

           (b)  EMPLOYER CONTRIBUTION ACCOUNT. The Administrator shall establish
                and maintain an Employer Contribution Account in the name of
                each Participant, to which the Administrator shall credit all
                amounts to be credited to the Participant pursuant to Section
                3.3 and from which the Administrator shall debit amounts paid to
                the Participant or his designated beneficiary pursuant to
                Article V.

           (c)  ACCOUNTING. Each Plan Year, each Participant's Employer
                Contribution Account shall be credited with the Employer
                contribution accrued by the Participant under Section 3.3 that
                year. In addition, each Participant's Deferral Account shall be
                credited with the Participant Deferral

                                       -5-
<Page>

                Contribution made for the Participant under Section 3.1 that
                year. As of the last day of each month (and as of any other date
                selected by the Administrator) both accounts of each Participant
                shall be adjusted as follows:

                (i)   First, by charging a Participant's Deferral and Employer
                      Contribution Accounts with any payments made to or on
                      behalf of that Participant or his designated beneficiary
                      since the last accounting.

                (ii)  Second, for each month prior to July, 2001, by crediting
                      the balances in each Participant's accounts with an amount
                      equal to one-twelfth of eight percent of the account
                      balances determined under the previous step, and for each
                      month subsequent to June, 2001, by crediting the balances
                      in each Participant's accounts with an amount equal to
                      that portion of the monthly investment earnings of the
                      Trust which are attributable to such accounts.

                (iii) Finally, by crediting each Participant's Deferral Account
                      with any Participant Deferral Contributions that are to be
                      credited to his Deferral Account as of that date.

           (d)  CREDITING OF CONTRIBUTIONS. Participant Deferral Contributions
                shall be credited to Participants' Deferral Accounts as of the
                last day of the month in which the Compensation or the Bonus was
                due to be paid. Employer contributions made pursuant to Section
                3.3 shall be credited to Participants' Employer Contribution
                Accounts on the first day of the Plan Year for which the
                contribution is being made.

                                   ARTICLE IV
                           INVESTMENT OF CONTRIBUTIONS

     4.1   INVESTMENTS. All contributions under the Plan shall be credited to
each Partici-pant's Deferral Account or Employer Contribution Account as
provided in Section 3.4. At the discretion of the Administrator, all or any
portion of such contributions may be contributed to the Trust. No provision of
the Plan shall impose or be deemed to impose any obligation upon the Employers,
other than an unsecured contractual obligation to make a cash payment to
Participants and their beneficiaries in accordance with the terms of the Plan.
Benefits payable under the Plan shall be paid directly by the Employers from
their general assets to the extent not paid from the Trust.
     4.2   UNSECURED CONTRACTUAL RIGHTS. The Plan at all times shall be unfunded
and shall constitute a mere promise by the Employers to make benefit payments in
the future. Notwith-standing any other provision of this Plan, neither a
Participant nor his designated beneficiary shall have any preferred claim on, or
any beneficial ownership interest in, any assets of the Employers prior to the
time benefits are paid as provided in Article V, including any

                                       -6-
<Page>

Compensation or Bonus deferred by the Participant. All rights created under this
Plan shall be mere unsecured contractual rights of the Participant against the
Employers.

                                    ARTICLE V
                                  DISTRIBUTIONS

     5.1   TIME OF PAYMENT OF BENEFITS. All amounts credited to a Participant's
Deferral and Employer Contribution Accounts shall be or shall commence to be
distributed to or for the benefit of a Participant (or his designated
beneficiary) within a reasonable period following the earlier of (i) the date
the Participant terminates employment with all the Employers, or (ii) the date
the Participant is no longer eligible to participate in the Plan pursuant to
Section 2.2, or (iii) the effective date of any Change in Control of the
Company.

     5.2   MANNER OF PAYMENT OF BENEFITS. The balance of a Participant's
Deferral and Employer Contribution Accounts shall be distributed in cash in:

           (a)  A single lump sum payment;

           (b)  Annual installment payments over a period not in excess of ten
                years; or

           (c)  A combination of the methods specified in subsections (a) and
                (b).

     5.3   BENEFIT PAYMENT ELECTIONS. A Participant may elect the manner in
which his Plan benefit will be paid to him under Section 5.2 in accordance with
the terms and conditions of this Section 5.3. To elect annual installment
payments under subsection 5.2(b) or a combination of a single lump sum payment
and annual installment payments under subsection 5.2(c), a Participant must file
an election form with the Administrator (on a form or forms prescribed by the
Administrator). To be effective, the Participant's election of a payment method
must be filed with the Administrator prior to the beginning of the calendar year
in which the Participant becomes entitled to a payment of benefits under this
Article V. If no election is made or if the election is not timely or properly
made, distribution will be made in the form of a single lump sum payment. Any
election effectively made for purposes of this Section 5.2 shall remain in
effect until such time as it is superseded by a subsequent election effectively
made for purposes of this Section 5.2.

     5.4   VESTING. Both a Participant's Deferral Account and Employer
Contribution Account shall at all times be 100 percent vested.

                                       -7-
<Page>

     5.5   DEATH OF THE PARTICIPANT AND BENEFICIARY DESIGNATIONS.

           (a)  FORM AND TIME OF PAYMENT. In the event a Participant dies prior
                to the time his benefit under the Plan commences to be
                distributed, that benefit shall be paid to his designated
                beneficiary or beneficiaries in accordance with the benefit
                election in effect for such Participant as of the date of death,
                or in a single lump sum in the event no such benefit election is
                in effect as of such date. Such distribution shall be made as
                soon as practicable following the Participant's death. In the
                event a Participant dies after the distribution of his benefit
                under the Plan has commenced, his remaining benefit, if any,
                shall be paid to his designated beneficiary or beneficiaries in
                accordance with the method of distribution being used prior to
                the Participant's death.

           (b)  DESIGNATION OF BENEFICIARIES. The Participant may designate a
                primary and contingent beneficiary or beneficiaries on forms
                provided by the Administrator. Such designation may be changed
                at any time for any reason by the Participant. If the
                Participant fails to designate a beneficiary, or if such
                designation shall for any reason be illegal or ineffective, or
                if the designated beneficiary(ies) shall not survive the
                Participant, his benefits under the Plan shall be paid: (i) to
                his surviving spouse; (ii) if there is no surviving spouse, to
                the duly appointed and qualified executor or other personal
                representative of the Participant to be distributed in
                accordance with the Participant's will or applicable intestacy
                law; or (iii) in the event that there shall be no such
                representative duly appointed and qualified within 60 days after
                the date of death of the Participant, then to such persons as,
                at the date of his death, who would be entitled to share in the
                distribution of the Participant's estate under the provisions of
                the applicable statutes then in force governing the descent of
                intestate property, in the proportions specified in such
                statute. The Administrator may determine the identity of the
                distributees, and in so doing may act and rely upon any
                information it may deem reliable upon reasonable inquiry, and
                upon any affidavit, certificate, or other document believed by
                it to be genuine, and upon any evidence believed by it to be
                sufficient.

     5.6   ADVANCE PAYMENTS TO PARTICIPANTS. The Administrator may make payment
to a Participant in advance of the date such payment is due pursuant to Section
5.1 (an "Advance Payment"), to the extent (i) funds of the Employers are
available for such purpose; (ii) the Administrator determines that the
Participant has suffered an unforeseeable emergency which has caused a need for
an Advance Payment; and (iii) the waiver by the Administrator of the election to
defer Compensation under Article III is insufficient, as determined by the
Administrator in its discretion, to satisfy such hardship. For purposes of this
Section 5.6, an unforeseeable emergency is a severe financial hardship to a
Participant resulting from a sudden and unexpected illness or accident of the
Participant or of a dependent of the Participant (as

                                       -8-
<Page>

defined in Code Section 152(a)), loss of the Participant's property due to
casualty, or other similar extraordinary and unforeseen circumstances arising as
a result of events beyond the control of the Participant. The circumstances that
will constitute an unforeseeable emergency will depend upon the facts of each
case; however, the Administrator shall not grant any waiver of a Participant's
deferral election or make an Advance Payment to the extent that his hardship may
be relieved (i) through reimbursement or compensation by insurance or otherwise;
(ii) by liquidation of the Participant's assets, to the extent liquidation of
such assets would not itself cause severe financial hardship; or (iii) by
cessation of salary reduction contributions under any Code Sec. 401(k) plan. An
unforeseeable emergency shall not include the need to send the Participant's
child to college or the desire to purchase a home. An Advance Payment made under
this Section 5.6 shall be made only to the extent reasonably needed to satisfy
the emergency need.

                                   ARTICLE VI
                               PLAN ADMINISTRATION

     6.1   ADMINISTRATION BY THE COMPANY. The Company shall be responsible for
administering the Plan and the Company shall be charged with the full power for
administering the Plan in all its details.

     6.2   POWERS AND RESPONSIBILITIES OF THE ADMINISTRATOR.

           (a)  The Administrator shall have all powers necessary to administer
                the Plan in its sole and absolute discretion, including the
                power to construe and interpret the Plan documents; to decide
                all questions relating to an individual's eligibility to
                participate in the Plan; to require information from a
                Participant or beneficiary; to determine whether a Participant
                has actually terminated employment; to determine the amount,
                manner and timing of any distribution of benefits or withdrawal
                under the Plan; to resolve any claim for benefits in accordance
                with Section 6.4, and to appoint or employ advisors, including
                legal counsel, to render advice with respect to any of the
                Administrator's responsibilities under the Plan. Any
                construction, interpretation, or application of the Plan by the
                Administrator shall be final, conclusive and binding. All
                actions by the Administrator shall be taken pursuant to uniform
                standards applied to all persons similarly situated.

           (b)  RECORDS AND REPORTS. The Administrator shall be responsible for
                maintaining sufficient records to determine each Participant's
                eligibility to participate in the Plan, and the Compensation and
                Bonuses of each Participant for purposes of determining the
                amount of contributions that may be made by or on behalf of the
                Participant under the Plan.

           (c)  RULES AND DECISIONS. The Administrator may adopt such rules as
                it deems necessary, desirable, or appropriate in the
                administration of the Plan. All

                                       -9-
<Page>

                rules and decisions of the Administrator shall be applied
                uniformly and consistently to all Participants in similar
                circumstances. When making a determination or calculation, the
                Administrator shall be entitled to rely upon information
                furnished by a Participant or beneficiary, the Employers or the
                legal counsel of an Employer.

           (d)  APPLICATION AND FORMS FOR BENEFITS. The Administrator may
                require a Participant or beneficiary to complete and file with
                it an application for a benefit, and to furnish all pertinent
                information requested by it. The Administrator may rely upon all
                such information so furnished to it, including the Participant's
                or beneficiary's current mailing address.

     6.3   LIABILITIES. The Administrator shall be indemnified and held harmless
by the Employers with respect to any actual or alleged breach of
responsibilities performed or to be performed hereunder.

     6.4   CLAIMS PROCEDURE.

           (a)  FILING A CLAIM. Any Participant or beneficiary under the Plan
                may file a written claim for a Plan benefit with the
                Administrator or with a person named by the Administrator to
                receive claims under the Plan.

           (b)  NOTICE OF DENIAL OF CLAIM. In the event of a denial or
                limitation of any benefit or payment due to or requested by any
                Participant or beneficiary under the Plan ("claimant"), the
                claimant shall be given a written notification containing
                specific reasons for the denial or limitation of his benefit.
                The written notification shall contain specific reference to the
                pertinent Plan provisions on which the denial or limitation of
                his benefit is based. In addition, it shall contain a
                description of any other material or information necessary for
                the claimant to perfect a claim, and an explanation of why such
                material or information is necessary. The notification shall
                further provide appropriate information as to the steps to be
                taken if the claimant wishes to submit his claim for review.
                This written notification shall be given to a claimant within 90
                days after receipt of his claim by the Administrator unless
                special circumstances require an extension of time for
                processing the claim. If such an extension of time for
                processing is required, written notice of the extension shall be
                furnished to the claimant prior to the termination of said
                90-day period, and such notice shall indicate the special
                circumstances which make the postponement appropriate.

           (c)  RIGHT OF REVIEW. In the event of a denial or limitation of his
                benefit, the claimant or his duly authorized representative
                shall be permitted to review pertinent documents and to submit
                to the Administrator issues and comments in writing. In
                addition, the claimant or his duly authorized representative may
                make a written request for a full and fair review of his

                                      -10-
<Page>

                claim and its denial by the Administrator; provided, however,
                that such written request must be received by the Administrator
                (or its delegate to receive such requests) within 60 days after
                receipt by the claimant of written notification of the denial or
                limitation of the claim. The 60-day requirement may be waived by
                the Administrator in appropriate cases.

           (d)  DECISION ON REVIEW. A decision shall be rendered by the
                Administrator within 60 days after the receipt of the request
                for review, provided that where special circumstances require an
                extension of time for processing the decision, it may be
                postponed on written notice to the claimant (prior to the
                expiration of the initial 60-day period) for an additional 60
                days after the receipt of such request for review. Any decision
                by the Administrator shall be furnished to the claimant in
                writing and shall set forth the specific reasons for the
                decision and the specific Plan provisions on which the decision
                is based.

           (e)  COURT ACTION. No Participant or beneficiary shall have the right
                to seek judicial review of a denial of benefits, or to bring any
                action in any court to enforce a claim for benefits, prior to
                filing a claim for benefits or exhausting his rights to review
                under this Section 6.4.

     6.5   INCOME AND EMPLOYMENT TAX WITHHOLDING. The Employers shall be
responsible for withholding from the Participant's Compensation or Bonuses or
from the distribution of his benefit under the Plan of all applicable federal,
state, city and local taxes.

     6.6   NOTICES. Any notice or document required to be given to or filed with
the Administrator will be properly given or filed if delivered to or mailed, by
registered mail, postage paid, to the following:

           Manager of Employee Services
           ADESA Corporation
           310 E. 96th Street, Suite 400
           Indianapolis, IN  46240

                                   ARTICLE VII
                      AMENDMENT AND TERMINATION OF THE PLAN

     7.1   AMENDMENT OF THE PLAN. The Company shall have the right at any time
to modify, alter or amend the Plan in whole or in part; provided, however, no
amendment, termination, or other change in the Plan shall reduce the amount
allocated to the account of a participant on the date of such amendment,
termination or other change, which account balance shall be payable to such
participant or such participant's beneficiary as provided herein.

     7.2   TERMINATION OF THE PLAN. The Company reserves the right at any time
to terminate the Plan or to reduce or cease benefit accruals at any time.

                                      -11-
<Page>

                                  ARTICLE VIII
                                  MISCELLANEOUS

     8.1   GOVERNING LAW. The Plan shall be construed, regulated and
administered according to the laws of the State of Indiana, except in those
areas preempted by the laws of the United States of America in which case such
laws will control.

     8.2   HEADINGS AND GENDER. The headings and subheadings in the Plan have
been inserted for convenience of reference only and shall not affect the
construction of the provisions hereof. In any necessary construction the
masculine shall include the feminine and the singular the plural, and vice
versa.

     8.3   SPENDTHRIFT CLAUSE. No benefit or interest available hereunder will
be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment or garnishment by creditors of the
Participant or the Participant's designated beneficiary, either voluntarily or
involuntarily.

     8.4   COUNTERPARTS. This Plan may be executed in any number of
counterparts, each of which shall constitute but one and the same instrument and
may be sufficiently evidenced by any one counterpart.

     8.5   NO ENLARGEMENT OF EMPLOYMENT RIGHTS. Nothing contained in the Plan
shall be construed as a contract of employment between an Employer and any
person, nor shall the Plan be deemed to give any person the right to be retained
in the employ of an Employer or limit the right of an Employer to employ or
discharge any person with or without cause, or to discipline any Employee.

     8.6   LIMITATIONS ON LIABILITY. Notwithstanding any of the preceding
provisions of the Plan, none of the Employers, the Administrator and each
individual acting as an employee or agent of any of them shall be liable to any
Participant, Employee or beneficiary for any claim, loss, liability or expense
incurred in connection with the Plan, except when the same shall have been
judicially determined to be due to the gross negligence or willful misconduct of
such person.

     8.7   INCAPACITY OF PARTICIPANT OR BENEFICIARY. If any person entitled to
receive a distribution under the Plan is physically or mentally incapable of
personally receiving and giving a valid receipt for any payment due (unless
prior claim therefor shall have been made by a duly qualified guardian or other
legal representative), then, unless and until claim therefor shall have been
made by a duly appointed guardian or other legal representative of such person,
the Administrator may provide for such payment or any part thereof to be made to
any other person or institution then contributing toward or providing for the
care and maintenance of such person. Any such payment shall be a payment for the
account of such person and a complete discharge of any liability of the
Employers and the Plan.

                                      -12-
<Page>

     8.8   CORPORATE SUCCESSORS. The Plan shall not be automatically terminated
by a transfer or sale of assets of the Company or by the merger or consolidation
of the Company into or with any other corporation or other entity
("Transaction"), but the Plan shall be continued after the Transaction only if
and to the extent that the transferee, purchaser or successor entity agrees to
continue the Plan.

     8.9   EVIDENCE. Evidence required of anyone under the Plan may be by
certificate, affidavit, document or other information which the person relying
thereon considers pertinent and reliable, and signed, made or presented by the
proper party or parties.

     8.10  ACTION BY EMPLOYER. Any action required of or permitted by an
Employer under the Plan shall be by resolution of its Board of Directors or by a
person or persons authorized by resolution of the Board to act on its behalf
with respect to the Plan.

     8.11  SEVERABILITY. In the event any provisions of the Plan shall be held
to be illegal or invalid for any reason, such illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and
endorsed as if such illegal or invalid provisions had never been contained in
the Plan.

                                      -13-

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