Document:

EX-4.4

 Exhibit 4.4 

FORM OF 
 RISK RETENTION
AGREEMENT 
 FORM OF RISK RETENTION AGREEMENT, dated as of [●] [●], 20[●] (this “Agreement”), by and
among FIRST NATIONAL BANK OF OMAHA, a national banking association (“FNBO”), FIRST NATIONAL FUNDING LLC, a Nebraska limited liability company (the “Transferor”) and FIRST NATIONAL MASTER NOTE TRUST, a
Delaware statutory trust (the “Issuer”). 
 W I T N E S S E T H : 

WHEREAS, FNBO and the Transferor have entered into a Second Amended and Restated Receivables Purchase Agreement, dated as of
September 23, 2016 (as amended, restated, supplemented or otherwise modified, the “Receivables Purchase Agreement”) and as acknowledged and accepted by U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”), pursuant to which FNBO sells to the Transferor certain Receivables arising in specified Accounts owned by FNBO; 
 WHEREAS,
the Transferor, FNBO, in its capacity as Servicer (the “Servicer”), and the Issuer have entered into a Second Amended and Restated Transfer and Servicing Agreement, dated as of September 23, 2016 (as amended, restated, supplemented or
otherwise modified, the “Transfer and Servicing Agreement”) and as acknowledged and accepted by the Indenture Trustee, pursuant to which the Transferor transfers Receivables to the Issuer and the Issuer has engaged the Servicer to
administer the Receivables; 
 WHEREAS, the Issuer and the Indenture Trustee have entered into a Second Amended and Restated Master
Indenture, dated as of September 23, 2016 (as amended, restated, supplemented or otherwise modified, the “Master Indenture”), and as acknowledged and accepted by the Transferor and the Servicer, pursuant to which the Issuer has issued
and may from time to time issue notes; and 
 WHEREAS, the Transferor intends to cause the Issuer to issue Class A Asset Backed Notes,
Series 20[●]-[●] (the “Class A Notes”) pursuant to the Master Indenture and a Series 20[●]-[●] Indenture Supplement, dated as of [●][●], 20[●] (as amended, restated, supplemented or
otherwise modified, the “Indenture Supplement”), between the Issuer and the Indenture Trustee and as acknowledged and accepted by the Transferor and the Servicer. 

NOW, THEREFORE, it is hereby agreed by and between FNBO, the Transferor and the Issuer, as follows: 

1.    Definitions. All capitalized terms used but not defined herein shall have the meanings given to such terms in
Appendix A to the Master Indenture or the Indenture Supplement, as applicable. The following capitalized terms shall have the following meanings: 

“AIFM Regulation” means Directive 2011/61/EU of the European Parliament and of the Council of June 8, 2011 on
Alternative Investment Fund Managers, as amended, and Articles 50-56 of the Alternative Investment Managers Fund Regulation ((EU No. 231/2013). 

 “Applicable Investor” means any of (a) an EEA credit institution or
investment firm, as defined and for the purposes of the CRR, including any consolidated group affiliate thereof, (b) an insurance undertaking by an EEA insurer or a reinsurance undertaking by an EEA reinsurer to which Solvency II applies,
(c) an EEA alternative investment fund manager (“AIFM”) as defined in the AIFM Regulation that manages or markets alternative investment funds in the EU, (d)(i) an undertaking for collective investment in transfer securities
(“UCITS”) EEA management company by an EEA management company to which the UCITS Directive applies or (ii) an internally managed UCITS, which is an EEA investment company that is authorized in accordance with the UCITS Directive and
has not designated such a management company for its management and (e) with certain exceptions, an EEA institution for occupational retirement provision (an “IORP”) falling within the scope of the IORP Directive, or an investment
manager or an authorized entity appointed by such an institution for occupational retirement provision as provided in the IORP Directive. 

“CRR” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council, as amended and as supplemented
by EU secondary legislation, including the CRR Delegated Regulation. 
 “CRR Delegated Regulation” means Commission
Delegated Regulation (EU) No. 625/2014 of the European Parliament and of the Council. 
 “EEA” means the European
Economic Area. 
 “EU” means the European Union. 

“EU Due Diligence and Risk Retention Rules” means, with respect to this Agreement, Articles 5 and 6 of EU
Securitization Regulation, together with any relevant regulatory technical standards adopted by the European Commission and any guidance published by the European Union supervisory authorities with respect thereto or to precedent legislation
(together, “delegated regulations and guidance’), each as in effect and applicable on the date the Class A Notes are issued. 

“EU Securitization Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of
December 12, 2017. 
 “European Commission” means the European Commission, an institution of the European Union. 

“IORP Directive” means Directive (EU) 2016/2341 of the European Parliament and of the Council of December 14, 2016. 

“Solvency II” means Directive 2009/138/EC of the European Parliament and of the Council of
November 25, 2009, as amended. 

  
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 “UCITS Directive” means Directive 2009/65/EC of the European Parliament and
of the Council of July 13, 2009, as amended. 
 1.    Representations. FNBO represents and warrants to the
Issuer and the Indenture Trustee (solely for the benefit of the Applicable Investors) that as of the date hereof: 

(a)    FNBO has full corporate power and authority to execute and deliver this Agreement and perform the
terms and provisions hereof; 
 (b)    The execution, delivery and performance of this Agreement have
been duly authorized by all necessary corporate action, and do not require any approval or consent of any governmental agency or authority; and 

(c)    This Agreement is the valid, binding and enforceable obligation of FNBO, except as the same may be
limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles. 

2.    Covenants. FNBO hereby confirms, represents and warrants to and agrees with, and irrevocably and
unconditionally undertakes to the Issuer and the Indenture Trustee, solely for the benefit of each Applicable Investor, in connection with the EU Due Diligence and Risk Retention Rules, on an ongoing basis, so long as any Class A Note
remains Outstanding: 
 (a)    FNBO, as “originator” for the purposes of the EU Due
Diligence and Risk Retention Rules, currently retains, and on an ongoing basis will retain, a material net economic interest that is not less than five percent of the nominal value of the securitized exposures (measured at origination), in a form
that is intended to qualify as an originator’s interest as provided in option (b) of Article 6(3) of the EU Securitization Regulation, by indirectly holding all the membership interests in the Transferor which in turn holds all or part of
the Transferor Interest (the “Retained Interest”); 
 (b)    With respect to the Retained
Interest, FNBO will not change the retention option or the method of calculating its net economic interest in the securitized exposures while the Class A Notes are outstanding, except under exceptional circumstances in accordance with the EU
Securitization Regulation (as supplemented by applicable delegated regulations and guidance); 

(c)    FNBO will not (and will not permit the Transferor or any of its other affiliates to) allow the
Retained Interest to be subject to any credit risk mitigation, short position or other hedge or to be sold if, as a result, FNBO would not retain a material net economic interest in an amount that is not less than 5% of the nominal value of the
securitized exposures, except to the extent permitted in accordance with Article 6(1) of the EU Securitization Regulation (as supplemented by applicable delegated regulations and guidance); and 

(d)    FNBO will provide ongoing confirmation of FNBO’s continued compliance with its obligations
described in (a) and (c) above in or concurrently with the delivery of each distribution report of the issuing entity on Form 10-D relating to the 

  
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 Class A Notes; provided, however, that FNBO makes no commitment or undertaking to
comply with any amendment to the EU Due Diligence and Risk Retention Rules that may become effective after the date the Class A Notes are issued. 

3.    Agreements of Transferor. Transferor hereby acknowledges the terms and conditions of this Agreement and,
further, covenants that it will not allow the Retained Interest to be subject to any credit risk mitigation, short position or other hedge or to be sold other than as directed by FNBO and as permitted in accordance with the terms of this Agreement.

 4.    Limitation of Liability. 

(a)    It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed
and delivered by Wilmington Trust Company not individually or personally but solely as Owner Trustee under the Second Amended and Restated Trust Agreement, dated as of September 23, 2016 (the “Trust Agreement”), between the Transferor
and Wilmington Trust Company, and in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal
representation, undertaking or agreement by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as creating any liability on the Wilmington Trust Company
individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Agreement and by any person claiming by, through or under them and
(iv) under no circumstances will Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or
undertaken by the Issuer under this Agreement or any related documents. 
 (b)    NOTWITHSTANDING
ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN ANY OTHER DOCUMENT OR AGREEMENT RELATING TO THE CLASS A NOTES, IN NO EVENT SHALL FNBO OR THE TRANSFEROR BE LIABLE TO THE INDENTURE TRUSTEE, THE ISSUER, THE OWNER TRUSTEE, ANY APPLICABLE INVESTOR
OR ANY OTHER NOTEHOLDER, OR RESPONSIBLE FOR, LOSSES IN RESPECT OF THE CLASS A NOTES OR ANY INTEREST THEREIN, INCLUDING, WITHOUT LIMITATION ANY LOSS OF VALUE OF ANY CLASS A NOTE OR ANY INTEREST THEREIN, DUE TO THE FAILURE OF THE RETAINED
INTEREST AND COMPLIANCE BY FNBO AND THE TRANSFEROR WITH THE TERMS OF THIS AGREEMENT TO SATISFY THE EU DUE DILIGENCE AND RISK RETENTION RULES OR OTHER SIMILAR OR EQUIVALENT PROVISIONS NOW OR HEREAFTER IN EFFECT. 

5.    Miscellaneous. 

(a)    THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NEBRASKA WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
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 (b)    EACH OF THE PARTIES HERETO (AND EACH APPLICABLE
INVESTOR BY ACCEPTING THE BENEFITS HEREOF) HEREBY AGREES TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE STATE OF NEBRASKA. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY
OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 

(c)    All notices and other communications provided for hereunder shall, unless otherwise stated herein,
be in writing (including telecopies, email, telegraphic, telex or cable communication) and mailed, emailed (with “PDF” attachment in the case of any signed notice or communication), telecopied with receipt confirmed by telephone,
telegraphed, telexed, cabled or delivered, as to each party hereto, at its address set forth below or at such other address as shall be designated by such party in a written notice to the other party hereto. All such notices and communications
shall, when mailed, emailed, telecopied, telegraphed, telexed or cabled, be effective when deposited in the mail, emailed, telecopied, delivered to the telegraph company, confirmed by telex answer back or delivered to the cable company,
respectively. 
  

			
	If to FNBO:	  	First National Bank of Omaha
		  	1620 Dodge Street
		  	Stop Code 3395
		  	Omaha, NE 68197-3395
		  	Attention: Treasurer
		
	If to the Transferor:	  	First National Funding LLC
		  	1620 Dodge Street
		  	Stop Code 3395
		  	Omaha, NE 68197-3395
		  	Attention: President
		
	If to the Issuer:	  	c/o Wilmington Trust Company
		  	Rodney Square North
		  	1100 North Market Street
		  	Wilmington, DE 19890
		  	Attention: Corporate Trust Administration

 (d)    Neither this Agreement nor any term or provision hereof may be
changed, waived, discharged or terminated except by a writing signed by a duly authorized officer of the party against whom enforcement of such change, waiver, discharge or termination is sought to be enforced. 

  
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 (e)    Any part, provision, representation, warranty or
covenant of this Agreement that is prohibited or is held to be void or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. 

Any part, provision, representation, warranty or covenant of this Agreement that is prohibited or is held to be void or
unenforceable in any particular jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in
any particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 To the
extent permitted by applicable law, the parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof. 

(f)    This Agreement constitutes the entire agreement and understanding of the parties with respect to the
matters addressed herein, and this Agreement supersedes any prior agreements and/or understandings, written or oral, with respect to such matters. 

(g)    The Issuer is a party to this Agreement solely for the purposes of obtaining the benefit of the
representations, warranties and covenants contained therein and under no circumstances shall it be deemed to have undertaken any obligations thereunder or by virtue of its entry into this Agreement. 

(h)    The Indenture Trustee is a third party beneficiary of this Agreement solely for the purpose of
obtaining the benefit of the representations, warranties and covenants contained herein and under no circumstances shall it be deemed to have undertaken any obligations hereunder. For the avoidance of doubt, in no event shall the Indenture Trustee
have any responsibility to calculate, monitor compliance with or be charged with knowledge of the EU Due Diligence and Risk Retention Rules, nor shall it be liable to any Applicable Investor, Noteholder or any party whatsoever for any violation
of such EU Due Diligence and Risk Retention Rules or such similar provisions now or hereafter in effect or for any breach of any term of this Agreement, nor shall it have any obligation to provide or otherwise make available information or
documents required by the EU Due Diligence and Risk Retention Rules or any other rules or regulations regarding risk retention. 

  
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 FNBO, the Transferor and the Issuer have caused this Agreement to be duly executed by their
respective officers as of the date first above written. 
  

			
	FIRST NATIONAL BANK OF OMAHA
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	FIRST NATIONAL FUNDING LLC
		
	By:	 	First National Funding Corporation, its Managing Member
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	FIRST NATIONAL MASTER NOTE TRUST
		
	By:	 	Wilmington Trust Company, not in its
	individual capacity, but solely as Owner Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 7Exhibit

Exhibit 10.2

                                                                                  
January 22, 2019                              

John W. Kapples
72 Ledgeways
Wellesley Hills, MA 02481-1410

Dear Jack:

Insulet Corporation (“Company”) is pleased to offer you the full-time position of Senior Vice President, Secretary and General Counsel reporting to me.  We are excited about the prospect of you joining Insulet and look forward to your meaningful contributions to the Company as we embark on an exciting new chapter in the Company’s history.  This offer of employment is contingent upon the satisfactory completion of professional references and a background check prior to your start date.  We will determine a mutually beneficial start date upon acceptance of this offer.

Your salary will be $15,769.23 biweekly (equivalent to $410,000 on an annualized basis), paid in accordance with the Company’s normal payroll practices as established or modified from time to time.  You will be eligible to participate in our annual bonus program beginning fiscal year 2019 with a target bonus opportunity that is equal to sixty percent (60%) of your annual base salary.  Payout typically takes place in the first quarter following the end of the calendar plan year.

The Company is committed to sharing its continued success with its employees through long-term incentive opportunities. You will be eligible to participate in the Company’s long-term incentive program, which currently provides for annual equity awards.  For fiscal 2019, the Company will issue an award to you with a grant date fair value equal to seven hundred fifty thousand dollars ($750,000) (“FY19 Annual Equity Award”).  The grant date of the FY19 Annual Equity Award will be the same grant date as determined by the Compensation Committee of the Company’s Board of Directors for grants of fiscal year 2019 annual equity awards to Company employees, assuming you have joined us as an employee by such date.  If you have not joined us as an employee by such date, the Company grants off-cycle equity awards on the first trading day of each month and, therefore, the grant date for your FY19 Annual Equity Award under these circumstances will be the first trading day of the month that immediately follows your employment commencement date.  Fifty percent (50%) of the FY19 Annual Equity Award will be delivered to you in the form of performance restricted stock units (“PRSUs”) and the remaining fifty percent (50%) will be delivered to you in equal portions of RSUs (i.e., 25% of the grant date fair value) and stock options (i.e., 25% of the grant date fair value).  The actual number of PRSUs and RSUs granted to you for the FY19 Annual Equity Award will be calculated by dividing the grant date value of the respective award by the closing price of a share of Company common stock on the grant date.  The actual number of stock options granted to you for your FY19 Annual Equity Award will be calculated by dividing the dollar value of the option award by the Black-Scholes option valuation of the closing price of a share of Company common stock on the grant date.  These awards will vest on the same terms and conditions as established by the Compensation Committee of the Board of Directors for purposes of the fiscal 2019 annual equity award.  The material terms of these equity awards will be contained in a terms and conditions document which will be issued to you at the time of grant.  The terms and conditions document under which each award is issued shall govern.

In addition, you will receive a sign-on equity award, with a grant date fair value of seven hundred fifty thousand dollars ($750,000), which will be delivered to you in the form of restricted stock units (“RSUs”).  The actual number of RSUs granted to you for your sign-on award will be calculated by dividing the dollar value of the RSU award by the closing price of a share of Insulet common stock on the grant date.  These RSUs will vest in substantially equal installments on the first, second and third anniversary of the grant date.  The grant date for your sign-on equity award will be the first trading day of the month that immediately follows your employment commencement date.  The material terms of your sign-on award will be contained in a terms and conditions document which will be issued to you at the time of grant.  The terms and conditions document under which each award is issued shall govern.

You will be eligible for severance and change in control benefits pursuant and subject to the terms of the Insulet Corporation Amended and Restated Executive Severance Plan (“Severance Plan”).  You will also be eligible to participate in the Company’s employee benefits programs to the same extent as, and subject to the same terms, conditions and limitations applicable to, other similarly-situated employees of the Company.  For a more detailed understanding of these employee benefits and the applicable eligibility requirements, please consult the summary plan descriptions for the programs.

By signing this offer letter, you confirm that you will not disclose any confidential information from any other employer to Insulet.  You will be required to sign the Company’s standard Inventions, Non-Disclosure, Non-Solicitation, Non-Servicing and Non-Competition Agreement for Massachusetts Employees as a condition of your employment with the Company.

Also, just as the Company regards the protection of our trade secrets and other confidential information as a matter of great importance, we also respect that you may have obligations to your present or other prior employer (including safeguarding its confidential information), and we expect you to honor them as well.  To that end, we expect that you will not take any documents or other confidential information from your employer of any kind, if and when you depart.  Further, you should not bring with you to the Company, or use in the performance of your responsibilities for the Company, any confidential or proprietary business information, materials or documents of a former employer.

While we are hopeful and confident that our relationship will be mutually rewarding, satisfactory and sustaining, this letter shall not be construed as an agreement, either express or implied, to employ you for any stated term, and shall in no way alter the Company’s policy of employment at will, under which both you and the Company remain free to end the employment relationship, for any reason, at any time, with or without notice.  Similarly, nothing in this letter shall be construed as an agreement, either express or implied, to pay you any compensation or grant you any benefit beyond the end of your employment with the Company, except as otherwise provided in the Severance Plan.  Also, this letter constitutes our entire offer regarding the terms and conditions of your employment by the Company, and it supersedes any prior agreements, or other promises or statements (whether oral or written) regarding the offered terms of employment.  Your employment with Insulet shall be governed by and construed under the internal laws of the Commonwealth of Massachusetts, without giving effect to conflict of law principles.  

On your first day of work, you should plan to arrive at our Acton offices at 8:45am and check in with the Receptionist upon arrival.  For the purpose of completing the I-9 form, please bring with you sufficient documentation to demonstrate your eligibility to work in the United States of America. As required by federal law, this verification must occur by the third day of your employment.

It is with great pleasure that we welcome you to Insulet!  We recognize that our success is the direct result of the contributions made by our dedicated and talented workforce.  We look forward to further strengthening the Insulet team with your contributions.

Best regards,
	
			
	 
	 
	 

	/s/ Shacey Petrovic

	Shacey Petrovic

	President and Chief Executive Officer

Acceptance: Your signature below confirms your acceptance of the offer to join Insulet as Senior Vice President, Secretary and General Counsel and also confirms you have reviewed the job description for this position and that you meet the minimum qualifications required of this role.   Please indicate your anticipated start date below. 

	
			
	 
	 
	 

	/s/ John W. Kapples                
	 
	3/4/2019

	Signature
	 
	Start Date

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